<SEC-DOCUMENT>0000910612-19-000013.txt : 20190215
<SEC-HEADER>0000910612-19-000013.hdr.sgml : 20190215
<ACCEPTANCE-DATETIME>20190215160136
ACCESSION NUMBER:		0000910612-19-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190211
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190215
DATE AS OF CHANGE:		20190215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBL & ASSOCIATES PROPERTIES INC
		CENTRAL INDEX KEY:			0000910612
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				621545718
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12494
		FILM NUMBER:		19611464

	BUSINESS ADDRESS:	
		STREET 1:		2030 HAMILTON PLACE BVLD, SUITE 500
		STREET 2:		CBL CENTER
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37421
		BUSINESS PHONE:		4238550001

	MAIL ADDRESS:	
		STREET 1:		2030 HAMILTON PLACE BVLD, SUITE 500
		STREET 2:		CBL CENTER
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBL & ASSOCIATES LIMITED PARTNERSHIP
		CENTRAL INDEX KEY:			0000915140
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				621542285
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-182515-01
		FILM NUMBER:		19611463

	BUSINESS ADDRESS:	
		STREET 1:		2030 HAMILTON PLACE BVLD
		STREET 2:		SUITE 500
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37421
		BUSINESS PHONE:		(423)855-0001

	MAIL ADDRESS:	
		STREET 1:		2030 HAMILTON PLACE BVLD
		STREET 2:		SUITE 500
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37421
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>neocomp2019.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="s737d1af3795c48cd913718d163fd2630"></a></div><div><div style="line-height:120%;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;-sec-extract:summary;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">Washington, D.C.&#160; 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-weight:bold;">THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Date of report (Date of earliest event reported)</font><font style="font-family:inherit;font-size:10pt;">:&#160; </font><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">February&#160;11, 2019</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">CBL &amp; ASSOCIATES PROPERTIES, INC.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">CBL &amp; ASSOCIATES LIMITED PARTNERSHIP</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(Exact Name of 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 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style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">333-182515-01</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">62-1542285</font></div></td></tr><tr><td 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style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#160;Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(I.R.S. 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(Address of principal executive office, including zip code)</font></div></td></tr><tr><td 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">423.855.0001</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(Registrant's telephone number, including area code)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div 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style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">N/A</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(Former name, former address and former fiscal year, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2). </font></div><div style="line-height:120%;padding-bottom:7px;text-align:justify;padding-left:480px;text-indent:-480px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Emerging growth company </font><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="font-family:Wingdings;font-size:10pt;">o</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Item 5.02</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:64px;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;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(e)&#160;&#160;&#160;&#160;Effective February 11, 2019, the Compensation Committee of the Board of Directors of CBL &amp; Associates Properties, Inc. (herein the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">Company</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221; or &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">CBL</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221;) approved the 2019 Annual Incentive Compensation Plan (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">2019 AIP</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221;) that will be applicable to determine annual bonus compensation for performance during the Company&#8217;s fiscal year 2019 (i) for four of the five individuals who currently qualify as &#8220;named executive officers&#8221; of the Company pursuant to Item 402(a)(3) of Securities and Exchange Commission (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">SEC</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221;) Regulation S-K (the fifth such individual, Augustus N. Stephas, is not included in the 2019 AIP due to his retirement from the Company) and (ii) for Jeffery V. Curry, who will become a new &#8220;named executive officer&#8221; of the Company in connection with the filing of the Company&#8217;s proxy statement for the 2019 Annual Meeting of Stockholders.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">The 2019 AIP, similar to the Annual Incentive Plans adopted for prior years beginning with fiscal 2015, is designed to reward the named executive officers for the achievement of two annual quantitative operational goals and qualitative individual performance objectives, as assessed by the Compensation Committee.  For the Chief Executive Officer, 70% of the total AIP opportunity will be based on the quantitative portion and the remaining 30% will be based on individual performance objectives.  For the other named executive officers, 60% of the total award will be based on the quantitative portion and the remaining 40% will be based on individual performance objectives.  </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">The quantitative portion of the 2019 AIP awards will be allocated between two performance measures, each with a 50% weighting: (1) Funds From Operations (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">FFO</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221;), as adjusted per diluted share, as reported in the Company&#8217;s periodic reports (Forms 10&#8209;K and 10&#8209;Q) filed with the SEC (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">Periodic Reports</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221;) and (2) Same-Center Net Operating Income (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;text-decoration:underline;">NOI</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#8221;) growth, as reported in the Periodic Reports.  The remaining portion of the AIP will be based on specific individual performance goals under the qualitative portion.