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Exhibit 10.8    
    

 
 

EMPLOYMENT AGREEMENT    
    

        THIS EMPLOYMENT AGREEMENT (the "Agreement") is made as of
September [    ], 2005 (the "Effective Date"), by and between Global GP LLC, a Delaware limited liability company (the
"Company"), and Eric Slifka (the "Executive"). 

        WHEREAS,
the Company and the Executive have agreed that the Executive will be employed as the Company's President and Chief Executive Officer; and 

        WHEREAS,
the Company and the Executive mutually desire to formalize the employment arrangement of the Executive and to agree upon the terms of the Executive's employment by the Company
and, in addition, to agree as to certain benefits of said employment; and 

        NOW,
THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, the Company and the Executive hereby agree as follows: 

        1.    Employment and Term of Employment.    Effective as of the Effective Date and continuing for the period of time
set forth herein, the Executive's employment by the Company shall be subject to the terms and conditions of this Agreement. Unless sooner terminated pursuant to other provisions herein, the Company
agrees to employ the Executive for the period beginning on the Effective Date and ending on December 31, 2008 (the "Term"). 

        2.    Position and Duties.    During the Term, the Company shall employ the Executive as the President and Chief
Executive Officer of the Company, or in such other positions as the parties mutually agree. The Executive shall have such powers and duties and responsibilities as are customary to such position and
as are assigned to the Executive by the Board of Directors of the Company in connection with the Executive's general management and supervision of the operations of the Company, reporting only to the
Board of Directors of the Company. The Executive's employment shall also be subject to the
policies maintained and established by the Company that are of general applicability to the Company's employees, as such policies may be amended from time to time. 

        3.    Other Interests.    During the Term, the Executive shall devote such of his working time, attention, energies
and business efforts to his duties and responsibilities as the President and Chief Executive Officer of the Company as are reasonably necessary to carry out the duties and responsibilities generally
pertaining to that office. During the Term, except as otherwise restricted by that Omnibus Agreement, dated as of September  [    ], 2005, among the Company, Global Partners LP, a
Delaware limited partnership (the
"Partnership"), the Executive and certain other parties thereto (the "Omnibus Agreement"), the parties
recognize and agree that the Executive may engage in other business activities that do not conflict with the business and affairs of the Company or interfere with the Executive's performance of his
duties and responsibilities hereunder. The restrictions on the Executive and his Affiliates (as defined in the Omnibus Agreement) contained in Section 2.1 of the Omnibus Agreement shall
(a) continue for the lesser of two (2) years from the Date of Termination or December 31, 2010 if the Executive's employment is terminated as described in paragraph 7(b)
(Permanent Disability), 7(d) (without Cause), 7(e) (by the Executive), 7(f) (Constructive Termination; breach by the Company), 7(g) (Change of Control) or 8(e) (nonrenewal), (b) continue until
the earlier of three (3) years or December 31, 2010 if the Executive's employment is terminated as described in paragraph 7(c) (termination for Cause) or (c), at the election of
the Executive by written notice to the Company, continue for the lesser of one (1) year from the Date of Termination or December 31, 2010 if the Executive's employment is terminated
pursuant to paragraphs 7(d), 7(f) or 8(e), provided in the case where the Date of Termination is before January 1, 2007, the Executive has made the payment to the Company described in
paragraph 8(c)(ii) (an "Early Termination"). For purposes of this Agreement, a "Change of
Control" shall occur when none of the Slifka Persons (as defined in the Omnibus Agreement), individually or in the aggregate, owns a majority of the member interests in the
Company. For purposes of this Agreement, "Constructive Termination" shall mean termination of the Executive's employment in accordance with
paragraph 7(f) as a result of any substantial diminution, without the 

 

Executive's
written consent, in the Executive's working conditions consisting of (a) a material reduction in the Executive's duties and responsibilities, (b) any change in the reporting
structure so that the Executive no longer reports solely to the Board of Directors of the Company or (c) a relocation of the Executive's place of work further than forty (40) miles from
Waltham, Massachusetts. If any court determines that any of the provisions of this paragraph 3 is invalid or unenforceable, the remainder of such provisions shall not thereby be affected and
shall be given full effect without regard to the invalid provisions. If any court construes any of the provisions of this paragraph 3, or any part thereof, to be unreasonable because of the
duration of such provision or the geographic scope thereof, such court shall have the power to reduce the duration or restrict the geographic scope of such provision and to enforce such provision as
so reduced or restricted. 

        4.    Duty of Loyalty.    The Executive acknowledges and agrees that the Executive owes a fiduciary duty of loyalty to
act at all times in the best interests of the Company. In keeping with such duty, the Executive
shall make full disclosure to the Company of all business opportunities pertaining to the business of the Company or any of its subsidiaries and shall not appropriate for the Executive's own benefit
business opportunities concerning the business of the Company or any of its subsidiaries, except as otherwise permitted by the Omnibus Agreement. 

        5.    Place of Performance.    Subject to such business travel from time to time as may be reasonably required in the
discharge of his duties and responsibilities as the President and Chief Executive Officer of the Company, the Executive shall perform his obligations hereunder in, or within forty (40) miles
of, Waltham, Massachusetts. 

        6.    Compensation.    

        (a)    Base Salary.    During the Term, the Executive shall be entitled to a base salary as described below in this
paragraph 6(a). The Executive shall receive a base salary for the period from the Effective Date through December 31, 2005 (the "2005
Period") of $1.0 million, multiplied by the number of days in the 2005 Period divided by 360. The annual base salary for the year beginning on and after
January 1, 2006 shall be $1.0 million. During the Term, the annual base salary for years beginning on and after January 1, 2007 shall be $1.0 million and shall be increased
each January 1 by the percentage increase in the U.S. Bureau of Labor Statistics Revised Consumer Price Index for All Urban Consumers in the Boston metropolitan area for the preceding twelve
(12) calendar months, January to January. A decline in the appropriate index shall not result in a reduction of the Executive's base salary; however, the same Consumer Price Index points shall
not be paid twice. The Executive's base salary, as from time to time increased in accordance with this paragraph 6(a), is hereafter referred to as "Base
Salary". The Base Salary shall be paid in equal installments pursuant to the Company's customary payroll policies and procedures in force at the time of payment but in no event
less frequently than monthly. 

        (b)    Bonus.    Except as set forth in paragraph 8, during the Term the Executive shall be entitled to receive
a bonus as described below. For the 2005 Period, the Executive shall receive a bonus equal to (i) 10% of the amount, if any, by which the combined net income of the Partnership and its
subsidiaries, including but not limited to Global Operating LLC, Global Companies LLC, Chelsea Sandwich LLC, Global Montello Group Corp. and Glen Hes Corp., for the twelve (12) months ending
December 31, 2005 exceeds $12,000,000 less (ii) the product of the number of days in the 2005 Period and $911.11. Combined net income shall be determined in accordance with generally
accepted accounting principles, consistently applied, as certified by the Company's independent auditors. The Company and the Executive agree that in connection with said determination of combined net
income the following shall be added back to combined net income: (i) deductions for bonuses paid commensurate with the public offering of the Partnership in the amount of $3,100,000,
(ii) additional depreciation and amortization expense resulting from the application of Securities and Exchange Commission Staff Accounting Bulletin No. 54, "Push 

