Document:

(Exhibit 10.34)
                         Beutel Accountancy Corporation
                         30423 Canwood Street, Suite 112
                             Agoura Hills, CA 91301
                                 (818) 706-8925

May 2, 2003

Securities and Exchange Commission
Mail Stop 11-3
450 Fifth Street, N.W.
Washington, DC 20549

Dear Sir or Madam:

We have been furnished with a copy of the response to Item 4 of Form 8-K of the
event that occurred on May 1, 2003, which was filed by our former client,
Xynergy Corporation. We agree with the statements made in response to that Item
insofar as they relate to our firm.

BEUTEL ACCOUNTANCY CORPORATION

/s/

Todd BeutelExhibit
10.1

 

AGREEMENT

 

AGREEMENT
(“Agreement”), dated as of February 12, 2003, by and between New Plan Excel
Realty Trust, Inc., a Maryland corporation (“Company”), and Leonard Brumberg
(“Executive”).

 

RECITALS

 

A.            Executive is currently Executive
Vice President - Retail of the Company.

 

B.            The Company and Executive entered
into an employment agreement dated as of September 14, 2000 (the “Employment
Agreement”).  Pursuant to the terms of
the Employment Agreement, the “Effective Date” of the Employment Agreement is
September 25, 2000 and the initial term of the “Employment Period” under the
Employment Agreement expires on September 25, 2003.

 

C.            The Company desires to extend the
“Employment Period” under the Employment Agreement for a term of two (2) years (i.e.,
from September 25, 2003 through September 25, 2005) and otherwise on the same
terms and conditions as the Employment Agreement.

 

AGREEMENT

 

IN CONSIDERATION
of the premises and the mutual covenants set forth below, the parties hereby
agree to modify the terms of the Employment Agreement as follows:

 

1.                                       The Employment Period under the
Employment Agreement shall expire on September 25, 2005, subject to the
automatic extension provisions contained in Paragraph 2 of the Employment
Agreement.

 

2.                                           Except as herein provided, all of the
terms and provisions of the Employment Agreement shall remain unmodified and in
full force and effect.

 

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/ STEVEN F. SIEGEL

  	
   

  
	
   

  	
   

  	
  Name: Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title: Executive Vice President, General Counsel 

  and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LEONARD BRUMBERG 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ LEONARD BRUMBERGExhibit
10.2

 

AGREEMENT

 

AGREEMENT
(“Agreement”), dated as of March 28, 2003, by and between New Plan Excel Realty
Trust, Inc., a Maryland corporation (successor to Excel Realty Trust, Inc.)
(the “Company”), and William Newman (“Executive”).

 

RECITALS

 

A.            Executive is currently Chairman of
the Board of the Company.

 

B.            The
Company and Executive entered into an employment agreement dated as of
September 17, 1998 (the “Employment Agreement”).  Pursuant to the terms of the Employment Agreement, the term of
the “Employment Period” under the Employment Agreement expires on September 28,
2003.

 

B.            The Company desires to extend the
“Employment Period” under the Employment Agreement for a term of two (2) years
(i.e., from September 28, 2003 until September 28, 2005) and otherwise on the
same terms and conditions as the Employment Agreement, except as otherwise
provided below.

 

AGREEMENT

 

IN CONSIDERATION
of the premises and the mutual covenants set forth below, the parties hereby
agree to modify the terms of the Employment Agreement as follows:

 

1.                                       The two one-year extensions of the
Employment Period are hereby effective and accordingly the Employment Period
under the Employment Agreement shall expire on September 28, 2005.

 

2.                                       During the period September 28, 2003 through
September 28, 2005, the Employment Payment under the Employment Agreement shall
be $ 350,000 per year.

