Document:

Exhibit

Exhibit 10.12

 
 FINAL
AGREEMENT
This Agreement (this “Agreement”) is made and entered into as of November 1, 2019 by and among CBL & ASSOCIATES PROPERTIES, INC., a Delaware corporation (the “Company”), and the persons and entities set forth on Exhibit A hereto (collectively, “Exeter”) (each of the Company and Exeter is hereafter referred to as a “Party” to this Agreement, and collectively as the “Parties”).
RECITALS
WHEREAS, the Company and Exeter have engaged in various discussions and communications concerning the Company’s business, financial performance and strategic plans;
WHEREAS, as of the date of this Agreement, Exeter owns 10,350,000 shares of common stock of the Company (the “Common Stock”); 
WHEREAS, as of the date of this Agreement, the Company and Exeter have determined to come to an agreement with respect to the composition of the Board of Directors of the Company (the “Board”) and certain other matters, as provided in this Agreement; and
WHEREAS, concurrently with the execution of this Agreement, the Company is granting Exeter a waiver from the Company’s ownership limitation provision in its Certificate of Incorporation to enable Exeter to Beneficially Own and Constructively Own (as such terms are defined in the Company’s Amended and Restated Certificate of Incorporation) up to 9.8% of the outstanding shares of Common Stock, upon the terms and subject to the conditions set forth therein (the “Ownership Limitation Waiver”).
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties to this Agreement, intending to be legally bound, agree as follows:
1.Board Matters; 2020 Annual Meeting.
(a)Board Representation.
(i)The Company agrees that simultaneously with the execution of this Agreement, the Board and all applicable committees of the Board shall take all necessary actions to (A) increase the size of the Board from seven (7) members to nine (9) members, and (B) appoint to the Board each of Michael L. Ashner (“Ashner”) and Carolyn Tiffany (“Tiffany” and together with Ashner, the “New Exeter Appointees”).  Each New Exeter Appointee shall be required to meet the Company’s Independence Standards for Independent Directors as set forth in the Company’s Guidelines on Corporate Governance that are in place as of the date of this Agreement and set forth on the Company’s website at www.cblproperties.com and as may be further amended (the “Corporate Governance Guidelines”). During the Standstill Period (as defined below) and for so long as Exeter meets the Minimum Ownership Level (as defined below), if any New Exeter Appointee should resign from the Board or be rendered unable to serve on the Board for any reason, then Exeter shall be entitled to recommend a replacement nominee to the Nominating and Corporate Governance Committee of the Board (the “Governance Committee”) to fill the resulting vacancy, who shall meet the Governance 

Committee’s qualification and membership requirements and applicable independence standards set forth in the Corporate Governance Guidelines, and other requirements of the Exchange Act (as defined below), the rules and regulations of the SEC (as defined below) and the listing standards for the New York Stock Exchange (or such other securities exchange on which the Common Stock shall be principally listed or traded) (any such replacement nominee appointed to the Board in accordance with this Section 1(a)(i) shall be referred to as a “Exeter Replacement Director”).  Each member of the Board who is either a New Exeter Appointee or an Exeter Replacement Director are collectively referred herein as the “Exeter Directors”.  The appointment of an Exeter Replacement Director to the Board shall be subject to the recommendation of the Governance Committee and approval of the Board in their sole discretion, after exercising their duties in good faith.  In the event that the Governance Committee or the Board does not accept a person recommended by Exeter as an Exeter Replacement Director, Exeter shall have the right to recommend additional replacements to fill the resulting vacancy, whose appointment shall be subject to the recommendation of the Governance Committee and approval of the Board in accordance with the procedures described above.  The Governance Committee and the Board shall expeditiously review and approve or disapprove any such Exeter Replacement Director.  Any such Exeter Replacement Director shall be deemed to be a New Exeter Appointee for all purposes under this Agreement.  The Company agrees that it shall not increase the number of directors on the Board in excess nine (9) during the Standstill Period, except as may be required by the terms of the Company’s preferred stock issuances.
(ii)The Company will recommend, support and solicit proxies for the election of the Exeter Directors at the 2020 annual meeting of stockholders of the Company (the “2020 Annual Meeting”) in the same manner as for the Company’s other nominees at the 2020 Annual Meeting (as determined by the Governance Committee, but subject to the approval of the Board, at least a majority of whom (exclusive of the Exeter Directors) will be independent, as defined in Section 303A.02 of the New York Stock Exchange Listed Company Manual, for purposes of this approval), in each case, so long as Exeter meets the Minimum Ownership Level.
(b)Committee Representation.  
(i)Immediately following the execution of this Agreement, the Board will take all action necessary to appoint Ashner and Tiffany to the following existing committees of the Board:  (A) Ashner, Executive Committee; and (B) Tiffany, Audit Committee and Compensation Committee.  Ashner and Tiffany (and any Exeter Replacement Director for Tiffany) shall continue to be appointed to each such committee of the Board during the Standstill Period for so long as they serve on the Board and for so long as Exeter meets the Minimum Ownership Level. 
(ii)Immediately following the execution of this Agreement, the Board shall establish a new advisory committee of the Board to be designated as the “Capital Allocation Committee.”  The Capital Allocation Committee shall consist of three members who shall be (A) Ashner, who shall serve as the Chairman of such committee, (B) Stephen D. Lebovitz, and (C) Richard J. Lieb.  The Capital Allocation Committee shall have principal responsibility to review and evaluate the Company’s capital structure, equity and debt sourcing, financial strategies, capital allocation plans, and distribution policies, and to make recommendations to the Board with respect thereto. The Company’s Chief Financial Officer and Chief Investment Officer shall serve as advisory members of the Capital Allocation Committee and shall be permitted to attend all meetings of such committee and to receive all materials provided to its members.  Any change in the number of members of the Capital Allocation Committee shall require the unanimous consent of the Board. 
(c)Additional Agreements.
(i)Exeter agrees that it will cause its Affiliates and Associates to comply with the terms of this Agreement as if such Affiliates and Associates were a party hereto and Exeter shall be responsible 