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Down
Basis of Accounting Required in Certain Limited Circumstances," (iii) so-called tax leakage resulting from income that is not "qualifying income" as defined in
Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") and (iv) interest expenses related to the indebtedness
outstanding under the Term Loan Agreement dated as of July 2, 2004 by and among Global Petroleum Corp., as the borrower, those entities identified as guarantors and Bank of America, N.A. and
the other lending institutions listed on Schedule 1 thereto and Bank of America, N.A., as agent. For the year ended December 31, 2006, in addition to any discretionary bonus authorized
by the Compensation Committee of the Board of Directors of the Company, to the extent the aggregate amount of Available Cash that is deemed to be Operating Surplus, excluding any additional cash and
cash equivalents resulting from Working Capital Borrowings, for the four Quarters ending December 31, 2006 exceeds $19,000,000, the Executive shall be entitled to receive a one-time
cash payment in the amount of such excess up to $500,000. Such payment, if any, shall be paid to the Executive as soon as practicable after payment of the Minimum Quarterly Distribution for the
Quarter ending December 31, 2006 owed to the General Partner and to each Unitholder, but no later than March 31, 2007. Capitalized terms used in this paragraph 6(b) but not
defined herein shall have the meanings given to them in the First Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of September  [    ], 2005 (the
"Partnership Agreement"). For any year after 2006,
the Executive shall be paid a bonus in such amount, if any, as shall be determined by the Compensation Committee of the Board of Directors of the Company. The Executive's bonus, as described above in
this paragraph 6(b), is hereafter referred to as the "Bonus". 

        (c)    Expenses.    During the Term, the Company shall pay or reimburse the Executive for all reasonable expenses
incurred by the Executive on business trips, and for all other business and entertainment expenses reasonably incurred or paid by him during the Term in the performance of his services under this
Agreement, in accordance with past practice and with the Company's expense reimbursement policy as in effect from time to time upon presentation of expense statements or vouchers or such other
supporting documentation as the Company may reasonably require. 

        (d)    Fringe Benefits.    During the Term, the Executive shall be entitled to participate in the Company's health
insurance, pension, 401K and other employee benefit plans in accordance with Company policies and on the same general basis as other employees of the Company. During the Term, the Company will also
provide the Executive with additional fringe benefits consistent with benefits provided to the
Executive under prior arrangements and in accordance with past practice and such other benefits as may be approved by the Compensation Committee of the Board of Directors of the Company. 

        (e)    Vacation.    During the Term, the Executive shall be eligible for six (6) weeks of paid vacation each
calendar year in accordance with the normal vacation plan of the Company; provided, however, that for the 2005 Period, the Executive shall be entitled to that number of vacation days reduced by the
number of vacation days that the Executive has already used during such calendar year and prior to the Effective Date. 

        7.    Termination.    

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

        (b)    Permanent Disability.    The Executive's employment hereunder shall terminate if the Executive becomes
Permanently Disabled. For purposes of the Agreement, "Permanent Disability" shall mean a physical or mental disability or impairment (a
"Disabling Condition") which renders the Executive unable, with or without reasonable accommodation, to perform the essential functions of the
Executive's job for a period of at least ninety (90) consecutive days and the 

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Company
has received the opinion of a medical doctor or other appropriate health care provider, in either case reasonably acceptable to the Company and the Executive, that such Disabling Condition is
either expected to continue for at least an additional ninety (90) consecutive days or to be of indefinite duration. 

        (c)    Termination by the Company for Cause.    The Company may terminate the Executive's employment hereunder for
Cause following (i) notice to the Executive of not less than fifteen (15) days setting forth in detail the nature of such Cause and the date and time established for hearing before the
Board of Directors of the Company and (ii) an opportunity to be heard before the Board of Directors of the Company at the conclusion of such notice period, at which the Executive shall be
entitled to representation by counsel. For the purposes of this Agreement, "Cause" shall mean the Executive (i) has engaged in gross negligence
or willful misconduct in the performance of his duties, (ii) has committed an act of fraud, embezzlement or willful breach of a fiduciary duty to the Company or any of its subsidiaries
(including the unauthorized disclosure of any material secret, confidential and/or proprietary information, knowledge or data of the Company or any of its subsidiaries); (iii) has been
convicted of (or pleaded no contest to) a crime involving fraud, dishonesty or moral turpitude or any felony or (iv) has breached any material provision of this Agreement or the Omnibus
Agreement. 

        (d)    Termination by the Company Without Cause.    The Company may immediately terminate the Executive's employment
hereunder without Cause, by giving a ninety (90)-day Notice of Termination to the Executive. 

        (e)    Termination by the Executive.    The Executive may terminate his employment hereunder at any time for any
reason whatsoever, in the sole discretion of the Executive, by giving a ninety (90)-day Notice of Termination to the Company. 

        (f)    Constructive Termination; Breach by the Company.    The Executive may terminate his employment hereunder for
Constructive Termination or breach by the Company of a material provision of this Agreement if the Executive gives Notice of Termination, and the Company does not correct the circumstances
constituting a basis for Constructive Termination or the breach, as applicable, within thirty (30) days after receipt of such notice. 

        (g)    Termination due to Change of Control.    If a Change of Control occurs, then the Executive may terminate his
employment hereunder in the three hundred sixty (360) day-period occurring ninety (90) days after the occurrence of the Change of Control by giving a Notice of Termination to
the Company. 

        (h)    Notice of Termination.    Any termination by the Company pursuant to paragraph (b), (c) or
(d) above or by the Executive pursuant to paragraph (e), (f) or (g) above shall be communicated by written Notice of Termination to the other party hereto. For purposes of
this Agreement, a "Notice of Termination" shall mean a notice which (i) shall state the effective date of such termination, (ii) shall
indicate the specific termination provision in this Agreement relied upon and (iii) shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive's employment under the provision so indicated. 

        (i)    Date of Termination.    The "Date of Termination" shall mean
(i) if the Executive's employment is terminated pursuant to (a) above, the date of his death; (ii) if the Executive's employment is terminated pursuant to (b) above, the
date the Executive becomes Permanently Disabled; (iii) if the Executive's employment is terminated pursuant to (c) or (d) above, the date specified in the Notice of Termination;
(iv) if the Executive's employment is terminated pursuant to (e) above, ninety (90) days after Notice of Termination is given; (v) if the Executive's employment is
terminated pursuant to (f) above, thirty (30) days after Notice of Termination is given, provided that the Company does not correct the circumstances or the breach, as applicable, 

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cited
in the Notice of Termination within the thirty (30)-day period referenced in (f) above; and (vi) if the Executive's employment is terminated pursuant to
(g) above, thirty (30) days after Notice of Termination is given. 

        (j)    Deemed Resignation.    If the Executive's employment is terminated pursuant to (c) above, then such
termination shall constitute an automatic resignation of the Executive as an officer of the Company and each subsidiary of the Company, and an automatic resignation of the Executive from the Board of
Directors of the Company and from the board of directors of any subsidiary of the Company and from the board of directors or similar governing body of any corporation, limited liability company or
other entity in which the Company or any subsidiary holds an equity interest and with respect to which board or similar governing body the Executive serves as the Company's or such subsidiary's
designee or other representative. 

        8.    Compensation Upon Termination or Nonrenewal.    

        (a)    Death or Permanent Disability.    If the Executive's employment shall be terminated by reason of the
Executive's death or Permanent Disability as provided in paragraph 7(a) or 7(b), respectively, then all compensation and all benefits to the Executive hereunder shall continue to be provided
until December 31, 2008 pursuant to the terms of this Agreement; provided, however, that (i) the Base Salary shall be equal to the Base Salary as in effect on the Date of Termination and
(ii) the fringe benefits described in paragraph 6(d) shall be equal to the fringe benefits as in effect on the Date of Termination. All such payments pursuant hereto shall be paid to the
Executive or his legal representative, as applicable. Notwithstanding the foregoing, if the Executive's employment is terminated due to Permanent Disability, the Executive shall receive the Severance
Amount described in paragraph 8(c) below, payable monthly in twenty-four (24) equal installments beginning no later than January 1, 2009. 

