Document:

Exhibit

	
			
	 
	 
	Exhibit 10.28

FOREST CITY REALTY TRUST, INC.
RESTRICTED SHARES AGREEMENT
(Directors)

WHEREAS, ______________ (the “Grantee”) is a nonemployee director of Forest City Realty Trust, Inc. (the “Company”); 

WHEREAS, a grant of Restricted Shares to the Grantee, and the execution of a Restricted Shares Agreement in the form hereof (this “Agreement”) to evidence such grant, were authorized by unanimous approval of the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company on ____________, 20___ (the “Date of Grant”); and

WHEREAS, the grant of Restricted Shares was made pursuant to and in compliance with the Amended and Restated Board of Directors Compensation Policy (effective January 1, 2016), subject to a total grant date fair market value of $________________ for 20___ equity award grants.

NOW, THEREFORE, pursuant to the Forest City Realty Trust, Inc. 1994 Stock Plan (the “Plan”), and subject to the terms and conditions thereof and the terms and conditions hereinafter set forth, the Company hereby confirms to the Grantee, effective as of the Date of Grant, the grant of the number of Restricted Shares that are shown on the signature page of this Agreement as the Original Award.

1.    Definitions. All capitalized terms have the meanings set forth in the Plan unless otherwise specifically provided. As used in this Agreement, the following terms have the following meanings:

“Disability” means disability as defined in the Long Term Disability Plan of the Company or a Subsidiary, as applicable, as amended from time to time. 

“Original Award” means the number of Restricted Shares indicated as the Original Award on the signature page of this Agreement.

2.    Issuance of Restricted Shares. The Restricted Shares will be treated as issued on the Date of Grant as fully paid and nonassessable Shares, which will be uncertificated and recorded in book-entry form by the Company or its transfer agent with a legend referring to the restrictions set forth in this Agreement.

3.    Restriction on Transfer. The Restricted Shares may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by the Grantee, except to the Company, 

until they have become nonforfeitable in accordance with Section 4 of this Agreement. Any purported transfer, encumbrance or other disposition of the Restricted Shares that is in violation of this Section 3 will be null and void, and the other party to any such purported transaction will not obtain any rights to or interest in the Restricted Shares.

4.    Vesting. 

(a)    All Restricted Shares included in the Original Award will become non-forfeitable on the first anniversary of the Date of Grant.

(b)    Notwithstanding the provisions of Section 4(a) or Section 5, all of the Restricted Shares will immediately become nonforfeitable if the Grantee terminates service as a director of the Company after the Date of Grant due to the Grantee’s death or Disability.

5.    Termination of Rights and Forfeiture of Restricted Shares. Except for Restricted Shares that have become nonforfeitable, all of the Restricted Shares will be forfeited if the Grantee ceases to be a director of the Company for any reason other than provided in Section 4(b) at any time prior to the first anniversary of the Date of Grant.  

6.    Dividend, Voting and Other Rights. Except as otherwise provided in this Agreement, the Grantee will have all of the rights of a shareholder with respect to the Restricted Shares, including the right to vote the Restricted Shares and receive any dividends that may be paid thereon; provided, however, that any additional Restricted Shares or other securities that the Grantee may become entitled to receive pursuant to a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Company will be subject to the same restrictions as the Restricted Shares.

7.    Agreement Subject to Plan. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith. The Grantee hereby acknowledges receipt of a copy of the Plan. 

8.    Compliance with Law. The Company shall make reasonable efforts to comply with all applicable federal, state and other applicable securities laws; provided, however, notwithstanding any other provision of this Agreement, the Company will not be obligated to issue any securities pursuant to this Agreement if the issuance thereof would result in a violation of any such law. 

9.    Severability. In the event that one or more of the provisions of this Agreement are invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will 

-2-

be deemed to be separable from the other provisions hereof, and the remaining provisions hereof will continue to be valid and fully enforceable.

10.    Governing Law. This Agreement is made under, and will be construed in accordance with, the internal substantive laws of the State of Maryland without regard to conflict of law principles of such state.

11.    Restrictive Legends. The Grantee acknowledges that the Restricted Shares are subject to the terms of this Agreement, and that each book entry in respect of the Shares will bear a restrictive legend substantially as follows:

The Shares represented by this entry were issued pursuant to a Restricted Shares Agreement effective as of _____________, 20___ between Forest City Realty Trust, Inc. and the holder named herein, and are subject to the terms and conditions, including restrictions on transfer, of that Agreement. Any purported transfer, encumbrance or other disposition in violation of that Agreement will be null and void. Copies of that Agreement will be mailed to the Grantee, without charge, within five days after of a written request is received by the Company.

13.    Entire Agreement. Subject to Section 7, this Agreement represents the entire agreement between the Company and the Grantee with respect to these Restricted Shares and supersedes all prior agreements whether in writing or otherwise.

The undersigned Grantee hereby accepts the award of Restricted Shares granted pursuant to this Agreement, subject to the terms and conditions of the Plan and the terms and conditions set forth herein.

                                                
[Name]

Date:                         

-3-

Executed in the name and on behalf of the Company at Cleveland, Ohio as of the ____day of ____________, 20___.

FOREST CITY REALTY TRUST, INC.

