Document:

Exhibit

Exhibit 10.20

FOREST CITY EMPLOYER, LLC

UNFUNDED NONQUALIFIED SUPPLEMENTAL

RETIREMENT PLAN FOR EXECUTIVES

PLAN STATEMENT

(EFFECTIVE AS OF DECEMBER 31, 2015)

PREAMBLE

Forest City Enterprises, Inc. established the Forest City Enterprises, Inc. Unfunded Nonqualified Supplemental Retirement Plan for Executives (as such Plan was amended and restated effective as of January 1, 2005 and as of January 1, 2008) as an unfunded, nonqualified supplemental retirement arrangement for a select group of management or highly compensated employees. The Plan consists of this Plan Statement, which incorporates the general provisions and guidelines of the Plan which shall apply equally to all Participants (as defined below), and separate individual Agreements (as defined below), the provisions of which will apply solely to the Participant with respect to whom the Agreement has been entered into.

Pursuant to the Assignment and Assumption Agreement by and between Forest City Enterprises, Inc. and Forest City Employer, LLC (the “Company”) dated as of December 31, 2015 (the “Assignment Agreement”), Forest City Enterprises, Inc. assigned to the Company sponsorship of the Plan and the Company assumed sponsorship of the Plan, amended and restated as set forth herein, effective as of the Effective Time (as defined below).  Under the Assignment Agreement, Forest City Enterprises, Inc. (for itself and on behalf of its successors) has agreed to pay, perform, and discharge any and all obligations under the Plan that accrued prior to the Effective Time and the Company has agreed to pay, perform, and discharge any and all obligations under the Plan that accrue on or after the Effective Time.

Except to the extent preempted by federal law, all rights hereunder shall be governed by and construed in accordance with the laws of the State of Delaware.

ARTICLE I 
Definitions 
The following words and phrases as used herein shall have the following meanings unless a different meaning is plainly required by the context:

1.1    “Agreement” shall mean the written agreement between a Participant and an Employer that is entered into upon the Participant’s commencement of participation in the Plan and any subsequent written agreement between the Participant and the Employer and which specifies (i) the Normal Retirement Benefit to which such Participant shall be entitled under the Plan and (ii) such other special provisions as are applicable to the Participant. In the event of any conflict or inconsistency between this Plan Statement and an Agreement, the terms of the Agreement shall control; provided, however, that, effective as of the Effective Time for purposes of the Plan, each reference to Forest City Enterprises, Inc. or its predecessors in any such Agreement shall be deemed to be a reference to the Company, and each reference to the Board of Directors or the Compensation Committee of Forest City Enterprises, Inc. or its predecessors in any such Agreement shall be deemed to be a reference to the Board of Directors or the Compensation Committee of Forest City REIT, as applicable, in each case except where the context clearly dictates otherwise. 
1.2    “Beneficiary” shall mean such person or persons as a Participant may from time to time, by notice to the Committee on a form made available by the Committee for such purpose, designate 

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to receive any benefit payable in the event of his death, and means the estate of the Participant if no valid beneficiary designation is in effect at the time of a Participant’s death.  For purposes of clarity, any Beneficiary designation on file with Forest City Enterprises, Inc. immediately prior to the Effective Time shall remain in effect until changed or superseded in accordance with the Plan.
1.3    “Board” shall mean the Board of Directors of Forest City REIT.
1.4    “Code” shall mean the Internal Revenue Code of 1986, as amended.
1.5    “Committee” shall mean the committee appointed by the Board to administer the plan.
1.6    “Compensation” shall mean the basic cash remuneration payable to a Participant which was attributable to his employment with an Employer during a calendar year, excluding bonuses, overtime, and incentive pay and annual Employer contributions to the Employer’s 401(k) Plan.
1.7    “Disability” shall mean (i) any medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of at least twelve months that renders the Participant unable to engage in any substantial gainful activity, (ii) any medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of at least twelve months that results in the Participant’s receipt of income replacement benefits for a period of not less than three months under an accident or health plan covering employees of an Employer, or (iii) the determination by the Social Security Administration that the Participant is totally disabled.
1.8    “Effective Time” shall mean 11:59 p.m. on December 31, 2015.
1.9    “Employer” shall mean the Company or any other member of the Forest City Group that has adopted the Plan (including Forest City Enterprises, Inc. and its successors).
1.10    “Forest City Group” shall mean Forest City REIT and its Subsidiaries.
1.11    “Forest City REIT” shall mean Forest City Realty Trust, Inc. and its successors, including, without limitation, the surviving entity resulting from any merger or consolidation of Forest City REIT with any other entity.
1.12    “Key Employee” shall mean a “specified employee” with respect to Forest City REIT (or a controlled group member) determined pursuant to procedures implemented by the Forest City Group in compliance with Section 409A of the Code.
1.13    “Moody’s Rate” shall mean, for each calendar quarter, the interest rate that is the sum of (i) the average of the Moody’s long-term corporate bond yields for A, Aa, and Aaa bonds first published for such quarter plus (ii) .50.
1.14    “Normal Retirement Benefit” shall mean the amount specified by the Employer in a Participant’s Agreement from time to time.

