Exhibit 10.8

CHELSEA PROPERTY GROUP, INC.
2002-2006 LONG-TERM EXECUTIVE INCENTIVE PLAN - Summary

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OBJECTIVES

| | To support the business objectives of the Company
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| | To encourage retention of senior executives
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| | To provide competitive rewards to management linked to the Company's long-term
financial performance
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PLAN DESIGN

| | Award up to 80,000 Compensation Units (CUs) with future value tied to the
Companys 5-year earnings growth.
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| | Each CU to have a target value of $100, based on the Company achieving a
targeted 5-year growth rate in FFO per share of 10% per year.
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| | Units held in reserve may be awarded during the performance period in
recognition of individual performance and contribution to the Companys
long-term success.
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Final value of CUs will be based on the Companys actual FFO per share
results:
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`5-Year  Growth Rate
                  in FFO per Share (1)              Comp. Unit Value
          -------------------------------           ----------------
          Less than 7.0%.................               $    0
          7.0 %..........................                   20
          8.0% ..........................                   40
          9.0% ..........................                   65
          10.0%..........................                  100
          12.5%..........................                  250
          15.0%..........................                  500
          20.0%..........................                1,000`

| | CUs to vest based on continuous service to the Company:
|- | -------------------------------------------------------

| | 

 | 30% after Year 3
 50% after Year 4
 100% after Year 5
| | ----- | -----------------------------------------------------

| | Change-in-control, CUs will vest 50% after Year 1 and 100% after Year 2
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| | Unit value to be paid out at the end of Year 5 will be in the form of cash
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| | In the event of termination, all unvested CUs will be cancelled. Vested CUs will
be valued and paid out based on the reason for termination:
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| |  | Death or disability - 100% vesting and payout based on performance to date of
termination on a pro-rata basis.
| | - | --------------------------------------------------------------------------------------------------------------

| |  | Other termination - vested CUs paid out at the end of the performance period at
the lower of the pro-rata value determined at the end of the performance period
or as of the date of termination.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Employees that leave early or are terminated have the option to cash
out vested units on leaving date at 50% of their vested unit value.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------

| |  | Plan includes a covenant against competition, solicitation of employees or
tenants, and non-disclosure; if violated, vested CUs may be cancelled.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------

VALUATION FORMULA

| | (Number of CUs granted) X (Unit Value based on 5-year Cumulative Compound Growth
Rate in FFO per share). Example:
|- | -----------------------------------------------------------------------------------------------------------------

| |  | 5-Year Cumulative Compound Annual Growth Rate
| |  | ---------------------------------------------

| |  | <7 | 7% | 8% | 9% | 10% | 12.5% | 15% | Max.
20%
| |  | -- | -- | -- | -- | --- | ----- | --- | --------

| | 
| | 

| | Unit Value 
Value of 1,000 CUs | -0-
-0- | $20
$20K | $40
$40K | $65
$65K | $100
$100K | $250
 $250K | $500
$500K | $1,000 
$1MM
| | ------------------------------ | ------- | -------- | -------- | -------- | ---------- | ----------- | ---------- | ------------