Document:

Exhibit 10.1

 

Separation
and Release Agreement

 

This Separation and Release
Agreement (this “Agreement”) is made and entered into by and between First Clover Leaf Financial Corp., a Maryland
corporation (the “Company”), First Clover Leaf Bank, National Association, a national bank headquartered in
Edwardsville, Illinois (the “Bank,” and together with the Company, the “Employer”) and William
D. Barlow (“Executive,” and together with Employer, the “Parties”).

 

Recitals

 

A.           Executive
is currently employed by the Company pursuant to that certain Employment Agreement by and between the Company and Executive effective
as of August 19, 2011 and amended effective September 24, 2013 (the “Employment Agreement”).

 

B.           Executive
is subject to that certain Salary Continuation Agreement by and between the Bank and Executive effective as of July 1, 2014 (the
“Salary Continuation Agreement”).

 

C.           The
Board of Directors of the Company (the “Board”) approved that certain Agreement and Plan of Merger by and between
First Mid-Illinois Bancshares, Inc. and the Company dated as of April 26, 2016 (the “Merger Agreement”).

 

D.           Pursuant
to Section 4(a)(iii) of the Employment Agreement, Executive has given notice to the Company of his intention to presently resign
from his employment with the Company and the Bank within the period beginning with the approval of a Change in Control by the Board
and ending 90 days following a Change in Control.

 

E.           The
Parties have agreed that it is in their best interests for Executive to terminate his employment with the Company and the Bank
effective May 5, 2016.

 

F.           The
Parties desire to settle fully and amicably all issues between them, including any issues arising out of Executive’s employment
with the Company and the termination of that employment.

 

Agreements

 

For and in consideration
of the mutual promises contained herein, and for other good and sufficient consideration, the receipt of which is hereby acknowledged,
the Parties, intending to be legally bound, hereby agree as follows:

 

1.           Termination
of Employment. Executive’s employment with the Company and the Bank is terminated effective as of the close of business
on May 5, 2016 (the “Termination Date”).

 

2.           Termination
of Agreements. The Employer and Executive hereby acknowledge and agree to the termination of the Employment Agreement and Salary
Continuation Agreement and cancellation of all rights and obligations thereunder as of the Effective Date; provided, however,
that the nondisclosure provision contained in Section 14(c) and the nonsolicitation provision contained in Section 14(d) of
the Employment Agreement shall continue to remain in effect for the time periods specified therein.

 

3.           Severance
Benefits.

 

(a)          Severance
Payment. Subject to the terms of this Agreement, Employer shall pay Executive the sum of five-hundred twenty-five thousand
dollars ($525,000) (the “Severance Payment”)

 

     

     

    

 

payable in a single lump sum on May 13, 2016;
provided, however, in no event will the Severance Payment be paid prior to the Effective Date (as defined in Section 9(g)I(v)
below).

 

(b)          Health
Insurance Benefits. Executive and Executive’s qualified beneficiaries, as applicable, shall be entitled to continuation
of group health coverage following the Termination Date under the Employer’s group health plan, to the extent required under
the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Executive shall be required, in accordance
with COBRA, to pay any cost associated with such continuation coverage.

 

(c)          Termination
of Benefits. Except as may be required by law, Executive’s participation in all employee benefit (pension and welfare)
and compensation plans of the Company ceased as of the Termination Date. Except as specifically set forth herein, this Agreement
shall not limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of
the Termination Date under any applicable tax-qualified pension plans pursuant to the terms of the applicable plan.

 

(d)          No
Other Benefits. Aside from the benefits provided for in this Section 3, Executive shall be entitled to no other benefits
under the Employment Agreement or the Salary Continuation Agreement.

 

4.           Executive
Acknowledgement. Executive acknowledges that, subject to fulfillment of all obligations provided for herein, Executive has
been fully compensated by the Employer, including under all applicable laws, and that nothing further is owed to Executive with
respect to wages, bonuses, severance, other compensation, or benefits. Executive further acknowledges that the Severance Payment
is consideration for Executive’s promises contained in this Agreement, and that the Severance Payment is above and beyond
any wages, bonuses, severance, other compensation, or benefits to which Executive is entitled from the Employer under the terms
of the Employment Agreement, the Salary Continuation Agreement or under any other contract or law that Executive would be entitled
to absent execution of this Agreement.

 

5.           Non-Disparagement.
Neither Party shall engage in any disparagement or vilification of the other Party and shall refrain from making any false, negative,
critical, or disparaging statements, implied or expressed, concerning the other Party, including regarding management style, methods
of doing business, quality of products or services, role in the community, or treatment of employees; and neither Party shall do
anything that would damage the personal or business reputation or goodwill of the other Party. For purposes of this Agreement,
the only statements attributable to the Company will be statements of the Company’s Chief Executive Officer serving as of
the date of this Agreement.

