Forest City Enterprises, Inc. and Robert G. O'Brien Death Benefit Agreement (May 31, 1999)
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Summary
This agreement between Forest City Enterprises, Inc. and employee Robert G. O'Brien provides that if Mr. O'Brien dies while employed by the company, his designated beneficiaries will receive a death benefit equal to his last annual salary, paid in quarterly installments over five years. The beneficiaries can be named in his will, by written notice, or determined by law if he dies without a will. The agreement is effective as long as Mr. O'Brien is employed by the company at the time of his death.
EX-10.29 2 l36658aexv10w29.htm EX-10.29 EX-10.29
Exhibit 10.29
AGREEMENT
THIS AGREEMENT MADE AND ENTERED INTO at Cleveland, Ohio this 31st day of May, 1999, by and between FOREST CITY ENTERPRISES, INC., an Ohio corporation, of Terminal Tower, 50 Public Square, Suite 1100, Cleveland, Ohio 44113-2267, hereinafter referred to as Company, and ROBERT G. OBRIEN of 6925 Waterpepper Circle, Solon, Ohio 44139, hereinafter referred to as Employee.
WHEREAS, the Company desires to grant to the Employee a benefit to his Estate upon his death, and
WHEREAS, the Compensation Committee of this Company has recommended such benefit to be paid to his Estate, and
NOW THEREFORE, it is agreed that in consideration of the Employee working for the Company, it is agreed that:
In consideration of his employment, if the Employee dies while in the employ of the Company, the Company agrees to pay to the beneficiaries of the Employee as stipulated in his Will, or designated by written notice to the Company from the Employee during his lifetime, or designated by operation of law if the Employee dies intestate, an amount equal to one hundred percent (100%) of the salary paid to the Employee for the last calendar year prior to the death, for a period of five (5) years following the decease of said Employee; said sum to be payable in quarterly installments to said beneficiaries of said deceased Employee.
The parties hereto have set their hands the day and year first above written.
FOREST CITY ENTERPRISES, INC. | ||||
/s/ CHARLES A. RATNER | ||||
Charles A. Ratner, President | ||||
/s/ THOMAS G. SMITH | ||||
Thomas G. Smith, Secretary | ||||
/s/ ROBERT G. OBRIEN | ||||
Robert G. OBrien, Employee | ||||