Document:

exv10w2

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of the 8th day of
December, 2010, by and among Equity One, Inc., a Maryland corporation (the “Company”), and MGN
America, LLC, a Delaware limited liability company (the “Purchaser” and collectively with any
permitted assignee hereunder, the “Purchasers”).

RECITALS

     A. Concurrently with the execution hereof, the Company and the Purchasers are entering into
that certain Common Stock Purchase Agreement of even date herewith (the “Stock Purchase Agreement”)
for the sale by the Company and the purchase by the Purchasers of an aggregate of 900,000 shares as
set forth in the Stock Purchase Agreement (the “Shares”) of the Company’s Common Stock, par value
$.01 per share (the “Common Stock”).

     B. In order to induce the Purchasers to enter into the Stock Purchase Agreement, the Company
agrees that this Agreement shall govern the rights of the Purchasers to cause the Company to
register the Shares.

     THE PARTIES HEREBY AGREE AS FOLLOWS:

AGREEMENT

     1. Certain Definitions.

               (a) The term “Act” means the Securities Act of 1933, as amended.

               (b) The term “Closing Date” means the Closing Date as defined in the Stock Purchase Agreement.

               (c) The term “Form S-3” means such form under the Act as in effect on the date hereof or any
successor registration form under the Act subsequently adopted by the SEC.

               (d) The term “Purchasers” means the persons named on Schedule I hereto and any permitted
assignee of any Purchaser’s rights hereunder in accordance with Section 2.9 hereof.

               (e) The term “1934 Act” means the Securities Exchange Act of 1934, as amended.

               (f) The term “register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a registration statement or similar document in compliance with the Act, and
the declaration or ordering of effectiveness of such registration statement or document.

               (g) The term “Registrable Securities” means (i) the Shares issued pursuant to the Stock
Purchase Agreement and (ii) any Common Stock of the Company issued as

 

 

(or issuable upon the
conversion or exercise of any warrant, right or other security which is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of, the Shares referenced
in (i) above, excluding in all cases, however, any Registrable Securities sold by a person in a
transaction in which such person’s rights under Section 2 hereof are not assigned.

                    (h) The term “SEC” means the Securities and Exchange Commission.

                    (i) The term “Shares” has the meaning set forth in Recital A.

                    2. Registration Rights. The Company covenants and agrees as follows:

               2.1 Request for Registration.

                    (a) If the Company shall receive at any time after 6 months after the Closing Date, a written
request (a “Request”) from Purchasers holding not less than 500,000 Shares (the “Initiating
Purchasers”) that the Company file a registration statement under the Act for a public offering,
then the Company shall:

                         (i) within ten (10) days of the receipt thereof, give written notice of such request to all
other Purchasers; and

                         (ii) effect as soon as practicable, and in any event within forty-five (45) days of the
receipt of such Request, the filing of a registration statement under the Act covering all
Registrable Securities which the Purchasers request to be registered within twenty (20) days of the
mailing of such notice by the Company (a “Demand Registration”);

provided, however, that (i) the Company shall be obligated under this Section 2.1
to effect no more than two Demand Registrations, provided that a registration shall not
count toward such limit if any such Demand Registration was not declared and ordered effective by
the SEC; and (ii) a bona fide pledgee of a Purchaser’s Shares (a “Bona Fide Pledgee”) desiring to
sell Shares for the account of such Bona Fide Pledgee upon default in respect of such Purchaser’s
obligations to such Bona Fide Pledgee shall be entitled to request a Demand Registration to permit
the resale of such Shares without regard to the expiration of the 6 month period set forth above
unless the number of Shares to be sold by such Bona Fide Pledgee may be disposed of without
limitation as to amount pursuant to Rule 144 under the Act.

                    (b) If the Initiating Purchasers intend to distribute the Registrable Securities covered by
their request by means of an underwriting, (i) they shall so advise the Company as a part of their
Request made pursuant to Subsection 2.1(a) and the Company shall include such information in the
written notice referred to in Subsection 2.1(a)(i) above and (ii) the underwriter shall be selected
by the Company after consultation with the Initiating Purchasers and shall be reasonably acceptable
to a majority in interest of the Initiating Purchasers. The right of any Purchaser to include
Registrable Securities in such registration shall be conditioned upon such Purchaser’s
participation in such underwriting and the inclusion
of such Purchaser’s Registrable Securities in the underwriting (unless otherwise mutually
agreed by a majority in interest of the Initiating Purchasers and such Purchaser) to the extent
provided

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herein. All Purchasers proposing to distribute their securities through such underwriting
shall (together with the Company as provided in Subsection 2.3(e)) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting.

