SEC Contract Filing

Filing Date: 2015-05-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>rpai-2015x331xex104.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<a name="sFC202F416A8A076A0E60D949E4E133EE"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 10.4</font></div></div><br><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">RETAIL PROPERTIES OF AMERICA, INC.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">AMENDMENT TO RETENTION AGREEMENT</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"></font><font style="font-family:Arial;font-size:12pt;">This Amendment to Retention Agreement (the &#8220;Amendment&#8221;) is made and entered into by and between Shane&#160;C. Garrison (&#8220;Executive&#8221;) and Retail Properties of America, Inc., a Maryland corporation (the &#8220;Company&#8221;), effective as of February&#160;19,&#160;2015.</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;">RECITALS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:13px;padding-top:13px;text-align:justify;text-indent:48px;"><font style="padding-bottom:13px;padding-top:13px;text-align:justify;font-family:Arial;font-size:12pt;padding-right:48px;">A.</font><font style="font-family:Arial;font-size:12pt;">On February 19, 2013, Executive and Company entered into that certain Retention Agreement (the &#8220;Retention Agreement&#8221;) by and between Executive and Company providing inter alia for certain payments to Executive in the event of the termination of Executive&#8217;s employment.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:13px;padding-top:13px;text-align:justify;text-indent:48px;"><font style="padding-bottom:13px;padding-top:13px;text-align:justify;font-family:Arial;font-size:12pt;padding-right:48px;">B.</font><font style="font-family:Arial;font-size:12pt;">The structure of the Company&#8217;s bonus program has changed since the date of the execution of the Retention Agreement, and the Company and Executive desire to amend the Retention Agreement to reflect the changes in such structure.</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">NOW THEREFORE, the parties hereto agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:13px;padding-top:13px;text-align:justify;text-indent:48px;"><font style="padding-bottom:13px;padding-top:13px;text-align:justify;font-family:Arial;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Amendment of Retention Agreement</font><font style="font-family:Arial;font-size:12pt;">. Section 3(a) of the Retention Agreement is hereby deleted in its entirety and replaced with the following:</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">(a)&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Cash Severance (Non-Change in Control)</font><font style="font-family:Arial;font-size:12pt;">. Executive shall receive on the sixtieth (60th) day following the Termination Date a lump sum cash amount (less applicable withholdings) equal to the sum of (i)&#160;twelve (12) months of Executive&#8217;s base salary at the rate then in effect (without giving effect to any reduction in the base salary rate amounting to Good Reason), (ii)&#160;an amount equal to 100% of the dollar amount of the Executive&#8217;s annual bonus (including 100% of the target cash and equity components), calculated based on the annual bonus for the year in which Executive&#8217;s employment was terminated (or the prior year if a target annual bonus (both cash and equity) award amount hadn&#8217;t yet been established for such year) that would be paid (or granted) to Executive if Executive&#8217;s employment had not terminated and if all performance-based milestones were achieved at 100% of the target level by both the Company and Executive (the &#8220;</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Target Bonus</font><font style="font-family:Arial;font-size:12pt;">&#8221;), and (iii)&#160;all annual bonus amounts earned during the year in which the termination occurs through the most recently completed fiscal quarter prior to the termination date but otherwise remaining unpaid as of the Termination Date.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:13px;padding-top:13px;text-align:justify;text-indent:48px;"><font style="padding-bottom:13px;padding-top:13px;text-align:justify;font-family:Arial;font-size:12pt;padding-right:48px;">2.</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Conflicts</font><font style="font-family:Arial;font-size:12pt;">. In the event o