Document:

Exhibit 10.40

 

November 23, 2005

 

Confidential

 

Mr John Braddon

4/58 Durrant Street

BRIGHTON  3186

 

Dear John

 

I am very pleased to offer
you the position a position in our Financial Accounting Team with CPT Custodian
Pty Limited (as Trustee for Centro Management Services Trust) ABN 94 774 879
390 (“Centro”), (a member of the Centro Properties Group), with effect from a
date yet to be set.  This offer is made
subject to the granting of an appropriate work permit or visa, allowing you to
be seconded to Centro Watt Management Joint Venture LP.

 

You will be employed on the
terms and conditions set out below.  You
must also comply with Centro Policies as amended from time to time (although
they do not form part of your employment contract).

 

	
  Appointment:

  	
   

  	
  Your position will be as
  per the attached letter of secondment, and your duties will be as set out in
  the position description attached to that letter.

  
	
   

  	
   

  	
   

  
	
  Continuing Application

  of this Agreement:

  	
   

  	
  You may be required to
  undertake other duties and responsibilities, or to hold other positions, from
  time to time. Your reporting responsibility, position title and location of
  work may also be altered. Should any of these events occur, the terms and
  conditions in this Agreement shall apply unless agreed otherwise in writing
  between you and Centro.

  
	
   

  	
   

  	
   

  
	
  Terms of Engagement:

  	
   

  	
  This appointment will be
  on a full-time, ongoing basis subject to the probationary clause set out
  below.

  
	
   

  	
   

  	
   

  
	
  Employment Hours:

  	
   

  	
  Your usual hours of
  employment will be from 8.30 a.m. to 5.00 p.m Monday to Friday. You are
  entitled to a one hour lunch break each working day. You may be required to
  work additional hours to meet your job requirements. Compensation for the
  working of all such hours to fulfil this requirement has been included in
  your remuneration package.

  
	
   

  	
   

  	
   

  
	
  Probationary Period:

  	
   

  	
  Staff appointments are
  made on a probationary basis as a matter of policy and in the best interests
  of Centro and the appointee.

   

  Your employment will be
  subject to a three month probationary period which will conclude three months
  after your commencement date. During this probationary period, either party
  may terminate the employment contract with one week’s written notice.

   

  Towards the end of the
  probationary period, a formal performance

  

 

 

	
   

  	
   

  	
  review will be conducted.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Subject to a satisfactory
  review result, continuity of employment will be offered from the end of the
  probationary period. Once your appointment has been confirmed, the regular
  termination provisions of this contract will apply to your employment.

  
	
   

  	
   

  	
   

  
	
  Base Remuneration:

  	
   

  	
  Your initial Base
  Remuneration will be $160,000.00 per annum. This may be comprised of: 

   

  ·      An annual
  amount which represents employer superannuation contributions in accordance
  with the requirements of the Superannuation Guarantee legislation. The
  minimum amount will be $12,140.00, based on 9% of your paid salary up to a
  salary ceiling set by the Superannuation Guarantee legislation (currently
  $134,880 per annum).

   

  ·      The balance
  which you may elect to take as a combination of cash, additional voluntary
  superannuation payments (subject to deductible limits), or a salary sacrifice
  for the provision of a Vehicle under the Company’s Motor Vehicle policy (see
  below). 

   

  This Base Remuneration
  includes compensation for all entitlements, benefits or payments that might
  otherwise be due under any applicable industrial instrument, including but
  not limited to out of hours work, overtime, allowances, annual leave loading,
  severance payments, shift penalties, and holiday rates. No special rates or
  allowances for working particular times or under particular conditions will
  be payable unless specified in this contract.

   

  You should complete the
  enclosed form to nominate the components of the package. Salary will be paid
  on or about the fifteenth day of each month.

   

  In order to obtain
  taxation rebates to which you are entitled you should complete the attached
  Taxation Employment Declaration form. This form should be returned with all
  other forms enclosed.

