Document:

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                                                                   EXHIBIT 10.9

                     STRATOS LIGHTWAVE, INC. 2000 STOCK PLAN

         1.       PREAMBLE.

         Stratos Lightwave, Inc., a Delaware corporation (the "Company"), hereby
establishes the Stratos Lightwave, Inc. 2000 Stock Plan (the "Plan") as a means
whereby the Company may, through awards of (i) incentive stock options ("ISOs")
within the meaning of section 422 of the Code, (ii) non-qualified stock options
("NSOs"), (iii) stock appreciation rights ("SARs"), and (iv) restricted stock
("Restricted Stock"):

                  (a)      provide selected officers, directors and
                           employees with additional incentive to promote the
                           success of the Company's business;

                  (b)      encourage such persons to remain in the service
                           of the Company; and

                  (c)      enable such persons to acquire proprietary interests
                           in the Company.

         The provisions of this Plan do not apply to or affect any option,
stock, stock appreciation right or restricted stock hereafter granted under any
other stock plan of the Company, and all such options, stock, stock appreciation
rights or restricted stock shall be governed by and subject to the applicable
provisions of the plan under which they will be granted.

         2.       DEFINITIONS AND RULES OF CONSTRUCTION.

                  2.01 "Affiliate" means any entity during any period that, in
the opinion of the Committee, the Company has a significant economic interest in
the entity.

                  2.02 "Award" means the grant of Options, SARs and/or
Restricted Stock to a Participant.

                  2.03 "Award Date" means the date upon which an Option, SAR or
Restricted Stock is awarded to a Participant under the Plan.

                  2.04 "Board" or "Board of Directors" means the board of
directors of the Company.

                  2.05 "Cause" shall mean any willful misconduct by the
Participant which affects the business reputation of the Company or willful
failure by the Participant to perform his or her material responsibilities to
the Company (including, without limitation, breach by the Participant of any
provision of any employment, consulting, advisory, nondisclosure,
non-competition or other similar agreement between the Participant and the
Company or any Affiliate or Subsidiary).

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The Participant shall be considered to have been discharged for "Cause" if
the Company determines, within 30 days after the Participant's resignation,
that discharge for Cause was warranted.

                  2.06 "Change of Control" shall be deemed to have occurred on
the first to occur of any of the following:

                    (i)  any "person" (as such term is used in Section 13(d) and
                         14(d)(2) of the Securities Exchange Act of 1934), other
                         than any Subsidiary or any employee benefit plan of the
                         Company or a Subsidiary, is or becomes a beneficial
                         owner, directly or indirectly, of stock of the Company
                         representing 25% or more of the total voting power of
                         the Company's then outstanding stock;

                    (ii) a tender offer (for which a filing has been made with
                         the SEC which purports to comply with the requirements
                         of Section 14(d) of the Securities Exchange Act of 1934
                         and the corresponding SEC rules) is made for the stock
                         of the Company. In case of a tender offer described in
                         this paragraph (ii), the "Change of Control" will be
                         deemed to have occurred upon the first to occur of (A)
                         any time during the offer when the person (using the
                         definition in (i) above) making the offer owns or has
                         accepted for payment stock of the Company with 25% or
                         more of the total voting power of the Company's
                         outstanding stock or (B) three business days before the
                         offer is to terminate unless the offer is withdrawn
                         first, if the person making the offer could own, by the
                         terms of the offer plus any shares owned by this
                         person, stock with 50% or more of the total voting
                         power of the Company's outstanding stock when the offer
                         terminates; or

                    (iii) individuals who were the Board's nominees for election
                         as directors of the Company immediately prior to a
                         meeting of the shareholders of the Company involving a
                         contest for the election of directors shall not
                         constitute a majority of the Board following the
                         election.

                  2.07 "Code" means the Internal Revenue Code of 1986, as
amended from time to time or any successor thereto.

                  2.08 "Committee" means two or more directors elected by the
Board of Directors from time to time; provided, however, that in the absence of
an election by the Board, the Committee shall mean the Compensation Committee of
the Board of Directors.

                  2.09 "Common Stock" means the Common Stock of the Company, par
value $.01 per share.

                  2.10 "Company" means Stratos Lightwave, Inc., a Delaware
corporation, and any successor thereto.

                  2.11 "Exchange Act" shall mean the Securities Exchange Act of
1934, as it exists now or from time to time may hereafter be amended.

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                    2.12 "Fair Market Value" means:

                    (i)  for the date of the final prospectus for the Company's
                         initial public offering of its Common Stock, the
                         initial public offering price set forth in the final
                         prospectus for such offering; and

                    (ii) as of any other date, the closing price for the Common
                         Stock on that date, or if no sales occurred on that
                         date, the next trading day on which actual sales
                         occurred (as reported by the Nasdaq Stock Market System
                         or any securities exchange or automated quotation
                         system of a registered securities association on which
                         the Common Stock is then traded or quoted).

                    2.13 "Good Reason" shall mean any of the following:

                    (i)  any significant diminution in the Participant's title,
                         authority, or responsibilities from and after a Change
                         of Control;

                    (ii) any reduction in the base compensation payable to the
                         Participant from and after a Change of Control; or

                    (iii) the relocation after a Change of Control of the
                         Company's place of business at which the Participant is
                         principally located to a location that is greater than
                         50 miles from the site immediately prior to the Change
                         of Control.

                  2.14 "ISO" means an incentive stock option within the meaning
of section 422 of the Code.

                  2.15 "NSO" means a non-qualified stock option, which is not
intended to qualify as an incentive stock option under section 422 of the Code.

                  2.16 "Option" means the right of a Participant, whether
granted as an ISO or an NSO, to purchase a specified number of shares of Common
Stock, subject to the terms and conditions of the Plan.

                  2.17 "Option Price" means the price per share of Common Stock
at which an Option may be exercised.

                  2.18 "Participant" means an individual to whom an Award has
been granted under the Plan.

                  2.19 "Plan" means the Stratos Lightwave, Inc. 2000 Stock Plan,
as set forth herein and from time to time amended.

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                  2.20 "Restricted Stock" means the Common Stock awarded to a
Participant pursuant to Section 8 of this Plan.

                  2.21 "SAR" means a stock appreciation right issued to a
Participant pursuant to Section 9 of this Plan.

                  2.22 "Subsidiary" means any entity during any period which the
Company owns or controls more than 50% of (i) the outstanding capital stock, or
(ii) the combined voting power of all classes of stock.

