Document:

SETTLEMENT
AGREEMENT AND RELEASE OF CLAIMS

 

This
Settlement Agreement and Release of Claims (the “Agreement”) is entered into as of the Effective Date by and among
Symantec Corporation (“Plaintiff”), on the one hand, and Marathon Patent Group, Inc. and Clouding Corp. (together,
“Defendants”), on the other hand.

 

RECITALS

 

WHEREAS,
Plaintiff filed case number BC640931 in the Superior Court of California for the County of Los Angeles (the “Los Angeles
Action”);

 

WHEREAS,
the original defendants in the Los Angeles Action included Defendants, as well as IP Navigation Group, LLC, Clouding IP, LLC,
William J. Carter, and Erich Spangenberg (collectively, IP Navigation Group, LLC, Clouding IP, LLC, William J. Carter, and Erich
Spangenberg are referred to herein as the “Other Defendants”);

 

WHEREAS,
the Other Defendants were dismissed from the Los Angeles Action on the basis of a forum selection agreement that purportedly required
Plaintiff to bring its claims against the Other Defendants in a Delaware court;

 

WHEREAS,
Plaintiff thereafter filed case number 17-cv-01873-GMS in the United States District Court for the District of Delaware (the “Delaware
Action”), naming IP Navigation Group, LLC and Erich Spangenberg as defendants;

 

WHEREAS,
Defendants dispute the validity of the claims asserted in the Los Angeles Action and Plaintiff disputes the defenses asserted
in the Los Angeles Action;

 

WHEREAS,
the Parties now desire to settle, compromise and conclude their disputes and to dismiss both the Los Angeles Action and the Delaware
Action in their entirety, each with prejudice;

 

NOW,
THEREFORE, the Parties agree as follows:

 

1.
Definitions. As used in this Agreement, the following terms shall have the meanings stated:

 

1.1.
The “Clouding Releasees” shall mean and include (a) Clouding Corp., including its predecessors and successors, (b)
all past, present and future parents, subsidiaries, and related and affiliated entities of Clouding Corp., and (c) Merrick D.
Okamoto, Francis Knuettel II, Douglas B. Croxall, and all other past, present and future shareholders, members, partners, co-venturers,
managers, investors, lenders, guarantors, indemnitors, assignors, assignees, directors, officers, employees, associates, attorneys,
advisors, accountants, consultants, agents and representatives of Clouding Corp. and of its parent, subsidiary, related and affiliated
entities.

 

1.2.
The “Effective Date” shall mean the date that this Agreement is fully executed by the Parties hereto, as reflected
by the last date of the signatures set forth below.

 

    	 

     

    

 

1.3.
The “Marathon Releasees” shall mean and include (a) Marathon Patent Group, Inc., including its predecessors and successors,
(b) all past, present and future parents, subsidiaries, and related and affiliated entities of Marathon Patent Group, Inc., and
(c) Merrick D. Okamoto, Francis Knuettel II, Douglas B. Croxall, and all other past, present and future shareholders, members,
partners, co-venturers, managers, investors, lenders, guarantors, indemnitors, assignors, assignees, directors, officers, employees,
associates, attorneys, advisors, accountants, consultants, agents and representatives of Marathon Patent Group, Inc., and of its
parent, subsidiary, related and affiliated entities.

 

1.4.
The “Other Defendant Releasees” shall mean and include (a) IP Navigation Group, LLC, Clouding IP, LLC (f/k/a Stec
IP, LLC), including their predecessors and successors, (b) Erich Spangenberg and William J. Carter, as well as each of their respective
trusts, trustees, heirs, beneficiaries, personal representatives, attorneys, and spouses, (c) all past, present and future parents,
subsidiaries, and related and affiliated entities of IP Navigation Group, LLC and of Clouding IP, LLC (f/k/a Stec IP, LLC), (d)
the past, present and future shareholders, members, partners, co-venturers, managers, investors, lenders, guarantors, indemnitors,
assignors, assignees, directors, officers, employees, associates, advisors, attorneys, accountants, consultants, agents and representatives
of IP Navigation Group, LLC, and of Clouding IP, LLC (f/k/a Stec IP, LLC), and of its or their parent, subsidiary, related and
affiliated entities, and (e) all other Persons who were or could have been named or identified as defendants, co-conspirators,
co-obligors or joint tortfeasors in relation to Symantec’s claims asserted in the Los Angeles Action and/or the Delaware
Action.

 

1.5.
The “Parties” shall mean Symantec Corporation, Clouding Corp., and Marathon Patent Group, Inc., collectively.

 

1.6.
“Person” shall mean an individual or entity.

 

1.7.
“Party” shall mean any of Symantec Corporation, Clouding Corp., or Marathon Patent Group, Inc.

 

1.8.
“Symantec” shall mean and include (a) Symantec Corporation, including its predecessors and successors, (b) all past,
present and future parents, subsidiaries, and related and affiliated entities of Symantec Corporation, including, but not limited
to, Symantec International, and (c) the past, present and future shareholders, members, partners, co-venturers, managers, guarantors,
indemnitors, assignors, assignees, investors, lenders, directors, officers, employees, associates, attorneys, accountants, advisors,
consultants, agents and representatives of Symantec Corporation and of its parent, subsidiary, related and affiliated entities.

 

2.
No admission of liability. This Agreement is entered into for purposes of settlement and compromise only, and each Party
hereby expressly acknowledges and agrees that the other Parties hereto have not admitted, and by execution and performance of
this Agreement do not admit, any liability or obligation to any of the other Parties, except for the obligations created by this
Agreement. Nothing contained in this Agreement shall be construed as such an admission by any Party, and this Agreement, its terms,
and the negotiations preceding it, are entitled to all applicable evidentiary privileges and protections concerning settlement
discussions and of offers of compromise including, but not limited to, the protections of California Evidence Code § 1152
and Rule 408 of the Federal Rules of Evidence.

 

    	-2-

     

    

 

3.
Release of claims by Symantec against the Marathon Releasees and the Clouding Releasees. In exchange for the consideration
described herein, Symantec, on behalf of itself and any other Person that might claim by, through or on behalf of it, knowingly,
voluntarily, fully, finally, irrevocably and forever releases and discharges the Marathon Releasees and the Clouding Releasees
from any and all claims, counterclaims, crossclaims, grievances, disputes, controversies, violations, losses, debts, charges,
causes of action, requests for relief, suits, demands, judgments, costs, and liabilities of every nature, kind, character or description
whatsoever, both legal and equitable, known or unknown, foreseen or unforeseen, suspected or unsuspected, vested or unvested,
absolute or contingent, that Symantec held, holds or may hold against the Marathon Releasees and/or the Clouding Releasees, or
any of them, at any time from the beginning of time through the Effective Date of this Agreement, all claims or causes of action
based upon, related to, or arising from the allegations that were made, or could have been made, with respect to the subject matter
of the pleadings filed in the Los Angeles Action and the Delaware Action, including, without limitation, any and all claims or
rights to receive any payments or other consideration pursuant to the Patent Purchase Agreement between Symantec Corporation,
Symantec International and Stec IP, LLC dated February 28, 2012, the Amended and Restated Patent Purchase Agreement between Symantec
Corporation, Symantec International, and Clouding IP, LLC (f/k/a Stec IP, LLC) dated August 11, 2014, or the Patent Purchase Agreement
between Marathon Patent Group, Inc., Clouding Corp. and Clouding IP, LLC (f/k/a Stec IP, LLC) dated August 29, 2014. Symantec
represents that it is presently unaware of any facts that cause it to believe that it may hold a valid legal claim or cause of
action against any of the Marathon Releasees or the Clouding Releasees other than those claims or causes of action that it asserted
in the pleadings filed in the Los Angeles Action and, in addition to the dismissal with prejudice of the Los Angeles Action and
the Delaware Action, Symantec covenants not to bring, prosecute or join in any suit or legal action against the Marathon Releasees
and Clouding Releasees, or any of them, based on any of the claims or causes of action encompassed by this release.

