a5546336ex20_10.htm


    Exhibit
      10.22

     

    SEVERANCE
      AGREEMENT AND GENERAL RELEASE

    


    Getty
      Realty Corp., which maintains its principal offices at 125 Jericho Turnpike,
      Suite 103, Jericho, New York 11753 (“Getty” or “Company”), and Andrew M. Smith
      (sometimes referred to as “Mr. Smith”), residing at 54 Heritage Drive,
      Pleasantville, New York 10570, for himself and his present or former heirs,
      executors, administrators, successors, and assigns (collectively referred to
      throughout this Agreement as “Employee”), agree that:

     

    1.  
Last
      Day of Employment.  Employee’s last day of employment
      with Getty was October 31, 2007 (the “Severance Date”).

     

    2.            
      Consideration.  In consideration for signing
      this Severance Agreement and General Release ("Agreement") and compliance with
      the promises made herein, Getty agrees:

     

    a.  to
      pay to
      Employee: (1) in full satisfaction of Employee’s rights to 14,250 restricted
      stock units (“RSU’s”) under all Restricted Stock Unit Agreements between
      Employee and Getty, all of which 14,250 RSU’s are fully vested by the terms of
      the RSUs as of the date hereof, an amount equal to the closing price per share
      of Getty Realty Corp. common stock on October 31, 2007 ($28.43) multiplied
      by
      14,250 which sum of $405,127.50 (less estimated lawful payroll and withholding
      deductions) shall be deposited in the Rabbi Trust (hereinafter defined) during
      the Revocation Period (hereinafter defined in paragraph 13 and held by the
      Trustee (hereinafter defined) pursuant to the terms of the Rabbi Trust until
      5
      business days after the end of the six-month period beginning on the Severance
      Date (as required pursuant to the provisions of Internal Revenue Code Section
      409A and the regulations thereunder), on which date the Trustee shall disburse
      such amount to Employee by bank check or wire transfer or EFT as directed by
      Employee (Such payment in respect of the RSUs will cancel all rights of Employee
      under the RSUs);  (2) $196,690.85 as severance, which sum (less lawful
      payroll and withholding deductions) shall be deposited in the Rabbi Trust during
      the Revocation Period and disbursed by Trustee to Employee on the first business
      day after expiration of the Revocation Period, by bank check or wire transfer
      or
      EFT as directed by Employee; (3) $36,655.11 (less lawful payroll and withholding
      deductions) for 36.34 accrued vacation, holiday and sick days and unpaid wages,
      which sum shall be deposited in the Rabbi Trust during the Revocation Period
      and
      disbursed by Trustee to Employee on the first business day after expiration
      of
      the Revocation Period, by bank check or wire transfer or EFT as directed by
      Employee;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    b.  contemporaneously
      with the execution of this Agreement, Employee has delivered to Getty an
      election of coverage continuation under COBRA with regard to Employee and
      Employee’s family in accordance with and subject to the terms of Getty’s medical
      and dental plans (the “Plans”) and COBRA and Getty shall pay the cost of COBRA
      coverage under the Plans (“COBRA Coverage”); provided, however, that if COBRA
      Coverage extends beyond October 31, 2008, the cost for such coverage shall
      be
      paid by Employee;

     

    c.  Employee
      has delivered to Getty all necessary documentation to effect a direct rollover
      of the vested balance in Employee’s Retirement and Profit Sharing Plan (401k)
      Account with Getty (approximately $100,000), and Getty, if it has not done
      so
      already, shall direct and otherwise cause the plan administrator to wire
      transfer or EFT such balance, within ten business days after expiration of
      the
      Revocation Period, in accordance with Employee’s direct rollover instructions;
      and,

     

    d.  to
      direct
      and otherwise cause the plan administrator to wire transfer or EFT to the
      Trustee for deposit into the Rabbi Trust the  Employee’s vested
      balance in the Supplemental Retirement Plan Account with Getty which value
      was
      approximately $58,995.70 as of October 31, 2007, less estimated lawful payroll
      and withholding deductions, which sum shall be held until 5 business days after
      the end of the six-month period beginning on the Severance Date  (as
      required pursuant to the provisions of Internal Revenue Code Section 409A and
      the regulations thereunder), on which date the sum shall be disbursed to
      Employee by the Trustee by bank check or wire transfer or EFT as directed by
      Employee.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    For
      purposes hereof, the term “Rabbi Trust” shall mean the escrow account
      established with the firm of Handsman and Kaminsky, LLP and the term “Trustee”
shall mean “Handsman and Kaminsky, LLP.”

