Document:

Exhibit 10.45

 

Exhibit 10.45

FIRST AMENDMENT TO 

FOREST CITY ENTERPRISES, INC. 

DEFERRED COMPENSATION PLAN FOR EXECUTIVES

     This First Amendment to Forest City Enterprises, Inc. Deferred Compensation Plan for
Executives (the “First Amendment”) is effective as of this 1st day of October, 1999, by Forest City
Enterprises, Inc. (the “Company”).

WITNESSETH

     WHEREAS, the Company established the Forest City Enterprises, Inc. Deferred Compensation Plan
for Executives (the “Compensation Plan”) effective as of January 1, 1999; and

     WHEREAS, the Company desires to amend the Compensation Plan as hereinafter set forth.

     NOW, THEREFORE, the Compensation Plan is amended as follows:

     1. Article I, Section 10, Page 3 of the Compensation Plan is hereby amended by deleting the
word “an” in the first line and inserting the words “a full-time or part-time”, so that the
definition of “Eligible Employee” is revised to mean “...a full-time or part-time employee of the
Company (or a Subsidiary that has adopted the Plan)...”

     2. Article II, Section 2, Page 4 of the Compensation Plan is hereby amended by adding the
following sentence at the end thereof:

     Any Participant receiving the Committee’s written authorization pursuant to Section
3 of this Article II to defer all or a part of his or her Base Salary or Incentive
Compensation to a date after the Participant’s retirement date, or to a date prior
to the Participant’s retirement date, must deliver an Election Agreement to the
Committee at least two (2) years in advance of the date the Participant elects to
have the benefit payments commence under the terms of Section 5 of this Article II.

     3. Article II, Section 3, Page 5 of the Compensation Plan is hereby amended by deleting the
last sentence of this Section. The following revised sentence shall be inserted:

Unless the Committee permits (by written authorization) a Participant to elect a
deferral period ending earlier or later than the Termination of Employment Date
described hereafter, the applicable percentage(s) or dollar amount(s) of Base Salary
or Incentive Compensation shall be deferred until the date the Participant ceases to
be an employee by death, retirement or Disability or otherwise ceases employment
(the “Termination of Employment Date”).

1

 

     This Section 3 of Article II, Page 5 of the Compensation Plan is further amended by adding the
following at the end thereof:

Notwithstanding the foregoing, the Committee may, in its sole discretion, permit (by
written authorization) a Participant to defer the applicable percentage(s) or dollar
amount(s) of Base Salary or Incentive Compensation (a) to a date after the
Participant’s retirement date, or (b) to a date that precedes the Participant’s
stated retirement date and that is at least two (2) years after the date of the
election, provided the Participant shall timely file an Election Agreement in
accordance with Article II, Section 2. The Committee may, in its sole discretion,
permit (by written authorization) a Participant to modify or revoke any such
election at any time and from time to time by the filing of a later written election
with the Committee, provided, however, that any election made less
than one year prior to the Participant’s Termination of Employment Date, or less
than two years prior to the date the Participant elects to have the benefit payments
commence, shall not be valid, and in such case, payment shall be made in accordance
with the latest valid election of the Participant.

     4. Article V, Section 3, Subparagraph (a), Page 8 of the Compensation Plan is hereby amended
by inserting a comma after the words “irrevocable trust”, and adding the following language,
“substantially in the form of the Rabbi Trust attached hereto as Exhibit C.”

     5. The Compensation Plan is hereby amended by adding a form of a Rabbi Trust Agreement
(substantially is the form attached hereto as Exhibit C).

     6. Except as expressly amended and modified herein, the provisions of the Compensation Plan
shall remain in full force and effect.

     7. Except to the extent preempted by federal law, this First Amendment shall be governed by
and construed in accordance with the laws of the State of Ohio.

     EXECUTED at Cleveland, Ohio on October 1, 1999.

	 	 	 	 	 	 
	 	 	Forest City Enterprises, Inc.

	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:

Title:
	 	Thomas G. Smith

Chief Financial Officer, Senior Vice

President and Secretary

2Exhibit 10.46

 

Exhibit 10.46

SECOND AMENDMENT

TO

THE FOREST CITY ENTERPRISES, INC.