        (b)    Termination by the Company for Cause.    If the Executive's employment shall be terminated for Cause as
provided in paragraph 7(c), then all compensation and all benefits to the Executive hereunder shall continue to be provided until the Date of Termination and such compensation and benefits
shall terminate contemporaneously with such termination of employment; provided, further, that the Executive shall not be entitled to any Bonus. 

        (c)    Termination by the Company Without Cause; Involuntary Termination by Executive.    

        (i)    If
the Executive's employment shall be terminated pursuant to paragraph 7(d) or 7(f), then (X) if the Date of Termination is before January 1, 2007,
the Company shall (1) pay the Executive, in a lump sum on the Date of Termination, the Base Salary as in effect on the Date of Termination that would have been payable to the Executive for each
year or portion of a year commencing on the Date of Termination and ending on December 31, 2008, (2) pay the Executive, in a lump sum on the Date of Termination, the Bonus earned
pursuant to the terms of this Agreement, if any, in the calendar year immediately preceding the Date of Termination and unpaid at the Date of Termination, (3) provide the fringe benefits
described in paragraph 6(d) as in effect on the Date of Termination until December 31, 2008, and (4) pay the Executive, in a lump sum on the Date of Termination, an amount equal
to the product of 75% and the sum of (aa) the Base Salary as in effect on the Date of Termination and (bb) the average of Bonuses earned pursuant to this Agreement, if any, in the two calendar years
immediately preceding the Date of Termination (the "Severance Amount"), or (Y) if the Date of Termination is on or after January 1, 2007,
(1) all compensation and all benefits to the Executive hereunder shall continue to be provided until December 31, 2008 pursuant to the terms of this Agreement and (2) the
Executive shall receive the Severance Amount payable monthly in twenty-four (24) equal installments commencing on the first day of the month following the month in which the Date of
Termination occurs. In calculating 

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Bonuses
for purposes of this paragraph 8(c), for any year after 2006, the Bonus shall be the greater of $250,000 or such other amount that would have been paid based on actual results pursuant
to any bonus program established by the Compensation Committee for such year. 

        (ii)   Notwithstanding
the above provisions of this paragraph 8(c), if the Executive has elected an Early Termination pursuant to paragraph 3, (X) if the
Date of Termination was before January 1, 2007, the Early Termination shall be conditioned upon the payment by the Executive to the Company an amount equal to the aggregate amount set forth in
paragraph 8(c)(i)(X) multiplied by a fraction, the numerator of which is the number of whole calendar months from the date of Early Termination to December 31, 2008 and the
denominator of which is the number of whole calendar months from the Date of Termination to December 31, 2008, or (Y) if the Date of Termination was on or after January 1, 2007,
all compensation and all benefits to the Executive hereunder shall terminate as of the date of the Early Termination and the Company shall not be required to make further payments of the Severance
Amount. 

        (d)    Termination due to Change of Control.    If the Executive's employment shall be terminated after a Change of
Control as provided in paragraph 7(g), then all compensation and all benefits to the Executive hereunder shall continue to be provided until the Date of Termination and such compensation and
benefits shall terminate contemporaneously with such termination of employment; provided, however, that the Company shall pay the Executive an amount equal to the Base Salary as in effect on the Date
of Termination, payable in a lump sum within ten (10) days of the Date of Termination. 

        (e)    Nonrenewal.    Provided this Agreement has not been otherwise terminated pursuant to the terms herein, if, as
of December 31, 2008, the Company and the Executive have not entered into an employment agreement whereby the Company and the Executive have agreed that the Executive will be
employed as the Company's President and Chief Executive Officer commencing on January 1, 2009, then the Company shall pay the Executive the Severance Amount payable monthly in
twenty-four (24) equal installments beginning January 1, 2009, provided, that if the Executive has elected an Early Termination, then the Company shall not be required to
make further payments of the Severance Amount. 

        (f)    Voluntary Termination by Executive.    If the Executive shall terminate his employment as set forth in
paragraph 7(e) above, then all compensation and all benefits to the Executive hereunder shall continue to be provided until the Date of Termination and such compensation and benefits shall
terminate contemporaneously with such termination of employment; provided, however, that the Executive shall not be entitled to any Bonus. 

        9.    Parachute Payments.    The Company will reimburse the Executive for the federal excise tax and any tax imposed
upon such reimbursement amount, including, but not limited to, any federal taxes, including Medicare tax, and any state taxes, if any, which are due pursuant to Section 4999 of the Code, on the
compensation and severance payments described in this Agreement. 

        10.    Section 409A.    The parties hereto intend that this Agreement comply with the requirements of
Section 409A of the Code and related regulations and Treasury pronouncements ("Section 409A"). If any provision provided herein results in
the imposition of an additional tax under the provisions of Section 409A, the Executive and the Company agree that any such provision will be reformed to avoid imposition of any such additional tax in
the manner that the Executive and the Company mutually agree are appropriate to comply with Section 409A. 

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        11.    Confidential Information; Unauthorized Disclosure.    

        (a)   During
the Term and for the period ending two years following the Date of Termination, the Executive shall not, without the written consent of the Board of Directors of
the Company or a person authorized thereby, disclose to any person, other than an employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the
performance by the Executive of his duties as the President and Chief Executive Officer of the Company, any secret, confidential and/or proprietary information, knowledge or data obtained by him while
in the employ of the Company or any of its affiliates with respect to the Company or any of its subsidiaries and their respective businesses, the disclosure of which he knows or should know will be
damaging to the Company or any of its subsidiaries; provided however, that such information, knowledge or data shall not include (i) any information, knowledge or data known generally to the
public (other than as a result of unauthorized disclosure by the Executive) or (ii) any information, knowledge or data which the Executive may be required to disclose by any applicable law,
order, or judicial or administrative proceeding. 

        (b)   The
Executive acknowledges that money damages would not be sufficient remedy for any breach of this paragraph 11 by the Executive, and the Company or its
subsidiaries shall be entitled to enforce the provisions of this paragraph 11 by seeking specific performance and injunctive relief as remedies for such breach or any threatened breach. Such
remedies shall not be deemed the exclusive remedies for a breach of this paragraph 11 but shall be in addition to all remedies available at law or in equity, including the recovery of damages
from the Executive and his agents. 

        12.    Payment Obligations Absolute.    Except as specifically provided in this Agreement, the Company's obligation to
pay the Executive the amounts and to make the arrangements provided herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any
set-off, counterclaim, recoupment, defense or other right which the Company (including its subsidiaries) may have against him or anyone else. All amounts payable by the Company shall be
paid without notice or demand. The Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Agreement, and the
obtaining of any such other employment shall in no event effect any reduction of the Company's obligations to make the payments and arrangements required to be made under this Agreement. 

        13.    Successors.    This Agreement shall inure to the benefit of and be binding upon the Company and its successors
and permitted assigns and any such successor or permitted assignee shall be deemed substituted for the Company under the terms of this Agreement for all purposes. As used herein,
"successor" and "assignee" shall be limited to any person, firm, corporation or other business entity
which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires the stock of the Company or to which the Company assigns this Agreement by operation of law or otherwise in
connection with any sale of all or substantially all of the assets of the Company, provided that any successor or permitted assignee promptly assumes in a writing delivered to the Executive this
Agreement and, in no event, shall any such succession or assignment release the Company from its obligations thereunder. The Company will require any successor (whether direct or indirect, by
purchase, merger or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly 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 all or substantially all of its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or
otherwise. 

