Document:

hhc_Ex10_6

		
			Exhibit 10.6
		

		
			THE HOWARD HUGHES CORPORATION
		

		
			RESTRICTED STOCK AGREEMENT
		

		
			WHEREAS,  [Insert Name] (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 (the “Compensation Committee”) on [Insert Date];
		

		
			WHEREAS, the date of grant is [Insert Date] (“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 [Insert Amount] 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 and 4 hereof.  Any 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 Shares.

			
	
			
				 3.
			Vesting of Restricted Shares.  Subject to the terms and conditions of Section 4 of this Agreement, the Restricted Shares covered by this Agreement shall become nonforfeitable as follows: 

		 

		

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	(a) 50% of the Restricted Shares covered by this Agreement shall vest on December 31, 2020; and (b) 50% of the Restricted Shares covered by this Agreement shall vest in accordance with the vesting scheduled based on the total shareholder return as set forth on Exhibit A (the “Company-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 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, 2015 then: (a) 50% of the Restricted Shares covered by this Agreement shall vest on December 31, 2020; and (b) a percentage of the Company-based Vesting Component shall vest on December 31, 2020 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 in the employee of the Company or a Subsidiary prior to December 31, 2020.

			
	
			
				 5.
			Retention of Shares.  During the period in which the restrictions on transfer and risk of forfeiture provided in Sections 3 and 4 of this Agreement are in effect, the Restricted Shares covered by this grant shall be either: (a) represented by certificates retained by the Company, together with the accompanying stock power signed by Grantee and endorsed in blank; or (b) 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 set forth herein.

			
	
			
				 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.

		
			

		 

		

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				 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.

			
	
			
				 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]
		

		
			
		

		
			

		 

		

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			Executed in the name and on behalf of the Company, as of the ___ day of ___________, 2010.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						THE HOWARD HUGHES CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

				

		
			 
		

		
			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.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						GRANTEE

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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			EXHIBIT A
		

		
			COMPANY-BASED VESTING SCHEDULE
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Total Shareholder Return

					
					
						Vesting %

				
	
					
						0.00% to 157.85%

					
					
						0%

				
	
					
						 

					
					
						 

				
	
					
						157.86% to 181.87%

					
					
						25%

				
	
					
						 

					
					
						 

				
	
					
						181.88% to 207.50%

					
					
						50% 

				
	
					
						 

					
					
						 

				
	
					
						207.51% to 251.14%

					
					
						75%

				
	
					
						 

					
					
						 

				
	
					
						251.15% +

					
					
						100%

				

		
			
		

		
			The Company-based Vesting Component of each Award shall vest on December 31, 2020 according to the schedule above; provided, that the Company achieves the corresponding total shareholder return (“TSR”) target.  TSR is calculated using the following formula: TSR = (Priceend – Pricebegin + Dividends) / Pricebegin.  $73.02, the closing price per share of the Company as of December 31, 2012, shall be used as the Pricebegin for the purpose of calculating TSR.  A TSR target is deemed satisfied if the highest 30 trading day volume weighted average share price (which shall be based on the daily closing price of the Company’s common stock as reported in the consolidated transaction reporting system) represents a TSR that meets or exceeds such target during the period from January 1, 2020 through December 31, 2020. 
		

		
			By way of example, if the highest 30 trading day volume weighted average share price of Company stock equals $ 200.56 (inclusive of dividends, if any) during the period between January 1, 2020 and December 31, 2020 (which represents a TSR of 174.66% using the following formula: ($ 200.56-$73.02)/$73.02), then 75% of the Company-based Vesting Component of an Award shall vest on December 31, 2020; provided, that all other vesting requirements are met.
		

		
			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 

		 

		

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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.
		

		
			________________________
		

			
	
			
				 1.
			

			
	
			
			If a Grantee is terminated by the Company for any reason, except for cause after 48 months of employment from December 31, 2015, as provided in Section 3 of the Agreement, prior to the passing of 30 trading days in 2020, the Company shall use the volume weighted average share price for the first 30 trading days of 2020 when calculating TSR.

		 

		

			6Exhibit

Exhibit 4(cc)