DEFERRED COMPENSATION PLAN FOR EXECUTIVES

     WHEREAS, Forest City Enterprises, Inc. (the “Company”) adopted the Forest City Enterprises,
Inc. Deferred Compensation Plan for Executives (the “Plan”) effective as of January 1, 1999 and has
since amended the Plan; and

     WHEREAS, the Plan is classified as a “nonqualified deferred compensation plan” under the
Internal Revenue Code of 1986, as amended (the “Code”); and

     WHEREAS, the American Jobs Creation Act of 2004, P.L. 108-357 added a new Section 409A to the
Code, which significantly changed the Federal tax law applicable to “amounts deferred” under a
nonqualified deferred compensation plan after December 31, 2004; and

     WHEREAS, the Company desires to amend the Plan as of December 31, 2004 so as to cause amounts
deferred under the Plan before January 1, 2005 to not be subject to Code Section 409A.

     NOW THEREFORE, the Company hereby adopts this Second Amendment to the Plan, which amendment
(i) freezes the Plan so that no deferrals may be made under the Plan after December 31, 2004, (ii)
allows amounts deferred prior to January 1, 2005 (including any interest earned thereon) to qualify
for “grandfathered” status and continue to be governed by the law applicable to nonqualified
deferred compensation, and the terms of the Plan as in effect, prior to the addition of Section
409A to the Code and (iii) amends the Plan so that no new Participants shall be permitted under the
Plan after December 31, 2004. The Plan, as amended by the Second Amendment to the Plan, shall be
interpreted and administered to effect the amendments described in the preceding sentence.

     Words and phrases used herein with initial capital letters that are defined in the Plan are
used herein as so defined and the provisions hereof shall be effective as of the close of business
on December 31, 2004.

Section 1

     The preamble to the Plan is hereby amended by adding the following new paragraph at the end
thereof:

“The Second Amendment to the Plan permanently freezes all benefits hereunder (other than interest
credited to a Participant’s Account) effective as of December 31, 2004. In furtherance of, but
without limiting the foregoing, no new Participants may join the Plan after December 31, 2004, no
amounts may be deferred under the Plan after December 31, 2004, and the only amounts that shall be
allocated to a Participant’s Account under the Plan after December 31, 2004 shall be interest
earned on Account balances under the Plan as of December 31, 2004.”

 

 

Section 2

     Section 2 of Article II of the Plan is hereby amended by adding the following new sentence to
the end thereof:

“Notwithstanding any provision of the Plan to the contrary, (i) no person shall become a
Participant under the Plan after December 31, 2004 and (ii) no Base Salary or Incentive
Compensation may be deferred pursuant to the Plan after December 31, 2004.”

Section 3

     Section 3 of Article II of the Plan is hereby amended by adding the following new sentence to
the end thereof:

“Notwithstanding the foregoing, the Committee’s right to exercise discretion hereunder shall be
limited to the extent necessary to ensure that amounts deferred under the Plan are not subject to
Code Section 409A.”

Section 4

     The second sentence of Section 4 of Article II of the Plan is hereby amended in its entirety
to read as follows:

“Such Account will be credited with interest at such rate and in such manner as is determined from
time to time by the Committee; provided that such interest shall be credited only to the extent
that crediting such interest will not cause amounts deferred under the Plan to be subject to Code
Section 409A.”

Section 5

     Article III of the Plan is hereby amended by adding the following new sentences to the end
thereof:

“It is intended that no action be taken with respect to the Plan that would cause amounts deferred
under the Plan to be subject to Code Section 409A. The Plan shall be administered in a manner that
effects such intent. In furtherance of, but without limiting the foregoing, the Committee (i)
shall not have the right to exercise its discretion under the Plan or to interpret the Plan in a
manner that would cause amounts deferred under the Plan to be subject to Code Section 409A and (ii)
is authorized to adopt rules or regulations deemed necessary or appropriate to ensure that amounts
deferred under the Plan are not subject to Code Section 409A.”

Section 6

     Article IV of the Plan is hereby amended by adding the following new clause to the end
thereof, to read as follows:

“; and provided further that such consent shall not apply to any amendment or termination deemed
necessary by the Company to ensure that amounts deferred under the Plan are not subject to Code
Section 409A.”

 

 

     EXECUTED at Cleveland,
Ohio this ___ day of __________, 2005.

	 	 	 	 	 	 
	 	 	FOREST CITY
ENTERPRISES, INC.
	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	 	 	 
	

	 	Title:Exhibit 10.47

 

Exhibit 10.47

FOURTH AMENDMENT

TO

THE FOREST CITY ENTERPRISES, INC.