                  2.23     Rules of Construction:

                         2.23.1 GOVERNING LAW AND VENUE. The construction and
         operation of this Plan are governed by the laws of the State of
         Illinois without regard to any conflicts or choice of law rules or
         principles that might otherwise refer construction or interpretation of
         this Agreement to the substantive law of another jurisdiction, and any
         litigation arising out of this Plan shall be brought in the Circuit
         Court of the State of Illinois or the United States District Court for
         the Eastern Division of the Northern District of Illinois.

                         2.23.2 UNDEFINED TERMS. Unless the context requires
         another meaning, any term not specifically defined in this Plan is used
         in the sense given to it by the Code.

                         2.23.3 HEADINGS. All headings in this Plan are for
         reference only and are not to be utilized in construing the Plan.

                         2.23.4 CONFORMITY WITH SECTION 422. Any ISOs issued
         under this Plan are intended to qualify as incentive stock options
         described in section 422 of the Code, and all provisions of the Plan
         relating to ISOs shall be construed in conformity with this intention.
         Any NSOs issued under this Plan are not intended to qualify as
         incentive stock options described in section 422 of the Code, and all
         provisions of the Plan relating to NSOs shall be construed in
         conformity with this intention.

                         2.23.5 GENDER. Unless clearly inappropriate, all nouns
         of whatever gender refer indifferently to persons or objects of any
         gender.

                         2.23.6 SINGULAR AND PLURAL. Unless clearly
         inappropriate, singular terms refer also to the plural and vice versa.

                         2.23.7 SEVERABILITY. If any provision of this Plan is
         determined to be illegal or invalid for any reason, the remaining
         provisions are to continue in full force and effect and to be construed
         and enforced as if the illegal or invalid provision did not exist,
         unless the continuance of the Plan in such circumstances is not
         consistent with its purposes.

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         3.       STOCK SUBJECT TO THE PLAN.

         Subject to adjustment as provided in Section 12 hereof, the aggregate
number of shares of Common Stock for which Awards may be issued under this Plan
may not exceed 4,500,000 shares, and the aggregate number of shares of Common
Stock for which Restricted Stock Awards may be issued under this Plan may not
exceed 1,875,000 shares. Reserved shares may be either authorized but unissued
shares or treasury shares, in the Board's discretion. If any Award shall
terminate or expire, as to any number of shares of Common Stock, new Awards may
thereafter be awarded with respect to such shares. Notwithstanding the
foregoing, the total number of shares of Common Stock with respect to which
Awards may be granted to any Participant in any calendar year shall not exceed
1,600,000 shares (subject to adjustment as provided in Section 12 hereof).

         4.       ADMINISTRATION.

         The Committee shall administer the Plan. All determinations of the
Committee are made by a majority vote of its members. The Committee's
determinations are final and binding on all Participants. In addition to any
other powers set forth in this Plan, the Committee has the following powers:

                    (a)  to construe and interpret the Plan;

                    (b)  to establish, amend and rescind appropriate rules and
                         regulations relating to the Plan;

                    (c)  subject to the terms of the Plan, to select the
                         individuals who will receive Awards, the times when
                         they will receive them, the number of Options,
                         Restricted Stock and/or SARs to be subject to each
                         Award, the Option Price, the vesting schedule
                         (including any performance targets to be achieved in
                         connection with the vesting of any Award), the
                         expiration date applicable to each Award and other
                         terms, provisions and restrictions of the Awards (which
                         need not be identical) and subject to Section 17
                         hereof, to amend or modify any of the terms of
                         outstanding Awards;

                    (d)  to contest on behalf of the Company or Participants, at
                         the expense of the Company, any ruling or decision on
                         any matter relating to the Plan or to any Awards;

                    (e)  generally, to administer the Plan, and to take all such
                         steps and make all such determinations in connection
                         with the Plan and the Awards granted thereunder as it
                         may deem necessary or advisable; and

                    (f)  to determine the form in which tax withholding under
                         Section 15 of this Plan will be made (I.E., cash,
                         Common Stock or a combination thereof).

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         5.       ELIGIBLE PARTICIPANTS.

         Present and future directors, officers and employees of the Company or
any Subsidiary or Affiliate shall be eligible to participate in the Plan. The
Committee from time to time shall select those officers, directors and employees
of the Company and any Subsidiary or Affiliate of the Company who shall be
designated as Participants and shall designate in accordance with the terms of
the Plan the number, if any, of ISOs, NSOs, SARs and shares of Restricted Stock
or any combination thereof, to be awarded to each Participant.

         6.       TERMS AND CONDITIONS OF NON-QUALIFIED STOCK OPTIONS.

         Subject to the terms of the Plan, the Committee, in its discretion, may
award an NSO to any Participant. Each NSO shall be evidenced by an agreement, in
such form as is approved by the Committee, and except as otherwise provided by
the Committee in such agreement, each NSO shall be subject to the following
express terms and conditions, and to such other terms and conditions, not
inconsistent with the Plan, as the Committee may deem appropriate:

                  6.01     OPTION PERIOD.  Each NSO will expire as of the
earliest of:

                    (i)  the date on which it is forfeited under the provisions
                         of Section 11.1;

                    (ii) 10 years from the Award Date;

                    (iii) in the case of a Participant who is an employee of the
                         Company, a Subsidiary or an Affiliate, three months
                         after the Participant's termination of employment with
                         the Company and its Subsidiaries and Affiliates for any
                         reason other than for Cause or death or total and
                         permanent disability;

                    (iv) in the case of a Participant who is a director of the
                         Company, but not an employee of the Company, a
                         Subsidiary or an Affiliate, three months after the
                         Participant's retirement from the Board for any reason
                         other than for Cause or death or total and permanent
                         disability or the sale, merger or consolidation, or
                         similar extraordinary transaction involving the
                         Company;

                    (v)  immediately upon the Participant's termination of
                         employment with the Company and its Subsidiaries and
                         Affiliates or service on the Board for Cause;

                    (vi) 12 months after the Participant's death or total and
                         permanent disability; or

                    (vii) any other date specified by the Committee when the NSO
                         is granted.

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                  6.02 OPTION PRICE. At the time granted, the Committee shall
determine the Option Price of any NSO, and in the absence of such determination,
the Option Price shall be 100 % of the Fair Market Value of the Common Stock
subject to the NSO on the Award Date.

                  6.03 VESTING. Unless otherwise determined by the Committee and
set forth in the agreement evidencing an Award, NSO Awards shall vest in
accordance with Section 11.1.

                  6.04 OTHER OPTION PROVISIONS. The form of NSO authorized by
the Plan may contain such other provisions as the Committee may from time to
time determine.

