Document:

hhc_Ex10_7

		
			Exhibit 10.7
		

		
			THE HOWARD HUGHES CORPORATION
		

		
			RESTRICTED STOCK AGREEMENT
		

		
			WHEREAS,  <EMPLOYEE> (the “Grantee”) is an employee of The Howard Hughes Corporation (and its successors, the “Company”);
		

		
			WHEREAS, the grant of Restricted Stock was authorized by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) on February 23, 2017;
		

		
			WHEREAS, the date of grant is February 23, 2017 (“Date of Grant”); and
		

		
			WHEREAS, pursuant to The Howard Hughes Corporation Amended and Restated 2010 Incentive Plan (the “Plan”), and subject to the terms and conditions thereof and the terms and conditions of this agreement (this “Agreement”), the Company has granted to Grantee as of the Date of Grant the right to receive <XXX> shares of common stock of the Company (the “Restricted Shares”).
		

		
			NOW, THEREFORE, the Company and Grantee hereby agree as follows:
		

		
			1.         Rights of Grantee.  The Restricted Shares subject to this grant shall be fully paid and nonassessable and shall be either: (i) represented by certificates held in custody by the Company until all restrictions thereon have lapsed, together with a stock power or powers executed by Grantee in whose name such certificates are registered, endorsed in blank and covering such Restricted Shares; or (ii) held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Shares, and endorsed with an appropriate legend referring to the restrictions hereinafter set forth.  Grantee shall have the right to vote the Restricted Shares.  Upon vesting of the Restricted Shares hereunder, the Grantee: (x) shall receive cash dividends or cash distributions, if any, paid or made by the Company with respect to common shares after the Date of Grant and prior to the vesting of the Restricted Stock; and (y) shall receive any additional Restricted Shares that Grantee may become entitled to receive by virtue of a Restricted Share dividend, a merger or reorganization in which the Company is the surviving corporation or any other change in the capital structure of the Company.
		

		
			2.         Restrictions on Transfer of Restricted Shares.  The Restricted Shares subject to this grant may not be assigned, exchanged, pledged, sold, transferred or otherwise disposed of by Grantee, except to the Company, until the Restricted Shares have become nonforfeitable in accordance with Sections 3,  4 and 5 hereof.  The Grantee’s rights with respect to such purported transfer in violation of the provisions of this Section 2 of this Agreement shall be null and void, and the purported transferee shall obtain no rights with respect to such Restricted Shares.
		

		
			3.         Vesting of Restricted Shares.  Subject to the terms and conditions of Sections  4 and 5 of this Agreement, the Restricted Shares covered by this Agreement shall vest in accordance with the vesting schedule based on the total shareholder return as set forth on Exhibit A (the “Performance-based Vesting Component”).  Notwithstanding anything to the contrary set forth in this Agreement, in the event that Grantee’s employment relationship with the Company or a Subsidiary is involuntarily terminated by the Company or a Subsidiary for any reason, except for cause, and Grantee has been employed by the Company or a Subsidiary continuously for a period of at least forty-eight (48) months from December 31, 2016, then a percentage of the Performance-based Vesting Component shall become nonforfeitable on December 31, 2021 based on the total shareholder return from the Date of Grant to the date of termination in accordance with the schedule set forth on Exhibit A.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			4.         Forfeiture of Awards.  Except to the extent Grantee’s rights to receive the Restricted Shares (and any dividends declared thereunder) covered by this Agreement have become nonforfeitable pursuant to Section 3 of this Agreement, Grantee’s rights to receive the Restricted Shares covered by this Agreement shall be forfeited automatically and without further notice on the date that Grantee ceases to be an employee of the Company or a Subsidiary.
		

		
			5.         Death or Disability.  Notwithstanding Sections 3 and 4 of this Agreement, if the Grantee dies or suffers a Permanently Disability (as defined below) before the vesting of the Performance-based Vesting Component, then the entire Performance-based Vesting Component shall vest and become nonforfeitable.  “Permanent Disability” means, unless otherwise provided by the Compensation Committee (talking into account the requirements of Section 409A of the Code, if applicable), the inability of an employee to perform the material duties of his or her employment by reason of a medically determinable physical or mental impairment that can be expected to result in death or that has lasted or is expected to last for a continuous period of at least twelve (12) months, as determined by a duly licensed physician selected by the Committee.
		