     

    3.           No
      Consideration Absent Execution of this
      Agreement.  Employee understands and agrees he would not
      receive all of the monies and benefits specified in or in the manner described
      in Paragraph 2 above or otherwise identified in this Agreement as consideration,
      except for his execution of this Agreement and the fulfillment of the promises
      contained herein, and Getty understands that Employee would not be executing
      this Agreement and providing a release of rights to restricted stock units
      and
      all other claims of every and any kind, known or unknown, including but not
      limited to those in connection with the severance of his employment, if he
      was
      not receiving all of the monies and benefits specified in or in the manner
      described in Paragraph 2 and elsewhere in this Agreement.

     

    4.           General
      Release of Claims and Indemnification.

     

    a.           Except
      with respect to Getty’s performance of its obligations under this Agreement, and
      as hereinafter expressly provided in this Paragraph 4 below, Employee knowingly
      and voluntarily releases and forever discharges Getty and any present or former
      parent corporations, affiliates, subsidiaries, divisions, predecessors,
      insurers, successors and assigns, and their current and former employees,
      attorneys, officers, directors and agents thereof (and their respective heirs,
      successors and assigns), both individually and in their business capacities,
      and
      their employee benefit plans and programs and their administrators, fiduciaries
      and functionaries (collectively referred to throughout this Agreement as
“Employer”), of and from any and all claims, known and unknown, Employee has or
      may have against Employer as of the date of execution of this Agreement by
      Employee, including, but not limited to any alleged violation of any State
      or
      federal law (statutory or common law), regulation or ordinance (as the same
      may
      have been amended) or any company policy, plan or program.  Except as
      to his right to receive the payments provided in Paragraph 2 above, Employee
      waives and releases all rights and claims Employee may have against Employer
      for
      salary, bonus, benefits, restricted stock units, stock options, dividends or
      for
      any other thing whatsoever.  This general release of all claims
      includes, but is not limited to, claims arising under:

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    
      	
              ·   
                 

            	
              Title
                VII of the Civil Rights Act of
                1964;

            


    

     

    
      	
              ·   
                 

            	
              The
                Civil Rights Act of 1991;

            


    

     

    
      	
              ·   
                 

            	
              Sections
                1981 through 1988 of Title 42 of the United States
                Code;

            


    

     

    
      	
              ·   
                 

            	
              The
                Employee Retirement Income Security Act of
                1974;

            


    

     

    
      	
              ·   
                 

            	
              The
                Immigration Reform and Control Act;

            


    

     

    
      	
              ·   
                 

            	
              The
                Americans with Disabilities Act of
                1990;

            


    

     

    
      	
              ·   
                 

            	
              The
                Age Discrimination in Employment Act of
                1967;

            


    

     

    
      	
              ·   
                 

            	
              The
                Sarbanes-Oxley Act;

            


    

     

    
      	
              ·   
                 

            	
              The
                Workers Adjustment and Retraining Notification
                Act;

            


    

     

    
      	
              ·   
                 

            	
              The
                Occupational Safety and Health Act;

            


    

     

    
      	
              ·   
                 

            	
              The
                Fair Credit Reporting Act;

            


    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              ·   
                 

            	
              The
                New York State Executive Law (including its Human Rights
                Law);

            


    

     

    
      	
              ·   
                 

            	
              The
                New York City Administrative Code (including its Human Rights
                Law);

            


    

     

    
      	
              ·   
                 

            	
              The
                New York State Labor Law;

            


    

     

    
      	
              ·   
                 

            	
              The
                New York wage, wage-payment and wage–hour
                laws;

            


    

     

    
      	
              ·   
                 

            	
              Any
                other federal, state or local civil, human rights, bias, whistleblower,
                securities, real estate, tax, accounting, discrimination, retaliation,
                compensation, employment, labor or other local, state or federal
                law,
                regulation or ordinance of any
                kind;

            


    

     

    
      	
              ·   
                 

            	
              Any
                amendments to the foregoing laws;

            


    

     

    
      	
              ·   
                 

            	
              Any
                benefit, payroll or other plan, policy or
                program;

            


    

     

    
      	
              ·   
                 

            	
              Any
                public policy, contract, third-party beneficiary, tort or common
                law
                claim; or,

            


    

     

    
      	
              · 
                   

            	
              Any
                claim for costs, fees, or other expenses including attorneys’
                fees.

