Document:

Exhibit 10.161  Form Rest Stock Award Agreement Officer-2012 Inc Comp Plan

FORM 
AGREEMENT

Exhibit 10.161
RESTRICTED STOCK AWARD AGREEMENT
Issued Pursuant to the
Glimcher Realty Trust
2012 Incentive Compensation Plan 

THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”), effective _______________ (the “Effective Date”), represents the grant of restricted stock (“Stock”) by Glimcher Realty Trust (the “Company”), to __________ (the “Participant”) pursuant to the terms, provisions, and definitions of the Glimcher Realty Trust 2012 Incentive Compensation Plan (the “Plan”), which was adopted on February 15, 2012 by the Company’s Board of Trustees (“Board”) and approved on May 10, 2012 by the Company’s common shareholders.  Stock granted hereby is intended to be restricted and shall be subject to the restrictions set forth in this Agreement and the Plan.
The Plan provides a complete description of the terms and conditions governing the Stock. If there is any inconsistency between the provisions of this Agreement and the provisions of the Plan, the Plan’s provisions shall completely supersede and replace the inconsistent or conflicting provisions of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. The parties hereto agree as follows:
1.General Stock Grant Information. The individual named above has been selected to be a Participant in the Plan and receive shares of Stock, as specified below (the “Shares”):
		
	a.
	Date of Grant:  _____________.

		
	b.
	Number of Shares Granted: _____________.

		
	c.
	Type of Shares Granted: _____________.

		
	d.
	Price Per Share on the Date of Grant: $__________.

		
	e.
	Latest Vesting Date:  _____________.

2.Grant of Stock. The Company hereby grants to the Participant the Shares set forth above, at the stated per share price, which is one hundred percent (100%) of the Fair Market Value (defined herein) of a Share on the Date of Grant (defined above), in the manner and subject to the terms and conditions of the Plan and this Agreement.  The Executive Compensation Committee has determined that the “Fair Market Value” of a Share on the Date of Grant is equal to the closing market price of the Shares on the New York Stock Exchange on the Date of Grant.

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3.Restrictions.

a.Transfer Restrictions.  Except as otherwise provided in Section 4, the Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, at any time prior to the periods and in accordance with the lapsing schedule set forth below in Section 3(c).  No sale, transfer, pledge, assignment, alienation or hypothecation of the Shares in violation of this Section 3(a), whether voluntary or involuntary, by operation of law or otherwise, shall be valid as to any person, assignee or transferee with respect to any interest in the Shares whatsoever.  The Participant shall continue to be treated as the owner of the Shares for purposes of this Agreement and shall continue to be bound by all of the terms and provisions hereof.  The restrictions set out in this Section 3(a) are referred to in this Agreement as the “Transfer Restrictions.”

b.Employee Forfeiture Restrictions. Upon the termination of the Participant’s employment with the Company, or any of its Subsidiaries or Affiliates, for any reason, all Shares that are not the Vested Shares (as defined below) held by the Participant, or any guardian or legal representative, at the effective date of such termination, shall immediately be returned to and canceled by the Company and shall be deemed to have been forfeited by the Participant (the “Forfeiture Restrictions”); provided that the Executive Compensation Committee may, in its sole and absolute discretion, allow the Participant to retain the Shares for a period of time after such termination date to be specified in writing by the Executive Compensation Committee.

c.Lapse of Employee Forfeiture and Transfer Restrictions.  To the extent the Participant remains in the continuous employment of the Company through the Vesting Date specified below, the Forfeiture Restrictions under Section 3(b) and Transfer Restrictions under Section 3(a) hereof shall lapse as follows: 

	
		
	

Vesting Date
	Percentage of Shares Granted for Which
Forfeiture and Transfer Restrictions Shall Have Lapsed

	Third Annual Anniversary of Date of Grant
	33%

	Fourth Annual Anniversary of Date of Grant
	66%

	Fifth Annual Anniversary of Date of Grant
	100%

Shares with respect to which the Forfeiture Restrictions and Transfer Restrictions shall have lapsed under this Section 3(c) (the “Vested Shares”) will, effective on and after the Vesting Date, thereafter be free of the Forfeiture Restrictions set forth in Section 3(b) and Transfer Restrictions under Section 3(a) but such Vested Shares will continue to be subject to all of the remaining terms and conditions of this Agreement as applicable.  Any Shares for which the Transfer Restrictions have not yet lapsed in accordance with this Section 3(b) shall, for purposes of this Agreement, not be considered Vested Shares (the “Non-Vested Shares”).