 

6.           Non-Competition.
Executive acknowledges and agrees not to compete with the Bank and the Company and any of their subsidiaries for a period of one
(1) year following the Termination Date in Madison County or St. Clair County, Illinois. Executive agrees that during such period
and within said counties, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any
entity whose business materially competes with the depository, lending or other business activities of the Bank. The Parties, recognizing
that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Section
6 agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and
damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents servants,
employers, employees and all persons acting for or with Executive. Executive represents and admits that Executive’s experience
and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature
than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.
Nothing herein will be construed

 

    	 	-2-	 

     

    

 

as prohibiting the Bank and the Company from
pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.

 

7.           Release
of Claims and Waiver of Rights. Executive, on Executive’s own behalf and on behalf of Executive’s heirs, executors,
attorneys, administrators, agents, representatives, successors, and assigns, hereby fully and forever releases and discharges the
Company, its predecessors, successors, parents, subsidiaries, affiliates and assigns, and its and their respective members, Executives,
directors, officers, trustees, employees, agents and representatives both in their individual and official capacities, and the
current and former trustees and administrators of each retirement and other benefit plan applicable to the employees and former
employees of the Company, both in their official and individual capacities (collectively, the “Releasees”),
from any and all liabilities, claims, demands, causes of action, suits and debts Executive now has, may have had, or may ever have,
whether currently known or unknown, relating to acts or omissions as of or prior to Executive’s execution of this Agreement
(the “Release and Waiver”), including any and all liabilities, claims, demands, causes of action, suits and
debts:

 

(a)          Relating
to Executive’s employment or other association with the Company, or the termination of such employment;

 

(b)          Relating
to wages, bonuses, other compensation, or benefits;

 

(c)          Relating
to any employment or change in control contract, including the Restrictive Covenant;

 

(d)          Relating
to any employment law, including

 

  (i)          The United States and State of Illinois Constitutions,

  (ii)         The Illinois Human Rights Act,

  (iii)        The Civil Rights Act of 1964,

  (iv)        The Civil Rights Act of 1991,

  (v)         The Equal Pay Act,

  (vi)        The Employee Retirement Income Security Act of 1974,

  (vii)       The Age Discrimination in Employment Act (the “ADEA”),

  (viii)      The Older Workers Benefit Protection Act,

  (ix)        The Worker Adjustment and Retraining Notification Act,

  (x)         The Americans with Disabilities Act,

  (xi)        The Family and Medical Leave Act,

  (xii)       The Occupational Safety and Health Act,

  (xiii)      The Fair Labor Standards Act,

  (xiv)      The National Labor Relations Act,

  (xv)       The Genetic Nondiscrimination Act,

  (xvi)      The Rehabilitation Act,

  (xvii)     The Fair Credit Reporting Act,

  (xviii)    Executive Order 11246,

  (xix)      Executive Order 11141, and

  (xx)       Each other federal, state, and local statute, ordinance, and regulation relating to employment;

 

(e)          Relating
to any right of payment for disability;

 

(f)          Relating
to any statutory or contractual right of payment; and

 

    	 	-3-	 

     

    

 

(g)          For
relief on the basis of any alleged tort or breach of implied or express contract under the common law of the State of Illinois
or any other state, including defamation, intentional or negligent infliction of emotional distress, breach of the covenant of
good faith and fair dealing, fraud, invasion of privacy, promissory estoppel, and negligence.

 

Executive acknowledges that
statutes exist that render null and void releases and waivers of any claims, rights, demands, liabilities, actions, and causes
of action that are unknown to the releasing or waiving party at the time of execution of the Release and Waiver. Executive hereby
waives, surrenders, and shall forego any protection to which Executive would otherwise be entitled by virtue of the existence of
any such statutes in any jurisdiction, including the State of Illinois.

 

8.           Exclusions
from General Release. Excluded from the Release and Waiver are any claims or rights arising pursuant to this Agreement and
any claims or rights that cannot be waived by law, as well as Executive’s right to file a charge with an administrative agency
or participate in any agency investigation, including with the Equal Employment Opportunity Commission. Executive is, however,
waiving the right to recover any money in connection with a charge or investigation and the right to recover any money in connection
with a charge filed by any other individual or by the Equal Employment Opportunity Commission or any other federal or state agency,
except where such waivers are prohibited by law.

 

9.           General.

 

(a)          Confidentiality
of Agreement. Executive shall keep the existence and the terms of this Agreement confidential, except for Executive’s
immediate family members and Executive’s legal and tax advisors in connection with services related hereto and except as
may be required by law or in connection with the preparation of tax returns.

 

(b)          No
Admissions. Employer denies that Employer or any of its affiliates, or any of their respective members, officers, directors,
managers, employees, attorneys, representatives or agents, has taken any improper action against Executive, and this Agreement
shall not be admissible in any proceeding as evidence of improper action by Employer or any of its affiliates or any of their employees
or agents.

