Exhibit 10.1

 

FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

PAN PACIFIC RETAIL PROPERTIES, INC., a Maryland corporation (the “Company”) and
JEFFREY S. STAUFFER (“Executive”) have entered into that certain Second Amended
and Restated Employment Agreement (the “Agreement”) effective as of October 30,
2001. In order to amend the Agreement in certain respects, the Company and
Executive, for good and adequate consideration, hereby agree as follows
effective as of March 24, 2005.

 

Section 5.2(a) of the Agreement is hereby amended in its entirety to read as
follows:

 

(a) Amount. In the event the Company terminates Executive’s services hereunder
pursuant to Section 5.1 or by Executive pursuant to Section 5.4 or 5.6,
Executive shall continue to render services to the Company pursuant to this
Agreement until the date of termination and shall continue to receive
compensation, as provided hereunder, through the termination date. In addition
to other compensation payable to Executive for services rendered through the
termination date, the Company shall pay Executive no later than the date of such
termination, as a single severance payment, an amount equal to (i) Executive’s
highest monthly Base Compensation paid hereunder during the preceding 12 month
period, multiplied by 24, plus (ii) two times the average annual bonus
(excluding any bonus payment deemed by the Compensation Committee in its sole
discretion to be a “Special Bonus”) received by the Executive during the
preceding twenty-four month period (the “Severance Amount”).

 

Executed at Vista, California this 24th day of March 2005.

 

THE COMPANY

PAN PACIFIC RETAIL PROPERTIES, INC.

a Maryland Corporation

By:

 

/s/ Joseph B. Tyson

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Joseph B. Tyson

    Executive Vice President, Chief Financial Officer and Secretary

EXECUTIVE

   

/s/ Jeffrey S. Stauffer

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Jeffrey S. Stauffer