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                                                                   EXHIBIT 10.45


                              EMPLOYMENT AGREEMENT

        AGREEMENT, dated as of September 25, 1998, by and between Excel Realty
Trust, Inc., a Maryland corporation (the "Company"), and Steven F. Siegel
("Executive").

                                    RECITALS

        A.      Executive is currently General Counsel and Secretary of New Plan
Realty Trust, a Massachusetts business trust ("New Plan").

        B.      The Company, a wholly owned subsidiary of the Company ("Sub"),
and New Plan have entered into an Agreement and Plan of Merger (as amended, the
"Merger Agreement"), pursuant to which Sub shall merge with and into New Plan
with New Plan surviving as a wholly-owned subsidiary of the Company (the
"Merger").

        C.      The Company desires to employ Executive, effective as of the
time the Merger is consummated (the "Effective Time"), on the terms and
conditions set forth in this Agreement, and Executive desires to be so employed.

                                    AGREEMENT

        IN CONSIDERATION of the premises and the mutual covenants set forth
below, the parties hereby agree as follows:

        1.      Employment. The Company hereby agrees to employ Executive as a
Senior Vice President and General Counsel, and Executive hereby accepts such
employment, on the terms and conditions hereinafter set forth. Notwithstanding
the employment of Executive by the Company, the Company shall be entitled to pay
Executive from the payroll of New Plan.

        2.      Term. The period of employment of Executive by the Company
hereunder (the "Employment Period") shall commence on the Effective Time of the
Merger (the "Commencement Date") and shall continue through December 31, 2001;
provided, that, commencing on January 1, 2002, and on each anniversary date
thereafter, the Employment Period shall automatically be extended for one (1)
additional year unless either party gives written notice not to extend this
Agreement prior to six (6) months before such automatic extension would be
effectuated. The Employment Period may be sooner terminated by either party in
accordance with Section 6 of this Agreement. Employment hereunder and entering
into this Agreement shall not be deemed to constitute termination of employment
of Executive with New Plan and shall not trigger any obligations or result in
the loss of any benefits resulting from an employment termination. Therefore,
without limiting the generality of the foregoing, any promissory note(s) of
Executive payable to New Plan shall not be accelerated as a result of this
Agreement or any action taken in accordance with the terms hereof.

        3.      Position and Duties. During the Employment Period, Executive
shall serve as a Senior Vice President and General Counsel of the Company.
Executive shall have those powers 


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and duties normally associated with the positions of a Senior Vice President and
General Counsel and such other powers and duties as may be prescribed by the
Board of Directors of the Company (the "Board"). Executive shall devote such
time, attention and energies to Company affairs as are necessary to fully
perform his duties (other than absences due to illness or vacation) for the
Company. Notwithstanding the above, Executive shall be permitted, to the extent
such activities do not materially and adversely affect the ability of Executive
to fully perform his duties and responsibilities hereunder, to (i) manage
Executive's personal, financial and legal affairs, and (ii) serve on civic or
charitable boards or committees.

        4.      Place of Performance. The principal place of employment of
Executive shall be at the Company's corporate offices in New York, New York.

        5.      Compensation and Related Matters.

                (a)     Salary. During the Employment Period, the Company shall
pay Executive an annual base salary of $180,000 ("Base Salary"). Executive's
Base Salary shall be paid in approximately equal installments in accordance with
the Company's customary payroll practices. If Executive's Base Salary is
increased by the Company, such increased Base Salary shall then constitute the
Base Salary for all purposes of this Agreement.

                (b)     Bonus. The Board's compensation committee (the
"Compensation Committee") shall review Executive's performance at least annually
during each year of the Employment Period and cause the Company to award
Executive a cash bonus of up to 50% of his Base Salary which the Compensation
Committee shall reasonably determine as fairly compensating and rewarding
Executive for services rendered to the Company and/or as an incentive for
continued service to the Company, but in no event shall Executive's aggregate
bonus and Base Salary for the first full calendar year after the Effective Time
be less than the aggregate of Executive's New Plan salary immediately prior to
the Effective Time and Executive's 1997 New Plan bonus. The amount of
Executive's cash bonus shall be determined in the reasonable discretion of the
Compensation Committee and shall be dependent upon, among other things, the
achievement of certain performance levels by the Company, including, without
limitation, growth in funds from operations, and Executive's performance and
contribution to increasing the funds from operations.

                (c)     Expenses. The Company shall promptly reimburse Executive
for all reasonable business expenses upon the presentation of reasonably
itemized statements of such expenses in accordance with the Company's policies
and procedures now in force or as such policies and procedures may be modified
with respect to all senior executive officers of the Company.