        14.    Assignment.    The Executive shall not have any right to pledge, hypothecate, anticipate or assign this
Agreement or the rights hereunder, except by will or the laws of descent and distribution, or delegate his duties or obligations hereunder. 

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        15.    Governing Law.    The provisions of this Agreement shall be construed in accordance with, and governed by, the
laws of the Commonwealth of Massachusetts without regard to principles of conflict of laws. 

        16.    Entire Agreement.    This Agreement constitutes the entire agreement of the parties with regard to the subject
matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to such subject matter. Without limiting the scope of the preceding
sentence, all understandings and agreements preceding the date of execution of this Agreement and relating to the subject matter hereof are hereby null and void and of no further force and effect,
including, without limitation, all prior employment and severance agreements, if any, by and between the Company and the Executive. 

        17.    Modification.    Any modification of this Agreement will be effective only if it is in writing and signed by
the parties hereto. 

        18.    No Waiver.    No failure by either party hereto at any time to give notice of any breach by the other party of,
or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

        19.    Severability.    Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction by
reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        20.    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 Agreement. 

        21.    Withholding of Taxes and Other Employee Deductions.    The Company may withhold from any benefits and payments
made pursuant to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with
respect to the Company's employees generally. 

        22.    Headings.    The paragraph headings have been inserted for purposes of convenience and shall not be used for
interpretive purposes. 

        23.    Notice.    For the purpose of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by U.S. registered mail, return receipt requested, postage prepaid, addressed to the parties at their
addresses set forth below, or to such other addresses as either party may have furnished to the other in writing in accordance herewith except that notices of change of address shall be effective only
upon receipt. 

If
to the Company: 

Global
GP LLC

P.O. Box 9161

800 South St.

Waltham, Massachusetts 02454-9161

Attention: General Counsel and the Chairman of the Board 

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with
a copy to: 

Alan
P. Baden

Vinson & Elkins L.L.P.

666 Fifth Avenue

25th Floor

New York, New York 10103 

If
to the Executive: 

Eric
Slifka

9 Clarke Road

Wellesley, Massachusetts 02481 

with
a copy to: 

Daniel
E. Rosenfeld

Kirkpatrick & Lockhart Nicholson Graham LLP

75 State Street

Boston, Massachusetts 02109 

9

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	

 	
 	

GLOBAL GP LLC
	          	 	 	 	 
	 	 	By:	 	
 Name:

Title:
	

 	
 	

ERIC SLIFKA
	

 	
 	

          

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QuickLinks

Exhibit 10.8

EMPLOYMENT AGREEMENT<Page>

                                                                  Exhibit 10.513

                                LOAN TERMS TABLE

NOTE DATE: July 19, 2005                          MERS MIN: 8000101-0000001252-5

ORIGINAL PRINCIPAL AMOUNT: $232,408,000.00           LOAN NO.: 59040

NOTE RATE: As defined in Section 1.1 of
the Loan Agreement.                                    SERVICING NO.: 3204419

MONTHLY PAYMENT AMOUNT: As defined in Article l(a) of this Note.

BORROWER: INLAND WESTERN BAY SHORE GARDINER, L.L.C., a Delaware limited
liability company ("Gardiner"), INLAND WESTERN POUGHKEEPSIE MID-HUDSON, L.L.C.,
a Delaware limited liability company ("Mid-Hudson"), INLAND WESTERN SARATOGA
SPRINGS WILTON, L.L.C., a Delaware limited liability company ("Wilton"), INLAND
WESTERN WESTBURY MERCHANTS PLAZA, L.L.C., a Delaware limited liability company
("Westbury"), INLAND WESTERN ORANGE 440 BOSTON, L.L.C., a Delaware limited
liability company ("Orange 440"), INLAND WESTERN ORANGE 53 BOSTON, L.L.C., a
Delaware limited liability company ("Orange 53"), INLAND WESTERN HARTFORD NEW
PARK, L.L.C., a Delaware limited liability company ("New Park"), INLAND WESTERN
WILLISTON MAPLE TREE, L.L.C., a Delaware limited liability company ("Maple
Tree"), INLAND WESTERN WEST MIFFLIN CENTURY III, L.P., an Illinois limited
partnership ("Century III"), and INLAND WESTERN PITTSBURGH WILLIAM PENN, L.P.,
an Illinois limited partnership ("William Penn"; Gardiner, Mid-Hudson, Wilton,
Westbury, Orange 440, Orange 53, New Park, Maple Tree, Century III and William
Penn, individually and collectively, as the context may require, "BORROWER").

BORROWERS' TINs: 20-2808179 (Gardiner); 20-2808150 (Mid-Hudson); 20-2808130
(Wilton); 20-2808060 (Westbury); 20-2784976 (Orange 440); 20-2785047 (Orange
53); 20-2785007 (New Park); 20-2808087 (Maple Tree); 20-3157397] (Century III);
and 20-3157441 (William Penn).

MATURITY DATE: August 1, 2007, as such date may be extended pursuant to Section
2.3 of the Loan Agreement.

                          CONSOLIDATED PROMISSORY NOTE

     FOR VALUE RECEIVED Borrower, having its principal place of business at 2901
Butterfield Road, Oak Brook, IL 60523, hereby unconditionally promises to pay to
the order of BANK OF AMERICA, N.A., a national banking association, having an
address at Hearst Tower, 214 North Tryon Street, Charlotte, North Carolina
NC1-027-20-03 ("LENDER"), the Original Principal Amount, in lawful money of the
United States of America with interest thereon to be computed from the date of
this Note at the Note Rate, and to be paid in accordance with the terms set
forth below. The Loan Terms Table set forth above is a part of this Note and all
terms used in this Note which are defined in the Loan Terms Table shall have the
meaning set forth therein. All capitalized terms not defined herein shall have
the respective meanings set

<Page>

forth in that certain Loan Agreement dated the date hereof between Lender and
Borrower (the "LOAN AGREEMENT").

     Subject to Article 18 hereof, this Note evidences the new and additional
indebtedness of $155,940,911.53 (the "NEW INDEBTEDNESS") and also the existing
indebtedness of $76,467,088.47 remaining unpaid on, and previously evidenced by,
the bonds, notes, or obligations, including any supplemental or replacement
notes, if any, secured by those certain mortgages described on SCHEDULE A hereto
encumbering the Individual Properties located in the State of New York (the
"EXISTING INDEBTEDNESS") contemporaneously assigned to Lender; it being the
intention of this Note that it shall constitute a consolidation, renewal,
extension and modification, amendment and restatement of the terms of payment of
such Existing Indebtedness and also as an expression of the terms of payment of
such New Indebtedness.

                  ARTICLE 1 - PAYMENT TERMS; MANNER OF PAYMENT

     (a)  Borrower hereby agrees to pay sums due under this Note as follows: an
initial payment is due on the Closing Date for interest from the Closing Date
through and including the last day of the calendar month in which the Closing
Date occurs; and thereafter, consecutive monthly installments of interest only
in an amount calculated in accordance with Article 2 below (such amount, the
"MONTHLY PAYMENT AMOUNT") shall be payable pursuant to the terms hereof on each
Payment Date beginning on the Payment Date occurring in September, 2005 (each
such date through and including the Maturity Date, A "SCHEDULED PAYMENT DATE")
through and including the Scheduled Payment Date occurring immediately prior to
the Maturity Date, except that any remaining indebtedness, if not sooner paid,
shall be due and payable on the Maturity Date.

