Document:

Exhibit

Exhibit 10.13

January 4, 2016
Forest City Enterprises, LP
50 Public Square, Suite 1140 
Cleveland, Ohio  44113

Re:  Amendments to Credit Agreement
Ladies and Gentlemen:
Reference is made to the Credit Agreement, dated as of November 17, 2015, among FOREST CITY ENTERPRISES, L.P., a Delaware limited partnership (f/k/a FOREST CITY ENTERPRISES, INC., an Ohio corporation) (the “Borrower”), certain affiliates of the Borrower from time to time party thereto, as Guarantors, each lender from time to time party, BANK OF AMERICA, N.A. (together with its successors, “Bank of America”), as Administrative Agent, and Bank of America and PNC BANK, NATIONAL ASSOCIATION, as Swing Line Lenders and L/C Issuers (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Any term used herein and not otherwise defined herein shall have the meaning assigned to such term in the Credit Agreement.

In accordance with the provisions of Section 11.01 of the Credit Agreement, the Administrative Agent, with the consent of the Borrower, hereby amends the Credit Agreement as follows:
		
	(i)
	Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of Responsible Officer appearing therein to read as follows:

“Responsible Officer” means (i) in the case of any Obligor that has one or more officers, the chief executive officer, president, chief financial officer, or any vice president of the applicable Obligor, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of the applicable Obligor and, solely for purposes of notices given pursuant to Article II, any other officer of the applicable Obligor so designated by any of the foregoing officers of such Obligor in a notice to the Administrative Agent or any other officer or employee of the applicable Obligor designated in or pursuant to an agreement between the applicable Obligor and the Administrative Agent, and (ii) in the case of any Obligor that does not have any officers, the chief executive officer, president, chief financial officer, or any vice president of the Reporting Entity, solely for purposes of the delivery of incumbency certificates 

    

pursuant to Section 4.01, the secretary or any assistant secretary of the Reporting Entity and, solely for purposes of notices given pursuant to Article II, any other officer of the Reporting Entity so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the Reporting Entity designated in or pursuant to an agreement between the Reporting Entity and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of an Obligor shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Obligor (and, in the case of an Obligor that does not have any officers, the Reporting Entity) and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Obligor (and, in the case of an Obligor that does not have any officers, the Reporting Entity).
		
	(ii)
	Section 2.09(a) of the Credit Agreement is hereby amended by inserting “The Facility Fee shall accrue” at the beginning of the second sentence of such section.

This amendment (this “Amendment”) shall become effective as of the date first above written upon receipt by the Administrative Agent of a duly executed counterpart of this Amendment from the Borrower.  
Except as herein agreed, the Credit Agreement and the other Loan Documents remain in full force and effect and are hereby ratified and affirmed.  
Nothing contained in this Amendment shall constitute a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document.  Except to the extent hereby amended, waived or modified, nothing contained in this Amendment shall constitute an amendment, modification or waiver of the Credit Agreement or any other Loan Document.
The Borrower acknowledges and agrees that this Amendment constitutes a Loan Document. Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in each other Loan Document (and the other documents and instruments delivered pursuant to or in connection therewith) to the “Credit Agreement”, “thereunder”, “thereof” or words of like import, shall mean and be a reference to the Credit Agreement as modified hereby and as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.
THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
[The remainder of this page left blank intentionally]

    

This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.
BANK OF AMERICA, N.A., as Administrative Agent
		
	By:
	/s/ Oltiana M. Pappas________________ 
Name:    Oltiana M. Pappas 
Title:    Senior Vice President

[Signature Page to FCE Letter Amendment]

CONSENTED AND AGREED:
FOREST CITY ENTERPRISES, L.P.
By:  Forest City Realty Trust, Inc., its general partner
By:    /s/ Geralyn M. Presti        
Name:    Geralyn M. Presti
Title:    Executive Vice President,
General Counsel and Secretary

[Signature Page to FCE Letter Amendment]Exhibit

EXHIBIT 10.1
FORM OF 2016 CASH-BASED LONG-TERM INCENTIVE AWARD AGREEMENT
    
THIS AGREEMENT (the “Agreement”) is between HEXION INC., a New Jersey corporation (the “Company”), and the Participant set forth on the signature page to this Agreement (the “Participant”).

WHEREAS, the Company’s indirect parent, Hexion Holdings LLC, (“Parent”) maintains the Momentive Performance Materials Holdings LLC  Long-Term Cash Incentive Plan adopted November 25, 2013 and Amended November 4, 2014 (the “Plan”) for the benefit of employees of its subsidiaries, including the Company; and 

WHEREAS, the Company has agreed to grant to the Participant, a cash-based long-term incentive award (the “Award”) pursuant to the Plan on the terms and subject to the conditions set forth in this Agreement and the Plan;

NOW, THEREFORE, in consideration of the promises and of the mutual agreements contained in this Agreement, the parties hereto hereby agree as follows: 

Section 1.The Plan.