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">The target cash bonus award levels set by the Compensation Committee under the 2019 AIP for each of the Company&#8217;s named executives officers identified above are as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.03313840155946%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:52%;"></td><td style="width:16%;"></td><td style="width:16%;"></td><td style="width:16%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Named Executive Officer</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Total</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">2019 Target </font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Cash Bonus</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Award</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Quantitative </font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Allocation</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;"><br></font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Qualitative/</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Individual </font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Allocation</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Stephen D. Lebovitz, Chief Executive Officer</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">$965,081</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">70%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">30%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Charles B. Lebovitz, Chairman of the Board</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">$423,282</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">60%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">40%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Michael I. Lebovitz, President</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">$321,694</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">60%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">40%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Farzana Khaleel, Executive Vice President - Chief Financial Officer and Treasurer</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">$321,694</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">60%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">40%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Jeffery V. Curry, Chief Legal Officer and Secretary</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">$209,475</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">60%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">40%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Achievement of </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">target</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#32;performance for a performance measure will result in 100% payout of the quantitative portion of the award based on that performance measure.  Performance that meets </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">threshold</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#32;requirements will result in 50% (of target) payout of the quantitative portion of the award based on that performance measure and achievement of the </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">maximum</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#32;performance for a performance measure will result in 150% (of target) payout.  Performance achieved between </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">threshold</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#32;and </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">maximum </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">level for either metric</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">&#32;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">will result in a prorated bonus payout.  There will be no payout for the portion of any award that is based on a performance measure for which less than the </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;font-style:italic;">threshold</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">&#32;level of performance is achieved.  The Compensation Committee has the ability to adjust each metric, if appropriate, to account for significant unbudgeted transactions or events.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">The individual performance goals established by the Compensation Committee for each named executive officer under the qualitative portion of the 2019 AIP are outlined below:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;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:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.635477582846%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:22%;"></td><td style="width:78%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Named</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Executive Officer</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">2019 Individual Performance Objectives</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Stephen D. Lebovitz</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(1) refining, enhancing and executing the Company&#8217;s strategic and business plans</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(2) effective communications and interactions with the investment community</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(3) regular communication and interaction with the Board</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(4) maintain and enhance key retailer, financial and other relationships</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(5) effective corporate and executive team communication, motivation and management</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Charles B. Lebovitz</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(1) effective Board management</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(2) maintain and enhance key retailer and other relationships</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(3) broad involvement and stewardship of the Company&#8217;s strategic objectives and business performance</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(4) support the CEO in developing and executing the Company&#8217;s strategic and business plans</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Michael I. Lebovitz</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(1) supervision of redevelopment projects to achieve approved pro forma returns and scheduled openings</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(2) manage and enhance joint venture partner relationships and greater involvement with financial institutions and the investment community</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(3) effective oversight of the implementation of technology and organizational initiatives including supporting the CEO in implementing organizational changes</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(4) effective management and team building for the Development, Human Resources and Information Technology divisions of the Company and closer working relationships with other areas of the Company </font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(5) support the CEO in developing and executing the Company&#8217;s strategic and business plans</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Farzana Khaleel</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(1) successful execution of the Company&#8217;s balance sheet strategy (as presented in the quarterly liquidity plans) including maintaining/improving key credit metrics and effective interactions with rating agencies, banks and other financial entities </font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(2) effective management and oversight of the financial services and accounting divisions</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(3) maintain and improve key financial and joint venture partner relationships</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(4) improve interactions with the investment community through earnings calls, presentations and investor conferences/meetings</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(5) support the CEO in implementing organizational changes as well as developing and executing the Company&#8217;s strategic and business plans</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Jeffery V. Curry</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(1) oversight of litigation that the Company is facing </font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(2) effective management and oversight of the legal department</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(3) continued involvement in Board material preparation and Board support as necessary</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(4) coordination with and support for other members of the senior Executive team</font></div><div style="padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:22px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(5) support the CEO in developing and executing the Company&#8217;s strategic and business plans</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">The additional terms of the 2019 AIP are substantially identical to those of the 2018 Annual Incentive Plan for the Company&#8217;s named executive officers, as described in the proxy statement for the Company&#8217;s 2018 Annual Meeting of Stockholders previously filed with the SEC.  