               (c) Notwithstanding the foregoing, if the Company shall furnish to Purchasers requesting a
registration statement pursuant to this Section 2.1, a certificate signed by the Chief Executive
Officer of the Company stating that in the good faith judgment of the Board of Directors of the
Company, it would be materially detrimental to the Company and its shareholders for such
registration statement to be filed and it is therefore essential to defer the filing of such
registration statement, the Company shall have the right to defer taking action with respect to
such filing after receipt of the request of the Initiating Purchasers; provided, however, that the
Company may not exercise such deferral right for more than one hundred twenty (120) days in any 12
month period. Upon the earlier of the expiration of any such deferral period and the Board of
Directors’ good faith determination that such deferral is no longer required, the Company shall
promptly file such registration statement in accordance with the terms of this Agreement.

               (d) In addition, the Company shall not be obligated to effect any registration pursuant to
this Section 2.1 during the period starting with the date 45 days prior to the Company’s good faith
estimate of the date of filing of a registration statement subject to Section 2.2 hereof, and
ending on a date that is the earlier of one hundred eighty (180) days after the effective date of
such registration statement and thirty (30) days after the completion of the sale of the securities
registered pursuant to such registration statement, provided that the Company is actively
employing in good faith all reasonable efforts to cause such registration statement to become
effective.

          2.2 Company Registration. If the Company proposes to register (including for this
purpose a registration effected by the Company for shareholders other than the Purchasers) any of
its stock or other equity securities under the Act in connection with the underwritten public
offering of such securities solely for cash, other than registrations on Form S-8 or S-4 (or any
successor forms) or registrations in connection with dividend reinvestment plans and stock purchase
plans, then the Company shall, at such time, promptly give each Purchaser written notice of such
registration. Upon the written request of each Purchaser given within twenty (20) days after
mailing of such notice by the Company in accordance with Section 3.5, the Company shall, subject to
the provisions of Section 2.6, cause to be registered under the Act all of the Registrable
Securities that each such Purchaser has requested to be registered.

          2.3 Obligations of the Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably
possible:

               (a) Prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its reasonable best efforts to cause such registration statement to become
effective, and keep such registration statement effective for a period of up
to one hundred eighty (180) days or, if earlier, until the distribution contemplated in the
registration statement has been completed; provided, however, that (i) such 180-day
period shall

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be extended for a period of time equal to the period the Purchaser refrains from
selling any securities included in such registration at the request of an underwriter of Common
Stock (or other securities) of the Company or at the request of the Company pursuant to Subsection
(iii) below, (ii) in the case of any registration of Registrable Securities on Form S-3 which are
intended to be offered on a continuous or delayed basis, such 180-day period shall be extended, at
the request of the Purchaser, to keep the registration statement effective until all such
Registrable Securities are sold, which obligation shall include, to the extent that such
effectiveness cannot be maintained merely by the filing of a periodic or other report under the
1934 Act, the filing of a post-effective amendment; provided that Rule 415, or any
successor rule under the Act, permits an offering on a continuous or delayed basis, and (iii) the
Company shall not be required to keep such registration statement effective during a period not to
exceed ninety (90) consecutive days, not more than once in any 12-month period, in which it is
determined by the Board of Directors in good faith that there exists material non-public
information regarding the Company.

               (b) Timely prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Act with respect to the disposition of all
securities covered by such registration statement.

               (c) Furnish to the Purchasers such numbers of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Act, and such other documents as the
Purchasers may reasonably request in order to facilitate the disposition of Registrable Securities
owned by them.

               (d) Use its best efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Purchasers; provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions unless the Company is already subject to
service in such jurisdiction and except as may be required by the Act.

               (e) Enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering. Each Purchaser participating in
such underwriting shall also enter into and perform its obligations under such an agreement.

               (f) Notify each Purchaser holding Registrable Securities covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the Act
of the happening of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing, and at the request of any such
Purchaser, timely prepare and furnish to such Purchaser a reasonable number of copies of a
supplement to or an amendment of such prospectus as may be necessary so that, as
thereafter delivered to the purchaser of such shares, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein
or

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necessary to make the statements therein not misleading or incomplete in the light of the
circumstances then existing.

