Document:

Exhibit

EXHIBIT 10.33(i)

AMENDMENT NO. 8

to the A320 Family Aircraft Purchase Agreement

Dated as of October 19, 2011

Between

AIRBUS S.A.S.

And

JETBLUE AIRWAYS CORPORATION

This Amendment No. 8 (hereinafter referred to as the “Amendment”) is entered into as of December 19, 2017 between Airbus S.A.S. a société par actions simplifiée, created and existing under French law, having its registered office at 2 Rond-Point Emile Dewoitine, 31700 Blagnac, France and registered with Toulouse Registre du Commerce under number RCS Toulouse 383 474 814 (the “Seller”) and JetBlue Airways Corporation, a corporation organized under the laws of Delaware having its principal corporate offices at 27-01 Queens Plaza North, Long Island City, New York 11101 (formerly 118-29 Queens Boulevard, Forest Hills, New York 11375), United States of America (the “Buyer”).

WHEREAS, the Buyer and the Seller entered into an A320 Family Purchase Agreement dated as of October 19, 2011, relating to the sale by the Seller and the purchase by the Buyer of certain firmly ordered Airbus A320 family aircraft, which together with all amendments, exhibits, appendices, and letter agreements attached thereto is hereinafter called the “Agreement”.

WHEREAS, the Buyer and the Seller wish to amend the Agreement to reflect, among other things, the rescheduling of certain aircraft.

NOW THEREFORE, SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN, IT IS AGREED AS FOLLOWS:

Dec 2017_CT1303281_JBU_A320F_AMD 8            Page 1/13
4849-0110-8060.2

EXHIBIT 10.33(i)

Capitalized terms used herein and not otherwise defined in this Amendment will have the meanings assigned to them in the Agreement. Except as used within quoted text, the terms “herein”, “hereof”, and “hereunder” and words of similar import refer to this Amendment.

1    DELIVERY
		
	1.1
	The Scheduled Delivery Period for the Incremental A321 NEO Aircraft bearing CACiD number 10002780 is hereby amended from [***] 2019 to [***] 2019. Notwithstanding Clause 9.1 of the Agreement, the Seller shall notify the Scheduled Delivery Month of such Aircraft no later than [***], subject to [***] in accordance with Clause 8.6 of Amendment No. 4 to the Agreement, as amended by Clause 2.2 below.

		
	1.2
	Schedule 1 to the Agreement is deleted in its entirety and replaced by the Amended and Restated Schedule 1 (the “Amended and Restated Schedule 1”) attached hereto as Appendix 1.

		
	1.3
	It shall be the Buyer’s sole responsibility to ensure, without any intervention necessary from the Seller, that all of the BFE Suppliers are notified of and accept the rescheduling set forth in Clauses 1.1 to 1.2 above without the Seller incurring any costs, losses, expenses, additional obligations, penalties, damages or liabilities of any kind by reason of such rescheduling, and the Buyer will indemnify and hold the Seller harmless against any and all of such costs, losses, expenses, additional obligations, penalties, damages or liabilities so incurred by the Seller unless such costs, losses, expenses, additional obligations, penalties, damages or liabilities are a result of the Seller’s gross negligence or willful misconduct.

		
	1.4
	The Buyer shall cause that any agreement between the Buyer and the relevant Propulsion System manufacturer will reflect the rescheduling set out in Clauses 1.1 to 1.2 above and the Buyer will indemnify and hold the Seller harmless against any and all costs, losses, expenses, obligations, penalties, damages or liabilities incurred by the Seller in the event that the Buyer fails to perform its obligations as set out under this Clause 1.4 unless such costs, losses, expenses, additional obligations, penalties, damages or liabilities are a result of the Seller’s gross negligence or willful misconduct.

2     OTHER COMMERCIAL TERMS
		
	2.1
	Any and all Predelivery Payments [***] described in Clauses 1.1 to 1.2 herein [***].

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8            Page 2/13
4849-0110-8060.2

EXHIBIT 10.33(i)

		
	2.2
	Clauses 8.6 and 8.7 of Amendment No. 4 to the Agreement are deleted in their entirety and replaced with the following quoted text:

QUOTE

		
	8.6
	[***]

		
	8.7
	[***]

UNQUOTE

		
	3
	EFFECT OF THE AMENDMENT

The Agreement will be deemed amended to the extent herein provided, and, except as specifically amended hereby, will continue in full force and effect in accordance with its original terms. This Amendment contains the entire agreement between the Buyer and the Seller with respect to the subject matter hereof and supersedes any previous understandings, commitments, or representations whatsoever, whether oral or written, related to the subject matter of this Amendment.

Both parties agree that this Amendment will constitute an integral, nonseverable part of the Agreement and be governed by its provisions, except that if the Agreement and this Amendment have specific provisions that are inconsistent, the specific provisions contained in this Amendment will govern.

This Amendment will become effective upon its execution. 

		
	4
	CONFIDENTIALITY

This Amendment is subject to the confidentiality provisions set forth in Clause 22.10 of the Agreement.

		
	5
	ASSIGNMENT

Notwithstanding any other provision of this Amendment or of the Agreement, this Amendment will not be assigned or transferred in any manner without the prior written consent of the other party, and 

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8            Page 3/13
4849-0110-8060.2

EXHIBIT 10.33(i)

any attempted assignment or transfer in contravention of the provisions of this Clause 5 will be void and of no force or effect. 

