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                                                                   EXHIBIT 10.15



                              EMPLOYMENT AGREEMENT

     AGREEMENT ("Agreement"), dated as of April 14, 2000, by and between New
Plan Excel Realty Trust, Inc., a Maryland corporation (the "Company") and John
Roche ("Executive").


                                     RECITAL

     The Company desires to employ Executive 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 and Executive
hereby accepts such employment, on the terms and conditions hereinafter set
forth.


     2. Term. The period of employment of Executive by the Company hereunder
(the "Employment Period") shall commence on the date Executive commences full
time employment with the Company (the "Effective Date") (but in no event later
than the date that is thirty (30) days from the date hereof) and shall continue
through the third anniversary of the Effective Date. Thereafter, the Employment
Period shall automatically be extended for one (1) additional year unless either
party shall provide notice of nonrenewal not less than six (6) months prior to
the date on which such extension would be effective. The Employment Period may
be sooner terminated by either party in accordance with Section 6 of this
Agreement. At the time Executive ceases to be a full-time employee of the
Company, the Executive agrees that he shall resign from any positions Executive
holds as a director, trustee or officer of the Company and its subsidiaries and
any entity in control of, controlled by or under common control with the Company
or in which the Company owns any common or preferred stock or interest or any
entity in control of, controlled by or under common control with such entity
("Affiliate") and as a member of any committee of the board of directors and the
board of trustees of the Company and its subsidiaries and Affiliates of which he
is a member.


     3. Position and Duties.

     (a) Chief Financial Officer. At all times during the Employment Period,
Executive shall serve as Chief Financial Officer of the Company. Executive shall
have those powers and duties normally associated with the position of a Chief
Financial Officer and such other powers and duties as may be properly prescribed
by the Chief Executive Officer of the Company, provided that such other powers
and duties are consistent with Executive's position as Chief Financial Officer.
Except as specifically set forth in this section, Executive shall perform
full-time services for the Company and 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 $275,000 ("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.

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     (b) Bonus. The executive compensation and stock option committee (the
"Compensation Committee") of the Board of Directors of the Company (the "Board")
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
100% 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 bonus for the period from the Effective Date
through March 1, 2001 be less than $150,000 (the "First Year Bonus"). The amount
of Executive's cash bonus shall be determined in the 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. Notwithstanding anything
contained herein to the contrary, except with respect to the First Year Bonus,
there shall be no guarantee as to the amount of Executive's yearly bonus and a
decrease in Executive's bonus to an amount less than the First Year Bonus shall
not constitute a breach or violation of this Agreement by the Company or
constitute a Good Reason Event.

     (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.

     (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 on terms no less
favorable than provided for any of its full time senior executives (other than
the Chief Executive Officer) including, without limitation, all medical,
hospitalization, dental, disability, accidental death and dismemberment and
travel accident insurance plans and programs. In addition, during the Employment
Period, Executive shall be eligible to participate in and be covered under all
pension, retirement, savings and other employee benefit, perquisite, change in
control and executive compensation plans and any annual incentive or long-term
performance plans and programs maintained from time to time by the Company on
terms no less favorable than provided for any of its full time senior executives
(other than the Chief Executive Officer).

     (f) Automobile. During the Employment Period, the Company shall provide
Executive with an automobile allowance in the amount of $600 per month.

     (g) Option. Executive shall be granted on the Effective Date options
("Option") to purchase one hundred fifty thousand (150,000) shares of common
stock of the Company ("Shares"). Such Option shall be granted by the
Compensation Committee pursuant to the 1993 Stock Option Plan of New Plan Excel
Realty Trust, Inc., as amended ("Stock Option Plan"). The Option shall be an
incentive stock option to the extent permissible under the limitations
applicable to incentive stock options under the Stock Option Plan and under
applicable law. The Option shall have an exercise price per Share equal to the
fair market value (as defined in the Stock Option Plan) of a Share underlying an
option granted on the Effective Date, i.e., the closing price on the last
trading day preceding the Effective Date (the "Effective Date Market Price").