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AGREEMENT

4.Administration. This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Executive Compensation Committee may adopt for administration of the Plan. It is expressly understood that the Executive Compensation Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.  Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan.

5.Reservation of Shares.  At all times there shall be reserved for issuance and/or delivery upon grant such number of shares of Stock as shall be required for issuance or delivery upon the grant of the Shares hereunder. 

6.Adjustments.  The Shares subject to this Agreement shall also be subject to adjustment in accordance with Section 4.4 of the Plan.

7.Exclusion from Pension Computations.  By acceptance of the grant pursuant to this Agreement, the Participant hereby agrees that any income or gain realized upon the receipt of the Stock hereof, upon the disposition of the Shares received, or upon the lapse of the restrictions pursuant to the terms of this Agreement, is special incentive compensation and shall not be taken into account, to the extent provided under the applicable plan documents and to the extent permissible under applicable law, as “wages,” “salary,” or “compensation” in determining the amount of any payment under any pension, retirement, incentive, profit sharing, bonus or deferred compensation plan of the Company or any of its Subsidiaries or Affiliates.

8.Amendment.  The Executive Compensation Committee may, with the consent of the Participant, at any time or from time to time amend the provisions, terms and conditions of this Agreement, and may at any time or from time to time amend the provisions, terms and conditions of this Agreement in accordance with the Plan and applicable law.

9.Notices.  Any notice which either party hereto may be required or permitted to give to the other shall be in writing, and may be delivered personally or by mail, postage prepaid, or overnight courier, addressed as follows:  if to the Company, at its office at 180 East Broad Street, 21st Floor, Attn: General Counsel, Columbus, Ohio 43215 or at such other address as the Company by notice to the Participant may designate in writing from time to time; and if to the Participant, at the address shown below his or her signature on this Agreement, or at such other address as the Participant by notice to the Company may designate in writing from time to time.  Notices shall be effective upon receipt.

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10.    Withholding Taxes.  The Company shall have the right to withhold from a Participant, or otherwise require such Participant to pay, any Withholding Taxes (defined below) arising as a result of the grant of any Shares, the lapse of any Forfeiture Restrictions or Transfer Restrictions on any Shares, the transfer of any Shares, any tax election by the Participant, or any other taxable event.  If the Participant shall fail to make such Withholding Tax payments when and as required, the Company (or its Affiliates or Subsidiaries) shall, to the extent permitted by law, have the right to deduct any such Withholding Taxes from any payment of any kind otherwise due to such Participant or to take such other action as may be necessary to satisfy such Withholding Taxes.  If the Participant makes an election pursuant to Section 83(b) of the Code concerning a Restricted Share Award then the Participant shall submit a copy of such election to the Company.  In satisfaction of the requirement to pay Withholding Taxes, the Participant may make a written election which may be accepted or rejected in the discretion of the Executive Compensation Committee, to tender other Shares to the Company (either by actual delivery or attestation, in the sole discretion of the Executive Compensation Committee, provided that, except as otherwise determined by the Executive Compensation Committee, the Shares that are tendered must have been held by the Participant for at least six (6) months prior to their tender to satisfy the Grant Price or have been purchased on the open market), having an aggregate Fair Market Value equal to the Withholding Taxes.  “Withholding Taxes” means any federal, state, or local income, employment, payroll, or similar tax related to the Shares that are required to be withheld by the Company.