		
			6.         Compliance with Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided,  however, that notwithstanding any other provision of this Agreement, the Company shall not be obligated to issue any of the Restricted Shares covered by this Agreement if the issuance thereof would result in violation of any such law.
		

		
			7.         Compliance with Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Grantee.  This Agreement and the Plan shall be administered in a manner consistent with this intent.  Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any proposed, temporary or final regulations, or any other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.
		

		
			8.         Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided,  however, that no amendment shall adversely affect the rights of Grantee under this Agreement without Grantee’s consent; further,  provided, that Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any regulations promulgated thereunder, including as a result of the implementation of any recoupment policy the Company adopts to comply with the requirements set forth in the Dodd-Frank Act.
		

		
			9.         Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
		

		
			10.       Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan.  The Compensation Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the plan, have the right to determine any questions which arise in connection with the grant of Restricted Shares.
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			11.       Successors and Assigns.  Without limiting Section ‎2 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Grantee, and the successors and assigns of the Company.
		

		
			12.       Governing Law.  This Agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Delaware without giving effect to the principles of conflict of laws thereof.
		

		
			 
		

		
			[Remainder of Page Intentionally Left Blank, Signature Page to Follow]
		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			Executed in the name and on behalf of the Company, as of the 23rd day of February, 2017.
		

			
					
						 

					
					
						THE HOWARD HUGHES CORPORATION

				
	
					
						 

					
					
						    

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						David R. Weinreb

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			The undersigned Grantee hereby acknowledges receipt of an executed original of this Agreement and accepts the right to receive the Restricted Shares or other securities covered hereby, subject to the terms and conditions of the Plan and the terms and conditions herein above set forth.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Employee (Grantee)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			4

		

 

		

		
			EXHIBIT A
		

		
			PERFORMANCE-BASED VESTING SCHEDULE
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Cumulative Compounded
Annual Total Shareholder Return

					
					
						    

					
					
						Stock Price End

					
					
						    

					
					
						Vesting %

				
	
					
						0.00% to 10.99%

					
					
						 

					
					
						$192.51 or below

					
					
						 

					
					
						0%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						11.00% to 11.99%

					
					
						 

					
					
						$192.52

					
					
						 

					
					
						30%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						12.00% to 12.99%

					
					
						 

					
					
						$201.35

					
					
						 

					
					
						60% 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						13.00% to 13.99%

					
					
						 

					
					
						$210.50

					
					
						 

					
					
						90%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						14.00% to 14.99%

					
					
						 

					
					
						$219.98

					
					
						 

					
					
						120%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						15.00% +

					
					
						 

					
					
						$229.80 +

					
					
						 

					
					
						150%

				

		
			 
		

		
			The Performance-based Vesting Component of the Award shall vest on December 31, 2021, according to the schedule above; provided, that the Company achieves the corresponding cumulative compounded annual total shareholder return (“TSR”) target.  $114.25, the volume weighted average share price of the Company for the last 30 trading days of 2016, shall be used as the beginning price for the purpose of calculating TSR.  The ending price for the purpose of calculating TSR shall be the volume weighted average share price of the Company for the last 30 trading days of 2021.  A TSR target is deemed satisfied if the TSR (calculated as described above) meets or exceeds such target.  If the “Stock Price End” amount is higher than the threshold “Stock Price End” amount, but less than the “Stock Price End” amount for the next highest threshold, then, in this instance, the percentage of the award that vests shall be interpolated between the two thresholds.  For example, if your award was for 1,000 shares and on December 31, 2021 the “Stock Price End” was $224.89 (i.e. mid-way between $219.98 and $229.80), then, in this instance, you would be entitled to 1,350 fully vested shares of HHC Common Stock (135% of 1,000 shares). Share price shall be based on the daily closing price of the Company’s common stock as reported in the consolidated transaction reporting system and shall be rounded to the nearest whole cent.
		