6    COUNTERPART

This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

		
	7
	INTERPRETATION AND LAW

This Amendment is subject to the Interpretation and Law provisions set forth in Clause 22.6 of the Agreement.

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8            Page 4/13
4849-0110-8060.2

IN WITNESS WHEREOF, the parties hereto have entered into this Amendment by their respective officers or agents as of the date first above written.

JETBLUE AIRWAYS CORPORATION     AIRBUS S.A.S.

By: /s/ Steve Priest__________________     By: /s/ Christophe Mourey

        
Its: Chief Financial Officer     Its: Senior Vice President Contracts

Dec 2017_CT1303281_JBU_A320F_AMD 8            
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

Appendix 1
to
Amendment No. 8

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        Page 6/13
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

Amended and Restated
Schedule 1

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

	
						
	 
	CACiD 
No.
	Aircraft Rank No.
	Type
	Scheduled Delivery Month/Quarter
	Scheduled Delivery Year

	1
	159 908
	122
	Group 1 A320 Aircraft
	[***]
	2011

	2
	159 942
	123
	Group 1 A320 Aircraft
	[***]
	2012

	3
	159 943
	124
	Group 1 A320 Aircraft
	[***]
	2012

	4
	159 950
	125
	Group 1 A320 Aircraft
	[***]
	2012

	5
	159 951
	126
	Group 1 A320 Aircraft
	[***]
	2012

	6
	159 923
	127
	Group 1 A320 Aircraft
	[***]
	2012

	7
	159 924
	128
	Group 1 A320 Aircraft
	[***]
	2012

	8
	159 925
	129
	Group 1 A320 Aircraft
	[***]
	2012

	9
	159 939
	130
	A320 Backlog Aircraft
	[***]
	2013

	10
	159 960
	131
	A320 Backlog Aircraft
	[***]
	2013

	11
	159 961
	132
	A320 Backlog Aircraft
	[***]
	2013

	12
	159 962
	133
	A321 Backlog Aircraft
	[***]
	2013

	13
	159 963
	134
	A321 Backlog Aircraft
	[***]
	2013

	14
	159 964
	135
	A321 Backlog Aircraft
	[***]
	2013

	15
	159 965
	136
	A321 Backlog Aircraft
	[***]
	2013

	16
	159 916
	137
	A321 Backlog Aircraft
	[***]
	2014

	17
	159 940
	138
	A321 Backlog Aircraft
	[***]
	2014

	18
	159 941
	139
	A321 Backlog Aircraft
	[***]
	2014

	19
	159 944
	140
	A321 Backlog Aircraft
	[***]
	2014

	20
	159 945
	141
	A321 Backlog Aircraft
	[***]
	2014

	21
	159 946
	142
	A321 Backlog Aircraft
	[***]
	2014

	22
	159 947
	143
	A321 Backlog Aircraft
	[***]
	2014

	23
	159 948
	144
	A321 Backlog Aircraft
	[***]
	2014

	24
	159 949
	145
	A321 Backlog Aircraft
	[***]
	2014

	25
	159 956
	146
	A321 Backlog Aircraft
	[***]
	2015

	26
	159 957
	147
	A321 Backlog Aircraft
	[***]
	2015

	27
	159 958
	148
	A321 Backlog Aircraft
	[***]
	2015

	28
	159 959
	149
	A321 Backlog Aircraft
	[***]
	2015

	29
	159 929
	150
	A321 Backlog Aircraft
	[***]
	2015

	30
	159 930
	151
	A321 Backlog Aircraft
	[***]
	2015

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

	
						
	 
	CACiD 
No.
	Aircraft Rank No.
	Type
	Scheduled Delivery Month/Quarter
	Scheduled Delivery Year

