Document:

ADDENDUM NO. 1 TO 2008
AMENDED AND RESTATED 
SEVERANCE AND CHANGE
OF CONTROL AGREEMENT 

        THIS
ADDENDUM NO. 1 is made as of the 17th day of March, 2008, to the 2008 Amended and
Restated Severance and Change of Control Agreement dated as of January 1, 2008 (the
“Original Agreement”), by and between REGENCY CENTERS CORPORATION, a
Florida corporation (the “Company”), and BRIAN M. SMITH (the
“Employee”) (all capitalized terms not otherwise defined in this Addendum
shall have the meanings given to them in the Original Agreement). 

        WHEREAS,
the Company has requested that the Employee relocate from the Company’s Los Angeles,
California office to the Company’s headquarters in Jacksonville, Florida and in
connection therewith has agreed to pay to reimburse the Employee for certain relocation
expenses in connection with such transfer pursuant to a Personalized Relocation Terms
Document dated as of the date of this Addendum (the “Relocation
Agreement”); 

        WHEREAS,
the Employee and his family have long-standing personal ties to the Pasadena, California
area where the Employee and his family have resided prior to the Employee’s transfer
to Jacksonville, Florida; 

        WHEREAS,
it is highly likely that the Employee and his family would relocate back to the Pasadena,
California area in the event that the Employee is terminated after a Change of Control; 

        WHEREAS,
as inducement for the Employee to relocate to Jacksonville, Florida, the Company is
willing to agree to pay certain relocation expenses for the Employee in addition to other
compensation payable pursuant to Section 4 of the Original Agreement (“Change of
Control-Severance”) in the event that the Employee is terminated within two years
after a Change of Control; 

        NOW,
THEREFORE, the parties agree as follows: 

        1.     Consent
to Relocation. The Employee hereby consents to his relocation           from the
Company’s Los Angeles, California office to the Company’s           office in
Jacksonville, Florida and agrees that such relocation does not           constitute Good
Reason under the Original Agreement.  

        2.    Relocation
Expenses on Termination After a Change of Control. In the           event that during
the term of the Original Agreement, the Company terminates the           Employee’s
employment without Cause or the Employee terminates the           Employee’s
employment for Good Reason, in each case within two years           following a Change of
Control, and the Employee notifies that Company that           within three months
following such termination that the Employee has decided to           relocate from the
Jacksonville, Florida area to the Pasadena, California area,           then the Employee
shall be entitled to receive relocation assistance, including           reimbursement of
expenses, at a level equivalent to that set forth in the           Relocation Agreement
for the Employee’s relocation from Pasadena,           California to Jacksonville,
Florida, and all references in the Relocation           Agreement to a move from the
Pasadena, California area to the Jacksonville,           Florida area shall be read to
mean a move from the Jacksonville, Florida area to           the Pasadena, California
area. All references in the Relocation Agreement to the           “transfer date” shall
mean the date on which the Employee’s           household goods are delivered to
destination city, and the deadline for           submission of reimbursement requests
will be one year after the transfer date.           In the event that Lexicon Relocation
is not then serving as the relocation           management vendor for the Company, all
references to Lexicon Relocation shall           refer to the Company’s vendor who
is then providing relocation management           services to the Company. If the
Employee receives relocation assistance from a           new employer for relocation from
the Jacksonville, Florida area to the Pasadena,           California area, then such
assistance shall offset any relocation assistance           otherwise payable by the
Company under this Amendment.  

        3.     No
Other Changes. Except as expressly supplemented hereby, the Original
          Agreement and the Relocation Agreement shall remain unchanged.  

		REGENCY CENTERS CORPORATION 
	
		

By:  /s/ Martin E. Stein 
		Name:  Martin E. Stein
		Title:    Chairman/CEO
		

EMPLOYEE: 
		

/s/ Brian M. Smith 
		Brian M. SmithPersonalized
Relocation Terms Document 
Brian Smith

Introduction  

This personalized relocation policy
outlines the assistance available to you. Regency Centers will provide relocation
assistance through our relocation management vendor, Lexicon Relocation and the procedural
details of your move will be covered with you by your move manager. You are expected to be
reasonable and prudent in incurring expenses and to keep accurate receipts and records. 