     (b)  Each payment by Borrower hereunder shall be made to Bank of America,
N.A., P.O. Box 65585, Charlotte, NC 28265-0585, or at such other place as Lender
may designate from time to time in writing. Whenever any payment hereunder shall
be stated to be due on a day which is not a Business Day, such payment shall be
made on the first Business Day preceding such scheduled due date. All payments
made by Borrower hereunder or under the other Loan Documents shall be made
irrespective of, and without any deduction for, any setoff, defense or
counterclaims.

     (c)  Prior to the occurrence of an Event of Default, all monthly payments
made as scheduled on this Note shall be applied to the payment of interest
computed at the Note Rate. All voluntary and involuntary prepayments on this
Note shall be applied, to the extent thereof, to accrued but unpaid interest on
the amount prepaid, to the remaining Principal Amount, and any other sums due
and unpaid to the Lender in connection with the Loan, in such manner and order
as Lender may elect in its sole and absolute discretion, including, but not
limited to, application to principal installments in inverse order of maturity.
Following the occurrence of an Event of Default, any payment made on this Note
shall be applied to accrued but unpaid interest, late charges, accrued fees, the
unpaid principal amount of this Note, and any other sums due and unpaid to
Lender in connection with the Loan, in such manner and order as Lender may elect
in its sole and absolute discretion.

                                        2
<Page>

     (d)  Remittances in payment of any part of the indebtedness other than in
the required amount in immediately available U.S. funds shall not, regardless of
any receipt or credit issued therefor, constitute payment until the required
amount is actually received by the holder hereof in immediately available U.S.
funds and shall be made and accepted subject to the condition that any check or
draft may be handled for collection in accordance with the practices of the
collecting bank or banks.

                              ARTICLE 2 - INTEREST

     The Loan shall bear interest at a fixed rate per annum equal to the Note
Rate. Interest shall be computed in accordance with Section 2.2(c) of the Loan
Agreement. Except as otherwise set forth herein or in the other Loan Documents,
interest shall be paid in arrears.

                      ARTICLE 3 - DEFAULT AND ACCELERATION

     The Debt shall without notice become immediately due and payable at the
option of Lender if any payment required in this Note is not paid prior to the
fifth day following the date when due or if not paid on the Maturity Date or on
the happening of any other Event of Default.

                       ARTICLE 4 - PAYMENTS AFTER DEFAULT

     Upon the occurrence and during the continuance of an Event of Default,
interest on the outstanding principal balance of the Loan and, to the extent
permitted by law, overdue interest and other amounts due in respect of the Loan
shall accrue at a rate per annum equal to the lesser of (a) the maximum rate
permitted by applicable law, or (b) four percent (4%) above the Note Rate (such
rate, the "DEFAULT RATE"). Interest at the Default Rate shall be computed from
the occurrence of the Event of Default until the earlier of (i) the actual
receipt and collection of the Debt (or that portion thereof that is then due)
and (ii) the cure of such Event of Default. To the extent permitted by
applicable law, interest at the Default Rate shall be added to the Debt, shall
itself accrue interest at the same rate as the Loan and shall be secured by the
Mortgages. This Article shall not be construed as an agreement or privilege to
extend the date of the payment of the Debt, nor as a waiver of any other right
or remedy accruing to Lender by reason of the occurrence of any Event of
Default; the acceptance of any payment from Borrower shall not be deemed to cure
or constitute a waiver of any Event of Default; and Lender retains its rights
under this Note, the Loan Agreement and the other Loan Documents to accelerate
and to continue to demand payment of the Debt upon the happening of and during
the continuance any Event of Default, despite any payment by Borrower to Lender.

                            ARTICLE 5 -- PREPAYMENT

     (a)  VOLUNTARY PREPAYMENT. Except as otherwise expressly permitted by
Section 2.4(a) of the Loan Agreement, no voluntary prepayments, whether in whole
or in part, of the Loan or any other amount at any time due and owing under this
Note can be made by Borrower or any other Person without the express written
consent of Lender.

     (b)  INVOLUNTARY PREPAYMENT. In the event of any involuntary prepayment of
the Loan or any other amount under this Note, whether in whole or in part, in
connection with or following Lender's acceleration of this Note or otherwise,
and whether any or all of the

                                        3
<Page>

Mortgages are satisfied or released by foreclosure (whether by power of sale or
judicial proceeding), deed in lieu of foreclosure or by any other means,
including, without limitation, repayment of the Loan by Borrower or any other
Person pursuant to any statutory or common law right of redemption, Borrower
shall, in addition to any portion of the principal balance of the Loan prepaid
(together with all interest accrued and unpaid thereon and in the event the
prepayment is made on a date other than a Scheduled Payment Date, a sum equal to
the amount of interest which would have accrued under this Note on the amount of
such prepayment if such prepayment had occurred on the next Scheduled Payment
Date), pay to Lender a prepayment premium in an amount equal to Yield
Maintenance (as defined herein) together with, an amount equal to one percent
(1%) of the portion of the Loan being prepaid.

As used herein, "Yield Maintenance" means a prepayment premium in an amount
equal to the greater of:

          (i)  1% of the portion of the Loan being prepaid; or

          (ii) the product obtained by multiplying:

               (A)  the portion of the Loan being prepaid, times;

               (B)  the difference obtained by subtracting (I) the Yield Rate
          from (II) the Note Rate, times;

               (C)  the present value factor calculated using the following
          formula:

                    1-(l+r)(TO THE POWER OF -n)
                    ---------------------------
                                 r

                    r =  Yield Rate

                    n =  the number of years and any fraction thereof, remaining
                         between the date the prepayment is made and the
                         Maturity Date of this Note.

     As used herein, "YIELD RATE" means the yield calculated by the linear
interpolation of the yields, as reported in the Federal Reserve Statistical
Release H.15-Selected Interest Rates under the heading U.S. Government
Securities/Treasury constant maturities for the week ending prior to the
Prepayment Date, of the U.S. Treasury constant maturities with maturity dates
(one longer and one shorter) most nearly approximating the Maturity Date. In the
event Release H.15 is no longer published, Lender shall select a comparable
publication to determine the Treasury Rate. The "PREPAYMENT CALCULATION DATE"
shall mean, as applicable, the date on which (i) Lender applies any prepayment
to the reduction of the outstanding principal amount this Note, (ii) Lender
accelerates the Loan, in the case of a prepayment resulting from acceleration,
or (iii) Lender applies funds held under any Reserve Account, in the case of a
prepayment resulting from such an application (other than in connection with
acceleration of the Loan).

     (c)  INSURANCE PROCEEDS AND AWARDS; EXCESS INTEREST. Notwithstanding any
other provision herein to the contrary, and provided no Default exists, Borrower
shall not be required

                                        4
<Page>

to pay any prepayment premium in connection with any prepayment occurring solely
as a result of (i) the application of Insurance Proceeds or Awards pursuant to
the terms of the Loan Documents, or (ii) the application of any interest in
excess of the maximum rate permitted by applicable law to the reduction of the
Loan.

     (d)  LIMITATION ON PARTIAL PREPAYMENTS. Except as otherwise expressly
permitted by Section 2.4(a) of the Loan Agreement, Lender shall not have any
obligation to accept a partial prepayment.

