Document:

Exhibit 10.2

 

 

 

MYR GROUP INC.

 

PERFORMANCE SHARES AWARD AGREEMENT

 

(Executive Officer)

 

This AGREEMENT (this
“Agreement”) is made as of March ___, 20___, by and between MYR Group Inc., a Delaware corporation (the “Company”),
and [                  ] (the “Participant”).

 

		1.	Grant of Performance Shares. Pursuant to the MYR Group Inc. 2017 Long-Term Incentive Plan (the “Plan”) and
subject to the terms and conditions thereof and the terms and conditions hereinafter set forth, the Company has granted to the
Participant, as of March ___, 20___ (the “Date of Grant”), [                   ] target Performance Shares, a percentage of which may
be earned in accordance with the terms of this Agreement and contingent on the Company’s Return On Invested Capital (“ROIC”)
over the ROIC Performance Period (such target amount, the “ROIC Target Performance Shares”), and [ ] Performance Shares,
a percentage of which may be earned in accordance with the terms of this Agreement and contingent on the Company’s relative
Total Stockholder Return (“TSR”) over the TSR Performance Period (such target amount, the “TSR Target Performance
Shares”). The Performance Shares are not intended to be a Qualified-Performance Based Award under the Plan.

 

		2.	Earning of Target Performance Shares.

 

		(a)	Performance Measure: The Participant’s
right to receive all of, any portion of, or more than, the number of ROIC Target Performance Shares or TSR Target Performance
Shares generally will be contingent upon the achievement of specified levels of the Company’s ROIC and relative TSR, as
set forth in the “Statement of Performance Goals” established by the Committee in connection with the Awards granted
by this Agreement, and will be measured over the period from January 1, 20___ through December 31, 20___ for ROIC performance
(the “ROIC Performance Period”) and the Date of Grant through December 31, 20___ for TSR performance (the “TSR
Performance Period”, and together with the ROIC Performance Period, the “Performance Periods”).

 

		(b)	Below Threshold:

 

		(i)	ROIC: If, upon the conclusion of the ROIC Performance
Period, ROIC for the ROIC Performance Period falls below the threshold level, as set forth in the ROIC Performance Matrix contained
in the Statement of Performance Goals, no Performance Shares for ROIC performance shall become earned.

 

		(ii)	TSR: If, upon conclusion of the TSR Performance
Period, the Company’s relative TSR for the TSR Performance Period falls below the 25th percentile of TSR for
the TSR Peer Group Companies (as defined below), no Performance Shares for TSR performance shall become earned.

 

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		(c)	Threshold:

 

		(i)	ROIC: If, upon the conclusion of the ROIC Performance Period, ROIC for the ROIC Performance Period equals the threshold
level, as set forth in the ROIC Performance Matrix contained in the Statement of Performance Goals, 50% of the ROIC Target Performance
Shares shall become earned.

 

		(ii)	TSR: If, upon conclusion of the TSR Performance Period, the Company’s relative TSR for the TSR Performance Period
is at the 25th percentile of TSR for the TSR Peer Group Companies, 25% of the TSR Target Performance Shares shall become
earned.

 

		(d)	Between Threshold and Target:

 

		(i)	ROIC: If, upon the conclusion of the ROIC Performance Period, ROIC exceeds the threshold level, but is less than the
target level, as set forth in the ROIC Performance Matrix contained in the Statement of Performance Goals, the percentage of ROIC
Target Performance Shares that shall become earned shall be determined by mathematical straight-line interpolation between 50%
of the ROIC Target Performance Shares and 100% of the ROIC Target Performance Shares, with a fractional share rounded down to the
next whole share.

 

		(ii)	TSR: If, upon the conclusion of the TSR Performance Period, the Company’s relative TSR exceeds the 25th
percentile, but is less than the 50th percentile of TSR of the TSR Peer Group Companies, the percentage of TSR Target
Performance Shares that shall become earned shall be determined by mathematical straight-line interpolation between 25% of the
TSR Target Performance Shares and 100% of the TSR Target Performance Shares, with a fractional share rounded down to the next whole
share.