          (i) Of the Option, options to purchase one hundred eight thousand
     (108,000) Shares ("Time Vested Options") shall become vested at the rate of
     twenty one thousand six hundred (21,600) Shares on each anniversary of the
     Effective Date. Notwithstanding the foregoing, Time Vested Options shall
     become vested if the Executive's employment is terminated (x) during the
     Employment Period but after the first anniversary of the Effective Date by
     the Company without "Cause" (as herein defined) or by the Executive for
     "Good Reason" (as herein defined) or (y) after the Employment Period if
     Executive's termination after the expiration of the Employment Period would
     have accelerated the vesting of the Time Vested Options if such employment
     was terminated during the Employment Period, as provided, in (x) above. In
     addition, if the Executive dies or the Executive's employment is terminated
     because of Disability during the Employment Period, 50% of the Time Vested
     Options which were not vested immediately prior to his death or

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     Disability shall become vested on the date of his death or Disability.
     Subject to the provisions of the Stock Option Plan, the Time Vested Options
     shall have a maximum term of ten years from the Effective Date but no
     additional vesting of Time Vested Options shall occur after termination of
     Executive's employment (subject however to acceleration of said Time Vested
     Options as otherwise specifically provided in this Agreement) and the Time
     Vested Options shall terminate earlier [1] on the ninetieth (90th) day
     after Executive is no longer employed by the Company on a full-time basis
     for any reason other than death or Disability, or [2] on the first
     anniversary of the Executive's termination of employment by reason of death
     or Disability.

          (ii) Of the Option, options to purchase forty-two thousand (42,000)
     Shares ("Performance Vested Options") shall vest on the eighth anniversary
     of the Effective Date provided Executive is a full-time employee of the
     Company at such time or may vest earlier on the basis of performance as
     herein described.

               [1] Performance Vested Options for twenty-one thousand
          (21,000) Shares shall vest on the fourth anniversary of the Effective
          Date if the annualized return on investment on a Share from the
          Effective Date through the fourth anniversary of the Effective Date
          (determined in good faith by the Compensation Committee based upon
          dividends paid and appreciation in Share price during such period)
          ("Cumulative Four Year ROI") is at least 16%. If Cumulative Four Year
          ROI is not greater than 14%, no Performance Vested Options shall vest
          on the fourth anniversary of the Effective Date. To the extent
          Cumulative Four Year ROI is greater than 14% but not at least 16%,
          Performance Vested Options for one hundred five (105) Shares shall
          become vested on the fourth anniversary of the Effective Date for each
          .01% by which Cumulative Four Year ROI exceeds 14%.

               [2] All Performance Vested Options which have not previously
          vested shall vest on the fifth anniversary of the Effective Date if
          the annualized return on investment of a Share from the Effective Date
          through the fifth anniversary of the Effective Date (determined in
          good faith by the Compensation Committee based upon dividends paid and
          appreciation in Share price during such period) ("Cumulative Five Year
          ROI") is at least 16%. If Cumulative Five Year ROI is not greater than
          14%, no additional Performance Vested Options shall vest on the fifth
          anniversary of the Effective Date. To the extent Cumulative Five Year
          ROI is greater than 14% but not at least 16%, for each .01% by which
          Cumulative Five Year ROI exceeds 14%, additional Performance Vested
          Options shall become vested for a number of Shares equal to the
          quotient of (A) the difference between forty-two thousand (42,000) and
          the number of Performance Vested Options which became vested on the
          fourth anniversary of the Effective Date and (B) two hundred (200).

               [3] Notwithstanding the foregoing, Performance Vested Options
          shall become vested if the Executive's employment with the Company is
          terminated by the Company (x) during the Employment Period but after
          the first anniversary of the Effective Date by the Company without
          "Cause" (as herein defined) or by the Executive for "Good Reason" (as
          herein defined) or (y) after the Employment Period if Executive's
          termination after the expiration of the Employment Period would have
          accelerated the vesting of the Performance Vested Options if such
          employment was terminated during the Employment Period, as provided in
          (x) above. If the Executive dies or the Executive's employment is
          terminated because of Disability during the Employment Period prior to
          the fourth anniversary of the Effective Date, Performance Vested
          Options for twenty-one thousand (21,000) Shares shall vest if the
          cumulative return on investment from the Effective Date through the
          date of death or termination of Executive's employment because of
          Disability is at least 16% or Performance Vested Options for one
          hundred five (105) Shares for each .01% by which the cumulative return
          on investment from the Effective Date through the date of death or
          Disability exceeds 14% (up to 16%) shall vest (such determinations to
          be made in a manner consistent with the Cumulative Four Year ROI
          calculations). Subject to the provisions of the Stock Option Plan, the
          Performance Vested Options shall have a maximum term of ten years

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          but no additional vesting of Performance Vested Options shall occur
          after termination of Executive's employment (subject however to
          acceleration of said Time Vested Options as otherwise specifically
          provided in this Agreement) and the Performance Vested Options shall
          terminate earlier [A] on the ninetieth (90th) day after Executive is
          no longer employed by the Company as a full-time employee for any
          reason other than death or Disability, or [B] on the first anniversary
          of the Executive's termination of employment by reason of death or
          Disability.