 

(c)          Governing
Law. All questions concerning the construction, validity, and interpretation of this Agreement and the performance of the obligations
imposed by this Agreement shall be governed by the internal laws of the State of Illinois applicable to agreements made and wholly
to be performed in such state without regard to conflicts of law provisions of any jurisdiction. Each Party hereby irrevocably
submits to the exclusive jurisdiction of the courts located in the State of Illinois for the purpose of any suit, action, or other
proceeding arising out of or based on this Agreement or any other agreement contemplated hereby or any subject matter hereof, whether
in tort, contract, or otherwise. Each Party may be served with process in any manner permitted under State of Illinois law, or
by United States registered or certified mail, return receipt requested.

 

(d)          Entire
Agreement. This Agreement sets forth the entire agreement of the Parties regarding the subject matter hereof, and shall be
final and binding as to all claims, demands, actions, and causes of action that have been or could have been advanced on behalf
of Executive against the Releasees. This Agreement may not be amended, modified, altered or changed except by express written consent
of the Parties.

 

(e)          Successors.
This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

    	 	-4-	 

     

    

 

(f)          Enforcement.
The provisions of this Agreement shall be regarded as divisible and separable and if any provision should be declared invalid or
unenforceable by a court of competent jurisdiction, the validity and enforceability of the remaining provisions shall not be affected
thereby. If the scope of any restriction or requirement contained in this Agreement is too broad to permit enforcement of such
restriction or requirement to its full extent, then such restriction or requirement shall be enforced to the maximum extent permitted
by law, and Executive hereby consents that any court of competent jurisdiction may so modify such scope in any proceeding brought
to enforce such restriction or requirement. In addition, Executive stipulates that breach by Executive of restrictions and requirements
under this Agreement, including the Restrictive Covenant, will cause irreparable damage to the Releasees in the case of Executive’s
breach and that the Company would not have entered into this Agreement without Executive binding Executive to these restrictions
and requirements. In the event of Executive’s breach of this Agreement, in addition to any other remedies the Company may
have, and without bond and without prejudice to any other rights and remedies that the Company may have for Executive’s breach
of this Agreement, the Company shall be entitled to an injunction to prevent or restrain any such violation by Executive and all
persons directly or indirectly acting for or with Executive.

 

(g)          Representations
by Executive. Executive acknowledges each of the following:

 

(i)          Executive
is legally competent to execute this Agreement and Executive has not relied on any statements or explanations made by the Company
or its attorneys not otherwise set forth herein.

 

(ii)         Executive
has been offered at least 21 days to consider this Agreement.

 

(iii)        Executive
has been afforded the opportunity to be advised by legal counsel regarding the terms of this Agreement, including the Release and
Waiver, and to negotiate such terms.

 

(iv)        Executive,
without coercion of any kind, freely, knowingly, and voluntarily enters into this Agreement.

 

(v)         Executive
has the right to rescind the Release and Waiver by written notice to the Company within seven (7) calendar days after Executive
has signed this Agreement, and this Agreement shall not become effective or enforceable until seven (7) calendar days after Executive
has signed this Agreement, as evidenced by the date set forth below Executive’s signature on the signature page hereto (the
“Effective Date”). Any such rescission must be in writing and delivered by hand, or sent by U.S. Mail within
such 7-day period, to First Clover Financial Corp, Inc., 6814 Goshen Road, Edwardsville, Illinois 62025, Attention: Chief Executive
Officer. If delivered by U.S. Mail, the rescission must be: (i) postmarked within the 7-day period and (ii) sent by certified
mail, return receipt requested.

 

[Signature page follows]

 

    	 	-5-	 

     

    

  

In
Witness Whereof, the Parties have duly executed this Agreement as of the dates set forth below their respective
signatures below.

 

	 	First Clover Leaf Financial Corp, Inc.
	 	 	 
	 	By:	 
	 	Name:	[     ]
	 	Title:	[     ]
	 	 	 
	 	Date:	 
	 	 	 
	 	First Clover Leaf Bank, NA
	 	 	 
	 	By:	 
	 	Name:	[     ]
	 	Title:	[     ]
	 	 	 
	 	Date:	 
	 	 	 
	 	William D. Barlow
	 	 	 
	 	 	 
	 	 	 
	 	Date:	 

 

Signature Page to Separation and Release
of Claims AgreementExhibit

Exhibit 10.6

 
BRIXMOR PROPERTY GROUP INC.
RESTRICTED STOCK UNIT AGREEMENT
THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) dated as of the Effective Date set forth in the Award Certificate (the “Award Certificate”) is made by and between Brixmor Property Group Inc. (together with its Subsidiaries, the “Company”) and the Participant.  The Award Certificate is included with and made part of this Agreement.  In this Agreement and each Award Certificate, unless the context otherwise requires, words and expressions shall have the meanings given to them in the Plan, except as herein defined.
1.Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:

(a)“Achievement Percentage” means the “Percentage of Award Earned” specified with respect to the threshold, target, and maximum levels for each Performance Component on the Award Certificate, or a percentage determined using linear interpolation if actual performance falls between threshold and target, or between target and maximum levels. In the event that actual performance does not meet the threshold level for any Performance Component, the “Achievement Percentage” with respect to such Performance Component shall be zero.