  
	
   

  	
   

  	
   

  
	
  Remuneration Review:

  	
   

  	
  Centro reviews
  remuneration annually, usually in August/September with effect from 1
  July of that year. Your first review will be effective from 1
  July 2006.

   

  Any remuneration increase
  will be granted at the discretion of Centro. Centro is not bound to grant any
  remuneration increase in any given year.

  
	
   

  	
   

  	
   

  
	
  Motor Vehicle Policy:

  	
   

  	
  For service in Australia,
  you will be entitled to participate in the Centro Motor Vehicle policy which
  provides you with the opportunity to enter into a Novated Lease arrangement
  between

  

 

2

 

	
   

  	
   

  	
  Centro’s fleet management
  provider, Centro and yourself.

  
	
   

  	
   

  	
   

  
	
  Share Allocations:

  	
   

  	
  Centro from time to time
  invites employees to participate in the Centro Employee Share Plan (the
  “Plan”). Allocations of Centro securities will be made entirely at the
  discretion of Centro in accordance with legislative requirements, and the
  rules of the Plan. The rules of the Plan may be altered from time
  to time by Centro.

  
	
   

  	
   

  	
   

  
	
  Contingent Shares:

  	
   

  	
  In order to encourage
  participation and your focus on Centro’s shareholder returns, a
  recommendation to offer you 100,000 contingent securities (i.e. Centro
  securities issued under the Plan) will be made at the time of the next Plan
  offer, with a vesting condition as follows:

   

  When Centro’s Total
  Shareholder Return (“TSR”) is measured against the TSR of its nominated
  comparator group (each Listed Property Trust in the ASX 200) after a three
  year vesting period:

   

  ·      where the
  Centro TSR exceeds that of 50% of the comparator group, 40% of the securities
  will be retained by you

   

  ·      where the
  Centro TSR exceeds that of 80% of the comparator group, 100% of the
  securities will be retained by you

  
	
   

  	
   

  	
   

  
	
  Bonus:

  	
   

  	
  A Centro Bonus Scheme with
  a maximum payment of 20% of Base Remuneration will apply. For the period
  ending 30 June in each year, a target bonus of 50% of the maximum
  payment (20%), (pro-rated for months of service in the financial year) will
  be earned under the Centro Bonus Scheme, where performance achieves the
  target set by the Board. In the event of employment terminating for any
  reason prior to the end of a financial year, no pro rata bonus will be
  awarded for that financial year unless specifically agreed by the Centro
  Board.

  
	
   

  	
   

  	
   

  
	
  Superannuation:

  	
   

  	
  For service in Australia,
  under “Fund Choice” legislation, you have the opportunity to select your own
  preferred complying superannuation fund. Please find attached a “Standard
  Choice” form (including information and instructions).

   

  You are also eligible for
  membership of Centro’s default Superannuation Plan – MLC Masterkey Business
  Super “Default Fund”. Information on the Default Fund is available in the
  Product Disclosure Statement at www.mlc.com.au.

   

  You may make a choice by
  completing the “Standard Choice” form and returning it to Lyn Alexander,
  Payroll Administrator. Alternatively, you may elect to become a member of the
  Default Fund. If this is your preference, you do not need to complete and
  return the form. In this event, you will be enrolled in the Default

  

 

3

 

	
   

  	
   

  	
  Fund, and information
  relating to this Fund will be forwarded to you in due course by MLC.

   

  Centro will contribute to
  the Super Fund you choose or the Default Fund, a minimum of the amount
  required by the Superannuation Guarantee Charge legislation. The minimum
  amount is currently 9% of your gross cash salary, up to a salary ceiling set
  by legislation (currently $134,880).

   

  You may also elect to make
  additional superannuation contributions from your salary (subject to
  deductible limits).

