Document:

Exhibit 4 (D)

	
  

 
	
 Teachers Insurance and Annuity Association of America

 
	
 730 Third Avenue, New York, N.Y. 10017-3209
 

 Telephone: [800-842-2733]

 
	
  

 
	
 Separate Account Accumulation Contract

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Contract
 Number:

 	
  

 	
 [CLC-FA0001]

 
	
  

 	
 Date of
 Issue:

 	
  

 	
 [June 1,
 2010]

 
	
  

 	
 Contactholder

 	
  

 	
 [ABC
 Employer Plan]

 

          This is a
Contract between the Contractholder and Teachers Insurance and Annuity
Association of America (“TIAA”). This page briefly describes some of the
features of the Contract. The subsequent pages set forth in detail the rights
and obligations of both TIAA and the Contractholder under the Contract. 

GENERAL DESCRIPTION

All premiums for this Contract will be remitted by the Contractholder.
Premiums will be allocated to the TIAA Real Estate Account. Each premium buys a
number of accumulation units. Real Estate
Account accumulations are not guaranteed, and may increase or decrease
depending primarily on investment results. The Real Estate Account
separate account charge is guaranteed not to exceed 2.50% per year of net
assets. 

This Contract cannot be assigned nor does it provide for loans. 

	
  

 	
  

 
	
 /s/ William J. Mostyn III

 	
 /s/ Roger W. Ferguson, Jr.

 
	
 Vice President and

 	
 President and

 
	
 Corporate Secretary

 	
 Chief Executive Officer

 

Group Accumulation Contract

	
  

 	
  

 
	 

 
	
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PART A: TERMS USED IN THIS CONTRACT

1.         Business Day means any day that the New
York Stock Exchange is open for trading. A Business Day ends at 4:00 p.m.
Eastern time, or when trading closes on the New York Stock Exchange, if
earlier. 

2.         The
Contract Accumulation is equal to
the number of accumulation units owned under the Contract multiplied by the
value of one accumulation unit. Real Estate Account accumulations are variable
and are not guaranteed. They may increase or decrease depending primarily on
investment results. 

3.         The
Custom Fund is a fund managed by
the Contractholder for the purpose of achieving specified investment objectives
for the benefit of the custom fund shareholders, in connection with an employer
sponsored benefit plan. This Contract is issued to the Contractholder to enable
the Contractholder to utilize the accounts available under the Contract toward
these objectives. 

4.         A
Custom Fund Shareholder is an
individual or institution that is the beneficial owner of shares in the Custom
Fund. 

5.         The
General Account consists of all of
TIAA’s assets other than those in separate accounts. 

6.         Separate account. All premiums are
allocated to the Real Estate Account and become part of a separate account. The
Real Estate Account is designated as “VA-2” and was established by TIAA in
accordance with New York law to provide benefits under this Contract and other
contracts. The assets and liabilities of separate account VA-2 are segregated
from the assets and liabilities of the general account, and from the assets and
liabilities of any other TIAA separate account. 

7.         A valuation day is any business day, as
well as the last calendar day of each month. Valuation days end as of the close
of all U.S. national exchanges where securities or other investments of the
Real Estate Account are principally traded. Valuation days that aren’t business
days end at 4:00 p.m. Eastern Time. A valuation period is the time from the end
of a valuation day to the end of the next valuation day. 

8.         “We,” “Us,” “Our,” and “Company” refer to TIAA. 

9.         “You,” “Your,” “Yours,” “Contractholder” and “Trust”
refer to the Contractholder named on the cover page of this Contract. 

PART B: CONTRACT AND PREMIUMS

10.        The Contract.   The Contract
constitutes the entire agreement between TIAA and the Contractholder and the
provisions herein alone will govern with respect to the rights and obligations 

	
  

 	
  

 
	 

 
	
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of TIAA and the Contractholder. We have issued this Contract in return
for Your completed application. The Contract is incontestable. Any endorsement
or amendment of this Contract or waiver of any of its provisions will be valid
only when made in writing by TIAA and signed by an Executive Officer of TIAA.
All benefits are payable at our home office or at another location that we
designate 

11.        Premiums are cash payments made by the
Contractholder to TIAA, which we accept for credit to the Contract. Premiums
will be allocated to the TIAA Real Estate Account. TIAA reserves the right to
stop accepting premiums to the Contract at any time. 