 

4.
Release of claims by Symantec against the Other Defendant Releasees. In exchange for the consideration described herein,
Symantec, on behalf of itself and any other Person that might claim by, through or on behalf of it, knowingly, voluntarily, fully,
finally, irrevocably and forever releases and discharges the Other Defendant Releasees from any and all claims, counterclaims,
crossclaims, grievances, disputes, controversies, violations, losses, debts, charges, causes of action, requests for relief, suits,
demands, judgments, costs, and liabilities of every nature, kind, character or description whatsoever, both legal and equitable,
known or unknown, foreseen or unforeseen, suspected or unsuspected, vested or unvested, absolute or contingent, that Symantec
held, holds or may hold against the Other Defendant Releasees, or any of them, at any time from the beginning of time through
the Effective Date of this Agreement, all claims or causes of action based upon, related to, or arising from the allegations that
were made, or could have been made, with respect to the subject matter of the pleadings filed in the Los Angeles Action and the
Delaware Action, including, without limitation, any and all claims or rights to receive any payments or other consideration pursuant
to the Patent Purchase Agreement between Symantec Corporation, Symantec International and Stec IP, LLC dated February 28, 2012,
the Amended and Restated Patent Purchase Agreement between Symantec Corporation, Symantec International, and Clouding IP, LLC
(f/k/a Stec IP, LLC) dated August 11, 2014. Symantec represents that it is presently unaware of any facts that cause it to believe
that it may hold a valid legal claim or cause of action against any of the Other Defendant Releasees other than those claims or
causes of action that it asserted in the pleadings filed in the Los Angeles Action and/or the Delaware Action and, in addition
to the dismissal with prejudice of the Los Angeles Action and the Delaware Action, Symantec covenants not to bring, prosecute
or join in any suit or legal action against the Other Defendant Releasees, or any of them, based on any of the claims or causes
of action encompassed by this release. For sake of clarity, nothing in this Agreement is intended to or shall have the effect
of releasing or discharging any claims or causes of action that any of the Marathon Releasees or the Clouding Releasees might
possess against any of the Other Defendant Releasees including, without limitation, claims for contribution or indemnity.

 

    	-3-

     

    

 

5.
Application of releases to unknown claims; Civil Code section 1542. Except as expressly provided herein, Symantec understands
and intends that the claims, charges and causes of action released in Sections 3 and 4 herein include all legal, contractual,
statutory and equitable claims, charges and causes of action held by it against the Marathon Releasees, the Clouding Releasees,
and the Other Defendant Releasees, regardless of whether those claims, charges and causes of action are presently known or anticipated.
Symantec hereby waives all rights to which it may be entitled pursuant to California Civil Code section 1542 and all other rules
and laws of similar purpose or effect. California Civil Code section 1542 provides as follows:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

6. Payment
by Marathon. Within fifteen (15) days of the Effective Date, Marathon Patent Group, Inc. shall pay the sum of Two
MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS AND ZERO CENTS ($2,150,000) to Symantec Corporation (the “Cash
Consideration”). Such payment shall be made by electronic funds transfer using the below instructions:

 

	PREMIER
    BUSINESS BANK
	INSTRUCTIONS
    FOR INCOMING WIRES (US ONLY)
	 	 
	ABA/ROUTING	122044371
	 	 
	RECEIVER
    BANK:	PREMIER
    BUSINESS BANK
	 	700
    S. FLOWER STREET, SUITE 2000
	 	LOS
    ANGELES, CA 90017
	 	 
	BENEFICIARY
    ACCT#	
	 	 
	BENEFICIARY
    NAME:	LTL
    ATTORNEYS LLP - CLIENT TRUST ACCOUNT
	 	300
    S. Grand Avenue, 14th Floor
	 	Los
    Angeles, CA 90071

 

    	-4-

     

    

 

With
its payment, Marathon Patent Group, Inc. shall include the following notation: “Symantec-Marathon Patent Group Legal Settlement.”

 

7.
Dismissal of claims. Within five (5) court days of payment of the Cash Consideration described above, Symantec shall cause
the dismissal with prejudice the entirety of the Los Angeles Action and of the Delaware Action, and any and all claims, actions,
proceedings, lawsuits, and causes of action Symantec has filed against any of the Marathon Releasees, the Clouding Releasees,
and/or any of the Other Defendant Releasees. The Cash Consideration shall be held in, and may not be transferred or disbursed
from, the LTL Attorneys LLP Client Trust Account until Defendants’ counsel acknowledges receipt of written notice evidencing
(e.g., via conformed copies of orders and/or true copies of docket reports reflecting) entry by the relevant courts of the dismissal
with prejudice of the Los Angeles Action and of the Delaware Action, in their entirety, such acknowledgement not to be unreasonably
withheld.

 

8.
Covenant not to sue for patent infringement. In exchange for the consideration described herein, Marathon Patent Group,
Inc., on behalf of itself and its Affiliates, covenants that Marathon Patent Group, Inc. and its Affiliates will not initiate
or continue any judicial or administrative proceeding (e.g., before the U.S. International Trade Commission) anywhere in
the world against Symantec Corporation, its Affiliates, or any of its or their Suppliers, Distributors or Customers, based upon
any claim that the manufacture, use, sale, license, distribution, offer for sale, offer for license, import, export, or other
exploitation of a Symantec Product constitutes infringement (including direct, contributory or inducement of infringement) of
any patent. This covenant is irrevocable and non-terminable.

 

8.1.
Solely for purposes of this provision, “Affiliate” means, with respect to a Party, any Person that directly or indirectly,
as of the Effective Date or at any time thereafter, Controls, is Controlled by, or is under common Control with, such Party. For
purposes of this provision, “Control” shall mean: (a) ownership or control, directly or indirectly, presently held
or acquired in the future, of (1) fifty percent (50%) or more of the outstanding voting shares of such an entity, (2) fifty percent
(50%) or more of the total combined voting power entitled to elect or appoint directors or persons performing similar functions
for such an entity; (b) in the case of a non-corporate entity, the interest in such non-corporate entity giving the power to direct
or cause the direction of the management or policies of such non-corporate entity; (c) the right under contract or other arrangement
to direct or cause the direction of the management or policies of such entity; or (d) the right to share, directly or indirectly,
in the proceeds or recovery from any claim against Symantec Corporation, its Affiliates, or any of its or their Suppliers, Distributors
or Customers, that the manufacture, use, sale, license, distribution, offer for sale, offer for license, import, export, or other
exploitation of a Symantec Product constitutes infringement (including direct, contributory or inducement of infringement) of
any patent. A Person’s status as an Affiliate shall terminate when such Control no longer exists.

 

    	-5-

     

    

 

8.2.
For purposes of this provision, “Customer” means a Person that uses, purchases, or acquires a license to use, a Symantec
Product.

 

8.3.
For purposes of this provision, “Distributor” means a Person that sells, offers for sale, licenses, offers for license
or distributes a Symantec Product.

 

8.4.
For purposes of this provision, “Supplier” means a Person that makes or supplies a Symantec Product.

 

8.5.
For purposes of this provision, “Symantec Product” means any product, portion of a product, service, portion of a
service, or combination with one or more other products, portions of a product, services, or portions of a service made, used,
sold, distributed, licensed or offered for sale or license by or for Symantec Corporation or any Symantec Affiliate now or in
the future.