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1.15    “Normal Retirement Date” shall mean, solely for purposes of this Plan, the first day of the month next following the later of the date of (i) a Participant’s attainment of age 60 or (ii) a Participant’s Termination of Employment.
1.16    “Participant” shall mean an employee of an Employer serving in an executive or other managerial capacity who is selected by the Committee to participate in the Plan, and with whom an Employer has entered into an Agreement.
1.17    “Plan” shall mean this Forest City Employer, LLC Unfunded Nonqualified Supplemental Retirement Plan for Executives, consisting of this Plan Statement and separate, individual Agreements with Plan Participants and, for periods prior to the Effective Time, the Forest City Enterprises, Inc. Unfunded Nonqualified Supplemental Retirement Plan for Executives.
1.18    “Service” shall mean the aggregate period of a Participant’s employment with one or more members of the Forest City Group (and their respective predecessors) since his original date of hire, as determined by the Committee in accordance with uniform rules, treating persons similarly situated in a similar manner.  For purposes of the Plan, a Participant’s Service will not be considered to have terminated as a result of a transfer of employment among members of the Forest City Group.
1.19    “Subsidiary” shall mean any corporation, joint venture, partnership, unincorporated association or other entity in which Forest City REIT has a direct or indirect ownership or other equity interest and directly or indirectly owns or controls 50 percent or more of the total combined voting or other decision-making power.
1.20    “Termination of Employment” shall mean a termination of employment that constitutes a separation from service within the meaning of Treasury Regulation Section 1.409A-1(h)(1)(ii).
1.21    The masculine pronoun wherever used shall include the feminine pronoun, and the singular shall include the plural.

ARTICLE II 
Eligibility for Benefits
2.1    Vesting
If a Participant’s employment with the Forest City Group terminates prior to the Participant’s completion of 10 years of Service, no retirement benefit shall be payable from this Plan. Subject to Section 2.5, if a Participant’s employment with the Forest City Group terminates on or after the Participant’s completion of 10 years of Service, he shall be vested in and entitled to a percentage of his Normal Retirement Benefit in accordance with the following schedule:

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	Years of Service
	Vested Percentage

	10 years but less than 11 years
	50%

	11 years but less than 12 years
	60%

	12 years but less than 13 years
	70%

	13 years but less than 14 years
	80%

	14 years but less than 15 years
	90%

	15 or more years
	100%

2.2    Normal Retirement Benefit
A Participant who incurs a Termination of Employment with a vested interest in his Normal Retirement Benefit shall be entitled to receive such vested amount of his Normal Retirement Benefit. Payment of the vested Normal Retirement Benefit shall be made in equal biweekly installments over a period of 120 months, with the first biweekly payment being made on the first paydate following the Participant’s Normal Retirement Date. The amount of each biweekly installment payment shall be determined by the Committee so that the installment payments have a present value (taking into account the amount of a Participant’s vested Normal Retirement Benefit at the time such payments commence and interest, at the Moody’s Rate, that would be earned on the amount of such vested Normal Retirement Benefit during the payment period) equivalent to the value of the Participant’s vested Normal Retirement Benefit at the time such payments begin. The interest rate used for purposes of determining the installment payment amount in the prior sentence shall be the average of the Moody’s Rates for the four calendar quarters that precede the calendar quarter in which the installment payments commence. Notwithstanding the foregoing, if the Participant is a Key Employee, payment on account of Termination of Employment shall commence on the first paydate of the seventh month following such Termination of Employment (or the date of death, if earlier) and the total amount of biweekly installment payments to which such Key Employee would otherwise be entitled during the six-month period following the date of such Termination of Employment shall also be paid on the first paydate of the seventh month following such Termination of Employment.