 

		(e)	Target:

 

		(i)	ROIC: If, upon the conclusion of the ROIC Performance Period, ROIC for the Performance Period equals the target level,
as set forth in the ROIC Performance Matrix contained in the Statement of Performance Goals, 100% of the ROIC Target Performance
Shares shall become earned.

 

		(ii)	TSR: If, upon conclusion of the TSR Performance Period, the Company’s relative TSR for the TSR Performance Period
is at the 50th percentile of TSR for the TSR Peer Group Companies, 100% of the TSR Target Performance Shares shall become
earned.

 

		(f)	Between Target and Maximum:

 

		(i)	ROIC: If, upon the conclusion of the ROIC Performance Period, ROIC exceeds the target level, but is less than the maximum
level, as set forth in the ROIC Performance Matrix contained in the Statement of Performance Goals, the percentage of ROIC Target
Performance Shares that shall become earned shall be determined by mathematical straight-line interpolation between 100% of the
ROIC Target Performance Shares and 200% of the ROIC Target Performance Shares, with a fractional share rounded down to the next
whole share.

 

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		(ii)	TSR: If, upon the conclusion of the TSR Performance Period, the Company’s relative TSR exceeds the 50th
percentile, but is less than the 75th percentile of TSR for the TSR Peer Group Companies, the percentage of TSR Target
Performance Shares that shall become earned shall be determined by mathematical straight-line interpolation between 100% of the
TSR Target Performance Shares and 200% of the TSR Target Performance Shares, with a fractional share rounded down to the next whole
share.

 

		(g)	Equals or Exceeds Maximum:

 

		(i)	ROIC: If, upon the conclusion of the ROIC Performance Period, ROIC for the ROIC Performance Period equals or exceeds
the maximum level, as set forth in the ROIC Performance Matrix contained in the Statement of Performance Goals, 200% of the ROIC
Target Performance Shares shall become earned.

 

		(ii)	TSR: If, upon conclusion of the TSR Performance Period, the Company’s relative TSR for the TSR Performance Period
equals or exceeds the 75th percentile of TSR for the TSR Peer Group Companies, 200% of the TSR Target Performance Shares
shall become earned.

 

		(h)	Conditions; Determination of Earned Award: Except
as otherwise provided herein, the Participant’s right to receive any Performance Shares is contingent upon his or her remaining
in the continuous employ of the Company or a Subsidiary through the end of the Performance Periods. Following the Performance
Periods, the Committee shall determine whether and to what extent the goals relating to ROIC and TSR have been satisfied for the
Performance Periods and shall determine the percent of ROIC Target Performance Shares and TSR Target Performance Shares, if any,
that may have become earned hereunder.

 

		(i)	Determination Regarding ROIC: All determinations
involving ROIC set forth in this Section 2 shall be the arithmetic average of the ROIC for the ROIC Performance Period
calculated by dividing the sum of the Company’s ROIC for each fiscal year in the ROIC Performance Period by the number of
years in the ROIC Performance Period, where ROIC for each fiscal year in the ROIC Performance Period is defined as net income
plus net interest net of taxes (net income plus net interest, less net interest times the effective tax rate), less dividends
divided by invested capital (funded debt less cash and marketable securities plus total stockholders’ equity) at the beginning
of each fiscal year,

 

	ROIC	=	Net Income + (Net Interest x (1 – Tax Rate)) – Dividends
	Funded Debt – Cash And Marketable Securities + Total Stockholders’ Equity

 

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with all financial measures as determined
from the Company’s consolidated financial statements for each year in the ROIC Performance Period, subject to any
adjustment as determined by the Committee.