                (d)     Vacation. Executive shall be entitled to the number of
weeks of vacation per year provided to the Company's senior executive officers,
but in no event less than four (4) weeks annually.


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                (e)     Welfare, Pension and Incentive Benefit Plans. During the
Employment Period, Executive (and his spouse and dependents to the extent
provided therein) shall be entitled to participate in and be covered under all
the welfare benefit plans or programs maintained by the Company from time to
time for the benefit of its senior executives including, without limitation, all
medical, hospitalization, dental, accidental death and dismemberment and travel
accident insurance plans and programs. In addition, Executive shall be entitled
to receive the most extensive disability coverage provided by the Company to any
other senior executive officer of the Company. In addition, during the
Employment Period, Executive shall be eligible to participate in all pension,
retirement, savings and other employee benefit plans and programs maintained
from time to time by the Company for the benefit of its senior executives, or
any annual incentive or long-term performance plans. With respect to each such
employee benefit plan, program, policy or arrangement, service with New Plan or
any of its subsidiaries (as applicable) shall be included for purposes of
determining eligibility to participate (including waiting periods, and without
being subject to any entry date requirement after the waiting period has been
satisfied), vesting (as applicable) and entitlement to benefits. The medical
plan or plans maintained by the Company after the Effective Time shall waive all
limitations as to pre-existing conditions, exclusions and waiting periods with
respect to participation and coverage requirements. With respect to vacation
benefits provided by the Company, the vacation benefit of Executive shall
include all hours of accrued but unused vacation and sick time hours,
respectively, with New Plan or its affiliates.

                (f)     During the Employment Period, the Company shall provide
Executive with the use of an automobile (including the payment of vehicle
insurance) substantially comparable to the automobile currently provided to
Executive by New Plan; however, at the Company's option, Company may in lieu
thereof provide Executive with an automobile allowance in an amount sufficient
for Executive to have the use of (and pay vehicle insurance on, if not so
provided by the Company) a vehicle substantially comparable to the automobile
currently provided to Executive by New Plan.

        6.      Termination. Executive's employment hereunder may be terminated
during the Employment Period under the following circumstances:

                (a)     Death. Executive's employment hereunder shall terminate
upon his death.

                (b)     Disability. If, as a result of Executive's incapacity
due to physical or mental illness, Executive shall have been substantially
unable to perform his duties hereunder for an entire period of six (6)
consecutive months, and within thirty (30) days after written Notice of
Termination (as defined in Section 7(a)) is given after such six (6) month
period, Executive shall not have returned to the substantial performance of his
duties on a full-time basis, the Company shall have the right to terminate
Executive's employment hereunder for "Disability", and such termination in and
of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement.

                (c)     Cause. The Company shall have the right to terminate
Executive's employment for Cause, and such termination in and of itself shall
not be, nor shall it be deemed 


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to be, a breach of this Agreement. For purposes of this Agreement, the Company
shall have "Cause" to terminate Executive's employment upon Executive's:

                        (i)     conviction of, or plea of guilty or nolo
        contendere to, a felony; or

                        (ii)    willful and continued failure to use reasonable
        best efforts to substantially perform his duties hereunder (other than
        such failure resulting from Executive's incapacity due to physical or
        mental illness or subsequent to the issuance of a Notice of Termination
        by Executive for Good Reason (as defined in Section 6(d)) after demand
        for substantial performance is delivered by the Company in writing that
        specifically identifies the manner in which the Company believes
        Executive has not used reasonable best efforts to substantially perform
        his duties; or

                        (iii)   willful misconduct (including, but not limited
        to, a willful breach of the provisions of Section 10) that is materially
        economically injurious to the Company or to any entity in control of,
        controlled by or under common control with the Company ("Affiliate").

        For purposes of this Section 6(c), no act, or failure to act, by
Executive shall be considered "willful" unless committed in bad faith and
without a reasonable belief that the act or omission was in the best interests
of the Company or any Affiliates thereof; provided, however, that the willful
requirement outlined in paragraphs (ii) or (iii) above shall be deemed to have
occurred if the Executive's action or non-action continues for more than ten
(10) days after Executive has received written notice of the inappropriate
action or non-action. Cause shall not exist under paragraph (ii) or (iii) above
unless and until the Company has delivered to Executive a copy of a resolution
duly adopted by a majority of the Board (excluding Executive for purposes of
determining such majority) at a meeting of the Board called and held for such
purpose (after reasonable (but in no event less than thirty (30) days) notice to
Executive and an opportunity for Executive, together with his counsel, to be
heard before the Board), finding that in the good faith opinion of the Board,
Executive was guilty of the conduct set forth in paragraph (ii) or (iii) and
specifying the particulars thereof in detail. This Section 6(c) shall not
prevent Executive from challenging in any court of competent jurisdiction the
Board's determination that Cause exists or that Executive has failed to cure any
act (or failure to act) that purportedly formed the basis for the Board's
determination.