The 2019 AIP is an unfunded arrangement and any compensation payable thereunder may be evaluated, modified or revoked at any time in the sole discretion of the Compensation Committee, which is responsible for administering the plan.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">The foregoing summary description of the 2019 AIP is not complete, and is qualified in its entirety by reference to the full text of the 2019 AIP, which is filed as an exhibit to this report.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">Item 9.01   Financial Statements and Exhibits</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">(d)&#160;&#160;&#160;&#160;Exhibits</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:88.4990253411306%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:23%;"></td><td style="width:77%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit10213.htm"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">10.2.13</font></a></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit10213.htm"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">CBL &amp; Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2019).  Filed herewith.</font></a></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:361px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:361px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">CBL &amp; ASSOCIATES PROPERTIES, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">/s/ Andrew F. Cobb</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Andrew F. Cobb</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Senior Vice President -</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Director of Accounting</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:361px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:361px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:10pt;font-weight:bold;">CBL &amp; ASSOCIATES LIMITED PARTNERSHIP</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">By:   CBL HOLDINGS I, INC., its general partner</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">/s/ Andrew F. Cobb</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Andrew F. Cobb</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Senior Vice President -</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Director of Accounting</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">Date: February 15, 2019</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.2.13
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<FILENAME>exhibit10213.htm
<DESCRIPTION>EXHIBIT 10.2.13
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		<title>Exhibit</title>
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<div><a name="scee995a8d9ec49f0b7029de13ab211db"></a></div><div><div style="line-height:120%;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:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Exhibit 10.2.13</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">CBL &amp; ASSOCIATES PROPERTIES, INC.</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">NAMED EXECUTIVE OFFICER</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">(Fiscal Year 2019)</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">ANNUAL INCENTIVE COMPENSATION PLAN (AIP)</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">OVERVIEW</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">This Annual Incentive Compensation Plan (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">AIP</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;) is a cash incentive compensation plan adopted and established by the Compensation Committee of the Board of Directors of CBL &amp; Associates Properties, Inc. (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Company</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;).  This plan is designed and authorized for execution on an annual basis.  The policies, objectives, purposes and guidelines of this plan are as defined by the Compensation Committee of the Company&#8217;s Board of Directors, as designated by the Board from time to time (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Compensation Committee</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;).  All awards and bonus payments described herein are entirely variable and at the sole discretion of the Compensation Committee may be evaluated, modified or revoked at any time.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">All awards and bonus payments hereunder are not considered standard payment for services and are not guaranteed.  All compensation payable under this AIP will be paid to plan participants in their capacity as employees of CBL &amp; Associates Management, Inc. (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Management Company</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;), a wholly owned subsidiary of the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">ADMINISTRATION AND ELIGIBILITY</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">This AIP shall be effective as of the date of its approval by the Compensation Committee of the Company&#8217;s Board of Directors (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Effective Date</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;).  The AIP shall be administered by the Compensation Committee of the Board as such is presently constituted on the Effective Date and as it shall be constituted after the Effective Date throughout the term of this AIP.  The Compensation Committee shall have sole authority, subject to the terms hereof, to set the terms pursuant to which any discretionary cash incentive compensation is to be paid to any participant under this AIP and to otherwise supervise the administration of this AIP, to interpret the terms and provisions hereof and to otherwise adopt, alter and repeal such administrative rules, guidelines and practices governing the AIP as the Compensation Committee shall, from time to time, deem advisable.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Participation in this AIP is limited to those individuals who are or have been included in the group of &#8220;named executive officers&#8221; of the Company for the applicable annual performance period, as determined pursuant to Item 402 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">SEC</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;) pursuant to the Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Exchange Act</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;), or any applicable successor provision.  Each such individual is hereinafter referred to as a &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Named Executive Officer</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;.  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;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:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">OBJECTIVES AND PURPOSE</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The objective of this AIP is to incentivize the Company&#8217;s Named Executive Officers to produce a high level of operational performance that results in the creation of increased value for the Company&#8217;s shareholders.  </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The purposes of this AIP are to reward the Company&#8217;s Named Executive Officers:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">for achieving and exceeding specified levels of Company performance with respect to quantitative metrics selected by the Compensation Committee that it believes are important drivers in the creation of shareholder value; and</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">for individual performance in relation to qualitative criteria established by the Compensation Committee for each such Named Executive Officer.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">AWARD CRITERIA</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Awards under this AIP are dependent upon accomplishment of the Company&#8217;s goals and objectives and the individual goals and objectives specified by the Compensation Committee.  Payments will be based on performance criteria established for each fiscal year beginning January 1 and ending December 31.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Management may develop recommendations for consideration by the Compensation Committee as to the criteria to be utilized in determining awards to each Named Executive Officer, but the Compensation Committee shall have the sole and final authority to decide all such matters. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Overall AIP payments (aggregate) made under this plan require approval of the Compensation Committee.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">All compensation paid or payable pursuant to awards made under this AIP for any annual performance period shall be subject to the terms of the executive compensation Clawback Policy established by the Company&#8217;s Board of Directors by resolution dated March 24, 2015, as such policy may be hereafter modified or amended. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">PLAN DESIGN</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Specific AIP award criteria will be established each year for each Named Executive Officer based on goals relating to overall Company performance and individual performance, as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The Compensation Committee will set forth annually a target cash bonus award level (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Target Cash Bonus Award</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;) for each Named Executive Officer under the AIP.  </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Target Cash Bonus Awards shall consist of two parts as set forth below:  Quantitative Bonus Awards and Qualitative Bonus Awards.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Quantitative Bonus Awards</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221; - the Quantitative Bonus Award component of any Target Cash Bonus Award that may be earned by each Named Executive Officer will be determined based on 60% of the Target Cash Bonus Award for each Named Executive Officer other than the Chief Executive Officer (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">CEO</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;) (70% in the case of the CEO), to be determined by the Company&#8217;s performance relative to specified objective criteria established by the Compensation Committee as set forth herein.  The actual Quantitative Bonus Award earned by a Named Executive Officer may range from 0% to 150% of target based on actual performance.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Qualitative Bonus Awards</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221; - the Qualitative Bonus Award component of any Target Cash Bonus Award to be earned by each Named Executive Officer will be determined based on 40% of the Target Cash Bonus Award for each Named Executive Officer other than the CEO (30% in the case of the CEO), to be determined based on the Compensation Committee&#8217;s subjective evaluation of such Named Executive Officer&#8217;s performance relative to specified individual criteria established by the Compensation Committee for each such Named Executive Officer as set forth herein.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;font-style:italic;">2019 Target Cash Bonus Award Levels</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The Target Cash Bonus Awards set by the Compensation Committee for each of the Company&#8217;s Named Executive Officers based on performance during calendar year 2019 are as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:52%;"></td><td style="width:16%;"></td><td style="width:16%;"></td><td style="width:16%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Named Executive Officer</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Total</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">2019 Target </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Cash </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Bonus Award</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">2019 </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Quantitative </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Bonus Target</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">2019 </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Qualitative </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Bonus Target</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Stephen D. Lebovitz, Chief Executive Officer</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$965,081</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$675,557</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$289,524</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Charles B. Lebovitz, Executive </font></div><div style="font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Chairman of the Board</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$423,282</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$253,969</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$169,313</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Michael I. Lebovitz, President </font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$321,694</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$193,016</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$128,678</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Farzana Khaleel, Executive Vice President, Chief </font></div><div style="text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Financial Officer and Treasurer</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$321,694</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$193,016</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$128,678</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Jeffery V. Curry, Chief Legal Officer and Secretary</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$209,475</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$125,685</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">$83,790</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;font-style:italic;">Determination of 2019 Quantitative Bonus Award Pursuant to Objective Performance Criteria</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The following two objective performance metrics will be utilized in determining any payout with respect to the Quantitative Bonus Award portion of the Target Cash Bonus Award for each Named Executive Officer, weighted equally such that each will determine 50% of the Quantitative Bonus Award: </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Funds From Operations (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">FFO</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;), as adjusted, per diluted share, as reported in the Company&#8217;s periodic reports (Forms 10-K and 10-Q) filed with the SEC pursuant to the requirements of the Exchange Act (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Periodic Reports</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;); and </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Growth in Same-Center Net Operating Income (&#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">SC NOI Growth</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;), as reported in the Company&#8217;s Periodic Reports.