		
			The Compensation Committee may make adjustments to the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events, including without limitation, stock splits, stock dividends, spinoffs or other similar events, or as a result of changes in applicable laws, regulations or accounting principles, to prevent dilution or enlargement of the benefits or increase in intended benefits or potential intended benefits provided by an Award; provided, that such adjustments shall be consistent with the requirements of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) with regard to Awards subject to Section 162(m) of the Code.
		

		
			The term “Award” shall have the meaning set forth in The Howard Hughes Corporation 2010 Amended and Restated Incentive Plan.  All other capitalized terms used herein without definition shall have the meanings assigned to them in the Restricted Stock Agreement to which this Exhibit A is attached.
		

		
			 
		

		 

		

			A-1Exhibit

EXHIBIT 10.64
Term Sheet

	
		
	1. Parties
	Cardinal Health 414, LLC (“CAH”) and Lantheus Medical Imaging, Inc. (“LMI”)

	2. Products
	a)    Standard (Non-LEU) TechneLite® generators and LEU TechneLite® generators (collectively “TechneLite® Generators”)
b)    Xenon 133 Gas 
c)    NEUROLITE® (Kit for the Preparation of Technetium Tc99m Bicisate for Injection) 
d)    Cardiolite® (Kit for the Preparation of Technetium Tc99m Sestamibi for Injection) and Generic Sestamibi (collectively “Sestamibi Product”)
e)    Thallium 201 (Thallous Chloride Tl201 Injection) 
f)    Gallium 67 (Gallium Citrate Ga67 Injection) 
g)    Product development - The parties agree to meet on a routine basis to discuss product development opportunities, and will endeavor to work together to ****.

	3. Territory
	United States and Puerto Rico

	4. Term
	January 1, 2018 through December 31, 2018 (the “Term”).
 

	5. Pricing
	Subject to the purchase commitments described below, pricing will be firm as set forth in the attached Exhibit A (the “Pricing Schedule”) (and subject to adjustment as set forth in the attached Pricing Schedule).

	6. TechneLite® Generators
	Beginning January 1, 2018 and continuing through December 31, 2018, CAH will establish standing orders of at least ****% of CAH’s aggregate curie volume each week. 

	7. Xenon 133 Gas
	For the period January 1, 2018 through December 31, 2018, CAH will establish standing orders of at least ****% of CAH’s aggregate mCi volume each week.
 

	8. NEUROLITE®

	a)    For the period January 1, 2018 through December 31, 2018, CAH shall purchase a minimum of **** kits during each calendar quarter; provided, that all Neurolite® kits will be supplied per CAH’s purchase order with ****.  ****.  Concurrently with signing this Term Sheet, CAH shall provide LMI with a written, good faith **** forecast of the quantities of Neurolite® kits that CAH expects to purchase from LMI for the **** (the "Initial **** Forecast"). No later than ****, CAH shall provide LMI with a written, good faith **** forecast of the quantities of Neurolite® kits that CAH expects to purchase from LMI for the **** (the "Subsequent **** Forecast").  Only if LMI satisfies the conditions above, both the Initial **** Forecast and Subsequent **** Forecast will be binding on CAH, and CAH will place purchase orders that in the aggregate for each calendar quarter equate to at least the quantities specified therein.  For the avoidance of doubt, CAH may place purchase orders in excess of the Initial **** Forecast and/ or the Subsequent **** Forecast to meet its requirements, and LMI will use **** to ship such orders.       
b)    All purchases will be invoiced at the **** set forth on the Pricing Schedule.  Within **** days of the end of each ****, LMI will calculate CAH’s actual purchase volume, and ****.  For the avoidance of doubt, if CAH’s **** volume is less than **** kits because LMI could not meet the requirement to supply Neurolite® kits with at least ****, as applicable.  

	
		
	9. Sestamibi Products

	a)    Per Pricing Schedule
b)    Concurrently with signing this Term Sheet with respect to the **** and **** (****) days prior to each subsequent ****, CAH shall provide LMI with a written, good faith **** forecast of the quantities and types of Sestamibi Products which CAH expects to purchase from LMI during the forthcoming **** (the "**** Forecast"). The Quarterly Forecast will be binding on CAH, and CAH will place purchase orders that in the aggregate for each **** equate to at least the quantities specified therein.  For the avoidance of doubt, CAH may place purchase orders in excess of the **** Forecast to meet its requirements, and LMI will use **** to ship such orders.       