         7.       TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS

         Subject to the terms of the Plan, the Committee, in its discretion, may
award an ISO to any employee of the Company or a Subsidiary. Each ISO shall be
evidenced by an agreement, in such form as is approved by the Committee, and
except as otherwise provided by the Committee, each ISO shall be subject to the
following express terms and conditions and to such other terms and conditions,
not inconsistent with the Plan, as the Committee may deem appropriate:

                  7.01 OPTION PERIOD. Each ISO will expire as of the earliest
of:

                    (i)  the date on which it is forfeited under the provisions
                         of Section 11.1;

                    (ii) 10 years from the Award Date, except as set forth in
                         Section 7.02 below;

                    (iii) immediately upon the Participant's termination of
                         employment with the Company and its Subsidiaries for
                         Cause;

                    (iv) three months after the Participant's termination of
                         employment with the Company and its Subsidiaries for
                         any reason other than for Cause or death or total and
                         permanent disability;

                    (v)  12 months after the Participant's death or total and
                         permanent disability; or

                    (vi) any other date (within the limits of the Code)
                         specified by the Committee when the ISO is granted.

Notwithstanding the foregoing provisions granting discretion to the Committee to
determine the terms and conditions of ISOs, such terms and conditions shall meet
the requirements set forth in section 422 of the Code or any successor thereto.

                  7.02 OPTION PRICE AND EXPIRATION. The Option Price of any ISO
shall be determined by the Committee at the time an ISO is granted, and shall be
no less than 100% of the Fair Market Value of the Common Stock subject to the
ISO on the Award Date; provided, however, that if an ISO is granted to a
Participant who, immediately before the grant of the ISO, beneficially

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owns stock representing more than 10% of the total combined voting power of all
classes of stock of the Company or its parent or subsidiary corporations, the
Option Price shall be at least 110% of the Fair Market Value of the Common Stock
subject to the ISO on the Award Date and in such cases, the exercise period
specified in the Option agreement shall not exceed five years from the Award
Date.

                  7.03 VESTING. Unless otherwise determined by the Committee and
set forth in the agreement evidencing an Award, ISO Awards shall vest in
accordance with Section 11.1.

                  7.04 OTHER OPTION PROVISIONS. The form of ISO authorized by
the Plan may contain such other provisions as the Committee may, from time to
time, determine; provided, however, that such other provisions may not be
inconsistent with any requirements imposed on incentive stock options under Code
section 422 and the regulations thereunder.

         8.       TERMS AND CONDITIONS OF RESTRICTED STOCK AWARDS.

         Subject to the terms of the Plan, the Committee, in its discretion, may
award Restricted Stock to any Participant at no additional cost to the
Participant. Each Restricted Stock Award shall be evidenced by an agreement, in
such form as is approved by the Committee, and all shares of Common Stock
awarded to Participants under the Plan as Restricted Stock shall be subject to
the following express terms and conditions and to such other terms and
conditions, not inconsistent with the Plan, as the Committee shall deem
appropriate:

                    (a)  RESTRICTED PERIOD. Shares of Restricted Stock awarded
                         under this Section 8 may not be sold, assigned,
                         transferred, pledged or otherwise encumbered before
                         they vest.

                    (b)  VESTING. Unless otherwise determined by the Committee
                         and set forth in the agreement evidencing an Award,
                         Restricted Stock Awards under this Section 8 shall vest
                         in accordance with Section 11.2.

                    (c)  CERTIFICATE LEGEND. Each certificate issued in respect
                         of shares of Restricted Stock awarded under this
                         Section 8 shall be registered in the name of the
                         Participant and shall bear the following (or a similar)
                         legend until such shares have vested:

                                    "The transferability of this certificate and
                                    the shares of stock represented hereby are
                                    subject to the terms and conditions
                                    (including forfeiture) relating to
                                    Restricted Stock contained in Section 8 of
                                    the Stratos Lightwave, Inc. 2000 Stock Plan
                                    and an Agreement entered into between the
                                    registered owner and Stratos Lightwave, Inc.
                                    Copies of such Plan and Agreement are on
                                    file at the principal office of Stratos
                                    Lightwave, Inc."

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         9.       TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS.

         The Committee may, in its discretion, grant an SAR to any Participant
under the Plan. Each SAR shall be evidenced by an agreement between the Company
and the Participant, and may relate to and be associated with all or any part of
a specific ISO or NSO. An SAR shall entitle the Participant to whom it is
granted the right, so long as such SAR is exercisable and subject to such
limitations as the Committee shall have imposed, to surrender any then
exercisable portion of his SAR and, if applicable, the related ISO or NSO, in
whole or in part, and receive from the Company in exchange, without any payment
of cash (except for applicable employee withholding taxes), that number of
shares of Common Stock having an aggregate Fair Market Value on the date of
surrender equal to the product of (i) the excess of the Fair Market Value of a
share of Common Stock on the date of surrender over the Fair Market Value of the
Common Stock on the date the SARs were issued, or, if the SARs are related to an
ISO or an NSO, the per share Option Price under such ISO or NSO on the Award
Date, and (ii) the number of shares of Common Stock subject to such SAR, and, if
applicable, the related ISO or NSO or portion thereof which is surrendered.

         An SAR granted in conjunction with an ISO or NSO shall terminate on the
same date as the related ISO or NSO and shall be exercisable only if the Fair
Market Value of a share of Common Stock exceeds the Option Price for the related
ISO or NSO, and then shall be exercisable to the extent, and only to the extent,
that the related ISO or NSO is exercisable. The Committee may at the time of
granting any SAR add such additional conditions and limitations to the SAR as it
shall deem advisable, including, but not limited to, limitations on the period
or periods within which the SAR shall be exercisable and the maximum amount of
appreciation to be recognized with regard to such SAR. Any ISO or NSO or portion
thereof which is surrendered with an SAR shall no longer be exercisable. An SAR
that is not granted in conjunction with an ISO or NSO shall terminate on such
date as is specified by the Committee in the SAR agreement and shall vest in
accordance with Section 11.2. The Committee, in its sole discretion, may allow
the Company to settle all or part of the Company's obligation arising out of the
exercise of an SAR by the payment of cash equal to the aggregate Fair Market
Value of the shares of Common Stock which the Company would otherwise be
obligated to deliver.