 

		(j)	Determination Regarding TSR: At the end of the
TSR Performance Period, the percentile rank of the Company’s TSR in respect to the TSR of the TSR Peer Companies will be
calculated. TSR with respect to the Company and each of the TSR Peer Companies means the change in the fair market value of common
stock of the Company and the TSR Peer Companies, assuming reinvestment of dividends, over the TSR Performance Period. The measurement
of change in fair market value over the Performance Period shall be based on the average closing prices of the common stock for
the last 20 trading days preceding the Date of Grant and the last 20 trading days preceding the end of the TSR Performance Period
(December 31, 20___), assuming reinvestment of dividends in common stock. Any TSR Peer Company that is no longer publicly traded
at any time during or at the end of the TSR Performance Period shall be excluded from this calculation.

 

		(k)	TSR Peer Companies: The public companies against which the Company’s TSR performance will be compared (the “TSR
Peer Group Companies”) are identified in the Statement of Performance Goals.

 

		3.	Pro Rata Earning of Target Performance Shares.

 

		(a)	Termination without Cause or Good Reason, Death, Disability or Retirement: Notwithstanding Section 2(h), if,
during the Performance Period, but before the payment of any Performance Shares as set forth in Section 5, the Participant’s
employment is terminated without “Cause” or with “Good Reason” (as each term is defined in the Participant’s
current Employment Agreement with the Company, as may be amended from time to time (the “Employment Agreement”)), the
Participant dies or in the event of his “Disability” (as such term is defined in the Employment Agreement) while in
the employ of the Company or in the event of the retirement of the Participant after having attained “normal retirement age”
(as such term is defined in the Social Security Act of 1935, as amended), then the Participant shall be entitled to receive such
percent of the ROIC Target Performance Shares and TSR Target Performance Shares, if any, as is determined pursuant to Section
2 at the conclusion of the Performance Periods as if the Participant had remained in the continuous employ of the Company through
the end of the Performance Periods, based on the Company’s ROIC and TSR performance during the Performance Periods, prorated,
based on the number of whole months that the Participant was employed by the Company during the Performance Periods.

 

		(b)	Change in Control: Notwithstanding Section 2(h), if, during the Performance Periods, but before the payment of
any Performance Shares as set forth in Section 5, a Change in Control occurs while the Participant is an employee of the
Company, then the Participant shall be entitled to receive the number of ROIC Target Performance Shares and the number of TSR Target
Performance Shares set out in Section 1.

 

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		4.	Forfeiture of Award. Except to the extent the Participant has earned the right to receive Performance Shares pursuant
to Section 2 or 3 hereof, the Participant’s right to receive Performance Shares shall be forfeited automatically
and without further notice on the date that the Participant ceases to be an employee of the Company or a Subsidiary prior to the
last day of the Performance Periods or, in the event that Section 3(b) applies, the date on which the Change in Control
occurs.

 

		5.	Payment of Performance Shares.

 

		(a)	Subject to Section 5(c), Performance Shares earned as provided in Section 2 or pursuant to Section 3(a) shall
be paid to the Participant or his or her executor or administrator, as the case may be, in shares of Common Stock in the calendar
year immediately following the close of the Performance Period to which the award relates, but in no event later than two and one-half
(2 1/2) months after the close of the Performance Period.

 

		(b)	The ROIC Target Performance Shares and TSR Target Performance Shares earned pursuant to Section 3(b) shall be paid to
the Participant in shares of Common Stock as soon as practicable following the Change in Control, but in no event later than two
and one-half (2 1/2) months following the end of the year in which the Change in Control occurs.

 

		(c)	Notwithstanding anything in this Agreement to the contrary, if the Participant is a “specified employee” as determined
pursuant to procedures adopted by the Company in compliance with Section 409A of the Code, the ROIC Target Performance Shares and
TSR Target Performance Shares become payable on the Participant’s “separation from service” with the Company
and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code, and the amount payable hereunder constitutes a
“deferral of compensation” (within the meaning of Section 409A of the Code), then payment of the ROIC Target Performance
Shares and TSR Target Performance Shares shall be made on the earlier of the first day of the seventh month after the date of the
Participant’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i)
of the Code or the Participant’s death.