	31
	159 931
	152
	A321 Backlog Aircraft
	[***]
	2015

	32
	159 932
	153
	A321 Backlog Aircraft
	[***]
	2015

	33
	159 933
	154
	A321 Backlog Aircraft
	[***]
	2015

	34
	10002716
	155
	Incremental A321 Aircraft
	[***]
	2015

	35
	159 920
	156
	A321 Backlog Aircraft
	[***]
	2015

	36
	 10002752
	157
	Incremental A321 Aircraft
	[***]
	2015

	37
	159 911
	158
	A321 Backlog Aircraft
	[***]
	2016

	38
	159 912
	159
	A321 Backlog Aircraft
	[***]
	2016

	39
	159 917
	160
	A321 Backlog Aircraft
	[***]
	2016

	40
	159 918
	161
	A321 Backlog Aircraft
	[***]
	2016

	41
	159 926
	162
	A321 Backlog Aircraft
	[***]
	2016

	42
	159 927
	163
	A321 Backlog Aircraft
	[***]
	2016

	43
	159 928
	164
	A321 Backlog Aircraft
	[***]
	2016

	44
	159 952
	165
	A321 Backlog Aircraft
	[***]
	2016

	45
	159 953
	166
	A321 Backlog Aircraft
	[***]
	2016

	46
	159 934
	167
	A321 Backlog Aircraft
	[***]
	2016

	47
	159 922
	168
	Converted A321 Backlog Aircraft
	[***]
	2017

	48
	159 954
	169
	Converted A321 Backlog Aircraft
	[***]
	2017

	49
	159 955
	170
	Converted A321 Backlog Aircraft
	[***]
	2017

	50
	159 921
	171
	Converted A321 Backlog Aircraft
	[***]
	2017

	51
	104 440
	172
	Converted A321 Backlog Aircraft
	[***]
	2017

	52
	104 442
	173
	Converted A321 Backlog Aircraft
	[***]
	2017

	53
	 10054088
	249
	Additional A321 Aircraft
	[***]
	2017

	54
	159 909
	174
	Converted A321 Backlog Aircraft
	[***]
	2017

	55
	 10054089
	250
	Additional A321 Aircraft
	[***]
	2017

	56
	10002770
	175
	Incremental A321 Aircraft
	[***]
	2017

	57
	 10054090
	251
	Additional A321 Aircraft
	[***]
	2017

	58
	10002771
	176
	Incremental A321 Aircraft
	[***]
	2017

	59
	 10054091
	252
	Additional A321 Aircraft
	[***]
	2017

	60
	10002772
	177
	Incremental A321 Aircraft
	[***]
	2017

	61
	 10054092
	253
	Additional A321 Aircraft
	[***]
	2017

	62
	159 910
	178
	Converted A321 Backlog Aircraft
	[***]
	2018

	63
	 10054093
	254
	Additional A321 Aircraft
	[***]
	2018

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

	
						
	 
	CACiD 
No.
	Aircraft Rank No.
	Type
	Scheduled Delivery Month/Quarter
	Scheduled Delivery Year

	64
	 10054100
	261
	Additional A321 Aircraft
	[***]
	2018

	65
	 10054101
	262
	Additional A321 Aircraft
	[***]
	2018

	66
	 10054102
	263
	Additional A321 Aircraft
	[***]
	2018

	67
	 10054097
	258
	Additional A321 Aircraft
	[***]
	2018

	68
	 10054098
	259
	Additional A321 Aircraft
	[***]
	2018

	69
	10054094
	255
	Additional A321 Aircraft
	[***]
	2018

	70
	 10054099
	260
	Additional A321 Aircraft
	[***]
	2018

	71
	 10054095
	256
	Additional A321 Aircraft
	[***]
	2018

	72
	 10054096
	257
	Additional A321 Aircraft
	[***]
	2018

	73
	402 137
	185
	Converted A321 NEO Aircraft
	[***]
	2019

	74
	402 135
	182
	Converted A321 NEO Aircraft
	[***]
	2019

	75
	402 136
	183
	Converted A321 NEO Aircraft
	[***]
	2019

	76
	402 134
	181
	Converted A321 NEO Aircraft
	[***]
	2019

	77
	402 141
	189
	Converted A321 NEO Aircraft
	[***]
	2019

	78
	10002782
	193
	Incremental A321 NEO Aircraft
	[***]
	2019

	79
	10002783
	194
	Incremental A321 NEO Aircraft
	[***]
	2019

	80
	10002784
	195
	Incremental A321 NEO Aircraft
	[***]
	2019

	81
	10002786
	197
	Incremental A321 NEO Aircraft
	[***]
	2019

	82
	10002787
	198
	Incremental A321 NEO Aircraft
	[***]
	2019

	83
	10002781
	192
	Incremental A321 NEO Aircraft
	[***]
	2019

	84
	10002788
	199
	Incremental A321 NEO Aircraft
	[***]
	2019

	85
	10002780
	191
	Incremental A321 NEO Aircraft
	[***]
	2019

	86
	10002756
	200
	A321 NEO Aircraft
	[***]
	2020

	87
	10002760
	201
	A321 NEO Aircraft
	[***]
	2020

	88
	10002764
	202
	A321 NEO Aircraft
	[***]
	2020

	89
	10002792
	206
	Incremental A321 NEO Aircraft
	[***]
	2020

	90
	 10054124
	264
	Additional A321 NEO Aircraft
	[***]
	2020

	91
	402 142
	209
	A320 NEO Aircraft
	[***]
	2020

	92
	402 143
	210
	A320 NEO Aircraft
	[***]
	2020

	93
	 10054125
	265
	Additional A321 NEO Aircraft
	[***]
	2020

	94
	402 144
	211
	A320 NEO Aircraft
	[***]
	2020

	95
	402 145
	212
	A320 NEO Aircraft
	[***]
	2020

	96
	 402 146
	213
	A320 NEO Aircraft
	[***]
	2020

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

	
						
	 
	CACiD 
No.
	Aircraft Rank No.
	Type
	Scheduled Delivery Month/Quarter
	Scheduled Delivery Year