 

9.
Due consideration of Agreement. Each of the Parties represents and agrees that:

 

	 	(a)
    	it
    has had the opportunity to consider this Agreement for a reasonable time before signing it; 
	 	 	 
	 	(b)
    	it
    has had a reasonable opportunity to consult an attorney before signing this Agreement;
	 	 	 
	 	(c)
    	it
    has read this Agreement in full and understands all of the terms and conditions set forth herein; and
	 	 	 
	 	(d)
    	it
    knowingly and voluntarily agrees to all of the terms and conditions set forth herein and intends to be legally bound by them.
    

 

10.
Confidentiality of Agreement. All information provided pursuant to this Agreement, including without limitation, the facts
and circumstances underlying the dispute, the terms of this Agreement, and the negotiations leading to this Agreement shall be
regarded as confidential information (“Confidential Information”). The Parties agree that, other than as required
by law or expressly permitted by this Agreement, they shall not disclose any Confidential Information to any third party and shall
use the Confidential Information only for the purposes set forth herein. Either Party may disclose the terms and existence of
this Agreement to its accountants, attorneys, bankers, investors, prospective investors, and the Other Defendant Releasees provided
above (collectively, the “Permitted Third Parties”) as reasonably necessary, provided that any such Permitted Third
Party is bound to confidentiality obligations that are at least as restrictive as the terms of this confidentiality provision
in this Agreement. Either Party may disclose the terms and existence of this Agreement in response to any valid subpoena or request
from a governmental authority, so long as such disclosure is subject to the most restrictive confidentiality provisions reasonably
available under the circumstances. Notwithstanding the confidentiality obligations in this Agreement, each Party acknowledges
and agrees that the other Party may comply with its securities disclosure obligations by referencing or disclosing only those
portions of this Agreement as required to be filed with the Securities and Exchange Commission, or any other filings, reports
or disclosures that may be required under applicable laws and regulations (each such disclosure as to this Agreement or any of
its Exhibits, a “Securities Disclosure”). In making a Securities Disclosure, each Party agrees to act in good
faith to maintain the confidentiality of this Agreement and all of its contents to the greatest extent reasonably possible, consistent
with all legal and regulatory obligations.

 

    	-6-

     

    

 

11.
Binding upon successors and assignees. The Parties agree that this Agreement shall be binding upon their successors and
assignees. Each represents that it has not transferred to any person or entity any of the rights released or transferred through
this Agreement. The Other Defendant Releasees are intended third party beneficiaries of this Agreement and no provision of this
Agreement may be amended or altered in any way that adversely impacts the rights or benefits provided hereunder with respect to
the Other Defendant Releasees.

 

12.
Severability. If a court of competent jurisdiction declares or determines that any provision of this Agreement is invalid,
illegal or unenforceable, (a) the invalid, illegal or unenforceable provision(s) shall be stricken from the Agreement, (b) the
Agreement shall be reformed to effectuate the stricken provision(s) as closely as the law permits, and (c) the remaining provisions
of the Agreement shall continue in full force and effect.

 

13.
Enforcement of Agreement. California Code of Civil Procedure section 664.6 provides as follows:

 

If
parties to pending litigation stipulate, in a writing signed by the parties outside the presence of the court or orally before
the court, for settlement of the case, or part thereof, the court, upon motion, may enter judgment pursuant to the terms of the
settlement. If requested by the parties, the court may retain jurisdiction over the parties to enforce the settlement until performance
in full of the terms of the settlement.

 

Pursuant
to California Code of Civil Procedure section 664.6, the Parties stipulate, by executing this agreement, that the court may retain
jurisdiction over the Parties to enforce the terms of the settlement.

 

14.
Remedies upon breach. Each Party, upon breach of this Agreement by another, shall have the right to seek all necessary
and proper relief, including, but not limited to, specific performance, from a court of competent jurisdiction, provided, however,
that the Parties shall first attempt to resolve any dispute between them through mediation before the Honorable Carla Woehrle
(retired) or, upon her unavailability, another neutral mediator. The Party or Parties prevailing in any suit for breach of this
Agreement shall be entitled to recover reasonable costs and attorney fees.

 

15.
Governing law. The laws of the State of California shall govern the construction and enforcement of this Agreement, provided
that the Agreement shall be interpreted as though drafted jointly by the Parties. Any legal proceeding arising from, based upon
or relating to this Agreement shall be filed in the Superior Court of the State of California, County of Los Angeles, and the
Parties each agree that such court shall have personal jurisdiction over them in any such proceeding.

 

16.
Costs and attorney fees. Each Party shall bear its own attorney fees and costs in connection with this Agreement, the Los
Angeles Action, and the Delaware Action. No Party shall be entitled to recover attorney fees or costs or any other money from
another except as provided herein.

 

    	-7-

     

    

 

17.
Entire Agreement; modification. This Agreement sets forth the entire agreement between the Parties regarding the subject
matter and supersedes all prior agreements or understandings, both written and oral, between the Parties regarding the subject
matter of this Agreement. The Parties may modify this Agreement only through a writing signed by each.

 

18.
Counterparts. The Parties may execute this Agreement in counterparts which, taken together, shall constitute one and the
same Agreement, and a signature transmitted by facsimile or other electronic means shall be deemed the equivalent of an original
signature.

 

19.
Further assurances. The Parties agree to perform such actions, and to execute such additional documents, if any, as may
be necessary or appropriate to effectuate the intent of this Agreement.

 

20.
No reliance on representations by other Party or other Party’s representatives. Other than as stated in this Agreement,
the Parties agree and represent that they have not relied and do not rely upon any representation or statement regarding the subject
matter or effect of this Agreement made by any other Party to this Agreement or any other Party’s agents, attorneys or representatives.

 

21.
Construction. The captions and headings used in this Agreement are for convenience of reference only and are not to be
considered in construing the Agreement. Unless the context of the Agreement clearly requires otherwise, as used herein: (a) references
to the plural include the singular, the singular the plural, and the part the whole; (b) references to one gender include all
genders; (c) “and” and “or” each have the inclusive meaning frequently identified with the phrase “and/or”;
(d) “including” has the inclusive meaning frequently identified with the phrase “including but not limited to”
or “including without limitation”; and (e) any reference to a statute, rule, regulation or agreement, including this
Agreement, shall be deemed to include such statute, rule, regulation or agreement as it may be modified, varied, amended or supplemented
from time to time.

 

22.
No assignment of claims. All Parties represent and warrant that they have not assigned any claims to any third party.

 

23.
Authority to enter into Agreement. Each Party represents and warrants to the other Parties that it has the power and authority
to enter into, execute, deliver and perform this Agreement.

 

    	-8-

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Settlement Agreement and Release of Claims as of the Effective Date.

 

	 	 	 	Symantec
    Corporation
	 	 	 	 
	Date:	March
    8, 2018	By:	/s/
    Carrie Flynn
	 	 	 	Carrie
        Flynn

        Senior
        Director, Legal

 

	 	 	 	Clouding
    Corp.
	 	 	 	 
	Date:	March
    8, 2018	By:	/s/
    Francis Knuettel II
	 	 	 	Francis
    Knuettel II, CFO

 

	 	 	 	Marathon
    Patent Group, Inc.
	 	 	 	 