         10.      MANNER OF EXERCISE OF OPTIONS.

         To exercise an Option in whole or in part, a Participant (or, after his
death, his executor or administrator) must give written notice to the Committee
on a form acceptable to the Committee, stating the number of shares with respect
to which he intends to exercise the Option. The Company will issue the shares
with respect to which the Option is exercised upon payment in full of the Option
Price. The Committee may permit the Option Price to be paid in cash or shares of
Common Stock held by the Participant having an aggregate Fair Market Value, as
determined on the date of delivery, equal to the Option Price. The Committee may
also permit the Option Price to be paid by any other method permitted by law,
including by delivery to the Committee from the Participant of an election
directing the Company to withhold the number of shares of Common Stock from the
Common Stock otherwise due upon exercise of the Option having an aggregate Fair
Market Value on that date equal to the Option Price. If a Participant pays the
Option Price with shares of Common Stock which were received by the Participant
upon exercise of one or more ISOs, and such Common Stock has not been held by
the Participant for at least the greater of:

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                    (a)  two years from the date the ISOs were granted; or

                    (b)  one year after the transfer of the shares of Common
                         Stock to the Participant;

the use of the shares shall constitute a disqualifying disposition and the ISO
underlying the shares used to pay the Option Price shall no longer satisfy all
of the requirements of Code section 422.

         11.      VESTING.

                  11.1 OPTIONS. A Participant may not exercise an Option until
it has become vested. The portion of an Award of Options that is vested depends
upon the period that has elapsed since the Award Date. The following schedule
applies to any Award of Options under this Plan unless the Committee establishes
a different vesting schedule on the Award Date:

<TABLE>
<CAPTION>

         NUMBER OF MONTHS            VESTED PERCENTAGE
        SINCE AWARD DATE

<S>                                 <C>
       fewer than 12 months                0.0%
         12 months                        25.00%
         15 months                        31.25%
         18 months                        37.50%
         21 months                        43.75%
         24 months                        50.00%
         27 months                        56.25%
         30 months                        62.50%
         33 months                        68.75%
         36 months                        75.00%
         39 months                        81.25%
         42 months                        87.50%
         45 months                        93.75%
        48 months or more                 100.00%
</TABLE>

         Not withstanding the above schedule, unless otherwise determined by the
Committee and set forth in the agreement evidencing an Award, a Participant's
Awards shall become fully vested if a Participant's employment with the Company
and its Subsidiaries and Affiliates or service on the Board is terminated due
to: (i) retirement on or after his sixty-fifth birthday; (ii) retirement on or
after his fifty-fifth birthday with consent of the Company; (iii) retirement at
any age on account of total and permanent disability as determined by the
Company; or (iv) death. Unless the Committee otherwise provides in the
applicable agreement evidencing an Award or Section 11.3 applies, if a
Participant's employment with or service to the Company terminates for any other
reason, any Awards that are not yet vested are immediately and automatically
forfeited.

         A Participant's employment shall not be considered to be terminated
hereunder by reason of a transfer of his employment from the Company to a
Subsidiary or Affiliate, or vice versa, or a leave of absence approved by the
Participant's employer. A Participant's employment shall be considered to be
terminated hereunder if, as a result of a sale or other transaction, the
Participant's

                                      -10-
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employer ceases to be a Subsidiary or Affiliate (and the Participant's employer
is or becomes an entity that is separate from the Company and its Subsidiaries
and Affiliates).

                  11.2 RESTRICTED STOCK AND SARS. The Committee shall establish
the vesting schedule to apply to any Award of Restricted Stock or SAR that is
not associated with an ISO or NSO granted under the Plan to a Participant, and
in the absence of such a vesting schedule, such Award shall vest in accordance
with Section 11.1.

                  11.3 EFFECT OF "CHANGE OF CONTROL". Notwithstanding Sections
11.1 and 11.2 above, if within 12 months following a "Change of Control" the
employment of a Participant with the Company and its Subsidiaries and Affiliates
is terminated without Cause or the Participant resigns for Good Reason, any
Award issued to the Participant shall be fully vested, and in the case of an
Award other than a Restricted Stock Award, fully exercisable for 90 days
following the date on which the Participant's service with the Company and its
Subsidiaries and Affiliates is terminated, but not beyond the date the Award
would otherwise expire but for the Participant's termination of employment.

         12.      ADJUSTMENTS TO REFLECT CHANGES IN CAPITAL STRUCTURE.

                  12.01 ADJUSTMENTS. If there is any change in the corporate
structure or shares of the Company, the Committee may make any appropriate
adjustments, including, but limited to, such adjustments deemed necessary to
prevent accretion, or to protect against dilution, in the number and kind of
shares of Common Stock with respect to which Awards may be granted under this
Plan (including the maximum number of shares of Common Stock with respect to
which Awards may be granted under this Plan in the aggregate and individually to
any Participant during any calendar year as specified in Section 3) and, with
respect to outstanding Awards, in the number and kind of shares covered thereby
and in the applicable Option Price. For the purpose of this Section 12, a change
in the corporate structure or shares of the Company includes, without
limitation, any change resulting from a recapitalization, stock split, stock
dividend, consolidation, rights offering, separation, reorganization, or
liquidation (including a partial liquidation) and any transaction in which
shares of Common Stock are changed into or exchanged for a different number or
kind of shares of stock or other securities of the Company or another
corporation.

                  12.02 CASHOUTS. In the event of an extraordinary dividend or
other distribution, merger, reorganization, consolidation, combination, sale of
assets, split up, exchange, or spin off, or other extraordinary corporate
transaction, the Committee may, in such manner and to such extent (if any) as it
deems appropriate and equitable make provision for a cash payment or for the
substitution or exchange of any or all outstanding Awards or the cash,
securities or property deliverable to the holder of any or all outstanding
Awards based upon the distribution or consideration payable to holders of Common
Stock upon or in respect of such event; provided, however, in each case, that
with respect to any ISO no such adjustment may be made that would cause the Plan
to violate section 422 of the Code (or any successor provision).

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         13.      NONTRANSFERABILITY OF AWARDS.

         ISOs are not transferable, voluntarily or involuntarily, other than by
will or by the laws of descent and distribution or pursuant to a qualified
domestic relations order as defined by the Code. During a Participant's
lifetime, his ISOs may be exercised only by him. All other Awards granted
pursuant to this Plan are transferable by will or by the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined by
the Code, or in the Committee's discretion after vesting.

         14.      RIGHTS AS STOCKHOLDER.

         No Common Stock may be delivered upon the exercise of any Option until
full payment has been made. A Participant has no rights whatsoever as a
stockholder with respect to any shares covered by an Option until the date of
the issuance of a stock certificate for the shares.