(b)“Award” means the award as set forth on the Award Certificate. 

(c)“Award Certificate” means the certificate attached to this Agreement specifying the Effective Date and the Award, and the applicable Performance Periods and Performance Components for the Award.

(d)“Board” means the Board of Directors of Brixmor Property Group Inc.

(e)“Brixmor TSR” means the compound annual growth rate, expressed as a percentage and rounded to the nearest one decimal point, in the value of a share of Common Stock due to stock appreciation and dividends, assuming dividends are reinvested in Common Stock as and when paid, during the applicable Performance Period.  For this purpose, the “Beginning Stock Price” means $[   ] per share of Common Stock and the “Ending Stock Price” means the average of the closing sales price of the Company’s Common Stock on the NYSE for the ten (10) trading days immediately preceding and including the last day of a Performance Period (or such other period as the Committee may determine); provided, however, for purposes of the Relative US Shopping Center Index TSR Performance Component, the Ending Stock Price shall be the closing sales price of the Company’s Common Stock on the last day of the applicable Performance Period. 

(f)[Performance Metric] means [      ]. 

(g)“[Performance Metric] Per Share” means the per share amount obtained by dividing [Performance Metric] by Fully Diluted Shares. 

(h)“Effective Date” means the Effective Date set forth in the Award Certificate.

(i)“Fully Diluted Shares” means the fully diluted share count of the Company, as reported in the Company’s supplemental disclosure for any fiscal quarter. 

(j) “Participant” means the Eligible Person whose name is set forth in the Award Certificate.

(k)“Performance Components” means the performance criteria applicable to the Award, as set forth on the Award Certificate.

(l)“Performance Period” means the applicable performance period specified in the Award Certificate.

(m)“Plan” means the Brixmor Property Group Inc. 2013 Omnibus Incentive Plan.

(n)“Qualifying Termination” means a termination of Participant’s employment (w) by the Company without Cause or while Participant has a Disability (as defined in the Plan), (x) if the Participant’s written employment agreement with the Company (or any affiliate) includes a definition of “good reason” or “constructive termination,” by the Participant for “good reason” or “constructive termination” (as defined in such written employment agreement) (y) which is a Retirement, or (z) resulting from the Participant’s death.  Notwithstanding the definition of Cause as set forth in the Plan, for purposes of this Agreement, the termination of a Participant’s employment by the Company for poor performance (as determined in the sole judgment of a majority of the management committee) shall constitute a termination by the Company for Cause.

(o)[“Relative US Shopping Center Index TSR” means the comparison of the Brixmor TSR to the Shopping Center Index TSR.]

(p)“Relative Weighting” means, in respect of any Performance Component, the “Relative Weighting” set forth for such Performance Component on the Award Certificate.

(q)“Retirement” means the Participant’s Termination of Employment with the Company, other than for Cause, following the date on which (i) the sum of the following equals or exceeds 65 years: (A) the number of years of the Participant’s employment and other business relationships with the Company and any predecessor company, and (B) the Participant’s age on the date of termination, (ii) the Participant attained the age of 55 years old, and (iii) the number of years of the Participant’s employment and other business relationships with the Company and any predecessor company is at least five (5).

(r)“RSU” or “Restricted Stock Unit” means a restricted stock unit granted hereunder pursuant to the Plan.

(s)[“Shopping Center Index TSR” means the compound annual growth rate, rounded to the nearest decimal point, in the value of the FTSE NAREIT US Shopping Centers Index during the applicable Performance Period.  The Shopping Center Index TSR is obtained from information publicly reported by the National Association of Real Estate Investment Trusts.] 

(t)“Target Award Amount” means, in respect of the Award, the “Target Award Amount” set forth for the Award on the Award Certificate.

(u)“Termination Date” means the effective date of a Termination of Employment for any reason. 

(v)“Termination of Employment” means a “separation from service” of the Participant from the Company, as defined under Section 409A.

2.Range of RSUs under Awards; Calculation of RSUs; Settlement of RSUs
.
(a)Grant of Award Ranges.  The Company grants to the Participant the opportunity to earn a number of RSUs under the Award equal to the ranges set forth in the Award Certificate for the Award (with a threshold, target, and maximum number of RSUs for the Award). The actual number of RSUs earned under the Award shall be determined pursuant to Section 2(b) and, further, the RSUs shall be subject to the satisfaction of the service vesting conditions set forth in the Award Certificate and herein. 

