SEC Contract Filing

Filing Date: 2017-11-02

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ggp9302017ex102.htm
<DESCRIPTION>EXHIBIT 10.2
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<DIV><FONT size="1" style="font-size:1pt;color:white"> &#13;&#10; &#13;&#10; &#13;&#10; &#13;&#10;Date: September 20, 2017 &#13;&#10; &#13;&#10;To: Michael B. Berman &#13;&#10; &#13;&#10;From: Sandeep Mathrani &#13;&#10; &#13;&#10;cc: Julie Knudson &#13;&#10; &#13;&#10;Re: Retirement / Separation Arrangement &#13;&#10; &#13;&#10; &#13;&#10;This memorandum (the &#8220;Memorandum&#8221;) describes certain arrangements that we have put in place in &#13;&#10;connection with your departure from the Company due to retirement or separation. &#13;&#10; &#13;&#10;1. It is expected that you will retire from the Company effective March 1, 2018 (the &#8220;Retirement &#13;&#10;Date&#8221;) and that your employment shall terminate as of same. Because your employment is and &#13;&#10;remains entirely at-will, nothing shall preclude the Company from terminating your employment &#13;&#10;at any time, with or without Cause. 1 The date of a Company initiated separation, whether with &#13;&#10;or without Cause, shall be referred to as the &#8220;Separation Date.&#8221; &#13;&#10; &#13;&#10;2. Except as stated herein, all forms of compensation, perquisites, and Company sponsored &#13;&#10;benefits will end on the earlier of the Retirement Date or the Separation Date. &#13;&#10; &#13;&#10;3. You have agreed to remain available on an as-needed basis to assist with the transition of your &#13;&#10;responsibilities for six (6) months after the later of the Retirement Date or the Separation Date. &#13;&#10; &#13;&#10;4. Provided that you (i) do not resign before the Retirement Date and are not terminated for Cause &#13;&#10;at any time on or after the date of this Memorandum and (ii) execute and not revoke a full &#13;&#10;general release of claims in favor of the Company in the form attached hereto as Exhibit A on &#13;&#10;the earlier of your Separation Date or the Retirement Date, the forfeiture provisions applicable &#13;&#10;to any non-performance based equity grants awarded to you prior to the date of this &#13;&#10;Memorandum&#8212;i.e., nonqualified options, restricted stock, Full Value LTIPs (&#8220;FV LTIPs&#8221;), and &#13;&#10;Appreciation Only LTIPs (&#8220;AO LTIPs&#8221;)&#8212;shall be disregarded and the unvested portion of all such &#13;&#10;grants shall continue to vest through March 1, 2020 as if you are an employee of Company &#13;&#10;through such date. On March 1, 2020, any unvested non-performance based equity shall be &#13;&#10;forfeited. You will have three (3) years from the Retirement Date or the date of a not-for-Cause &#13;&#10;separation, whichever is earlier, to exercise your vested nonqualified options and AO LTIPs. &#13;&#10; &#13;&#10;1 For purposes of this Memorandum, &#8220;Cause&#8221; means a material violation of the Company&#8217;s behavior standards or &#13;&#10;policies; fraud, embezzlement, or theft; failure, neglect of, or refusal to substantially perform the duties of the position; willful &#13;&#10;misconduct damaging to the Company, its reputation, business relationships, or customers; intentional violation of any law or &#13;&#10;regulation; unauthorized disclosure of any trade secret or confidential information of the Company; or a felony conviction. &#13;&#10;&#13;&#10;</FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">Michael B. Berman &#13;&#10;Retirement Separation Arrangement &#13;&#10;September 20, 2017 &#13;&#10;Page 2 of 6 &#13;&#10; &#13;&#10; &#13;&#10;5. Per the terms of the applicable agreements, you will forfeit the performance based equity &#13;&#10;grants awarded to you on February 18, 2016 and January 3, 2017. &#13;&#10; &#13;&#10;6. You will not receive an equity award in 2018. &#13;&#10; &#13;&#10;7. You will be eligible to participate in the Plan. 2 In all cases, eligibility to participate in the Plan &#13;&#10;does not guarantee that you will receive an Annual Award Payment at all or of any specified &#13;&#10;amount. Receipt of an Annual Award Payment is based on a combination of your and the &#13;&#10;Company&#39;s performance, other terms and conditions provided for in the Plan, and Board &#13;&#10;approval. As applicable, the Annual Award Payment Date is determined at the Board&#8217;s &#13;&#10;discretion and takes place no later than March 31 of the year following the Measurement &#13;&#10;Period. For the avoidance of doubt, for purposes of the Plan, you will be deemed to be an &#13;&#10;employee of the Company on the Annual Award Payment Date. &#13;&#10; &#13;&#10;8. If you resign before the Retirement Date or are terminated for Cause at any time on or after the &#13;&#10;date of this Memorandum, any and all vested and unvested portions of any equity grants of any &#13;&#10;kind or character awarded to you at any time during your employment, whether prior to, on, or &#13;&#10;after the date of this Memorandum, will be treated in accordance with the terms of the &#13;&#10;applicable award agreements. &#13;&#10; &#13;&#10;9. In interpreting, construing, or enforcing this Memorandum, you and the Company agree that &#13;&#10;the law of the State of Illinois shall control, as you and the Company have a material connection &#13;&#10;to the State of Illinois, and application of a single state&#8217;s law will permit a uniform and consistent &#13;&#10;interpretation of the provisions of this Memorandum to all persons who occupy