SEC Contract Filing

Filing Date: 2020-08-19

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>cbl-ex103_8.htm
<DESCRIPTION>EX-10.3
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Calibri;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.3</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;text-indent:0%;font-weight:bold;font-family:Calibri;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;"> RETENTION BONUS AGREEMENT</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">This Agreement (the &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is entered into this ___ day of ____, 2020 (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), by and between CBL &amp; Associates Management, Inc., a Delaware corporation (together with its successors and assigns permitted under this Agreement, the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;).&nbsp;&nbsp;Executive is <font style="letter-spacing:-0.15pt;">employed by CBL &amp; Associates Management, Inc. which is an affiliate of CBL &amp; Associates Properties, Inc., a Delaware corporation (&#8220;</font><font style="text-decoration:underline;letter-spacing:-0.15pt;">CBL/REIT</font><font style="letter-spacing:-0.15pt;">&#8221;), and, as such, references herein to the &#8220;Company&#8221;, where the context requires, will include the CBL/REIT.&nbsp;&nbsp;Executive has entered into that certain Employment Agreement with the Company of even date herewith (the &#8220;</font><font style="text-decoration:underline;letter-spacing:-0.15pt;">Employment Agreement</font><font style="letter-spacing:-0.15pt;">&#8221;).</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;text-indent:0%;font-family:Calibri;letter-spacing:-0.15pt;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Retention Bonus</font>.&nbsp;&nbsp;Executive is eligible to receive a retention bonus in the amount of $[&#9679;] (the&#160;&#8220;<font style="text-decoration:underline;">Retention Bonus</font>&#8221;), subject to the terms of this Agreement. The Retention Bonus will be paid to Executive in one payment, less all required withholdings, on the later of (i) the first regular payroll payment date after the Emergence Event Date as defined below, or (ii) the first regular payroll payment date after January 1, 2021. Executive&#8217;s right to the Retention Bonus is subject to Executive&#8217;s continued employment (except as may be provided in <font style="text-decoration:underline;">Section 3(b)</font> below)&nbsp;&nbsp;for the Retention Period defined below. By acceptance of this Agreement, Executive agrees that the Retention Bonus is in lieu of any annual cash incentive bonus and any equity incentive bonus awards that otherwise may be payable to Executive in respect of <font style="color:#000000;">the Company&#8217;s 2020 fiscal year</font>.&nbsp;&nbsp; For purposes of this Agreement, the &#8220;<font style="text-decoration:underline;">Emergence Event Date</font>&#8221; shall mean the effective date of a Chapter 11 Plan of Reorganization for the Company as approved by the United States Bankruptcy Court.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;color:#000000;">Retention Period</font><font style="color:#000000;">.&nbsp;&nbsp;The&nbsp;&nbsp;Retention Period is for the period commencing on the Effective Date and terminating on the date that is 270 days following the date of the Executive&#8217;s receipt of the Retention Bonus (the &#8220;</font><font style="text-decoration:underline;color:#000000;">Retention Period</font><font style="color:#000000;">&#8221;).</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Termination of Employment</font>.&nbsp;&nbsp;(a)&nbsp;&nbsp;If, prior to the end of the Retention Period, (i) Executive voluntarily terminates Executive&#8217;s employment with the Company or (ii) Executive&#8217;s employment is terminated by the Company for Cause (as defined below), at the Company&#8217;s discretion, Executive will be required to repay to the Company the Retention Bonus.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)&nbsp;&nbsp;<font style="color:#000000;letter-spacing:-0.15pt;">If Executive&#8217;s employment is terminated due to death or disability or by the Company other than for Cause, Executive will be entitled to be paid the Retention Bonus and will not be required to repay the Retention Bonus.&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.92%;text-indent:0%;color:#000000;font-family:Calibri;letter-spacing:-0.15pt;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRe