Document:

ex_10-19.htm

    
      

      

    

    
      Exhibit
10.19

      

       

      FUNDS
ESCROW AGREEMENT

       

      This
Funds Escrow Agreement (this “Agreement”) is dated
as of October 31, 2007 among General Environmental Management, Inc., a Nevada
corporation (the “GEVM-NV”), General
Environmental Management, Inc., a Delaware corporation (the “GEVM-DE”), General
Environmental Management of Rancho Cordova, LLC (“Rancho”), GEM Mobile
Treatment Services Inc. (“GEM”)(collectively,
the “Company”),
Valens U.S. SPV I, LLC (“Valens US”), Valens
Offshore SPV II, Corp. (“Valens Offshore” and
together with Valens US, the “Purchasers”) and Loeb
& Loeb LLP (the “Escrow
Agent”).

       

      W I T N E S S E T H:

       

      WHEREAS,
the Agent has advised the Escrow Agent that (a) the Company, LV Administrative
Services, Inc., as agent (the “Agent”), and the
Purchasers have entered into a Securities Purchase Agreement (the “Purchase Agreement”)
for the sale by the Company to the Purchasers of secured convertible term notes
(the “Term
Notes”), (b) the Company has issued to the Purchasers common stock
purchase warrants (the “Warrants”) in
connection with the issuance of the Term Notes and (c) the Company and the
Purchasers have entered into a Registration Rights Agreement covering the
registration of the Company’s common stock underlying the Term Notes and the
Warrants (the “Registration Rights
Agreement”);

       

      WHEREAS,
the Company and the Purchasers wish to deliver to the Escrow Agent copies of the
Documents (as hereafter defined) and, following the satisfaction of all closing
conditions relating to the Documents, the Purchasers to deliver the Escrowed
Payment (as hereafter defined), in each case, to be held and released by Escrow
Agent in accordance with the terms and conditions of this
Agreement;

       

      WHEREAS,
the Escrow Agent is willing to serve as escrow agent pursuant to the terms and
conditions of this Agreement;

       

      NOW
THEREFORE, the parties agree as follows:

       

      ARTICLE
I

       

      INTERPRETATION

       

      1.1. Definitions.  Whenever
used in this Agreement, the following terms shall have the meanings set forth
below.

       

      (a) “Agreement” means this
Agreement, as amended, modified and/or supplemented from time to time by written
agreement among the parties hereto.

       

      (b) “Closing Payments”
means the closing payments to be paid to (a) Valens Capital Management, LLC, as
investment manager of the Purchasers, and (b) the Purchasers, in the aggregate
amount of $45,000.

       

      (c) “Creditor Parties”
means collectively, the Agent and the Purchasers.

       

      (d) “Disbursement Letter”
means that certain letter delivered to the Escrow Agent by the Company,
acceptable in form and substance to the Agent, setting forth wire instructions
and amounts to be funded at the Closing.

       

      (e) “Documents” means
copies of the Disbursement Letter, the Purchase Agreement, the Term Notes, the
Warrants and the Registration Rights Agreement.

       

      (f) “Escrowed Payment”
means $1,245,209.42.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      1.2. Entire
Agreement.  This Agreement constitutes the entire agreement
among the parties hereto with respect to the arrangement with the Escrow Agent
and supersedes all prior agreements, understandings, negotiations and
discussions of the parties, whether oral or written with respect to the
arrangement with the Escrow Agent.  There are no warranties,
representations and other agreements made by the parties in connection with the
arrangement with the Escrow Agent except as specifically set forth in this
Agreement.

       

      1.3. Extended
Meanings.  In this Agreement words importing the singular
number include the plural and vice versa; words importing the masculine gender
include the feminine and neuter genders.  The word “person” includes
an individual, body corporate, partnership, trustee or trust or unincorporated
association, executor, administrator or legal representative.

       

      1.4. Waivers and
Amendments.  This Agreement may be amended, modified,
superseded, cancelled, renewed or extended, and the terms and conditions hereof
may be waived, in each case only by a written instrument signed by all parties
hereto, or, in the case of a waiver, by the party waiving
compliance.  Except as expressly stated herein, no delay on the part
of any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof, nor shall any waiver on the part of any party of any right,
power or privilege hereunder preclude any other or future exercise of any other
right, power or privilege hereunder.

       

      1.5. Headings.  The
division of this Agreement into articles, sections, subsections and paragraphs
and the insertion of headings are for convenience of reference only and shall
not affect the construction or interpretation of this Agreement.

       

      1.6. Law Governing this
Agreement; Consent to Jurisdiction.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.  With respect to
any suit, action or proceeding relating to this Agreement or to the transactions
contemplated hereby (“Proceedings”), each party hereto irrevocably submits to
the exclusive jurisdiction of the courts of the County of New York, State of New
York and the United States District court located in the county of New York in
the State of New York.  Each party hereto hereby irrevocably and
unconditionally (a) waives trial by jury in any Proceeding relating to this
Agreement and for any related counterclaim and (b) waives any objection which it
may have at any time to the laying of venue of any Proceeding brought in any
such court, waives any claim that such Proceedings have been brought in an
inconvenient forum and further waives the right to object, with respect to such
Proceedings, that such court does not have jurisdiction over such
party.  As between the Company and the Purchasers, the prevailing
party shall be entitled to recover from the other party its reasonable
attorneys’ fees and costs.  In the event that any provision of this
Agreement is determined by a court of competent jurisdiction to be invalid or
unenforceable, then the remainder of this Agreement shall not be affected and
shall remain in full force and effect.

       

      1.7. Construction.  Each
party acknowledges that its legal counsel participated in the preparation of
this Agreement and, therefore, stipulates that the rule of construction that
ambiguities are to be resolved against the drafting party shall not be applied
in the interpretation of this Agreement to favor any party against the
other.

       

      ARTICLE
II

       

      APPOINTMENT
OF AND DELIVERIES TO THE ESCROW AGENT

       

      2.1. Appointment.  The
Company and the Purchasers hereby irrevocably designate and appoint the Escrow
Agent as their escrow agent for the purposes set forth herein, and the Escrow
Agent by its execution and delivery of this Agreement hereby accepts such
appointment under the terms and conditions set forth herein.

       

      2.2. Copies of Documents to
Escrow Agent.  On or about the date hereof, the Purchasers and
the Company shall deliver to the Escrow Agent copies of the Documents executed
by such parties.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      2.3. Delivery of Escrowed Payment
to Escrow Agent.  Following the satisfaction of all closing
conditions relating to the Documents (other than the funding of the Escrowed
Payment), the Purchasers shall deliver to the Escrow Agent the Escrowed
Payment.  At such time, the Escrow Agent shall hold the Escrowed
Payment as agent for the Company, subject to the terms and conditions of this
Agreement.

       

      2.4. Intention to Create Escrow
Over the Escrowed Payment.  The Purchasers and the Company
intend that the Escrowed Payment shall be held in escrow by the Escrow Agent and
released from escrow by the Escrow Agent only in accordance with the terms and
conditions of this Agreement.

       

      2.5. Termination of Escrow Over
the Escrowed Payment.  The Purchasers and the Company agree
that, if the Escrowed Payment (or any portion thereof) is not released within
five (5) business days of its delivery to the Escrow Agent, then Escrow Agent
shall return the Escrowed Payment to the Purchasers and all of the Company’s
Documents to the Company, and the Documents shall be void and of no further
force or effect.

       

      ARTICLE
III

       

      RELEASE
OF ESCROW

       

      3.1. Release of
Escrow.  Subject to the provisions of Section 4.2, the Escrow
Agent shall release the Escrowed Payment from escrow as follows:

       

      (a) Upon
receipt by the Escrow Agent of (i) oral instructions from David Grin and/or
Eugene Grin (each of whom is a principal of the Purchasers) consenting to the
release of the Escrowed Payment from escrow in accordance with the Disbursement
Letter following the Escrow Agent’s receipt of the Escrowed Payment, (ii) the
Disbursement Letter, and (iii) the Escrowed Payment, the Escrowed Payment shall
promptly be disbursed in accordance with the Disbursement Letter.  The
Disbursement Letter shall include, without limitation, Escrow Agent’s
authorization to retain from the Escrowed Payment Escrow Agent’s fee for acting
as Escrow Agent hereunder and the Closing Payments for delivery to Valens
Capital Management, LLC and to the Purchasers in accordance with the
Disbursement Letter.

       

      (b) Upon
receipt by the Escrow Agent of a final and non-appealable judgment, order,
decree or award of a court of competent jurisdiction (a “Court Order”) relating
to the Escrowed Payment, the Escrow Agent shall remit the Escrowed Payment in
accordance with the Court Order.  Any Court Order shall be accompanied
by an opinion of counsel for the party presenting the Court Order to the Escrow
Agent (which opinion shall be satisfactory to the Escrow Agent) to the effect
that the court issuing the Court Order is a court of competent jurisdiction and
that the Court Order is final and non-appealable.

       

      3.2. Acknowledgement of Company
and Purchasers; Disputes.  The Company and the Purchasers
acknowledge that the only terms and conditions upon which the Escrowed Payment
are to be released from escrow are as set forth in Sections 3 and 4 of this
Agreement.  The Company and the Purchasers reaffirm their agreement to
abide by the terms and conditions of this Agreement with respect to the release
of the Escrowed Payment.  Any dispute with respect to the release of
the Escrowed Payment shall be resolved pursuant to Section 4.2 or by written
agreement between the Company and Purchasers.

       

      ARTICLE
IV

       

      CONCERNING
THE ESCROW AGENT

       

      4.1. Duties and Responsibilities
of the Escrow Agent.  The Escrow Agent’s duties and
responsibilities shall be subject to the following terms and
conditions:

       

      (a) The
Purchasers and the Company acknowledge and agree that the Escrow Agent (i) shall
not be required to inquire into whether the Agent, the Company or any other
party is entitled to receipt of any Document or all or any portion of the
Escrowed Payment; (ii) shall not be called upon to construe or review any
Document or any other document, instrument or agreement entered into in
connection therewith; (iii) shall be obligated only for the performance of such
duties as are specifically assumed by the Escrow Agent pursuant to this
Agreement; (iv) may rely on and shall be protected in acting or refraining from
acting upon any written notice, instruction, instrument, statement, request or
document furnished to it hereunder and believed by the Escrow Agent in good
faith to be genuine and to have been signed or presented by the proper person or
party, without being required to determine the authenticity or correctness of
any fact stated therein or the propriety or validity or the service thereof; (v)
may assume that any person purporting to give notice or make any statement or
execute any document in connection with the provisions hereof has been duly
authorized to do so; (vi) shall not be responsible for the identity, authority
or rights of any person, firm or company executing or delivering or purporting
to execute or deliver this Agreement or any Document or any funds deposited
hereunder or any endorsement thereon or assignment thereof; (vii) shall not be
under any duty to give the property held by Escrow Agent hereunder any greater
degree of care than Escrow Agent gives its own similar property; and (viii) may
consult counsel satisfactory to Escrow Agent (including, without limitation,
Loeb & Loeb LLP or such other counsel of Escrow Agent’s choosing), the
opinion of such counsel to be full and complete authorization and protection in
respect of any action taken, suffered or omitted by Escrow Agent hereunder in
good faith and in accordance with the opinion of such counsel.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (b) The
Purchasers and the Company acknowledge that the Escrow Agent is acting solely as
a stakeholder at their request and that the Escrow Agent shall not be liable for
any action taken by Escrow Agent in good faith and believed by Escrow Agent to
be authorized or within the rights or powers conferred upon Escrow Agent by this
Agreement.  The Purchasers and the Company hereby, jointly and
severally, indemnify and hold harmless the Escrow Agent and any of Escrow
Agent’s partners, employees, agents and representatives from and against any and
all actions taken or omitted to be taken by Escrow Agent or any of them
hereunder and any and all claims, losses, liabilities, costs, damages and
expenses suffered and/or incurred by the Escrow Agent arising in any manner
whatsoever out of the transactions contemplated by this Agreement and/or any
transaction related in any way hereto, including the fees of outside counsel and
other costs and expenses of defending itself against any claims, losses,
liabilities, costs, damages and expenses arising in any manner whatsoever out
the transactions contemplated by this Agreement and/or any transaction related
in any way hereto, except for such claims, losses, liabilities, costs, damages
and expenses incurred by reason of the Escrow Agent’s gross negligence or
willful misconduct.  The Escrow Agent shall owe a duty only to the
Purchasers and the Company under this Agreement and to no other
person.

       

      (c) The
Purchasers and the Company shall jointly and severally reimburse the Escrow
Agent for its reasonable out-of-pocket expenses (including counsel fees (which
counsel may be Loeb & Loeb LLP or such other counsel of the Escrow Agent’s
choosing) incurred in connection with the performance of its duties and
responsibilities hereunder, which shall not (subject to Section 4.1(b)) exceed
$1,500.

       

      (d) The
Escrow Agent may at any time resign as Escrow Agent hereunder by giving five (5)
business days prior written notice of resignation to the Purchasers and the
Company.  Prior to the effective date of resignation as specified in
such notice, the Purchasers and Company will issue to the Escrow Agent a joint
instruction authorizing delivery of the Documents and the Escrowed Payment to a
substitute Escrow Agent selected by the Purchasers and the
Company.  If no successor Escrow Agent is named by the Purchasers and
the Company, the Escrow Agent may apply to a court of competent jurisdiction in
the State of New York for appointment of a successor Escrow Agent, and deposit
the Documents and the Escrowed Payment with the clerk of any such court, and/or
otherwise commence an interpleader or similar action for a determination of
where to deposit the same.

       

      (e) The
Escrow Agent does not have and will not have any interest in the Documents and
the Escrowed Payment, but is serving only as escrow agent, having only
possession thereof.

       

      (f) The
Escrow Agent shall not be liable for any action taken or omitted by it in good
faith and reasonably believed by it to be authorized hereby or within the rights
or powers conferred upon it hereunder, nor for action taken or omitted by it in
good faith, and in accordance with advice of counsel (which counsel may be Loeb
& Loeb LLP or such other counsel of the Escrow Agent’s choosing), and shall
not be liable for any mistake of fact or error of judgment or for any acts or
omissions of any kind except to the extent any such liability arose from its own
willful misconduct or gross negligence.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (g) This
Agreement sets forth exclusively the duties of the Escrow Agent with respect to
any and all matters pertinent thereto and no implied duties or obligations shall
be read into this Agreement.

       

      (h) The
Escrow Agent shall be permitted to act as counsel for the Creditor Parties or
the Company, as the case may be, in any dispute as to the disposition of the
Documents and the Escrowed Payment, in any other dispute between the Creditor
Parties and the Company, whether or not the Escrow Agent is then holding the
Documents and/or the Escrowed Payment and continues to act as the Escrow Agent
hereunder.

       

      (i) The
provisions of this Section 4.1 shall survive the resignation of the Escrow Agent
or the termination of this Agreement.

       

      4.2. Dispute Resolution;
Judgments.  Resolution of disputes arising under this Agreement
shall be subject to the following terms and conditions:

       

      (a) If any
dispute shall arise with respect to the delivery, ownership, right of possession
or disposition of the Documents and/or the Escrowed Payment, or if the Escrow
Agent shall in good faith be uncertain as to its duties or rights hereunder, the
Escrow Agent shall be authorized, without liability to anyone, to (i) refrain
from taking any action other than to continue to hold the Documents and the
Escrowed Payment pending receipt of a joint instruction from the Agent and the
Company, (ii) commence an interpleader or similar action, suit or proceeding for
the resolution of any such dispute; and/or (iii) deposit the Documents and the
Escrowed Payment with any court of competent jurisdiction in the State of New
York, in which event the Escrow Agent shall give written notice thereof to the
Purchasers and the Company and shall thereupon be relieved and discharged from
all further obligations pursuant to this Agreement.  The Escrow Agent
may, but shall be under no duty to, institute or defend any legal proceedings
which relate to the Documents and the Escrowed Payment.  The Escrow
Agent shall have the right to retain counsel if it becomes involved in any
disagreement, dispute or litigation on account of this Agreement or otherwise
determines that it is necessary to consult counsel which such counsel may be
Loeb & Loeb LLP or such other counsel of the Escrow Agent’s
choosing.

       

      (b) The
Escrow Agent is hereby expressly authorized to comply with and obey any Court
Order.  In case the Escrow Agent obeys or complies with a Court Order,
the Escrow Agent shall not be liable to the Creditor Parties, the Company or any
other person, firm, company or entity by reason of such compliance.

       

      ARTICLE
V

       

      GENERAL
MATTERS

       

      5.1. Termination.  This
escrow shall terminate upon disbursement of the Escrowed Payment in accordance
with the terms of this Agreement or earlier upon the agreement in writing of the
Agent and the Company or resignation of the Escrow Agent in accordance with the
terms hereof.

       

      5.2. Notices.  All
notices, requests, demands and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been duly given one
(1) day after being sent by telecopy (with copy delivered by overnight courier,
regular or certified mail):

       

      
        	
                If
      to any Company, to:

              	
                General
      Environmental Management, Inc., a Nevada corporation

                3191
      Temple Ave., Suite 250

                Pomona,
      CA 91768

                Attention:
      Chief Financial Officer

                Fax:
      909-444-9900

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
                With
      a copy to:

              	
                DeCastro,
      P.C.

                309
      Laurel Street

                San
      Diego, CA 92101

                Attention:
      Stanley Moskowitz

                Fax:
      619-702-9401

              
	 	 
	
                If
      to any Purchaser, to:

              	
                c/o
      Valens Capital Management, LLC

                335
      Madison Avenue, 10th Floor

                New
      York, New York 10017

                Attention:  Portfolio
      Services

                Fax:  212-581-5037

              
	 	 
	
                With
      a copy to:

              	
                Loeb
      & Loeb LLP

                345
      Park Avenue

                New
      York, New York 10154

                Attention:  Scott
      J. Giordano, Esq.

                Fax:  212-407-4990

              
	 	 
	
                If
      to the Escrow Agent, to:

              	
                Loeb
      & Loeb LLP

                345
      Park Avenue

                New
      York, New York 10154

                Attention:  Scott
      J. Giordano, Esq.

                Fax:  212-
      407-4990

              

      

       

      or to
such other address as any of them shall give to the others by notice made
pursuant to this Section 5.2.

       

      5.3. Interest.  The
Escrowed Payment shall not be held in an interest bearing account nor will
interest be payable in connection therewith.

       

      5.4. Assignment; Binding
Agreement.  Neither this Agreement nor any right or obligation
hereunder shall be assignable by any party without the prior written consent of
the other parties hereto.  This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective legal
representatives, successors and assigns.

       

      5.5. Invalidity.  In
the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal, or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be in any way impaired thereby, it being
intended that all of the rights and privileges of the parties hereto shall be
enforceable to the fullest extent permitted by law.

       

      5.6. Counterparts/Execution.  This
Agreement may be executed in any number of counterparts and by different
signatories hereto on separate counterparts, each of which, when so executed,
shall be deemed an original, but all such counterparts shall constitute but one
and the same agreement.  This Agreement may be executed by facsimile
or electronic transmission.

       

      [Remainder
of Page Intentionally Left Blank; Signature Pages to Follow]

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have executed this Funds Escrow Agreement as
of the date and year first above written.

       

      
        
          	 	COMPANY	 
	 	 	 
	 	GENERAL ENVIRONMENTAL MANAGEMENT, INC., a
      Nevada corporation
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Timothy
      J. Koziol	 
	 	 	Name:
      Timothy J. Koziol	 
	 	 	Title:
      C.E.O.	 

        

      

      
        
          
            	 	 	 
	 	GENERAL
      ENVIRONMENTAL MANAGEMENT, INC., a Delaware
      corporation
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ Timothy
      J. Koziol	 
	 	 	Name:
      Timothy J. Koziol	 
	 	 	Title:
      C.E.O.	 

          

        

        
          
            
              	 	 
	 	GENERAL
      ENVIRONMENTAL MANAGEMENT OF RANCHO CORDOVA, LLC
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/ Brett
      M. Clark	 
	 	 	Name:
      Brett M. Clark	 
	 	 	Title:
      Member	 

            

          

          
            
              
                	 	 	 
	 	GEM
      MOBILE TREATMENT SERVICES INC.
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/ Timothy
      J. Koziol	 
	 	 	Name:
      Timothy J. Koziol	 
	 	 	Title:
      C.E.O.	 

              

            

          

        

      

       

      
        
          
            	 	PURCHASERS:	 
	 	 	 
	 	VALENS U.S. SPV I,
      LLC
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ Patrick
      Regan	 
	 	 	Name:
      Patrick Regan	 
	 	 	Title:
      Authorized Signatory	 

          

        

        
          
            
              	 	 	 
	 	VALENS OFFSHORE
      SPV II, CORP.
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/ Patrick
      Regan	 
	 	 	Name:
      Patrick Regan	 
	 	 	Title:
      Authorized Signatory	 

            

             

          

          
            
              
                	 	ESCROW
      AGENT:
	 	 
	 	LOEB
      & LOEB LLP
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/ Scott
      J. Giordano	 
	 	 	Name:
      Scott J. Giordano	 
	 	 	Title:
      Partner	 

              

            

            
              
                
                

              

            

          

        

      

    

     

     

    7ex10_1.htm

    
      

    

    Exhibit
10.1

    
       

      EMPLOYMENT
AGREEMENT

      

      

      This
EMPLOYMENT AGREEMENT (“Agreement”) is made effective
as of January 2, 2007 (“Effective Date”) by and
between Equity One, Inc, a Maryland corporation (the “Company”), and Arthur L.
Gallagher (“Executive”).

       

      W
I T N E S S E T H:

       

      The
Company desires to continue to employ Executive as of the Effective Date, on the
terms and conditions set forth in this Agreement, and Executive desires to be so
employed.

       

      IN CONSIDERATION of the
premises and the mutual covenants set forth below, the parties hereby agree as
follows:

      

      Section
1.            Employment.  The
Company hereby agrees to employ Executive and Executive hereby agrees to such
employment, on the terms and conditions hereinafter set forth.

       

      Section
2.            Term.  The period
of employment of Executive by the Company hereunder (the “Employment Period”) shall
commence on the Effective Date and shall continue through December 31,
2009.  This Agreement and the Employment Period automatically shall be
renewed for successive one-year periods thereafter, unless either party gives
the other party prior written notice at least six months before the expiration
of the Employment Period of that party’s intent to allow the Employment Period
and this Agreement to expire.

       

      Section
3.            Position and Duties. From the
Effective Date and thereafter during the Employment Period, Executive shall
serve as Senior Vice President, General Counsel and Corporate Secretary of the
Company and shall report solely and directly to the Chief Executive
Officer.  Executive shall have those powers and duties normally
associated with such positions and such other powers and duties as the Chief
Executive Officer may properly prescribe, provided that such other powers and
duties are consistent with Executive’s position as Senior Vice President,
General Counsel and Corporate Secretary.  Executive shall devote his
full business time, attention and energies to Company affairs as are necessary
to fully perform his duties for the Company (other than absences due to illness
or vacation).

       

      Section
4.            Place of
Performance.  The principal place of employment of Executive
shall be at the Company’s corporate offices in North Miami Beach,
Florida.

       

      Section
5.            Compensation and Related
Matters.

       

      (a) 
Salary.  During
the Employment Period, the Company shall pay Executive an annual base salary of
not less than $275,000 (“Base
Salary”).  Executive’s Base Salary shall be paid in
approximately equal installments in accordance with the Company’s customary
payroll practices.  If the Company increases Executive’s Base Salary,
such increased Base Salary shall then constitute the Base Salary for all
purposes of this Agreement.  The Company may not decrease Executive’s
Base Salary during the Employment Period.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b) 
Annual
Bonus.  The compensation committee (the “Compensation Committee”) of
the Board of Directors of the Company (the “Board”) shall review with the
Chief Executive Officer the Executive’s performance at least annually during
each calendar year of the Employment Period and cause the Company to award
Executive such cash bonus (“Bonus”) as the Compensation
Committee shall reasonably determine as fairly compensating and rewarding
Executive for services rendered to the Company and/or as an incentive for
continued service to the Company with a target Bonus amount equal to
sixty  percent (60%) of the then Base Salary.  The amount of
Executive’s Bonus shall be determined in the discretion of the Compensation
Committee in consultation with the Chief Executive Officer and shall depend on,
among other things, the Company’s achievement of certain performance levels
established by the Compensation Committee, which may include, among others, such
performance measures as growth of earnings, funds from operations per share of
Company common stock, earnings per share of Company common stock and Executive’s
performance and contribution to increasing the funds from operations; provided,
however, that in no event shall the amount of Executive’s Bonus be less than
$100,000.  The Company shall pay any Bonus to Executive on or before
March 15th of the
calendar year following the calendar year to which the bonus
relates.

       

      (c)  Restricted Stock and Stock
Options.

       

      (i)           On
the Effective Date, the Company shall grant to Executive under the equity
compensation plans of the Company 7,500 shares of the Company’s restricted
stock.  Such shares of restricted stock shall vest in equal
installments on each of December 31, 2007, December 31, 2008 and December 31,
2009.  Dividends on restricted stock shall be paid to Executive at
such times as dividends are paid to shareholders of the Company’s common
stock.

       

      (ii)           On
the Effective Date, the Company shall grant to Executive under the equity
compensation plans of the Company options to purchase 30,000 shares of the
Company’s common stock.  Such stock options shall vest in equal
installments on each of December 31, 2007, December 31, 2008 and December 31,
2009.

       

      (iii)           During
each year of the Employment Period after the first year of the Employment
Period, the Compensation Committee shall review with the Chief Executive Officer
the Executive’s performance at least annually and cause the Company to grant to
Executive stock options and/or shares of restricted stock in the amount that the
Compensation Committee shall reasonably determine as fairly compensating and
rewarding Executive for services rendered to the Company and/or as an incentive
for continued service to the Company; provided, however, that in no event shall
the number and terms of such award be less favorable than granting to Executive
7,500 shares of restricted stock and options to purchase a number of shares of
the Company’s common stock equal to $100,000 divided by the per share “value” of
such options on the grant date (rounded to the nearest whole
share).  The “value” of a Company option shall be determined using the
Company’s then-current method of option valuation (e.g., binomial,
black-scholes, etc). Stock options or shares of restricted stock so granted or
issued shall vest in equal installments on each of the first, second and third
anniversaries of the date of grant thereof, provided however that in the event
the Company issues Executive a notice of non-renewal, all unvested restricted
stock and options shall vest as of the last day of the Employment
Period.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (iv)         Any
stock options granted to the Executive in accordance with this Agreement shall
have an exercise price equal to the closing price of a share of the Company’s
common stock on the principal stock exchange on which the Company’s common stock
is listed and traded on the date of grant thereof.  In addition,
Executive shall have the right to exercise all vested options within the six (6)
month period immediately following Executive’s termination of employment,
provided, however, that in the event Executive voluntarily terminates
Executive’s employment (for other than Good Reason), or the Company terminates
Executive’s employment for Cause, Executive shall only have ninety (90) days
following termination of employment to exercise Executive’s
options.  The grant of options and/or restricted stock to Executive
shall be evidenced by a separate written agreement(s) to be provided to
Executive. In the event of any conflict between the terms of such stock option
or restricted stock agreement or the plan relating thereto and the terms of this
Agreement, the terms of this Agreement shall control.