11.Registration; Legend.  The Company may postpone the issuance and delivery of Shares under this Agreement until (a) the admission of such Shares to listing on any stock exchange or exchanges on which Stock of the Company of the same class are then listed and (b) the completion of such registration or other qualification of such Shares under any state or federal law, rule or regulation as the Company shall determine to be necessary or advisable.  The Participant shall make such representations and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company, in light of the then existence or non-existence with respect to such Shares of an effective registration statement under the Securities Act of 1933, as amended, to issue the Shares in compliance with the provisions of that or any comparable act.  The Company may cause the following or a similar legend to be set forth on each certificate representing the Stock granted hereunder unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary:

THE SALE OR TRANSFER OF THE COMMON SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY, OR BY OPERATION OF LAW, IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE 2012 INCENTIVE COMPENSATION PLAN (THE “PLAN”), AND IN THE ASSOCIATED RESTRICTED STOCK AWARD AGREEMENT FOR THE HOLDER HEREOF. A COPY OF THE PLAN AND SUCH RESTRICTED STOCK AWARD AGREEMENT MAY BE OBTAINED FROM GLIMCHER REALTY TRUST. 

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AGREEMENT

12.Miscellaneous

a.This Agreement shall not confer upon the Participant any right to continuation of employment by the Company, nor shall this Agreement interfere in any way with the Company’s right to terminate the Participant’s employment at any time.

b.The Participant shall, to the extent permitted by applicable law, have full voting rights as a stockholder of the Company with respect to the Shares granted hereunder and the right to receive applicable dividends for the Stock granted hereunder.

c.With the approval of the Board, the Executive Compensation Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant’s rights under this Agreement or be contrary to applicable law.

d.This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
e.To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with the laws of the State of New York.

f.All obligations of the Company under the Plan and this Agreement, with respect to the Shares, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

g.The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

h.By executing this Agreement and accepting this Award or other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board, or the Executive Compensation Committee.

i.The Participant, every person claiming under or through the Participant, and the Company hereby waives to the fullest extent permitted by applicable law any right to a trial by jury with respect to any litigation directly or indirectly arising out of, under, or in connection with the Plan or this Agreement issued pursuant to the Plan.

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j.This Agreement, the Plan, and any certificate representing the Stock (including an electronic certificate) granted hereunder shall constitute the entire agreement and understanding between the Participant and the Company concerning the grant of the Stock hereunder and with respect to the subject matter contained herein. This Agreement, the Plan, and any certificate representing the Stock (including an electronic certificate) granted hereunder supersede all prior agreements and the understandings between the Parties with respect to the grant of the Stock hereunder and with respect to the subject matter contained herein.

13.Exculpation.  This Agreement and all documents, agreements, understandings and arrangements relating hereto have been executed by the undersigned in his/her capacity as an officer or Trustee of the Company, which has been formed as a Maryland real estate investment trust pursuant to its Declaration of Trust, as amended and restated, and not individually, and neither the trustees, officers or shareholders of the Company nor the trustees, directors, officers or shareholders of any Subsidiary or Affiliate of the Company shall be bound or have any personal liability hereunder or thereunder.  Each party hereto shall look solely to the assets of the Company for satisfaction of any liability of the Company in respect of this Award and all documents, agreements, understanding and arrangements relating hereto and will not seek recourse or commence any action against any of the trustees, officers, agents or shareholders of the Company or any of the trustees, directors, agents, officers or shareholders of any Subsidiary or Affiliate of the Company, or any of their personal assets for the performance or payment of any obligation hereunder or thereunder.  The foregoing shall also apply to any future documents, agreements, understandings, arrangements and transactions between the parties hereto.

14.Change in Control of the Company.     Any Non-Vested Shares granted to the Participant hereunder shall immediately vest in their entirety on the day immediately prior to the date of a Change in Control of the Company and no longer be subject to Transfer Restrictions stated herein.