	Date:
    	March
    8, 2018	By:	/s/
Merrick Okamoto
	 	 	 	Merrick
    Okamoto, Interim CEO and Executive Chairman

 

    	-9-EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

CHANGE OF CONTROL AGREEMENT 

This Change of Control Agreement (“Agreement”) is made as of         , 2018, by and
between Forest City Employer, LLC (the “Company”) and [•] (“Employee”). The Company and Employee are parties to a Change of Control Agreement (the “Original Agreement”) dated as
of        , 2018 (the “Effective Date”). The Company and Employee hereby amend and restate the Original Agreement, as set forth herein, so that this Agreement replaces and supersedes the
Original Agreement in its entirety. 
 1. Term. Except as otherwise provided below, the “Term” of this Agreement
shall commence on the Effective Date and end on the second anniversary thereof. The Term shall be automatically renewed for successive one-year periods, on the terms and subject to the conditions of this
Agreement, commencing on the second anniversary of the Effective Date, and on each anniversary date thereafter, unless either the Company or Employee gives the other party written notice (in accordance with Section 9 hereof), at least 180
calendar days prior to the end of such initial or extended Term, of its or his intention not to renew this Agreement. Notwithstanding the foregoing, in no event shall the Term expire before the second anniversary of a “Change of
Control” (as defined in Section 16) that occurs during the Term. For purposes of this Agreement, any reference to the Term of this Agreement shall include the original term and any extension thereof. 

2. Nature of Agreement. In order to induce Employee to remain in the employ of the Company and in consideration of Employee’s
continued employment, the Company agrees, under the conditions described herein, to pay Employee the “Severance Benefits” (as defined in Section 5) and the other payments and benefits described in this Agreement. No Severance
Benefits shall be payable under this Agreement unless there shall have been a “Qualified Termination” (as defined in Section 16) during the Term. This Agreement shall not be construed as creating an express or implied contract
of employment and, except as otherwise agreed in writing between Employee and the Company, Employee shall not have any right to be retained in the employ of the Company. 

3. Termination of Employment. 

(a) Death and Disability. Employee’s employment shall terminate automatically upon Employee’s death. If the Company determines
in good faith that the “Disability” (as defined in Section 16) of Employee has occurred during the Term, it may give to Employee written notice in accordance with Section 9 of this Agreement of its intention to terminate
Employee’s employment, provided that such notice is given no later than 150 calendar days following the determination of Employee’s Disability. In such event, Employee’s employment shall terminate effective on the 30th calendar day
after receipt of such notice by Employee (the “Disability Effective Date”), provided that, within the 30 calendar days after such receipt, Employee shall not have returned to full-time performance of Employee’s duties. 

(b) Cause. Employee’s employment with the Company may be terminated by the Company with or without “Cause” (as
defined in Section 16). 

 (c) Good Reason. Employee’s employment with the Company may be terminated by
Employee with or without “Good Reason” (as defined in Section 16). 
 (d) Notice of Termination. Any termination
by the Company for Cause, or by Employee for Good Reason, shall be communicated by Notice of Termination (as defined in Section 16) to the other party in accordance with Section 9. 

(e) Resignation from All Positions. Notwithstanding any other provision of this Agreement, upon the termination of Employee’s
employment for any reason, Employee shall immediately resign from all positions that he holds or has ever held with the Company and its affiliates, including all board of directors, managers or equivalent positions with any affiliate (but excluding,
if applicable, the board of directors of Forest City Realty Trust, Inc.). Employee hereby agrees to execute any and all documentation to effectuate such resignations upon request by the Company, but he shall be treated for all purposes as having so
resigned upon termination of his employment, regardless of when or whether he executes any such documentation. 
 4. Compensation Other
Than Severance Benefits. 
 (a) Accrued Rights. If Employee’s employment shall terminate for any reason following a Change of
Control and during the Term, the Company shall pay, or cause to be paid, to Employee (or his estate) the sum of: (i) the portion of Employee’s base salary earned through the “Date of Termination” (as defined in
Section 16), to the extent not previously paid; (ii) the amount of any annual bonus that has been earned by Employee for a completed fiscal year or other measuring period preceding the Date of Termination, but has not yet been paid to
Employee; and (iii) any accrued paid time-off, to the extent not previously paid (the sum of the amounts described in clauses (i), (ii) and (iii) shall be referred to as the “Accrued
Benefits”). The Accrued Benefits described in clauses (i) and (iii) shall be paid in a single lump sum within 30 calendar days after the Date of Termination. The Accrued Benefits described in clause (ii) shall be paid at the same
time that annual bonuses are paid to other similarly situated employees for the applicable fiscal year, but in no event later than two and one half months following the end of such fiscal year. 

(b) Other Benefits. If Employee’s employment shall terminate for any reason following a Change of Control and during the Term, the
Company shall pay or provide, or cause to be paid or provided, to Employee (or his estate) any other amounts or benefits required to be paid or provided or which Employee is eligible to receive under any plan, program, policy or practice or contract
or agreement of the Company or its affiliates in accordance with the terms and normal procedures of each such plan, program, policy or practice or contract or agreement as in effect immediately prior to the Date of Termination or, if more favorable
to Employee, as in effect immediately prior to the Change of Control, based on accrued and vested benefits through the Date of Termination. Without limiting the generality of the foregoing, Employee’s resignation under this Agreement, with or
without Good Reason, shall in no way affect Employee’s ability to terminate employment by reason of Employee’s retirement under, or to be eligible to receive retirement benefits under, any compensation and benefits plans, programs or
arrangements of the Company or its affiliates, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a retirement for purposes of any such plan, program or arrangement. 

  
 2 

 5. Severance Benefits. If Employee shall incur a Qualified Termination during the
Term, then, subject to Employee’s compliance with Sections 5(f) and 8 of this Agreement, the Company shall pay or provide to Employee (or his estate) the amounts and benefits described in this Section 5 (collectively, the
“Severance Benefits”) in addition to any payments and benefits to which Employee is entitled under Section 4 of this Agreement, unless Employee shall timely make an election to forego the Severance Benefits in accordance with
Section 8(k) hereof. 
 (a) Cash Severance. In lieu of any severance benefit otherwise payable to Employee, the Company shall pay
to Employee a lump sum severance payment, in cash, equal to two times the sum of Employee’s “Annual Base Salary” and “Average Bonus” (each as defined in Section 16), which amount shall be payable within 60
calendar days following the Date of Termination (provided that if the 60-day payment period begins in one calendar year and ends in the next calendar year, then to the extent required to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) the payment shall be made in the second calendar year). 

(b) Health Benefits. For the 18-month period immediately following the Date of Termination, the
Company shall arrange to provide Employee and his dependents medical, dental and vision insurance benefits on a monthly basis that is substantially similar to such benefits as provided to Employee and his dependents immediately prior to the Date of
Termination at a cost to Employee equal to 35% of the applicable COBRA premiums (with the Company subsidizing the remaining 65% of the applicable premiums). An amount equal to the Company-provided COBRA subsidy (or such other amounts as may be
required by law) will be included in Employee’s income for tax purposes to the extent required by applicable law and the Company may withhold taxes from Employee’s other compensation for this purpose. Benefits otherwise receivable by
Employee pursuant to this Section 5(b) shall be reduced to the extent benefits of the same type are received by or made available by a subsequent employer to Employee during the 18-month period following
the Date of Termination (and any such benefits received by or made available to Employee shall be reported to the Company by Employee). 

(c) Incentive Plans. With respect to any of the Company’s outstanding (i) short-term or long-term cash incentive awards held
by Employee (other than any annual bonus described in Section 4(a)(ii) of this Agreement), or (ii) performance-based equity awards held by the Employee, in each case if and only if the Date of Termination occurs after at least one-half of the applicable performance period has elapsed (and Employee is not otherwise entitled to benefits thereunder due to his retirement), the amount that would have been payable to Employee for that
particular performance period (and only that performance period), determined as if Employee had remained employed for the entire performance period (and any additional period of time necessary to be eligible to receive payment for the performance
period), based on actual performance during the entire performance period and without regard to any discretionary adjustments that have the effect of reducing the amount of payment (other than discretionary adjustments applicable to all senior
executives who did not terminate employment), pro-rated based on the number of days in the applicable performance period through (and including) the Date of Termination, and paid in a single lump sum at the
same time that payments are made to other participants who did not terminate employment. Notwithstanding the foregoing, this paragraph (c) shall not apply in the event that the Company terminates Employee’s employment due to Disability.

