SEC Contract Filing

Filing Date: 2022-02-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>2
<FILENAME>exhibit1017urbanedgeproper.htm
<DESCRIPTION>EX-10.17
<TEXT>
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<title>Document</title></head><body><div id="i2f5619ac5ced43ca99341f3ef7bb11d4_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:100%">URBAN EDGE PROPERTIES<br>EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">1.</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;padding-left:27.38pt;text-decoration:underline">Adoption&#59; Purpose</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">. The Compensation Committee of the Board of Trustees of Urban Edge Properties (the &#8220;</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%">Company</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">&#8221;) has adopted this Executive Severance and Change of Control Plan (this &#8220;</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%">Plan</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">&#8221;) for the purpose of providing severance and change of control protections to certain key employees of the Company and its Subsidiaries. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">2.</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;padding-left:27.38pt;text-decoration:underline">Participation</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">. This Plan is only for the benefit of Participants, and no other employees, personnel, consultants or independent contractors shall be eligible to participate in this Plan or to receive any rights or benefits hereunder. Participants are those employees (including new hires) designated by the Compensation Committee as Participants from time to time, subject to, and upon, such employee executing and delivering to the Company a Letter Agreement. Nothing in this Plan shall be construed as creating an express or implied contract of employment and nothing herein shall confer upon any Participant any right with respect to continued employment with the Company or any Subsidiary or limit the right of the Company or any Subsidiary to terminate such Participant at any time.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">3.</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;padding-left:27.38pt;text-decoration:underline">Certain Definitions</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">. As used in this Plan, the following terms shall have the respective meanings set forth below&#58; </font></div><div style="padding-left:26.95pt;padding-right:5.8pt;text-align:justify;text-indent:72pt"><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">&#8220;</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%">Accrued Bonus</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">&#8221; shall mean an annual cash bonus awarded under the Company&#8217;s applicable incentive plan for a calendar year ended prior to the year which includes the Termination Date&#58; (a) with respect to which the Compensation Committee determines, in its reasonable discretion, that the performance goals, conditions or metrics related thereto have been achieved by a Participant&#59; and (b) which has not been paid to such Participant on or before such Participant&#8217;s Termination Date.</font></div><div style="text-align:justify;text-indent:72pt"><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:112%">&#8220;</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:112%">Accrued Rights</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:112%">&#8221; shall mean, with respect to a Participant, the sum of the following&#58; (a) any accrued but unpaid Base Salary of such Participant through the Termination Date&#59; (b) reimbursement for any unreimbursed business expenses properly incurred by such Participant in accordance with Company policy through such Participant&