     (i) No Hedging. During the Employment Period, Executive will not in any way
attempt to limit the financial risk with respect to the Options which are not
vested by means of any hedging (including without limitation, selling short) or
other techniques.


     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 one hundred twenty (120)
days, and within thirty (30) days after written Notice of Termination (as
defined in Section 7(a)) is given after such one hundred twenty (120) day
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. For purposes of this Agreement, the Disability of Executive shall be
determined by an independent physician mutually selected by the Company and
Executive.

     (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 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 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. Failure to achieve performance goals, in and of itself,
shall in no event be grounds for a termination for Cause hereunder. 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

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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" upon the occurrence, without the written consent of Executive, of one of
the following events (a "Good Reason Event"); provided, however, that 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 assignment to Executive of duties materially and adversely
     inconsistent with Executive's status as Chief Financial Officer of the
     Company or a material and adverse alteration in the nature of Executive's
     duties and/or responsibilities, reporting obligations, titles or authority
     as Chief Financial Officer;

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

          (iii) 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;

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

          (v) the failure to grant the Option as provided in Section 5(g)
     of this Agreement or the Company's failure to pay or provide in any
     material respect any employee benefits due to be provided to Executive
     under this Agreement;

          (vi) the Company's failure to provide in all material respects the
     indemnification set forth in Section 11 of this Agreement, or to require
     any successor to assume and agree to perform this Agreement as set forth in
     Section 13 of this Agreement; or

          (vii) a Change in Control (as defined below) of the Company.

          In order for the Executive to terminate his employment hereunder
for Good Reason, the Executive shall be required to give the Company written
notice (the "Cure Notice") of the alleged Good Reason Event within thirty (30)
days following the date on which the Executive obtains actual knowledge of the
occurrence of such Good Reason Event, which Cure Notice shall indicate the
specific termination provision in this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to constitute such Good
Reason Event. In the event that the Company fails to cure such alleged Good
Reason Event within thirty (30) days (the "Cure Period") following the date on
which the Executive delivered the Cure Notice to the Company, then Executive
shall have a period of thirty (30) days from the expiration of the Cure Period
to deliver a Notice of Termination pursuant to Section 7(a) hereof.
Notwithstanding anything to the contrary contained in this Agreement, in the
event that the Executive fails to deliver the Cure Notice or the Notice of
Termination within the required time periods set forth above (time being of the
essence with respect thereto), then Executive shall thereafter waive any rights
to terminate this Agreement with respect to the facts and circumstances giving
rise to such Good Reason Event.

     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 Cure Period shall not constitute
consent to, or a waiver of rights with respect to, any act or failure to act
constituting Good Reason hereunder.

     If Executive terminates employment hereunder for Good Reason and is
reemployed by the Company or any successor within six months of such termination
of employment, Executive's termination of employment shall retroactively not be
considered a termination for Good Reason and Executive shall have no entitlement
to any payments or benefits pursuant to Section 8(a) (including without
limitation, Section 8(a)(v)). To the extent Executive has already received
payments or benefits pursuant to Section 8(a) (including without limitation,
Section 8(a)(v)), Executive shall

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repay to the Company such payments or benefits or make other equitable
restitution to the Company, as the Board shall determine.

     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 Effective 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 Effective 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 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 Effective 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 entity
          (provided, that this exclusion applies solely to the ownership levels
          of the Company or the majority-owned entity), (B) any tax-qualified,
          broad-based employee benefit plan sponsored or maintained by the
          Company or any majority-owned entity, (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"); provided, however, that
          in the event a definitive agreement is entered into providing for the
          occurrence of an event which, if consummated, would result in a Change
          in Control of the Company (a "Merger Event"), then all options and
          equity interests granted or acquired by the Executive pursuant to this
          Agreement which have not then become fully vested, shall become fully
          vested but only on a provisional basis, for the sole purpose of
          enabling the Executive to exercise any such options and tender any
          such equity interests as necessary to permit the Executive to
          participate in the Merger Event on the same basis as all other
          stockholders. If the Merger Event is consummated, such accelerated
          vesting shall no longer be provisional. If the Merger Event is not
          consummated, the Executive shall continue to have the same vested
          status in his options and equity interests as he had without regard to
          the provisional vesting terms included herein; or

               (4) Board and to the extent necessary, shareholder 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

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          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.