	97
	 402 147
	214
	A320 NEO Aircraft
	[***]
	2020

	98
	10054126
	266
	Additional A321 NEO Aircraft
	[***]
	2020

	99
	402 151
	215
	A320 NEO Aircraft
	[***]
	2021

	100
	402 152
	216
	A320 NEO Aircraft
	[***]
	2021

	101
	402 153
	217
	A320 NEO Aircraft
	[***]
	2021

	102
	402 154
	218
	A320 NEO Aircraft
	[***]
	2021

	103
	 10054127
	267
	Additional A321 NEO Aircraft
	[***]
	2021

	104
	402 155
	219
	A320 NEO Aircraft
	[***]
	2021

	105
	402 156
	220
	A320 NEO Aircraft
	[***]
	2021

	106
	402 157
	221
	A320 NEO Aircraft
	[***]
	2021

	107
	402 158
	222
	A320 NEO Aircraft
	[***]
	2021

	108
	 10054128
	268
	Additional A321 NEO Aircraft
	[***]
	2021

	109
	402 159
	223
	A320 NEO Aircraft
	[***]
	2021

	110
	402 160
	224
	A320 NEO Aircraft
	[***]
	2021

	111
	402 161
	225
	A320 NEO Aircraft
	[***]
	2021

	112
	402 162
	226
	A320 NEO Aircraft
	[***]
	2021

	113
	10054129
	269
	Additional A321 NEO Aircraft
	[***]
	2021

	114
	402 163
	227
	A320 NEO Aircraft
	[***]
	2021

	115
	402 164
	228
	A320 NEO Aircraft
	[***]
	2021

	116
	402 165
	229
	A320 NEO Aircraft
	[***]
	2021

	117
	402 166
	230
	A320 NEO Aircraft
	[***]
	2021

	118
	 10054130
	270
	Additional A321 NEO Aircraft
	[***]
	2021

	119
	402 148
	231
	A320 NEO Aircraft
	[***]
	2022

	120
	 402 149
	232
	A320 NEO Aircraft
	[***]
	2022

	121
	 402 150
	233
	A320 NEO Aircraft
	[***]
	2022

	122
	10002765
	234
	A321 NEO Aircraft
	[***]
	2022

	123
	10054131
	271
	Additional A321 NEO Aircraft
	[***]
	2022

	124
	10002766
	235
	A321 NEO Aircraft
	[***]
	2022

	125
	10002767
	236
	A321 NEO Aircraft
	[***]
	2022

	126
	10002768
	237
	A321 NEO Aircraft
	[***]
	2022

	127
	10002769
	238
	A321 NEO Aircraft
	[***]
	2022

	128
	10054132
	272
	Additional A321 NEO Aircraft
	[***]
	2022

	129
	10002773
	239
	A321 NEO Aircraft
	[***]
	2022

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        
4849-0110-8060.2

APPENDIX 1

AMENDED AND RESTATED SCHEDULE 1

	
						
	 
	CACiD 
No.
	Aircraft Rank No.
	Type
	Scheduled Delivery Month/Quarter
	Scheduled Delivery Year

	130
	10002774
	240
	A321 NEO Aircraft
	[***]
	2022

	131
	402 127
	241
	A321 NEO Aircraft
	[***]
	2022

	132
	402 128
	242
	A321 NEO Aircraft
	[***]
	2022

	133
	 10054133
	273
	Additional A321 NEO Aircraft
	[***]
	2022

	134
	402 129
	243
	A321 NEO Aircraft
	[***]
	2022

	135
	402 130
	244
	A321 NEO Aircraft
	[***]
	2022

	136
	402 131
	245
	A321 NEO Aircraft
	[***]
	2022

	137
	10002775
	246
	Incremental A321 NEO Aircraft
	[***]
	2022

	138
	 10054134
	274
	Additional A321 NEO Aircraft
	[***]
	2022

	139
	10002776
	247
	Incremental A321 NEO Aircraft
	[***]
	2023

	140
	 10054135
	275
	Additional A321 NEO Aircraft
	[***]
	2023

	141
	402 138
	186
	Converted A321 NEO Aircraft
	[***]
	2023

	142
	10002778
	184
	Incremental A321 NEO Aircraft
	[***]
	2023

	143
	402 132
	179
	Converted A321 NEO Aircraft
	[***]
	2023

	144
	 10054136
	276
	Additional A321 NEO Aircraft
	[***]
	2023

	145
	402 133
	180
	Converted A321 NEO Aircraft
	[***]
	2023

	146
	10002777
	248
	Incremental A321 NEO Aircraft
	[***]
	2023

	147
	 10054137
	277
	Additional A321 NEO Aircraft
	[***]
	2023

	148
	10002779
	190
	Incremental A321 NEO Aircraft
	[***]
	2023

	149
	402 140
	188
	Converted A321 NEO Aircraft
	[***]
	2023

	150
	10002785
	196
	Incremental A321 NEO Aircraft
	[***]
	2023

	151
	 10054138
	278
	Additional A321 NEO Aircraft
	[***]
	2023

	152
	402 139
	187
	Converted A321 NEO Aircraft
	[***]
	2023

	153
	10002789
	203
	Incremental A321 NEO Aircraft
	[***]
	2024

	154
	10002790
	204
	Incremental A321 NEO Aircraft
	[***]
	2024

	155
	10002791
	205
	Incremental A321 NEO Aircraft
	[***]
	2024

	156
	10002793
	207
	Incremental A321 NEO Aircraft
	[***]
	2024

	157
	10002794
	208
	Incremental A321 NEO Aircraft
	[***]
	2024

		
	[***]
	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

Dec 2017_CT1303281_JBU_A320F_AMD 8    Appendix 1        
4849-0110-8060.2Exhibit

Exhibit 10.2.4

20[    ] PERFORMANCE STOCK UNIT AWARD AGREEMENT

THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN 
REGISTERED UNDER THE SECURITIES ACT OF 1933.  NEITHER THE SECURITIES AND EXCHANGE COMMISSION 
NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED 
ON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS.

