SEC Contract Filing

Filing Date: 2017-04-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.50
<SEQUENCE>2
<FILENAME>exhibit1050firstamendmentr.htm
<DESCRIPTION>1ST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMEMENT W DEMCHAK DATED FEB
<TEXT>
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<div><a name="s671e7cad43244488a2dd15ddeb0635a7"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS FIRST AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made and entered into by and between Washington Prime Group Inc., an Indiana corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Robert P. Demchak (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;), effective as of February&#160;21, 2017.</font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company and Executive are parties to an amended and restated employment agreement, dated as of January 31, 2017, effective as of January 1, 2017 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Employment Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) (capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Employment Agreement); and</font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company and Executive now desire to amend the Employment Agreement to reflect Executive&#8217;s continued employment on the terms and subject to the conditions set forth herein;</font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:</font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Terms of Employment</font><font style="font-family:inherit;font-size:12pt;">.&#160;&#160;&#160;&#160;Section 2(b)(iii)(A) and (B) of the Employment Agreement are hereby deleted in their entirety and replaced as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;(A)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">2017 Performance Award Grant</font><font style="font-family:inherit;font-size:12pt;">. On the date on which 2017 annual equity awards are granted to the Company&#8217;s senior executives, the Executive shall receive a grant of performance stock units of the Company (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">PSUs</font><font style="font-family:inherit;font-size:12pt;">&#8221;) issued under the 2014 Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">2017 PSU Award</font><font style="font-family:inherit;font-size:12pt;">&#8221;). The target number of PSUs granted to the Executive shall be determined by dividing Two Hundred Fifty Thousand Dollars ($250,000) by the Fair Market Value of the Company&#8217;s Common Stock on the date of grant. For purposes of this Agreement, &#8220;Fair Market Value&#8221; means the closing price per share of the Common Stock on the applicable date for purposes of such determination hereunder, as reported on the New York Stock Exchange. The PS