                (d)     Good Reason. Executive may terminate his employment for
"Good Reason" within thirty (30) days after Executive has actual knowledge of
the occurrence, without the written consent of Executive, of one of the
following events that has not been cured within thirty (30) days after written
notice thereof has been given by Executive to the Company; provided, however,
that with respect to Section 6(d) the Company shall have the right to challenge
in any court of competent jurisdiction the Executive's determination that he has
the right to terminate his employment for "Good Reason.":

                        (i)     the termination of the Employment Agreement
        between Arnold Laubich, the Chief Executive Officer of the Company as of
        the Effective Time, and the 


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        Company dated as of May 14, 1998, pursuant to Section 6(d) thereof by
        Laubich or by the Company without Cause;

                        (ii)    the assignment to Executive of duties materially
        and adversely inconsistent with Executive's status as a Senior Vice
        President and General Counsel of the Company or a material and adverse
        alteration in the nature of Executive's duties and/or responsibilities,
        reporting obligations, titles or authority;

                        (iii)   a reduction by the Company in Executive's Base
        Salary or a failure by the Company to pay any such amounts when due;

                        (iv)    the relocation of the Company's executive
        offices or Executive's own office location to a location that is more
        than fifty (50) miles from New York, New York;

                        (v)     any purported termination of Executive's
        employment for Cause which is not effected pursuant to the procedures of
        Section 6(c) (and for purposes of this Agreement, no such purported
        termination shall be effective);

                        (vi)    the Company's failure to substantially provide
        any material employee benefits due to be provided to Executive;

                        (vii)   the Company's failure to provide in all material
        respects the indemnification set forth in Section 11 of this Agreement;

                        (viii)  a Change in Control (as defined below) of the
        Company; or.

                        (ix)    Failure of the Company to provide, by giving
        appropriate written notice to Executive, for two automatic one (1) year
        renewals following the replacement of Arnold Laubich as Chief Executive
        Officer of the Company.

        Executive's right to terminate his employment hereunder for Good Reason
shall not be affected by his incapacity due to physical or mental illness.
Executive's continued employment during the thirty (30) day period referred to
above in this paragraph (d) shall not constitute consent to, or a waiver of
rights with respect to, any act or failure to act constituting Good Reason
hereunder.

        For purposes of this Agreement, a "Change in Control" of the Company
means the occurrence of one of the following events:

                        (1)     individuals who, on the Commencement Date,
        constitute the Board (the "Incumbent Directors") cease for any reason to
        constitute at least a majority of the Board, provided that any person
        becoming a director subsequent to the Commencement Date whose election
        or nomination for election was approved by a vote of a majority of the
        Incumbent Directors then on the Board (either by a specific vote or by
        approval of the 


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        proxy statement of the Company in which such person is named as a
        nominee for director, without objection to such nomination) shall be an
        Incumbent Director; provided, however, that no individual initially
        elected or nominated as a director of the Company as a result of an
        actual or threatened election contest with respect to directors or as a
        result of any other actual or threatened solicitation of proxies by or
        on behalf of any person other than the Board shall be an Incumbent
        Director;

                        (2)     any "person" (as such term is defined in Section
        3(a)(9) of the Securities Exchange Act of 1934 (the "Exchange Act") and
        as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or
        becomes, after the Commencement Date, a "beneficial owner" (as defined
        in Rule 13d-3 under the Exchange Act), directly or indirectly, of
        securities of the Company representing 30% or more of the combined
        voting power of the Company's then outstanding securities eligible to
        vote for the election of the Board (the "Company Voting Securities");
        provided, however, that an event described in this paragraph (2) shall
        not be deemed to be a Change in Control if any of following becomes such
        a beneficial owner: (A) the Company or any majority-owned subsidiary
        (provided, that this exclusion applies solely to the ownership levels of
        the Company or the majority-owned subsidiary), (B) any tax-qualified,
        broad-based employee benefit plan sponsored or maintained by the Company
        or any majority-owned subsidiary, (C) any underwriter temporarily
        holding securities pursuant to an offering of such securities, (D) any
        person pursuant to a Non-Qualifying Transaction (as defined in paragraph
        (3)), or (E) Executive or any group of persons including Executive (or
        any entity controlled by Executive or any group of persons including
        Executive);