By:___________________________________
Name:  David J. LaRue
Title:  President, Chief Executive Officer and Director

Name of Grantee:__________________________

Date of Grant:  ______________, 20___

Original Award:            Restricted Shares

-4-Exhibit

	
			
	 
	 
	Exhibit 10.34

AGREEMENT

THIS AGREEMENT MADE AND ENTERED INTO as of this 1st day of January, 2016 (the “Effective Date”), by and between FOREST CITY EMPLOYER, LLC of Terminal Tower, 50 Public Square, Suite 1100, Cleveland, Ohio 44113-2267, hereinafter referred to as “Company”, and CHARLES A. RATNER (“Employee”).
WHEREAS, the Company desires to employ Employee, and Employee desires to accept such employment, as of the Effective Date.
NOW, THEREFORE, it is agreed that:
1.    The Employment Agreement dated July 20, 2005, as amended, and Employee’s employment with Forest City Enterprises, Inc., shall terminate effective immediately prior to the Effective Date and this Employment Agreement shall become effective as of the Effective Date.
2.    The Employee, in consideration of the promises and agreements of the Company herein contained, hereby accepts employment with the Company for a period of one (1) year commencing on the Effective Date.  During that period, Employee agrees to serve as an Executive and Officer of Forest City Realty Trust, Inc. (“Forest City”) (Forest City, the Company, and any of their respective affiliates or subsidiaries are referred to herein collectively as the “Forest City Group”).  Employee will perform such duties as may be required of him in such capacities by the Forest City Group, faithfully, honestly, diligently and to the satisfaction of the Forest City Group. Employee’s employment with the Company shall continue for additional periods of one (1) year each until termination by mutual consent, death, or by either party giving ninety (90) days written notice to either amend or terminate this Employment Agreement to the other party prior to the termination of any such one (1) year period.
3.    In consideration whereof, the Company promises and agrees to pay the Employee a base salary of FOUR HUNDRED THOUSAND AND 00/100 DOLLARS ($400,000.00) per year, payable from time to time during each employment year.
4.     In consideration of this Employment Agreement, if the Employee dies while in the employ of the Company, the Company agrees to pay to the beneficiaries of the Employee as stipulated in his Will, or designated by written notice to the Company from the Employee during his lifetime, or designated by operation of law if the Employee dies intestate, FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00) per year for a period of five (5) years following the decease of said Employee: said sum to be payable in quarterly installments to said beneficiaries of said deceased Employee.

5.    It is mutually agreed by and between the parties hereto that the Company may cancel or terminate this Employment Agreement at any time prior to the expiration of said one (1) year period, or any renewal thereof, without notice, for any conduct on the part of the Employee which injures the Forest City Group’s business, such as, but not limited to, intemperance, negligence, failure to follow instructions or perform and fulfill the obligations on the Employee’s part to be performed hereunder to the satisfaction of the Forest City Group.

6.     Noncompetition: The Company acknowledges that the Employee owns and will continue to own, alone or in conjunction with others, certain retail and residential properties which have not been transferred to the Forest City Group. These properties may be managed, developed, expanded, operated and sold by the owners, independently of the business of the Forest City Group. Should Employee sell property, Employee may purchase additional property, to effectuate a Section 1031 tax free exchange under the Internal Revenue Code, with the prior approval of the Audit Committee of Forest City. Except for this property, and any potential purchase of property to effect a tax deferred transaction, Employee will engage in all business activities of the type conducted by the Forest City Group only through and on behalf of the Forest City Group, as long as he is employed by the Company. Employee further agrees to update the disclosure of real estate holdings on an annual basis in connection with any annual conflict of interest questionnaire distributed to management, as required by the Audit Committee of Forest City.

Employee may invest in commercial, industrial and residential real estate properties or projects as a passive investor holding directly and indirectly, up to 10 percent (10%) of the equity of any such entity, as long as such ownership interest is not deemed a majority or controlling interest in the entity. For purposes of this provision, Employee will be deemed to be a passive investor in an entity only if he does not, directly or indirectly, participate in or control either the day to day or strategic management of the entity.

[Signatures on the following page]

2

IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first above written.

FOREST CITY EMPLOYER, LLC

By Forest City Rental Properties, LLC, the sole manager 

By Forest City Enterprises, L.P., the sole manager

By Forest City Realty Trust, Inc., its general partner

/s/ SCOTT S. COWEN                    
By:    Scott S. Cowen
Its:    Chairman of the Compensation Committee

ACCEPTED AND AGREED

/s/ CHARLES A. RATNER                    
CHARLES A. RATNER, Employee

GUARANTEE

In order to induce Employee to enter into the foregoing Employment Agreement, Forest City hereby unconditionally and irrevocably guarantees to Employee and Employee’s estate and legal representatives that it will cause the Company to perform each and all of its obligations under this Employment Agreement in accordance with the terms hereof. This guarantee of performance is a principal obligation of the undersigned and shall continue in full force and effect notwithstanding any amendments or modifications to this Employment Agreement.

FOREST CITY REALTY TRUST, INC.

/s/ SCOTT S. COWEN            
By:      Scott S. Cowen
Its:    Chairman of the Compensation Committee of the Board of Directors

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]