         15.      WITHHOLDING TAX.

         The Committee may, in its discretion and subject to such rules as it
may adopt, permit or require a Participant to pay all or a portion of the
federal, state and local taxes, including FICA and Medicare withholding tax,
arising in connection with any Awards by (i) having the Company withhold shares
of Common Stock at the minium rate legally required, (ii) tendering back shares
of Common Stock received in connection with such Award or (iii) delivering other
previously acquired shares of Common Stock having a Fair Market Value
approximately equal to the amount to be withheld.

         16.      NO RIGHT TO EMPLOYMENT.

         Participation in the Plan will not give any Participant a right to be
retained as an employee or director of the Company or its parent or
Subsidiaries, or any right or claim to any benefit under the Plan, unless the
right or claim has specifically accrued under the Plan.

         17.      AMENDMENT OF THE PLAN.

         The Board of Directors may from time to time amend or revise the terms
of this Plan in whole or in part and may, without limitation, adopt any
amendment deemed necessary; provided, however, that no change in any Award
previously granted to a Participant may be made that would impair the rights of
the Participant without the Participant's consent.

         18.      CONDITIONS UPON ISSUANCE OF SHARES.

         An Option shall not be exercisable and a share of Common Stock shall
not be issued pursuant to the exercise of an Option, and Restricted Stock shall
not be awarded until and unless the award of Restricted Stock, exercise of such
Option and the issuance and delivery of such share pursuant thereto shall comply
with all relevant provisions of law, including, without limitation, the
Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange or national
securities association upon which the shares of

                                      -12-
<PAGE>

Common Stock may then be listed or quoted, and shall be further subject to the
approval of counsel for the Company with respect to such compliance.

         As a condition to the exercise of an Option, the Company may require
the person exercising such Option to represent and warrant at the time of any
such exercise that the shares of Common Stock are being purchased only for
investment and without any present intention to sell or distribute such shares
if, in the opinion of counsel for the Company, such a representation is required
by any of the aforementioned relevant provisions of law.

         19.      SUBSTITUTION OR ASSUMPTION OF AWARDS BY THE COMPANY.

         The Company, from time to time, also may substitute or assume
outstanding awards granted by another company, whether in connection with an
acquisition of such other company or otherwise, by either (a) granting an Award
under the Plan in substitution of such other company's award, or (b) assuming
such award as if it had been granted under the Plan if the terms of such assumed
award could be applied to an Award granted under the Plan. Such substitution or
assumption shall be permissible if the holder of the substituted or assumed
award would have been eligible to be granted an Award under the Plan if the
other company had applied the rules of the Plan to such grant. In the event the
Company assumes an award granted by another company, the terms and conditions of
such award shall remain unchanged (except that the exercise price and the number
and nature of Shares issuable upon exercise of any such option will be adjusted
appropriately pursuant to section 424(a) of the Code). In the event the Company
elects to grant a new Award rather than assuming an existing option, such new
Award may be granted with a similarly adjusted exercise price.

         20.      EFFECTIVE DATE AND TERMINATION OF PLAN.

                  20.01 EFFECTIVE DATE. This Plan is effective as of the date of
its adoption by the Board of Directors; provided, however, that no Award granted
hereunder shall be effective until the date the Company's initial underwritten
public offering of its common stock has been declared effective by the
Securities Exchange Commission (the "IPO Date"), and provided further, that any
Award granted before or as of the IPO Date shall be null and void unless
approved by the Committee on or before the IPO Date.

                  20.02 TERMINATION OF THE PLAN. The Plan will terminate 10
years after the date it is approved by the Board of Directors; provided,
however, that the Board of Directors may terminate the Plan at any time prior
thereto with respect to any shares that are not then subject to Awards.
Termination of the Plan will not affect the rights and obligations of any
Participant with respect to Awards granted before termination.

                                      -13-<PAGE>

                               ADVISORY AGREEMENT

         ADVISORY AGREEMENT, dated as of January 18, 2000, between EQK REALTY
INVESTORS I, a Massachusetts business trust (the "Trust"), and NEWLEAF
CORPORATION, a Georgia corporation ("Adviser").

                                   BACKGROUND

         The Trust was organized under a Declaration of Trust executed as of
October 8, 1984, which was amended and restated as of February 27, 1985 (as
amended to date, the "Declaration of Trust"). The Trust has qualified as a "real
estate investment trust" ("REIT") as defined in the Internal Revenue Code of
1986, as amended (the "Code"). The Trust's sole remaining real estate asset is
the Harrisburg East Mall (the "Mall").

         The Trust is a party to a Merger Agreement, dated August 25, 1998, with
American Realty Trust ("ART") and a subsidiary of ART (as amended to date, the
"Merger Agreement"). ART has entered into an agreement (the "ART Restructuring
Agreement") with Affiliates of ART, pursuant to which ART is to become a
subsidiary of a new holding company. As used herein, references to ART shall
include such new holding company.

<PAGE>

         The first mortgage loan (the "First Mortgage Loan") on the Mall is held
by The Prudential Insurance Company of America ("Prudential") and the second
mortgage loan (the "Second Mortgage Loan") on the Mall is held by PNC Bank,
National Association ("PNC").

         On December 14, 1999, the Trust initiated Chapter 11 proceedings (the
"Proceedings") before the United States Bankruptcy Court for the Middle District
of Pennsylvania (the "Court"). Gregory Greenfield & Associates, Ltd.
("Greenfield") is the current adviser to the Trust. Greenfield's appointment as
adviser to the Trust terminates on January 18, 2000.

         Newleaf Corporation has been recommended as adviser to succeed
Greenfield. Lloyd T. Whitaker ("Whitaker") is president, chief executive
officer, and owner of Adviser.

         The Trust desires to retain the Adviser to render advisory services in
replacement of Greenfield. The Adviser is willing to undertake to render such
services, on the terms and conditions herein set forth. Accordingly, the Trust
and Adviser hereby agree as follows:

         1.   DEFINITIONS. As used herein, the following terms shall have the
definitions set forth below.

         "AFFILIATE" means, as to any Person, (i) any other Person directly or
indirectly controlling, controlled by or under common control with such Person,
(ii) any other Person that owns beneficially, directly or indirectly, five
percent (5%) or more of the outstanding capital stock, shares or equity
interests

                                      -2-

<PAGE>

of such Person, or (iii) any officer, director, employee, general Partner or
trustee of such Person or of any other Person controlling, controlled by or
under common control with such Person (excluding trustees and persons serving in
similar capacities who are not otherwise an Affiliate of such Person).