            


    

     

    b.           In
      further consideration hereof, Employer knowingly and voluntarily releases and
      forever discharges Employee of and from any and all claims, known and unknown,
      Employer has or may have against Employee as of the date of execution of this
      Agreement by Employer, including, but not limited to, any alleged violation
      of
      any State or federal law (statutory or common law), regulation or ordinance
      (as
      the same may have been amended) or any company policy of Getty;
      and,

     

    c.           The
      parties agree that Mr. Smith shall be indemnified to the fullest extent
      permitted by the Maryland General Corporation Law, the Company’s By-laws,
      Charter, rules and regulations and to the same extent as similarly situated
      officers of Getty, including, but not limited to, its President, Chief Executive
      Officer or Chief Financial Officer for acts undertaken with respect to his
      duties as an employee of Getty.  It is agreed further that Mr. Smith
      shall be a covered insured under the Company’s directors and officers liability
      insurance policy to the same extent as the President, Chief Executive Officer
      or
      Chief Financial Officer and similarly situated officers of the
      Company.  It further is agreed if the Company is sold, it shall cause
      the sale or merger agreement to require the successor to comply fully with
      this
      covenant.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    5.           Acknowledgments
      and Affirmations.

     

    a.           Employee
      and Employer each affirms to the other that it has not filed, caused to be
      filed, and presently is not a party to any claim filed against the other and
      has
      released any and all claims not explicitly preserved by Employee to receive
      the
      consideration provided hereunder;

     

    b.           Employee
      affirms he has no known workplace injuries, diseases or occupational illnesses
      and further affirms that he is unaware of any facts that could be the basis
      for
      a claim of discrimination against the Employer;

     

    c.           Employee
      affirms he will continue to maintain the confidentiality of Employer’s
      confidential and other non-public information consistent with Employer’s
      policies attorney-client privileges, and common law, except as compelled by
      judicial process or court or governmental order or proceeding;

     

    d.           Employee
      also affirms that upon receipt of the consideration to be paid or provided
      to
      Employee under Paragraph 2 hereof, he will have been paid and/or have received
      all compensation, wages, bonuses, commissions, and/or benefits to which Employee
      may be entitled based on services performed and Employee’s execution of this
      Agreement,  subject to terms of this Agreement.  Employee
      affirms that he has been granted any leave to which he was entitled under the
      Family and Medical Leave Act or related state or local leave or disability
      accommodation laws;

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    e.           Both
      Employer and Employee acknowledge that this Agreement does not limit either
      party’s right, where applicable, to file or participate in an investigative
      proceeding, to the extent permitted by law, before the U.S. Equal Employment
      Opportunity Commission providing that Employee shall not be entitled to recover
      any individual monetary relief or other individual remedies;

     

    f.           In
      the event any claim is made by Employee that is not barred  by this
      Agreement and any remedy is provided upon such a claim by Employee, all monies
      paid hereunder shall be a set–off against and shall be used to satisfy any
      relief or recovery award to Employee and if Employee files any claim of any
      kind
      whatsoever, not explicitly preserved by Employee under this Agreement (excluding
      cross, counter or similar claims that he may bring in response to any claim
      brought against him by Getty), he shall return all of the consideration paid
      under Paragraph 2 above and shall pay the cost of the legal fees incurred by
      Employer to defend that action, subject to applicable law; and,

     

    g.           Employee
      represents he has returned all of Employer’s equipment (except the Dell Latitude
      430, Magellan 2000, Blackberry and Canon camera, which he shall be permitted
      to
      retain in consideration hereof) and has no knowledge that he has any original
      or
      copies of any Company documents and information, regardless of the form, and
      agrees to return such documents and information, or forward to the
      asmith@gettyrealty.com e-mail account any e-mails regarding Company business
      received or sent from any e-mail account under his control that have not been
      deleted, if he finds any in his possession and will thereafter purge any Company
      data stored in any electronic form in his possession prior to the end of the
      Revocation Period.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    6.           Confidentiality.