for any breach of this Agreement by any such Affiliate or Associate.  As used in this Agreement, the terms “Affiliate” and “Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder (the “Exchange Act”), shall include Winthrop Capital Advisors, LLC and its Affiliates and Associates, and shall include all persons or entities that at any time during the Standstill Period become Affiliates or Associates of any person or entity referred to in this Agreement. 
(ii)During the Standstill Period, Exeter hereby agrees that it will not, and that it will not permit any of its Affiliates or Associates to, (A) nominate or recommend for nomination any person for election at any annual or special meeting of the stockholders of the Company (each, a “Stockholder Meeting”), directly or indirectly, (B) submit any proposal for consideration at, or bring any other business before, any Stockholder Meeting, directly or indirectly, or (C) initiate, encourage or participate in any “vote no,” “withhold” or similar campaign with respect to any Stockholder Meeting directly or indirectly. Exeter shall not publicly or privately encourage or support any other stockholder to take any of the actions described in this Section 1(c)(ii).
(iii)During the Standstill Period, Exeter agrees that it shall, and shall cause each of its Affiliates and Associates to, appear in person or by proxy at each Stockholder Meeting and vote all shares of Common Stock beneficially owned, directly or indirectly, by Exeter or such Affiliate or Associate (or which Exeter or such Affiliate or Associate has the right or ability to vote) at such meeting (A) in favor of the slate of directors recommended by the Board, (B) against the election of any nominee for director not approved, recommended and nominated by the Board for election at any such meeting, and (C) in accordance with the Board’s recommendation with respect to any other matter presented at such meeting.
(iv)Each New Exeter Appointee has submitted (and prior to appointment to the Board, each Exeter Replacement Director shall submit) to the Company a fully completed copy of the Company’s standard director and officer questionnaire, an irrevocable resignation as director in the form attached hereto as Exhibit B and other reasonable and customary director onboarding documentation required by the Company in connection with the appointment or election of new Board members. Each Exeter Director will be required to comply with all policies, procedures, codes, rules, standards and guidelines applicable to members of the Board or its committees.
(v)Exeter agrees that the Board or any committee thereof, in the exercise of its duties, may recuse any of the Exeter Directors from any Board or committee meeting or portion thereof at which the Board or any such committee is evaluating and/or taking action with respect to the exercise of any of the Company’s rights or enforcement of any of the obligations under this Agreement.
(vi)If at any time following the execution of this Agreement, Exeter’s aggregate beneficial ownership of Common Stock is less than the lower of (A) 5% of the issued and outstanding shares of Common Stock publicly disclosed by the Company as of such date and (B) 10,350,000 shares of Common Stock, subject to adjustment for stock splits (the “Minimum Ownership Level”), the resignation letter provided by each Exeter Director (or any Exeter Replacement Director) shall, upon the Board’s election, become effective. Exeter shall promptly (and in any event within two (2) business days) inform the Company in writing if at any time Exeter’s aggregate beneficial ownership of Common Stock decreases to less than the Minimum Ownership Level.
2.Standstill Provisions.  Exeter agrees that, from the date of this Agreement until the expiration of the Standstill Period, neither it nor any of its Affiliates or Associates shall, and it shall cause each of its Affiliates and Associates not to, directly or indirectly, in any manner:
(a)engage in any solicitation of proxies or consents or become a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents 

(including, without limitation, any solicitation of consents that seeks to call a special meeting of stockholders), in each case, with respect to Company Interests;
(b)form, join, encourage the formation of, or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any Company Interests (other than a “group” that consists solely of the entities and persons set forth in Exeter’s Schedule 13D as filed with the SEC on August 26, 2019; provided, however, that nothing herein shall limit the ability of an Affiliate of Exeter to join the “group” following the execution of this Agreement, so long as any such Affiliate agrees to be bound by the terms and conditions of this Agreement);
(c)deposit any Company Interests in any voting trust or subject any Company Interests to any arrangement or agreement with respect to the voting of any Common Stock, other than any such voting trust, arrangement or agreement solely among Exeter and its Affiliates and otherwise in accordance with this Agreement;
(d)seek, or encourage any person or entity, to submit nominations in furtherance of a “contested solicitation” for the election or removal of directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors;  
(e)(i) make, or seek or encourage the making of, any proposal for consideration by stockholders at any Stockholder Meeting, (ii) make any offer or proposal (with or without conditions) with respect to any merger, acquisition, recapitalization, restructuring, disposition, liquidation, dissolution or other business combination involving Exeter and the Company, (iii) solicit a third party to make an offer or proposal (with or without conditions) with respect to any merger, acquisition, recapitalization, restructuring, disposition, liquidation, dissolution or other business combination involving the Company (or to refrain from doing so), or encourage, initiate or support any third party in making such an offer or proposal (or from refraining from doing so), (iv) publicly comment on or recommend any third party proposal regarding any merger, acquisition, recapitalization, restructuring, disposition, liquidation, dissolution or other business combination with respect to the Company by such third party, (v) call, seek to call, or encourage, initiate or participate in any request to call, a Stockholder Meeting, (vi) seek to amend any provision of the Certificate of Incorporation, Bylaws, or other governing documents of the Company or its subsidiaries (each as may be amended from time to time), (vii) enter into or maintain any economic, compensatory, pecuniary or other arrangements with any director or nominees for director of the Company or (viii) take any action similar to the foregoing with respect to any subsidiaries or assets of the Company;
(f)seek, alone or in concert with others, representation on the Board, except as specifically permitted in Section 1;
(g)seek to advise, support, influence or knowingly encourage any person or entity with respect to the voting or disposition of any Company Interests at any Stockholder Meeting, except in accordance with Section 1;
(h)institute, solicit, join or assist in any litigation, arbitration or other proceeding (including any derivative action) against or involving the Company, its current or former directors or officers, or any of their Affiliates or Associates, make any “books and records” demands against the Company or make application or demand to a court or other person or entity for an inspection, investigation or examination of the Company or its subsidiaries or Affiliates; provided, however, that nothing shall prevent Exeter from bringing litigation to enforce the provisions of this Agreement;
(i)make any request or submit any proposal to amend, modify or waive the terms of this Agreement or take any action challenging the validity or enforceability of any provision of or obligations arising under this Agreement, other than through confidential communications with the Company that would not be reasonably determined to trigger public disclosure obligations for any Party; 

(j)(A) acquire, cause to be acquired, or offer, seek or agree to acquire, whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining or forming a “group” (within the meaning of Section 13(d)(3) of the Exchange Act), through swap or hedging transactions or otherwise, ownership (beneficial or otherwise) of any Company Interests, other than shares of Common Stock as permitted by the Ownership Limitation Waiver or (B) make any request to increase the ownership limit contained in the Ownership Limitation Waiver; or
(k)enter into any negotiations, discussions, agreement, arrangement or understanding with any person or entity concerning any of the foregoing (other than this Agreement) or encourage or solicit any person or entity to undertake any of the foregoing activities.
For purposes of this Agreement, the term “Standstill Period” shall mean the period commencing on the date of this Agreement and ending on the later of (i) date that is 30 calendar days prior to the last day of the advance notice period for the submission by stockholders of director nominations for consideration at the 2021 Annual Meeting (as set forth in the advance notice provisions of the Company’s Bylaws existing on the date hereof) and (ii) thirty (30) days after Ashner or any Ashner/Exeter Replacement Director, as defined below, no longer serves as a director on the Board.  Notwithstanding anything herein to the contrary, if Exeter submits a notice to nominate directors for election at the 2021 Annual Meeting, Ashner, to the extent he is then a director, shall immediately tender his resignation from the Board, which shall be accepted by the  Board on tender.