       

      (d) 
Expenses.  The
Company shall reimburse Executive for all reasonable expenses incurred by him in
the discharge of his duties hereunder, including travel expenses, upon the
presentation of reasonably itemized statements of such expenses in accordance
with the Company’s policies and procedures now in force or as such policies and
procedures may be modified with respect to all senior executive officers of the
Company.

       

      (e)  Vacation;
Illness.  Executive shall be entitled to the number of weeks of
vacation per year provided to the Company’s senior executive officers, but in no
event less than three (3) weeks annually.  Executive shall be entitled
to take up to 30 days of sick leave per year; provided, however, that any
prolonged illness resulting in absenteeism greater than the sick leave permitted
herein or disability shall not constitute “Cause” for termination under the
terms of this Agreement.

       

      (f)   Welfare, Pension and
Incentive Benefit Plans.  During the Employment Period,
Executive (and his wife and dependents to the extent provided therein) shall be
entitled to participate in and be covered under all the welfare benefit plans or
programs maintained by the Company from time to time on terms no less favorable
than provided for any of its senior executives including, without limitation,
all medical, hospitalization, dental, disability, accidental death and
dismemberment and travel accident insurance plans and programs.  In
addition, during the Employment Period, Executive shall be eligible to
participate in and be covered under all pension, retirement, savings and other
employee benefit, perquisite, change in control and executive compensation plans
and any annual incentive or long-term performance plans and programs maintained
from time to time by the Company on terms no less favorable than provided for
any of its senior executives.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (g)  Automobile. During
the Employment Period, the Company shall provide Executive with an automobile
allowance equal to $625 per month.

       

      (h)  Maintenance of License to
Practice Law.  During the Employment Period, Executive shall be
required to take all action necessary to, and shall, maintain his license to
practice law in the State of Florida.  Company shall reimburse
Executive for all expenses he incurs in connection with maintaining his license
to practice law, including without limitation appropriate license renewal fees
and expenses for continuing legal education courses.

       

      Section
6.            Termination.  Executive’s
employment hereunder may be terminated during the Employment Period under the
following circumstances:

       

      (a)  Death.  Executive’s
employment hereunder shall terminate upon his death.

       

      (b)  Disability.  If,
as a result of Executive’s incapacity due to physical or mental illness,
Executive shall have been substantially unable to perform his duties hereunder
for an entire period in excess of one hundred twenty (120) days in any 12-month
period despite any reasonable accommodation available from the Company, the
Company shall have the right to terminate Executive’s employment hereunder for
“Disability”, and such termination in and of itself shall not be, nor shall it
be deemed to be, a breach of this Agreement.

       

      (c)  Without Cause.  The Company
shall have the right to terminate Executive’s employment for any reason or for
no reason, which termination shall be deemed to be without Cause, and such
termination in and of itself shall not be, nor shall it be deemed to be, a
breach of this Agreement.

       

      (d)  Cause.  The
Company shall have the right to terminate Executive’s employment for Cause, and
such termination in and of itself shall not be, nor shall it be deemed to be, a
breach of this Agreement.  For purposes of this Agreement, the Company
shall have “Cause” to terminate Executive’s employment upon
Executive’s:

       

      (i)           Breach
of any material provisions of this Agreement;

       

      (ii)          Conviction
of a felony, capital crime or any crime involving moral turpitude, including but
not limited to crimes involving illegal drugs; or

       

      (iii)         Willful
misconduct that is materially economically injurious to the Company or to any
Company Affiliate.

       

      For purposes of this Section 6(d), no
act, or failure to act, by Executive shall be considered “willful” unless
committed in bad faith and without a reasonable belief that the act or omission
was in the best interests of the Company or Company Affiliate; provided,
however, that the willful requirement outlined in paragraph (iii) above shall be
deemed to have occurred if Executive’s action or non-action continues for more
than ten (10) days after Executive has received written notice of the
inappropriate action or non-action.  Failure to achieve performance
goals, in and of itself, shall not be grounds for a termination for
Cause.  For purposes of this Agreement, “Company Affiliate” means any
entity in control of, controlled by or under common control with the Company or
in which the Company owns any common or preferred stock or interest or any
entity in control of, controlled by or under common control with such entity
thereof.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      Cause
shall not exist under paragraph (i) or (iii) above unless and until the Company
has delivered to Executive written notice of its determination that Executive
was guilty of the conduct set forth in paragraph (i) or (iii) and specifying the
particulars thereof in detail.  However, in the case of conduct
described in paragraph (i), Cause will not be considered to exist unless
Executive is given 30 days from the date of such notice to cure such breach, or
if the breach cannot be reasonably cured within such 30 day period, to commence
to cure such breach, to the satisfaction of the Company, within such 30 day
period.  If Executive has not cured such breach to the satisfaction of
the Company within 90 days after the date of such notice, the Company shall give
a Notice of Termination to Executive.  In the event a final
determination is made by a court of competent jurisdiction that the Company’s
termination of Executive under this Section 6(d) does not meet the definition of
Cause, Executive will be deemed to have been terminated by the Company without
Cause.

       

      (e)  Following Change in
Control.  Within twelve (12) months after a Change in Control
occurs, Executive may resign his employment or his employment may be terminated
for any reason, including, without limitation, death or
Disability.  For purposes of this Agreement, such a termination of
employment (including, without limitation, as a result of such a resignation) is
referred to as “Termination Following Change in Control.”  For this
purpose, a “Change in Control” means:

       

      (i)        
   Consummation by the Company of (A) a reorganization, merger,
consolidation or other form of corporate transaction or series of transactions,
in each case, other than a reorganization, merger or consolidation or other
transaction that would result in the holders of the voting securities of the
Company outstanding immediately prior thereto holding securities that represent
immediately after such transaction more than 50% of the combined voting power of
the voting securities of the Company or the surviving company or the parent of
the surviving company, or (B) a liquidation or dissolution of the Company or (C)
the sale of all or substantially all of the assets of the Company;

       

      (ii)    
      Individuals who, as of the Effective Date,
constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board, provided (A) that any
person becoming a director subsequent to the Effective Date whose election, or
nomination for election by the Company’s stockholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board (other
than an election or nomination of an individual whose initial assumption of
office is in connection with an actual or threatened election contest relating
to the election of the Directors of the Company, as such terms are used in Rule
14a-11 of Regulation 14A promulgated under the Securities Exchange Act of 1934)
or (B) any individual appointed to the Board by the Incumbent Board shall be,
for purposes of this Agreement, considered as though such person were a member
of the Incumbent Board; or

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      (iii)      
   The acquisition (other than from the Company) by any person,
entity or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, of more than 26% of either the then outstanding
shares of the Company’s common stock or the combined voting power of the
Company’s then outstanding voting securities entitled to vote generally in the
election of directors (hereinafter referred to as the ownership of a “Controlling Interest”)
excluding, for this purpose, any acquisitions by (A) the Company or its
subsidiaries, or (B) any person, entity or “group” that as of the Effective Date
beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934) a Controlling Interest of the Company or any
affiliate of such person, entity or “group.”

       

      Executive
acknowledges and agrees that, notwithstanding anything in this Agreement to the
contrary, a Change in Control shall not be deemed to have occurred for purposes
of this Agreement if, after the consummation of any of the events described in
the definition of a Change in Control, Chaim Katzman remains Chairman of the
Board of the Successor Employer (as hereinafter defined) and if Gazit, Inc. and
its affiliates own in the aggregate 33% or more of the outstanding voting
securities of the Successor Employer.  For purposes of this Agreement,
the term “Successor Employer” shall mean the Company, the reorganized, merged or
consolidated Company (or the successor thereto), or the acquiror (through merger
or otherwise) of all or substantially all of the assets of the Company, as the
case may be.  If an event described in Section 6(e)(i), (e)(ii), or
(e)(iii) above occurs, but the event does not constitute a Change in Control
pursuant to the provisions of this paragraph, the Performance Period (as defined
in Exhibit A which is attached hereto and made part hereof) shall be deemed to
end on the business day immediately preceding the applicable event.

       

      (f)  Resignation Other Than
Termination Following Change in Control.  Executive shall have
the right to resign his employment by providing the Company with a Notice of
Termination, as provided in Section 7.  If such resignation occurs
other than within twelve (12) months after a Change in Control occurs,
Executive’s resulting termination of employment shall be considered as other
than Termination Following Change in Control.  Any termination
pursuant to this paragraph shall not in and of itself be, nor shall it be deemed
to be, a breach of this Agreement.

       

      (g)  Resignation For Good
Reason.  Executive shall
have the right to resign his employment for Good Reason.  For purposes
of this Agreement, Executive shall have Good Reason to terminate Executive’
employment upon:

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      (i)           the
material breach by the Company of any of its agreements set forth herein and the
failure of the Company to correct such breach within thirty (30) days after the
receipt by the Company of written notice from Executive specifying in reasonable
detail the nature of such breach; or

       

      (ii)          any
substantial or material diminution of Executive’s responsibilities including
without limitation reporting responsibilities and/or title.