     

    a.           Employee
      shall not, from the date of this Agreement, except as compelled by law or court
      order or administrative agency proceeding, or except to the extent of the
      publicly available information regarding the same, publicize or disclose to
      any
      person or entity (excluding Employee’s immediate family, attorney and tax
      advisor, as set forth in section 6.b., below, who themselves shall adhere to
      all
      confidentiality covenants herein upon being provided such disclosure), any
      term
      of or the making of this Agreement or the facts or circumstances relating to
      the
      making of this Agreement.  This covenant of complete confidentiality
      includes, but is not limited to, the terms or the making of this Agreement
      and
      Employee’s receipt of the payments hereunder, including the amount of said
      payments, except to the extent of the publicly available information regarding
      the same;

     

    b.           Consistent
      with section 6.a. above, other than to discuss the terms hereof with Employee’s
      immediate family, attorney and tax advisor (each of whom must first agree not
      to
      make any disclosure that Employee himself could not make), Employee will not
      disclose to anyone any fact, document or other information produced or obtained
      in connection with this Agreement or which Employee obtained as a consequence
      of
      being employed by Getty, except to the extent of the publicly available
      information regarding the same.  Employee shall be liable for any
      damages caused by his own or any other person’s established violation of this
      covenant or any other clause of this Agreement (provided such person is not
      testifying or making disclosure in response to legal process and is one to
      whom
      Employee has disclosed any fact, document or other information produced or
      obtained in connection with this Agreement);

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    c.           Employee
      further agrees he will not, contact any current or former Getty employees other
      than Getty’s CEO (or his designee) and the CFO (but only with respect to
      benefits and payments due under the Agreement), to discuss the terms of this
      Agreement, the circumstances giving rise to the parties’ entering into this
      Agreement or his separation from employment except to the extent of the publicly
      available information regarding the same and except that Employee shall be
      permitted to say that he resigned in order to pursue other business
      interests;

     

    d.           Employee
      confirms that, as of the date of the execution of this Agreement, he has not
      told anyone about the terms of this Agreement or the payments being made
      hereunder other than his immediate family, present attorney, tax advisor,
      Getty’s outside corporate counsel, Handsman & Kaminsky LLP and the EVP
      (Kevin Shea) and CFO (Tom Stirnweiss) of Getty;

     

    e.           Employee
      affirms that he has returned, or prior to the end of the Revocation Period
      will
      return, (or in the case of Company business communicated in e-mails received
      or
      sent on e-mail accounts under his control, Employee has or will forward such
      to
      asmith@gettyrealty.com), all of Employer’s equipment in his possession or
      control (except the Dell Latitude 430, the Magellan 2000, Blackberry and Canon
      camera, which he shall be permitted to retain in further consideration of this
      Agreement), as well as all originals and copies of any Company documents,
      e-mails and information, regardless of the form.  Employee will
      thereafter purge any Company data stored in any electronic form in his
      possession prior to the end of the Revocation Period. Employee also affirms
      he
      is in possession (or prior to receiving the payments under Paragraph 2 above
      will be in possession) of all of his own personal property that he had at
      Employer’s premises and that Employer is not in possession of any of Employee’s
      property;

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    f.           Employee
      acknowledges that during the course of his employment, he had access to
      information that is confidential and proprietary to Employer and not publicly
      available (“Confidential Information”).  Employee agrees Employer had
      no obligation to specifically identify any information as Confidential
      Information for it to be entitled to protection as such.  For purposes
      of this Agreement, Confidential Information shall include all information that
      is not publicly available and concerns the business affairs of Employer or
      its
      tenants.  Except as compelled by law or court order or subpoena or
      administrative agency proceeding, Employee agrees not to disclose to any person
      any Confidential Information without the prior written consent of
      Employer;

     

    g.           Employee
      understands and agrees that violation of this paragraph or violation any other
      material provision of this Agreement will constitute a material breach of this
      Agreement, which will cause Employer to suffer immediate, substantial and
      irreparable injury and which will be a sufficient basis for an award of
      injunctive relief and monetary damages (without affecting the remainder of
      this
      Agreement) as well as providing Getty with the right to cease providing any
      outstanding consideration without affecting Employee’s release of claims, to the
      extent permitted by law;