                        (3)     the consummation of a merger, consolidation,
        share exchange or similar form of transaction involving the Company or
        any of its subsidiaries, or the sale of all or substantially all of the
        Company's assets (a "Business Transaction"), unless immediately
        following such Business Transaction (i) more than 50% of the total
        voting power of the entity resulting from such Business Transaction or
        the entity acquiring the Company's assets in such Business Transaction
        (the "Surviving Corporation") is beneficially owned, directly or
        indirectly, by the Company's shareholders immediately prior to any such
        Business Transaction, and (ii) no person (other than the persons set
        forth in clauses (A), (B), or (C) of paragraph (2) above or any
        tax-qualified, broad-based employee benefit plan of the Surviving
        Corporation or its Affiliates) beneficially owns, directly or
        indirectly, 30% or more of the total voting power of the Surviving
        Corporation (a "Non-Qualifying Transaction"); or

                        (4)     Board approval of a liquidation or dissolution
        of the Company, unless the voting common equity interests of an ongoing
        entity (other than a liquidating trust) are beneficially owned, directly
        or indirectly, by the Company's shareholders in substantially the same
        proportions as such shareholders owned the Company's outstanding voting
        common equity interests immediately prior to such liquidation and such
        ongoing entity assumes all existing obligations of the Company to
        Executive under this Agreement and the Stock Option Agreements pursuant
        to which the Stock Options were granted.


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                (e)     Without Good Reason. Executive shall have the right to
terminate his employment hereunder without Good Reason by providing the Company
with a Notice of Termination, and such termination shall not in and of itself
be, nor shall it be deemed to be, a breach of this Agreement.


        7.      Termination Procedure.

                (a)     Notice of Termination. Any termination of Executive's
employment by the Company or by Executive during the Employment Period (other
than termination pursuant to Section 6(a)) shall be communicated by written
Notice of Termination to the other party hereto in accordance with Section 14.
For purposes of this Agreement, a "Notice of Termination" shall mean a notice
which shall indicate the specific termination provision in this Agreement relied
upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the
provision so indicated.

                (b)     Date of Termination. "Date of Termination" shall mean
(i) if Executive's employment is terminated by his death, the date of his death,
(ii) if Executive's employment is terminated pursuant to Section 6(b), thirty
(30) days after Notice of Termination (provided that Executive shall not have
returned to the substantial performance of his duties on a full-time basis
during such thirty (30) day period), and (iii) if Executive's employment is
terminated for any other reason, the date on which a Notice of Termination is
given or any later date (within thirty (30) days after the giving of such
notice) set forth in such Notice of Termination.

        8.      Compensation Upon Termination or During Disability. In the event
Executive is disabled or his employment terminates during the Employment Period,
the Company shall provide Executive with the payments and benefits set forth
below. Executive acknowledges and agrees that the payments set forth in this
Section 8 constitute liquidated damages for termination of his employment during
the Employment Period.

                (a)     Termination By Company Without Cause or By Executive for
Good Reason. If Executive's employment is terminated by the Company without
Cause or by Executive for Good Reason:

                        (i)     the Company shall pay to Executive (A) his Base
        Salary and accrued vacation pay through the Date of Termination, as soon
        as practicable following the Date of Termination, and (B) a payment
        equal to two times Executive's average total compensation (Base Salary
        plus bonus) for the two (2) preceding fiscal years of the Company ending
        prior to termination as soon as practicable following the Date of
        Termination (for this purpose Executive's compensation earned with New
        Plan shall be used to the extent necessary); provided, however, if the
        Executive has previously given a notice not to extend the Employment
        Period pursuant to Section 2, the payment referred to in this subsection
        (i) shall not be made;


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                        (ii)    the Company shall maintain in full force and
        effect, for the continued benefit of Executive, his spouse and his
        dependents for a period of three (3) years following the Date of
        Termination the medical, hospitalization, dental, and life insurance
        programs in which Executive, his spouse and his dependents were
        participating immediately prior to the Date of Termination at the level
        in effect and upon substantially the same terms and conditions
        (including without limitation contributions required by Executive for
        such benefits) as existed immediately prior to the Date of Termination;
        provided, that if Executive, his spouse or his dependents cannot
        continue to participate in the Company programs providing such benefits,
        the Company shall arrange to provide Executive, his spouse and his
        dependents with the economic equivalent of such benefits which they
        otherwise would have been entitled to receive under such plans and
        programs ("Continued Benefits"), provided, that such Continued Benefits
        shall terminate on the date or dates Executive receives substantially
        equivalent coverage and benefits, without waiting period or pre-existing
        condition limitations, under the plans and programs of a subsequent
        employer (such coverage and benefits to be determined on a
        coverage-by-coverage, or benefit-by-benefit, basis); and