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AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

GLIMCHER REALTY TRUST

By:        

Print Name:                

Title:        

ACKNOWLEDGED & ACCEPTED:

_______________________________________
Signature

Print Name:    _____________________________

Address:    _____________________________
_____________________________
_____________________________

7Exhibit 10.162  Form Award Agmt for PSs 2012 Inc Comp Plan

FORM 
AGREEMENT

Exhibit 10.162

PERFORMANCE SHARE AWARD AGREEMENT

Issued Pursuant to the
Glimcher Realty Trust
2012 Incentive Compensation Plan 

THIS PERFORMANCE SHARE AWARD AGREEMENT (“Agreement”), effective __________________________ (the “Effective Date”), represents the allocation of performance shares (“Performance Shares”) by Glimcher Realty Trust, a Maryland real estate investment trust (the “Company”), to _____________________________________ (the “Participant”) pursuant to the Glimcher Realty Trust 2012 Incentive Compensation Plan (the “Plan”), which was adopted on February 15, 2012 by the Company’s Board of Trustees and approved on May 10, 2012 by the Company’s common shareholders. This Award is made pursuant to and subject to the terms and conditions of the Plan.  Capitalized terms not herein defined shall have the meaning ascribed to such terms in the Plan.  The Performance Shares allocated and awarded under this Agreement (“Award”) are intended to be Performance-Based Compensation as that term is defined under the Plan. This Award represents the right to receive one Share for each Performance Share earned by satisfaction of the performance measures and goals set forth in Sections 2 and 3 of this Agreement.  

1.Share Allocation. The Participant has been selected to participate in the Plan and to receive a contingent allocation of Performance Shares as described below.  If the Performance Goal stated herein is satisfied at the end of the Performance Period specified below, a transfer of the Shares described below will occur during calendar year ________:
		
	(a)
	Date of Grant of Performance Share Allocation:  _______________.

		
	(b)
	Performance Period: ___________________.

		
	(c)
	Performance Measure: The Company’s Total Shareholder Return (“TSR”).

		
	(d)
	Performance Goal: Any one of the percentile rankings of the Company’s TSR relative to the group of companies listed in Exhibit A of this Agreement (the “Peer Group”).

		
	(e)
	Number of Performance Shares Allocated for Transfer: ___________.

		
	(f)
	Grant Date Fair Market Value of Shares represented by Performance Share Allocation (per Share valuation): $_________.

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2.    Performance Measure.
		
	(a)
	Determination of TSR.  For purposes of measuring the TSR of the Shares against the TSR of the common stock of each component company of the Peer Group as of the end of the Performance Period, the TSR of a respective common stock shall be equal to: (a) the Market Value (as defined below) of the sum of: (i) one share of common stock plus (ii) any additional shares acquired as a result of the dividend reinvestment described below with respect to such one share and any additional shares acquired as a result of the dividend reinvestment, at the end of the Performance Period, divided by (b) the Market Value of one share of common stock at the beginning of the Performance Period, minus one (1.00).  For purposes of measuring TSR under this section, where dividends are payable on a share of common stock, dividends shall be assumed to be cumulatively reinvested in shares (or fractional shares) of common stock at the Market Value of the common stock on the day the dividends are paid. For purposes of this Agreement, the term “Market Value” shall mean the closing price of the respective common stock as reported on the New York Stock Exchange (or such other established national stock exchange (or exchanges) on which such common stock is traded) on the applicable measurement date. 

		
	(b)
	Adjustments to TSR.  TSR of a respective common stock of a component company of the Peer Group and of the Company shall be adjusted to take into account stock splits, reverse stock splits, and special dividends that occur during the Performance Period.

		
	(c)
	Certification of Achievement of Performance Goal.  During calendar year _____, following the end of the Performance Period and prior to any transfer of Shares by the Company pursuant to this Agreement to Participant, the Executive Compensation Committee of the Company’s Board of Trustees, or such other person, group, or entity appointed by the Board of Trustees to administer the Plan (the “Committee”), shall certify in writing that one of the Performance Goals described in Section 3 of this Agreement has been satisfied as of the end of the Performance Period. 

		
	(d)
	Prohibition on Increasing the Number of Shares Transferred to Participant. The Committee is prohibited from increasing the number of Shares that shall be transferred to the Participant in accordance with Section 3 of the Agreement, unless otherwise permitted by Section 162(m) of the Code and the terms of the Plan.

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AGREEMENT

3.    Transfer of Shares.
		
	(a)
	Performance Goals and Determination of the Number of Shares to Transfer to the Participant.  The determination of the number of Shares to be transferred to the Participant shall be based on the Company’s relative percentile ranking of its TSR over the Performance Period relative to the Peer Group. Each relative percentile ranking that generates a transfer of Shares to the Participant in accordance with the chart below is considered a Performance Goal. If the Company satisfies one of the below Performance Goals and the Committee certifies the achievement of the Performance Goal pursuant to Section 2(c) of the Agreement, the Company shall transfer Shares to the Participant, subject to paragraph (b) below and Sections 4 and 5 of the Agreement, in accordance with the following chart:

	
		
	Performance Goals:
If the Relative TSR Performance (Percentile Rank vs. Peer Companies) is:
	The number of Shares permitted to be transferred to the Participant shall be:

	90th percentile and above (Maximum)
	200% of Performance Shares Allocated

	89th percentile
	197.5% of Performance Shares Allocated

	88th percentile
	195% of Performance Shares Allocated

	87th percentile
	192.5% of Performance Shares Allocated

	86th percentile
	190% of Performance Shares Allocated

	85th percentile
	187.5% of Performance Shares Allocated

	84th percentile
	185% of Performance Shares Allocated

	83rd percentile 
	182.5% of Performance Shares Allocated

	82nd percentile
	180% of Performance Shares Allocated

	81st percentile 
	177.5% of Performance Shares Allocated

	80th percentile 
	175% of Performance Shares Allocated

	79th percentile 
	172.5% of Performance Shares Allocated

	78th percentile 
	170% of Performance Shares Allocated

	77th percentile 
	167.5% of Performance Shares Allocated

	76th percentile 
	165% of Performance Shares Allocated

	75th percentile 
	162.5% of Performance Shares Allocated

	74th percentile 
	160% of Performance Shares Allocated

	73rd percentile 
	157.5% of Performance Shares Allocated

	72nd percentile 
	155% of Performance Shares Allocated

	71st percentile 
	152.5% of Performance Shares Allocated

	70th percentile 
	150% of Performance Shares Allocated

	69th percentile 
	147.5% of Performance Shares Allocated

	68th percentile 
	145% of Performance Shares Allocated

	67th percentile 
	142.5% of Performance Shares Allocated

	66th percentile 
	140% of Performance Shares Allocated

	65th percentile 
	137.5% of Performance Shares Allocated

	64th percentile 
	135% of Performance Shares Allocated

	63rd percentile 
	132.5% of Performance Shares Allocated

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	62nd percentile 
	130% of Performance Shares Allocated