For purposes of the definition of the Standstill Period, the term “Ashner/Exeter Replacement Director” shall mean any Exeter Replacement Director that has specifically replaced Ashner and any Exeter Replacement Director who may replace such Exeter Replacement Director who has replaced Ashner and any subsequent Exeter Replacement Director replacing him or her (all of such Exeter Replacement Directors emanating from the replacement of Asher). 

Notwithstanding anything set forth herein to the contrary, nothing in this Agreement will prohibit or restrict Exeter or its officers, directors, members or partners from: (a) communicating privately with the Board or any officer or director of the Company regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require any public disclosure of such communications, subject in any case to any confidentiality obligations to the Company of any such director or officer; (b) privately communicating to any of its investors or any stockholder of the Company in a manner that does not otherwise violate the provisions of this Agreement (including this Section 2 and Section 12 “Confidentiality” and Section 14 “Mutual Non-Disparagement”) or (c) taking any action if (I) such action is not otherwise a breach of  Section 12 “Confidentiality” or Section 14 “Mutual Non-Disparagement” of this Agreement and (II) such action is necessary to comply with any law, rule or regulation or any action required by any governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over Exeter and its Affiliates.  Notwithstanding the preceding sentence, if Exeter or its officers, directors, members or partners are required to respond to any subpoena issued by any court or governmental agency with subpoena authority and such response may include information the disclosure of which may be deemed to violate Section 12 “Confidentiality” of this Agreement,  such disclosure shall not be deemed a breach of such Section but Exeter shall provide to the Company a copy of the subpoena at least two (2) business days prior to any response thereto and Exeter agrees to reasonably consider any comments of the Company with respect to such response.
Notwithstanding anything to the contrary in this Agreement, the Parties hereto acknowledge that each of the Exeter Directors, during such director’s service as a director of Company, will not be prohibited from acting in such director’s capacity as a director or from complying with such director’s fiduciary duties as a director of Company. 

For purposes of this Agreement, “Company Interests” shall mean any securities of, or other interests in, or in reference to or in respect of, the Company or its subsidiaries, assets or properties, including Common Stock, preferred stock, common or preferred units in CBL & Associates Limited Partnership, membership interests, partnership interests, any other securities entitled to vote in the election of the Company’s directors, any other securities convertible into, or exercisable or exchangeable for, Common Stock or other securities or interests, whether or not subject to the passage of time or other contingencies, any secured or unsecured indebtedness of the Company or any of its subsidiaries, assets or properties, and any direct or indirect rights or options to acquire an interest (beneficial or otherwise) in, or any economic exposure to, any of the foregoing (including voting rights decoupled from the underlying securities, or through swaps, short sales or other derivative arrangements).
3.Compensation.  
(a)Each Exeter Director shall be entitled to be compensated as a director and committee member in the same manner as the other “independent directors” of the Board including to the extent the Board or the Compensation Committee permits the compensation of independent directors to be paid in whole or in part in Common Stock (including any restrictions on such shares of Common Stock as may be determined by the Board or the Compensation Committee).
(b)The Company shall reimburse the Exeter Directors for all out of pocket expenses incurred by such Exeter Director in connection with his or her serving as a director in the same manner as the Company currently provides expense reimbursement to its “independent directors”. 
4.Representations and Warranties of the Company.  The Company represents and warrants to Exeter that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, and (b) this Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles.
5.Representations and Warranties of Exeter.  Exeter represents and warrants, jointly and severally, to the Company that (a) as of the date hereof, it beneficially owns and is entitled to vote an aggregate of 10,350,000 shares of Common Stock, and other than such ownership, none of Exeter nor any of its Affiliates or Associates beneficially owns or has voting rights with respect to any Company Interests, has any rights or options to own or acquire any Company Interests, has any economic exposure to any Company Interests, or owns or has economic exposure to any other properties, assets or liabilities of the Company or its subsidiaries, (b) Exeter is not now, and will not become, party to any agreement, arrangement or understanding (whether written or oral) with any Exeter Director with respect to such person’s service as a director on the Board or any Board committee (including any such agreement, arrangement or understanding with respect to how such person should or would vote or act on any issue or question as a director) and Exeter has not provided or agreed to provide, and will not provide, any compensation to any Exeter Director in connection with such person’s service on the Board or any Board committee, (c) this Agreement has been duly and validly authorized, executed and delivered by Exeter and constitutes a valid and binding obligation and agreement of Exeter, enforceable against Exeter in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles and (d) Exeter has the authority to execute this Agreement and to bind it thereto.   
6.Press Release.  Promptly following the execution of this Agreement, the Company shall issue a mutually agreeable press release (the “Press Release”) announcing certain terms of this Agreement.  Prior to the issuance of the Press Release and subject to the terms of this Agreement, neither the Company (including 

the Board and any committee thereof) nor Exeter shall issue any press release or make public announcement regarding this Agreement or the matters contemplated hereby without the prior written consent of the other Party. The Company acknowledges that Exeter may file this Agreement as an exhibit to its Schedule 13D. The Company shall be given a reasonable opportunity to review and comment on any Schedule 13D filing made by Exeter with respect to this Agreement, and the description of the transactions contemplated by this Agreement shall be mutually agreed by Exeter and the Company.
7.Specific Performance.  Each of Exeter, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this Agreement was not performed in accordance with its specific terms or was otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages).  It is accordingly agreed that Exeter, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation (or threatened violation) of, the terms hereof, and the other Party hereto (a) will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity, (b) agrees to waive any applicable right or requirement that a bond be posted by the Moving Party, and (c) if such Moving Party is awarded a final unappealable judgment in its favor in connection with the enforcement of the terms of this Agreement, the other Party shall reimburse the Moving Party for all of its reasonable and documented out-of-pocket costs incurred pursing such final judgment.  This Section 7 is not the exclusive remedy for any violation of this Agreement, but will be in addition to all other remedies available at law or in equity.
8.Expenses.  The Company shall, within thirty (30) days after the execution and delivery of this Agreement, reimburse Exeter in the amount of $225,000 for its fees and expenses (including legal expenses) incurred in connection with Exeter’s involvement at the Company to the date hereof including, but not limited to, the negotiation and execution of this Agreement.
9.Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.  It is hereby stipulated and declared to be the intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable.  In addition, the Parties agree to use their reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction.
10.Notices.  Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon confirmation of receipt, when sent by e-mail (provided such confirmation is not automatically generated); or (c) one (1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive the same.  The addresses, facsimile numbers and e- mail addresses for such communications shall be:

If to the Company:
	
	
	CBL & Associates Properties Inc.
2030 Hamilton Place Blvd.
Suite 500
Chattanooga, Tennessee 37421
Attention: Stephen  D. Lebovitz, Chief Executive Officer
Email: stephen.lebovitz@cblproperties.com 

with a copy (which shall not constitute notice) to: 
	