                        (iii)   the Company shall reimburse Executive pursuant
        to Section 5(c) for reasonable expenses incurred, but not paid prior to
        such termination of employment;

                        (iv)    Executive shall be entitled to any other rights,
        compensation and/or benefits as may be due to Executive in accordance
        with the terms and provisions of any agreements, plans or programs of
        the Company;

                        (v)     all stock options and other pension or
        employment benefits granted to Executive more than one year prior to the
        Date of Termination shall fully vest as of the Date of Termination
        (inclusive of any granted to Executive by New Plan prior to the
        Effective Time);

                        (vi)    the Company shall forgive and cancel all loans
        made by the Company or any Affiliate to Executive during the Employment
        Period, if any, and shall take all actions and execute all documents
        necessary to evidence the forgiveness and cancellation of such loans;
        and

                        (vii)   the Company shall eliminate any and all
        restrictions on Executive's ability either to engage in any activities,
        directly or indirectly, in competition with the Company (including,
        without limitation, the restrictions set forth in Section 10(c) of this
        Agreement but not the restrictions set forth in Sections 10(a) and (b)),
        or to make any investment in competition with the Company, and shall
        execute all documents necessary or reasonably requested by Executive to
        reflect such elimination of restrictions.

                The foregoing notwithstanding, the total of the severance
payments payable under this Section 8(a) shall be reduced to the extent the
payment of such amounts would cause Executive's total termination benefits (as
determined by Executive's tax advisor) to constitute an 


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"excess" parachute payment under Section 280G of the Internal Revenue Code of
1986, as amended (the "Code") and by reason of such excess parachute payment
Executive would be subject to an excise tax under Section 4999(a) of the Code,
but only if Executive determines that the after-tax value of the termination
benefits calculated with the foregoing restriction exceed those calculated
without the foregoing restriction.

                (b)     Cause or By Executive Without Good Reason. If
Executive's employment is terminated by the Company for Cause or by Executive
(other than for Good Reason):

                        (i)     the Company shall pay Executive his Base Salary
        and, to the extent required by law or the Company's vacation policy, his
        accrued vacation pay through the Date of Termination, as soon as
        practicable following the Date of Termination; and

                        (ii)    the Company shall reimburse Executive pursuant
        to Section 5(c) for reasonable expenses incurred, but not paid prior to
        such termination of employment, unless such termination resulted from a
        misappropriation of Company funds; and

                        (iii)   Executive shall be entitled to any other rights,
        compensation and/or benefits as may be due to Executive in accordance
        with the terms and provisions of any agreements, plans or programs of
        the Company.

                (c)     Disability. During any period that Executive fails to
perform his duties hereunder as a result of incapacity due to physical or mental
illness ("Disability Period"), Executive shall continue to receive his full Base
Salary set forth in Section 5(a) until his employment is terminated pursuant to
Section 6(b). In the event Executive's employment is terminated for Disability
pursuant to Section 6(b):

                        (i)     the Company shall pay to Executive (A) his Base
        Salary and accrued vacation pay through the Date of Termination, as soon
        as practicable following the Date of Termination, and (B) continued Base
        Salary (as provided for in Section 5(a)) and Continued Benefits for the
        longer of (i) six (6) months or (ii) the date on which Executive becomes
        entitled to long-term disability benefits under the applicable plan or
        program of the Company paying the benefits described in Section 5(h), up
        to a maximum of three (3) years of Base Salary continuation; and

                        (ii)    the Company shall reimburse Executive pursuant
        to Section 5(c) for reasonable expenses incurred, but not paid prior to
        such termination of employment; and

                        (iii)   Executive shall be entitled to any other rights,
        compensation and/or benefits as may be due to Executive in accordance
        with the terms and provisions of any agreements, plans or programs of
        the Company.

                (d)     Death. If Executive's employment is terminated by his
death:


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                        (i)     the Company shall pay in a lump sum to
        Executive's beneficiary, legal representatives or estate, as the case
        may be, Executive's Base Salary through the Date of Termination and one
        (1) times Executive's annual rate of Base Salary, and shall provide
        Executive's spouse and dependents with Continued Benefits for one (1)
        year;

                        (ii)    the Company shall reimburse Executive's
        beneficiary, legal representatives, or estate, as the case may be,
        pursuant to Section 5(c) for reasonable expenses incurred, but not paid
        prior to such termination of employment; and

                        (iii)   Executive's beneficiary, legal representatives
        or estate, as the case may be, shall be entitled to any other rights,
        compensation and benefits as may be due to any such persons or estate in
        accordance with the terms and provisions of any agreements, plans or
        programs of the Company.