               (g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each
securities exchange on which similar securities issued by the Company are then listed.

               (h) Provide a transfer agent and registrar for all Registrable Securities registered pursuant
hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the
effective date of such registration statement.

               (i) Use its best efforts to furnish, at the request of any Purchaser requesting registration
of Registrable Securities pursuant to this Section 2, on the date that such Registrable Securities
are delivered to the underwriters for sale in connection with a registration pursuant to this
Section 2, if such securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement with respect to such
securities becomes effective, (i) an opinion, dated such date, of the counsel representing the
Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the
Purchasers requesting registration of Registrable Securities, and (ii) “comfort” letters signed by
the Company’s independent public accountants who have examined and reported on the Company’s
financial statements included in the registration statement, to the extent permitted by the
standards of the AICPA or other relevant authorities, covering substantially the same matters with
respect to the registration statement (and the prospectus included therein) and (in the case of the
accountants’ “comfort” letters, with respect to events subsequent to the date of the financial
statements) as are customarily covered in opinions of issuer’s counsel and in accountants’
“comfort” letters delivered to the underwriters in underwritten public offerings of securities.

               (j) Make available for inspection by any seller of Registrable Securities, any underwriter
participating in any disposition pursuant to such registration statement and any attorney or
accountant retained by any such seller or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company’s officers and directors
to supply all information reasonably requested by any such seller, underwriter, attorney or
accountant in connection with establishing a defense under Section 11 of the Act with respect to
such registration statement; provided, however, that such seller, underwriter, attorney or
accountant shall agree to hold in confidence and trust all information so provided until such
information becomes publicly available (other than as a result of a violation of such obligation of
confidentiality).

          2.4 Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of
any selling Purchaser that such Purchaser shall furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as shall be required to effect the registration of such
Purchaser’s Registrable Securities.

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          2.5 Expenses of Registrations. The Company shall bear and pay all expenses, other
than underwriting discounts, brokers’ commissions and the like, incurred in connection with any
registration, filing or qualification pursuant to this Section 2, including (without limitation)
all registration, filing and qualification fees, printers’ and accounting fees relating or
apportionable thereto, and the fees and disbursements of counsel for the Company. The Purchasers
shall be responsible for all underwriting discounts, brokers’ commissions and the like with respect
to their respective Shares and any other fees and expenses incurred by them or on their behalf
(including, without limitation, fees and expenses of their own counsel and advisors).

          2.6 Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 2.2 to include any of Purchaser’ securities in such underwriting unless such Purchaser
accepts the terms of the underwriting as agreed upon between the Company and the underwriters
selected by it (or by other persons entitled to select the underwriters). If the total amount of
securities, including Registrable Securities, requested by shareholders to be included in such
offering pursuant to Section 2.2 exceeds the maximum amount of securities that the underwriters
determine in their sole discretion will not jeopardize the success of the offering by the Company,
then the Company shall be required to include in the offering only that number of such securities,
including Registrable Securities, which the underwriters determine in their sole discretion, will
not jeopardize the success of the offering (the securities so included to be apportioned pro rata
among the selling shareholders according to the total amount of securities entitled to be included
therein owned by each selling shareholder or in such other proportions if mutually agreed to by
such selling shareholders).

          2.7 Delay of Registration. No Purchaser shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any controversy
that might arise with respect to the interpretation or implementation of this Section 2;
provided that this Section 2.7 shall not abrogate any other rights or remedies of any such
Purchaser hereunder.

          2.8 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 2:

               (a) To the extent permitted by law, the Company will indemnify and hold harmless each
Purchaser, any underwriter (as defined in the Act) for such Purchaser and each person, if any, who
controls such Purchaser or such Purchaser’s securities or such underwriter within the meaning of
the Act or the 1934 Act, and each officer, director, agent, employee and partner of the foregoing
against any losses, claims, damages or liabilities (joint or several) to which they may become
subject insofar as such losses, claims, damages, or liabilities (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or violations
(collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto or any other document
prepared by the Company incident to such registration, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Act, the 1934 Act, any state securities law or any rule or regulation promulgated

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under the Act, or the 1934 Act or any state securities law; and the Company will pay to each such
indemnified person any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld), nor shall the Company be liable in any such case for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a Violation which occurs
in reliance upon and in conformity with information furnished in writing expressly for use in
connection with such registration by such Purchaser, underwriter or controlling person.