         "PERSON" means and includes individuals, corporations, limited
partnerships, limited liability companies, general partnerships, joint stock
companies or associations, joint ventures, associations, companies, trusts,
banks, trust companies, land trusts, business trusts, or other entities and
governments and agencies and political subdivisions thereof.

         "SECURITIES" means any stock, shares, voting trust certificates, bonds,
debentures, notes, or other evidences of indebtedness of in general any
instruments commonly known as "securities" or any certificates of interest,
shares or participations in temporary or interim certificates for, receipts for,
guarantees of, or warrants, options or rights to subscribe to, purchase or
acquire any of the foregoing.

         "SHAREHOLDERS" means the holders of record of outstanding Shares.

         "SHARES" means Shares of Beneficial Interest, without par value, of the
Trust.

         "TRUSTEES" means the Trustees holding office under the Declaration of
Trust at any particular time.

                                       -3-

<PAGE>

         "UNAFFILIATED TRUSTEE" means a Trustee who, in his individual capacity,
(i) is not an Affiliate of the Adviser, (ii) does not own any interest in the
Adviser, and (iii) does not perform any other services for the Trust except as
Trustee.

         2.   DUTIES OF ADVISER. The principal duties of the Adviser shall be to
supervise and make recommendations to the Trust concerning the Trust's
investments and to provide administrative services with respect to the Trust and
as administrator of the Trust's day-to-day affairs, in each case subject to the
supervision of the Trustees.

         Subject to the supervision of the Trustees and consistent with the
provisions of the Declaration of Trust, the Bankruptcy Code and the orders of
the Court, the duties of the Adviser shall include:

              (a)  perform or cause to be performed, on behalf of the Trust, the
necessary administrative functions relating to the management of the Trust and
the Trust's participation in the Proceedings, including the compliance with
reporting requirements and the preparation of operating reports required to be
filed therein;

              (b)  serve as the Trust's investment and financial Adviser;

              (c)  investigate, select (subject, where applicable, to approval
by the Court), and supervise accountants, legal counsel, property managers,
brokers, investors, builders, developers, banks

                                      -4-

<PAGE>

and other lenders, and others as necessary in connection with the business of
the Trust and the fulfillment of the Adviser's duties hereunder; the foregoing
duties shall include without limitation supervising the Trust's participation in
the Proceedings, the Trust's negotiations with creditors and interest holders,
the Trust's negotiations with ART and others concerning the Merger Agreement and
any amendment or restatement thereof (including amendments resulting from the
ART Restructuring Agreement) and related matters and the Trust's negotiations
with respect to the disposition of the Mall;

              (d)  maintain bank accounts for the Trust, and arrange for
appropriate property and liability insurance coverages to protect the Trust's
assets, including fidelity bonds with respect to fraudulent and negligent acts,
errors and omissions, in amounts specified by the Trustees and approved by the
Court, covering all the personnel handling funds and other assets of the Trust,
with the Trust named as an insured party;

              (e)  maintain books of account and appropriate records of
activities on behalf of the Trust and, subject to the engagement of professional
law and accounting firms when appropriate, prepare and submit all necessary
financial statements, reports, tax returns, and other correspondence as required
by applicable third parties, including, without limitation, the Securities and
Exchange Commission, the Internal Revenue Service, and shareholders;

              (f)  provide office space, office equipment (which space and
equipment need not be separate from the Adviser's) and officer personnel (as
identified below);

                                       -5-

<PAGE>

              (g)  obtain for the Trust the services that may be required in
acquiring and disposing of investments of the Trust, disbursing and collecting
the funds of the Trust, paying the debts and fulfilling the obligations of the
Trust, and handling, prosecuting and settling any claim of the Trust, subject,
where applicable, to approval by the Court;

              (h)  obtain for the Trust such services as may be required for
property management and other activities relating to the investment portfolio of
the Trust; and

              (i)  make available Persons to act as the officers (not on a
full-time basis) of the Trust, including specifically the services of Whitaker
and David H. Crumpton ("Crumpton"); provided, however, that the provision of
those services shall be subject to the provision and continuation of Director
and Officer liability insurance deemed adequate by the Adviser.

         In performing its various services under this Agreement, the Adviser
may from time to time call upon and utilize various facilities, personnel and
support services of other Persons including, with Court approval, one or more
Affiliates of the Adviser.

         3.   NO PARTNERSHIP OR JOINT VENTURE. The Trust and the Adviser are
not, and shall not be deemed to be, partners or joint venturers with each other,
and nothing herein shall be construed so as to make them such partners or joint
venturers or to impose any liability as such on either of them.

                                       -6-

<PAGE>

         4.   RECORDS. The Adviser shall keep proper books of account and
records relating to services performed hereunder, which books of account and
records shall be accessible for inspection by the Trustees at any time during
ordinary business hours.

         5.   REIT QUALIFICATION, ETC. Unless otherwise directed by the Court or
constituting an obligation under the Bankruptcy Code, the Adviser shall refrain
from any action which, in its judgment or in any judgment of the Trustees of
which the Adviser has written notice, would adversely affect the qualification
of the Trust as a REIT or which would violate any law, rule or regulation of any
governmental body or agency having jurisdiction over the Trust or its Securities
or which would otherwise not be permitted by the Declaration of Trust.

         6.   BANK ACCOUNTS. Subject to the requirements of Section 345 of the
Bankruptcy Code, the orders of the Court, and such terms and conditions as the
Trustees may direct, the Adviser may establish and maintain one or more bank
accounts in its own name or in the name of the Trust and may collect and deposit
into and disburse from such accounts any money on behalf of the Trust, provided
that no funds in any such account shall be commingled with funds of the Adviser.
The Adviser shall from time to time render appropriate account of such
collections, deposits and payments to the Trustees and to the auditors of the
Trust. The Adviser may, but shall not be required to, succeed to the accounts
currently being maintained on behalf of the Trust.

                                      -7-

<PAGE>

         7.   BOND. The Adviser shall maintain a fidelity bond with a
responsible surety company, in such form and amounts as may be required by the
Trustees and the Court from time to time, covering officers, employees and
agents handling funds and any investment documents or records pertaining to any
investments of the Trust. Such bond shall be paid for by the Trust and shall
inure to the benefit of the Trust in respect of losses of any such property from
acts of such officers, employees and agents through theft, embezzlement or
fraud. In the event that such a bond is canceled or not renewed by the bonding
company, the Adviser shall give notice thereof to the Trustees, in which event
the Trustees shall have the right to terminate immediately this Agreement.