Amendment (this “Amendment”), dated November 9, 2016 (the “Amendment Effective Date”), by NextEra Energy Capital Holdings, Inc. (formerly known as FPL Group Capital Holdings Inc), a Florida corporation (together with its successors and assigns, the “Corporation”), and NextEra Energy, Inc. (formerly known as FPL Group, Inc.), a Florida corporation (together with its successors and assigns, the “Guarantor”), to the Replacement Capital Covenant, dated September 19, 2006 (the “Replacement Capital Covenant”), entered into by the Corporation and the Guarantor in favor of and for the benefit of each Covered Debtholder (as defined in the Replacement Capital Covenant).
Recitals
A.    On September 19, 2006, the Corporation and the Guarantor entered into the Replacement Capital Covenant in connection with the issuance of, among other things, the Corporation’s Series B Enhanced Junior Subordinated Debentures due 2066.
B.    Pursuant to Section 4(b) of the Replacement Capital Covenant, the Corporation and the Guarantor may amend the Replacement Capital Covenant without the consent of the Holders of the then-effective Covered Debt if such amendment is not adverse to the Holders of the then-effective Covered Debt and an officer of the Corporation delivers to such Holders a written certificate stating that, in his or her determination, such amendment is not adverse to the Holders of the then-effective Covered Debt.
C.    The intent and effect of this Amendment is to (i) recognize, for purposes of calculating qualified replacement capital under the Replacement Capital Covenant, the proceeds from the issuance of any and all securities specified in Section 2 of the Replacement Capital Covenant after the Amendment Effective Date during the 365 days prior to the applicable redemption, repurchase or purchase date and (ii) allow the Corporation to select the Covered Debt upon a Redesignation Date.
NOW, THEREFORE, the Corporation and the Guarantor hereby amend the Replacement Capital Covenant as set forth in this Amendment.
SECTION 1. Definitions.  Capitalized terms used herein (including in the Recitals) and not otherwise amended or defined herein shall have the meanings set forth in the Replacement Capital Covenant.
SECTION 2. Amendments of the Replacement Capital Covenant.  The Replacement Capital Covenant is hereby amended in accordance with Section 4(b) thereof as follows:
(A)    by replacing the phrase “during the 180 days prior to the applicable redemption, repurchase or purchase date” with the phrase “during the 365 days prior to the applicable redemption, repurchase or purchase date” each time this phrase appears in Section 2 thereof;
(B)    by replacing the phrase “during the 180 days prior to the date of redemption or repurchase” with the phrase “during the 365 days prior to the date of redemption or repurchase” in the definition of “Applicable Percentage” as set forth in Schedule I thereto;
(C)    by amending Section 3(b) thereof to read in its entirety as follows:

“(b) (i) During the period commencing on the earlier of (x) the date two years and 30 days prior to the final maturity date for the then effective Covered Debt and (y) the date on which the Corporation gives notice of redemption of the then effective Covered Debt, if such redemption is in whole or in part with the consequence that after giving effect to such redemption the outstanding principal amount of such Covered Debt would be less than $100,000,000, or (ii) if earlier than the date specified in clauses (x) and (y) of this Section 3(b)(i), on the date on which the Parent or the Corporation repurchases the then effective Covered Debt in whole or in part and, after giving effect to such repurchase, the outstanding principal amount of such Covered Debt would be less than $100,000,000, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on the related Redesignation Date in accordance with the following procedures:
(A)    the Corporation shall identify each series of then outstanding long-term indebtedness for money borrowed of the Corporation and the Guarantor that is Eligible Debt;
(B)    the Corporation shall designate one of such series to be the series of Eligible Debt that will become the Covered Debt commencing on the related Redesignation Date;
(C)    the series of Eligible Debt that is determined to be the Covered Debt pursuant to clause (B) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of Eligible Debt is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and
(D)    in connection with such identification of a new series of the Covered Debt, notice shall be given as provided for in Section 3(d) within the time frame provided for in such section.”;
(D)    by deleting Section 3(c) thereof in its entirety;
(E)    by amending the definition of the term “Eligible Debt” as set forth in Schedule I thereto to read in its entirety as follows:
“Eligible Debt” means, at any time, Eligible Subordinated Debt or Eligible Senior Debt.  The Subordinated Debentures shall not be considered “Eligible Debt” for purposes of the Replacement Capital Covenant.”; and
(F)    by amending the definition of the term “Eligible Subordinated Debt” as set forth in Schedule I thereto to read in its entirety as follows:
“Eligible Subordinated Debt” means, at any time in respect of any issuer, each series of the issuer’s then outstanding unsecured long-term indebtedness for

2

money borrowed that (i) upon a bankruptcy, liquidation, dissolution or winding up of the issuer, ranks senior to the Subordinated Debentures (or any guarantee thereof) and subordinate to the issuer’s then outstanding series of unsecured indebtedness for money borrowed that ranks most senior, (ii) is then assigned a rating by at least one NRSRO (provided that this clause (ii) shall apply on a Redesignation Date only if on such date the issuer has outstanding subordinated long-term indebtedness for money borrowed that satisfies the requirements of clauses (i), (iii) and (iv) that is then assigned a rating by at least one NRSRO), (iii) has an outstanding principal amount of not less than $100,000,000, and (iv) was issued through or with the assistance of a commercial or investment banking firm or firms acting as underwriters, initial purchasers or placement or distribution agents.  For purposes of this definition as applied to securities with a CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established directly or indirectly by the issuer, the securities of such intermediate entity have) a separate CUSIP number shall be deemed to be a series of the issuer’s long-term indebtedness for money borrowed that is separate from each other series of such indebtedness.”
SECTION 3. Miscellaneous.  (a)  Except as expressly amended hereby, all of the provisions of the Replacement Capital Covenant continue in full force and effect.
(b)    This Amendment shall be governed and construed in accordance with the laws of the State of New York.

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IN WITNESS WHEREOF, the Corporation and the Guarantor have caused this Amendment to the Replacement Capital Covenant to be executed by a duly authorized officer as of the day and year first above written.

	
		
	NextEra Energy Capital Holdings, Inc.

	 
	 

	 
	 

	By:
	ALDO E. PORTALES

	Name:   Aldo E. Portales

	Title:     Assistant Treasurer

	
		
	NextEra Energy, Inc.

	 
	 

	 
	 

	By:
	ALDO E. PORTALES

	Name:   Aldo E. Portales

	Title:     Assistant Treasurer

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