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The Compensation Committee shall have the option, pursuant to its administrative authority over the AIP as set forth herein, to adjust each metric as appropriate to take into account significant unbudgeted transactions and unforeseen events such as acquisitions, dispositions, joint ventures, equity or debt issuances and other capital markets activities, for purposes of determining the portion of any Quantitative Bonus Award payment based on these metrics.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">In conjunction with the establishment of the Quantitative Bonus Award criteria for 2019 under this AIP, the Compensation Committee will establish, and communicate in writing to each Named Executive Officer, specific, quantitative targets designated as the &#8220;Threshold,&#8221; &#8220;Target&#8221; and &#8220;Maximum&#8221; levels with respect to each of FFO and SC NOI Growth for purposes of determining the Named Executive Officers&#8217; Quantitative Bonus Award payments, as described below.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The Quantitative Bonus Award payment to be made to a Named Executive Officer with respect to each applicable metric will depend on the Company&#8217;s achievement of at least the Threshold level of performance established by the Compensation Committee with respect to that metric.  There will be no Quantitative Bonus Award payable to such Named Executive Officer for that metric in the event the Company achieves less than the Threshold level for the applicable annual performance period.  The Company&#8217;s achievement of the Threshold level for a designated metric will result in a payout of 50% of the proportion of the Quantitative Bonus Award allocated to that metric; the achievement of the Target level for a designated metric will result in a payout of 100% of the proportion of the Quantitative Bonus Award allocated to that metric; and the achievement of the Maximum level for a designated metric will result in a payout of 150% of the proportion of the Quantitative Bonus Award allocated to that metric.  If the calculated percentage is between Threshold and Maximum for an annual performance period, then the earned percentage will be prorated.  The achievement of these levels and allocated payments are illustrated by the following table: </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:94.82948294829482%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:30%;"></td><td style="width:19%;"></td><td style="width:16%;"></td><td style="width:35%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Quantitative Metric</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Weighting</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Range</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Resulting Cash Payout</font></div></td></tr><tr><td rowspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">FFO per diluted share, as </font></div><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">adjusted</font></div></td><td rowspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">50%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Threshold</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">50%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Target</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">100%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Maximum</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">150%</font></div></td></tr><tr><td rowspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">SC NOI Growth</font></div></td><td rowspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">50%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Threshold</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">50%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Target</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">100%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Maximum</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">150%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;font-style:italic;">Determination of 2019 Qualitative Bonus Award Pursuant to Subjective Performance Criteria</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The Qualitative Bonus Award portion of each Named Executive Officer&#8217;s Target Cash Bonus will be based on the Compensation Committee&#8217;s subjective evaluation of the Named Executive Officer&#8217;s performance relative to the following individual criteria established for 2019 for each </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;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:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Named Executive Officer, which the Compensation Committee has determined are also important elements of each Named Executive Officer&#8217;s contribution to the creation of overall shareholder value:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:27%;"></td><td style="width:73%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Named</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Executive Officer</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:2px solid #000000;border-top:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">2019 Individual Performance Objectives</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Stephen D. Lebovitz</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(1)&#160; refining, enhancing and executing the Company&#8217;s strategic and business plans</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(2)&#160;&#160;effective communications and interactions with the </font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">i</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">nvestment community</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(3)&#160; regular communication and interaction with the Board</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(4)&#160;&#160;maintain and enhance key retailer, financial and other relationships</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(5)&#160;&#160;effective corporate and executive team communication,</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#160;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">motivation and management</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Charles B. Lebovitz</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(1)&#160;&#160;effective board management</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(2)&#160;&#160;maintain and enhance key retailer and other relationships</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(3)&#160;&#160;broad involvement and stewardship of the Company&#8217;s strategic objectives and business performance</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(4)  support the CEO in developing and executing the Company's strategic and business plans</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Michael I. Lebovitz</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(1)&#160;&#160;supervision of redevelopment projects to achieve approved&#160; pro forma returns and scheduled openings</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(2)&#160;&#160;manage and enhance joint venture partner relationships and greater involvement with financial institutions and the investment community</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(3)&#160;&#160;effective oversight of the implementation of technology and organizational initiatives including supporting the CEO in implementing organizational changes</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(4)&#160;&#160;effective management and team building for the Development, Human Resources and Information Technology divisions of the Company and closer working relationships with other areas of the