         8.   INFORMATION FURNISHED ADVISER. The Trustees shall at all times
keep the Adviser informed concerning the investment, financial and operating
policies of the Trust. The Trustees shall notify the Adviser promptly in writing
of all material decisions affecting the Trust, including but not limited to any
intention to sell or dispose of any existing investments. The Trust shall make
available to the Adviser a certified copy of all financial statements, a signed
copy of each report prepared by independent certified public accountants and
such other information with regard to its affairs as the Adviser may reasonably
request.

         9.   COMPENSATION. Subject to any required Court approval, the Trust
shall pay to the Adviser as compensation for its services hereunder, the
following:

                                      -8-

<PAGE>

              (a)  BASE FEE-HOURLY RATE. The Adviser shall charge the Trust for
the services of the Adviser based on the hourly billing rates of its principals
of $295.00 per hour for the services of Whitaker on behalf of the Trust and
$245.00 per hour for the services of Crumpton on behalf of the Trust. The
monthly fee based on such rates is referred to herein as the "Base Fee." The
Trust shall pay to the Adviser a retainer of $25,000.00 upon approval of this
Agreement by the Court, which retainer shall be held by the Adviser and applied
as a credit against the last month's services and expenses of the Adviser with
any excess being refunded to the Trust. The Base Fee shall be paid monthly in
arrears within ten (10) days of receipt of a statement from the Adviser
reflecting detail of services rendered. The Base Fee shall not exceed the
following amounts (pro rated for any partial month) per month for the following
months (each month begins on the 18th and ends on the 17th; for example, the
first month begins on January 18, 2000 and ends on February 17, 2000):

              $35,000 per month for the first three months;

              $25,000 per month for the next six months; and

              $20,000 per month for each month thereafter.

         To the extent that the Base Fee for any month calculated on the basis
of the billing rates specified above (the "Calculated Rate") would exceed (an
"Excess Amount") the amount permitted above for that month (the "Capped Rate"),
the Base Fee for that month shall equal the Capped Rate and the Excess Amount
shall be carried forward and paid to the extent that the Capped Rate in any
future month exceeds the Calculated Rate for that month. To the extent that the
Calculated Rate in any month is less than the Capped Rate for that month (the
"Shortage Amount"), the Base Fee for that month shall equal the

                                      -9-

<PAGE>

Calculated Rate and the Shortage Amount shall be carried forward and paid to the
extent that the Calculated Rate in any future month exceeds the Capped Rate for
that month.

              (b)  INCENTIVE FEES. In addition to the Base Fee described in
subparagraph (a) above, the Adviser shall receive an incentive fee based on
the results which the Adviser obtains for the Trust based on each of two
components. First, a Disposition Incentive Fee to be paid at closing of the
disposition of the Harrisburg East Mall (the "Mall") (other than a
disposition by foreclosure or deed in lieu of foreclosure or other
transaction by which Prudential or PNC or their Affiliates receives a deed in
satisfaction or partial satisfaction of their claims) equal to Forty Thousand
Dollars ($40,000) plus two percent (2%) of the Success Amount; provided that
the aggregate Disposition Incentive Fee shall not exceed Seventy Thousand
Dollars ($70,000). The Success Amount shall equal the excess, if any, of the
Net Sales Proceeds over the aggregate amount paid by the Trust in full
satisfaction of the total amount then owed to Prudential and PNC. Any debt
that the Mall is taken subject to is deemed to be paid by the Trust for this
purpose. Net Sales Proceeds shall equal the stated sales price paid to the
Trust less any commission paid by the Trust to (a) third party broker(s).
Secondly, the Adviser shall receive a Merger Incentive Fee of Twenty-five
Thousand Dollars ($25,000) payable in cash (if payment in cash is not
practicable, payment may be made in the form of the same securities issued to
Shareholders in the applicable transaction) at the closing of the Trust's
merger with ART (or merger or similar transaction with another entity). If
the sale of the Mall to any Person occurs after termination of this
Agreement, Adviser shall nevertheless continue to be entitled to receive the
Disposition Incentive Fee if it was in negotiations with the Mall purchaser
during the term of this Agreement. If the merger occurs after the termination
of this Agreement, Adviser shall nevertheless

                                      -10-

<PAGE>

continue to be entitled to receive the Merger Incentive Fee if it
was engaged in negotiations with the merger partner (other than ART) during the
term of this Agreement.

         10.  COMPENSATION FOR ADDITIONAL SERVICES. If the Trust shall request
the Adviser (or any Affiliate or any officer or employee thereof) to render
services for the Trust other than those required to be rendered by the Adviser
hereunder, such additional services, if performed, will be compensated
separately on terms as are approved by the Trustees and subject in all instances
to approval by the Court.

         11.  STATEMENTS. The Adviser shall promptly furnish to the Trust
monthly statements showing the computation of the compensation payable to it.

         12.  EXPENSES OF ADVISER. Without regard to the amount of compensation
received hereunder by the Adviser, the Adviser shall bear the following
expenses:

              (a)  salaries and other employment expenses of the personnel
employed by the Adviser to assist it in performing its obligations hereunder and
of officers of the Trust who are provided pursuant to Paragraph 2(i) hereof;

              (b)  rent, telephone (other than long distance charges),
utilities, office furniture and equipment and other office expenses of the
Adviser, except as any of such expenses relate to an office

                                      -11-

<PAGE>

maintained by the Trust separate from the office of the Adviser or are acquired
or incurred to respond to a specific requirement of the Trust, requirement of
the Proceeding, or order of the Court; and

              (c)  all overhead expenses incurred by the Adviser.

         13.  EXPENSES OF THE TRUST. Except as expressly otherwise provided in
this Agreement, the Trust shall pay all expenses relating to services of the
Adviser in the performance of its duties hereunder, including without limitation
all legal and accounting expenses, not assumed by the Adviser, travel and
related out-of-pocket expenses incurred by officers and employees of the Adviser
and officers of the Trust who are provided pursuant to Paragraph 2(i) hereof,
long distance telephone charges, fax, courier, copying, mailing and other
similar costs and charges.

         14.  OTHER ACTIVITIES OF THE ADVISER. Nothing herein contained shall
prevent the Adviser from engaging in other activities, including, without
limitation, the management of other investments and the rendering of advice to
other investors (including other real estate programs), nor shall this Agreement
limit or restrict the right of any director, officer, employee or shareholder of
the Adviser or any Affiliate of the Adviser to serve as trustee, examiner,
receiver, special master, financial adviser or similar role in any court
proceeding, or to engage in any other business or to render services of any kind
to any other Person or court, provided that no such advice or services shall
disclose or utilize confidential information of the Trust or knowingly violate
the Adviser's obligations to act in the best interest of the Trust.