	60th percentile 
	125% of Performance Shares Allocated

	61st percentile
	127.5% of Performance Shares Allocated

	59th percentile 
	122.5% of Performance Shares Allocated

	58th percentile 
	120% of Performance Shares Allocated

	57th percentile 
	117.5% of Performance Shares Allocated

	56th percentile 
	115% of Performance Shares Allocated

	55th percentile 
	112.5% of Performance Shares Allocated

	54th percentile 
	110% of Performance Shares Allocated

	53rd percentile 
	107.5% of Performance Shares Allocated

	52nd percentile 
	105% of Performance Shares Allocated

	51st percentile 
	102.5% of Performance Shares Allocated

	50th percentile  (Target)
	100% of Performance Shares Allocated

	49th percentile 
	96.7% of Performance Shares Allocated

	48th percentile 
	93.3% of Performance Shares Allocated

	47th percentile 
	90% of Performance Shares Allocated

	46th percentile 
	86.7% of Performance Shares Allocated

	45th percentile 
	83.3% of Performance Shares Allocated

	44th percentile 
	80% of Performance Shares Allocated

	43rd percentile 
	76.7% of Performance Shares Allocated

	42nd percentile 
	73.3% of Performance Shares Allocated

	41st percentile 
	70% of Performance Shares Allocated

	40th percentile 
	66.7% of Performance Shares Allocated

	39th percentile 
	63.3% of Performance Shares Allocated

	38th percentile 
	60% of Performance Shares Allocated

	37th percentile 
	56.7% of Performance Shares Allocated

	36th percentile 
	53.3% of Performance Shares Allocated

	35th percentile (Threshold)
	50% of Performance Shares Allocated

	Below 35th percentile 
	0% of Performance Shares Allocated

		
	(b)
	Impact of TSR of Less than Zero (0%). If the Participant is eligible to receive a transfer of Shares pursuant to paragraph (a) above and the TSR for the Shares at the end of the Performance Period is less than zero percent (0%), then the transfer of Shares to the Participant shall be limited to no more than fifty (50%) percent of the Performance Shares Allocated for Transfer to the Participant or such lesser number of Shares as determined by the Committee, in its sole discretion.

		
	(c)
	Date of Transfer of Shares. The Shares transferred to the Participant by the Company may be subject to any restrictions deemed appropriate by the Committee or required by applicable law.  Except as provided in Section 6 hereof, all of the Shares shall be transferred in a single transaction during calendar year ____ (the “Transfer Date”).

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4.    Forfeiture.  If prior to the end of the Performance Period the employment of the Participant terminates with the Company, or any Subsidiary or Affiliate, for any reason other than Disability (as defined below) or death, this Award shall be forfeited and no Shares shall be transferred.
5.    Death and Disability.
		
	(a)
	Death.  In the event the Participant’s employment with, or performance of services for the Company, or any Affiliate or Subsidiary, is terminated or otherwise ceases as a result of the Participant’s death, the Participant’s estate, subject to subsection (c) of Section 5 of this Agreement, shall retain for the duration of the Performance Period the Participant’s eligibility to receive a transfer of Shares in respect of the Performance Shares allocated to the Participant in Section 1(e) herein.  Any such transfer of Shares shall be made on the Transfer Date, and the Performance Shares granted hereunder, and/or the right to receive Shares on the Transfer Date, shall be transferred to a legal representative or administrator of the Participant’s estate, unless such issuance is otherwise restricted by applicable law.

		
	(b)
	Disability.  In the event the Participant’s employment with, or performance of services for the Company, or any Affiliate or Subsidiary, is terminated or otherwise ceases as a result of the Participant’s Disability, the Participant, subject to subsection (c) of Section 5 of this Agreement, shall retain for the duration of the Performance Period the Participant’s eligibility to receive a transfer of Shares in respect of the Performance Shares allocated to the Participant in Section 1(e) herein.  Any such transfer of Shares shall be made on the Transfer Date.  For purposes of this Agreement, the term “Disability” means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than 12 months, the permanence and degree of which shall be supported by medical evidence satisfactory to the Committee. Notwithstanding anything to the contrary set forth herein, the Committee shall determine, in its sole and absolute discretion in accordance with Code Section 409A, (i) whether the Participant has ceased to perform services of any kind due to a Disability and, if so, (ii) the first date of such Disability.

		
	(c)
	Reduction of Award.  Notwithstanding anything in this Agreement to the contrary, in the event the Participant dies or becomes subject to a Disability during the Performance Period, the number of Performance Shares otherwise allocated to the Participant shall be proportionately reduced at the end of the Performance Period by the percentage of the Performance Period during which the Participant was not in active service with the Company or an Affiliate or was affected by the Disability.