This 20__ Performance Stock Unit Award Agreement (the “Agreement”) is made as of the ___th day of ________, 20__ (the “Award Date”), by and between CBL & ASSOCIATES PROPERTIES, INC., a Delaware corporation (the “Company”), and ____________ (the “Employee”).

WHEREAS, Employee is employed by CBL & Associates Management, Inc. (the “CBL Management Company”), an affiliate of the Company; 

WHEREAS, pursuant to the Stock Incentive Plan (as hereinafter defined) and subject to the terms of this Agreement, the Company desires to grant to the Employee performance stock units;

NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

1.    Definitions; Conflicts.  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan (the “Stock Incentive Plan”) as may be hereafter amended.  The terms and provisions of the Stock Incentive Plan, including without limitation definitions of capitalized terms as set forth in the Stock Incentive Plan, are incorporated herein and in the event of any conflict or inconsistency between the terms and provisions of the Stock Incentive Plan and the terms and provisions of this Agreement, the terms and provisions of the Stock Incentive Plan shall govern and control.  Specifically, but without limitation, the granting of the Performance Stock Units under this Agreement and any and all issuances of shares of Common Stock for Performance Stock Units pursuant to this Agreement shall be subject to the terms and provisions of the Stock Incentive Plan including but not limited to any term in the Stock Incentive Plan providing a  maximum limitation on the number of shares of Common Stock that may be subject to the Performance Stock Units granted to the Employee pursuant to this Agreement in any calendar year.  

2.    Grant of Performance Stock Units.  Subject to the terms and conditions of this Agreement including but not limited to the Annual Grant Limitation set forth in Paragraph 18 below, the Company hereby grants to the Employee ____________ performance stock units (the “Performance Stock Units”).  Such number of Performance Stock Units is referred to hereinafter as the “Target Award”.  Each Performance Stock Unit represents one share of the Company’s common stock, $0.01 par value (“Common Stock”). The actual number of Performance Stock Units earned by the Employee shall be determined following the end of the three-year performance period coinciding with the Company’s fiscal years 2018 through 2020 (the “Performance Period”) based upon the satisfaction of the performance hurdles (the “Performance Criteria”) set forth in Exhibit A attached hereto.  Following the completion of such Performance Period, and as soon as practicable following the date on which the Compensation Committee certifies the performance results for the Performance Period (the “Certification Date”) but subject to the Annual Grant Limitation set forth in Paragraph 18 below, the Company shall issue to the Employee a number of shares of Common Stock equal to the number of Performance Stock Units earned by the Employee (the shares of Common Stock so issued to the Employee are herein referred to as the “Issued Common Stock”).

3.    Forfeiture/Acceleration of Performance Stock Units.  As noted herein, Performance Stock Units are not shares of Common Stock.  Shares of Common Stock may be issued for Performance Stock 

Units upon satisfaction of Performance Criteria as noted herein subject to the Annual Grant Limitation set forth in Paragraph 18 below.  Set forth in this Paragraph 3 are the provisions governing the forfeiture or acceleration of Performance Stock Units in the event the Employee’s employment with the CBL Management Company is terminated prior to the issuance of Common Stock for Performance Stock Units.  As used herein, the term “acceleration” of Performance Stock Units refers to an acceleration of the issuance of Common Stock for Performance Stock Units prior to the conclusion of the Performance Period.

(a)     General. Except as set forth in Paragraphs 3(b) or 3(c) below, if the Employee’s employment with the CBL Management Company terminates for any reason prior to the end of the Performance Period, the Employee’s Performance Stock Units granted pursuant to this Agreement shall thereupon be forfeited and the Employee shall have no further right, title and/or interest in such Performance Stock Units.  

(b)    Termination for Death or Disability.   If the Employee’s employment with the CBL Management Company terminates for reasons of the Employee’s death or disability (defined as the complete and permanent disability of the Employee as defined by the Company’s benefit insurance plans) prior to the end of the Performance Period, then the Performance Stock Units shall be accelerated, and the Performance Stock Units then deemed to be earned by the Employee will be a pro-rated portion of the Performance Stock Units granted under this Agreement, calculated based upon the achievement of the relevant Performance Criteria as set forth in Exhibit A to this Agreement through the date of such termination, and the Company shall issue to the Employee (or his or her beneficiary), within 60 days of the Employee’s separation from service, a number of fully vested shares of Common Stock equal to the number of Performance Stock Units earned by the Employee (subject to the potential payment of cash in lieu of a portion of such shares due to the operation of the Annual Grant Limitation, as detailed in Paragraph 18 below). 

        
(c)    Termination following a Change of Control.      If the Employee’s employment with CBL Management Company is terminated (other than for Cause) prior to the end of the Performance Period but within 24 months after a Change of Control, then the Performance Stock Units shall be accelerated, and the Performance Stock Units then deemed to be earned by the Employee will be a pro-rated portion of the Performance Stock Units granted under this Agreement, calculated based upon the achievement of the relevant Performance Criteria as set forth in Exhibit A to this Agreement through the date of such termination, and the Company shall issue to the Employee (or his or her beneficiary), within 60 days of the Employee’s separation from service, a number of fully vested shares of Common Stock equal to the number of Performance Stock Units earned by the Employee (subject to the potential payment of cash in lieu of a portion of such shares due to the operation of the Annual Grant Limitation, as detailed in Paragraph 18 below).