                              ARTICLE 6 - SECURITY

     This Note is secured by the Mortgages and the other Loan Documents. All of
the terms, covenants and conditions contained in the Loan Agreement, the
Mortgages and the other Loan Documents are hereby made part of this Note to the
same extent and with the same force as if they were fully set forth herein.

                            ARTICLE 7 - USURY SAVINGS

     Borrower agrees to a "contracted for" rate of interest that is the rate
stated in this Note, plus any additional rate of interest resulting from any
other sums, amounts, and charges in the nature of interest paid or to be paid by
or on behalf of Borrower, or any benefit or value received or to be received by
the holder of this Note, in connection with this Note or the other Loan
Documents.

     This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance of
the Loan at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum nonusurious interest
rate, if any, that at any time or from time to time may be contracted for,
taken, reserved, charged or received on the indebtedness evidenced by this Note
and as provided for herein or in the other Loan Documents, under the laws of
such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan (such rate, the "MAXIMUM
LEGAL RATE"). If, by the terms of this Note or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal
balance due hereunder at a rate in excess of the Maximum Legal Rate, the Note
Rate or the Default Rate, as the case may be, shall be deemed to be immediately
reduced to the Maximum Legal Rate and all previous payments in excess of the
Maximum Legal Rate shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or
agreed to be paid to Lender for the use, forbearance, or detention of the sums
due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account
of the Loan does not exceed the Maximum Legal Rate of interest from time to time
in effect and applicable to the Loan for so long as the Loan is outstanding.

                         ARTICLE 8 - LATE PAYMENT CHARGE

     If any principal or interest payment is not paid by Borrower before the
fifth (5th) day after the date the same is due (or such greater period, if any,
required by applicable law), Borrower shall pay to Lender upon demand an amount
equal to the lesser of four percent (4%) of

                                        5
<Page>

such unpaid sum or the maximum amount permitted by applicable law in order to
defray the expense incurred by Lender in handling and processing such delinquent
payment and to compensate Lender for the loss of the use of such delinquent
payment, provided however, Borrower shall not be required to pay Lender a late
charge in connection with the final payment under the loan. Any such amount
shall be secured by the Mortgages and the other Loan Documents to the extent
permitted by applicable law.

                           ARTICLE 9 - NO ORAL CHANGE

     This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

                              ARTICLE 10 - WAIVERS

     Borrower and all others who may become liable for the payment of all or any
part of the Debt do hereby severally waive presentment and demand for payment,
notice of dishonor, notice of intention to accelerate, notice of acceleration,
protest and notice of protest and non-payment and all other notices of any kind
except as provided in the Loan Agreement. No release of any security for the
Debt or extension of time for payment of this Note or any installment hereof,
and no alteration, amendment or waiver of any provision of this Note, the Loan
Agreement or the other Loan Documents made by agreement between Lender or any
other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower, and any other Person who may
become liable for the payment of all or any part of the Debt, under this Note,
the Loan Agreement or the other Loan Documents. No notice to or demand on
Borrower shall be deemed to be a waiver of the obligation of Borrower or of the
right of Lender to take further action without further notice or demand as
provided for in this Note, the Loan Agreement or the other Loan Documents. If
Borrower is a limited liability company, the agreements herein contained shall
remain in force and be applicable, notwithstanding any changes in the
individuals comprising the limited liability company, and the term "Borrower,"
as used herein, shall include any alternate or successor limited liability
company, but any predecessor limited liability company and its members shall not
thereby be released from any liability. If Borrower is a partnership, the
agreements herein contained shall remain in force and be applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not
thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and be applicable
notwithstanding any changes in the shareholders comprising, or the officers and
directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder. (Nothing in the
foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in such borrowing entity
which may be set forth in the Loan Agreement, the Mortgages or any other Loan
Documents).

                                        6
<Page>

     If this Note is executed by more than one person or entity as Borrower, the
obligations of each such person or entity shall be joint and several. No person
or entity shall be a mere accommodation maker, but each shall be primarily and
directly liable hereunder.

                           ARTICLE 11 - TRIAL BY JURY

     BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
NOTE, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH OF LENDER AND BORROWER IS HEREBY AUTHORIZED TO FILE A
COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER
BY BORROWER AND LENDER.

                              ARTICLE 12 - TRANSFER

     Upon the transfer of this Note, Borrower hereby waiving notice of any such
transfer, Lender may deliver all the collateral mortgaged, granted, pledged or
assigned pursuant to the Loan Documents, or any part thereof, to the transferee
who shall thereupon become vested with all the rights herein or under applicable
law given to Lender with respect thereto, and Lender shall thereafter forever be
relieved and fully discharged from any liability or responsibility in the matter
arising from events thereafter occurring; but Lender shall retain all rights
hereby given to it with respect to any liabilities and the collateral not so
transferred.

                            ARTICLE 13 - EXCULPATION

     The provisions of Article 15 of the Loan Agreement are hereby incorporated
by reference into this Note to the same extent and with the same force as if
fully set forth herein.

                           ARTICLE 14 - GOVERNING LAW

     This Note shall be governed, construed, applied and enforced in accordance
with the laws of the state in which the Property is located and applicable
federal laws of the United States of America.

                              ARTICLE 15 - NOTICES

     All notices or other written communications hereunder shall be delivered in
accordance with Article 16 of the Loan Agreement.

                                        7
<Page>

                   ARTICLE 16 - TAXPAYER IDENTIFICATION NUMBER

     This Note provides for the Borrower's federal taxpayer identification
number to be inserted in the Loan Terms Table on the first page of this Note. If
such number is not available at the time of execution of this Note or is not
inserted by the Borrower, the Borrower hereby authorizes and directs the Lender
to fill in such number on the first page of this Note when the Borrower provides
to Lender, advises the Lender of, or the Lender otherwise obtains, such number.

                          ARTICLE 17 - ATTORNEYS' FEES

     Any provisions in this Note or elsewhere in the Loan Documents providing
for the payment of "attorneys' fees," "reasonable attorneys' fees" or words of
similar import, shall mean actual attorneys' fees and paralegal fees incurred
based upon the usual and customary fees or hourly rates of the attorneys and
paralegals involved without giving effect to any statutory presumption that may
then be in effect.

                           ARTICLE 18 - CONSOLIDATION

     The Existing Indebtedness and the New Indebtedness are hereby consolidated
to constitute a single indebtedness and, as so consolidated, is hereby extended,
modified, renewed, amended and restated on the terms, covenants and conditions
set forth in this Note. This Note evidences the same principal indebtedness as
the Existing Indebtedness and the New Indebtedness and no further principal
indebtedness.

                         [NO FURTHER TEXT ON THIS PAGE]

                                        8
<Page>

          IN WITNESS WHEREOF, each Borrower has duly executed this Note as of
the day and year first above written.