	
	CBL & Associates Properties Inc.
2030 Hamilton Place Blvd.
Suite 500
Chattanooga, Tennessee 37421
Attention: Jeffery V. Curry, Chief Legal Officer
Email: jeff.curry@cblproperties.com

and

Kirkland & Ellis LLP
601 Lexington Avenue
New York, New York 10022
Attention: Michael P. Brueck
                 Shaun J. Mathew
E-mail:     michael.brueck@kirkland.com
                 shaun.mathew@kirkland.com

If to Exeter:
	
	
	Exeter Capital Investors, L.P. 
Two Jericho Plaza 
Suite 111-Wing A
Jericho, New York 11753
Attention:  Michael L. Ashner
Email:   mashner@firstwinthrop.com

with a copy (which shall not constitute notice) to:
	
	
	Meltzer, Lippe, Goldstein & Breitstone, LLP
190 Willis Avenue
Mineola, New York 11501
Attention:  David J. Heymann
Email:  dheymann@meltzerlipppe.com

and

Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, New York 10019
Attention:  Steven Wolosky, Esq.
Email:  swolosky@olshanlaw.com 

11.Applicable Law; Jurisdiction; Waiver.  This Agreement, and all claims, counterclaims, proceedings or causes of actions (whether at law, in contract or in tort) that may be based upon, arise out of or related to this Agreement or the negotiation, execution or performance of this Agreement, shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to conflicts of laws principles (whether of the State of Delaware or any other jurisdiction that would cause the application of the laws of any jurisdiction other than the State of Delaware).  Each Party irrevocably agrees that all actions and proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware (the “Chosen Courts”)).  Each of the Parties hereby irrevocably and unconditionally (a) submits to the exclusive jurisdiction of the Chosen Courts for the purpose of any action or proceeding arising out of or relating to this Agreement brought by any Party, whether sounding in tort, contract or otherwise, (b) agrees not to commence any such action or proceeding except in such courts, (c) agrees that any claim in respect of any such action or proceeding may be heard and determined in any Chosen Court, (d) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding, and (e) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Each of the Parties agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each Party irrevocably consents to service of process in the manner provided for notices in Section 10.  Nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by law.  The Parties acknowledge that nothing in this Agreement shall limit the exercise of any director’s duty as a director of the Company under applicable law (including the Exeter Directors). EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.
12.Confidentiality.  The Exeter Directors shall be required to preserve the confidentiality of the Company’s non-public information, including any non-public information entrusted to or obtained by such director by reason of his or her position as a director of the Company and any discussions or matters considered in meetings of the Board or Board committees (“Confidential Information”). The Exeter Directors shall keep confidential all Confidential Information, not disclose any Confidential Information to any third parties, and not use any Confidential Information except in connection with their roles as directors.
13.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile).
14.Mutual Non-Disparagement.  Subject to applicable law and except for statements made by a Party in a meeting of the Board of Directors of the Company or in private discussions among the Parties, each of the Parties covenants and agrees that during the Standstill Period, neither it nor any of its respective agents, subsidiaries, affiliates, successors, assigns, officers or directors, shall in any way criticize, disparage, call into disrepute or otherwise defame or slander the other Party or such other Party’s subsidiaries, affiliates, successors, assigns, officers (including any current officer of a Party or a Party’s subsidiaries who no longer serves in such capacity at any time following the execution of this Agreement), directors (including any current director of a Party or a Party’s subsidiaries who no longer serves in such capacity at any time following the execution of this Agreement), employees, advisors or managers, stockholders, agents, attorneys or representatives, or any of their businesses, in any manner that would reasonably be expected to damage the business or reputation of such other Party, their businesses or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors), employees, stockholders, agents, attorneys or representatives.   

15.Securities Laws.  Exeter acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that are the subject of this Agreement, that the United States securities laws may prohibit any person or entity who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person or entity under circumstances in which it is reasonably foreseeable that such person or entity is likely to purchase or sell such securities.
16.Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries.  This Agreement contains the entire understanding of the Parties with respect to the subject matter of this Agreement.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties with respect to the subject matter of this Agreement other than those expressly set forth herein.  No modifications of this Agreement can be made except in writing signed by an authorized representative of each the Company and Exeter.  No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law.  The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns.  No Party shall assign this Agreement or any rights or obligations hereunder without, with respect to Exeter, the prior written consent of the Company, and with respect to the Company, the prior written consent of Exeter.  Any purported assignment without such consent is null and void. This Agreement is solely for the benefit of the Parties and is not enforceable by any other persons or entities.
17.Interpretation and Construction. Each Party acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of such counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and no such Agreement or document may be construed against any Party by reason of its drafting or preparation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. In this Agreement, (a) the word “including” (in its various forms) means “including, without limitation,” (b) the words “hereunder,” “hereof,” “hereto” and words of similar import are references to this Agreement as a whole and not to any particular provision of this Agreement, and (c) the word “or” is not exclusive.
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[Signature Page to Agreement]

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.
	
	
	CBL & ASSOCIATES PROPERTIES INC.

By: /s/ Stephen D. Lebovitz
      ______________________
Name:  Stephen D. Lebovitz
Title:  Chief Executive Officer

	EXETER CAPITAL INVESTORS, L.P.

By:  Exeter Capital GP LLC
        General Partner

        By:  WEM Exeter LLC
                Managing Member

                 By: /s/ Michael L. Ashner
                       ______________________
                 Michael L. Ashner
                 Managing Member

	EXETER CAPITAL GP LLC

By:  WEM Exeter LLC
        Managing Member

        By: /s/ Michael L. Ashner
              ______________________
        Michael L. Ashner
        Managing Member

	WEM EXETER LLC

By: /s/ Michael L. Ashner
      ______________________ 
Michael L. Ashner
Managing Member

	MICHAEL L. ASHNER

/s/ Michael L. Ashner
______________________
Michael L. Ashner

	 

EXHIBIT A
Exeter Capital Investors, L.P.
Exeter Capital GP LLC
WEM Exeter LLC
Michael L. Ashner

EXHIBIT B
FORM OF RESIGNATION
[DATE]
CBL & Associates Properties Inc. 
2030 Hamilton Place Blvd., Suite 500
Chattanooga, Tennessee 37421

Ladies and Gentlemen:

This irrevocable resignation is delivered pursuant to Section 1(c)(iv) of the Agreement (the “Agreement”), dated as of November 1, 2019, by and among CBL & Associates Properties Inc. (the “Company”) and Exeter (as defined therein).  Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement.  Effective upon, and subject to, such time as Exeter’s aggregate ownership of Common Stock decreases to less than the Minimum Ownership Level, I hereby resign from my position as a director of the Company and from any and all committees of the Board on which I serve.
This resignation may not be withdrawn by me at any time during which it is effective.
Sincerely,