(b)Calculation of Number of Earned RSUs. Following the last day of the Performance Period applicable to the Award (the “Determination Date”), subject to the Participant’s continued employment through the last day of the Performance Period:

(i)The total number of RSUs earned and issuable under the Award shall be calculated by the Committee with respect to each Performance Component under the Award.  For each Performance Component, the total number of RSUs earned and issuable shall be equal to the product of (x) the Target Award Amount for such Performance Component, multiplied by (y) the Relative Weighting for such Performance Component, multiplied by (z) the Achievement Percentage for such Performance Component.  In the event that the Company’s actual performance does not meet the threshold level for a Performance Component, no RSUs shall be earned in respect of that Performance Component. 

(ii)The foregoing calculation shall be made no later than 90 days following the Determination Date (or as soon thereafter as reasonably practicable), at which time the Company shall notify the Participant of the total number of RSUs earned and issuable under the Award (rounded down to the nearest whole RSU). 

(c)Vesting. Subject to Section 3, the RSUs earned under the Award shall become vested as follows, subject to the Participant’s continued employment with the Company through the applicable date(s) (each, a “Vesting Date”):

(i)[the RSUs earned in respect of the one year measurement component of the Award, if any, shall become vested with respect to 50% of such RSUs on the applicable Determination Date, and with respect to an additional 25% of such RSUs on each of January 1, 20[  ] and January 1, 20[  ]; and 

(ii)the RSUs earned in respect of the three year measurement component of the Award, if any, shall become vested with respect to 50% of such RSUs on the applicable Determination Date, and with respect to an additional 25% of such RSUs on each of January 1, 20[  ] and January 1, 20[  ].]

(d)Issuance of Common Stock.

(i)Settlement of RSUs.  Shares underlying an earned RSU which become vested in accordance with Section 2(c) or Section 3 shall be transferred to the Participant as soon as administratively practicable following the applicable Vesting Date, but in no event earlier than January 1 of the year in which the Vesting Date occurs or later than March 15 of the year following the year in which such Vesting Date occurs. No shares of Common Stock shall be issued to the Participant in respect of an earned RSU prior to the applicable Vesting Date.  After an earned RSU vests, the Company shall promptly cause to be registered in Participant’s name or in the name of the executor or personal representative of the Participant’s estate, as the case may be, one share of Common Stock in payment for each such earned RSU.  For purposes of this Agreement, the date on which vested RSUs are converted into Common Stock shall be referred to as the “Settlement Date.”

(ii)Fractional RSUs.  In the event the Participant is vested in a fractional portion of an earned RSU, such portion shall be rounded down to the nearest whole number.

3.Effects of Certain Events.

(a)General.  Subject to Section 3(b), in the event that the Participant’s employment with the Company is terminated, any unvested RSUs shall be forfeited automatically and without further action.

(b)Qualifying Termination.  Notwithstanding the foregoing:

(i)In the event of the Participant’s Qualifying Termination prior to the completion of any Performance Period applicable to the Award (and any associated Dividend Equivalent Amount), a portion 

of the RSUs which may be earned under the Award will become earned, with the actual number of earned RSUs determined as follows:

(A)with respect to the one year measurement component of the Award, based on actual performance through the most recently completed fiscal quarter measured against the Performance Components as pro-rated based on the number of fiscal quarters completed prior to the Termination Date relative to the total number of fiscal quarters in the Performance Period; and

(B)with respect to the three year measurement component, based on actual performance through the Termination Date measured against the Performance Components based on actual performance through the Termination Date (or if not readily available, measured as of the end of the month immediately preceding the Termination Date) ; 

provided, that any performance criteria based on the achievement of company-wide strategic objectives or satisfaction of individual performance criteria shall be deemed achieved or satisfied at target level (as applicable); and 
(ii)The number of earned RSUs calculated in accordance with Section 3(b)(i) which become vested (and any associated Dividend Equivalent Amount) will be pro-rated based on the number of days in the applicable Performance Period completed prior to the Termination Date, and such pro-rated number of earned RSUs under the Award shall be deemed vested in full and settled pursuant to Section 2(d), with the “Vesting Date” meaning the Termination Date.

(iii)In the event of the Participant’s Qualifying Termination after the completion of the Performance Period applicable to an Award, but prior to the last Vesting Date applicable to the earned RSUs granted under such Award, all such earned RSUs shall become vested as of the Termination Date.  In such case, the number of earned RSUs (and any associated Dividend Equivalent Amount) under the Award shall be deemed vested in full and settled pursuant to Section 2(d), with the “Vesting Date” meaning the Termination Date. 

(iv)The levels of achievement with respect to any Performance Components shall be adjusted from time to time by the Committee as it deems equitable and necessary in light of acquisitions, dispositions and other transactions or extraordinary or one- time events that impact the Company’s operations. 

(c)Termination for Cause.  In the event of the Participant’s termination of employment for Cause, then the Award, the RSUs (whether or not earned or vested) (and any associated Dividend Equivalent Amount) and any shares underlying RSUs that have not yet been transferred to the Participant shall be automatically forfeited as of the Termination Date.