     (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 and subject to the other
provisions of this Agreement. 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; provided, however, as a specific condition to being entitled to any
payments or benefits under this Section 8 Executive must have resigned from any
position as a director, trustee and officer of the Company and all of its
subsidiaries and Affiliates and as a member of any committee of the board of
directors and the board of trustees of the Company and its subsidiaries and
Affiliates of which he is a member and must have joined the Company in having
executed a mutual release of the Company and its Affiliates, in a form
reasonably acceptable to the Company and Executive. 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 his Base Salary and
     accrued vacation pay through the Date of Termination, as soon as
     practicable following the Date of Termination; and

          (ii) the Company shall pay to Executive a payment equal to two times
     Executive's average total cash compensation paid (Base Salary and bonus
     only) for the two (2) preceding fiscal years of the Company ending prior to
     termination as soon as practicable following the Date of Termination;
     provided, however, if the Executive has previously given a notice of
     non-renewal with respect to the Employment Period pursuant to Section 2,
     the payment referred to in this subsection (ii) shall not be made;

          (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; and

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          (v) to the extent that termination occurs after the first
     anniversary of the Effective Date, the stock options described in Section
     5(g) shall fully vest as of the Date of Termination.

     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 "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) Termination by Company For 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)) for six (6) months; 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:

          (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;

          (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.

                                       26
<PAGE>   9
     (e) Failure to Extend. A failure to renew the term of this Agreement by
either party shall not be deemed to constitute a termination of Executive's
employment for purposes of this Agreement.

     (f) Bonus. In the event the Executive's termination of employment occurs
for any reason after the end of any fiscal year of the Company for which annual
bonus performance criteria have been established, the Executive shall be
entitled to payment of any bonus which is earned by reason of such performance
criteria having been met for such fiscal year according to the performance
criteria established, without regard to whether the Executive's termination of
employment precedes the bonus payment date.


     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.

     (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 if the
Executive is terminated by the Company with or without Cause or Executive
terminates employment without Good Reason, until the first anniversary of
Executive's Date of Termination, the Executive will not (i) serve as an officer,
employee, director or consultant of a REIT or other real estate business with a
significant portion of its business involved with community shopping centers;
(ii) 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; (iii) 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 (iv) 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

                                       27
<PAGE>   10
corporation, whether or not such corporation is in competition with the Company.
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.

     (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 same extent as
other officers and directors, as in effect from time to time, 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 Executive prevails in respect to the material issues, 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 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

                                       28
<PAGE>   11
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 or which would otherwise adversely affect Executive's personal
     or professional reputation without in either case obtaining 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
prevails in respect of the material issues in dispute 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 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

                                       29
<PAGE>   12
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 telecopy with copy
sent by personal delivery or nationally recognized overnight courier, or by
registered or certified mail, return receipt requested and postage prepaid,
addressed as follows:

If to Executive:

        Mr. John Roche
        c/o New Plan Excel Realty Trust, Inc.
        1120 Ave of the Americas
        New York, NY 10036
        Fax: 212-302-4776

With copy to:

        Joseph P. Carlucci, Esq.
        Cuddy & Feder & Worby LLP
        90 Maple Avenue
        White Plains, New York 10601
        Fax: 914-761-6405

If to the Company:

        New Plan Excel Realty Trust, Inc.
        1120 Ave of the Americas
        New York, NY 10036
        Attn: General Counsel
        Fax: 212-302-4776

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 delivery by nationally-recognized,
overnight courier, on the business day following dispatch, (c) in the case of
telecopy, on the date of transmission if copy is delivered not later than the
next business day via either personal delivery or nationally-recognized
overnight courier, 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.
Subject to the provisions of Section 6(d) of this Agreement, 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 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.

                                       30
<PAGE>   13
     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,
director, 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.


     19. Attorney Fees. The Company shall pay, or reimburse Executive for at
Executive's discretion, reasonable attorney fees actually incurred by Executive
in connection with the negotiation, execution and delivery of this Agreement in
an amount up to ten thousand dollars ($10,000).


     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.
Executive represents to the Company that he is not a party to any contract that
would preclude him from accepting employment as Chief Financial Officer of the
Company and he has no reason to believe that accepting employment as Chief
Financial Officer of the Company would result in a disclosure of any
confidential information of any prior employer.


     22. Section Headings. The section headings in this 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.

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

                                             By: /s/ GLENN J. RUFRANO
                                                 -------------------------------
                                                 Name: Glenn J. Rufrano
                                                 Title: President and Chief
                                                        Executive Officer

                                             /s/ JOHN ROCHE
                                             -----------------------------------
                                             JOHN ROCHE