               (b) To the extent permitted by law, each selling Purchaser will indemnify and hold harmless
the Company, each of its directors, each of its officers who has signed the registration statement,
each person, if any, who controls the Company within the meaning of the Act, any underwriter and
any controlling person of any such underwriter, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject insofar as such losses,
claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with information furnished in writing by such Purchaser expressly
for use in connection with such registration, and each such Purchaser will pay to each such
indemnified party any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Purchaser, which consent shall not be
unreasonably withheld.

               (c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 2.8,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and
expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel
in such proceeding. The failure to deliver written notice to the indemnifying party within a
reasonable time of receipt of notice of any such action, if prejudicial to its ability to defend
such action, shall relieve such indemnifying party of any liability to the indemnified party under
this Section 2.8, but the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 2.8. No indemnifying party, in the defense of any claim or litigation, shall, except
with the consent of each indemnified party, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or

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plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. Each indemnified party shall furnish such information regarding itself or the claim in
question as an indemnifying party may reasonably request in writing and as shall be reasonably
required in connection with defense of such claim and litigation resulting therefrom.

               (d) If the indemnification provided for in this Section 2.8 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage or expense as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the indemnifying party
or by the indemnified party and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission.

               (e) The obligations of the Company and Purchasers under this Section 2.8 shall survive the
completion of any offering of Registrable Securities in a registration statement under this Section
2, and otherwise.

               (f) Notwithstanding the foregoing, except to the extent set forth herein with respect to
indemnification of the Company to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with an
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control.

          2.9 Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Section 2 may be assigned (but only with all related
obligations) by a Purchaser to (i) an affiliate (as defined for purposes of Rule 405 under the Act)
and (ii) a Bona Fide Pledgee, provided: (a) the Company is, within a reasonable time after
such transfer, furnished with written notice of the name and address of any such assignee and the
securities with respect to which such registration rights are being assigned; (b) such assignee
agrees in writing to be bound by and subject to the terms and conditions of this Agreement; and (c)
such assignment shall be effective only if immediately following such transfer the further
disposition of such securities by the assignee is restricted as to amount or manner of sale under
the Act.

          2.10 “Market Stand-Off” Agreement. The Company and each of the Purchasers hereby
agrees that, during the period of duration specified by the Company and an underwriter of Common
Stock or other securities of the Company, following the date of the first sale to the public
pursuant to a registration statement of the Company filed under the Act, it shall
not, to the extent requested by the Company and such underwriter, directly or indirectly sell,
offer to sell, contract to sell (including, without limitation, any short sale), grant any option
to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly

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bound) any securities of the Company held by it at any time during such period except Common Stock
included in such registration; provided, however, that:

               (a) all executive officers and directors of the Company and each other person who holds five
percent (5%) or more of the then outstanding Common Stock (assuming the conversion of the Preferred
Shares), enter into similar agreements;

               (b) such market stand-off time period shall not exceed ninety (90) days; and

               (c) any discretionary waiver or termination of the market stand-off period by the Company or
the representatives of the underwriters shall apply to all persons subject to such market stand-off
agreement on a pro rata basis.

               In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to the Registrable Securities of the Purchasers (and the shares or securities of every
other person subject to the foregoing restriction) until the end of such period.

          2.11 Termination of Registration Rights. The right of any Purchaser to request
registration or inclusion in any registration pursuant to Section 2.1 or 2.2 shall terminate if all
shares of Registrable Securities held by such Purchaser and its Affiliates may immediately be sold
under Rule 144 during any 90-day period.

     3. Miscellaneous.

          3.1 Successors and Assigns. Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties (including transferees of any shares of Registrable
Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement. A Purchaser may assign its rights hereunder only in accordance with Section 2.9
above.

          3.2 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Florida without regard to its conflict of laws principles to the
extent that such principles would require the application of laws other than the laws of the State
of Florida. Venue for any action brought hereunder shall be in Miami-Dade County, Florida and the
parties hereto waive any claim that such forum is inconvenient.

          3.3 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Such counterparts may be delivered by telecopy or other electronic means.

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          3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.