       

      
        Section
7.           
Termination
Procedure.

      

       

      (a) 
Notice of
Termination.  Any termination of Executive’s employment by the
Company or by Executive (whether by resignation or otherwise) during the
Employment Period, except termination due to Executive’s death pursuant to
Section 6(a), shall be communicated by written Notice of Termination to the
other party hereto in accordance with Section 15.  For purposes of
this Agreement, a “Notice of Termination” shall mean a notice that states the
specific termination provision in this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so
stated.

       

      (b)  Date of
Termination.  The effective date of any termination of
Executive’s employment by the Company or by Executive (whether by resignation or
otherwise) (the “Date of
Termination”) shall be (i) if Executive’s employment is terminated by his
death, the date of his death, and (ii) if Executive’s employment is terminated
for any other reason by the Company or by Executive (whether by resignation or
otherwise), the date on which a Notice of Termination is given or any later date
(within thirty (30) days after the giving of such notice) set forth in such
Notice of Termination.

       

      Section
8.            Compensation Upon Termination or
During Disability.  If Executive experiences a Disability or
his employment terminates during the Employment Period, the Company shall
provide Executive with the payments and benefits set forth below; provided,
however, as a specific condition to being entitled to any payments or benefits
under this Section 8, Executive must have resigned as a director, trustee and
officer of the Company and all of its subsidiaries and as a member of any
committee of the board of directors of the Company and its subsidiaries of which
he is a member and must have joined the Company in having executed a mutual
release of both the Company and its Affiliates as well as Executive, in the form
attached hereto as Exhibit
A.  Executive acknowledges and agrees that the payments set
forth in this Section 8 constitute liquidated damages for termination of his
employment during the Employment Period, which the parties hereto have agreed to
as being reasonable, and Executive acknowledges and agrees that he shall have no
other remedies in connection with or as a result of any such
termination.

       

      (a)  Disability;
Death.  During any period that Executive fails to perform his
duties hereunder as a result of Disability, Executive shall continue to receive
his full Base Salary set forth in Section 5(a) and his full Bonus as set forth
in Section 5(b) until his employment is terminated pursuant to Section
6(b).  In addition, if Executive’s employment is terminated for
Disability pursuant to Section 6(b), or due to Executive’s death pursuant to
Section 6(a), in each case other than a Termination Following Change in
Control:

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      (i)           the
Company shall pay to Executive or his estate, as the case may be, a lump sum
payment as soon as practicable following the Date of Termination equal to (A)
his Base Salary, Accrued Bonus (as defined in Section 8(d) below) and accrued
vacation pay through the Date of Termination, plus (B) one of the
following two amounts, as applicable, (1) if there is one year or more remaining
in the Employment Period, the sum of Executive’s then current Base Salary for
one year plus his Average Bonus (as defined in Section 8(d) below), or (2) if
there is less than one year remaining in the Employment Period, the amount of
Base Salary (as provided for in Section 5(a)) Employee would have received
through the end of the Employment Period plus his Average Bonus pro rated for
the portion of the fiscal year following the date of termination through the end
of the Employment Period;

       

      (ii)   
      stock options and restricted stock granted
to Executive prior to the Date of Termination that were to vest based on the
passage of time shall fully vest as of the Date of Termination;

       

      (iii)    
    the Company shall reimburse Executive, or his estate, as
the case may be, pursuant to Section 5(d) for reasonable expenses incurred, but
not paid prior to such termination of employment; and

       

      (iv)         Executive
or his estate or named beneficiaries shall be entitled to any other rights,
compensation and/or benefits as may be due to Executive or his estate or named
beneficiaries in accordance with the terms and provisions of any agreements,
plans or programs of the Company.

       

      (b)  Termination By Company
Without Cause, Termination by Executive for Good Reason or Termination Following
Change in Control.  If Executive’s employment is terminated by
the Company without Cause, Executive terminates his employment with the Company
for Good Reason, or if Executive resigns or is terminated by reason of death or
Disability and such resignation or termination as a result of death or
Disability is a Termination Following Change in Control:

       

      (i)           the
Company shall pay to Executive his Base Salary, Accrued Bonus and accrued
vacation pay through the Date of Termination, as soon as practicable following
the Date of Termination;

       

      (ii)          the
Company shall pay to Executive as soon as practicable following the Date of
Termination a lump-sum payment equal to two (2) times the sum of Executive’s
then current Base Salary plus his Average Bonus;

       

      (iii)         in
the case of termination by the Company without Cause or termination by Executive
for Good Reason, stock options and restricted stock granted to Executive prior
to the Date of Termination that were to vest based on the passage of time shall
fully vest as of the Date of Termination;

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      (iv)          in
the case of Executive’s resignation or his termination by reason of death or
Disability and such resignation or termination as a result of death or
Disability is a Termination Following Change in Control (A) stock options and
restricted stock granted to Executive prior to the Date of Termination that were
to vest based on the passage of time shall fully vest as of the Date of
Termination; and (B) if Executive’s Date of Termination precedes the otherwise
applicable end-date for a performance period for stock options or restricted
stock granted to Executive pursuant to Section 5(c), or granted to Executive
under any equity-based award program sponsored by the Company, a percentage of
such stock options or restricted stock shall vest as of the Date of Termination
equal to the period of time that has elapsed since the date of award of such
stock options or restricted stock compared to the total time during the
performance period stated in the award of such stock options or restricted
stock;

       

      (vi)          the
Company shall reimburse Executive pursuant to Section 5(d) for reasonable
expenses incurred, but not paid prior to such termination of employment;
and

       

      (vii)         Executive
shall be entitled to any other rights, compensation and/or benefits as may be
due to Executive in accordance with the terms and provisions of any agreements,
plans or programs of the Company.

       

      (c)  Termination by the Company
for Cause or Resignation By Executive Other Than Termination For Good Reason and
other than  Termination Following Change in
Control.  If Executive’s employment is terminated by the
Company for Cause, or if Executive’s resignation is other than for Good Reason
or other than a Termination Following Change in Control:

       

      (i)           the
Company shall pay Executive his Base Salary and, to the extent required by law
or the Company’s vacation policy, his accrued vacation pay through the Date of
Termination, as soon as practicable following the Date of
Termination;

       

      (ii)          the
Company shall reimburse Executive pursuant to Section 5(d) for reasonable
expenses incurred, but not paid prior to such termination of employment, unless
such termination resulted from a misappropriation of Company funds;

       

      (iii)         Executive
shall be entitled to any other rights, compensation and/or benefits as may be
due to Executive in accordance with the terms and provisions of any agreements,
plans or programs of the Company; and

       

      (iv)         All
unvested stock options and unvested restricted stock granted to Executive shall
be forfeited.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (d)  Bonus.  If
Executive’s termination of employment occurs as of or after the end of any
fiscal year of the Company for which a Bonus would be payable to Executive
pursuant to Section 5(b) above and Executive’s termination is not for Cause and
Executive’s termination occurs prior to the date bonuses for senior executives
are paid for the fiscal year (including, without limitation, the Bonus),
Executive (or his estate, as the case may be) shall be entitled to payment of
any Bonus that is earned for such fiscal year without regard to whether
Executive’s termination of employment precedes the Bonus payment
date.  If Executive’s termination of employment occurs prior to the
end of any fiscal year of the Company for which a Bonus would be payable to
Executive pursuant to Section 5(b) above and Executive’s termination is not for
Cause or a voluntary termination by Executive (other than for Good Reason or a
Termination Following a Change of Control), Executive (or his estate, as the
case may be) shall be entitled to payment of a pro rated portion of the Bonus
calculated as follows:  Executive’s Average Bonus shall be multiplied
by a fraction the numerator of which shall be the number of days in the fiscal
year that elapsed prior to Executive’s termination of employment and the
denominator of which shall be 365.  The amount Executive is entitled
to under either of the two preceding sentences shall be referred to in this
Agreement as the “Accrued
Bonus”. For purposes of this Agreement, the “Average Bonus” shall mean the
average annual Bonus (not including any Bonus payable for the calendar year
including the Effective Date), if any, for the three (3) most recently completed
fiscal years.

       

      (e)   Tax Payment by the
Company.

       

      (i)            If
any amount or benefit paid or distributed to Executive pursuant to this
Agreement, taken together with any amounts or benefits otherwise paid or
distributed to Executive by the Company or any affiliated company (collectively,
the “Covered Payments”),
are or become subject to the tax (the “Excise Tax”) imposed under
Section 4999 of the Code, or any similar tax that may hereafter be imposed, the
Company shall pay to Executive at the time specified below an additional amount
(the “Tax Reimbursement
Payment”) such that the net amount retained by Executive with respect to
such Covered Payments, after deduction of any Excise Tax on the Covered Payments
and any Federal, state and local income or employment tax and Excise Tax on the
Tax Reimbursement Payment provided for by this Section 8(e), but before
deduction for any Federal, state or local income or employment tax withholding
on such Covered Payments, shall be equal to the amount of the Covered
Payments.