  
 3 

 (d) Restricted Shares and Units. All outstanding and unvested Company restricted
shares and restricted share units that are subject to a vesting schedule based solely on continued service (and specifically excluding any awards with respect to which the number of shares earned depends upon performance) shall become immediately
vested.  
 (e) Outplacement. The Company shall provide Employee with
outplacement services for a period of one year following the Date of Termination and at a cost to the Company of not more than $25,000, such services to be provided by an outplacement services firm selected by the Company and in accordance with the
Company’s practices as in effect on the Date of Termination. 
 (f) Release of Claims. Notwithstanding anything contained herein
to the contrary, the Company shall not be obligated to pay or provide any of the Severance Benefits unless (i) Employee (or his legal representative) first executes, within 45 calendar days after the Date of Termination, a release of claims
agreement in the form attached hereto as Exhibit A, with such changes as the Company may determine to be required or reasonably advisable in order to make the release enforceable and otherwise compliant with applicable, and (ii) the
release becomes effective and irrevocable in accordance with its terms. 
 6. Section 280G. Notwithstanding
anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by the Company or any of its affiliated companies to or for the benefit of Employee (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would be an excess parachute payment within the meaning of section 280G of the Code (such excess only, an “Excess Payment”), then the
Employee shall forfeit all Excess Payments if the after-tax value to Employee of the Payments as reduced by such forfeiture would be greater than the after-tax value to
Employee of the Payments absent such forfeiture. The forfeiture of Excess Payments, if applicable, shall be applied by: (i) first reducing the cash Severance Benefits (with cash Severance Benefits having different payment terms being reduced on
a pro-rata basis); (ii) then cancellation of accelerated vesting of performance-based equity awards (based on the reverse order of the date of grant); (iii) then cancellation of accelerated vesting of other
equity awards (based on the reverse order of the date of grant); and (iv) finally reduction of any other benefits or payments due to Employee (with benefits or payments in any group having different payment terms being reduced on a pro-rata basis). All determinations required to be made under this Section 6, and the assumptions to be utilized in arriving at such determination, shall be made by a major accounting firm with expertise in
such matters designated by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and Employee within 15 business days of the receipt of notice from Employee that there has been
a Payment, or such earlier time as is requested by the Company. Any determination by the Accounting Firm shall be binding upon the Company and Employee. All fees and expenses of the Accounting Firm for services performed pursuant to this
Section 6 shall be borne solely by the Company. 
 7. Full Settlement. Except as otherwise provided in Section 5(b) or
Section 8 of this Agreement or an applicable clawback policy maintained by the Company or its affiliates, the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any set-off, counterclaim, recoupment, 

  
 4 

 
defense or other claim, right or action which the Company or any of its affiliates may have against Employee or others. In no event shall Employee be obligated to seek other employment or take
any other action by way of mitigation of the amounts payable to Employee under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Employee obtains other employment. Provided that Employee prevails on any
material claim made by him, and disputed by the Company, under the terms of this Agreement, the Company agrees to pay (within 14 business days following the Company’s receipt of an invoice from Employee) at any time from the date of the Change
of Control through Employee’s remaining lifetime, (or, if longer, through the 10th anniversary of the Change of Control), to the full extent permitted by law, all legal fees and expenses which Employee (or his heirs or legal representatives)
may reasonably incur as a result of any contest by either party (including, as the case may be, the Company, any of its affiliates or their respective predecessors, successors or assigns, or Employee, his estate, beneficiaries or their respective
successors and assigns) of the validity or enforceability of, or liability under, any provision of this Agreement (including as a result of any contest by Employee about the amount of any payment pursuant to this Agreement). 

8. Restrictive Covenants. 

(a) Confidentiality. During the Term and thereafter, Employee agrees to keep secret and confidential, and not to use or disclose to any
third parties, except as directly required for Employee to perform Employee’s responsibilities for the Company under this Agreement, any of the Company’s Confidential Information (as defined in paragraph (j) below) acquired by
Employee during the course of, or in connection with, Employee’s employment with the Company. Employee acknowledges that the Confidential Information is the exclusive property of the Company. Upon termination of Employee’s employment with
the Company for any reason, or at the request of the Company at any time, Employee shall promptly return to the Company all property then in Employee’s possession, custody or control belonging to the Company, including all Confidential
Information. Employee shall not retain any copies of correspondence, memoranda, reports, notebooks, drawings, photographs or other documents in any form whatsoever (including information contained in computer or other electronic memory or on any
computer or electronic storage device) relating in any way to the affairs of the Company and which were entrusted to Employee or obtained by Employee at any time during the Term. 

(b) Non-Competition. Employee and the Company agree that Employee is being employed in an
important fiduciary capacity with the Company and that the Company is engaged in a highly competitive business. Employee and the Company further agree that it is appropriate to place reasonable limits as set forth herein on Employee’s ability
to compete with the Company to protect and preserve the legitimate business interests and goodwill of the Company. Employee agrees that, during the Protection Period (as defined in paragraph (j) below), if applicable, Employee will not,
directly or indirectly (in a capacity where Employee could use specialized knowledge, training, skill or expertise, Confidential Information, or customer contacts obtained from the Company to the detriment of the Company), own, manage, operate,
join, control, finance or participate in the ownership, management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, or consultant to any business or activity that is
Competitive with the Company (as defined in paragraph (j) below). During the Protection Period, if applicable, the covenant in this 

  
 5 

 
Section 8(b) shall restrict Employee’s conduct within the Restricted Area (as defined in paragraph (j) below). Employee agrees that in his position, it is expected that Employee
will receive Confidential Information related to the Restricted Area and if Employee was permitted to engage in competition with the Company within the Restricted Area, it would lead to unfair competition and it would be a significant disadvantage
to the Company that would likely cause irreparable harm. Notwithstanding the foregoing, the ownership of not more than two percent (2%) of the outstanding securities of any company listed on any public exchange or regularly traded in the over-the-counter market, assuming Employee’s involvement with any such company is solely that of a security holder, shall not constitute a violation of this
Section 8(b). 
 (c) Customer Non-Solicitation. Employee agrees that, during the
Protection Period, if applicable, Employee will not, directly or indirectly (in a capacity where Employee could use specialized knowledge, training, skill or expertise, Confidential Information, or customer contacts or information obtained from the
Company to the detriment of the Company): (i) solicit, attempt to solicit, call on, or accept business from any Customer (as defined in paragraph (j) below); or (ii) in any manner cause or attempt to cause any Customer to divert,
terminate, limit, modify or fail to enter into any existing or potential business relationship with the Company. 
 (d) Employee Non-Solicitation. Employee agrees that, during the Protection Period, if applicable, Employee will not directly or indirectly engage, solicit, hire, attempt to hire, or encourage any current employee or former
employee (limited to former employees whose employment has been terminated or concluded for less than 6 months) of the Company to leave or terminate his or her employment relationship with the Company. 

