SEC Contract Filing

Filing Date: 2022-03-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.4.2
<SEQUENCE>3
<FILENAME>cbl-ex1042_615.htm
<DESCRIPTION>EX-10.4.2
<TEXT>
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cbl-ex1042_615.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.4.2</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">CBL &amp; Associates Properties, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Summary Description of Non-Employee Director Compensation Arrangements</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective November 1, 2021, the effective date of a Bankruptcy Court approved plan pursuant to which the Company&#8217;s emerged from reorganization under Chapter 11 of the United States Bankruptcy Code, and in connection with such emergence, the Company&#8217;s new Board of Directors and Compensation Committee appointed in connection with the plan approved the following as the Company&#8217;s new cash compensation arrangements for each director not employed by the Company (a &#8220;Non-Employee Director&#8221;):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Non-Employee <br />Director Fees</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual Fee for each Non-Employee Director</p></td>
<td valign="top" BGCOLOR="#CCEEFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$65,000</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual Committee Member Fee<br />(Audit, Compensation Committee; Nominating/Corporate Governance Committee) </p></td>
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<p style="text-align:center;margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$15,000</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual Committee Chairman/Chairperson Fee (Audit, Compensation Committee; Nominating/Corporate Governance Committee)</p></td>
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<p style="text-align:center;margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$20,000</p></td>
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