(d)Change in Control. Notwithstanding the foregoing:

(i)In the event of a Change in Control during the Participant’s employment and prior to the completion of the Performance Period applicable to an Award, a portion of the RSUs which may be earned under the Award will become earned, with the actual number of earned RSUs determined 

(A)with respect to the one year measurement component of the Award, based on actual performance through the most recently completed fiscal quarter measured against the Performance Components as pro-rated based on the number of fiscal quarters completed prior to the date of such Change in Control relative to the total number of fiscal quarters in the Performance Period, and

(B)with respect to the three year measurement component of the Award, based on actual performance through the date of such Change in Control, measured against the Performance 

Criteria based on actual performance through the date of such Change in Control (or if not readily available, measured as of the end of the month immediately preceding the date of such Change in Control); 

provided, that any performance criteria based on the achievement of company-wide strategic objectives or satisfaction of individual performance criteria shall be deemed achieved or satisfied at target level (as applicable)
(ii)In the event of a Change in Control during the Participant’s employment and prior to a Vesting Date, all earned RSUs shall become vested as of the date of such Change in Control and settled pursuant to Section 2(d), with the “Vesting Date” meaning the date of the Change in Control. 

4.Dividend Equivalent Rights.  

(a)Each earned RSU shall have a Dividend Equivalent Right associated with it with respect to any cash dividends on Common Stock that have a record date after the Effective Date and prior to the applicable Settlement Date for such RSU (the total accrued dividends for each earned RSU, a “Dividend Equivalent Amount”). For the avoidance of doubt, no Dividend Equivalent Amount shall accrue in respect of an RSU which is not earned based on the achievement of Performance Components applicable to an Award. 

(b)The Dividend Equivalent Amount shall be calculated by crediting a hypothetical bookkeeping account for the Participant with an amount equal to the amount of cash dividends that would have been paid on the dividend payment date with respect to the number of shares of Common Stock underlying the unsettled earned RSUs (or RSUs which become earned in accordance with this Agreement) if such shares had been outstanding on the dividend record date.  The Participant’s Dividend Equivalent Amount shall not be credited with interest or earnings.

(c)Any Dividend Equivalent Amount: (i) shall be subject to the same terms and conditions applicable to the earned RSU to which the Dividend Equivalent Right relates, including, without limitation, the restrictions on transfer and the forfeiture conditions contained in the Agreement; (ii) shall vest and be settled upon the same terms and at the same time of settlement as the earned RSUs to which they relate; and (iii) will be denominated and payable solely in cash.  The payment of Dividend Equivalent Rights will be net of all applicable withholding taxes pursuant to Section 5(g).

5.Miscellaneous.

(a)Administration.  The Committee shall administer the Award. At the end of the Performance Period applicable to any Award, the Committee shall calculate and approve the number of earned RSUs awarded to the Participant under such Award.

(b)Agreement Subject to Plan; Amendment.  By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Awards and RSUs granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The terms of the Agreement and the Award Certificate may be amended from time to time by the Committee in its sole discretion in any manner that it deems appropriate; provided, that any such amendment that would materially and adversely affect any right of the Participant shall not to that extent be effective without the consent of the Participant.

(c)Participant is Unsecured General Creditor.  The Participant and the Participant’s heirs, successors, and assigns shall have no legal or equitable rights, interest, or claims in any specific property or 

assets of the Company.  Assets of the Company shall not be held under any trust for the benefit of the Participant or the Participant’s heirs, successors, or assigns, or held in any way as collateral security for the fulfilling of the obligations of the Company under the Agreement or the Plan.  Any and all of the Company’s assets shall be, and remain, the general unrestricted assets of the Company.  The Company’s sole obligation under this Agreement and in respect of the Award shall be merely that of an unfunded and unsecured promise of the Company to pay the Participant in the future, subject to the conditions and provisions of the Agreement and the Plan.

(d)No Transferability; No Assignment.  Neither the Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the Award or the RSUs.  No part of the RSUs or the shares of Common Stock delivered in respect of any vested RSUs, and/or amounts payable under this Agreement shall, prior to actual settlement or payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by the Participant or any other person, be transferable by operation of law in the event of the Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

(e)No Right to Continued Employment.  Neither the Plan nor this Agreement nor the Participant’s receipt of the Award hereunder (or RSUs issued in settlement of the Award) shall impose any obligation on the Company or any Affiliate to continue the employment of the Participant. Further, the Company or any Affiliate (as applicable) may at any time terminate the employment of such Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein or in any written employment agreement between the Participant and the Company (or any affiliate).

(f)Limitation on Shareholder Rights.  The Participant shall have no rights as a shareholder of the Company, no dividend rights (subject to Dividend Equivalent Rights as set forth in Section 4) and no voting rights with respect to the RSUs and any shares of Common Stock underlying or issuable in respect of such RSUs until such shares of Common Stock are actually issued to and held of record by the Participant.  No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the shares of Common Stock, except for the Dividend Equivalent Rights as set forth in Section 4.