          3.5 Notices. Any notice or other communication required or permitted hereunder shall
be sufficiently given if delivered in person or sent by telecopy or by a national overnight courier
service, postage prepaid, addressed as follows: if to the Company, addressed to Equity
One, Inc. 1600 N.E. Miami Gardens Drive, North Miami Beach, Florida 33179, telecopy number
305-947-1664, Attention: President, with a copy to its counsel, Greenberg Traurig, P.A., 1221
Brickell Avenue, Miami, Florida 33131, telecopy number 305-579-0717, Attention: Ira N. Rosner,
Esq.; if to the Purchaser, addressed as specified on the signature page to the Stock
Purchase Agreement; or such other address or number as shall be furnished in writing by any such
party, and such notice or communication shall be deemed to have been given as of the date so
delivered by telecopier, telex or mail.

          3.6 Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company
and the holders of a majority of the Registrable Securities then outstanding. Any amendment or
waiver effected in accordance with this section shall be binding upon each holder of any
Registrable Securities then outstanding, each future holder of all such Registrable Securities, and
the Company.

          3.7 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

          3.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by
affiliated entities or persons shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement.

          3.9 Entire Agreement; Waiver. This Agreement and the other documents delivered
pursuant hereto constitute the full and entire understanding and agreement among the parties with
regard to the subjects hereof and thereof, and supersede any previous agreement or understanding
between or among the parties with respect to such subjects, including, without limitation, the
Prior Agreement.

          3.10 Dispute Resolution. If the parties should have a material dispute arising out of
or relating to this Agreement or the parties’ respective rights and duties hereunder, then the
parties will resolve such dispute in the following manner: (i) any party may at any time deliver
to the others a written notice setting forth a brief description of the issue for which such notice
initiates the dispute resolution mechanism contemplated by this Section 3.10; (ii) during the
forty-five (45) day period following the delivery of the notice described in Section 3.10(i) above,
appropriate representatives of the various parties will meet and seek to resolve the disputed issue
through negotiation then within thirty (30) days after the period described in Section 3.10(ii)
above, the parties will refer the issue (to the exclusion of a court of law) to final

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and binding arbitration in Miami, Florida in accordance with the then existing rules (the
“Rules”) of the American Arbitration Association (“AAA”), and judgment upon the award rendered by
the arbitrators may be entered in any court having jurisdiction thereof; provided, however, that
the law applicable to any controversy shall be the law of the State of Florida, regardless of
principles of conflicts of laws. In any arbitration pursuant to this Agreement, (i) discovery
shall be allowed and governed by the Florida Code of Civil Procedure and (ii) the award or decision
shall be rendered by a majority of the members of a Board of Arbitration consisting of three (3)
members with experience in securities transactions, one of whom shall be appointed by each of the
respective parties and the third of whom shall be the chairman of the panel and be appointed by
mutual agreement of said two party-appointed arbitrators. In the event of failure of said two
arbitrators to agree within sixty (60) days after the commencement of the arbitration proceeding
upon the appointment of the third arbitrator, the third arbitrator shall be appointed by the AAA in
accordance with the Rules. In the event that either party shall fail to appoint an arbitrator
within thirty (30) days after the commencement of the arbitration proceedings, such arbitrator and
the third arbitrator shall be appointed by the AAA in accordance with the Rules. Nothing set forth
above shall be interpreted to prevent the parties from agreeing in writing to submit any dispute to
a single arbitrator in lieu of a three (3) member Board of Arbitration. Upon the selection of the
Board of Arbitration (or if the parties agree otherwise in writing, a single arbitrator), an award
or decision shall be rendered within in more than forty-five (45) days. Notwithstanding the
foregoing, the request by either party for preliminary or permanent injunctive relief, whether
prohibitive or mandatory, shall not be subject to arbitration and may be adjudicated only by the
courts of the State of Florida or the U.S. District Court in Florida.

11

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	

EQUITY ONE, INC.