(e) Non-Disparagement. Employee agrees that he will not do or say anything that could reasonably
be expected to disparage or impact negatively the name or reputation in the marketplace of the Company or any of its affiliates, employees, officers, directors, stockholders, members, principals or assigns. Subject to Employee’s continuing
obligations to comply with Section 8(a) hereof as provided herein, nothing in this Section 8(e) shall preclude Employee from responding truthfully to any legal process or truthfully testifying in a legal or regulatory proceeding, provided
that, to the extent permitted by law and not contrary to Section 8(h) below, Employee promptly informs the Company of any such obligation prior to participating in any such proceedings. The Company likewise agrees that it will not release any
information or make any statements, and its officers and directors shall not do or say anything that could reasonably be expected to disparage or impact negatively the name or reputation in the marketplace of Employee. Nothing herein shall preclude
the Company or any of its affiliates, employees, officers, directors, stockholders, members, principals or assigns from responding truthfully to any legal process or truthfully testifying in a legal or regulatory proceeding, provided that to the
extent permitted by law, the Company will promptly inform Employee in advance if it has reason to believe such response or testimony will directly relate to Employee, or preclude the Company from complying with applicable disclosure requirements.

 (f) Divisible Provisions. The individual terms and provisions of this Section 8 are intended to be separate and divisible
provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Section 8 shall thereby be affected. It is the intention of Employee
and the Company that the potential restrictions on Employee’s solicitation and future employment 

  
 6 

 
imposed by this Section 8 be reasonable in both duration and geographic scope and in all other respects. If for any reason any court of competent jurisdiction shall find any provisions of
this Section 8 unreasonable in duration or geographic scope or otherwise, Employee and the Company agree that the restrictions and prohibitions contained herein may be modified by a court of competent jurisdiction and shall be effective to the
fullest extent allowed under applicable law in such jurisdiction. 
 (g) Injunctive Relief and Remedies. In event of a breach or
threatened breach of any of Employee’s duties and obligations under this Section 8, the Company shall be entitled, in addition to any other legal or equitable remedies it may have in connection therewith (including any right to damages it
may suffer), to (i) temporary, preliminary and permanent injunctive relief restraining such breach or threatened breach, (ii) cease making payments or providing benefits under Section 5 of this Agreement (other than Section 5(a)
thereof), and (iii) any other relief obtainable through statutory or common law means (including, but not limited to, applicable trade secrets law). Employee hereby expressly acknowledges that the harm that might result to the Company’s
business as a result of any noncompliance by Employee with the provisions of this Section 8 would be largely irreparable. Employee specifically agrees that if there is a question as to the enforceability of any of the provisions of this
Section 8, Employee will not engage in any conduct inconsistent with or contrary to this Section 8 until after the question has been resolved by a final judgment of a court of competent jurisdiction. The restrictions stated in this
Section 8 are in addition to and not in lieu of protections afforded to trade secrets and confidential information under applicable law. Nothing in this Section 8 is intended to or shall be interpreted as diminishing or otherwise limiting
the Company’s right under applicable law to protect its trade secrets and confidential information. 
 (h) Protected Activity.
Nothing contained in this Agreement, or any other agreement, policy, practice, procedure, directive or instruction maintained by the Company shall prohibit Employee from reporting possible violations of federal, state or local laws or regulations to
any federal, state or local governmental agency or commission (a “Government Agency”) or from making other disclosures that are protected under the whistleblower provisions of federal, state or local laws or regulations. Employee
does not need prior authorization of any kind to make any such reports or disclosures to any Government Agency and Employee is not required to notify the Company that Employee has made such reports or disclosures. Nothing in this Agreement limits
any right Employee may have to receive a whistleblower award or bounty for information provided to any Government Agency. Employee hereby acknowledges that the Company has informed Employee, in accordance with 18 U.S.C. § 1833(b), that Employee
may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret where the disclosure: (i) is made in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 (i) Notification. To enable the Company to monitor Employee’s compliance with the obligations imposed by this Section 8,
Employee agrees to inform the Company during the Protection Period, if applicable, of the identity of any subsequent employer and Employee’s new job title. Employee agrees that he will disclose the existence of this Section 8 to any
subsequent employer. 

  
 7 

 (j) Definitions. As used in this Section 8, the following definitions shall
apply 
 “Company” means the Company and its affiliates. 

“Competitive with the Company” means any person or entity (including any joint venture, partnership, firm, corporation, or
limited liability company) that conducts a real estate business that is competitive with the commercial office, retail rental, and/or multifamily residential portfolios owned or managed by the Company as of the Date of Termination (or any
significant business that is being actively pursued as of the Date of Termination by the Company). 
 “Confidential
Information” means information pertaining to the business of the Company that is generally not known to or readily ascertainable to the industry in which the Company competes, and that gives or tends to give the Company a competitive
advantage over persons who do not possess such information or the secrecy of which is otherwise of value to the Company in the conduct of its business regardless of when and by whom such information was developed or acquired, and regardless of
whether any of these are described in writing, copyrightable or considered copyrightable, patentable or considered patentable. Confidential Information includes, but is not limited to, the Company’s trade secrets, information related to present
and potential customers, vendors and suppliers (including, but not limited to, lists, contact information, requirements, contract terms, and pricing), methods of operations, research and development, product information, business technical
information, including technical data, techniques, solutions, test methods, quality control systems, processes, design specifications, technical formulas, procedures and information, sales plans and strategies, pricing and profit information,
financial information, marketing data, all agreements, schematics, manuals, studies, reports, and statistical information relating to the Company, all formulations, database files, information technology, strategic alliances, products, services,
programs and processes used or sold, and all software licensed or developed by the Company, computer programs, systems and/or software, ideas, inventions, business information, know-how, improvements, designs,
redesigns, creations, discoveries and developments of the Company. Confidential Information includes all forms of the information, whether oral, written or contained in electronic or any other format. 

“Customer” means any actual or potential customer or client of the Company that (i) Employee knows to have been engaged
as a customer or client of the Company during the one-year period prior to the Date of Termination, (ii) Employee knows to have been contacted by the Company during the
one-year period prior to the Date of Termination or (iii) about which Employee had been provided or had access to Confidential Information during his employment with the Company. 

“Protection Period” means (i) if Employee incurs a Qualified Termination and does not timely make an election to waive
the Severance Benefits as provided in Section 8(k) of this Agreement, the period commencing on the Date of Termination and ending on the first anniversary of the Date of Termination; provided, however, that such period shall be extended for an
additional period of time equal to the time that elapses from the commencement of a breach of the covenants contained in this Section 8 to the later of (x) the termination of such breach or (y) the final resolution of any litigation
stemming from such breach; (ii) if Employee 

  
 8 

 
incurs a Qualified Termination and timely elects to waive Employee’s right to the Severance Benefits in accordance with Section 8(k) of this Agreement, or if Employee’s employment
terminates under circumstances that do not constitute a Qualified Termination, then the Protection Period shall expire on the Date of Termination and Sections 8(b), (c), (d) and (i) of this Agreement shall not apply to Employee. 

“Restricted Area” means the geographic area or areas where Employee conducted activities on behalf of the Company at or
within a one-year period of time prior to the Date of Termination. It is intended as of the Effective Date that the Restricted Area will include the entire United States, as Employee is engaged to provide
services and has duties related to this entire geographic area. 
 (k) Employee Election. If Employee incurs a Qualified Termination,
Employee may elect to waive Employee’s right to the Severance Benefits, in their entirety, by providing written notice to the Company in a form reasonably acceptable to the Company, within 20 calendar days after the Date of Termination (the
“Waiver”). In the event that Employee timely submits the Waiver, then (i) the Company shall not be obligated to pay all or any portion of the Severance Benefits to Employee, and (ii) the provisions of Sections 8(b), (c),
(d) and (i) of this Agreement shall not apply to Employee. 
 9. Notices. Any notice provided for in this Agreement shall be in
writing and shall be either personally delivered, sent by reputable overnight carrier or mailed by first class mail, return receipt requested, postage prepaid, to the recipient. Notices to Employee shall be sent to the address of Employee most
recently provided to the Company. Notices to the Company should be sent to: Forest City Employer, LLC, Attention: Chief Executive Officer at the then-current corporate headquarters of Forest City Realty Trust, Inc. Notice and communications shall be
effective on the date of delivery if delivered personally, on the first business day following the date of dispatch if delivered utilizing overnight courier, or three business days after having been mailed, if sent by registered or certified mail.

