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Exhibit 10.49
AGREEMENT
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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, 00 Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxxxx, Xxxx, 00000-0000,
hereinafter referred to as "Company", and XXXXXX X. XXXXX of 0000 Xxxxxxxx
Xxxxx, Xxxxxx Xxxx, Xxxx 00000, 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.
By:
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Xxxxxxx X. Xxxxxx, President
And:
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Xxxxx X. Xxxxxx, Executive Vice
President
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XXXXXX X. XXXXX, Employee