        
Upon the conclusion of the Performance Period, the provisions of this Paragraph 3 shall have no further force and effect.

4.    Vesting of Common Stock.  As noted herein, Shares of Common Stock may be issued for Performance Stock Units upon satisfaction of Performance Criteria as noted herein.  Set forth in this Paragraph 4 are the provisions governing the vesting of Issued Common Stock and provisions governing the forfeiture or vesting of Issued Common Stock in the event of the Employee’s employment with the CBL Management Company is terminated prior to the full vesting of the Issued Common Stock.  As used in this Agreement, the term “vest” or “vesting” shall mean the immediate, non-forfeitable, fixed right of present or future enjoyment of the Issued Common Stock.  Such Issued Common Stock, subject to the terms, conditions 

2

and limitations contained herein (including but not limited to the provisions of Paragraph 4 below and the Annual Grant Limitation set forth in Paragraph 18 below), shall vest as follows:  sixty percent (60%) of such Issued Common Stock shall vest on the Certification Date; an additional twenty percent (20%) of such Issued Common Stock shall vest on the fourth (4th) anniversary of the Award Date, and the remaining Issued Common Stock shall vest on the fifth (5th) anniversary of the Award Date (each a “Vesting Date”); provided that the Employee has remained in continuous employment with the CBL Management Company from the Award Date through the applicable Vesting Date. Notwithstanding any provision herein to the contrary, on a “Change of Control”, the portion of the Issued Common Stock that is non-vested on the date of such event (including any Issued Common Stock that is issued on such date pursuant to Paragraph 3(c) above, and including any cash that is required to be paid to the Employee in lieu of the delivery of a portion of the Issued Common Stock due to the operation of the Annual Grant Limitation, as detailed in Paragraph 18 below) shall immediately, on the date of such event, thereupon vest in the Employee.

(a)     General. Except as set forth above or in Paragraph 4(b) below, if the Employee’s employment with the CBL Management Company terminates for any reason, any non-vested portion of the Issued Common Stock shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Issued Common Stock.

(b)    Death or Disability.  If the Employee’s employment with the CBL Management Company terminates for reasons of the Employee’s death or disability (as defined herein), the portion of the Issued Common Stock that is non-vested on the date of such termination (including any Issued Common Stock that is issued on such date pursuant to Paragraph 3(b) above, and including the non-vested portion of any cash that is required to be paid to the Employee in lieu of the delivery of a portion of the Issued Common Stock due to the operation of the Annual Grant Limitation, as detailed in Paragraph 18 below) shall immediately, on the date of such termination of employment, thereupon vest in the Employee or his/her estate.  

(c)    Six-Month Delayed Payment of Shares.  Notwithstanding Paragraphs 4(a), and 4(b) above, the Company shall delay issuance of any shares of Common Stock to the Employee (and the payment of  any cash that is required to be paid to the Employee in lieu of the delivery of a portion of the Issued Common Stock due to the operation of the Annual Grant Limitation, as applicable) for a period of six months following the Employee’s termination of employment to the extent any payment pursuant to this Agreement is considered a “deferred compensation” payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and such delayed payment is required pursuant to Code Section 409A(a)(2)(B) because the Employee is a “specified employee” as defined therein.

The provisions of this Paragraph 4 shall have no force and effect until shares of Common Stock are issued to the Employee as set forth in this Agreement.

5.    Rights as a Shareholder.  The Employee shall have all of the rights of a shareholder with respect to the shares of Issued Common Stock pursuant to this Agreement, subject only to the transfer restrictions set forth in Paragraph 6 below and forfeiture provisions set forth above.  The Employee’s rights as a shareholder shall include the rights to receive all dividends on the Issued Common Stock and to exercise any voting rights attributable to the Issued Common Stock for so long as the Employee shall own the Issued Common Stock.  Prior to the issuance of such Common Stock to the Employee, the Employee shall have no rights of a shareholder.

3

6.    Non-Transferability of Performance Stock Units and Common Stock.  (a)  Except for any transfers that may be required by law, the Performance Stock Units may not be transferred by the Employee and any non-permitted attempted transfer by the Employee shall be null and void. 

(b)    With respect to any non-vested Issued Common Stock under this Agreement, and the non-vested portion of any cash that is required to be paid to the Employee in lieu of the delivery of a portion of the Issued Common Stock due to the operation of the Annual Grant Limitation, as applicable, except for any transfers that may be required by law, including pursuant to any domestic relations order or otherwise, such non-vested Issued Common Stock (or non-vested cash payments, as applicable) may not be transferred by the Employee until the termination of the vesting period (or immediate vesting pursuant to the provisions of Paragraph 4 above) and any non-permitted attempted transfer by the Employee of any such non-vested portion prior to the termination of the vesting period shall be null and void.  Any transferee who may receive a transfer of such non-vested Issued Common Stock (or the right to receive any non-vested cash payments, as applicable) pursuant to a transfer required by law as set forth above shall be subject to all the terms and provisions of this Agreement and any termination of the employment of the Employee prior to the termination of the vesting period (except for terminations of employment pursuant to Paragraph 4(b) above or on a Change of Control) shall cause the forfeiture of any non-vested shares (or cash payments, as applicable) even if such shares (or cash payments) are in the hands of a transferee.