Eligibility  

This transfer is at the request of
the Company and your personalized relocation policy has been approved, in advance, by the
CEO and Compensation Committee. Certain eligibility requirements for transfer apply: 

	• 	You
are a full-time employee of Regency Centers Corporation. 

Certain conditions apply: 

	• 	If
you relocate and subsequently resign without Good Reason or are terminated for Cause
prior to receiving all of your benefits, you will forfeit any remaining payments due
under this program. “Good Reason” and “Cause” are defined in your
2008 Amended and Restated Severance and Change of Control Agreement dated as of January
1, 2008, as it may be amended from time to time. 

	• 	No
substitution of relocation benefits is allowed.

	• 	This
policy is not an employment contract and does not infer continued employment. 

	• 	This
policy requires that the relocation process and all applications for reimbursement must
be completed and submitted no later than September 1, 2009. 

Reimbursement Agreement  

To be eligible for any employee
assistance under this program, you must sign this relocation policy stating that should
you resign without Good Reason, or be terminated for Cause within one year of your
household move date, you will forfeit any remaining payments due under this program
(including tax assistance) and you will reimburse the company all relocation expenses paid
through this program. 

Any expenses not directly paid by the
Company will be a reimbursement only. You will be responsible for paying any upfront
expenses and submitting those expenses to Lexicon for reimbursement by Regency Centers. 

Exception to Policy  

Exceptions to this policy are
discouraged and must be approved by the CEO. The cost of any exceptions to this policy
without these signatures will be your responsibility. 

Relocation
Reimbursements:  

All relocation expenses provided to
you in this Relocation Policy should be submitted to Lexicon Relocation. 

Travel Expenses  

The Company will reimburse you for
authorized actual and reasonable cost of travel expenses in accordance with Regency’s
Travel & Entertainment Policy. 

Home Finding Trips  

When necessary, you and your spouse
will be reimbursed for actual and reasonable expenses associated with trip(s) to the new
location to select a new residence or otherwise coordinate the relocation of you and your
family. Such expenses may include transportation costs, rental cars, meals and lodging, if
not already using Temporary Housing Assistance. A maximum of twenty (20) nights on
location, divided into no more than four (4) trips, will be reimbursed. Children may
accompany you and expenses reimbursed on 2 of these trips. 

Listing Your Home for
Sale  

If you choose not to list your home
with a real estate broker from a selection provided by Lexicon, the broker you select must
coordinate efforts with Lexicon in accordance with Regency’s home marketing process.
Additionally, your home must be listed for no more than 5% over the appraised market
value, as determined by Lexicon’s appraisal process. 

Home Sale Program  

You are eligible to participate in
the Appraised Value/Amended Value home sale program. Lexicon Relocation, on behalf of
Regency Centers will provide you with an Appraised Value home sale offer based on the
average of two (2) relocation designated appraisals meeting Regency Center guidelines as
well as home inspections. You will have up to ninety (90) days to market your home for a
higher outside offer., but may accept the appraised value offer within 30 days. 

If you are able to obtain an
acceptable outside price on your home, you will receive a Home Sale Bonus equal to three
percent (3%) of that sale price. 

When Lexicon buys your home, you will
be paid your equity in your home once you accept Lexicon’s offer or 1 week prior to
vacating your home, whichever is later. “Equity” is defined as the appraisal or
amended value, whichever is higher, minus any remaining mortgage principal, liens and the
cost of any required repairs. 

Buying a Home  

Regency will reimburse you for
reasonable and customary lender required buyers’ closing costs customarily paid in
Florida. This reimbursement applies to your principal residence only. 

Temporary Housing
Assistance  

If you cannot immediately move into
your new home or apartment, you will be reimbursed for reasonable rent expenses for you
and your family for up to thirty days. This assistance is also available when your
furniture has not arrived or if there is a delay in connecting utilities in the new
residence. Your Lexicon Relocation representative will assist you in making temporary
living arrangements. 