  
	
   

  	
   

  	
   

  
	
  Death and Permanent

  Disability Cover:

  	
   

  	
  You will be included in
  the Centro Insurance Plan, which provides for a payment of a multiple of your
  Base Remuneration in the event of your Death or Total and Permanent
  Disability (subject to the conditions of Centro’s Insurance Policy as varied
  from time to time and to satisfying the medical criteria of our insurer).

   

  The multiple of Base
  Remuneration is based on your age next birthday as follows: 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Age next

  Birthday

  	
   

  	
  Multiple of

  Base

  Remuneration

  	
   

  	
  Age next

  Birthday

  	
   

  	
  Multiple of

  Base

  Remuneration

  	
   

  
	
   

  	
   

  	
  Up to 49

  	
   

  	
  5.00

  	
   

  	
  58

  	
   

  	
  2.75

  	
   

  
	
   

  	
   

  	
  50

  	
   

  	
  4.75

  	
   

  	
  59

  	
   

  	
  2.50

  	
   

  
	
   

  	
   

  	
  51

  	
   

  	
  4.50

  	
   

  	
  60

  	
   

  	
  2.25

  	
   

  
	
   

  	
   

  	
  52

  	
   

  	
  4.25

  	
   

  	
  61

  	
   

  	
  2.00

  	
   

  
	
   

  	
   

  	
  53

  	
   

  	
  4.00

  	
   

  	
  62

  	
   

  	
  1.75

  	
   

  
	
   

  	
   

  	
  54

  	
   

  	
  3.75

  	
   

  	
  63

  	
   

  	
  1.50

  	
   

  
	
   

  	
   

  	
  55

  	
   

  	
  3.50

  	
   

  	
  64

  	
   

  	
  1.00

  	
   

  
	
   

  	
   

  	
  56

  	
   

  	
  3.25

  	
   

  	
  65

  	
   

  	
  0.00

  	
   

  
	
   

  	
   

  	
  57

  	
   

  	
  3.00

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  Please complete the attached Death and Total &
  Permanent Disability Plan - Benefit Nomination form.  This form should be returned with all other
  forms enclosed.

  
	
   

  	
   

  	
   

  
	
  Annual Leave

  Entitlements:

  	
   

  	
  For service in Australia,
  your annual leave entitlement for a full twelve months’ service is 20 working
  days. For convenience, annual leave entitlements are calculated on a calendar
  year basis. At the end of each calendar year you will be entitled to pro-rata
  annual leave calculated on the basis of 1.66 days for each completed month of
  service. In the event of separation from Centro, calculation of accrued and
  pro-rata entitlements will be based on your commencement date.

   

  Centro does not encourage
  the accumulation of annual leave. In the event that you accrue annual leave
  in excess of 30 days, Centro may direct you to take annual leave to reduce
  your excess balance.

  

 

4

 

	
  Long Service Leave:

  	
   

  	
  Your entitlement to long
  service leave will be in accordance with the provisions of legislation
  applicable in the state in which you are employed.

  
	
   

  	
   

  	
   

  
	
  Sick Leave:

  	
   

  	
  For service in Australia,
  your entitlement to sick leave will be 10 days per annum to cover instances
  of personal illness or injury. Leave will be credited at commencement and at
  each anniversary, and any unused sick leave will accumulate from year to
  year. Accrued sick leave will not be paid out on termination of employment.

  
	
   

  	
   

  	
   

  
	
  Centro Policies:

  	
   

  	
  Centro retains an
  exclusive right to vary, change or terminate existing policies and to devise
  and introduce new policies.

   

  Copies of the Centro Code
  of Conduct, Employee Trading in Securities Policy and Trade Practices
  Compliance Manual are enclosed for your reference.

   

  Your return of a signed
  copy of this letter is acknowledgement that you have read and understand
  these documents and your obligations as outlined in them.

  
	
   

  	
   

  	
   

  
	
  Confidential Information

  and Misleading and Deceptive

  Conduct:

  	
   

  	
  You agree that you will
  not use or disclose confidential information about Centro or other parts of
  the Centro Properties Group gained by you, or make any improper use of your
  position to gain, either directly or indirectly, an advantage for yourself or
  for any other person, or cause detriment to investors in the Centro
  Properties Group, or any other business in which the Centro Properties Group
  is involved.