                (e)     Failure to Extend. Subject to Section 6(d)(ix), a
failure to extend the Agreement pursuant to Section 2 by either party shall not
be treated as a termination of Executive's employment for purposes of this
Agreement.

        9.      Mitigation. Executive shall not be required to mitigate amounts
payable under this Agreement by seeking other employment or otherwise, and there
shall be no offset against amounts due Executive under this Agreement on account
of subsequent employment. Additionally, amounts owed to Executive under this
Agreement shall not be offset by any claims the Company may have against
Executive, and the Company's obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any other circumstances, including, without limitation, any
counterclaim, recoupment, defense or other right which the Company may have
against Executive or others.

        10.     Confidential Information, Ownership of Documents;
Non-Competition.

                (a)     Confidential Information. Executive shall hold in a
fiduciary capacity for the benefit of the Company all trade secrets and
confidential information, knowledge or data relating to the Company and its
businesses and investments, which shall have been obtained by Executive during
Executive's employment by the Company and which is not generally available
public knowledge (other than by acts by Executive in violation of this
Agreement). Except as may be required or appropriate in connection with his
carrying out his duties under this Agreement, Executive shall not, without the
prior written consent of the Company or as may otherwise be required by law or
any legal process, or as is necessary in connection with any adversarial
proceeding against the Company (in which case Executive shall use his reasonable
best efforts in cooperating with the Company in obtaining a protective order
against disclosure by a court of competent jurisdiction), communicate or divulge
any such trade secrets, information, knowledge or data to anyone other than the
Company and those designated by the Company or on behalf of the Company in the
furtherance of its business or to perform duties hereunder.


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                (b)     Removal of Documents; Rights to Products. All records,
files, drawings, documents, models, equipment, and the like relating to the
Company's business, which Executive has control over shall not be removed from
the Company's premises without its written consent, unless such removal is in
the furtherance of the Company's business or is in connection with Executive's
carrying out his duties under this Agreement and, if so removed, shall be
returned to the Company promptly after termination of Executive's employment
hereunder, or otherwise promptly after removal if such removal occurs following
termination of employment. Executive shall assign to the Company all rights to
trade secrets and other products relating to the Company's business developed by
him alone or in conjunction with others at any time while employed by the
Company.

                (c)     Protection of Business. During the Employment Period and
until the first anniversary of Executive's Date of Termination (but only in the
event Executive is terminated by the Company for Cause or Executive terminates
employment without Good Reason), the Executive will not (i) engage, anywhere
within the geographical areas in which the Company or any of its Affiliates (the
"Designated Entities") are conducting their business operations or providing
services as of the Date of Termination, in any business which is being engaged
in by the Designated Entities as of the Date of Termination or pursue or attempt
to develop any project known to Executive and which the Designated Entities are
pursuing, developing or attempting to develop as of the Date of Termination,
unless such project has been inactive for over nine (9) months (a "Project"),
directly or indirectly, alone, in association with or as a shareholder,
principal, agent, partner, officer, director, employee or consultant of any
other organization, (ii) divert to any entity which is engaged in any business
conducted by the Designated Entities in the same geographic area as the
Designated Entities, any Project or any customer of any of the Designated
Entities, or (iii) solicit any officer, employee (other than secretarial staff)
or consultant of any of the Designated Entities to leave the employ of any of
the Designated Entities. Notwithstanding the preceding sentence, Executive shall
not be prohibited from owning less than three (3%) percent of any publicly
traded corporation, whether or not such corporation is in competition with the
Company, and Executive shall not be prohibited from owning equity securities of,
and acting as an officer and director of, Legacy. If, at any time, the
provisions of this Section 10(c) shall be determined to be invalid or
unenforceable, by reason of being vague or unreasonable as to area, duration or
scope of activity, this Section 10(c) shall be considered divisible and shall
become and be immediately amended to only such area, duration and scope of
activity as shall be determined to be reasonable and enforceable by the court or
other body having jurisdiction over the matter; and Executive agrees that this
Section 10(c) as so amended shall be valid and binding as though any invalid or
unenforceable provision had not been included herein.

                (d)     Injunctive Relief. In the event of a breach or
threatened breach of this Section 10, Executive agrees that the Company shall be
entitled to injunctive relief in a court of appropriate jurisdiction to remedy
any such breach or threatened breach, Executive acknowledging that damages would
be inadequate and insufficient.


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                (e)     Continuing Operation. Except as specifically provided in
this Section 10, the termination of Executive's employment or of this Agreement
shall have no effect on the continuing operation of this Section 10.

