SECOND AMENDMENT TO AGREEMENT

 

                                                                   Exhibit 10.48

                SECOND AMENDMENT TO AGREEMENT DATED APRIL 6, 1998
                -------------------------------------------------

         THIS AGREEMENT MADE AND ENTERED INTO at Cleveland, Ohio this 28th day
of February, 2000, 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 CHARLES A. RATNER of 16980
South Park, Cleveland, Ohio 44120, 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: Albert B. Ratner, Vice Chairman
                                             -----------------------------------
                                                       of the Board

                                             And: Thomas G. Smith, Secretary
                                             -------------------------------

                                              CHARLES A. RATNER, Employee
                                              --------------------------- 

Basic Info X:

Name: SECOND AMENDMENT TO AGREEMENT
Type: Second Amendment to Agreement
Date: April 25, 2000
Company: FOREST CITY ENTERPRISES INC
State: Ohio

Other info:

Date:

  • APRIL 6 , 1998
  • 28th day of February , 2000

Organization:

  • Compensation Committee of this Company

Location:

  • South Park
  • Cleveland
  • Ohio

Person:

  • Albert B. Ratner
  • Thomas G. Smith
  • CHARLES A. RATNER

Percent:

  • one hundred percent 100 %