   

  Termination of your
  employment does not operate to terminate the provisions set out in this
  clause, which shall remain in full force and effect and binding on you.

   

  You agree that you will
  not indulge in any misleading and/or deceptive conduct or make any false
  and/or misleading representations or indulge in any unconscionable conduct.

  
	
   

  	
   

  	
   

  
	
  Police Check:

  	
   

  	
  This offer is made subject
  to the results of a police check to assess your suitability for employment
  and that no offences have been recorded which are incompatible with your
  position with Centro. By signing and returning the copy of this letter,
  together with the attached consent form completed and signed, you consent to
  such a check being conducted.

  
	
   

  	
   

  	
   

  
	
  Private
  Commercially

  Oriented Activities:

  	
   

  	
  You
  may not undertake private commercially oriented activities unless both of the
  following conditions are met:

   

  (a)   There
  must be no conflict of interest between the activity undertaken and your job
  at Centro; and

  

 

5

 

	
   

  	
   

  	
  (b)   The
  undertaking of these activities must not in any way detrimentally affect your
  ability to perform your job at Centro.

  
	
   

  	
   

  	
   

  
	
  Intellectual Property:

  	
   

  	
  You must disclose to the
  Company all work, ideas, concepts, designs, inventions, developments and
  improvements made in or during the course of your employment or with the use
  of any of Centro’s time, materials or facilities whether made or conceived
  alone or with others.

   

  You must, when required,
  do all things and execute all documents necessary to give effect to this
  clause.

   

  Termination of your
  employment does not operate to terminate the provisions set out in this
  clause which shall remain in full force and effect and binding on you.

  
	
   

  	
   

  	
   

  
	
  Termination:

  	
   

  	
  Your employment may be
  terminated by either party providing to the other party four weeks notice in
  writing.

   

  The period of notice from
  Centro will be increased by one week if you are over 45 years of age and have
  completed two (2) years continuous service.

   

  Alternatively, Centro may
  provide you with payment in lieu of notice for some or all of the notice
  period.

   

  Notwithstanding this
  notice provision, Centro may terminate your employment immediately if, in the
  opinion of Centro you are guilty of any serious misconduct, dishonesty or
  where you have engaged in conduct which endangers or might endanger the
  health of others, which seriously prejudices Centro’s business, or which is
  of any other nature such that it would be unreasonable for Centro to continue
  your employment during the period of notice. In such circumstances Centro is
  not required to provide you with any notice of termination.

   

  In the event of termination
  it is agreed that you will return any reports, plans, manuals or other
  documents or property belonging to the Company which may have come into your
  possession.

   

  On resignation, you agree
  that you will make comprehensive file notes of procedures and
  work-in-progress.

  

 

If you wish to accept this
appointment on the terms and conditions outlined, please sign, date and return
to Centro the attached copy of this letter.

 

I take this opportunity of
wishing you success in your employment with Centro.

 

Yours sincerely,

 

6

 

Andrew T. Scott

Chief Executive Officer

 

I accept the offer of
employment with Centro on the terms and conditions set out above, and
acknowledge receipt of the Centro Code of Conduct, Employee Trading in
Securities Policy and Trade Practices Manual.

 

	
  Signed:

  	
   

  	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  
				

 

7Exhibit 10.41

 

NON-COMPETITION AND CONFIDENTIALITY AGREEMENT

 

THIS
NON-COMPETITION AND CONFIDENTIALITY AGREEMENT (“Agreement”) is made and entered
into effective this 2nd day of July, 2007 (the “Effective Date”) by
and between Centro NP LLC (“Centro”) and John B. Roche (“Roche”), the Effective
Date being Roche’s last day of employment with Centro.