2.3    Disability
Notwithstanding Section 2.2, a Participant with a vested interest in his Normal Retirement Benefit who incurs a Disability shall be entitled to receive such vested amount of his Normal Retirement Benefit. Payment of the vested Normal Retirement Benefit shall be made in equal biweekly installments over a period of 120 months, calculated in accordance with the method specified in Section 2.2, with the first biweekly payment being made on the first paydate of the month following the incurrence of such Disability.

2.4    Death
Notwithstanding Sections 2.2 and 2.3, in the event of the death of a Participant the Participant’s remaining vested Normal Retirement Benefit shall be paid to his Beneficiary in the form of a single, lump sum payment on the first day of the month following the date of the Participant’s death.

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2.5    Forfeiture of Benefit
Notwithstanding the foregoing, in the event that the Committee determines that a Participant’s willful or intentional conduct results in material financial detriment to the Company or any other member of the Forest City Group, with a financial gain to the Participant, or the Participant is convicted of a felony or of a misdemeanor involving fraud, dishonesty or moral turpitude, that Participant (and his Beneficiary, if any) shall forfeit a portion of any Normal Retirement Benefit otherwise payable from this Plan. The amount of a Participant’s forfeited Normal Retirement Benefit shall be equal to the amount of financial detriment incurred by the Forest City Group as a result of the Participant’s conduct. This Section 2.5 only applies to benefits accrued under the Plan on or after January 1, 1999.

2.6    Small Payments
Notwithstanding the foregoing, if at the time of a Participant’s Termination of Employment, or if earlier, the Participant’s Disability, the Participant has a vested interest in his Normal Retirement Benefit that does not exceed the applicable dollar amount then in effect under Section 402(g)(1)(B) of the Code, such vested amount of the Normal Retirement Benefit shall be automatically paid to such Participant in a single, lump sum payment on the first paydate following the date of such Termination of Employment or Disability, provided, however, that if the Participant is a Key Employee, payment on account of Termination of Employment shall occur on the first paydate of the seventh month following such Termination of Employment (or, if earlier, the date of death).

ARTICLE III 
Administration
3.1    Subject to the provisions of the Plan, full power and authority to construe, interpret and administer the Plan shall be vested in the Committee as from time to time constituted by the Board.
3.2    Decisions and determinations by the Committee shall be final and binding upon all parties, including the Company, shareholders, employees and Participants and their Beneficiaries and personal representatives. The Committee shall have the authority to interpret the Plan, to establish and revise rules and regulations relating to the Plan, and to make any other determinations that it believes necessary or advisable for the administration of the Plan.
3.3    No member of the Committee shall be liable for any act done or determination made in good faith.
3.4    It is intended that the Plan comply with the provisions of Section 409A of the Code, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise actually be distributed or made available to Participants or Beneficiaries. The Plan shall be administered in a manner that effects such intent.

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ARTICLE IV 
Funding
4.1    Nothing in this Plan shall be interpreted or construed to require the Company (or any other member of the Forest City Group) in any manner to fund its obligations to Participants hereunder.
4.2    In the event that any member of the Forest City Group shall decide to establish an advance accrual reserve on its books against the future expense of this Plan, such reserve shall not under any circumstances be deemed to be an asset of this Plan nor a source of payment of any claims under this Plan but, at all times, shall remain a part of the general assets of the Company (or other member of the Forest City Group), subject to the claims of creditors of the Company (or other member of the Forest City Group).
4.3    A person entitled to a benefit in accordance to the provisions of this Plan shall have a claim upon the Company only to the extent of the biweekly payments thereof, if any, due up to and including the then current months and shall not have a claim upon the Company for any subsequent biweekly payment unless and until such payment shall become due and payable.
ARTICLE V 
Amendment and Termination
The Company reserves the right to amend or terminate the Plan at any time and if the amendment or termination impacts an officer of Forest City REIT who is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended, then the action must also be authorized by the Board or the Compensation Committee of the Board.
EXECUTED as of December 31, 2015.
FOREST CITY EMPLOYER, LLC

By:                        
David J. LaRue
President and Chief Executive Officer

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Exhibit 10.21

FOREST CITY EMPLOYER, LLC
EXECUTIVE SHORT-TERM INCENTIVE PLAN
(Effective as of December 31, 2015)