_________________________________
[•]
DirectorExhibit

PBF ENERGY INC.
AMENDED AND RESTATED 2017 EQUITY INCENTIVE PLAN

PERFORMANCE SHARE UNIT AWARD AGREEMENT
2019-2021 PERFORMANCE CYCLE

As evidenced by this Award Agreement under the PBF Energy Inc. Amended and Restated 2017 Equity Incentive Plan (the “Plan”), PBF ENERGY INC. (the “Company”) has granted to [NAME] (the “Grantee”), an employee of the Company Group, on [DATE] (the “Grant Date”), [NUMBER] performance share units (“Performance Share Units”), representing the right to receive shares of Common Stock of the Company, conditioned upon the Company’s TSR ranking relative to the Peer Group for each of the Performance Periods within the Performance Cycle as established by the Compensation Committee of the Board of Directors of the Company (the “Committee”), and as set forth herein.  
In addition to the Performance Share Units granted hereunder, the Grantee is granted a Dividend Equivalent Award payable in shares of Common Stock, as provided herein. On the Normal Vesting Date (or, if earlier, the consummation of a Change in Control or Grantee’s termination of employment under Section 5 or 6 hereof) the amount of dividends paid to holders of Common Stock during the applicable Performance Periods shall be determined with respect to the Grantee’s Performance Share Units that are vesting on that Normal Vesting Date (or, if earlier, the consummation of a Change in Control or Grantee’s termination of employment under Section 5 or 6 hereof) calculated as if the Performance Share Units were outstanding shares of Common Stock (the resulting value being hereafter referred to as the “Target Dividend Equivalent Value”). The Target Dividend Equivalent Value shall then be subject to further calculation according to the Company’s TSR performance during the Performance Period as prescribed in Section 3 (i.e., payout from 0% to 200% depending on the Payout Percentage).  The number of shares of Common Stock payable to Grantee with respect to the Dividend Equivalent Award is equal to (x) the Target Dividend Equivalent Value multiplied by the Performance Period’s Payout Percentage calculated per Section 3, divided by (y) the Fair Market Value of the Common Stock on the Normal Vesting Date (or, if earlier, the Grantee’s termination of employment under Section 5 or 6 hereof) (the resulting number being rounded up to the nearest whole number of shares).  See Exhibit A for an example of this calculation.
The Performance Share Units are subject to the following terms and conditions:

1.    Relationship to the Plan. This grant of Performance Share Units is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Committee. Except as otherwise defined in this Award Agreement, capitalized terms shall have the same meanings given to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of this Award Agreement shall control. References to the Grantee also include the heirs or other legal representatives of the Grantee.

2.  Performance Periods; Payout Determinations.  The four performance periods are as follows (each a “Performance Period” and collectively, the “Performance Periods”):

1

	
		
	(i)
	January 1, 2019 through December 31, 2019 (“First Performance Period”);

	 
	 

	(ii)
	January 1, 2020 through December 31, 2020 (“Second Performance Period”);

	 
	 

	(iii)
	January 1, 2021 through December 31, 2021 (“Third Performance Period”); and

	 
	 

	(iv)
	January 1, 2019 through December 31, 2021 (“Fourth Performance Period”).

	 
	 

The payout shall be equally determined based upon the TSR Performance Rank and the TSR Performance Percentile. The Committee shall determine the TSR Performance Rank, TSR Performance Percentile, the TSR Performance Rank Payout Percentage and the TSR Performance Percentile Payout Percentage for each Performance Period as follows:
		
	(a)
	First, the Committee shall determine the TSR Performance Rank and then the TSR Performance Rank Payout Percentage for each Performance Period as follows:

	
		
	TSR Performance Rank
	TSR Performance Rank Payout Percentage

	Ranked Sixth
	—%

	Ranked Fifth
	50%

	Ranked Fourth or Third
	100%

	Ranked Second
	150%

	Ranked First
	200%

Provided, however, that in the event that the number of Peer companies is five, the Committee shall determine the TSR Performance Rank and then the TSR Performance Rank Payout Percentage for each Performance Period as follows:

	
		
	TSR Performance Rank
	TSR Performance Rank Payout Percentage

	Ranked Fifth
	—%

	Ranked Fourth
	50%

	Ranked Third
	100%

	Ranked Second
	150%

	Ranked First
	200%

		
	(b)
	Second, the Committee shall determine the TSR Performance Percentile and then the TSR Performance Percentile Payout Percentage for each Performance Period as follows (using straight-line interpolation between levels above threshold):

2

	
		
	TSR Performance Percentile1
	TSR Performance Percentile Payout Percentage

	25% or more below the average TSR for the Peer Group
	—%

	0% of the average TSR for the Peer Group
	100%

	25% or more above the average TSR for the Peer Group
	200%

		
	(c)
	Third, the Committee shall determine the Payout Percentage for each Performance Period by calculating the average of the TSR Performance Rank Payout Percentage and the TSR Performance Percentile Payout Percentage, provided, that, if the Company’s TSR calculated for a Performance Period is negative, then the Payout Percentage for that Performance Period shall not exceed 100% regardless of the TSR Performance Percentile and Performance Rank for the Performance Period.

		
	(d)
	Fourth, upon completion of the Performance Cycle, the Committee shall determine the Performance Cycle Payout based on the Performance Period Payouts.

		
	(e)
	Notwithstanding anything herein to the contrary, the Committee has sole and absolute authority and discretion to increase or decrease the Payout Percentage for any Performance Period or the Performance Cycle Payout as it may deem appropriate; provided that in no event shall any increase in the Payout Percentage result in the Payout Percentage exceeding 200% or any decrease in the Payout Percentage result in the Payout Percentage being less than 0%.

3.   Vesting; Delivery of Shares.  Unless otherwise provided in accordance with Paragraphs 5 or 6 of this Award Agreement, the Grantee must continue in continuous Employment from the date hereof through the last day of the Performance Cycle, to be entitled to be issued and delivered shares of Common Stock of the Company.  If the Grantee remains in continuous Employment from the date hereof through the last day of the Performance Cycle (the “Normal Vesting Date”), the Grantee shall be entitled to receive a number of shares of Common Stock of the Company equal to the Performance Cycle Payout (if any). The number of shares of Common Stock, if any, that Grantee will be entitled to receive in settlement of the vested Performance Share Units will be determined as soon as administratively feasible following the Committee’s determination of the Performance Cycle Payout under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Committee’s determination under Paragraph 2, the Performance Cycle Payout is zero, the Grantee shall immediately forfeit any and all rights to the Performance Units.  Upon the vesting and/or forfeiture of the Performance Units pursuant to Paragraphs 2 and 3 and the delivery of shares of Common Stock, if any, the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. 
________________________
1 To be determined based on the percentage point difference in average TSR for the Peer Group and the Company TSR.

3

Grantee shall immediately forfeit any and all rights to the Performance Units.  Upon the vesting and/or forfeiture of the Performance Units pursuant to Paragraphs 2 and 3 and the delivery of shares of Common Stock, if any, the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. 