Company</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(5)  support the CEO in developing and executing the Company's strategic and business plans</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;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:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:27%;"></td><td style="width:73%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:2px solid #000000;border-right:2px solid #000000;border-top:2px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Named</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">Executive Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:2px solid #000000;border-top:2px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;">2019 Individual Performance Objectives</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Farzana Khaleel</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(1) successful execution of the Company&#8217;s balance sheet strategy (as presented in the quarterly liquidity plans) including maintaining/improving key credit metrics and effective interactions with rating agencies, banks and other financial entities</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(2) effective management and oversight of the financial services and accounting divisions</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(3) maintain and improve key financial and joint venture partner relationships</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(4) improve interactions with the investment community through earnings calls, presentations and investor conferences/meetings</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(5) support the CEO in implementing organizational changes as well as developing and executing the Company's strategic and business plans</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Jeffery V. Curry</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(1) oversight of litigation that the Company is facing</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(2) effective management and oversight of the legal department</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(3) continued involvement in Board material preparation and Board support as necessary</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(4) coordination with and support for other members of the senior Executive team</font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="text-align:justify;padding-left:22px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">(5) support the CEO in developing and executing the Company's strategic and business plans</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Avenir LT Pro 55 Roman,sans-serif;font-size:11pt;font-weight:bold;text-decoration:underline;">AIP BONUS PAYMENTS</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">The amount of a Named Executive Officer&#8217;s Target Cash Bonus Award (consisting of the Quantitative Bonus Awards portion and Qualitative Bonus Awards portion and after the determination of the amount of each such portion) that is to be paid to a Named Executive Officer hereunder is referred to as the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">AIP Bonus Payment</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">All AIP Bonus Payments will be made in the year following the completion of the annual performance period to which the AIP Bonus Payment relates.  The actual payment to each Named Executive Officer will be made as soon as practical after final certification of the underlying performance results and approval of such payment by the Compensation Committee; provided, however, that in no event will any such payment be made later than March 15 of such year.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">To be eligible to receive an AIP Bonus Payment, a Named Executive Officer must have been actively employed by the Management Company during the annual performance period with respect to which the payment relates. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">Any Named Executive Officer whose employment is terminated prior to the conclusion of the annual performance period with respect to which an applicable AIP Bonus Payment relates will not receive an AIP Bonus Payment, except as stipulated below:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#9702;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">In the event of such Named Executive Officer&#8217;s death or disability (defined as the complete and permanent disability of the Named Executive Officer as defined by the Company&#8217;s health insurance plans or as otherwise defined by the Company from time to time) prior to the end of the annual performance period, an otherwise eligible Named Executive Officer shall receive an AIP Bonus Payment in the amount of such Named Executive Officer&#8217;s full Target Cash Bonus Award, as determined by the Compensation Committee, provided a Target Cash Bonus Award was approved for such Named Executive Officer for the applicable annual performance period.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#9702;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">In the event of the termination of such Named Executive Officer&#8217;s employment, other than voluntarily or for Cause (as defined in the CBL &amp; Associates Properties, Inc. 2012 Stock Incentive Plan as currently stated and as may amended in the future (the &#8220;</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;text-decoration:underline;">Stock Incentive Plan</font><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8221;)), following a Change of Control (as defined in the Stock Incentive Plan) prior to end of the annual performance period, an otherwise eligible Named Executive Officer shall receive an AIP Bonus Payment in the amount of such Named Executive Officer&#8217;s full Target Cash Bonus Award, as determined by the Compensation Committee, provided a Target Cash Bonus Award was approved for such Named Executive Officer for the applicable annual performance period.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">A Named Executive Officer, who becomes such pursuant to applicable SEC rules after the beginning of an applicable annual incentive period, may be considered for a pro-rated participation in this plan in the discretion of the Compensation Committee.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">AIP Bonus Payments will be paid-out on a one-time basis as a lump-sum, in cash, as such are considered compensation and reportable income for all tax reporting purposes.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">AIP Bonus Payments are included in total annual earnings and may be taken into account under the Company&#8217;s other benefit programs in accordance with their terms.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;">This AIP can be modified or terminated at any time by the Compensation Committee of the Company's Board of Directors; provided, however, that the Compensation Committee may not modify or terminate the AIP or any award under the AIP in such manner so as to impair the rights of any Named Executive Officer under an award that has been granted without the Named Executive Officer's consent, except for an amendment made to cause the award to qualify for the exemption provided by Rule 16b-3 promulgated under the Exchange Act.  Neither participation in the AIP at any time nor the grant of an award under the AIP at any time shall be deemed to guarantee or infer the right to participate in the AIP (whether at the same level or at any other level) or to receive the grant of an award under the AIP at any future time.  Furthermore, neither the AIP nor participation hereunder shall be deemed to establish any contract of employment or to guarantee continued employment with the Company for any amount of time.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Avenir LT Pro 35 Light,sans-serif;font-size:10pt;">7</font></div></div>	</body>
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