 	 
	 	By:  	/s/ Mark Langer
 	 
	 	 	Name:  	Mark Langer 	 
	 	 	Title:  	Executive Vice President 
and Chief Financial Officer 	 
	 
	 	PURCHASERS:

MGN America LLC

 	 
	 	By:  	/s/ Chaim Katzman
 	 
	 	 	Name:  	Chaim Katzman 	 
	 	 	Title:  	President 	 
	 	 	 
	 	By:  	                             /s/ Sean Kanov
 	 
	 	 	Name:  	Sean Kanov 	 
	 	 	Title:  	Controller 	 
	 
	 	Address:

1696 NE Miami Gardens Drive

North Miami Beach, Florida 33179

Telecopy No.: (305) 947-4200

 	 

12Exhibit 10.1

Exhibit 10.1

CHANGE IN CONTROL AGREEMENT

This Change in Control Agreement is dated as of December      , 2010 (this “Agreement”), between Cyclacel
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Dr. Judy Chiao.

In the event of a Change in Control (as defined in Section 3) of the Company, and your employment with the
continuing or surviving company (the “Controlling Company”) is terminated (including if you voluntarily terminate your
employment for Good Reason, as defined in Section 3) at any time within six (6) months following the effective
date of a Change in Control, unless such termination is For Cause, death, disability or you voluntarily leave without
Good Reason (as each such term is defined in Section 3), you will be entitled to receive the benefits described
below.

1. Continued Benefits. In lieu of any further salary and bonus payments to you for periods subsequent to
the date of termination, provided you execute and deliver to the Controlling Company a general release of any legal
claims that you may have against the Controlling Company in the form required by the Controlling Company (the
“Release”) and the Release is effective non-revocable before the date that is the sixtieth (60th) day
following the date of termination, you shall be entitled to the following benefits from the Controlling Company:

(a) payment by the Controlling Company of a lump sum severance payment, payable on the sixtieth (60th)
day following the date of termination, equal to your annual salary for a period of twelve (12) months from the date of
termination;

(b) payment by the Controlling Company of all unpaid, accrued vacation through the date of termination, payable on
the sixtieth (60th) day following the date of termination;

(c) all options to purchase shares of the Company’s common stock held by you shall be vested and be exercisable
for a period of twelve (12) months following the effective date of the Change in Control; and

(d) the Controlling Company shall arrange coverage for you and your dependents, as the case may be, under medical
care and life insurance benefit plans substantially similar to those which you and your dependents were entitled
immediately prior to the effective date of the Change in Control for a period of up to twelve (12) months after the
effective date of the Change in Control; provided, however, that the Controlling Company’s obligation to provide such
coverage shall be terminated if you obtain substitute coverage from another employer at any time during the
continuation period. You shall be obligated to notify the Controlling Company of any such substitute coverage and the
date of commencement thereof promptly upon obtaining any such coverage.

2. Compliance with Section 409A.

(a) The benefits set forth in Sections 1(a) and (b) are intended to be exempt from Section 409A of the Internal
Revenue Code (the “Code”) as a short term deferral pursuant to Treas. Reg. §1.409A-1(b)(4). The benefit set forth in
Section 1(c) is intended to be exempt from Section 409A of the Code as a stock option pursuant to Treas. Reg.
§1.409A-1(b)(5)(ii) or a nonstatutory stock option not providing for the deferral of compensation pursuant to Treas.
Reg. §1.409A-1(b)(5)(i)(A). Notwithstanding the foregoing, if any of the benefits set forth in this Agreement are
“non-qualified deferred compensation” under Section 409A of the Code, any termination of employment triggering payment
of such benefits must constitute a “separation from service” under Section 409A of the Code before distribution of such
benefits can commence. If at the time of your “separation of service”, you are a “specified employee” as defined in
Section 409A(a)(2)(B)(i) of the Code, any benefits that constitute non-qualified deferred compensation under Section
409A of the Code shall be delayed until the first business day that is more than six months after your “separation from
service” from the Controlling Company became effective. To the extent that the termination of your employment does not
constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code (as the result of further services that
are reasonably anticipated to be provided by you to the Controlling Company at the time your employment terminates),
any benefits that constitute deferred compensation under Section 409A of the Code shall be further delayed until the
first business day that is more than six months after the date of a subsequent event constituting a separation of
service under Section 409A(a)(2)(A)(i) of the Code. For purposes of clarification, this paragraph shall not cause any
forfeiture of benefits on your part, but shall only act as a delay until such time as a “separation from service”
occurs.

 

1

 

(b) It is intended that each installment of the payments and benefits provided under this Agreement shall be
treated as a separate “payment” for purposes of Section 409A of the Code. Neither the Controlling Company nor you
shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent
specifically permitted or required by Section 409A of the Code.