4.    Termination of Employment.  Except as provided in Paragraphs 5 or 6, if the Grantee’s Employment is terminated prior to the last day of the Performance Cycle, the Grantee’s right to the Performance Share Units shall be forfeited in its entirety as of the date of such termination, and the rights of the Grantee and the obligations of the Company under this Award Agreement shall be terminated.  To the extent that a Grantee’s Employment is terminated following the close of the Performance Cycle but prior to the delivery of shares of Common Stock with respect to the Performance Share Units, the Grantee shall be entitled to shares of Common Stock with respect to the Performance Share Units (if any) hereunder as determined in accordance with Paragraphs 2 and 3.

5.    Change in Control; Disability or Death.  In the event of (i) a Change in Control or (ii) the Grantee’s Employment is terminated by reason of disability or death, the Grantee’s right to receive the Performance Share Units shall vest in full as of the date of the consummation of the Change in Control or such termination of employment, as applicable, and the Payout Percentage for each Performance Period in the Performance Cycle shall be deemed to be 100%.  The Company shall delivery to the Grantee a number of shares of Common Stock of the Company equal to the Performance Share Units multiplied by the Payout Percentage specified in the prior sentence within sixty days of the consummation of the Change in Control or Grantee’s termination of employment, as applicable; provided, however, that the timing of the delivery of shares of Common Stock within such sixty-day period shall be determined in the sole discretion of the Committee and the Grantee shall not directly or indirectly designate the taxable year of payment or delivery. Upon the vesting and/or forfeiture of the Performance Share Units pursuant to this Paragraph 5 and the delivery of shares the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. 

6.    Termination of Employment due to Retirement.  In the event of the Retirement of the Grantee after nine months of the Performance Cycle have elapsed, the Grantee’s Performance Share Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance Cycle, as described below. Subject to the negative discretion of the Committee, the Grantee will be entitled to receive shares of Common Stock with a value equal to the product of (i) the pro-rata vesting percentage equal to the days of Grantee’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Performance Cycle Payout Value. Such transfer of shares of Common Stock shall be made in accordance with Paragraph 3 as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Committee’s determination under Paragraph 2, the Performance Cycle Payout is zero, the Grantee shall immediately forfeit any and all rights to the Performance Share Units. Upon the vesting and/or forfeiture of the Performance Share Units pursuant to this Paragraph 6 and the delivery of shares as provided above, if any, the rights of the Grantee and the obligations of the Company under this Award 

4

Agreement shall be satisfied in full. The death of the Grantee following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

7.     Specified Employees.  Notwithstanding any other provision of this Award Agreement to the contrary, if the Grantee is a “specified employee” as determined by the Company in accordance with its established policy, any settlement of Awards under this Award Agreement that would be a payment of deferred compensation within the meaning of Section 409A of the Code with respect to the Grantee as a result of the Grantee’s “separation from service” as defined under Section 409A of the Code (other than as a result of death) and that would otherwise be paid within six months of the Grantee’s separation from service shall be payable on the date that is one day after the earlier of (i) the date that is six months after the Grantee’s separation from service, or (ii) the date that otherwise complies with the requirements of Section 409A of the Code. The payment of amounts and delivery of shares under this Award Agreement described herein is hereby designated as a “separate payment” for purposes of Section 409A of the Code.

8.    Taxes.  Pursuant to the applicable provisions of the Plan, the Company or its designated representative shall have the right to withhold applicable taxes from the shares of Common Stock and cash otherwise payable to the Grantee, or from other compensation payable to the Grantee (to the extent consistent with Section 409A of the Code), at the time of the delivery of such shares.  Such withholding may be effected through the netting of shares of Common Stock deliverable hereunder.

9.    No Shareholder Rights.  The Grantee shall in no way be entitled to any of the rights of a shareholder as a result of this Award Agreement unless and until such time as shares of Common Stock have been issued and delivered to the Grantee in settlement of the Performance Share Units.

10.    Nonassignability.  Upon the Grantee’s death, the Performance Share Units may be transferred by will or by the laws governing the descent and distribution of the Grantee’s estate. Otherwise, the Grantee may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Share Units, and any attempt to sell, transfer, assign, pledge, or encumber any portion of the Performance Share Units shall have no effect.

11.    No Right to Continued Employment or Service.  Neither the Plan nor this Award Agreement shall be construed as giving the Grantee the right to be retained in the employ of, or in any consulting relationship to, any member of the Company Group.  Further, any member of the Company Group may at any time dismiss the Grantee or discontinue any employment or consulting relationship, free from liability or any claim under the Plan or this Award Agreement, except as otherwise expressly provided herein.  Any determinations as to whether the Grantee continues to be employed shall be at the discretion of the Committee.

5

12.    Modification of Award Agreement.  Any modification of this Award Agreement shall be binding only if evidenced in writing and signed by an authorized representative of the Company, provided that no modification may, without the consent of the Grantee, adversely affect the rights of the Grantee hereunder.

13.     Notices.  Any notice under this Award Agreement shall be addressed to the Company in care of its Secretary, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.

14.    Governing Law.  This Award Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to conflicts of laws.

15.    Arbitration.  Any dispute with regard to the enforcement of this Award Agreement shall be exclusively resolved by a single experienced arbitrator, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the National Rules for the Resolution of Employment Disputes rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 11 hereof.  The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives.  The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction.  Each party shall pay its own attorneys’ fees and disbursements and other costs of the arbitration.

16.    Section Headings; Construction.  The section headings contained herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections.  All words used in this Award Agreement shall be construed to be of such gender or number, as the circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.

17.    Restrictive Covenants.

(a) Non-Competition. The Grantee shall not, at any time beginning on the Date of Grant and ending on the date that is six (6) months following the Grantee’s separation from service from the Company Group for any reason, be a more than 5% shareholder, director, officer or employee of any person, firm, corporation, partnership or business that engages in a business which competes directly with the Business (as defined below).

(b) Non-Solicitation. During the period beginning on the Date of Grant and ending on the date that is twelve months following the Grantee’s separation from service from the Company Group for any reason, the Grantee shall not directly recruit or otherwise solicit or induce any employee of 

6

the Company Group to terminate his or her employment with the Company Group in order to be hired by the Grantee in a business which competes directly with the Business; provided, however, that general solicitation or advertising for employment by the Grantee shall not be prohibited by this Section 17(b).

(c) Non-Disparagement. During the Grantee’s employment and at any time following his or her termination, the Grantee agrees not to disparage, either orally or in writing, in any material respect any member of the Company Group.

(d) Reformation. In the event the terms of this Section 17 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

(e) Business. As used in Sections 17 and 18 hereof, the term “Business” shall mean the crude oil refining business in the specific geographic areas in which the Company’s oil refining operations primarily conduct business at the date of the Grantee’s termination.

18. Non-Disclosure of Confidential Information.

(a) Protection of Confidential Information. All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company Group that are not made public by the Company Group through authorized means will be considered confidential (hereafter, “Confidential Information”). Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing. Except in connection with the faithful performance of the Grantee’s duties hereunder or as permitted pursuant to Sections 18(c), (d) and (e), the Grantee shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his or her benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company Group, or any of its successors.