(g)Tax Withholding.

(i)Regardless of any action the Company takes with respect to any or all federal, state or local income tax, employment tax or other tax related items (“Tax Related Items”), the Participant acknowledges that the ultimate liability for all Tax Related Items associated with the RSUs (and the Dividend Equivalent Rights associated therewith) is and remains the Participant’s responsibility and that the Company: (A) makes no representations or undertakings regarding the treatment of any Tax Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant or vesting of the RSUs, the delivery of the shares of Common Stock, the subsequent sale of shares of Common Stock acquired at vesting and the receipt of any Dividend Equivalent Rights; and (B) does not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Participant’s liability for Tax Related Items.  Further, if Participant has relocated to a different jurisdiction between the date of grant and the date of any taxable event, Participant acknowledges that the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

(ii) Prior to the relevant taxable event, the Participant shall pay or make adequate arrangements satisfactory to the Company, in its sole discretion, to satisfy all withholding and payment on account obligations for Tax Related Items of the Company.  In this regard, the Participant authorizes the Company, in its sole discretion, to satisfy the obligations with regard to all Tax Related Items legally payable by the Participant with respect to the RSUs by withholding in shares of Common Stock otherwise issuable to the Participant, provided that the Company withholds only the amount of shares of Common 

Stock necessary to satisfy the minimum statutory withholding amount using the Fair Market Value of the shares of Common Stock on the Settlement Date. Participant shall pay to the Company any amount of Tax Related Items that the Company may be required to withhold as a result of the RSUs that are not satisfied by the previously described method.  The Company may refuse to deliver the shares of Common Stock to the Participant if the Participant fails to comply with Participant’s obligations in connection with the Tax Related Items as described in this Section.

(h)Compensation Recovery Policy.  The compensation under this Agreement shall be subject to being recovered under the Company’s compensation recovery policy, if any, or any similar policy that the Company may adopt from time to time.  For avoidance of doubt, compensation recovery rights to shares of Common Stock issued under this Agreement shall extend to any proceeds realized by the Participant upon the sale or other transfer of such shares of Common Stock. Without limiting the generality of the foregoing, if in the opinion of the independent directors of the Board, (i) the Company’s financial results are restated or were materially misstated due in whole or in part to intentional fraud or misconduct by the Participant, and (ii) the payment or equity or equity-based award made or issued pursuant to this Agreement based on the corrected financial results would be less than the amount previously paid or issued, then by approval by a majority of the independent directors of the Board, the Board may based upon the facts and circumstances surrounding the restatement, direct that the Company recover all or a portion of any payment or equity or equity-based award made or issued pursuant to this Agreement, and the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within 10 business days’ of the Company’s request to Participant therefore, an amount equal to the excess, if any, of (i) the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) Participant received upon the sale or other disposition of, or distributions in respect of the RSUs and any shares of Common Stock issued in respect of such RSUs over (ii) the aggregate Cost of such shares (if any). For purposes of this Agreement, “Cost” means, in respect of any share of Common Stock, the amount paid by Participant for such share, as proportionately adjusted for all subsequent distributions. 

(i)Section 409A Compliance.  The Award and the shares of Common Stock and amounts payable under this Agreement are intended to comply with the requirements of Section 409A so as to prevent the inclusion in gross income of any benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Participants.  The Agreement shall be administered and interpreted to the extent possible in a manner consistent with that intent.  Notwithstanding the terms of Section 2 or Section 3, if a Participant is a “specified employee” within the meaning of Section 409A, no payments in respect of any Award or RSU that is “deferred compensation” subject to Section 409A and which would otherwise be payable upon the Participant’s “separation from service” (as defined in Section 409A) shall be made to such Participant prior to the date that is six months after the date of the Participant’s “separation from service” or, if earlier, the Participant’s date of death. Following any applicable six month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A that is also a business day.  The Participant is solely responsible and liable for the satisfaction of all taxes and penalties under Section 409A that may be imposed on or in respect of the Participant in connection with this Agreement, and the Company shall not be liable to any Participant for any payment made under this Plan that is determined to result in an additional tax, penalty or interest under Section 409A, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A.

(j)Section 280G of the Code.  In the event that the accelerated vesting of the RSUs or the amounts payable under this Agreement, together with all other payments and the value of any benefit received or to be received by the Participant, would result in all or a portion of such payment being subject to excise tax under Section 4999 of the Code (the “Excise Tax”), then the Participant’s payment shall be either (a) the full payment or (b) such lesser amount that would result in no portion of the payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state, and local employment taxes, income taxes, and the Excise Tax, results in the receipt by the Participant, on an after-tax basis, of the greatest amount of the payment notwithstanding that all or some 

portion of the payment may be taxable under Section 4999 of the Code.  Any such reduction shall be made by the Company in compliance with all applicable legal authority, including Section 409A.  All determinations required to be made under this Section shall be made by the nationally recognized accounting firm which is the Company’s outside auditor immediately prior to the event triggering the payments that are subject to the Excise Tax, which firm must be reasonably acceptable to the Participant (the “Accounting Firm”).  The Company shall cause the Accounting Firm to provide detailed supporting calculations of its determinations to the Company and the Participant.  All fees and expenses of the Accounting Firm shall be borne solely by the Company.  The Accounting Firm’s determinations must be made with substantial authority (within the meaning of Section 6662 of the Code).