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6.    Change in Control of the Company.  If a Change in Control of the Company occurs during the Performance Period, then the Performance Period shall conclude on the effective date of the Change in Control of the Company for all purposes under this Agreement and the determination of the number of Shares to be transferred to the Participant shall be made in accordance with Section 3 of the Agreement. Any transfer of Shares required under this Section 6 shall be made on the effective date of the Change in Control of the Company.
7.    Administration.  This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as amended from time to time, as well as to such rules and regulations as the Committee, or such other person, group, or entity appointed by the Board of Trustees to administer the Plan, may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.  If there is any inconsistency between the terms of this Agreement and the Plan, then the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.
8.    Reservation of Shares.  The Company hereby agrees that at all times there shall be reserved for issuance and/or delivery such number of Shares as shall be required for transfer pursuant to this Award and Agreement.
9.    Exclusion from Pension Computations.  By acceptance of the allocation and, if any, final award pursuant to this Agreement, the Participant hereby agrees that any income or gain realized upon the receipt of the Shares hereunder, upon the disposition of the Shares received, or upon the lapse of any restrictions pursuant to the terms of this Agreement, is special incentive compensation and shall not be taken into account, to the extent provided under the applicable plan documents and to the extent permissible under applicable law, as “wages,” “salary,” or “compensation” in determining the amount of any payment under any pension, retirement, incentive, profit sharing, bonus, or deferred compensation plan of the Company or any Subsidiary or Affiliates.
10.    Amendment.  The Committee may at any time or from time to time amend the provisions, terms and conditions of this Agreement in accordance with the Plan and applicable law.
11.    Notices.  Any notice which either party hereto may be required or permitted to give to the other shall be in writing, and may be delivered personally or by mail, postage prepaid, or overnight courier, addressed as follows:  if to the Company, at its office at 180 East Broad Street, Suite 21, Attn: General Counsel, Columbus, Ohio 43215 or at such other address as the Company by notice to the Participant may designate in writing from time to time; and if to the Participant, at the address shown below his or her signature on this Agreement, or at such other address as the Participant by notice to the Company may designate in writing from time to time.  Notices provided under this section shall be effective upon receipt.

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12.    Income Reporting and Withholding Taxes.  The Company shall have the right to report income and to withhold from the Participant, or otherwise require the Participant to pay, any Withholding Taxes (defined below) arising as a result of the transfer of any Shares hereunder, any tax election by the Participant, or any other taxable event triggered by obligations, income, rights or privileges received or granted hereunder.  If the Participant shall fail to make such Withholding Tax payments when and as required, the Company (or its Affiliate or Subsidiary) shall, to the extent permitted by law, have the right to deduct any such Withholding Taxes from any payment of any kind otherwise due to such Participant or to take such other action as may be necessary to satisfy such Withholding Taxes. In satisfaction of the requirement to pay Withholding Taxes, the Participant may make a written election which may be accepted or rejected in the discretion of the Committee, to tender other Shares to the Company (either by actual delivery or attestation, in the sole discretion of the Committee; provided that, except as otherwise determined by the Committee; the Shares that are tendered must have an aggregate Fair Market Value equal to the Withholding Taxes).  “Withholding Taxes” means any federal, state, or local income, employment, payroll, or similar tax related to the Shares that are required to be withheld by the Company. Notwithstanding anything to the contrary in this Section 12, in no event shall any deduction or withholding or remittance made under this Section 12 exceed the minimum statutory withholding requirements under applicable federal, state and local law.
13.    Registration; Legend.  The Company may postpone the issuance and delivery of Shares under this Agreement until (a) the admission of such Shares to listing on any stock exchange or exchanges on which the Shares are then listed and (b) the completion of such registration or other qualification of such Shares under any state or federal law, rule or regulation as the Company shall determine to be necessary or advisable.  The Participant shall make such representations and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company, in light of the then existence or non-existence with respect to such Shares of an effective registration statement under the Securities Act of 1933, as amended, to issue the Shares in compliance with the provisions of that or any comparable act.  The Company may cause a legend to be set forth on each certificate representing the Shares to be transferred hereunder setting forth any restriction on transfer of such Shares at law or otherwise as determined by the Company unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary.
14.    Miscellaneous
		
	(a)
	This Agreement shall not confer upon the Participant any right to continuation of employment by the Company, nor shall this Agreement interfere in any way with the Company’s right to terminate the Participant’s employment at any time.