PREAMBLE

Forest City Enterprises, Inc. established the Forest City Enterprises, Inc. Executive Short-Term Incentive Plan to advance the interests of Forest City Enterprises, Inc. and its shareholders and assist it in attracting and retaining key employees by providing short-term cash incentives and financial rewards to such key employees that are intended to be deductible to the maximum extent possible as “performance-based compensation” within the meaning of Section 162(m) of the Internal Revenue Code.  The Plan, as amended and restated as of March 14, 2013, was approved by the shareholders of Forest City Enterprises, Inc. on June 13, 2013.
Pursuant to the Assignment and Assumption Agreement by and between Forest City Enterprises, Inc. and Forest City Employer, LLC (the “Company”) dated as of December 31, 2015 (the “Assignment Agreement”), Forest City Enterprises, Inc. assigned to the Company sponsorship of the Plan and the Company assumed sponsorship of the Plan, amended and restated as set forth herein, effective as of the Effective Time (as defined below).  Under the Assignment Agreement, Forest City Enterprises, Inc. (for itself and on behalf of its successors) has agreed to pay, perform, and discharge any and all obligations under the Plan that accrued prior to the Effective Time and the Company has agreed to pay, perform, and discharge any and all obligations under the Plan that accrue on or after the Effective Time.
ARTICLE I 
DEFINITIONS
1.1    Award means an annual cash award of incentive compensation pursuant to the Plan.
1.2    Board means the Board of Directors of Forest City REIT.
1.3    Code means the Internal Revenue Code of 1986, as amended.
1.4    Committee means the Compensation Committee of the Board, or their designee consisting of members appointed from time to time by the Board, and shall comprise not less than such number of directors as shall be required to permit the Plan to satisfy the requirements of Code Section 162(m). The Committee administering the Plan shall be composed solely of “outside directors” within the meaning of Code Section 162(m).
1.5    Disability means a total and permanent disability that causes a Participant to be eligible to receive long term disability benefits from the Company’s Long Term Disability Plan, or any similar plan or program sponsored by an affiliate of the Company.
1.6    Effective Time means 11:59 p.m. on December 31, 2015.
1.7    Forest City Group means Forest City REIT and its Subsidiaries (including the Company). 

1.8    Forest City REIT means Forest City Realty Trust, Inc. or its successors.
1.9    Key Employees means Board-appointed officers of Forest City REIT who are designated by the Board as “Section 16 officers” and other key employees of the Forest City Group.
1.10    Participant means a Key Employee who is selected by the Committee to participate in the Plan.
1.11    Payout Formula means the objective formula established by the Committee for determining Awards for a Performance Period based on the level of achievement of the Performance Objectives for the Performance Period.
1.12    Performance Objectives means the measurable performance objective or objectives established pursuant to the Plan for Participants, which may be described in terms of Forest City REIT-wide objectives or objectives that are related to the performance of the individual Participant or of the Subsidiary, division, department, region or function within the Forest City Group in which the Participant is employed, and may be made relative to the performance of other companies.  The Performance Objectives shall be based on specified levels of or growth in or relative to peer company performance in one or more of the following criteria: assets (e.g., net asset value); capital (e.g., working capital); cash flow (e.g., earnings before depreciation, amortization and deferred taxes (“EBDT”), operating cash flow, total cash flow, cash flow in excess of cost of capital, residual cash flow, cash flow return on investment or funds from operations (“FFO”)); liquidity measures (e.g., available cash and credit, total debt ratio, debt-to-EBDT ratio or net operating income-to-debt ratio); margins (e.g., profits divided by revenues, operating margins, gross margins or material margins divided by revenues); productivity (e.g., productivity improvement); profits (e.g., net income, operating income, earnings before taxes (“EBT”), earnings before interest and taxes (“EBIT”), EBDT, FFO, residual or economic earnings, earnings or EBDT per share - these profitability criteria could be measured subject to GAAP definitions); sales or expenses (e.g., revenue growth, reduction in expenses, sales and administrative costs divided by sales or sales and administrative costs divided by profits); and stock price (e.g., stock price appreciation or total shareholder return). In addition to the returns and ratios mentioned above, the performance objectives may be based on any other ratios or returns using the criteria mentioned above, including: economic value added; net asset ratio; debt-to-capital ratio; working capital divided by sales; and profits or cash flow returns on assets, designated assets, invested capital, net capital employed or equity (including return on net assets, return on capital or invested capital, or total return, meaning change in net asset value plus or minus net cash flow). If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Forest City Group (or one or more of its members), or the manner in which it conducts its business, or other events or circumstances render the Performance Objectives unsuitable, the Committee may in its discretion modify such Performance Objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable, except if such action would result in the loss of the otherwise available exemption under Code Section 162(m). In such case, the Committee shall not make any modification of the Performance Objectives or minimum acceptable level of achievement.