 10. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

11. Successors and Assigns. 

(a) This Agreement is personal to Employee, and, without the prior written consent of the Company, shall not be assignable by Employee other
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Employee’s legal representatives. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as provided in
Section 11(c), this Agreement shall not be assignable by the Company without the prior written consent of Employee, except to an affiliate of the Company. 

  
 9 

 (c) The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. “Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise.

 12. Choice of Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with the substantive laws of
the State of Ohio, without regard to conflicts of law principles. The parties hereto irrevocably agree to submit to the jurisdiction and venue of the federal courts located in the Northern District of Ohio or state courts located in Cuyahoga County,
Ohio in any court action or proceeding brought with respect to or in connection with this Agreement. 
 13. Amendment and Waiver. The
provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Employee, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding
effect or enforceability of this Agreement. 
 14. Miscellaneous. Any payments to Employee under this Agreement shall be paid from the
Company’s general assets. The Company and its affiliates may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company and its affiliates are required to withhold pursuant to any law or
government regulation or ruling. This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and both of which taken together shall constitute one and the same agreement. This Agreement embodies the
complete agreement and understanding between the parties with respect to the subject matter hereof and effective as of its date supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or
oral, which may have related to the subject matter hereof in any way, including, without limitation, any prior Change of Control Agreement between the Company and Employee, which agreement the parties acknowledge is hereby superseded, replaced in
its entirety and considered null and void as of the Effective Date. Any Severance Benefits received by Employee under this Agreement shall be in lieu of payments or benefits otherwise available under a general severance policy or other severance
plan maintained by the Company or its affiliates, including, without limitation, the Forest City Employer, LLC Severance Plan, or any employment agreement, if any, between the Company or its affiliates and Employee. 

15. Section 409A Compliance. 

(a) In General. Section 409A of the Code (“Section 409A”) imposes payment restrictions on
“nonqualified deferred compensation” (i.e., potentially including payments owed to Employee upon termination of employment). Failure to comply with these restrictions could result in negative tax consequences to Employee, including
immediate taxation, interest and a 

  
 10 

 
20% additional income tax. It is the Company’s intent that this Agreement be exempt from the application of, or otherwise comply with, the requirements of Section 409A. Specifically,
any taxable benefits or payments provided under this Agreement are intended to be separate payments that qualify for the “short-term deferral” exception to Section 409A to the maximum extent possible, and to the extent they do not so
qualify, are intended to qualify for the involuntary separation pay exceptions to Section 409A, to the maximum extent possible. If neither of these exceptions applies, and if Employee is a “specified employee” within the meaning of
Section 409A, then notwithstanding any provision in this Agreement to the contrary and to the extent required to comply with Section 409A, all amounts that would otherwise be paid or provided during the first six months following the Date
of Termination shall instead be accumulated through and paid or provided (without interest), on the first business day following the six-month anniversary of the Date of Termination. 

(b) Separation from Service. A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A
and Employee is no longer providing services (at a level that would preclude the occurrence of a “separation from service” within the meaning of Section 409A) to the Company or its affiliates as an employee or consultant, and for
purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service” within the meaning of Section 409A. 

(c) Reimbursements. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A: (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; and (iii) such payments shall be made on or before the last business day of Employee’s taxable year following the taxable year in which the
expense occurred, or such earlier date as required hereunder. 
 16. Definitions. Capitalized terms not otherwise defined above shall
have the meanings set forth in this Section 16. 
 (a) “Annual Base Salary” shall mean Employee’s annual base
salary at the rate in effect immediately prior to a Change of Control, or such higher rate as may be in effect at any time on or after the Change of Control. 

(b) “Average Bonus” shall mean the average of the bonuses payable under the Company’s annual bonus program, or any
comparable annual bonus under any predecessor program, for the last three full fiscal years prior to the Change of Control, or if Employee was eligible to earn such a bonus for less than the last three full fiscal years, for the fiscal years during
which Employee was eligible to earn such a bonus immediately prior to the Change of Control (and annualized in the event that Employee was not employed by the Company or its affiliates (or was not eligible to earn such a bonus) for the whole of each
such fiscal year). If Employee was not eligible to earn such an annual bonus for any fiscal year ending on or before the Change of Control, then the Average Bonus shall be deemed to equal Employee’s target annual bonus opportunity as in effect
immediately prior to the Change of Control. 

  
 11 

 (c) “Cause” shall mean (i) the willful and continued failure of
Employee to perform substantially Employee’s duties with the Company or any of its affiliates (other than any such failure resulting from any medically determined physical or mental impairment), that is not cured by Employee within 20 calendar
days after a written demand for substantial performance is delivered to Employee by the Chief Executive Officer of the Company (the “CEO”) which specifically identifies the manner in which the CEO believes that Employee has not
substantially performed Employee’s duties; (ii) Employee’s illegal conduct, gross misconduct, gross insubordination or gross negligence that is materially and demonstrably injurious to the Company’s business or financial
condition; or (iii) Employee’s conviction, guilty plea or plea of nolo contendere for any crime involving dishonesty or for any felony. 

(d) “Change of Control” shall mean a “change of control” of Forest City Realty Trust, Inc. as defined in the Forest
City Realty Trust, Inc. 1994 Stock Plan, as in effect on the Effective Date; provided that in any case, the transaction also constitutes a “change in control event” within the meaning of Treasury Regulation § 1.409A-3(i)(5). 
 (e) “Date of Termination” shall mean, as applicable, the date of
Employee’s death, the Disability Effective Date, the date on which the termination of Employee’s employment by the Company for Cause or without Cause or by Employee for Good Reason or without Good Reason is effective. 

(f) “Disability” shall mean Employee is disabled in accordance with the long-term disability insurance plan maintained by the
Company for which Employee is eligible or a determination by the U.S. Social Security Administration that Employee is totally disabled. 

(g) “Good Reason” shall mean the occurrence of any of the following without Employee’s consent: (i) any reduction of
Employee’s Annual Base Salary (as defined in this Section 16); (ii) any reduction of Employee’s Target Bonus Opportunity (as defined in this Section 16); (iii) a material reduction in Employee’s title, authority,
responsibilities or reporting relationship as in effect immediately prior to the Change of Control; (iv) the Company’s material breach of any of its obligations to Employee under this Agreement; or (v) the Company’s requirement
that in order to perform his obligations to the Company, Employee must relocate his residence to a location more than 50 miles from Employee’s office location immediately prior to a Change in Control. A termination of Employee’s employment
by Employee shall not be deemed to be for Good Reason unless (x) Employee gives notice to the Company of the existence of the event or condition constituting Good Reason within 60 calendar days after such event or condition initially occurs or
exists, and (y) the Company fails to cure such event or condition within 30 calendar days after receiving such notice. 
 (h)
“Notice of Termination” shall mean a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated, and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the Date of Termination
(which date shall be not more than 30 calendar days after the giving of such notice). 

  
 12 

 (i) “Qualified Termination” shall mean the termination of Employee’s
employment within two years after a Change of Control: (i) by the Company and its affiliates for Disability or other than for Cause; or (ii) by Employee for Good Reason. 