 

		6.	Transferability. Transferability shall be as set forth in the Plan.

 

		7.	No Employment Contract. Nothing contained in this Agreement shall (a) confer upon the Participant any right to be employed
by or remain employed by the Company, or (b) limit or affect in any manner the right of the Company to terminate the employment
of the Participant at any time.

 

		8.	Taxes and Withholding. To the extent that the Company is required to withhold any federal, state, local or foreign taxes
in connection with the payment of any Performance Shares, it shall be a condition to the payment of any Performance Shares that
the Participant shall pay such taxes by the Company’s retention of a portion of the shares of Common Stock otherwise payable
to the Participant. The shares so retained shall be credited against such withholding requirement at the Fair Market Value on the
date of such delivery. In no event, however, shall the Company accept shares for payment of taxes in excess of minimum required
tax withholding rates; therefore, the Participant agrees to a payroll deduction for the amount of the withholding requirement that
may be greater than the value of the whole number of shares retained for such purpose.

 

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		9.	Rights of a Stockholder. The Participant shall not have any rights of a stockholder with respect to the Performance
Shares prior to the date such shares are earned.

 

		10.	Payment of Dividends. No dividends or dividend equivalents shall be accrued or earned with respect to any Performance
Shares until such Performance Shares are earned by the Participant as provided in this Agreement.

 

		11.	Adjustments. Notwithstanding any other provision hereof, the number of Performance Shares subject to this Agreement,
and the other terms and conditions of this award, are subject to mandatory adjustment as provided in Section 3.2 of the Plan.

 

		12.	Restrictive Covenants. If the Participant engages in any conduct in breach of any noncompetition, nonsolicitation or
confidentiality obligations to the Company under any agreement, policy or plan, then such conduct shall also be deemed to be a
breach of the terms of the Plan and this Agreement. Upon such breach, the Participant’s right to receive Performance Shares
covered by this Agreement shall be forfeited automatically and without further notice and to the extent that the Participant has
received shares of Common Stock pursuant to Section 5 within a period of 18 months prior to such breach, the Participant
shall be required to return to the Company, upon demand, such shares or the net proceeds of any sales. For purposes of this Section
12, net proceeds shall mean the net amount realized upon the disposition of the shares. Notwithstanding anything in this Agreement
to the contrary, nothing in this Agreement prevents the Participant from providing, without prior notice to the Company, information
to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or
proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity the Participant is not
prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange
Act.

 

		13.	Recovery of Performance Shares. If (a) the Company restates any part of its financial statements for any fiscal year
or years covered by the Performance Periods due to material noncompliance with any financial reporting requirement under the U.S.
securities laws applicable to such fiscal year or years (a “Restatement”) and (b) the Committee determines that the
Participant is personally responsible for causing the Restatement as a result of the Participant’s personal misconduct or
any fraudulent activity on the part of the Participant, then the Committee has discretion to, based on applicable facts and circumstances
and subject to applicable law, cause the Company to recover all or any portion (but no more than 100%) of the shares of Common
Stock paid or payable to the Participant for the Performance Periods. The amount of any cash or shares recovered by the Company
under this Section 13 shall be limited to the amount by which such shares payment exceeded the amount that would have been
paid to or received by the Participant had the Company’s financial statements for the applicable restated fiscal year or
years been initially filed as restated, as reasonably determined by the Committee. Notwithstanding anything herein to the contrary,
the Participant’s consent shall not be required for an amendment to this Agreement that is deemed necessary by the Company
to ensure compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) 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.

 

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		14.	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. The 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
that arise and to exercise its discretionary authority under the Plan in connection with the grant of ROIC Target Performance Shares
and TSR Target Performance Shares.