       

      (ii)          For
purposes of determining whether any of the Covered Payments will be subject to
the Excise Tax and the amount of such Excise Tax:  (A) such Covered
Payments will be treated as “parachute payments” within the meaning of Section
280G of the Code, and all “parachute payments” in excess of the “base amount”
(as defined under Section 280G(b)(3) of the Code) shall be treated as subject to
the Excise Tax, unless, and except to the extent that, in the good faith
judgment of the Company’s independent certified public accountants appointed
prior to the date of the Change in Control or tax counsel selected by such
accountants (the “Accountants”), the Company has
a reasonable basis to conclude that such Covered Payments (in whole or in part)
either do not constitute “parachute payments” or represent reasonable
compensation for personal services actually rendered (within the meaning of
Section 280G(b)(4)(B) of the Code) in excess of the allocable “base amount,” or
such “parachute payments” are otherwise not subject to such Excise Tax, and (B)
the value of any non-cash benefits or any deferred payment or benefit shall be
determined by the Accountants in accordance with the principles of Section 280G
of the Code.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      (iii)         For
purposes of determining the amount of the Tax Reimbursement Payment, Executive
shall be deemed to pay:  (A) Federal income, social security, Medicare
and other employment taxes at the highest applicable marginal rate of Federal
income taxation for the calendar year in which the Tax Reimbursement Payment is
to be made, and (B) any applicable state and local income or other employment
taxes at the highest applicable marginal rate of taxation for the calendar year
in which the Tax Reimbursement Payment is to be made, net of the maximum
reduction in Federal income taxes that could be obtained by Executive from the
deduction of such state or local taxes if paid in such year.

       

      (iv)         The
Tax Reimbursement Payment (or portion thereof) provided for above shall be paid
to Executive not later than 10 business days following the payment of the
Covered Payments.

       

      (v)          If
the Excise Tax is subsequently determined by the Accountants or pursuant to any
proceeding or negotiations with the Internal Revenue Service to be less than the
amount taken into account hereunder in calculating the Tax Reimbursement Payment
made, Executive shall repay to the Company, at the time of such determination,
the portion of the prior Tax Reimbursement Payment that would not have been paid
if the reduced Excise Tax had been taken into account in initially calculating
the Tax Reimbursement Payment, plus interest on the amount of such repayment at
the rate provided in Section 1274(b)(2)(b) of the
Code.  Notwithstanding the foregoing, if any portion of the Tax
Reimbursement Payment to be refunded to the Company has been paid to any
Federal, state or local tax authority, repayment thereof shall not be required
until actual refund or credit of such portion has been made to Executive, and
interest payable to the Company shall not exceed interest received or credited
to Executive by such tax authority for the period it held such
portion.  Executive and the Company shall mutually agree upon the
course of action to be pursued (and the method of allocating the expenses
thereof) if Executive’s good faith claim for refund or credit is
denied.

       

      (vi)         If
the Excise Tax is later determined by the Accountants or pursuant to any
proceeding or negotiations with the Internal Revenue Service to exceed the
amount taken into account hereunder at the time the Tax Reimbursement Payment is
made (including, but not limited to, by reason of any payment the existence or
amount of which cannot be determined at the time of the Tax Reimbursement
Payment), the Company shall make an additional Tax Reimbursement Payment in
respect of such excess (plus any interest or penalty payable with respect to
such excess) at the time that the amount of such excess is finally
determined.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      (f)  Tax Compliance Delay in
Payment.  If the Company reasonably determines that any payment
or benefit due under this Section 8, or any other amount that may become due to
Executive after termination of employment, is subject to Section 409A of the
Internal Revenue Code of 1986 (“Code”), as amended, and that
Executive is a “specified employee,” as defined in Code Section 409A, upon
termination of Executive’s employment for any reason other than death (whether
by resignation or otherwise), no amount may be paid to Executive earlier than
six months after the date of termination of Executive’s employment if such
payment would violate the provisions of Code Section 409A and the regulations
issued thereunder, and payment shall be made, or commence to be made, as the
case may be, on the date that is six months and one day after the termination of
Executive’s employment, together with interest at the rate of five percent (5%)
per annum beginning with the date one day after the termination of Executive’s
employment until the date of payment.

       

      Section
9.             Repayment By Executive. Executive acknowledges
and agrees that the bonuses and other incentive-based or equity-based
compensation received by him from the Company, and any profits realized from the
sale of securities of the Company, are subject to the forfeiture requirements
set forth in the Sarbanes-Oxley Act of 2002 and other applicable laws, rules and
regulations, under the circumstances set forth therein.  If any such
forfeiture is required pursuant to the Sarbanes-Oxley Act of 2002 or other
applicable law, rule or regulation, within thirty (30) days after notice thereof
from the Company, Executive shall pay to the Company the amount required to be
forfeited.

       

      Section
10.           Confidential Information; Ownership
of Documents and Other Property.

       

      (a)  Confidential
Information.  Without the prior written consent of the Company,
except as may be required by law, Executive will not, at any time, either during
or after his employment by the Company, directly or indirectly divulge or
disclose to any person, entity, firm or association, including, without
limitation, any future employer, or use for his own or others benefit or gain,
any financial information, prospects, customers, tenants, suppliers, clients,
sources of leads, methods of doing business, intellectual property, plans,
products, data, results of tests or any other trade secrets or confidential
materials or like information of the Company, including (but not by way of
limitation) any and all information and instructions, technical or otherwise,
prepared or issued for the use of the Company (collectively, the “Confidential Information”), it
being the intent of the Company, with which intent Executive hereby agrees, to
restrict him from disseminating or using any like information that is not
readily available to the general public.

       

      (b)  Information is Property of
Company.  All books,
records, accounts, tenant, customer, client and other lists, tenant, customer
and client street and e-mail addresses and information (whether in written form
or stored in any computer medium) relating in any manner to the business,
operations, or prospects of the Company, whether prepared by Executive or
otherwise coming into Executive’s possession, shall be the exclusive property of
the Company and shall be returned immediately to the Company upon the expiration
or termination of Executive’s employment or at the Company’s request at any
time.  Upon the expiration or termination of his employment, Executive
will immediately deliver to the Company all lists, books, records, schedules,
data, and other information (including all copies) of every kind relating to or
connected with the Company and its activities, business, and
customers.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      Section
11.           Restrictive Covenant; Notice of
Activities.

       

      (a)  Restricted
Activities.  During the
Employment Period and for a period of one (1) year after the expiration or
termination of Executive’s employment, whether by resignation or otherwise,
(except if Executive’s employment is terminated by the Company without Cause or
by Executive for Good Reason, or if Executive’s termination of employment
constitutes a Termination Following Change in Control or results due to
non-renewal of this Agreement), Executive shall not, without the prior written
consent of the Company, directly or indirectly, (i) enter into the employment
of, render any services to, invest in, lend money to, engage, manage, operate,
own, or otherwise offer other assistance to or participate in, as an officer,
director, manager, employee, principal, proprietor, representative, stockholder,
member, partner, associate, consultant or otherwise, any person or entity that
competes, plans to compete or is considering competing with the Company in any
business of the Company existing or proposed at the time Executive shall cease
to perform services hereunder (a “Competing Entity”) in any
state in which the Company conducts material operations (defined as accounting
for 10% or more of the Company’s revenue), or owns assets the value of which
totals 10% or more of the total value of the Company’s assets, at any time
during the term of this Agreement (collectively, the “Territory”); (ii) interfere
with or disrupt or diminish or attempt to disrupt or diminish, or take any
action that could reasonably be expected to disrupt or diminish, any past or
present or prospective relationship, contractual or otherwise, between the
Company and any tenant, customer, supplier, sales representative, consultant or
employee of the Company; (iii) directly or indirectly solicit for employment or
attempt to employ, or assist any other person or entity in employing or
soliciting for employment, either on a full-time or part-time or consulting
basis, any employee (whether salaried or otherwise, union or non-union) of the
Company who within one year of the time Executive ceased to perform services
hereunder had been employed by the Company, or (iv) communicate with, solicit,
accept business or enter into any business relationship with any person or
entity who was a tenant or customer of the Company or any present or future
tenant or customer of the Company (including without limitation tenants or
customers previously or in the future generated or produced by Executive), in
any manner that interferes with or disrupts or diminishes or might interfere
with or might disrupt or diminish such tenant’s or customer’s relationship with
the Company, or in an effort to obtain such tenant or customer as a tenant or
customer of any person in the Territory. Notwithstanding the foregoing,
Executive shall be permitted to own up to a five percent equity interest in a
publicly traded Competing Entity.

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      (b)  Notice and
Procedure.  Executive shall
inform in writing any person or entity that seeks to employ or engage him in any
capacity, of his noncompetition obligations under this Agreement, prior to
accepting such employment or engagement.  Executive shall also inform
the Company in writing of such prospective employment or engagement prior to
accepting such employment or engagement.  If the Company or the
Executive has any concerns that any of Executive’s proposed or actual
post-employment activities may be restricted by, or otherwise in violation of,
this Section 11, such party shall notify the other party of such concerns and,
prior to the Company commencing any action to enforce its rights under this
Section 11 or Executive seeking a declaratory judgment with respect to his
obligations under this Section 11, the Company and Executive shall meet and
confer to discuss the prospective employment or engagement, and shall provide
the other party with an opportunity to explain why such prospective employment
or engagement either does or does not violate this Section 11; provided,
however, that Company’s obligations to give notice under this clause and to meet
with Executive before commencing any action shall not apply if Executive has not
provided notice before engaging in activities that Company reasonably believes
violate this Section 11.  Any such meeting shall occur within three
business days of notice and may be held in person or by telephonic, video
conferencing or similar electronic means.