7.    Restricted Stock.  To the extent any shares of shares of Common Stock issued pursuant to this Agreement are not vested, such Common Stock will be considered a grant of restricted property to the Employee that is subject to a “substantial risk of forfeiture” as defined in Section 83 of the Code.

8.    Restricted Stock Account; Uncertificated Shares.  The Employee understands and acknowledges that any non-vested Issued Common Stock will be held in an uncertificated form in a restricted stock account maintained by the Company’s stock transfer agent for the Employee until such time as such shares of Issued Common Stock are no longer subject to the restrictions set forth in this Agreement.  The Employee understands and acknowledges that as the shares of Issued Common Stock shall vest during the vesting period and upon such vesting, the Company shall cause such vested shares to be issued out of the above-stated restricted stock account and issued to an unrestricted stock account maintained by the Company’s stock transfer agent for the Employee (with reduction in the number of shares necessary to cover any applicable employment taxes unless the Employee shall elect to pay such amounts in cash pursuant to notices and procedures that the Company has instituted or shall institute) and such vested shares shall no longer be subject to the terms and provisions of this Agreement.  The Employee understands and acknowledges that in the event the Employee’s employment with the Company, its Subsidiaries or Affiliates including the CBL Management Company, is terminated at any time during the vesting period, any non-vested shares of Issued Common Stock shall then be cancelled and/or returned to the Company and that the Company shall be entitled to take such action on behalf of the Employee in the form of executing such documents or instruments to authorize the cancellation of such shares and/or return of same to the Company.

9.    No Enlargement of Employee Rights.  Nothing in this Agreement shall be construed to confer upon the Employee any right to continued employment or to restrict in any way the right of the Company or any Subsidiary or Affiliate including the CBL Management Company to terminate the Employee’s employment at any time.

10.    Income Tax Withholding.  The Company, in its sole discretion, shall make such provisions and take such steps as it may deem necessary or appropriate for the withholding of all Federal, state, local and other taxes required by law to be withheld with respect to the shares of Issued Common Stock, or any cash that is required to be paid to the Employee in lieu of the delivery of a portion of the Issued Common Stock due to the operation of the Annual Grant Limitation, as applicable (as such shares (or cash) vest or if certain tax elections are made by the Employee, i.e., a Section 83(b) election under applicable provisions of the 

4

Code) and any dividends paid on any portion of non-vested shares of Issued Common Stock, including, but not limited to, the following:  (i) deducting the amount of any such withholding taxes therefrom or from any other amounts then or thereafter payable to the Employee by the Company or any of its Subsidiaries or Affiliates including the CBL Management Company; (ii) requiring the Employee, or the beneficiary or legal representative of the Employee, to pay to the Company the amount required to be withheld or to execute such documents as the Company deems necessary or desirable to enable the Company to satisfy its withholding obligations; and/or (iii) withholding from the shares of Issued Common Stock otherwise payable and/or deliverable one or more of such shares having an aggregate Fair Market Value, determined as of the date the withholding tax obligation arises, less than or equal to the amount of the total withholding tax obligation.

11.    Binding Effect.  This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

12.    Governing Law.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without reference to the principles of conflicts of laws thereof.

13.    Headings.  Headings are for the convenience of the parties and are not deemed to be part of this Agreement.

14.    Power of Attorney.  The Employee, by execution of this Agreement, does hereby appoint the Company as the Employee’s attorney-in-fact for the limited purposes of executing any documents or instruments necessary in conjunction with the shares of Issued Common Stock while such shares are subject to the restrictions provided by this Agreement.  The employee understands and acknowledges that the shares of Issued Common Stock may be subject to adjustment or substitution, as determined by the Company or the Company’s Compensation Committee, as to the number, price or kind of a share of stock or other consideration subject to such awards or as otherwise determined by the Company or the Company’s Compensation Committee to be equitable in the event of changes in the outstanding stock or in the capital structure of the Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the date of grant of any such award.

15.    Section 83(b) Election.  By execution of this Agreement, the Employee is acknowledging that he/she understands that he/she may make a Section 83(b) Election pursuant to applicable provisions of the Code with respect to any non-vested Issued Common Stock but that such election must be made on or before the date that is thirty (30) days from the original issuance of such shares following the Certification Date as set forth above.

16.    Compliance with Section 409A.  To the extent applicable and notwithstanding any provision in this Agreement to the contrary, this Agreement shall be interpreted and administered in accordance with Section 409A of the Code and regulations and other guidance issued thereunder.  For purposes of determining whether any payment made pursuant to this Agreement under the Stock Incentive Plan results in a "deferral of compensation" within the meaning of Treasury Regulation §1.409A-1(b), the Company shall maximize the exemptions described in such section, as applicable.  Any reference to a “termination of employment” or similar term or phrase shall be interpreted as a “separation from service” within the meaning of Code Section 409A and the regulations issued thereunder.