 

		15.	Miscellaneous. All decisions or interpretations of the Committee with respect to any question arising under the Plan
or this Agreement shall be binding, conclusive and final. The waiver by the Company of any provision of this Agreement shall not
operate as or be construed to be a subsequent waiver of the same provision or of any other provision of this Agreement. The Participant
agrees to execute such other agreements, documents or assignments as may be necessary or desirable to effect the purposes of this
Agreement.

 

		16.	Capitalized Terms. All capitalized terms used in this Agreement that are not defined herein shall have the meanings
given them in the Plan or resolutions adopted by the Committee authorizing grants made under this Agreement, unless the context
clearly requires otherwise.

 

		17.	Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with, or
be exempt from, the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent
with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall
have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent
permitted by Section 409A of the Code and may be made by the Company without the consent of the Participant). Any reference in
this Agreement to Section 409A of the Code 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.

 

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IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and the Participant has executed
this Agreement, as of the day and year first above written.

 

	 	MYR GROUP INC.
	 	 	 
	 	By:  	       
	 	 	Name:
	 	 	Title: Chairman of the Board

 

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

  

	 	    
	 	Participant
	 	 	 
	 	Date:   	            

 

    	 	8Exhibit

Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE
This Separation Agreement and General Release (“Agreement”) is being entered into by Retail Properties of America, Inc. (“Employer” or “Company”) and Paula C. Maggio (“Employee”) (together, the “Parties”).
1.SEPARATION
Employee and Employer are parties to a Retention Agreement, dated effective as of October 31, 2016 (the “Retention Agreement”). Employee’s last day of employment with Employer is March 9, 2018 (“Separation Date”).
2.    VALUABLE CONSIDERATION
2.1    Severance Package.  Employer agrees to provide Employee with the following payments and benefits (“Severance Package”).  Employee acknowledges and agrees that the Severance Package constitutes adequate legal consideration for the promises and representations made by her in the Agreement.  Receipt of the Severance Package is contingent upon the following conditions: (i) Employee must continue to abide by the covenants regarding confidentiality, non-solicitation and non-disparagement described in Section 11 of the Retention Agreement, and (ii) application of the Recoupment Policy described in Section 6 of the Retention Agreement, the Golden Parachute Payments provision described in Section 7 of the Retention Agreement, and the provisions regarding compliance with Section 409A of the Internal Revenue Code described in Section 13 of the Retention Agreement.  Subject to the foregoing, Employer will pay the Severance Payment on the sixtieth (60th) day after the Separation Date.
2.1.1.    Severance Payment.  Employer agrees to pay Employee a total of $1,334,048, computed in accordance with Section 3(a) of the Retention Agreement, less all appropriate federal and state income and employment taxes (“Severance Payment”).
2.1.2.    Acceleration of Vesting. The vesting of all unvested equity awards granted to Employee that are listed on Exhibit A hereto shall become vested in accordance with Section 3(c) of the Retention Agreement. The Performance-Based Equity Awards (as defined in the Retention Agreement), or the portions thereof, that are listed as such on Exhibit A will remain outstanding following the Separation Date and will vest based on the achievement of the Performance-Based Conditions (as defined in the Retention Agreement) of such Performance-Based Equity Awards determined in accordance with the applicable award agreement (and Section 5 of the Retention Agreement, if applicable).  The performance-based equity awards (other than those constituting Performance-Based Equity Awards (as defined in the Retention Agreement)), or the portions thereof, that are listed as performance-based equity awards with a grant date prior to October 31, 2016 on Exhibit A will remain outstanding following the Separation Date and will vest based on the achievement of the performance-based conditions of such awards determined in accordance with the applicable award agreement.  All other equity awards (or portions thereof) made to the Employee by the Employer that were unvested immediately prior to the Separation Date will be forfeited as of the Separation Date.