 

3.                                       In consideration of and as a condition to
the payments to be made to Executive pursuant to paragraph 2 above, Executive
acknowledges and agrees that the Company shall have no further obligations
under or with respect to that certain Split Dollar Agreement (the “Split Dollar
Agreement”), dated as of October 4, 1993, between New Plan Realty Trust
(predecessor to the Company) and Debra Bernstein and Melvin Newman, as trustees
under the William Newman Trust (the “Trustees”) (including any obligation to
make any prior or future premium or other payments); however, the Company shall
nonetheless retain its right to (i) receive out of any amount payable under the
insurance policies covered under the Split Dollar Agreement on account of the
death of the insured or (ii) obtain upon surrender of any policy covered under
the Split Dollar Agreement, an amount equal to the total premium payments made
by the Company in respect of such policies (which amount the Company and
Executive acknowledge and agree is $1,350,000).   In furtherance of the foregoing, Executive acknowledges that
simultaneously with the execution of this Amendment, an amendment to the Split
Dollar Agreement shall be entered into by the Company and the trustees
evidencing the above agreements relating to the Split Dollar Agreement (the
“Split Dollar Amendment”).   In
addition, the Company acknowledges and agrees that Executive shall have no
obligations to the Company under the Split Dollar Agreement and any rights,
obligations, etc. under the Split Dollar Agreement are as between the Trustees
and the Company as set forth in the Split Dollar Agreement, as amended by the
Split Dollar Amendment.

 

 

4.                                       Executive shall have the continued use of
the new Lexus automobile purchased by the Company.

 

5.                                       Except as herein provided, all of the
terms and provisions of the Employment Agreement shall remain unmodified and in
full force and effect.

 

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: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WILLIAM NEWMAN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ WILLIAM
  NEWMAN

  	
   

  
	
   

  	
   

  	
   

  
						

 

2Exhibit 4.3

 

	
  Number  *0*

  	
   

  	
  Shares  *0*

  

 

	
  THIS CERTIFICATE IS TRANSFERABLE

  IN THE CITIES OF NEW YORK, N.Y.

  AND CHARLOTTE, N.C.

  	
   

  	
  SEE REVERSE FOR

  IMPORTANT NOTICE

  ON TRANSFER RESTRICTIONS

  AND OTHER INFORMATION

  

 

CUSIP
          

 

VORNADO REALTY
TRUST

a Real Estate
Investment Trust

Formed Under the Laws of the State of Maryland

 

THIS CERTIFIES THAT  **Specimen**

 

is the owner of  **Zero  (0)**

 

fully paid and nonassessable Series A Convertible Preferred Shares of
Beneficial Interest, liquidation preference $50.00 per share, no par value, of

 

VORNADO REALTY
TRUST

 

(the “Trust”), transferable on the books of the Trust by the holder
hereof in person or by its duly authorized attorney, upon surrender of this
Certificate properly endorsed.  This
Certificate and the shares represented hereby are issued and shall be held
subject to all of the provisions of the Declaration of Trust and Bylaws of the
Trust and any amendments thereto.  This
Certificate is not valid unless countersigned and registered by the Transfer
Agent and Registrar.

 

IN WITNESS WHEREOF, the Trust has caused this
Certificate to be executed on its behalf by its duly authorized officers.

 

 

	
  DATED

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Countersigned and Registered:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [IMPRESSION OF

  	
   

  	
   

  
	
   

  	
  Transfer Agent

  	
   

  	
  TRUST SEAL]

  	
   

  	
   

  
	
   

  	
  and Registrar

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
									

 

2

 

IMPORTANT
NOTICE

 

The Trust will furnish to any shareholder, on request and without
charge, a full statement of the information required by Section 8-203(d) of the
Corporations and Associations Article of the Annotated Code of Maryland with
respect to the designations and any preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends and other distributions,
qualifications, and terms and conditions of redemption of the shares of each
class of beneficial interest which the Trust has authority to issue and, if the
Trust is authorized to issue any preferred or special class in series, (i) the
differences in the relative rights and preferences between the shares of each
series to the extent set, and (ii) the authority of the Board of Trustees to
set such rights and preferences of subsequent series.  The foregoing summary does not purport to be complete and is
subject to and qualified in its entirety by reference to the Declaration of
Trust of the Trust, a copy of which will be sent without charge to each
shareholder who so requests.  Such
request must be made to the Secretary of the Trust at its principal office or
to the Transfer Agent.