 

WHEREAS,
Roche previously served as Executive Vice President and Chief Financial Officer
of New Plan Excel Realty Trust, Inc. (“New Plan”) pursuant to that certain
Employment Agreement entered into with New Plan dated as of April 14, 2000
(as amended, the “Employment Agreement”) and as such has unique knowledge about
the business, assets, operations, and affairs of New Plan;

 

WHERAS,
on February 27, 2007, New Plan and Excel Realty Partners, L.P. entered
into an Agreement and Plan of Merger with Centro, Super MergerSub Inc. and Super
DownREIT MergerSub LLC (the “Buyer Parties”) (the “Merger Agreement”);

 

WHERAS,
on April 20, 2007, New Plan and the Buyer Parties completed the transactions
contemplated by the Merger Agreement (the “Merger”) and following the completion
of these transactions, New Plan dissolved into Centro (together with its affiliates
and subsidiaries, “Centro”);

 

WHEREAS,
Centro is engaged in the businesses of owning, operating, investing in,
constructing, managing, developing, re-developing, and leasing shopping center
and other retail properties;

 

WHEREAS,
in connection with the Merger, Roche has provided notice under the Employment
Agreement of his termination of employment for “Good Reason” (per the terms of
the Employment Agreement) and as such will be terminating as of July 2, 2007 (the “Termination Date”) all positions he holds with Centro (as
successor to New Plan) and its subsidiaries and affiliates; and

 

WHEREAS,
in an effort to protect the legitimate business interests of Centro in view of
Roche’s unique knowledge about the business, assets, operations and affairs of Centro,
Centro desires that Roche enter into this Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged,
the parties hereto severally agree as follows:

 

1.          Payment. In
consideration of Roche’s agreement to enter into and be bound by the terms of
this Agreement, Centro shall pay Roche (subject (to the extent applicable) to
income tax and employment tax withholdings at the applicable rates) $1,367,500
U.S. on the first business day following the six month anniversary of the Termination
Date which payment shall (before such withholdings) be in full satisfaction of the
payment obligations of Centro to Roche under this Agreement and the Employment Agreement.
To the extent that Roche has any remaining unused and accrued vacation time

 

1

 

as of the Termination Date,
said amount shall be paid to Roche per Centro policy. In addition, Roche shall
be entitled to keep the laptop computer currently being used by Roche. As
additional consideration for and as a pre-condition to payment of the amount
set forth in this Section 1, Roche shall have executed and delivered (and
not revoked or rescinded) a Waiver and Release Agreement in the form attached
hereto as Exhibit A (with
no modifications thereto unless agreed to by Centro in its sole discretion). In
the event that Roche fails to so execute and deliver the foregoing Waiver and
Release as so provided, then the obligation of Centro to make the payment
provided for in this Section 1 shall terminate and be null and void and of
no further force or effect.

 

2.             Non-competition.

 

(a)           Definitions. For purposes
of this Agreement, the “Restricted Period shall be the one year period which
starts on the Effective Date. For purposes of this Agreement, the “Restricted
Area” shall be any metropolitan area in which Centro owns shopping center
assets.

 

(b)           Non-Compete. During the
Restricted Period, Roche shall not serve as an officer or as a director of any
real estate investment trust or real estate company (either public or private)
which in the Restricted Area is primarily engaged in the business of owning,
operating, investing in, constructing, managing, developing, re-developing, or
leasing neighborhood and/or community strip shopping center properties.

 

3.             Non-Solicitation.

 

(a)           Customers. During the
Restricted Period, Roche shall not solicit any now existing tenant of Centro
(or any entity through which Centro may conduct business during the Restricted
Period) for the purpose of inducing or otherwise intending to cause such tenant
to cease being a tenant of
Centro or any entity through which Centro may conduct business in the future).

 

(b)           Employees. During the
Restricted Period, Roche shall not solicit any employee of Centro (or any
entity through which Centro may conduct business in the future)(including any
employee formerly employed by New Plan) for the purpose of causing such
employee to leave the employment of Centro (or any entity through which Centro
may conduct business in the future).