12.        Premium taxes. Any premium taxes assessed
by federal, state or local governments will be deducted from Your Contract
Accumulation when incurred by TIAA. TIAA may deduct these taxes when the
premium is received by TIAA or when withdrawals are made. If no amount for
premium tax was deducted, but premium tax is later determined to be due, TIAA
will reduce Your Contract Accumulation by the amount of tax that is determined
to be due by TIAA. 

PART C: REAL ESTATE ACCOUNT

13.        Accumulation
unit. The value of one accumulation unit is calculated at the end of each
valuation day. The value of an accumulation unit is equal to the previous day’s
value multiplied by the net investment factor for the Real Estate Account.  

14.        The
net investment factor for the Real Estate Account for a valuation period is
based on the amount of accrued real estate net operating income, dividends,
interest and other income during the current period, a deduction of the
separate account charge, both realized and unrealized capital gains and losses
incurred, and other accounting adjustments during the current period. The
precise formula for the net investment factor is A divided by B, as follows:  

	
  

 	
  

 	
  

 
	
  

 	
 A)

 	
 the value of the Real Estate Account’s net assets at the end of the
 current valuation period, less any premiums received during the current
 period. 

 
	
  

 	
  

 	
  

 
	
  

 	
 B)

 	
 the value of the Real Estate Account’s net assets at the end of the
 previous valuation period, plus the net effect of transactions (e.g. internal
 transfers, benefit payments) made at the start of the current valuation
 period. 

 

15.        The
separate account charge covers
mortality and expense risk, liquidity risk, and administrative and investment
advisory services. TIAA, at its discretion, can increase or decrease the
separate account charge. The separate account charge is guaranteed not to
exceed 2.50% per year of net assets. 

16.
        Number of accumulation units. Each premium applied to the Real
Estate Account buys a number of accumulation units equal to the amount of the
premium divided by the value of one accumulation unit as of the end of the
business day in which the premium is credited. The number of accumulation units
under the Contract will be decreased by any premium taxes incurred by TIAA for 

	
  

 	
  

 
	 

 
	
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the Real Estate Account accumulation and by any withdrawals from the
Real Estate Account accumulation under the Contract. Such transactions will
decrease the number of accumulation units under the Contract by an amount equal
to the dollar value of the transaction divided by the value of one accumulation
unit as of the end of the valuation day on which the transaction becomes
effective. 

PART D: WITHDRAWALS

17.
        Withdrawals to Satisfy Shareholder Transactions. The
Contractholder may direct us to distribute amounts held under this Contract at
the Contractholder’s discretion, in order to satisfy withdrawal requests by
Custom Fund Shareholders, made in accordance with the terms of the employer
plan in connection with which this Contract is issued. 

18.        Withdrawals to Satisfy Fund Rebalancing and Investment
Objectives. The Contractholder may direct us to distribute amounts
held under this Contact to achieve the rebalancing objectives and the stated
investment percentages of the Custom Fund. 

19.        Discontinuance by Contractholder and Effective Dates.
Upon written notice to TIAA, the Contractholder may elect to discontinue this
Contract in part or in its entirety. Any such request will be effective as of a
date, to be stated in such notice, provided TIAA receives such notice on or
before such date. Otherwise, the date of such discontinuance will be the date
TIAA receives such notice. In the event of such full or partial discontinuance,
the portion of the Contract Accumulation requested will be paid to the
Contractholder in a single-sum. However, TIAA will require 180-days advance
notice if the amount to be so paid exceeds $10 million. 

PART F: GENERAL PROVISIONS

20.        Effective Date of Premiums and Withdrawals.
Premiums will be credited to the Contract, as of the Business Day on which they
are received by TIAA or by an agent designated by TIAA to receive them,
provided they are received in good order and in accordance with established
procedures, at the location(s) that TIAA will designate by prior written
notice. Withdrawals will be effective as of the Business Day on which the
request for the withdrawal is received by TIAA or by an agent designated by
TIAA to receive such requests, provided they are received in good order and in
accordance with established procedures, at the locations that TIAA will
designate by prior written notice. TIAA reserves the right, at its sole
discretion, to reject any premiums or withdrawal requests in accordance with
applicable law. 

21.        No Assignment. Neither the Contractholder
nor any other person may assign, pledge, or transfer ownership of this Contract
or any benefits under its terms. Any such action will be void and of no effect.

22.        Fee Withdrawals. You may withdraw amounts
from the Contract Accumulation to pay fees associated with the administration
of the Custom Fund. The amount and the effective date of a fee 

	
  

 	
  

 
	 

 
	
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withdrawal will be determined by you and all values will be determined
as of the end of the effective date. A fee withdrawal will reduce the Contract
Accumulation by the amount withdrawn. 