(k)Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Maryland applicable to contracts made and performed wholly within the State of Maryland, without giving effect to the conflict of law provisions thereof. Any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York or the State of Maryland, and each of the Participant and the Company hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of the Participant and the Company hereby irrevocably waives (i) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of New York or the State of Maryland, (ii) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum and (iii) any right to a jury trial. 

(l)Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
*           *           *           *           *

BRIXMOR PROPERTY GROUP INC.
RESTRICTED STOCK UNIT AGREEMENT
AWARD CERTIFICATE
1. Brixmor Property Group Inc., a Maryland corporation (together with its Subsidiaries, the “Company”), and the Participant who is signatory hereto, hereby agree to the terms of this Award Certificate and the Brixmor Property Group Inc. Restricted Stock Unit Agreement (the “Agreement”) to which it is attached. All capitalized terms used in this Award Certificate and not defined herein shall have the meanings assigned to them in the Company’s 2013 Omnibus Incentive Plan (the “Plan”) or the Agreement. 
2. Subject to the terms of this Award Certificate, the Agreement, and the Plan, the Company hereby grants to the Participant as of the Effective Date, the Award on the terms set forth below: 
	
		
	Participant:
	[                   ]

	Effective Date:
	[                   ] 

	Total Target RSU Award Amount:
	[                   ]      

[One Year Measurement Component1 
Award Range for Company Performance Components
·  Threshold Award Amount: [  ] RSU’s
·  Target Award Amount: [  ] RSU’s
·  Maximum Award Amount: [  ] RSU’s 

In addition to the above number of RSU’s, [   ] RSU’s if Individual Performance Goals are achieved.

One Year Performance Period: January 1, 20[  ] through December 31, 20[  ]

 Performance Components
·  [Adjusted EBITDA Per Share]2 Target (Relative Weighting: [  ]%)
	
			
	Level of Achievement
	Performance Level Achieved
	Percentage of Award Earned

	Threshold
	TBD
	50%

	Target 
	TBD
	100%

	Maximum 
	TBD
	150%

 

·  [Achievement of Individual Performance Goals (Relative Weighting: [  ]%)]]

_____________________________________
 1 Awards may provide for one or more measurement components that have performance periods of less than three years, as determined by the Committee. 
 2 One or more performance metrics provided for under the Plan may be used in an Award and may be assigned a relative weighting, all as determined by the Committee.

Three Year Measurement Component
Award Range for Company Performance Components
·  Threshold Award Amount: [  ] RSU’s
·  Target Award Amount: [  ] RSU’s  
·  Maximum Award Amount: [  ] RSU’s 

[In addition to the above number of RSU’s, [   ]RSU’s if one or more Company Wide Strategic Objectives are achieved.]

Three Year Performance Period: January 1, 20[  ] through December 31, 20[  ]

Performance Components:
·  [Relative US Shopping Center Index TSR]3: (Relative Weighting: [  ]%)
	
			
	Level of Achievement
	Performance Level Achieved
	Percentage of Award Earned

	Threshold
	TBD
	50%

	Target 
	TBD
	100%

	Maximum 
	TBD
	150%

·  [Brixmor TSR] (Relative Weighting: [  ]%)
	
			
	Level of Achievement
	Performance Level Achieved
	Percentage of Award Earned

	Threshold
	TBD
	50%

	Target 
	TBD
	100%

	Maximum 
	TBD
	150%

·  [Company-Wide Strategic Objective(s) (Relative Weighting: [  ]%)]

o  TBD

_____________________________________
 3 One or more performance metrics provided for under the Plan may be used in an Award and may be assigned a relative weighting, all as determined by the Committee.

3. The Award and any RSUs which may be earned under the Award are subject to the terms and conditions set forth in this Award Certificate, the Plan and the Agreement. All terms and provisions of the Plan and the Agreement, as the same may be amended from time to time, are incorporated and made part of this Award Certificate. If any provision of this Award Certificate is in conflict with the terms of the Plan or the Agreement, then the terms of the Plan or the Agreement, as applicable, shall govern. The Participant hereby expressly acknowledges receipt of a copy of the Plan and the Agreement.
IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as of the date first above written. 

	
		
	BRIXMOR PROPERTY GROUP INC.

By: ___________________________________
 Name: 
 Title: Authorized Signatory
	PARTICIPANT

___________________________________
Name: [Name]

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