 

The shares of Preferred Stock represented by this certificate are
subject to restrictions on ownership and transfer for the purpose of the
Trust’s maintenance of its status as a real estate investment trust (“REIT”) under
the Internal Revenue Code of 1986, as amended (the “Code”).  No Person may Beneficially Own shares of
Preferred Stock of any class in excess of 9.9% of the outstanding Preferred
Equity Stock of such class and no Person may Constructively Own Preferred Stock
of any class in excess of 9.9% of the outstanding Preferred Equity Stock of
such class (unless such person is an Existing Constructive Holder).  Any Person who attempts to Beneficially Own
or Constructively Own Shares in excess of the above limitations must
immediately notify the Trust.  In
addition, the shares of Common Stock into which the shares of Preferred Stock
represented by this certificate are convertible are subject to restrictions on
ownership and transfer for the purpose of the Trust’s maintenance of its status
as a REIT under the Code.  No Person may
Beneficially Own shares of Common Stock in excess of 6.7% of the outstanding
Common Equity Stock of the Trust (unless such Person is an Existing Holder) and
no Person may Constructively Own shares of Common Stock in excess of 9.9% of
the outstanding Common Equity Stock of the Trust (unless such person is an
Existing Constructive Holder).  Any
Person who attempts to Beneficially Own or Constructively Own Shares in excess
of the above limitations must immediately notify the Trust.  Due to the attribution rules that exist with
respect to these ownership limitations, persons holding, or treated as holding
under the relevant attribution rules, shares of Preferred Stock will be
treated, for purposes of the ownership limitations, as owning the shares of
Common Stock into which their shares of Preferred Stock can be converted even
prior to such conversion if such ownership would cause ownership of shares of
Common Stock in excess of the applicable ownership limit.  Accordingly, shareholders should take their
direct and constructive ownership of shares of Common Stock into account in
determining whether they can hold shares of Preferred Stock without violating
the ownership limit with respect to the shares of Common Stock.  All capitalized terms used in this legend
have the meanings set forth in the Declaration of Trust, a copy of which,
including the restrictions on ownership and transfer, will be sent without
charge to each stockholder who so requests. 
Such request must be made to the Secretary of the Trust at its principal
office or to the Transfer Agent.  If the
restrictions on ownership and transfer are violated, the shares of Preferred
Stock represented hereby will be auto­matically exchanged for shares of Excess
Stock which will be held in trust by the Trust.

 

KEEP THIS CERTIFICATE IN A
SAFE PLACE.  IF IT IS LOST, STOLEN

OR DESTROYED, THE TRUST WILL REQUIRE A BOND OF INDEMNITY AS A

CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as through they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
  -

  	
  as
  tenants in common

  	
  UNIF
  GIFT MIN ACT
              
  Custodian            

  
	
  TEN ENT

  	
  -

  	
  as
  tenants by the entireties

  	
  (Cust)                        (Minor)

  
	
  JJ TEN

  	
   

  	
  -

  	
  as
  joint tenants with right

  	
  Under Uniform Gifts to Minors Act of

  
	
  of

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  of
  survivorship and not as tenants

  	
   

  
	
   

  	
   

  	
  is
  common

  	
  (State)

  
					

 

Additional abbreviations may also be used though not in the above list.

 

FOR
VALUE RECEIVED,
                                   
HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

3

 

 

                                      
(                                 )
of the shares of beneficial interest of the Trust represented by this
Certificate and do hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said shares on the books of the Trust, with full power
of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  
	
   

  	
   

  
				

 

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

4

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