The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth herein in their entirety.  In the event of a conflict between any provision of this Agreement and the Plan, the provisions of this Agreement shall control.  A copy of the Plan may be obtained from the Company by the Participant upon request.  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Plan.

Section 2.Defined Terms

(a)Target Award means, the amount and currency set forth on the signature page hereto.

(b)    EBITDA (sometimes also referred to by the Company as Segment EBITDA) stands for earnings before interest, taxes, depreciation and amortization, adjusted to exclude certain non-cash, certain other income and expenses and discontinued operations for the relevant period as reported on the Company’s financial statements.  
(c)    EBITDA Trigger Achievement means, any four sequential fiscal quarters at the end of which an EBITDA of $[xxx], $[xxy] or $[xxz] is achieved.     
(d)    Maintenance Period means, the two fiscal quarters following an EBITDA Trigger Achievement during which the achieved EBITDA target must be maintained.

Section 3.Grant of Cash-Based Award.

Subject to the conditions of the Plan and this Agreement, the Company hereby grants to the Participant a cash-based long-term incentive award in the amount of the Target Award, payable based upon the Participant’s continued employment with the Company or one of the Company’s subsidiaries.

Section 4.Conditions to Payment of Award.

Participant’s right to any payment of the award is subject to the requirements described below.  Subject to Participant not having a Termination of Relationship prior to the payment date:

(a)    {$/%} of the Target Award will be payable on [DATE].

(b)    {$/%} of the Target Award will be payable on [DATE].

(c)  {$/%} of the Target Award will be payable following an EBITDA Trigger Achievement of $[xxx million] which is maintained during the Maintenance Period, subject to subsection (f) below.

(d)  {$/%} of the Target Award will be payable following an EBITDA Trigger Achievement of $[xxy million] which is maintained during the Maintenance Period, subject to subsection (f) below.
(e)    {$/%} of the Target Award will be payable following an EBITDA Trigger Achievement of $[xxz million] which is maintained during the Maintenance Period, subject to subsection (f) below.
(f)    In no event will a performance award achieved under subsections (c), (d) or (e) above be paid prior to [DATE].
(g)  The measurement period for the achievement of the EBITDA targets begins [DATE], and runs through fiscal year end 2020.  The Plan will terminate if the EBITDA targets established for the performance-based portion of the awards have not been achieved by fiscal year-end 2020.
(h)    In order to be eligible to receive any payment of an award under this Agreement, Participant must be actively employed with the Company or one of the Company’s subsidiaries on the date that payment occurs.
(i)    All payments made under the Plan will be subject to any and all applicable income, employment and other tax withholding requirements.
(j)    Subject to subsection (f) above, performance awards earned under subsections (c), (d) or (e) above will be paid as soon as reasonably practicable, generally within 90 days following the end of the Maintenance Period.  Prior to any payout of a performance award, achievement of the EBITDA Trigger must be approved by Parent’s Audit Committee.  All payments under the Plan must be approved in advance by Parent’s Compensation Committee. 
Section 5.Construction.

It is intended that any amounts payable under this Agreement and the Company’s and the Participant’s exercise of authority or discretion hereunder shall comply with and avoid the imputation of any tax, penalty or interest under Section 409A of the Code.  This Agreement shall be construed and interpreted consistent with that intent.

Section 6.Change of Control.

Notwithstanding section 3 (a) and (b) above, if a Complete Change in Control  (as defined in the Company’s 2011 Equity Incentive Plan) occurs prior to [DATE], the service component of the award (but not the EBITDA performance requirement) will be deemed satisfied upon completion of the Complete Change in Control.  For purposes of clarity, if the Complete Change in Control occurs before the EBITDA target is achieved, the performance condition of the award will not be accelerated.

    

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the first date specified below.

THE COMPANY:
HEXION INC.

By:    _____________________________
Name:    _____________________________
Title:    _____________________________
Date:    ______________

By signing below, you acknowledge having received the Plan document and you further agree to be bound by the terms and conditions of the Plan and this Agreement.

Your participation is contingent upon your acknowledgement and agreement to the provisions of this Plan and Agreement, as  indicated by your signing below and returning the signed Agreement by email to equityadmin@hexion.com by the close of business on {RETURN DATE}.

THE PARTICIPANT:

By:    ____________________________

Name:                            ____________ ___
Title:                                                   ____
Date:                                  _____________

Last address on the records of the Company:

Target Award:  {AMOUNT} {CURR}

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