                      BORROWER:

                      INLAND WESTERN BAY SHORE GARDINER, L.L.C,
                      a Delaware limited liability company

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By: /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN HARTFORD NEW PARK, L.L.C, a
                      Delaware limited liability company

                      By: INLAND WESTERN HARTFORD NEW PARK
                      MEMBER, L.L.C., a Delaware limited liability company,
                      its sole member,

                      By: INLAND WESTERN HARTFORD NEW PARK
                      MEMBER II, L.L.C., a Delaware limited liability
                      company, its Manager,

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By: /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN ORANGE 53 BOSTON, L.L.C., a
                      Delaware limited liability company

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By: /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            -------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN ORANGE 440 BOSTON, L.L.C., a
                      Delaware limited liability company

                      By: INLAND WESTERN ORANGE 440 BOSTON
                      MEMBER, L.L.C., a Delaware limited liability company,
                      its sole member

                      By: INLAND WESTERN ORANGE 440 BOSTON
                      MEMBER II, L.L.C., a Delaware limited liability
                      company, its Manager

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By: /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN PITTSBURGH WILLIAM PENN,
                      L.P., an Illinois limited partnership

                      By: INLAND WESTERN PITTSBURGH WILLIAM
                      PENN GP, L.L.C. a Delaware limited liability company, its
                      general partner

                      By: INLAND WESTERN PITTSBURGH WILLIAM
                      PENN PARTNER, L.P., a Delaware limited partnership, its
                      sole member,

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its general partner

                      By: /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN POUGHKEEPSIE MID-HUDSON,
                      L.L.C., a Delaware limited liability company

                      By: INLAND WESTERN POUGHKEEPSIE MID-
                      HUDSON MEMBER, L.L.C., a Delaware limited liability
                      company, its sole member,

                      By: INLAND WESTERN POUGHKEEPSIE MID-
                      HUDSON MEMBER II, L.L.C., a Delaware limited
                      liability company, its Manager

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By: /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN SARATOGA SPRINGS WILTON,
                      L.L.C., a Delaware limited liability company

                      By: INLAND WESTERN SARATOGA SPRINGS
                      WILTON MEMBER, L.L.C., a Delaware limited liability
                      company, its sole member,

                      By: INLAND WESTERN SARATOGA SPRINGS
                      WILTON MEMBER II, L.L.C., a Delaware limited
                      liability company, its Manager

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By:   /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN WEST MIFFLIN CENTURY III,
                      L.P., an Illinois limited partnership

                      By: INLAND WESTERN WEST MIFFLIN CENTURY III
                      GP, L.L.C., a Delaware limited liability company, its
                      general partner

                      By: INLAND WESTERN WEST MIFFLIN CENTURY III
                      PARTNER, L.P., a Delaware limited partnership, its sole
                      Member

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its general partner

                      By:   /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN WESTBURY MERCHANTS
                      PLAZA, L.L.C., a Delaware limited liability company

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By:   /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                      INLAND WESTERN WILLISTON MAPLE TREE, L.L.C.,
                      a Delaware limited liability company

                      By: INLAND WESTERN RETAIL REAL ESTATE
                      TRUST, INC., a Maryland corporation, its sole member

                      By:   /s/ Valerie Medina
                          --------------------------------
                      Name:  Valerie Medina
                            ------------------------------
                      Title: Asst. Secretary
                            ------------------------------

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

<Page>

                                   SCHEDULE A

                                MORTGAGE SCHEDULE

I. MID - HUDSON SCHEDULE

1.   MORTGAGE

Mortgagor:      Midhudson Center, LLC                       Dated: 05/10/95
Mortgagee:      221, Inc.,                                  Recorded: 05/19/95
Amount:         $2,501,000.00                       Liber: 2236  MP   187
Tax Paid:       $25,010.00

1A   ASSIGNMENT OF MORTGAGE

Assignor:       221, Inc.,                                  Dated: 07/10/89
Assignee:       Starwood Ceruzzi LLC                        Recorded: 08/06/98
                                                            Liber 100  RAP   448

Assigns Mortgage 1.

1B.  ASSIGNMENT OF MORTGAGE

Assignor:       Starwood Ceruzzi LLC                        Dated:08/19/98
Assignee:       KeyBank National Association                Recorded:08/25/98
                                                            Liber: 101   RAP 386
Assigns Mortgage 1.

1C.  ASSUMPTION, MODIFICATION AND EXTENSION AGREEMENT

Starwood Ceruzzi Poughkeepsie, LLC                          Dated: 08/19/98
to                                                          Recorded: 08/25/98
KeyBank National Association                                Liber: 2360   MP: 32

Assumes, Modifies and extend Mortgage 1.

2.   MORTGAGE

Mortgagor:      Starwood Ceruzzi Poughkeepsie LLC             Dated: 08/19/98
Mortgagee:      KeyBank National Association                  Recorded: 08/25/98
Amount:         $15,468,373.00                                Liber: 2360 MP 33
Tax Paid:       $154,684.00

The above Mortgage is a Building Loan Mortgage and security agreement.

<Page>

2A.  MODIFICATION AGREEMENT

     KeyBank National Association                  Dated: 03/29/00
     And                                           Recorded:04/25/00
     Starwood Ceruzzi Poughkeepsie LLC             Document ID: 01.2000.3922

Modifies Mortgage 1 and 2 above.

2B.  MODIFICATION AGREEMENT

     Starwood Ceruzzi Poughkeepsie, LLC            Dated: 03/29/00
     And                                           Recorded: 04/25/00
     KeyBank National Association                  Document No. 01.2000.3923

     Modifies Mortgage 1 and 2

2C.  ASSIGNMENT OF MORTGAGE

Assignor:       KeyBank National Association          Dated: 02/29/00
Assignee:       Security Life of Denver Insurance     Recorded: 04/25/00
                Company
Assigns Mortgages 1 and 2 above                       Document No. 01.2000.1607A

3.   MORTGAGE

Mortgagor:      Starwood Ceruzzi Poughkeepsie LLC      Dated: 03/21/00
Mortgagee:      Security Life of Denver Insurance      Recorded: 04/25/00
                Company
Amount:         $1,525,000.00                          Document No. 01.2000.3920
Tax Paid $ 15,250.00
Covers Premises and More

3A   BUILDING LOAN MORTGAGE AND MORTGAGE CONSOLIDATION, SPREADER MODIFICATION,
EXTENSION AND SECURITY AGREEMENT

Starwood Ceruzzi Poughkeepsie LLC                      Dated: 03/29/00
And                                                    Recorded: 04/25/00
Security Life of Denver Insurance Company              Document: 01.2000.3921

Consolidates Mortgages 1, 2 and 3 to form a single lien of $19,025,000.00, and
spreads them to cover premises and more (Easement and Leasehold Parcels on
Parcel 3, Map No. 10650.)

                                       20
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II. WILTON MORTGAGE SCHEDULE

1.              MORTGAGE

Mortgagor:      Pyramid Centers of Empire State, Inc.       Dated: 06/15/73
Mortgagee:      J. Henry Schroder Banking Corporation       Recorded: 06/20/73
Amount:         $6,500,000.00                               Liber: 663 MP 174
Tax Paid $ 48,750.00

1A.             ASSIGNMENT OF MORTGAGE

Assignor:       J. Henry Schroder Banking Corporation       Dated: 05/17/74
Assignee:       Teachers Insurance and Annuity Association  Recorded: 05/30/74
Assigns Mortgage Number 1 above                             Book 46 pg 410

1B.             EXTENSION AGREEMENT
                Pyramid Centers Inc.,                        Dated:03/11/74
                and                                          Recorded: 05/30/74
                Teachers Insurance and Annuity               Liber: 673 PG 856
                Association of America

2.              MORTGAGE
Mortgagor:      Pyramid Centers of Empire State Inc.,        Dated: 05/20/74
Mortgagee:      Teachers Insurance and Annuity Association
                of America                                   Recorded:05/30/74
Amount:         $1,000,000                                   Liber: 673 pg 863

2A.             CONSOLIDATION, MODIFICATION, EXTENSION, SPREADER
                AGREEMENT
                Pyramid Centers Empire State Company         Dated: 05/20/74
                and                                          Recorded: 05/30/74
                Marine Midland Bank                          Liber: 673 pg 872
Consolidates mortgages in Liber 663 pg. 174 and Liber 673 pg 863 to form single
lien of $7,500,000.00.