2 

Household Move Assistance  

Lexicon Relocation will handle the
arrangements for the movement of your household goods through its designated moving
company. All moving services will take place during regular business hours. Overtime
charges are not authorized. 

Coverage of your
Belongings 

Full Value Protection of up to
$100,000 is provided by the moving company. Additional protection for automobiles and high
value items will also be provided. 

Full Packing, Unpacking,
Crating and Uncrating 

This policy provides for full
professional packing and unpacking of your household goods. 

Storage of Household
Goods 

If there is a delay in taking
possession of your new home, the policy provides for temporary storage of your belongings
for as long as you are using Temporary Housing Assistance. 

Transport of
Automobile(s) 

Regency will allow for the transport
of up to two (2) street legal and operable automobile(s). If you wish to drive, you will
receive mileage reimbursement at the current company rate. 

Service of Household
Appliances 

Regency will pay to prepare normal
household appliances for transport and reconnection in your new home. Installations of
220V, water lines or gas lines are NOT included. The van line will arrange for these
services at your expense. 

Miscellaneous Expense
Allowance  

In addition to the expenses
specifically described in this document, a variety of other relocation expenses may be
incurred which typically differ in kind from one household move to another. To help cover
such expenses and any other costs not specifically mentioned, the policy provides you with
a miscellaneous expense allowance of $47,500. 

The People Services Department will
request this allowance as soon as your household goods move has been scheduled and
confirmed. No itemization or expense report is required. All applicable payroll taxes will
be withheld. 

Family Final Trip  

You will be reimbursed for reasonable
expenses incurred in transporting your family to your new home. These include travel,
meals and lodging for you and your family. Travel may include business or first class
airfare. Reimbursement will include expenses in your former location after your former
residence is no longer suitable for occupancy, expenses en-route, and expenses in the new
location until you move into your new home, but not to exceed a total of 30 days. 

3 

Income Tax Gross Up
Assistance  

Some of the reimbursements and
allowances in the program are tax deductible expenses. Certain expenses, however, will be
regarded as taxable income to you. To help offset this extra tax expense, certain payments
for which you are not permitted to take a corresponding deduction on your personal tax
return(s) will be “grossed up.” This means that a special income tax allowance
will be calculated to cover those provisions. The miscellaneous expense allowance and home
sale bonus will not be grossed up. 

The following gross up percentages
will be used for your relocation expenses: 

	•  	33%
plus the highest state tax rate.

The rates listed above are intended
to approximate your additional tax liability. They are not intended to be precise. If you
can demonstrate that the policy results in a material (over $1,000) underpayment of taxes
as a result of the relocation, a supplemental claim will be considered. 

The 1.45% tax for Medicare will be
reimbursed. 

FICA will be paid on relocation
expenses if you have not reached the maximum 2008 FICA salary cap. 

Return to Origin  

In the unlikely event that you decide
to return to the Pasadena, CA area (the origination point of your transfer), Regency will
provide relocation support services at a level equivalent to the support provided for your
move from Pasadena to Jacksonville, FL. 

This offer for return to origin
relocation assistance is only valid if you elect to return to the Pasadena, CA area
between the 13th and 24th month after the completion of your
transfer to Jacksonville. 

Should you resign without Good Reason
or be terminated for Cause, within one year of your return move to the Pasadena, CA area,
or your household move date, whichever is later, you will forfeit any remaining payments
due under this program (including tax assistance) and you will reimburse the company all
relocation expenses paid through this program. 

4 

By signing below, I
Brian Smith understand and agree to the terms and conditions of this policy as
stated. 

/s/ Brian M. Smith 
Signature of Brian M.
Smith  

3-17-08 
Date  

REGENCY CENTERS
CORPORATION 

By: /s/ Martin E. Stein 
Signature
of Hap Stein  

3/19/08 
Date  

Please return a signed
copy of this policy to People Services.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]