       

      Section
12.           Violations of
Covenants.

       

      (a) 
Injunctive
Relief.  Executive agrees
and acknowledges that (i) the services to be rendered by him hereunder are of a
special and original character that gives them unique value, (ii) that the
provisions of Sections 10 and 11, are, in view of the nature of the business of
the Company, reasonable and necessary to protect the legitimate interests of the
Company, (iii) that his violation of any of the covenants or agreements
contained in this Agreement would cause irreparable injury to the Company, (iv)
that the remedy at law for any violation or threatened violation thereof would
be inadequate, and (v) that the Company shall be entitled to temporary and
permanent injunctive or other equitable relief as it may deem appropriate
without the accounting of all earnings, profits, and other benefits arising from
any such violation, which rights shall be cumulative and in addition to any
other rights or remedies available to the Company.  Executive hereby
agrees that in the event of any such violation, the Company shall be entitled to
commence an action, suit or proceeding in any court of appropriate jurisdiction
for any such preliminary and permanent injunctive relief and other equitable
relief.

       

      (b)  Enforcement.  The Company and
Executive recognize that the laws and public policies of the various states of
the United States and the District of Columbia may differ as to the validity and
enforceability of certain of the provisions contained
herein.  Accordingly, if any provision of this Agreement shall be
deemed to be invalid or unenforceable, as may be determined by a court of
competent jurisdiction, this Agreement shall be deemed to delete or modify, as
necessary, the offending provision and to alter the balance of this Agreement in
order to render the same valid and enforceable to the fullest extent permissible
as aforesaid.

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      Section
13.           Key Man” Insurance. Executive agrees to
facilitate the Company to purchase and maintain “Key Man Insurance” in an amount
desired by the Company for the benefit of the Company and to reasonably
cooperate with the Company and its designated insurance agent to facilitate the
purchase and maintenance of such insurance.

       

      Section
14.           Successors; Binding
Agreement.

       

      (a)  Company’s
Successors.  No rights or obligations of the Company under this
Agreement may be assigned or transferred except that the Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume 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
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company that
executes and delivers the agreement contemplated by this Section 14 or that
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

       

      (b)  Executive’s
Successors.  No rights or obligations of Executive under this
Agreement may be assigned or transferred other than his rights to payments or
benefits hereunder, which may be transferred only by will or the laws of descent
and distribution.  Upon Executive’s death, this Agreement and all
rights of Executive hereunder shall inure to the benefit of and be enforceable
by Executive’s beneficiary or beneficiaries, personal or legal representatives,
or estate, to the extent any such person succeeds to Executive’s interests under
this Agreement.  Executive shall be entitled to select and change a
beneficiary or beneficiaries to receive any benefit or compensation payable
hereunder following Executive’s death by giving the Company written notice
thereof.  In the event of Executive’s death or a judicial
determination of his incompetence, references in this Agreement to Executive
shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or
other legal representative(s).  If Executive should die following his
Date of Termination while any amounts would still be payable to him hereunder if
he had continued to live, all such amounts unless otherwise provided herein
shall be paid in accordance with the terms of this Agreement to such person or
persons so appointed in writing by Executive, or otherwise to his legal
representatives or estate.

       

      Section
15.           Notice.  All
notices or other communications that are required or permitted hereunder shall
be in writing and sufficient if delivered personally, or sent by
nationally-recognized, overnight courier or by registered or certified mail,
return receipt requested and postage prepaid, addressed as follows:

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	
                To
      the Employer:

              	
                Equity
      One, Inc.

                1600
      NE Miami Gardens Drive

                North
      Miami Beach, Florida 33179

                Attention:
      Chief Executive Officer

              
	 
      	 
      
	
                To
      Executive:

              	
                Arthur
      L. Gallagher

                Equity
      One, Inc.

                1600
      NE Miami Gardens Drive

                North
      Miami Beach, Florida 33179

              

      

      

      or to
such other address as any party may have furnished to the others in writing in
accordance herewith.  All such notices and other communications shall
be deemed to have been received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of delivery by nationally-recognized,
overnight courier, on the business day following dispatch and (c) in the case of
mailing, on the third business day following such mailing.

       

      Section
16.           Attorneys’
Fees.  The Company shall reimburse Executive for the reasonable
attorneys’ fees and costs incurred by Executive in connection with the review,
negotiation and execution of this Agreement.  If either party is
required to seek legal counsel to interpret or enforce the terms and provisions
of this Agreement, the prevailing party in any action, suit or proceeding shall
be entitled to recover reasonable attorneys’ fees and costs (including on
appeal).

       

      Section
17.           Miscellaneous.  No provisions of this
Agreement may be amended, modified, or waived unless such amendment or
modification is agreed to in writing signed by Executive and by a duly
authorized officer of the Company, and such waiver is set forth in writing and
signed by the party to be charged.  No waiver by either party hereto
at any time of any breach by the other party hereto of any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.  No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have
been made by either party that are not set forth expressly in this
Agreement.  The respective rights and obligations of the parties
hereunder of this Agreement shall survive the expiration or termination of
Executive’s employment (whether by resignation or otherwise) and the expiration
or termination of this Agreement to the extent necessary for the intended
preservation of such rights and obligations.  The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Florida without regard to its conflicts of law
principles.  Each party unconditionally and irrevocably agrees that
the exclusive forum and venue for any action, suit or proceeding shall be in
Miami-Dade County, Florida, and consents to submit to the exclusive
jurisdiction, including, without limitation, personal jurisdiction, and forum
and venue of the Circuit Courts of the State of Florida or the United States
District Court for the Southern District of Florida, in each case, located in
Miami-Dade County, Florida.

       

      Section
18.           Validity.  The
invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.  In the event
that any provision or provisions contained in this Agreement shall be deemed
illegal or unenforceable, the remaining provisions contained in this Agreement
shall remain in full force and effect, and this Agreement shall be interpreted
as if such illegal or unenforceable provision or provisions were not contained
in this Agreement.

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      Section
19.           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 instrument.

       

      Section
20.           Entire
Agreement.  This Agreement sets forth the entire agreement of
the parties hereto in respect of the subject matter contained herein and
supersedes all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any
officer, director, employee or representative of any party hereto in respect of
such subject matter.  Any prior agreement of the parties hereto in
respect of the subject matter contained herein is hereby terminated and
canceled.

       

      Section
21.           Withholding.  All
payments hereunder shall be subject to any required withholding of Federal,
state and local taxes pursuant to any applicable law or regulation.

       

      Section
22.           Insurance; Indemnity.
Executive shall be covered by the Company’s directors’ and officers’ liability
insurance policy, and errors and omissions coverage, to the extent such coverage
is generally provided by the Company to its directors and officers and to the
fullest extent permitted by such insurance policies.  Nothing herein
is or shall be deemed to be a representation by the Company that it provides, or
a promise by the Company to obtain, maintain or continue any liability insurance
coverage whatsoever for its executives.  In addition, the Company
shall enter into its standard indemnity agreement by which Company commits to
indemnify a Company officer in connection with claims, suits or proceedings
arising as a result of Executive’ service to the Company.

       

      Section
23.           Section
Headings.  The section headings in this Agreement are for
convenience of reference only, and they form no part of this Agreement and shall
not affect its interpretation.

       

      [Remainder of this Page Intentionally
left Blank]

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      The
parties hereto have executed this Agreement effective as provided
above.

      

      

      
        	 
      	
                EQUITY
      ONE, INC.

              
	 
      	 
      
	 
      	
                By:

              	/s/
      Jeffrey S. Olson
	 
      	 
      	
                Jeffrey  S.
      Olson

              
	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer  and President

              
	 	 	Date:	January
      2, 2007
	 
      	 
      
	 
      	 
      
	 
      	/s/
      Arthur L. Gallagher
	 
      	
                Arthur
      L. Gallagher

              
	 
      	 
      	
                Date:

              	
                January 2,
      2007

              

      

       

      Exhibit A
– Form of Release

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      EXHIBIT
A TO EMPLOYMENT AGREEMENT

      BETWEEN
EQUITY ONE, INC. AND ARTHUR L. GALLAGHER

      

      

      The following form of release is
provided pursuant to Section 8 of the Employment Agreement between Equity One,
Inc. and Arthur L. Gallagher effective January 2, 2007.

      

      MUTUAL
GENERAL RELEASE

      

      

      Equity
One, Inc., and its agents, servants, officers, directors, employees,
predecessors, subsidiaries, affiliates, and successors, are hereinafter
collectively referred to as “Employer.”

      

      Arthur L.
Gallagher, his heirs, successors and assigns are hereinafter referred to as
“Employee.”

      

      WHEREAS, this Employer and
Employee previously entered into an Employment Agreement that governed the terms
and conditions of Employee’s employment by Employer, a copy of which is attached
and made a part hereof (the “Agreement”).