7

(b) Return of Confidential Information. Upon termination of the Grantee’s service or employment with the Company for any reason, the Grantee upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in the Grantee’s possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company Group.
(c) No Prohibition. Nothing in this Agreement shall prohibit the Grantee from (i) disclosing information and documents when required by law, subpoena or court order (provided, except as stipulated in Sections 18(c), (d) and (e), the Grantee gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company’s expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his or her attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his or her personal correspondence, his or her personal rolodex or outlook contacts and documents related to his or her own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of the Grantee in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources.
(d) Whistleblower Protection. Notwithstanding anything herein or in any other agreement with or policy (including without limitation any code of conduct or employee manual) of the Company, nothing herein or therein is intended to or shall (i) prohibit or restrict the Grantee or his or her attorney from reporting possible violations of federal or state law or regulation to any government agency, commission or entity, including, but not limited to, the Department of Justice, the Commodities Futures Trading Commission, the Securities and Exchange Commission, the Department of Labor, Congress, any state Attorney General, any self-regulatory organization or any agency Inspector General (“Government Agencies”); (ii) prohibit or restrict the Grantee or his or her attorney from initiating communications directly with; responding to any inquiry from; volunteering information to; or testifying or otherwise participating in or assisting in any inquiry, investigation or proceeding brought by Government Agencies in connection with a disclosure made under a whistleblower law or regulation; (iii) prohibit or restrict the Grantee or his or her attorney from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation; (iv) require the Grantee to provide notice to or receive authorization from the Company prior to making reports or disclosures to Government Agencies; or (v) result in a waiver or other limitation of the Grantee’s rights and remedies as a whistleblower, including to a monetary award. The Company will not take action under any agreement or policy against or sanction anyone who reports suspected violations of Company policies or any law or regulation. Furthermore, the Company prohibits retaliation against anyone who reports suspected violations of Company policies or any law or regulation.
(e) Disclosure of Trade Secrets. The Grantee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

8

19.  Definitions. For purposes of this Award Agreement:
“Beginning Stock Price” means the average of the daily closing price of common stock for the thirty (30) calendar days immediately prior to the commencement of the Performance Period or the Performance Cycle, as the case may be, historically adjusted, if necessary, for any stock split, stock dividend, recapitalizations, or similar corporate events that occur during the measurement period.
“Change in Control” for purposes of this Award Agreement shall have the same definition as under the PBF Energy Inc. Amended and Restated 2017 Equity Incentive Plan, as in effect on the Grant Date, and such definition and associated terms are hereby incorporated into this Award Agreement by reference.
“Company Group” means the Company and its Subsidiaries and Affiliates.
“Employment” means employment with, or the provision of services to, the Company Group. For purposes of this Award Agreement, Employment shall also include any period of time during which the Grantee is on temporarily disability status. The length of any period of Employment shall be determined by the member of the Company Group that either (i) employs the Grantee or (ii) employed the Grantee immediately prior to the Grantee’s termination of Employment.
“Ending Stock Price” means the average of the daily closing price of common stock for the thirty (30) calendar days prior to the end of the Performance Period or the Performance Cycle, as the case may be, historically adjusted, if necessary, for any stock split, stock dividend, recapitalizations, or similar corporate events that occur during the measurement period.
“Payout Percentage” means the average of the TSR Performance Rank Payout Percentage and the TSR Performance Percentile Payout Percentage (from 0% to 200%) determined by the Committee in accordance with the procedures set forth in Paragraph 2, which shall be used to determine the Performance Period Payout for the applicable Performance Period.
 “Peer Group” means (x) Marathon Petroleum Corporation, Valero Energy Corporation, Delek US Holdings, Inc., HollyFrontier Corporation and Phillips 66 Company or (y) such other group of companies and indices (such as the S&P 1000 Energy Index) that are pre-established by the Committee which principally represent a group of selected peers, or such other group of companies as selected and pre-established by the Committee. In the event that there are less than four members of the Peer Group, the S&P 1000 Energy Index shall be added to the Peer Group. In addition, such pre-established Peer Group is subject to the following adjustments:
(a) If a member of the Peer Group is substantially acquired by another company, the acquired Peer Group company will be removed from the Peer Group for the performance periods not yet completed and for the entire 36-month Performance Cycle.

9

(b) If a member of the Peer Group sells, spins-off, or disposes of a portion of its business, then such Peer Group company will remain in the Peer Group for the Performance Cycle unless such disposition(s) results in the disposition of more than 50% of such company’s total assets during the Performance Cycle.
(c) If a member of the Peer Group acquires another company, the acquiring Peer Group company will remain in the Peer Group for the Performance Cycle, unless the newly formed company’s primary business no longer satisfies the criteria for which such member was originally selected as a member of the Peer Group, then in such case the company shall be removed from the Peer Group.
(d) If any member of the Peer Group splits its stock, such company’s TSR performance will be adjusted for the stock split so as not to give an advantage or disadvantage to such company by comparison to the other companies.
(e) If a member of the Peer Group is (x) delisted on all major U.S. stock exchanges, (y) is no longer publicly traded or (z) files for bankruptcy, liquidation or reorganization during the Performance Cycle, such member will remain in the Peer Group positioned below the lowest performing non-bankrupt member of the Peer Group for performance periods not yet completed and for the entire 36-month Performance Cycle.
In addition, the Compensation Committee shall have the discretionary authority to make other appropriate adjustments, in response to a change in circumstances after the commencement of the Performance Cycle that results in a member of the Peer Group no longer satisfying the criteria for which such member was originally selected. In applying the described adjustments, in the event that any adjustment is made to the Peer Group during any Performance Cycle, PBF’s TSR ranking within the peer group will be calculated for any incomplete or future performance periods (including the entire 36-month Performance Cycle) as if that company was not a peer at the start of each incomplete performance period.  TSR ranking for performance periods completed prior to the removal of the peer will not be recalculated.

“Performance Cycle” means the period from January 1, 2019 to December 31, 2021.

“Performance Cycle Payout” means the aggregate of the Performance Period Payouts for the Performance Cycle plus the Dividend Equivalent Awards.

“Performance Period Payout” means for each of the Performance Periods set forth in clauses (i) through (iv) in Paragraph 2, the product of the Payout Percentage for such Performance Period, one-quarter (1/4) of the number of Performance Share Units.

“Retirement” means for a Grantee with five or more years of Employment, termination on or after the Grantee's 55th birthday, provided that such termination constitutes a separation from service within the meaning of Section 409A of the Code.

10

“TSR Performance Percentile” means the ranking of the Company’s Total Shareholder Return for a performance period as compared to the average Total Shareholder Return of the Peer Group companies, as determined at the end of each Performance Period.
“TSR Performance Rank” means the ranking of the Company’s Total Shareholder Return for a performance period among the Total Shareholder Returns of the Peer Group companies, ranked in descending order, as determined at the end of each Performance Period.

