EXHIBIT 10.16

                         HUBBARD REAL ESTATE INVESTMENTS

                             TRUSTEES' DEFERRED PLAN

                             ARTICLE I - DEFINITIONS

1.1      "Trust"  means  Hubbard  Real  Estate  Investments,  an  unincorporated
         voluntary   association   of  a  type   commonly   referred   to  as  a
         "Massachusetts business trust", its successors and assigns.

1.2      "Board" means the Board of Trustees of the Trust.
1.3      "Trustee" means a member of the Board.
1.4      "Participating  Trustee"  means a Trustee who has elected to
          participate in this Plan pursuant to Article II.
1.5      "Fees" mean all amounts  earned  during a calendar year by a Trustee in
         his  capacity as a member of the Board or any  committee  of the Board,
         exclusive  of any  amounts  payable  to a Trustee in  reimbursement  of
         expenses.

                           ARTICLE II - PARTICIPATION.

2.1      Participation in this Plan by Trustees shall be voluntary.
2.2      A Trustee may  participate  in this Plan by filing with the Trust on or
         before  December 31 of any year a written  election to defer receipt of
         all or a  specified  percentage  of his  fees for  succeeding  calendar
         years.

2.3      Any  individual  elected to fill a vacancy on the Board,  who was not a
         Trustee on the December 31 preceding his election,  may  participate in
         this  Plan by  filing  with  the  Trust,  before  his  term  of  office
         commences,  a written  election to defer  receipt of all or a specified
         percentage of his fees for the balance of the calendar  year  following
         such election and for succeeding calendar years.

2.4      A  Participating  Trustee  may,  on or before  December 31 of any year,
         change his election of percentage of fees to be deferred for succeeding
         calendar years, by filing with the Trust a written change of election.

2.5      A Participating Trustee's election to defer fees continues from year to
         year unless, on or before December 31 of any year, by written notice of
         termination  filed with the  Trust,  he  terminates  his  election  for
         succeeding calendar years.

                        ARTICLE III - MEMORANDUM ACCOUNTS

3.1      The  Trust  will  maintain  a  separate  memorandum  account  for  each
         Participating  Trustee to which there shall be credited the fees earned
         by the  Participating  Trustee  and  deferred  under  this Plan and the
         interest  accrued  under the terms of this Plan on amounts  credited to
         the memorandum  account.  The memorandum account shall be maintained by
         the  Trust  until  all  amounts  credited  thereto  have  been  paid in
         accordance with the terms of this Plan.

3.2      The Trust  will not set aside any monies or  otherwise  fund this Plan.
         Fees deferred under this Plan, and interest accrued on amounts credited
         to memorandum  accounts,  shall be paid by the Trust out of its general
         funds at the times and in the manner provided in this Plan.

3.3      Interest shall be credited to the memorandum account of a Participating
         Trustee or former Participating  Trustee as of December 31 of each year
         and as of the day prior to the date of any lump sum payment pursuant to
         Section  4.3. The amount of interest to be credited as of any such date
         shall be computed from the immediately  preceding January 1 at the rate
         of ten (10%) per cent,  on an amount  equal to the  average  of (i) the
         amount  credited to his memorandum  account as of January 1 immediately
         preceding the date as of which  interest is credited,  less the amount,
         in the case of a former  Participating  Trustee  receiving  installment
         payments  pursuant to Section 4.1, of the  installment  payment paid to

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         him on the first  business day  following  such January 1, and (ii) the
         amount credited to his memorandum account on the day preceding the date
         as of which interest is credited.

3.4      Each participating  Trustee, and each former Participating Trustee with
         a balance credited to a memorandum account, shall be furnished annually
         with a written statement of his memorandum account.

                              ARTICLE IV - PAYMENTS

4.1      Except as provided in Sections 4.3 and 4.4,  fees  deferred  under this
         Plan by a Participating Trustee,  together with the interest accrued on
         amounts  credited  to his  memorandum  account  through  and  including
         December  31 of the  calendar  year in which he ceases to be a Trustee,
         will be paid to him in not less that two nor more than ten equal annual
         installments,  the  number  of such  installments  to be  specified  in
         writing by each Trustee in his election to participate in the Plan. The
         first of such  installments  shall be paid on the first business day of
         the calendar year immediately  following the year in which he ceases to
         be a Trustee. The remaining installment or installments as the case may
         be,  shall be paid on the first  business day of each of that number of
         succeeding  years for which the  Trustee  has  elected to receive  such
         installments.  There  shall be paid  with each  such  installments  the
         interest  credited  to the  memorandum  account as of the  December  31
         immediately  preceding  the  date of the  installment  payment  for the
         calendar year immediately preceding the installment payment date.

4.2      In the event a Participating  Trustee  terminates his election pursuant
         to Section  2.5,  payments  to him shall not  commence  until the first
         business day of the calendar  year  immediately  following  the year in
         which he  ceases  to be a Trustee  and such  payments  shall be made as
         provided in Section 4.1.

4.3      In the event a Participating  Trustee, or former Participating Trustee,
         ceases to be a Trustee of the Trust and becomes a proprietor,  officer,
         partner,  employee or otherwise  becomes  affiliated  with any business
         that is in competition  with the Trust,  the entire balance credited to
         this memorandum account may be paid immediately to him in a lump sum if
         directed by the Board, in its sole discretion.

4.4      Upon the death of a Participating  Trustee,  or a former  Participating
         Trustee who has a balance  remaining in his  memorandum  account on the
         date of his death,  the balance  credited to his memorandum  account on
         the first business day of the calendar year following the year in which
         his death occurs shall be paid to the executor or  administrator of his
         estate in full on such date.

Article V - Amendment or Termination

5.2      The Trust  reserves  the right at any time  through the Board to amend,
         modify,  suspend  or  terminate  this  Plan  but no such  action  shall
         adversely  affect a Participating  Trustee's,  or former  Participating
         Trustee's,  memorandum  account or permit payment to be made, except as
         provided in Section 4.3 at a date earlier  than the first  business day
         of the  calendar  year  immediately  following  the  year  in  which  a
         Participating Trustee ceases to be a Trustee.

                           ARTICLE VI - EFFECTIVE DATE

6.1      This Plan shall be effective commencing with the calendar year 1981 and
         the initial election of Participating  Trustees shall be filed with the
         Trust on or before December 31, 1980.