DEFERRED COMPENSATION PLAN FOR NONEMPLOYEE DIRECTORS

     WHEREAS, Forest City Enterprises, Inc. (the “Company”) adopted the Forest City Enterprises,
Inc. Deferred Compensation Plan for Nonemployee Directors (the “Plan”) effective as of January 1,
1999 and has since amended the Plan; and

     WHEREAS, the Plan is classified as a “nonqualified deferred compensation plan” under the
Internal Revenue Code of 1986, as amended (the “Code”); and

     WHEREAS, the American Jobs Creation Act of 2004, P.L. 108-357 added a new Section 409A to the
Code, which significantly changed the Federal tax law applicable to “amounts deferred” under a
nonqualified deferred compensation plan after December 31, 2004; and

     WHEREAS, the Company desires to amend the Plan as of December 31, 2004 so as to cause amounts
deferred under the Plan before January 1, 2005 to not be subject to Code Section 409A.

     NOW THEREFORE, the Company hereby adopts this Fourth Amendment to the Plan, which amendment
(i) freezes the Plan so that no deferrals may be made under the Plan after December 31, 2004, (ii)
allows amounts deferred prior to January 1, 2005 (including any gains, losses, interest and
earnings thereon) to qualify for “grandfathered” status and continue to be governed by the law
applicable to nonqualified deferred compensation, and the terms of the Plan as in effect, prior to
the addition of Section 409A to the Code and (iii) amends the Plan so that no new Participants
shall be permitted under the Plan after December 31, 2004. The Plan, as amended by the Fourth
Amendment to the Plan, shall be interpreted and administered to effect the amendments described in
the preceding sentence.

     Words and phrases used herein with initial capital letters that are defined in the Plan are
used herein as so defined and the provisions hereof shall be effective as of the close of business
on December 31, 2004.

Section 1

     The preamble to the Plan is hereby amended by adding the following new paragraph at the end
thereof:

“The Fourth Amendment to the Plan permanently freezes all benefits hereunder (other than gains,
losses, interest and earnings credited to a Director’s Account) effective as of December 31, 2004.
In furtherance of, but without limiting the foregoing, no new Participants may join the Plan after
December 31, 2004, no amounts may be deferred under the Plan after December 31, 2004, and the only
amounts that shall be allocated to a Director’s Account under the Plan after December 31, 2004
shall be gains, losses, interest and earnings credited on Account balances under the Plan as of
December 31, 2004.”

 

 

Section 2

     Section 2 of Article II of the Plan is hereby amended by adding the following new sentence to
the end thereof:

“Notwithstanding any provision of the Plan to the contrary, (i) no person shall become a
Participant under the Plan after December 31, 2004 and (ii) no Fees may be deferred pursuant to the
Plan after December 31, 2004.”

Section 3

     Section 3 of Article II of the Plan is hereby amended by adding the following new sentence to
the end thereof:

“Notwithstanding the foregoing, the Committee’s right to exercise discretion hereunder shall be
limited to the extent necessary to ensure that amounts deferred under the Plan are not subject to
Code Section 409A.”

Section 4

     The second sentence of Section 4(i) of Article II of the Plan is hereby amended in its
entirety to read as follows:

“The Committee may change the investment deferral crediting options and procedures from time to
time; provided that the Committee’s right to change such options and procedures shall be limited to
the extent necessary to ensure that amounts deferred under the Plan are not subject to Code Section
409A.”

Section 5

     Article III of the Plan is hereby amended by adding the following new sentences to the end
thereof:

“It is intended that no action be taken with respect to the Plan that would cause amounts deferred
under the Plan to be subject to Code Section 409A. The Plan shall be administered in a manner that
effects such intent. In furtherance of, but without limiting the foregoing, the Committee (i)
shall not have the right to exercise its discretion under the Plan or to interpret the Plan in a
manner that would cause amounts deferred under the Plan to be subject to Code Section 409A and (ii)
is authorized to adopt rules or regulations deemed necessary or appropriate to ensure that amounts
deferred under the Plan are not subject to Code Section 409A.”

Section 6

     Article IV of the Plan is hereby amended by adding the following new clause to the end
thereof, to read as follows:

“; and provided further that such consent shall not apply to any amendment or termination deemed
necessary by the Company to ensure that amounts deferred under the Plan are not subject to Code
Section 409A.”

 

 

     EXECUTED at Cleveland, Ohio this
 ___ day of __________, 2005.

	 	 	 	 	 	 
	 	 	FOREST CITY
ENTERPRISES, INC.
	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	 	 	 
	

	 	Title:

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