17.    Reference to Company.      The grant of Performance Stock Units hereunder is being made to the Employee by virtue of the Employee’s status as an employee of the CBL Management Company.  As stated above, the CBL Management Company is an affiliate of the Company.  The use of the term “Company” in this Agreement shall, unless the context specifically states otherwise, be deemed to include both CBL & Associates Properties, Inc. and the CBL Management Company.

5

18.    Annual Grant Limitation.    The terms of the Stock Incentive Plan currently provide an annual limitation to the number of shares of Company Common Stock that may be issued to a “Participant” during a calendar year (the “Annual Grant Limitation”).  The Stock Incentive Plan currently further provides that the granting of any “performance-based Award” (which term includes the Performance Stock Units referenced herein) shall be deemed, for purposes of the referenced Annual Grant Limitation, to equal the maximum number of shares of Company Common Stock that could be issued under such award.  To the extent the grant of Performance Stock Units hereunder to the Employee could produce an award to the Employee in excess of the Annual Grant Limitation for the Company’s 2018 year, then at the conclusion of the Performance Period and if the Company’s performance has resulted in a payout per the Performance Stock Units (i.e., the issuance of shares of Company Common Stock based on the Performance Criteria as set forth on Exhibit A), the excess, if any, shall not be issued to Employee, but an amount of cash equivalent to the number of shares of Company Common Stock constituting the excess times the average of the high and low trading prices reported for the Company’s Common Stock on the NYSE on the date such shares would have otherwise been issuable to the Employee will be payable to the Employee in cash but subject to the vesting provisions as relates to the issuance of Common Stock per the Performance Stock Units.  In addition, to the extent cash is to be paid to the Employee because of the operation of the Annual Grant Limitation, the cash will be paid first ahead of the issuance of shares of Common Stock.

19.    Prospectus.    A current prospectus describing the material terms of the Stock Incentive Plan is available for review in the Company’s internal website in the CBL Employee Guide in One Note under “Benefits – General Information – Stock Incentive Plan”.

6

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Award Date first written above.

	
		
	CBL & ASSOCIATES PROPERTIES, INC.

	 
	 

	By:
	 

	 
	Stephen D. Lebovitz

	 
	President and Chief Executive Officer

	 

	 
	 

	EMPLOYEE:

	 

	[Name]

                    

7

EXHIBIT A
PERFORMANCE CRITERIA FOR PERFORMANCE STOCK UNIT AWARD

Two thirds (66.67%) of the actual number of Performance Stock Units earned by the Employee shall be determined following the end of the Performance Period based upon the level of Total Shareholder Return or “TSR” (stock price appreciation plus aggregate dividends) realized by holders of the Common Stock as compared to the TSR for the Retail Sector Component of the FTSE NAREIT All Equity REIT Index (the “NAREIT Retail Index”) over the same time period. The level of achievement will be determined based on how the Company’s TSR ranks among the constituents that comprise the NAREIT Retail Index in accordance with the following table:

	
		
	Performance 
Benchmark Achieved at end of 20[__]-[__] 
Performance Period
	Number of Performance Stock Units 
Earned by the Employee

	Below “Threshold” Level
	No Performance Stock Units earned

	“Threshold”
3rd Quartile
No less than 26th Percentile  
of the NAREIT Retail Index TSR, pro-rated  
for ranking within the quartile
	0.5 - .99 x  66.67% of Target Award

	“Target”
2nd Quartile 
No less than 51st Percentile  
of the NAREIT Retail Index TSR, pro-rated  
for ranking within the quartile 
	

1.0 – 1.49 x 66.67% of Target Award

	“Maximum”
1st Quartile
At least 76th Percentile  
of the NAREIT Retail Index TSR, pro-rated  
for ranking within the quartile
	1.5 - 2.0 x 66.67% of Target Award

If the calculated comparison ranking is between Threshold and Maximum for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

One third (33.33%) of the actual number of Performance Stock Units earned by the Employee shall be determined following the end of the Performance Period based upon the Company’s achievement of at least a “Threshold” level of absolute TSR for holders of the Company’s common stock over the same time period.   The level of achievement will be determined based on the Company’s TSR over the Performance Period in accordance with the following table:

	
		
	Performance 
Benchmark Achieved
	Number of Shares 
Awarded at Payout of Performance Share 
Units

	Below “Threshold” Level
	No performance shares earned

	 
“Threshold”
Cumulative Company TSR of 48% 
	 
Shares issued equal to 0.5 x
33.33% of the Target Award, with excess over 
Threshold Benchmark pro-rated between 
Threshold and Target levels

	 
“Target”
Cumulative Company TSR of  62% 
	 
Shares issued equal to 1.0 x
33.33% of the Target Award, with excess over 
Target Benchmark pro-rated between Target 
and High levels

	 
“High”
Cumulative Company TSR of 73% 
	 
Shares issued equal to 1.5 x
33.33% Target Award, with excess over High 
Benchmark pro-rated between High and Maximum levels

	 
“Maximum”
Cumulative Company TSR of  88% or greater
	 
Shares issued equal to 2.0 x
33.33% of the Target Award

If the calculated basis point comparison is between benchmarks as noted above for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

NOTE:  the implementation of the Performance Criteria stated herein and the issuance of Common Stock of the Company to the Employee hereunder is subject to the Annual Grant Limitation set forth in Paragraph 18 of this Agreement.

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"}]]