2.1.3.    Continued Healthcare.  Employer will pay the amounts described in Section 3(d) of the Retention Agreement on the terms set forth therein.
2.2    Employee acknowledges that the benefits described above are over and above anything owed to her by law, contract or under the policies of Employer, and that they are being provided to her expressly in exchange for her entering into this Agreement.
3.    GENERAL RELEASE AND WAIVER
3.1    In consideration of Employer’s promises made within this Agreement, Employee unconditionally, irrevocably and absolutely waives, releases and discharges Employer, and any parent and subsidiary corporations, divisions and affiliated corporations, partnerships or other affiliated entities of Employer, past and present, as well as the past and present employees, officers, directors, agents, successors and assigns of Employer (collectively, “Released Parties”), from all claims related in any way to the transactions or occurrences between them to date, to the fullest extent permitted by law, including, but not limited to, Employee’s employment with Employer, the termination of Employee’s employment with Employer, and all other losses, liabilities, claims, charges, demands and causes of action, known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with Employee’s employment with Employer.  This release is intended to have the broadest possible application and includes, but is not limited to, any tort, contract, common law, constitutional or other statutory claims, including, but not limited to claims involving intellectual property or innovations that Employee may have worked on or come up with during the period in which she was being compensated by any of the Released Parties, alleged violations of the Illinois Human Rights Act, the Illinois Minimum Wage Law, the Illinois Wage Payment and Collection Act, the Illinois One Day Rest in Seven Act, the Illinois Victims' Economic Security and Safety Act, the Illinois Personnel Record Review Act, the Illinois Worker Adjustment and Retraining Notification Act, the Illinois Right to Privacy in the Workplace Act, the Illinois Workers' Compensation Act and any other statute set forth in Chapter 820 or any other chapter of the Illinois Compiled Statutes that pertains or relates to, or otherwise touches upon, the employment relationship between Employer and Employee, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and all claims for attorneys’ fees, costs and expenses.  Employee expressly waives Employee’s right to recovery of any type, including damages, in any administrative or court action, whether state or federal, and whether brought by Employee or on Employee’s behalf, related in any way to the matters released herein.  However, this general release is not intended to bar any claims that, by statute, may not be waived, such as claims for any challenge to the validity of Employee’s release of claims under the Age Discrimination in Employment Act, as set forth in this Agreement.  Further, nothing in this Section 3.1 shall release any of the Released Parties’ obligations, covenants, and agreements under this Agreement or Employee’s rights under applicable law, the Company’s Bylaws, any Company officer indemnity agreement to which Employee is a party or the Company’s director and officer liability policy to seek indemnity for acts committed, or omissions, within the course and scope of Employee’s employment duties.

3.2    Employee acknowledges that Employee may discover facts or law different from, or in addition to, the facts or law that Employee knows or believes to be true with respect to the claims released in this Agreement and agrees, nonetheless, that this Agreement and the release contained in it shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery of them.
3.3    Employee declares and represents that Employee intends this Agreement to be complete and not subject to any claim of mistake, and that the release herein expresses a full and complete release and Employee intends the release herein to be final and complete.
3.4    Employee represents that, as of the date of this Agreement, she has not filed any lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against Employer or any of the other Released Parties in any court or with any governmental agency.
3.5    Employee acknowledges and agrees that the general release and waiver clause in this Agreement is an essential and material term of the Agreement, and that without such clause, no agreement would have been reached by the Parties.
4.    ACKNOWLEDGEMENTS BY EMPLOYEE
4.1    Employee acknowledges that she is subject to, and will continue to abide by, all surviving provisions of the Retention Agreement, including, without limitation, the covenants regarding confidentiality, non-solicitation and non-disparagement set forth in Section 11 of the Retention Agreement (the “Covenants”), all of which are incorporated herein by reference as if set forth herein in their entirety.  Nothing in this Agreement is intended to modify, supersede or replace any provision, right or obligation of Employee under the Covenants.
4.2    Employee acknowledges that she has been paid all wages, commissions, incentive payments, and bonuses owed to her by Employer, to date, other than accrued salary since the most recent payroll period for which Employee has been paid and all unused vacation pay due to her based on her employment to the Separation Date, to extent that any such amount remains unpaid as of the Effective Date.
5.    NON-DISPARAGEMENT.  Employee confirms and agrees that she will not make any oral or written statements to any third party about any of the Released Parties that are either intended or reasonably likely either to disparage any of the Released Parties.  Employee acknowledges and agrees that the non-disparagement clause in this Agreement is an essential and material term of the Agreement, and that without such clause, no agreement would have been reached by the Parties.  Additionally, if Employee is compelled by the legal process to provide statements, information, or testimony regarding her employment with any of the Released Parties, she will do so in a truthful manner, and doing so is not a breach of the terms of this Agreement.
6.    OLDER WORKERS’ BENEFIT PROTECTION ACT.  This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f).  Employee is advised to consult with an attorney before executing this Agreement.