        11.     Indemnification.

                (a)     General. The Company agrees that if Executive is made a
party or a threatened to be made a party to any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a "Proceeding"), by
reason of the fact that Executive is or was a trustee, director or officer of
the Company or any subsidiary of the Company or is or was serving at the request
of the Company or any subsidiary as a trustee, director, officer, member,
employee or agent of another corporation or a partnership, joint venture, trust
or other enterprise, including, without limitation, service with respect to
employee benefit plans, whether or not the basis of such Proceeding is alleged
action in an official capacity as a trustee, director, officer, member, employee
or agent while serving as a trustee, director, officer, member, employee or
agent, Executive shall be indemnified and held harmless by the Company to the
fullest extent authorized by Maryland law, as the same exists or may hereafter
be amended, against all Expenses incurred or suffered by Executive in connection
therewith, and such indemnification shall continue as to Executive even if
Executive has ceased to be an officer, director, trustee or agent, or is no
longer employed by the Company and shall inure to the benefit of his heirs,
executors and administrators.

                (b)     Expenses. As used in this Agreement, the term "Expenses"
shall include, without limitation, damages, losses, judgments, liabilities,
fines, penalties, excise taxes, settlements, and costs, attorneys' fees,
accountants' fees, and disbursements and costs of attachment or similar bonds,
investigations, and any expenses of establishing a right to indemnification
under this Agreement.

                (c)     Enforcement. If a claim or request under this Agreement
is not paid by the Company or on its behalf, within thirty (30) days after a
written claim or request has been received by the Company, Executive may at any
time thereafter bring suit against the Company to recover the unpaid amount of
the claim or request and if successful in whole or in part, Executive shall be
entitled to be paid also the expenses of prosecuting such suit. All obligations
for indemnification hereunder shall be subject to, and paid in accordance with,
applicable Maryland law.

                (d)     Partial Indemnification. If Executive is entitled under
any provision of this Agreement to indemnification by the Company for some or a
portion of any Expenses, but not, however, for the total amount thereof, the
Company, shall nevertheless indemnify Executive for the portion of such Expenses
to which Executive is entitled.

                (e)     Advances of Expenses. Expenses incurred by Executive in
connection with any Proceeding shall be paid by the Company in advance upon
request of Executive that the Company pay such Expenses; but, only in the event
that Executive shall have delivered in writing to the Company (i) an undertaking
to reimburse the Company for Expenses with respect 


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<PAGE>   13
to which Executive is not entitled to indemnification and (ii) an affirmation of
his good faith belief that the standard of conduct necessary for indemnification
by the Company has been met.

                (f)     Notice of Claim. Executive shall give to the Company
notice of any claim made against him for which indemnification will or could be
sought under this Agreement. In addition, Executive shall give the Company such
information and cooperation as it may reasonably require and as shall be within
Executive's power and at such times and places as are convenient for Executive.

                (g)     Defense of Claim. With respect to any Proceeding as to
which Executive notifies the Company of the commencement thereof:

                        (i)     The Company will be entitled to participate
        therein at its own expense; and

                        (ii)    Except as otherwise provided below, to the
        extent that it may wish, the Company will be entitled to assume the
        defense thereof, with counsel reasonably satisfactory to Executive,
        which in the Company's sole discretion may be regular counsel to the
        Company and may be counsel to other officers and directors of the
        Company or any subsidiary. Executive also shall have the right to employ
        his own counsel in such action, suit or proceeding if he reasonably
        concludes that failure to do so would involve a conflict of interest
        between the Company and Executive, and under such circumstances the fees
        and expenses of such counsel shall be at the expense of the Company.

                        (iii)   The Company shall not be liable to indemnify
        Executive under this Agreement for any amounts paid in settlement of any
        action or claim effected without its written consent. The Company shall
        not settle any action or claim in any manner which would impose any
        penalty or limitation on Executive without Executive's written consent.
        Neither the Company nor Executive will unreasonably withhold or delay
        their consent to any proposed settlement.

                (h)     Non-exclusivity. The right to indemnification and the
payment of expenses incurred in defending a Proceeding in advance of its final
disposition conferred in this Section 11 shall not be exclusive of any other
right which Executive may have or hereafter may acquire under any statute,
provision of the declaration of trust or certificate of incorporation or by-laws
of the Company or any subsidiary, agreement, vote of shareholders or
disinterested directors or trustees or otherwise.