3.              MORTGAGE
Mortgagor:      Pyramid Centers of Empire State Company   Dated: 01/26/74
Mortgagee:      Marine Midland Bank                       Recorded: 02/06/76
Amount:         $3,300,000                                Liber 688 pg 800
Tax Paid:       $24,750.00

3A.             MODIFICATION AGREEMENT

Modified by Agreement dated 07/01/76 recorded July 6,1976 in Liber 692 page 399.

3B.             ASSIGNMENT OF MORTGAGE

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Assigned to Teachers Insurance and Annuity Association of America by Assignment
dated 03/16/77 and recorded March 21, 1997 in Book 47 of Assignments page 351.

3C.             CONSOLIDATION, MODIFICATION, EXTENSION AND SPREADER
                AGREEMENT

Consolidation Agreement dated 03/17/77 and recorded 03/21/77 in Liber 699 page
1158.

Consolidates Liber 663 pg 174, Liber 673 pg 863 and Liber 688 pg 800 into a
single lien of $10,582,532.32.

3D.             ASSIGNMENT OF MORTGAGE

Assignment of Mortgage to KeyBank National Association dated 09/23/99 and
recorded 11/01/99 in Liber 133 page 701. (Assigns Mortgages 1 through 3 above.)

4.              MORTGAGE
Mortgagor:      Starwood Ceruzzi Saratoga LLC               Dated: 10/28/99
Mortgagee:      KeyBank National Association                Recorded: 11/1/99
Amount:         $1,527,643.08                               Liber: 2379 pg. 405
Tax Paid:       $ 15,276.00

The above mortgages were consolidated and modified so as to constitute a single
lien of $7,213,320.00 and interest, by agreement dated 10/28/99 and recorded on
11/01/99 in Liber 2379 pg. 431.

5.              BUILDING LOAN MORTGAGE
Mortgagor:      Starwood Ceruzzi Saratoga LLC               Dated: 10/28/99
Mortgagee:      KeyBank National Association                Recorded: 11/01/99
Amount:         $15,268,680.00                              Liber: 2379 pg. 462
Tax Paid:       $152,687.00

5A.             ASSIGNMENT OF MORTGAGE
Assignor:       KeyBank National Association                Dated: 03/23/01
Assignee:       Security Life of Denver Insurance Company   Recorded: 05/18/01
                                                            Liber: 145 pg. 748
Assigns mortgages in Liber 663 mp 174, Liber 673 mp. 863, Liber 688 mp 800,
Liber 2379 mp 431 and Liber 2379 mp. 462.

6.              MORTGAGE
Mortgagor:      Starwood Ceruzzi Saratoga LLC               Dated: 03/23/01
Mortgagee:      Security Life of Denver Insurance Company   Recorded: 05/18/01
Amount:         $1,875,000.00                               Liber: 2549 pg 784
Tax Paid:       $18,750.00

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6A.             BUILDING LOAN MORTGAGE AND MORTGAGE
                CONSOLIDATION, SPREADER, MODIFICATION, EXTENSION AND
                SECURITY AGREEMENT

Mortgagor:      Starwood Ceruzzi Saratoga LLC               Dated: 03/23/01
Mortgagee:      Security Life of Denver Insurance Company   Recorded: 05/18/01
                                                            Liber: 2550 pg 17
Consolidates and Spreads mortgages in Liber 663 pg 174, Liber 673 mp 863, Liber
688 mp. 800, Liber 2379 mp 405, Liber 2379 mp 462 and Liber 2549 mp 784 to form
a single lien of $24, 375, 000.00

III  WESTBURY MORTGAGE SCHEDULE

1.              PROJECT LOAN MORTGAGE

Mortgagor:      RM Westbury LLC                             Dated: 09/01/00
Mortgagee:      Summit Bank                                 Recorded: 11/30/00
Amount:         $2,580,000.00                               Liber: 20648 MP 768
Mortgage Tax    $25,800.00

1A.             ASSIGNMENT OF MORTGAGE

Assignor:       Fleet National Bank, Successor in Interest   Dated: 03/28/02
                to Summit Bank                               Recorded: 04/09/02
Assignee:       Merrill Lynch Mortgage Lending, Inc.         Liber: 22177 pg 409

Assigns Mortgage 1 above.

2.              BUILDING LOAN MORTGAGE

Mortgagor:      RM Westbury LLC                             Dated: 09/01/00
Mortgagee:      Summit Bank                                 Recorded: 11/30/00
Amount:         $6,320,000.00                               Liber: 20648 pg. 798
Tax Paid:       $63,200.00

2A.             MODIFICATION AGREEMENT

Mortgagor:      RM Westbury LLC                              Dated: 09/28/01
Mortgagee:      Fleet National Bank, Successor in Interest   Recorded: 12/06/01
                to Summit Bank                               Liber: 21659 pg 989

Modifies Mortgage 2 above.

2B.             ASSIGNMENT OF MORTGAGE

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Assignor:       Fleet National Bank, successor in interest
                to Summit Bank
                                                            Dated: 03/28/02
Assignee:       Merrill Lynch Mortgage Lending, Inc         Recorded: 04/09/02
                                                            Liber: 22177 pg. 403
Assigns Mortgage Number 2 above.

3.              CONSOLIDATION AGREEMENT

Mortgagor:      RM Westbury LLC                       Dated: 03/28/02
Mortgagee:      Merrill Lynch Mortgage Lending, Inc   Recorded: 04/09/02
                                                      Liber: 22177 pg. 415
Consolidates Mortgage 1 and 2 above to form a single lien of $8,600,000.00

IV. BAYSHORE MORTGAGE SCHEDULE

1.              MORTGAGE

Mortgagor:      Gardiner Manor, LLC and               Dated: 05/11/98
                Robert David Lion Gardiner            Recorded: 05/28/98
Mortgagee:      KeyBank National Association          Liber: 19338 pg. 367
Amount:         $36,520,000.00
Tax Paid:       $365,200.00

1A..            NOTE AND MORTGAGE SPLITTER, SEVERANCE AND
                MODIFICATION AGREEMENT

Mortgagor:      Gardiner Manor LLC and                Dated: 05/16/01
                Gardiner Manor II, LLC and
                 Gardiner Holdings, LLC               Recorded: 02/13/02
Mortgagee:      KeyBank National Association          Liber: 20026 pg. 174

Severs and Splits Mortgage No. 1 above into two separate liens of
$32,750,000.00(to be evidenced by existing mortgage) and $3,770,000.00(released
from our premises)

1B.             ASSIGNMENT OF MORTGAGE

Assignor:       KeyBank National Association          Dated: 05/14/01
Assignee:       Merrill Lynch Mortgage Lending Inc.,  Recorded: 02/13/02
                                                      Liber: 20026 pg. 177

 Assigns Mortgage Number 1 above. (as to lien of $32,750,000.00)

1C.             MODIFICATION AND SPREADER AGREEMENT

Mortgagor:      Gardiner Manor, LLC and               Dated: 05/16/01

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                Gardiner Manor II, LLC                Recorded: 02/13/02
Mortgagee:      Merrill Lynch Mortgage Lending, Inc., Liber: 20026 pg 178

Modifies and Spreads mortgage 1 above. (as to lien of $32,750,000.00)

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