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1.13    Performance Period means a period of time established by the Committee, in its sole discretion, within which the Performance Objectives relating to an Award are to be achieved. The Committee may establish different Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance Periods.
1.14    Plan means this Forest City Employer, LLC Executive Short-Term Incentive Plan and, for periods prior to the Effective Time, the Forest City Enterprises, Inc. Executive Short-Term Incentive Plan.
1.15    Retirement means termination of employment with the Forest City Group when a Participant is age 65 or older with five or more years of continuous service with the Forest City Group (including service with Forest City Enterprises, Inc. and its subsidiaries prior to the Effective Time).
1.16    Subsidiary means any corporation, joint venture, partnership, unincorporated association or other entity in which Forest City REIT has a direct or indirect ownership or other equity interest and directly or indirectly owns or controls 50 percent or more of the total combined voting or other decision-making power.
ARTICLE II 
ELIGIBILITY AND PARTICIPATION
2.1    Eligibility and Participation. The Committee shall select Key Employees of the Forest City Group who are eligible to receive Awards under the Plan, and who shall be Participants in the Plan during any Performance Period in which they may earn an Award. A Key Employee who is a Participant for a given Performance Period is neither guaranteed nor assured of being selected for participation in any subsequent Performance Period.
ARTICLE III 
TERMS OF AWARDS
3.1    Awards. Within 90 days after the commencement of each Performance Period or, if earlier, by the expiration of 25% of a Performance Period, the Committee will (a) designate one or more Performance Periods, (b) select the Participants for the Performance Periods, (c) establish the Performance Objectives for each Participant, and the relative weighting of each Performance Objective, and (d) determine the Payout Formula for each Participant. The Performance Objectives, the weighting of the Performance Objectives and the Payout Formulas need not be uniform with respect to any or all Participants. Participants must achieve the Performance Objectives established by the Committee in order to receive an Award under the Plan. However, when establishing the Payout Formula, the Committee may determine, within the time period set forth above, that only the threshold level relating to a Performance Objective must be achieved for Awards to be paid under the Plan. Similarly, the Committee may establish a minimum threshold performance level, a maximum performance level, and one or more intermediate performance levels or ranges, with target award levels or ranges that will correspond to the respective performance levels or ranges included in the Payout Formula. Notwithstanding the foregoing, the maximum aggregate amount payable pursuant to any Awards established for a Participant in any one calendar year will be $2,000,000.

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3.2    Discretionary Adjustment. The Committee may not increase the amount payable under the Plan or with respect to an Award pursuant to Section 3.1, but retains the authority to reduce the amount in its sole discretion based on individual performance or any other reason.
3.3    Certification. Following the close of each Performance Period and prior to payment of any amount to any Participant under the Plan, the Committee will certify in writing as to the attainment of the Performance Objectives and the amount of the Award.
3.4    Form of Payment. Each Award under the Plan shall be paid in cash or its equivalent.
3.5    Timing of Payment. Except as otherwise provided pursuant to Section 4.2(a), payment of Awards will be made following the end of the Performance Period and after determination of and certification of the Award, but in no event more than two and one half months after the later of (a) the end of the Performance Period or (b) the end of the calendar year in which the Performance Period ends, unless the Participant has submitted a valid election to defer receipt of the Award in accordance with the terms and conditions of a deferred compensation plan approved by the Committee.
ARTICLE IV 
NEW HIRES, PROMOTIONS AND TERMINATIONS
4.1    New Participants During the Performance Period. Unless otherwise determined by the Committee and subject to Section 5.3 hereof, if an individual is newly hired or promoted during a calendar year into a position eligible for participation in the Plan, he or she shall be eligible for an Award under the Plan for the Performance Period, subject to adjustments under Section 3.2 hereof, and prorated for the portion of the Performance Period following the date of eligibility for the Plan.
4.2    Retirement, Disability or Death. Unless otherwise determined by the Committee, a Participant who terminates employment with the Company during a Performance Period, and after at least one-half of such Performance Period has elapsed, due to Retirement, Disability or death shall be eligible to receive an Award in accordance with this Section 4.2, subject to adjustments under Section 3.2 hereof, and pro-rated for the portion of the Performance Period prior to termination of employment.
(a)    Disability or Death. Any pro-rated Award pursuant to this Section 4.2 on account of a Participant’s termination of employment due to Disability or death shall be determined based upon the target Award level and shall be paid within sixty (60) days following termination of employment. Awards payable in the event of death shall be paid to the Participant’s estate.
(b)    Retirement. Any pro-rated Award pursuant to this Section 4.2 on account of a Participant’s termination of employment due to Retirement shall be determined based upon actual performance through the end of the applicable Performance Period (subject to adjustments under Section 3.2 hereof) and shall be paid at the same time that Awards are paid to other Participants for such Performance Period in accordance with Section 3.5 hereof.