6.1    Acknowledgements/Time to Consider.  Employee acknowledges and agrees that (a) Employee has read and understands the terms of this Agreement; (b) Employee has been advised in writing to consult with an attorney before executing this Agreement; (c) Employee has obtained and considered such legal counsel as Employee deems necessary; (d) Employee has been given twenty-one (21) days to consider whether or not to enter into this Agreement (although Employee may elect not to use the full 21-day period at Employee’s option); and (e) by signing this Agreement, Employee acknowledges that Employee does so freely, knowingly, and voluntarily.
6.2    Revocation/Effective Date.  This Agreement shall not become effective or enforceable until the eighth day after Employee signs this Agreement.  In other words, Employee may revoke Employee’s acceptance of this Agreement within seven (7) days after the date Employee signs it.  Employee’s revocation must be in writing and received by Steven P. Grimes, the Company’s President and Chief Executive Officer, 2021  Spring Road, Suite 200, Oak Brook, IL 60523 by 5:00 p.m. Central Time on the seventh day in order to be effective.  If Employee does not revoke acceptance within the seven (7) day period, Employee’s acceptance of this Agreement shall become binding and enforceable on the eighth day (“Effective Date”).  The Severance Package shall become due and payable in accordance with Section 2 above after the Effective Date.
6.3    Preserved Rights of Employee.  This Agreement does not waive or release any rights or claims that Employee may have under the Age Discrimination in Employment Act that arise after the execution of this Agreement.  In addition, this Agreement does not prohibit Employee from challenging the validity of this Agreement’s waiver and release of claims under the Age Discrimination in Employment Act.
7.    CONFIDENTIALITY/RETURN OF COMPANY PROPERTY
7.1    Employee represents and warrants that as of the Separation Date, she will have returned all property belonging to Employer.  Such property includes, but is not limited to, keys, passwords, access cards, credit or phone cards, any computer hardware or software, any products relating to Employer or its competition, any design work, product engineering, test results, customer information, pricing and cost information, financial data or information, any vendor samples or information, management materials, including all correspondence, manuals, letters, notes, notebooks, data report programs, plan proposals, and other confidential, proprietary and/or trade secret information, regardless of whether the information is in written, printed, electronic, or other form and regardless of whether it was written or compiled by Employee or other persons, as well as any and all other property that comprises property owned by Employer.  Employee agrees that she will not retain any originals or copies of any Employer property, whether prepared or created by Employee or otherwise coming into Employee’s possession or control in the course of her employment with Employer.  Employee agrees to keep the terms of the Agreement confidential between her and Employer, except that she may tell her immediate family and attorney or accountant, if any, as needed, but in no event should she discuss the Agreement or its terms with any current or prospective employee of Employer. Notwithstanding the foregoing, Employee understands that pursuant to the Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to 