                                      -12-

<PAGE>

         15.  AGREEMENTS OF THE TRUST. The Trust shall:

              (a)  cause individuals who are employees of or otherwise
associated with the Adviser and who become officers of the Trust to be covered
by the Trust's current directors and officers liability insurance policy.

              (b)  promptly seek approval of this Agreement by the Court.

              (c)  use reasonable efforts to cause Greenfield to assist in
transition of advisory responsibilities as reasonably requested by the Adviser.

         16.  TRUSTEE ACTION. Wherever action on the part of the Trust or the
Trustees is contemplated in this Agreement, unless otherwise provided herein,
action by a majority of the Trustees, including a majority of the Unaffiliated
Trustees, shall constitute the action provided for herein.

         17.  TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in
force until January 17, 2001, and thereafter may be extended from year to year
by the affirmative vote or written consent of a majority of the Unaffiliated
Trustees. Notice of renewal shall be given in writing by the Trust to the
Adviser not less than thirty (30) days before the expiration of this Agreement
or of any extension thereof. Notwithstanding any other provision to the
contrary, this Agreement may be terminated without cause upon sixty (60) days'
written notice by a majority of the Unaffiliated Trustees to the Adviser and,
after January

                                      -13-

<PAGE>

17, 2000, upon one hundred eighty (180) days' written notice by the
Adviser to the Trust; provided that this Agreement shall automatically terminate
if and when the Court shall determine not to approve the terms of this
Agreement.

         18.  AMENDMENTS. This Agreement shall not be modified or terminated
except by an instrument in writing signed by both parties hereto and approved by
the Court. Any amendment to this Agreement shall require the written consent of
a majority of the Unaffiliated Trustees.

         19.  ASSIGNMENT. The Trust may terminate this Agreement immediately in
the event of its assignment by the Adviser without the consent of the Trust. Any
permitted assignment of this Agreement shall bind the assignee hereunder in the
same manner as the assignor is bound hereunder.

         20.  DEFAULT, BANKRUPTCY, ETC. At the option of the Trustees, this
Agreement shall be terminated immediately upon written notice of termination by
a majority of the Unaffiliated Trustees to the Adviser if any of the following
events shall occur:

              (a)  if the Adviser shall violate any provisions of this
Agreement, and after written notice of such violation shall not cure such
default within thirty (30) days; or

              (b)  if the Adviser shall be adjudged bankrupt or insolvent by a
court of competent jurisdiction, or any order shall be made by a court of
competent jurisdiction for the appointment of a

                                      -14-

<PAGE>

receiver, liquidator or trustee of the Adviser or of all or substantially all
its property by reason of the foregoing or approving any petition filed against
the Adviser for its reorganization, and such adjudication or order shall remain
in force or unstayed for a period of thirty (30) days; or

              (c)  if the Adviser shall institute proceedings for voluntary
bankruptcy or shall file a petition seeking reorganization under the Federal
bankruptcy laws, or for relief under any law for the relief of debtors, or shall
consent to the appointment of a receiver, or shall make a general assignment for
the benefit of its creditors, or shall admit in writing its inability to pay its
debts generally as they become due.

         The Adviser agrees that if any of the events specified in subsection
(b) or (c) of this Section shall occur, it will give written notice thereof to
the Trust promptly (but in any event not later than seven days) after the
occurrence of such event.

         21.  ACTION UPON TERMINATION. The Adviser shall not be entitled to
compensation for further services hereunder after the date of termination of
this Agreement, but shall be reimbursed for all expenses and shall be paid all
compensation accruing to the date of termination. The Adviser shall forthwith
upon such termination:

              (a)  pay over to the Trust all moneys collected and held for the
account of the Trust pursuant to this Agreement, after deducting any accrued
compensation and reimbursement for its expenses to which it is then entitled;

                                      -15-

<PAGE>

              (b)  deliver to the Trust a full accounting, including a statement
showing all payments collected by it and a statement of all moneys held by it,
covering the period following the date of the last accounting furnished to the
Trust;

              (c)  deliver to the Trust all property and documents of the Trust
then in the custody of the Adviser; and

              (d)  cooperate with the Trust and take all reasonable steps
requested to assist the Trustees in making an orderly transition of the advisory
function.

         22.  GOVERNING LAW. The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the Commonwealth of Pennsylvania
as at the time in effect.

         23.  LIMITATIONS OF LIABILITY. The Adviser assumes no responsibility
under this Agreement other than to render the services called for hereunder in
good faith, and shall not be responsible for any action of the Trust in
following or declining to follow any advice or recommendations of the Adviser.
None of the Adviser, its shareholders, directors, officers or employees shall be
liable to the Trust, the Trustees or the holders of Securities of the Trust
except by reason of acts constituting bad faith, willful misfeasance, gross
negligence or reckless disregard of their duties.

                                      -16-

<PAGE>

         24.  NOTICES. Any communication given hereunder shall be in writing
delivered at the address of the respective party at which that party most
recently has established its principal office, or at such other address as a
party shall have specified to the other party as the address for notices
hereunder.

         25.  TRUSTEES' AND SHAREHOLDERS' LIABILITY. The Declaration of Trust
provides that the name "EQK Realty Investors I" refers to the Trustees under the
Declaration of Trust collectively as Trustees, but not individually or
personally; and that no Trustee, officer, Shareholder, employee or agent of the
Trust shall be held to any personal liability, jointly or severally, for any
obligation of, or claim against, the Trust. All persons dealing with the Trust,
in any way, shall look only to the assets of the Trust for the payment of any
sum or the performance of any obligation.

         26.  RETENTION OF JURISDICTION. The parties hereto agree that the Court
shall have exclusive jurisdiction over any dispute arising with regard to this
Agreement or the interpretation of the provisions hereof.

         27.  EXECUTION IN COUNTERPARTS. This Agreement may be executed in
counterparts and by facsimile signatures.

         IN WITNESS WHEREOF, the Trust and the Adviser have each caused this
Agreement to be executed and delivered on its behalf as of the day first above
written.

                                      -17-

<PAGE>

                                  EQK REALTY INVESTORS I

                                  By: /s/ William G. Brown, Jr.
                                     ----------------------------
                                  Name: William G. Brown, Jr.
                                       --------------------------
                                  Title: Vice President
                                        -------------------------

                                  NEWLEAF CORPORATION

                                  By: /s/ Lloyd T. Whitaker
                                     ----------------------------
                                     Lloyd T. Whitaker, President

                                      -18-

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