     

    h.           Getty
      itself and its senior management will provide a letter of reference and will
      not
      discuss the circumstances of Mr. Smith’s employment or the cessation thereof
      other than as provided by paragraph 7, hereafter; and,

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    i.           In
      addition to the specific obligations regarding the confidentiality of this
      Paragraph 6, Employee agrees that he will not discuss, disclose or otherwise
      publicize any business or legal dealings of the Company, or of its current
      or
      former shareholders, officers, directors, employees, insurers, attorneys or
      agents.  This prohibition is absolute, and includes verbal, written
      and electronic communications (such as e-mails and computer
“blogs”).  Nothing in this Agreement will prevent Employee from
      responding truthfully in response to any lawfully-issued subpoena, but since
      he
      was Getty’s General Counsel (and to the extent not compromised because he also
      was Getty’s President), all ethical, privilege and confidentiality obligations
      apply in full, and nothing herein shall be deemed to limit in any way Employee’s
      compliance with any court order, or judicial or administrative order or
      subpoena.  Employee agrees to notify Employer of the receipt of same
      (unless notification is prohibited by governmental order).  If
      Employee shall require the advice of legal counsel in connection with his
      response or compliance with any such subpoena or order, Employer shall arrange
      for, reasonably select (in the same class as DLA Piper LLP) and compensate
      such
      attorney.

     

    7.           Non-Disparagement.  Employee
      and Getty, by its senior officers (and Getty will direct, and be responsible
      for
      compliance by, its President, Executive Vice President, and Chief Financial
      Officer and similarly situated officers) agree not to defame, disparage or
      demean each other in any manner whatsoever.  Both parties agree that
      Employee’s departure from Getty shall be described only as a resignation by
      Employee to pursue other business interests.  The parties agree that
      Getty shall not issue any press release with regard to Employee’s departure from
      Getty.

     

    8.           Governing
      Law and Interpretation.  This Agreement shall be governed
      and conformed in accordance with the laws of the State of New York without
      regard to its conflict or choice of law provisions to create binding general
      mutual releases.  In the event Employee or Employer breaches any
      provision of this Agreement, Employee and Employer affirm that either may
      institute an action to specifically enforce any term or terms of this
      Agreement.  Before doing so, the party alleging a breach occurred
      shall provide at least ten (10) days notice to the other party and an additional
      ten (10) days after notice is received to permit the other party to remedy
      the
      alleged breach.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    9.           Severability.
      If any provision of this Agreement is declared illegal or unenforceable by
      any
      court of competent jurisdiction, the parties agree the court shall have the
      authority to modify, alter or change the provision(s) in question to make the
      Agreement legal and enforceable. If this Agreement cannot be modified to be
      enforceable, excluding the general release language, such provision shall
      immediately become null and void, leaving the remainder of this Agreement in
      full force and effect.  If the general release language is found to be
      illegal or unenforceable, Employee agrees to execute a binding replacement
      release (consistent with this Agreement) without further
      consideration.  In the event Employee refuses to execute a binding
      replacement release, he agrees to return all consideration paid pursuant to
      this
      Agreement immediately.

     

    10.           Amendment.  Except
      as provided in the preceding paragraph, this Agreement may not be modified,
      altered or changed except upon express written consent of both parties wherein
      specific reference is made to this Agreement.

     

    11.           Resolution
      of Disputes. Any controversy or claim arising out of this
      Agreement, or the breach thereof, shall be decided by the U.S. District Court
      for the Eastern District of New York sitting in Suffolk County or the New York
      State Supreme Court in and for Nassau County.  All such claims shall
      be adjudicated by a judge sitting without a jury.

     

    12.           Availability
      for Advice.  Employee agrees that, without additional
      compensation, he will cooperate with, and provide assistance to, Getty during
      November and December 2007, and thereafter from time to time, as his schedule
      reasonably allows, in connection with the transitioning of the real estate,
      litigation, environmental and corporate or other matters he was managing, and
      those he managed during the term of his employment.  Employee’s
      availability to provide such assistance may be by telephone, email or in person
      as may be reasonably necessary (as determined reasonably by
      Employee).

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    13.           Nonadmission
      of Wrongdoing.  The parties agree that neither this
      Agreement nor the furnishing of the consideration for this Agreement shall
      be
      deemed or construed at anytime for any purpose as an admission by either party
      of any liability or unlawful conduct of any kind.