(c) Notwithstanding any other provision of this Agreement to the contrary, the Agreement shall be interpreted and
at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A(a)(1) of
the Code. Any provision inconsistent with Section 409A of the Code will be read out of the Agreement. For purposes of
clarification, this Section 2(c) shall be a rule of construction and interpretation, and nothing in this
Section 2(c) shall cause a forfeiture of benefits on your part.

3. Definitions. The following terms have the following meanings:

(a) Change in Control. A “Change in Control” shall be deemed to have taken place if:

(i) there shall be consummated any consolidation or merger of the Company in which Company is not the continuing
or surviving corporation or pursuant to any transaction in which shares of the Company’s capital stock are converted
into cash, securities or other property, or any sale, lease, exchange or other transfer in one transaction or a series
of transactions contemplated or arranged by any party as a single plan of all or substantially all of the assets of the
Company, or the approval of a plan of complete liquidation or dissolution of the Company adopted by the stockholders of
the Company; or

(ii) any person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) shall after the date hereof become the beneficial owner (as defined in Rules
13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more
of the voting power of all then outstanding securities of the Company having the right under ordinary circumstances to
vote in an election of the board of directors (the “Board”) (including, without limitation, any securities of the
Company that any such person has the right to acquire pursuant to any agreement, or upon exercise of conversion rights,
warrants or options, or otherwise, shall be deemed beneficially owned by such person); or

(iii) individuals who at the date hereof constitute the entire Board and any new directors whose election by the
Board, or whose nomination for election by the Company’s stockholders, shall have been approved by a vote of at least a
majority of the directors then in office who either were directors at the date hereof or whose election or nomination
for election shall have been so approved shall cease for any reason to constitute a majority of the members of the
Board.

(b) For Cause. Your employment shall be deemed to have been terminated “For Cause” if the Controlling Company
shall have terminated you as a result of any of the following: (A) improper conduct, consisting of any willful act or
omission with the intent of obtaining, to the material detriment of the Controlling Company, any benefit to which you
would not otherwise be entitled; (B) gross negligence, consisting of wanton and reckless acts or omissions in the
performance of your duties to the material detriment of the Controlling Company; (C) addiction to drugs or chronic
alcoholism; or (D) any conviction of, or plea of nolo contendere to, a crime (other than a traffic violation) under the
laws of the United States or any political subdivision thereof provided that you receive a copy of a resolution duly
adopted by a two-thirds majority affirmative vote of the membership of the board of directors of the Controlling
Company, at a meeting thereof called and held for such purpose, after you have been given reasonable notice of such
meeting and have been given an opportunity, together with your counsel, to be heard by the board of directors of the
Controlling Company, finding that in the good faith opinion of the board of directors of the Controlling Company you
were guilty of the conduct set forth and specifying the particulars thereof in detail.

 

2

 

(c) Good Reason. Your employment shall be deemed as having been terminated by you for “Good Reason” if (i) the
Controlling Company (A) materially reduces your duties, responsibilities or authority commensurate with your position
immediately prior to the effective date of the Change in Control; (B) reduces your base salary in effect immediately
prior to the effective date of the Change of Control; (C) requires you to relocate to another office more than fifty
(50) miles of your office location immediately prior to the effective date of the Change of Control (except for
required travel related to your position to an extent substantially consistent with your business travel obligations
immediately prior to the effective date of the Change in Control); or (D) fails to offer you all material benefits
offered to all other employees of the Controlling Company; (ii) within ninety (90) days of the first occurrence of the
Controlling Company’s acts giving rise to the termination of your employment for “Good Reason”, you notify the
Controlling Company in writing of those acts; and (iii) within thirty (30) days of receiving your written notice of
termination, the Controlling Company fails to fully correct or cure the acts giving rise to the termination of your
employment for “Good Reason.” For purposes of clarity, if the Controlling Company fails to correct or cure the acts
giving rise to the termination of your employment for “Good Reason”, the termination of your employment shall become
effective on the thirty-first day following the day on which the Controlling Company receives your written notice under
this Section.

CYCLACEL PHARMACEUTICALS, INC.

	 	 	 	 	 
	By:

	 	 
	 	 
	
 
	 	 
	 	 
	
 
	 	Spiro Rombotis, President and CEO
	 	Dr. Judy Chiao

 

3

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