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4.3    Termination of Employment. If a Participant’s employment with the Company and its affiliates terminates during a Performance Period under any circumstances other than those set forth in Section 4.2 hereof, then, unless otherwise determined by the Committee, no Award shall be payable to such Participant with respect to such Performance Period.
ARTICLE V 
MISCELLANEOUS
5.1    Withholding Taxes. The Company shall have the right to make payment of Awards net of any applicable federal, state and local taxes required to be withheld, or to require the Participant to pay such withholding taxes. If the Participant fails to make such tax payments as required, the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant or to take such other action as may be necessary to satisfy such withholding obligations.
5.2    Nontransferability. No Award may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, including assignment pursuant to a domestic relations order, during the time in which the requirement of continued employment or attainment of performance objectives has not been achieved. Each Award shall be paid during the Participant’s lifetime only to the Participant, or, if permissible under applicable law, to the Participant’s legal representatives. No Award shall, prior to receipt thereof by the Participant, be in any manner liable for or subject to the debts, contracts, liabilities, or torts of the Participant.
5.3    Administration. The Committee shall administer the Plan, interpret the terms of the Plan, amend and rescind rules relating to the Plan, and determine the rights and obligations of Participants under the Plan. The Committee may delegate any of its authority as it solely determines. In administering the Plan, the Committee may at its option employ compensation consultants, accountants and counsel and other persons to assist or render advice to the Committee, all at the expense of the Company. All decisions of the Committee shall be final and binding upon all parties including the Company, its shareholders, and the Participants. The provisions of this Plan are intended to ensure that all Awards granted hereunder qualify for the exemption from the limitation on deductibility imposed by Code Section 162(m) that is set forth in Code Section 162(m)(4)(C), and this Plan shall be interpreted and operated consistent with that intention.
5.4    Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision will be stricken as to such jurisdiction, and the remainder of the Plan or Award shall remain in full force and effect.
5.5    No Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments 

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from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.
5.6    Clawback Policy. Notwithstanding any other provision of the Plan to the contrary, any Award granted hereunder shall be subject to forfeiture or repayment pursuant to the terms of any applicable compensation recovery (or “clawback”) policy maintained by Forest City REIT from time to time, as such policy may be amended, including, but not limited to, any amendment adopted to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act or any rules or regulations issued by the Securities Exchange Commission or applicable securities exchange.
5.7    Employment at Will. Neither the adoption of the Plan, eligibility of any person to participate, nor payment of an Award to a Participant shall be construed to confer upon any person a right to be continued in the employ of the Company. The Company expressly reserves the right to discharge any Participant whenever in the sole discretion of the Company its interest may so require.
5.8    Amendment or Termination of the Plan. The Company reserves the right, with the approval of the Board or the Committee, to amend or terminate the Plan at any time with respect to future Awards to Participants. Amendments to the Plan will require shareholder approval to the extent required to comply with applicable law, including the exemption under Code Section 162(m).
5.9    Non-Exclusivity of the Plan. Neither the adoption of the Plan by the Board nor any submission of the Plan to shareholders of Forest City Enterprises, Inc., the Company or Forest City REIT for approval shall be construed as creating any limitations on the power of the Company, the Board or the Committee to adopt such other incentive arrangements as any of them may deem desirable, including, without limitation, cash or equity-based compensation arrangements, either tied to performance or otherwise.
5.10    Successors. All obligations of the Company under the Plan shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.

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