“Total Shareholder Return” or “TSR” means for the Company and each entity in the Peer Group, the number derived using the following formula:

(End Stock Price - Beginning Stock Price) + Cumulative Dividends
Beginning Stock Price

21.  Deferral of Payout.  A Grantee who qualifies as a Participant under an LTIP Performance Unit Deferral Plan may, subject to such restrictions and requirements under Section 409A of the Code, irrevocably elect to defer to a date that is at least five years after the date of the conversion of vested Performance Share Units into shares of Common Stock.  The election to defer must be made no later than the end of the second year of the performance measurement period, or such earlier date as may be specified by the Committee. The election will not be effective for 12 months following the election date in accordance with Section 409A of the Code.  The amount subject to a deferral election will be converted to deferred share units that will convert into shares of Common Stock on the distribution date as specified in the deferral election and the LTIP Performance Unit Deferral Plan. Deferred share units will be credited with Dividend Equivalent Awards. Under U.S. income tax law, a recipient will generally not be subject to income tax until the resulting share units are converted to shares of Common Stock and distributed.  The deferred share units will not be funded by the Company. In this regard, a recipient’s rights to deferred share units are those of a general unsecured creditor of the Company. Details of the deferral of Performance Share Units into deferred share units will be provided with the election materials. The opportunity to make such an election is subject to changes in Federal tax law. The Committee reserves the right to discontinue offering Performance Share deferral elections at any time for any reason it deems appropriate in its sole discretion.
PBF ENERGY INC.

By:     __________________________________________            
Name: Trecia Canty
Title:   Senior Vice President, General Counsel and
Secretary

GRANTEE:

__________________________________________________        
Name:

11

Exhibit A

Example of Potential Payout of Dividend Equivalent Award in Shares of Common Stock

Assumptions and Calculations (for illustration purposes only):

	
		
	1.
	Assume the Participant was granted 12,000 Performance Share Units on October 30, 2019.

	2.
	Assume the cumulative amount of dividends paid to holders of Common Stock through the Normal Vesting Date of the Third Performance Period and the Fourth Performance Period is $2.70 per share (determined as follows).

	
			
	dividends paid in 1Q19
	 
	$0.30

	2Q19
	 
	$0.30

	3Q19
	 
	$0.30

	4Q19
	 
	$0.30

	1Q20
	 
	$0.30

	2Q20
	 
	$0.30

	3Q20
	 
	$0.30

	4Q20
	 
	$0.30

	1Q21
	 
	$0.30

	2Q21
	 
	$0.30

	3Q21
	 
	$0.30

	4Q21
	 
	$0.30

	 
	 
	$3.60 per share

	
		
	3.
	The “Target Dividend Equivalent Value” for each Performance Period is $10,800.00 (3,000 Performance Share Units vesting, multiplied by $3.60 accumulated dividends per share, equals $10,800.00).

	4.
	The Payout Percentage for the First Performance Period is determined (per Section 3) to generate a payout of 80.0%.  The Payout Percentage for the Second Performance Period is determined (per Section 3) to generate a payout of 200.0%.  The Payout Percentage for the Third Performance Period is determined (per Section 3) to generate a payout of 142.9%.  The Payout Percentage for the Fourth Performance Period is determined (per Section 3) to generate a payout of 110.0%.

	5.
	The Fair Market Value of the Common Stock on the vesting date is $60.00.

	
										
	Performance Cycle Payout:

	 
	3,000
	 
	 
	First Performance Period Performance Share Units 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

12

	
										
	First Performance Period Payout:

	 
	 
	 
	 
	 

	 
	 
	x 80%
	 
	 
	multiply by First Performance Period Payout Percentage
	 

	 
	 
	2,400
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Second Performance Period Payout:
	 
	3,000
	 
	 
	Second  Performance Period Performance Share Units 
	 

	 
	 
	x 200.0%
	 
	 
	multiply by Second Performance Period Payout Percentage
	 

	 
	 
	6,000
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Third Performance Period Payout:
	 
	3,000
	 
	 
	Third Performance Period Performance Share Units vesting
	 

	 
	 
	x 142.9%
	 
	 
	multiply by Third Performance Period Payout Percentage
	 

	 
	 
	4,287
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Fourth Performance Period Payout:
	 
	3,000
	 
	 
	Fourth Performance Period Performance Share Units vesting
	 

	 
	 
	x 110.0%
	 
	 
	multiply by Fourth Performance Period Payout Percentage
	 

	 
	 
	3,300
	 
	 
	 
	 

	

Dividend Equivalent Shares:
	 
	 
	 
	 
	 
	 

	First Performance Period:
	 
	 
	$
	10,800.00
	

	 
	Target Dividend Equivalent Value
	 

	 
	 
	x 80%
	 
	 
	multiply by First Performance Period Payout Percentage
	 

	 
	 
	 
	$
	8,640.00
	

	 
	dividend equivalent based on First Performance Period
	 

	 
	 
	 / $60.00
	 
	 
	divided by FMV per share
	 

	 
	 
	144
	 
	 
	common shares earned for Dividend Equivalent Award (rounded up)
	 

	 
	 
	 
	 
	 
	 
	 

	Second Performance Period
	 
	 
	$
	10,800.00
	

	 
	Target Dividend Equivalent Value
	 

	 
	 
	x 200%
	 
	 
	multiply by Second Performance Period Payout Percentage
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

13

	
										
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	$
	21,600.00
	

	 
	dividend equivalent based on Second Performance Period
	 

	 
	 
	 / $60.00
	 
	 
	divided by FMV per share
	 

	 
	 
	360
	 
	 
	common shares earned for Dividend Equivalent Award (rounded up)
	 

	 
	 
	 
	 
	 
	 
	 

	Third Performance Period
	 
	 
	$
	10,800.00
	

	 
	Target Dividend Equivalent Value
	 

	 
	 
	x 142.9%
	 
	 
	multiply by Third Performance Period Payout Percentage
	 

	 
	 
	 
	$
	15,433.20
	

	 
	dividend equivalent based on Third Performance Period
	 

	 
	 
	 / $60.00
	 
	 
	divided by FMV per share
	 

	 
	 
	257
	 
	 
	common shares earned for Dividend Equivalent Award (rounded up)
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Fourth Performance Period
	 
	 
	$
	10,800.00
	

	 
	Target Dividend Equivalent Value
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	x 110.0%
	 
	 
	multiply by Fourth Performance Period Payout Percentage
	 

	 
	 
	 
	$
	11,880.00
	

	 
	dividend equivalent based on Fourth Performance Period
	 

	 
	 
	 / $60.00
	 
	 
	divided by FMV per share
	 

	 
	 
	198
	 
	 
	common shares earned for Dividend Equivalent Award (rounded up)
	 

Total Common Stock Earned on Normal Vesting Date:  16,946

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]