 

4.             Nondisclosure of
Confidential Information. Roche hereby agrees not to use or disclose,
directly or indirectly, during the Restricted Period any Confidential Information
(as defined below) that Roche may have acquired during the term of his employment
with New Plan or thereafter for so long as such information remains confidential
during the Restricted Period. The term “Confidential Information” as used in this
Agreement shall mean non-public information of Centro (including New Plan), including,
but not limited to, tenant and leasing information and policies, property development
plans (including zoning matters), proprietary information, financial data,

 

2

 

financial plans, lists of
actual or potential customers or suppliers, rent rolls, property information
and/or any other information which is generally not known to the public, whether
or not protected by patents, trademarks, or copyrights.

 

5.             Reasonable and
Necessary Restrictions. Roche acknowledges that the restrictions,
prohibitions, and other provisions hereof, including, without limitation, the Restricted
Area and the Restricted Period, are reasonable, fair, and equitable in terms of
duration, scope, and geographic area, are necessary to protect the legitimate
business interests of Centro (including the goodwill of the New Plan acquired
in the Merger), and were a material inducement to enter into this Agreement and
to make the payments to Roche described in Section 1 hereof.

 

6.             Specific Performance. Roche
acknowledges that the obligations undertaken pursuant to this Agreement are
unique and that Centro will have no adequate remedy at law if Roche violates
the restrictions set forth herein. Roche therefore confirms that the right of
Centro to specific performance of the terms of this Agreement is essential to
protect the rights and interests of Centro. Accordingly, in addition to any
other remedies that Centro may have at law or in equity, Centro shall have the
right to have all obligations, covenants, agreements, and other provisions of
this Agreement specifically performed by Roche, and Centro shall have the right
to obtain preliminary and permanent injunctive relief to secure specific
performance and to prevent a breach or contemplated breach of this Agreement by
Roche. Further, Roche submits to the jurisdiction of the courts of the State described
in Section 7(f) for
this purpose. Further, Roche agrees to indemnify and hold harmless Centro from
and against any reasonable costs and expenses incurred by Centro as a result of
any breach of this Agreement by Roche, and in enforcing and preserving Centro’s
rights under this Agreement, including, but not limited to, Centro’s reasonable
attorneys’ fees.

 

7.             Miscellaneous Provisions.

 

(a)           Binding Effect. Subject to
any provisions hereof restricting assignment, all covenants and agreements in
this Agreement by or on behalf of any of the parties hereto shall bind and
inure to the benefit of their respective successors, assigns, heirs, and
personal representatives.

 

(b)           Assignment. None of the
parties hereto may assign any of his or its rights under this Agreement or
attempt to have any other person or entity assume any of his or its obligations
hereunder, except that the Centro may assign any of their rights, interests,
and obligations under this Agreement to any affiliate or to any successor person
or entity to Centro.

 

(c)           Integration; Amendment. This Agreement constitutes
the entire agreement between the parties hereto with respect to the matters set
forth herein and supersedes and renders of no force and effect all prior oral
or written agreements, commitments and understandings between the parties with
respect to the matters set forth

 

3

 

herein (including, as to
amounts unpaid as of the Effective Date, the terms of the Employment
Agreement). Except as otherwise expressly provided in this Agreement, no amendment,
modification, or discharge of this Agreement shall be valid or binding unless set
forth in writing and duly executed by each of the parties hereto.
Notwithstanding the foregoing, Section 11 of the Employment Agreement shall continue to apply and be
binding upon the parties hereto. 

 

(d)           Waivers. No waiver by
a party hereto shall be effective unless made in a written instrument duly
executed by the party against whom such waiver is sought to be enforced, and
only to the extent set forth in such instrument. Neither the waiver by either
of the parties hereto of a breach or a default under any of the provisions of this
Agreement, nor the failure of any of the parties, on one or more occasions, to
enforce any of the provisions of this Agreement or to exercise any right or
privilege hereunder, shall thereafter be construed as a waiver of any
subsequent breach or default of a similar nature, or as a waiver of any such
provisions, rights or privileges hereunder.

