Exhibit 10.1

 

 

AGREEMENT

 

                AGREEMENT (“Agreement”), dated as of October 24, 2005, by and
between New Plan Excel Realty Trust, Inc., a Maryland corporation (“Company”),
and John Roche (“Executive”).

 

RECITALS

 

                A.            Executive is currently Executive Vice President
and Chief Financial Officer of the Company.

 

                B.            The Company and Executive entered into an
employment agreement dated as of April 14, 2000 (the “Employment Agreement”). 
Pursuant to the terms of the Employment Agreement, the “Employment Period” under
the Employment Agreement expires on May 15, 2006.

 

                C.            The Company desires to extend the “Employment
Period” under the Employment Agreement for a term of three (3) years (i.e., from
May 15, 2006 through May 15, 2009) and otherwise on the same terms and
conditions as the Employment Agreement.

 

 

AGREEMENT

 

                IN CONSIDERATION of the premises and the mutual covenants set
forth below, the parties hereby agree to modify the terms of the Employment
Agreement as follows:

 

1.                                       The Employment Period under the
Employment Agreement shall expire on May 15, 2009, subject to the extension
provisions contained in Paragraph 2 of the Employment Agreement.

 

2.                                           Except as herein provided, all of
the terms and provisions of the Employment Agreement shall remain unmodified and
in full force and effect.

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
first above written.

 

 

 

NEW PLAN EXCEL REALTY TRUST, INC.,
a Maryland corporation

 

 

 

 

By:

/s/ Steven F. Siegel

 

Name:     Steven F. Siegel

 

Title:       Executive Vice President, General

 

                Counsel and Secretary

 

 

 

 

 

 

 

JOHN ROCHE

 

 

 

 

 

 

 

/s/ John Roche

 

 

 

 

 

2

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