	10. Thallium 201

	a)    Per Pricing Schedule
b)    Subject to continued negotiations, if the Parties mutually agree upon a purchase commitment, for LMI’s Cyclotron-planning purposes, CAH will provide LMI with a written good faith estimate on mCi’s planned to be ordered during each ****, broken down by each ****.

	11. Gallium 67

	For the period January 1, 2018 through December 31, 2018, CAH will establish standing orders of at least ****% of CAH’s total mCi volume each ****.

	12. Invoicing Terms
	Net **** days

	13. Audit Rights
	a)   LMI will have a right to audit CAH’s compliance with its purchase commitment obligations through an independent third party that enters into a confidentiality agreement in favor of CAH.
b)   CAH will have a right to audit any **** for TechneLite® Generators through an independent third party that enters into a confidentiality agreement in favor of LMI.

	14. Continued Negotiations
	As promptly as practicable following execution and delivery of this Term Sheet, each of the parties will negotiate reasonably and in good faith with the objective of mutually agreeing on all matters not yet specified in this Term Sheet.  Without limitation to the foregoing, the parties acknowledge that continued negotiations are intended to include additional terms not yet set forth under this Term Sheet related to products and pricing for ****; provided, that nothing hereunder requires either party to agree to any such additional terms unless mutually agreed upon in writing by the parties.

Additional Terms
This Term Sheet addresses only certain of the principal terms that would be included in a Definitive Agreement and does not describe all of the material terms and conditions that would be included in a Definitive Agreement.  This Term Sheet constitutes a binding agreement among the parties with respect to the terms set forth herein.  
As soon as practicable, each party will reasonably and in good faith negotiate and execute a definitive supply agreement incorporating the terms and conditions set forth in this Term Sheet and such other material terms and conditions as may be mutually agreed or otherwise incorporated in the manner contemplated by the next paragraph (a “Definitive Agreement”).  

If the parties are unable, for any reason, to complete negotiation and execution of a Definitive Agreement that supersedes this Term Sheet on or before ****, then at that time this Term Sheet will be (a) deemed to be a reinstatement of, and amendment to relevant and applicable terms of, (i) the Amended and Restated Supply Agreement (Thallium and Generators) by and between Lantheus Medical Imaging, Inc. and Cardinal Health 414, LLC, dated October 1, 2004, as amended by Amendment No. 1 thereto, dated as of December 

29, 2009, Amendment No. 2 thereto, effective as of December 27, 2012, and as further amended by the provisions of the Term Sheet for Supply Agreement, effective as of November 19, 2015 (the “Previous Term Sheet”) (collectively, as amended, but the “Generator Agreement”), and (ii) the Amended and Restated Cardiolite® License and Supply Agreement by and between Lantheus Medical Imaging, Inc. and Cardinal Health 414, LLC, entered into as of January 1, 2009 and effective as of January 1, 2004, as amended by Amendment No. 1 thereto, effective as of February 9, 2012, Amendment No. 2 thereto, effective as of December 27, 2012, and as further amended by the Previous Term Sheet (collectively, as amended, , the “Cardiolite® Agreement”), as the case may be, (b) construed and interpreted along with the Generator Agreement and the Cardiolite® Agreement and (c) deemed incorporated, as applicable, into the Generator Agreement and the Cardiolite® Agreement; provided that for the avoidance of doubt, Sections 5 through 12, Section 14 and the Pricing Schedule of the Previous Term Sheet shall be deemed superseded, and have no force or effect,  for all purposes from and after January 1, 2018.  Any conflicts between this Term Sheet and the Generator Agreement and the Cardiolite® Agreement will be resolved in favor of this Term Sheet.

Miscellaneous
Each party agrees to maintain in confidence and not disclose, disseminate or otherwise make available to any unaffiliated third party the existence of this Term Sheet and/or the terms and conditions offered under this Term Sheet, except as may otherwise be required by applicable law, including, without limitation, the U.S. federal securities laws.  
This Term Sheet and all claims, controversies and causes of action arising under or relating to this Term Sheet are subject to the laws of the state of New York, without regard to its conflicts of laws principles.  
This Term Sheet may be executed in one or more counterparts, each of which will be deemed to be an original and such counterparts will together constitute on and the same instrument.  Signatures to this Term Sheet may be delivered by facsimile, by electronic mail (e.g., a “.pdf” file) or by any other electronic means that is intended to preserve the original appearance of the document, and such delivery will have the same effect as the delivery of the paper document bearing the actual, hand-written signatures. 
[The remainder of this page is left blank intentionally.]