(j) “Target Bonus Opportunity” shall mean the higher of (i) Employee’s target bonus opportunity under the
Company’s annual bonus program applicable to Employee as in effect immediately prior to the Change of Control, provided that if no target bonus opportunity has been established for the year in which the Change of Control occurs, as in effect
for the year immediately preceding the year in which the Change of Control occurs, or (ii) Employee’s target bonus opportunity under the annual bonus program applicable to Employee as in effect at any time after the Change in Control. 

(Signatures are on the following page) 

  
 13 

 IN WITNESS WHEREOF, the parties have caused this amended and restated Agreement to be
executed as of the date first written above. 
 FOREST CITY EMPLOYER, LLC 

			
		
	By:	 	 
		 	[Name]
		 	[Title]
	
	EMPLOYEE
	
	  

	[•]	 	

  
 14 

 EXHIBIT A 

GENERAL RELEASE 
 This
General Release (this “Release”) is made and entered into as of this [•] day of [•], 20[•], by and between Forest City Employer, LLC (the “Company”) and [•] (“Employee”). 

1. Employment Status. Employee’s employment with the Company and its affiliates terminated effective as of [•],
20[•] (the “Separation Date”). 
 2. Payments and Benefits. Upon the effectiveness of the terms set forth
herein, the Company shall provide Employee with the benefits set forth in Section 5 of the Amended and Restated Change of Control Agreement between Employee and the Company dated as of [•], 2018 (the “Change of Control
Agreement”), upon the terms, and subject to the conditions, of the Change of Control Agreement. Employee agrees that Employee is not entitled to receive any additional payments as wages, vacation or bonuses except as otherwise provided
under Section 5 of the Change of Control Agreement. 
 3. No Liability. This Release does not constitute an admission by the
Company, or any of its parents, subsidiaries, affiliates, divisions, officers, directors, partners, agents, or employees, or by Employee, of any unlawful acts or of any violation of federal, state or local laws. 

4. Release. In consideration of the payments and benefits set forth in Section 2 above, Employee for himself, his heirs,
administrators, representatives, executors, successors and assigns does hereby irrevocably and unconditionally release, acquit and forever discharge the Company and each of its parents, subsidiaries, affiliates, divisions, successors, assigns,
officers, directors, partners, agents, attorneys, and former and current employees, including without limitation all persons acting by, through, under or in concert with any of them (collectively, “Company Releasees”), and each of
them, from any and all claims, demands, actions, causes of action, costs, attorney fees, and all liability whatsoever, whether known or unknown, fixed or contingent, which Employee has, had, or may ever have against the Company Releasees relating to
or arising out of Employee’s employment or separation from employment with the Company, from the beginning of time and up to and including the date Employee executes this Release. This Release includes, without limitation, (i) law or
equity claims; (ii) contract (express or implied) or tort claims; (iii) claims for wrongful discharge, retaliatory discharge, whistle blowing, libel, slander, defamation, unpaid compensation, intentional infliction of emotional distress,
fraud, public policy, contract or tort, and implied covenant of good faith and fair dealing; (iv) claims arising under any federal, state, or local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability,
religion, veteran, military status, sexual orientation, or any other form of discrimination, harassment, or retaliation (including without limitation under the Age Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit
Protection Act (“ADEA”), the National Labor Relations Act, Executive Order 11246, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, Title VII of the Civil Rights Act of 1964
as amended by the Civil Rights Act of 1991, Section 1981 of the Civil Rights Act of 1966, the Equal Pay Act of 1962, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973, the Family and Medical Leave Act of 1993, the
Consolidated Omnibus Budget Reconciliation Act (COBRA), the Genetic 

  
 15 

 
Information Non-discrimination Act, the Sarbanes-Oxley Act, the Employee Polygraph Protection Act, the Uniformed Services Employment and Reemployment
Rights Act of 1994, the Equal Pay Act, the Lilly Ledbetter Fair Pay Act, the Post-Civil War Civil Rights Act (42 U.S.C. §§1981-1988), the Ohio Civil Rights Act, or any other foreign, federal, state or local law or judicial decision), (v)
claims arising under the Employee Retirement Income Security Act (excluding claims for amounts that are vested benefits or that Employee is otherwise entitled to receive under any employee benefit plan of the Company or any of its affiliates in
accordance with the terms of such plan and applicable law), and (vi) any other statutory or common law claims related to Employee’s employment with the Company or the separation of Employee’s employment with the Company; provided,
however, that nothing herein shall release any obligation of the Company under the Change of Control Agreement. 
 5. Protected
Activity. Nothing contained in this Release limits Employee’s ability to file a charge or complaint with any federal, state or local governmental agency or commission (a “Government Agency”). In addition, nothing in this
Release or any other Company agreement, policy, practice, procedure, directive or instruction shall prohibit Employee from reporting possible violations of federal, state or local laws or regulations to any Government Agency or making other
disclosures that are protected under the whistleblower provisions of federal, state or local laws or regulations. Employee does not need prior authorization of any kind to make any such reports or disclosures and Employee is not required to notify
the Company that Employee has made such reports or disclosures. If Employee files any charge or complaint with any Government Agency, and if the Government Agency pursues any claim on Employee’s behalf, or if any other third party pursues any
claim on Employee’s behalf, Employee waives any right to monetary or other individualized relief (either individually, or as part of any collective or class action) that arises out of alleged facts or circumstances on or before the effective
date of this Release; provided that nothing in this Release limits any right Employee may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission or other Government Agency. 

6. Bar. Employee and the Company acknowledge and agree that if he or it should hereafter make any claim or demand or commence or
threaten to commence any action, claim or proceeding against the other party with respect to any cause, matter or thing which is the subject of the releases under Section 4 of this Release, this Release may be raised as a complete bar to any
such action, claim or proceeding, and the applicable Releasee may recover from the other party all costs incurred in connection with such action, claim or proceeding, including attorneys’ fees. 

7. Governing Law. This Release shall be governed by and construed in accordance with the laws of the State of Ohio, without regard to
conflicts of laws principles. 
 8. Acknowledgment. Employee has read this Release, understands it, and voluntarily accepts its terms,
and Employee acknowledges that he has been advised by the Company to seek the advice of legal counsel before entering into this Release, and has been provided with a period of at least twenty-one
(21) days in which to consider entering into this Release. Employee acknowledges and agrees that the payments and benefits provided under Section 2 of this Release represent substantial value over and above that to which Employee would
otherwise be entitled. 

  
 16 

 9. Revocation. Employee has a period of seven (7) days following the execution
of this Release during which Employee may revoke this Release by delivering written notice to the Company, and this Release shall not become effective or enforceable until such revocation period has expired. Employee understands that if he revokes
this Release, it will be null and void in its entirety, and he will not be entitled to any payments or benefits provided in this Release, including without limitation those under Section 2 above. 

10. Miscellaneous. This Release is the complete understanding between Employee and the Company in respect of the subject matter of this
Release and supersedes all prior agreements relating to the same subject matter. Employee has not relied upon any representations, promises or agreements of any kind except those set forth herein in signing this Release. In the event that any
provision of this Release should be held to be invalid or unenforceable, each and all of the other provisions of this Release shall remain in full force and effect. If any provision of this Release is found to be invalid or unenforceable, such
provision shall be modified as necessary to permit this Release to be upheld and enforced to the maximum extent permitted by law. 
 11.
Counterparts. This Release may be executed by the parties hereto in counterparts, which taken together shall be deemed one original. 
  

			
	FOREST CITY EMPLOYER, LLC
	
	[Form of release – Do not sign]
	
	  

	By:	 	
	Its:	 	
	
	EMPLOYEE
	
	[Form of release – Do not sign]
	
	  

	[•]	 	

  
 17

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