        12.     Legal Fees and Expenses. If any contest or dispute shall arise
between the Company and Executive regarding any provision of this Agreement, the
Company shall reimburse Executive for all legal fees and expenses reasonably
incurred by Executive in connection with such contest or dispute, but only if
Executive is successful in respect of substantially all of Executive's claims
brought and pursued in connection with such contest or dispute. Such
reimbursement shall be made as soon as practicable following the final
resolution 


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<PAGE>   14
of such contest or dispute to the extent the Company receives reasonable written
evidence of such fees and expenses.

        13.     Successors; Binding Agreement.

                (a)     Company's Successors. No rights or obligations of the
Company under this Agreement may be assigned or transferred except that the
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this
Agreement, "Company" shall mean the Company as herein before defined and any
successor to its business and/or assets (by merger, purchase or otherwise) which
executes and delivers the agreement provided for in this Section 13 or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

                (b)     Executive's Successors. No rights or obligations of
Executive under this Agreement may be assigned or transferred by Executive other
than his rights to payments or benefits hereunder, which may be transferred only
by will or the laws of descent and distribution. Upon Executive's death, this
Agreement and all rights of Executive hereunder shall inure to the benefit of
and be enforceable by Executive's beneficiary or beneficiaries, personal or
legal representatives, or estate, to the extent any such person succeeds to
Executive's interests under this Agreement. Executive shall be entitled to
select and change a beneficiary or beneficiaries to receive any benefit or
compensation payable hereunder following Executive's death by giving the Company
written notice thereof. In the event of Executive's death or a judicial
determination of his incompetence, reference in this Agreement to Executive
shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or
other legal representative(s). If Executive should die following his Date of
Termination while any amounts would still be payable to him hereunder if he had
continued to live, all such amounts unless otherwise provided herein shall be
paid in accordance with the terms of this Agreement to such person or persons so
appointed in writing by Executive, or otherwise to his legal representatives or
estate.

        14.     Notice. All notices or other communications which are required
or permitted hereunder shall be in writing and sufficient if delivered
personally, or sent by nationally-recognized, overnight courier or by registered
or certified mail, return receipt requested and postage prepaid, addressed as
follows:

If to Executive:

       Steven F. Siegel
       c/o New Plan Excel Realty Trust, Inc.
       1120 Ave of the Americas
       New York, NY 10036


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<PAGE>   15
If to the Company:

       New Plan Excel Realty Trust, Inc.
       1120 Ave of the Americas
       New York, NY 10036
       Attn:  CEO

or to such other address as any party may have furnished to the others in
writing in accordance herewith. All such notices and other communications shall
be deemed to have been received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of a telecopy, when the party receiving
such telecopy shall have confirmed receipt of the communication, (c) in the case
of delivery by nationally-recognized, overnight courier, on the business day
following dispatch and (d) in the case of mailing, on the third business day
following such mailing.

        15.     Miscellaneous. No provisions of this Agreement may be amended,
modified, or waived unless such amendment or modification is agreed to in
writing signed by Executive and by a duly authorized officer of the Company, and
such waiver is set forth in writing and signed by the party to be charged. No
waiver by either party hereto at any time of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. The respective rights and obligations of the
parties hereunder of this Agreement shall survive Executive's termination of
employment and the termination of this Agreement to the extent necessary for the
intended preservation of such rights and obligations. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of New York without regard to its conflicts of law
principles.

        16.     Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

        17.     Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

        18.     Entire Agreement. This Agreement sets forth the entire agreement
of the parties hereto in respect of the subject matter contained herein and
supersede all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any
officer, employee or representative of any party hereto in respect of such
subject matter. Any prior agreement of the parties hereto in respect of the
subject matter contained herein is hereby terminated and canceled.


                                       15
<PAGE>   16
        19.     Shareholder Approval. The Company represents and warrants to
Executive that no shareholder approval is required for the Company to enter into
this Agreement and provide the benefits hereunder and to enter into the
agreements described in Section 5.

        20.     Withholding. All payments hereunder shall be subject to any
required withholding of Federal, state and local taxes pursuant to any
applicable law or regulation.

        21.     Noncontravention. The Company represents that the Company is not
prevented from entering into, or performing this Agreement by the terms of any
law, order, rule or regulation, its by-laws or certificate of incorporation, or
any agreement to which it is a party, other than which would not have a material
adverse effect on the Company's ability to enter into or perform this Agreement.

        22.     Section Headings. The section headings in this Employment
Agreement are for convenience of reference only, and they form no part of this
Agreement and shall not affect its interpretation.

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

                             EXCEL REALTY TRUST, INC.,
                             a Maryland corporation


                             By:  /s/Richard B. Muir             
                             ---------------------------------------------------
                             Name: Richard B. Muir
                             Title:  Executive Vice President


                             /s/  Steven F. Siegel                       
                             ---------------------------------------------------
                             Steven F. Siegel


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