IN WITNESS WHEREOF, the parties, intending to be legally bound, have executed this Term Sheet as of this 30th day of October, 2017.

Cardinal Health 414, LLC
By: /s/ Aaron Lynch 
Name: Aaron Lynch 
Title: Vice President Sourcing

Lantheus Medical Imaging, Inc.
By: /s/ Mary Anne Heino 
Name: Mary Anne Heino 
Title: President/CEO

Exhibit A 
Pricing Schedule

The prices in this Exhibit A will apply if the Term Sheet is fully executed on or before November 1, 2017.

TechneLite®

The purchase prices of TechneLite® Generators shall be as follows:
	
		
	Generator Size per mCi*
	****% of Aggregate Requirements
Volume Price

	1000
	$****

	2000
	$****

	2500
	$****

	3000
	$****

	4000
	$****

	4500
	$****

	5000
	$****

	6000
	$****

	7500
	$****

	10000
	$****

	12500
	$****

	15000
	$****

	18000
	$****

*Includes ****.

In addition, at any time during the Term, subject to the ****, LMI may increase the prices for TechneLite® Generators to reflect any material increase in cost of molybdenum incurred by LMI as a result of a material change imposed by LMI’s suppliers following the effective date of this Term Sheet.  A cost increase is considered material if an increase in the cost of molybdenum exceeds ****% of prior costs, and that increase is sustained over a **** day period following the effective date of this Term Sheet.  In the event of a material increase, LMI will be entitled to increase purchase prices to ****%; provided, that prior to such price increase LMI provides CAH **** (****) days prior written notice and reasonable documentation (such as a certificate of an officer as to the increase and a reasonable proof-source letter) supporting such change in costs.  In the event of ****.  Without limitation to the foregoing, ****.

Xenon

The purchase prices of Xenon Products for the period from January 1, 2018 through December 31, 2018 shall be as follows:

Xenon 133 (Xenon XE133 Gas)
	
		
	Xenon Item Numbers
	Price

	X110
	$****

	X510
	$****

	X120
	$****

	X520
	$****

NEUROLITE®

The purchase price of NEUROLITE® Products for the period from January 1, 2018 through December 31, 2018 shall be as follows:

NEUROLITE® (Kit for the Preparation of Technetium Tc99m Bicisate for Injection)
	
			
	NEUROLITE® Item Number
	****
	****

	NE2D (2 vial kit)
	$****
	$****

Sestamibi Products 

The purchase prices of Sestamibi Products for the period from January 1, 2018 through December 31, 2018 shall be as follows:

Cardiolite® (Kit for the Preparation of Technetium Tc99m Sestamibi for Injection) and Unbranded Sestamibi (Kit for the Preparation of Technetium Tc99m Sestamibi for Injection)
	
		
	Item Numbers
	Price

	CAKD (5 vials)
	$****

	CAPD (20 vials)
	$****

	GNCA (Sestamibi 20 vials)
	$****

Thallium
The purchase prices of Thallium Products for the period from January 1, 2018 through December 31, 2018 shall be as follows:
Thallium 201 (Thallous Chloride Tl201 Injection)
	
		
	Thallium
	Price per mCi

	TL201
	$****

Gallium

The purchase prices of Gallium Products for the period from January 1, 2018 through December 31, 2018 shall be as follows:

Gallium 67 (Gallium Citrate Ga67 injection)
	
				
	Gallium Item Numbers
	****
	****
	****

	GA6
	24 mCi
	12 mCi
	$****

	GA8
	32 mCi
	17 mCi
	$****

	GA12
	47 mCi
	25 mCi
	$****

	GA18
	71 mCi
	37 mCi
	$****

*Manufactured on Thursday, shipped for delivery beginning on Friday and calibrated for the following Thursday.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]