an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, nothing in this Agreement shall be interpreted or applied to prohibit Employee from making any good faith report to any governmental agency or other governmental entity concerning any acts or omissions that Employee may believe to constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of applicable federal or state law or regulation. Further, this Agreement does not limit Employee’s ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to Employer.  If Employee files any charge or complaint with a government agency and if the government agency pursues any claim on Employee’s behalf, or if any 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); provided that nothing in this Agreement limits any right Employee may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission.
8.    MISCELLANEOUS
8.1    The Parties agree that this Agreement, including the surviving provisions of the Retention Agreement expressly incorporated herein by reference, set forth the entire agreement between them and supersedes all other written or oral understandings or contracts.  This Agreement may not be modified or amended except by a written instrument executed by both of the Parties.
8.2    The Parties agree to do all things necessary and to execute all further documents necessary and appropriate to carry out and effectuate the terms and purposes of this Agreement.
8.3    Each of the Parties to this Agreement represents and warrants that: (a) no other person or entity has or has had any interest in the claims released under this Agreement and (b) he, she or it has not assigned, transferred, conveyed, subjected to a security interest, or otherwise encumbered or impaired in any way any of the claims released under this Agreement.
8.4    In the event any provision of this Agreement is adjudicated to be unenforceable in whole or in part, the Parties intend for such provision to be modified to the extent necessary to render it enforceable, or alternatively, excised from the Agreement without affecting the validity of the remaining provisions of the Agreement.
8.5    By entering into this Agreement, the Released Parties make no admission that they have engaged, or are now engaging, in any unlawful conduct.  This Agreement is not an admission of wrongdoing or liability by either Employer or Employee and shall not be used or construed as such in any legal or administrative proceeding.
8.6    This Agreement may be pled as a full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by Employee in breach hereof.

8.7    This Agreement shall be subject to and construed in accordance with the laws of the State of Illinois.  Venue shall be in DuPage County for any disputes arising out of the interpretation or enforcement of this Agreement.
8.8    This Agreement is binding on and inures to the benefit of Employer, its successors and assigns, and is binding on and inures to the benefit of Employee, her heirs and assigns.
8.9    This Agreement may be executed in counterparts.  Signatures transmitted electronically are as effective as original signatures.
8.10    Each person signing this Agreement hereby expressly represents and warrants that she is expressly authorized in law and in fact to do so individually and/or on behalf of any entity listed herein as a signatory of this Agreement.
HAVING READ AND UNDERSTOOD THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO THIS AGREEMENT, THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT ON THE DATES SET FORTH BELOW.
	
					
	EMPLOYEE
	 
	RETAIL PROPERTIES OF
AMERICA, INC.

	/s/ PAULA C. MAGGIO
	 
	By:
	/s/ STEVEN P. GRIMES

	Paula C. Maggio
	 
	 
	Steven P. Grimes

	 
	 
	 
	 
	President & Chief Executive Officer

	Date:
	March 14, 2018
	 
	Date:
	3/14/18

Exhibit A

Time-Based Equity Awards
11,713 unvested restricted shares of common stock of Employer granted to Employee on January 2, 2018
6,520 unvested restricted shares of common stock of Employer granted to Employee on January 3, 2017
4,486 unvested restricted shares of common stock of Employer granted to Employee on May 6, 2016

Performance-Based Equity Awards
2,765 (target amount) of restricted stock units granted by Employer to Employee on January 2, 2018, which represents a pro-rata portion of the 33,175 (target amount) of restricted stock units originally granted on such date
12,081 (target amount) of restricted stock units granted by Employer to Employee on January 3, 2017, which represents a pro-rata portion of the 28,995 (target amount) of restricted stock units originally granted on such date
14,744 (target amount) of restricted stock units granted by Employer to Employee on May 6, 2016, which represents a pro-rata portion of the 23,078 (target amount) of restricted stock units originally granted on such date

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