      

      WHEREAS, this Mutual General
Release (this “Release”)
is the release referred to in Section 8 of the Agreement.

      

      WHEREAS, following execution
of this Release and expiration of the seven-day revocation period referred to in
Section 10 below, Employee will be entitled to payment of certain amounts, and
other rights, referred to in Section 8 of the Agreement.

      

      WHEREAS, Employee desires to
compromise, finally settle, and fully release actual or potential claims
including those related to Employee’s employment and termination of employment
that Employee in any capacity may have or claim to have against
Employer.

      

      WHEREAS, Employee acknowledges
that Employee is waiving his rights or claims only in exchange for consideration
in addition to anything of value to which he already is entitled.

      

      NOW,
THEREFORE, in consideration of the foregoing and the Employer’s agreement to pay
the amounts described in Section 8___ of the Agreement [list specific subsection
under which payment will be made], Employer and Employee agrees as
follows:

      

      Section
1.             The
recitals above are true and correct.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      Section
2.             Except
as provided in Section 3 below, effective upon Employee’s receipt of the amounts
described in Section 8___ of the Agreement, Employee does hereby release and
discharge Employer from any and all claims, demands or liabilities whatsoever,
whether known or unknown, which Employee ever had or may now have against the
Employer, from the beginning of time to the date of this Release, including,
without limitation, any claims, demands or liabilities in connection with
Employee’s employment, including wrongful termination, breach of express or
implied contract, unpaid wages, or pursuant to any federal, state, or local
employment laws, regulations, or executive orders prohibiting inter alia, age, race, sex,
national origin, religion, handicap, and disability discrimination, such as the
Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
the Civil Rights Act of 1966, the Employee Retirement Income Security Act of
1974, the Americans with Disabilities Act of 1990, the Rehabilitation Act of
1973, the Florida Private Sector Whistleblower Act, the Fair Labor Standards
Act, the Immigration Reform and Control Act, the Florida Civil Rights Act, the
Family and Medical Leave Act, the Florida and Federal Constitutions; and any and
all other federal, state, and local laws and regulations prohibiting, without
limitation, discrimination in employment, retaliation, conspiracy, tortious or
wrongful discharge, breach of an express or implied contract, breach of a
covenant of good faith and fair dealing, intentional and/or negligent infliction
of emotional distress, defamation, misrepresentation or fraud, negligence,
negligent supervision, hiring, or retention, assault, battery, detrimental
reliance, or any other offense.

      

      Section
3.             Employee’s
release provided in Section 2 above does not waive (a) Employer’s obligations
under the Agreement, (b) rights or claims that may arise after this Release is
executed, or (c) rights under this Release.

      

      Section
4.             Except
as provided in Section 5 below, Employer does hereby release and discharge
Employee from any and all claims, demands or liabilities whatsoever, whether
known or unknown or suspected to exist by Employer that Employer ever had or may
now have against Employee from the beginning of time to the date of this Release
including without limitation any claims, demands or liabilities in connection
with Employee’s employment or termination of employment including without
limitation breach of contract, wrongful termination, retaliation, assault,
battery, negligence, negligent supervision, hiring or retention, intentional
and/or negligent infliction of emotional distress, defamation and promissory
estoppel

      

      Section
5.             Employer’s
release provided in Section 4 above does not waive: (a) any claims that are not
waivable by law, (b) rights or claims that may arise after this Release is
executed, (c) rights under this Release, (d) any criminal, malicious, dishonest
or fraudulent acts committed by Employee in violation of any federal or state
laws or regulations, (e) any breach of fiduciary duty Employee owed or owes to
Employer, (f) any gross negligence or willful misconduct by Employee in the
performance of his obligations under the Agreement and (g) any obligations of
Employee to Employer under the Agreement that continue beyond expiration of the
Agreement.

      

      Section
6.             Employee
acknowledges that, during his employment with Employer, he had access to
Confidential Information, as defined in Section 10(a) of the
Agreement.  Employee agrees that he will not at any time, unless
required by court order, judgment or decree, or as directed by the Employer’s
Board of Directors, directly or indirectly use, divulge, furnish or make
accessible any Confidential Information to any other person or
entity.

      

      Section
7.             Employee
represents and warrants that he has not taken any documents that contain or
represent Confidential Information, proprietary information or trade secrets of
the Employer.  Employee agrees, as a condition precedent to receipt of
any money pursuant to this Release, that he will deliver to Employer all books,
records, accounts, tenant, customer, client and other lists, tenant, customer
and client street and e-mail addresses and information (whether in written form
or stored in any computer medium) relating in any manner to the business,
operations, or prospects of the Employer, whether prepared by Employee or
otherwise coming into Employee’s possession, and any and all books, notebooks,
financial statements, passwords, codes, manuals, cellular telephones, computers,
palm pilots, software, hardware, floppy disks, corporate credit cards, keys,
electronic beeper or other electronic device, data and other documents and
materials in his possession or control relating to any of Employer’s
Confidential Information, or which is otherwise the property of
Employer.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      Section
8.             Employee
acknowledges that Employer will not pay any consideration other than as provided
for by this Release.

      

      Section
9.             Employee
fully understands that if any fact with respect to which this Release is
executed is found hereafter to be different from the facts Employee now believes
to be true, he expressly accepts and assumes the risk of such possible
difference in fact and agrees that this Release shall be effective
notwithstanding such difference in fact.

      

      Section
10.           Pursuant to
the provisions of the Older Workers Benefit Protection Act (OWBPA), which
applies to Employee’s waiver of rights under the Age Discrimination in
Employment Act, Employee has had a period of at least twenty-one (21) days
within which to consider whether to execute this Release.  Also
pursuant to the OWBPA, Employee may revoke the Release within seven (7) days of
its execution.  It is specifically understood that this Release shall
not become effective or enforceable until the seven-day revocation period has
expired.  Consideration for this Release as described in Section 8___
of the Agreement shall be paid by Employer to Employee upon the later of (a)
expiration of the seven-day revocation period or (b) the date provided for in
the Agreement.

      

      Section
11.           Employee
acknowledges that, pursuant to the OWBPA, Employer advised Employee, in writing,
to consult with an attorney before executing this Release.

      

      Section
12.           This
Release does not constitute an admission of a violation of any law, order,
regulation, or enactment, or of wrongdoing of any kind by Employer or Employee
and is entered into by the parties solely to end any controversy between
them.

      

      Section
13.           This
Release shall be governed by and construed and enforced in accordance with the
laws of the State of Florida, both substantive and remedial.  Each
party unconditionally and irrevocably agrees that the exclusive forum and venue
for any action, suit or proceeding involving the Release shall be in Miami-Dade
County, Florida, and consents to submit to the exclusive jurisdiction,
including, without limitation, personal jurisdiction, and forum and venue of the
Circuit Courts of the State of Florida or the United States District Court for
the Southern District of Florida, in each case, located in Miami-Dade County,
Florida.

      

      Section
14.           The failure
of any provision of this Release shall in no manner affect the right to enforce
the same, and the waiver by any party of any breach of any provision of this
Release shall not be construed to be a waiver of such party of any succeeding
breach of such provision or a waiver by such party of any breach of any other
provision.  In the event that any provision or portion of this Release
shall be determined to be invalid or unenforceable for any reason, the remaining
provisions of this Release shall be unaffected thereby and shall remain in full
force and effect.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      Section
15.           This Release
represents the entire understanding and agreement between the parties with
respect to the subject matter hereof and there are no promises, agreements,
conditions, undertakings, warranties, or representations, whether written or
oral, express or implied, between the parties other than as set forth
herein.  This Release cannot be amended, supplemented, or modified
except by an instrument in writing signed by the parties against whom
enforcement of such amendment, supplement or modification is
sought.

      

      Section
16.           This
Release may be executed and delivered (including by facsimile transmission) in
one or more counterparts, and by the parties hereto in separate counterparts,
each of which when executed shall be deemed to be an original, but all of which
taken together shall constitute one and the same Release.

      

      Section
17.           EMPLOYEE
STATES THAT HE HAS CAREFULLY READ THIS RELEASE, IT HAS BEEN FULLY EXPLAINED TO
HIM, THAT HE HAS HAD THE OPPORTUNITY TO HAVE IT REVIEWED BY AN ATTORNEY, AND
THAT HE FULLY UNDERSTANDS ITS FINAL AND BINDING EFFECT, AND THAT THE ONLY
PROMISES MADE TO HIM TO SIGN THE RELEASE ARE THOSE STATED IN THE RELEASE, AND
THAT EMPLOYEE IS SIGNING THIS RELEASE VOLUNTARILY WITH THE FULL INTENT OF
RELEASING EMPLOYER OF ALL CLAIMS DESCRIBED HEREIN.

      

      The
parties hereto have executed this Release effective upon execution by the last
party to execute this Release, subject to expiration of the seven-day revocation
period referred to in Section 10 above.

       

      
        	 
      	
                EQUITY
      ONE, INC.

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	
                 Date:

              	
                 

              
	 
      	 
      
	 
      	 
	 
      	
                Arthur
      L. Gallagher

              
	 
      	 
      	
                Date:

              	
                 

              

      

      

         

        4

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