     

    14.          Revocation.  Employee
      may revoke this Agreement at any time during the seven (7) calendar days
      following the day he executes this Agreement (the “Revocation
      Period”).  Any revocation within this period must be submitted, in
      writing, to Leo Liebowitz, Chairman and CEO, and state, “I
      hereby revoke my acceptance of our Severance Agreement and General
      Release.”  The revocation must be personally delivered to Leo
      Liebowitz or his designee, or mailed to Leo Liebowitz and
      postmarked within seven (7) calendar days of execution of this
      Agreement.  If the last day of the Revocation Period is a Saturday,
      Sunday, or legal holiday in New York, then the revocation period shall not
      expire until the next following day which is not a Saturday, Sunday, or legal
      holiday.

     

    15.           Entire
      Agreement.  This Agreement sets forth the entire
      agreement between the parties hereto, and fully supersedes any prior agreements
      or understandings between the parties.  Employee acknowledges that he
      has not relied on any representation, promise, or agreement of any kind made
      to
      him in connection with his decision to accept this Agreement, except for those
      set forth in this Agreement.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    16.           Section
      Headings.  Section headings are used herein for
      convenience of reference only and shall not affect the meaning of any provision
      of this Agreement.

     

    17.           Counterparts.  This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original and each of which shall together constitute one and the same
      agreement.  This Agreement will not become enforceable until executed
      by both the Employer and Employee.

     

    18.           Legal
      Fees.  Each party will be responsible for its own legal
      fees or costs, if any, incurred in connection with the negotiation and
      settlement of this Agreement.  In the event that the payments required
      to be made to or for the benefit of Employee under Paragraph 2 above are not
      timely paid, after the remedial protocol set forth in Paragraph 8 is utilized,
      but payment is not received and Employee commences any action or proceeding
      to
      enforce such provisions and to cause such payments to be made, and if Employee
      prevails in such action or proceeding, then Employee shall be entitled to
      reimbursement of his attorneys’ fees and costs incurred in connection with such
      action or proceeding. If a trust is established as set forth hereinabove,
      Employee shall bear the full cost of establishing and maintaining said
      trust.

     

    19.           Competence
      to Waive Claims.  At the time of considering or executing
      this Agreement, Employee was not affected or impaired by illness, use of
      alcohol, drugs or other substances or otherwise impaired.  Employee is
      competent to execute this Agreement and knowingly and voluntarily waives any
      and
      all claims he may have against Employer.  Employee certifies that he
      is not a party to any bankruptcy, lien, creditor-debtor or other proceedings
      which would impair his right or ability to waive all claims he may have against
      Employer.

    
 

    EMPLOYEE
      ACKNOWLEDGES HE HAS BEEN ADVISED THAT HE HAS TWENTY-ONE (21) CALENDAR DAYS
      TO
      REVIEW THIS AGREEMENT AND TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF
      THIS
      AGREEMENT.  EMPLOYEE ALSO CONFIRMS THAT HE RECEIVED THE INITIAL DRAFT
      HEREOF ON OCTOBER 29, 2007.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    EMPLOYEE
      AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT
      DO
      NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY
      CONSIDERATION PERIOD.

     

    HAVING
      ELECTED TO EXECUTE THIS AGREEMENT, TO FULFILL THE PROMISES AND TO RECEIVE THE
      SUMS AND BENEFITS IN PARAGRAPH 2 ABOVE, AND ELSEWHERE IN THIS AGREEMENT,
      EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS
      AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS HE HAS OR MIGHT
      HAVE
      AGAINST EMPLOYER AS OF THE DATE EXECUTED BY EMPLOYEE (OTHER THAN CLAIMS RELATED
      TO GETTY’S PERFORMANCE UNDER THIS AGREEMENT).

     

    


     

    IN
      WITNESS
      WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement
      as
      of the date set forth below:

     

    
      	 	 	 	GETTY
              REALTY 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
              Andrew M. Smith	 	By: 	/s/
              Leo Liebowitz
	 	Andrew
              M. Smith	 	 	Leo
              Liebowitz
	 	 	 	 	Chairman
              and CEO
	 	 	 	 	 
	 	 	 	 	 
	Date:	11/13/07	 	Date: 	11/13/07


    

     

     

     

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