23.        Insulation of the separate account. TIAA
owns the assets in separate account VA-2. To the extent permitted by law, the
assets of the separate account will not be charged with liabilities arising out
of any other business TIAA may conduct. All income, investment gains and
investment losses of the separate account, whether or not realized, will be
credited to or charged against only that account without regard to TIAA’s other
income, gains or losses. 

24.        Deletion of the Real Estate Account. TIAA
may delete the Real Estate Account. If accumulation units are owned under the
Contract in the Real Estate Account and it is deleted, the value of the units
held under the Contract will be paid to the Contractholder. 

25.        Service of Process upon TIAA. TIAA will
accept service of process in any action or suit against TIAA on this Contract
in any court of competent jurisdiction in the United States, provided such
process is properly made. TIAA will also accept such process sent to TIAA by
registered mail if the plaintiff is a resident of the jurisdiction in which the
action or suit is brought. This Section does not waive any of TIAA’s rights,
including the right to remove such action or suit to another court. 

26.        Compliance with Laws and Regulations. TIAA
will administer the Contract to comply with all laws and regulations pertaining
to the terms and conditions of the Contract. 

27.        Protection against claims of creditors. The
benefits and rights accruing under the Contract are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. 

28.        Severability. If any part of this Contract
is declared invalid for any reason, such decision shall not affect the validity
of any remaining portion. Such remaining portion shall remain in full force and
effect as if the Contract had been executed with the invalid portion
eliminated. 

29.        No Loans. This Contract does not provide
for loans. 

	
  

 
	
 30.        Notice Requirement. No notice,
 application, form, or request for benefits will be deemed to be received by
 us unless it is received in writing at our home office in New York, New York
 or at another location that we designate. 

 
	
              For
 purposes of determining the effective dates of any transactions or crediting
 of premiums, such transaction requests or premiums will only be deemed to
 have been received when they are received by TIAA, or its appropriately
 designated agent, in good order, in accordance with procedures established by
 TIAA or as required by law. 

 
	
              Any
 questions about this Contract should be directed to us at our home office
 address: [730 Third Avenue, New York, New York 10017-3209]. 

 

	
  

 	
  

 
	 

 
	
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 5exv10w2

Exhibit 10.2

Town Sports International, LLC

5 Penn Plaza, 4th Floor

New York, NY 10001

(212) 246-6700

March 1, 2011

Mr. Robert Giardina

c/o Town Sports International, LLC

5 Penn Plaza, 4th Floor

New York, NY 10001

Dear Bob:

     Reference is made to the Executive Severance Agreement (the “Severance Agreement”) dated March
2010 between you and Town Sports International, LLC (the “Company”). This letter amendment
(“Amendment”) sets forth the terms of the amendment to the Severance Agreement that the
Compensation Committee of the Board of Directors of Town Sports International Holdings, Inc., the
parent of the Company, has approved.

1. Amendments.

     (a) Section 3(a)(1) of the Severance Agreement is amended in its entirety to read as follows:

“Unless otherwise provided herein, the Executive shall receive the following
severance payments: An amount equal to the sum of one and one-half (1.5)
times the Executive’s annual base salary as of the Executive’s Termination
Date payable in eighteen (18) equal monthly installments (such
eighteen-month period, the “Severance Period”), less all applicable
withholding taxes, payable as described in Section 3(b) below; provided
however, that the Severance Period shall immediately terminate, and no
further amounts shall be due pursuant to this Section 3(a)(i) in the event
Executive has materially breached any of the terms and conditions of this
Agreement, including Section 4 hereunder.

     (b) The reference to “one year period” in the first sentence of Section 3(b)(i) of the Severance
Agreement is deleted and replaced with “eighteen month period.”

1

 

2. Miscellaneous. All references to the Severance Agreement shall be references to the
Severance Agreement as amended by this Amendment. Except as set forth herein, the Severance
Agreement remains in full force and effect and is ratified in all respects.

     IN WITNESS WHEREOF, the parties have executed this Amendment, effective as of the date and
year first above written.

	 	 	 	 	 
	 	TOWN SPORTS INTERNATIONAL, LLC

 	 
	 	By:  	/s/
Scott Milford	 
	 	 	Name:  	Scott Milford 	
	 	 	Title:  	Senior Vice President — Human Resources	 
	 	 	 
	 	Executive:

 	 
	 	/s/
Robert Giardina 	 
	 	Robert Giardina 	 
	 

2

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