 

(e)           Severability. The parties
agree that if fulfillment of any provision of this Agreement, at the time such
fulfillment shall be due, shall transcend the limit of validity prescribed by
law, then the court making such determination of invalidity shall reduce such
provision and shall enforce it to the maximum extent permitted by law. The
parties further agree that if any clause or provision contained in this
Agreement operates or would operate to invalidate this Agreement, in whole or
in part, then such clause or provision only shall be held ineffective, as
though not herein contained, and the remainder of this Agreement shall remain
operative and in full force and effect. 

 

(f)            Governing Law; Jurisdiction. This
Agreement, the rights and obligations of the parties hereto, and any claims or
disputes relating thereto, shall be governed by and construed in accordance
with the laws of the State of New York, but not including the choice-of-law rules thereof.
Venue shall be in the courts in New York city. 

 

(g)           Headings. Section and
subsection headings contained in this Agreement are inserted for convenience of
reference only, shall not be deemed to be a part of this Agreement for any
purpose, and shall not in any way define or affect the meaning, construction,
or scope of any of the provisions hereof. 

 

(h)           Pronouns. All pronouns
and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular, or plural, as the identity of the person or entity may
require. 

 

(i)            Execution in Counterparts. To facilitate
execution, this Agreement may be executed in as many counterparts as may be
required. It shall not be necessary that the signature of or on behalf of each
party appears on each counterpart, but it shall be sufficient that the
signature of or on behalf of each party appears on one or more of the
counterparts. All counterparts
shall collectively constitute a single agreement. It shall not be necessary in
any proof of this Agreement to produce or account for more than a number of
counterparts containing the respective signatures of or on behalf of all of the
parties. 

 

4

 

(j)            Notices. All notices called for under this
Agreement shall be in writing and shall be deemed given upon receipt if
delivered personally and followed promptly by mail, or if mailed by registered
or certified mail (return receipt requested), postage prepaid, or if sent by
facsimile and followed promptly by mail, to the parties at the following
addresses: 

 

(A)          if
to Roche:

 

	
   

  	
  1180
  Bridge Pointe Lane

  
	
   

  	
  Yorktown Heights, New York
  10598

  

 

(B)           if
to Centro:

 

	
   

  	
  420
  Lexington Avenue

  
	
   

  	
  New York, New York 10170

  
	
   

  	
   

  
	
   

  	
  Attention: Steven F.
  Siegel

  
	
   

  	
   

  	
  Executive Vice President

  

 

or to any other address or
addressee as any party entitled to receive notice under this Agreement shall
designate, from time to time, to others
in the manner provided in this Section 7(j) for the service of notices; provided, however,
that notices of a change of address shall be effective only upon receipt
thereof.

 

Any
notice delivered to the party hereto to whom it is addressed shall be deemed to
have been given and received on the day it was received; provided, however,
that if such day is not a business day, then the notice shall be deemed to have
been given and received on the business day next following such day. Any notice sent by facsimile transmission
shall be deemed to have been given and received on the business day next following
the transmission. 

 

IN
WITNESS WHEREOF, each of the
undersigned has executed this Agreement, or caused this Agreement to be duly
executed on its behalf, as of the date first set forth at the beginning of this
Agreement.

 

	
   

  	
  John
  Roche

  
	
   

  	
   

  
	
   

  	
  /s/
  John Roche

  
	
   

  	
   

  
	
   

  	
  Centro
  NP LLC

  
	
   

  	
   

  
	
   

  	
  By:
  /s/ Steven F. Siegal

  
	
   

  	
  Name:
  Steven F. Siegal

  
	
   

  	
  Title:
  Executive Vice President

  

 

5

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