Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2021 Equity Incentive Plan
As previously disclosed, on November 1, 2021, CBL & Associates Properties, Inc.
(the "Company") emerged from reorganization under the Third Amended Joint
Chapter 11 Plan of CBL & Associates Properties, Inc. and its Affiliated Debtors
(With Technical Modifications) (the "Plan"). As contemplated by the Plan, the
board of directors (the "Board") of the Company adopted, on November 10, 2021,
the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (the "EIP").
The EIP authorizes the grant of equity awards to eligible participants based on
the newly issued shares of common stock, par value $0.001 ("New Common Stock")
of the Company, in the form of stock options, stock appreciation rights,
restricted stock, restricted stock units and other equity awards. Awards under
the EIP may be granted to officers, employees, directors, consultants and
independent contractors of the reorganized REIT. Initially, 3,222,222 shares of
New Common Stock will be available for issuance under the EIP. This total number
of shares of New Common Stock available for awards under the EIP will be subject
to an annual increase equal to 3% of the number of shares of New Common Stock
issued and outstanding at the end of the relevant calendar year, or such lesser
amount as the Board may determine. The Plan will be administered by the
Compensation Committee of the Board, which will determine the participants who
will be granted awards under the EIP and the terms and conditions of EIP awards.
The foregoing description of the EIP does not purport to be complete and is
qualified in its entirety by reference to the full text of the EIP, which is
attached hereto as Exhibit 10.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Description
10.1 2021 CBL & Associates Properties, Inc. 2021 Equity Incentive Plan.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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