		
	(b)
	The Participant shall have no rights as a stockholder of the Company with respect to the Shares subject to this Agreement until such time as such Shares shall be transferred to the Participant pursuant to the terms of this Agreement and the Plan.

7

		
	(c)
	With the approval of the Board of Trustees, the Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant’s rights under this Agreement or be contrary to applicable law.

		
	(d)
	This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

		
	(e)
	To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of law which might otherwise apply.

		
	(f)
	All obligations of the Company under the Plan and this Agreement, with respect to the Shares, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

		
	(g)
	The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

		
	(h)
	By executing this Agreement and accepting any allocation, award, or other benefit under the Plan and the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board of Trustees or the Committee.

		
	(i)
	The Participant, every person claiming under or through the Participant, and the Company hereby waives to the fullest extent permitted by applicable law any right to a trial by jury with respect to any litigation directly or indirectly arising out of, under, or in connection with the Plan, this Agreement, or any Award issued under this Agreement pursuant to the Plan.

		
	(j)
	This Agreement, the Plan, and any certificate representing the Shares to be transferred hereunder shall constitute the entire agreement and understanding between the Participant and the Company concerning any Award issued, allocated, or granted hereunder and with respect to the subject matter contained herein. This Agreement, the Plan, and any certificate representing the Shares to be transferred hereunder supersede all prior agreements and the understandings between the parties hereto with respect to any Award issued, allocated, or granted hereunder and with respect to the subject matter contained herein.

8

FORM 
AGREEMENT

15.    Exculpation.  This Agreement and all documents, agreements, understandings and arrangements relating hereto have been executed by the undersigned in his/her capacity as an officer or Trustee of the Company, which has been formed as a Maryland real estate investment trust pursuant to Declaration of Trust of the Company as amended and restated, and not individually, and neither the trustees, officers or shareholders of the Company nor the trustees, directors, officers or shareholders of any Subsidiary or Affiliate of the Company shall be bound or have any personal liability hereunder or thereunder.  Each party hereto shall look solely to the assets of the Company for satisfaction of any liability of the Company in respect of this Award and all documents, agreements, understanding and arrangements relating hereto and will not seek recourse or commence any action against any of the trustees, officers, agents or shareholders of the Company or any of the trustees, directors, agents, officers or shareholders of any Subsidiary or Affiliate of the Company, or any of their personal assets for the performance or payment of any obligation hereunder or thereunder.  The foregoing shall also apply to any future documents, agreements, understandings, arrangements and transactions between the parties hereto that pertain to the subject matter hereof.
16.    Section 409A of the Code.  This Agreement is intended to comply with Code Section 409A.  If Code Section 409A applies, this Agreement will be administered in accordance with Article 21 of the Plan.
(SIGNATURES ON NEXT PAGE)

9

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

GLIMCHER REALTY TRUST

By:        

Print Name:                

Title:        

ACKNOWLEDGED & ACCEPTED:

_______________________________________
Signature

Print Name:    _____________________________

Address:    _____________________________
_____________________________
_____________________________

10

FORM 
AGREEMENT

EXHIBIT A

		
	1.
	Acadia Realty Trust

		
	2.
	BRE Properties

		
	3.
	CBL & Associates Properties, Inc.

		
	4.
	Cedar Realty Trust, Inc.

		
	5.
	Colonial Properties Trust

		
	6.
	DDR Corp.

		
	7.
	Equity One, Inc.

		
	8.
	Federal Realty Investment Trust

		
	9.
	General Growth Properties, Inc.

		
	10.
	Inland Real Estate Corporation

		
	11.
	Kimco Realty Corporation

		
	12.
	Kite Realty Group Trust

		
	13.
	The Macerich Company

		
	14.
	National Retail Properties, Inc.

		
	15.
	Pennsylvania Real Estate Investment Trust

		
	16.
	Ramco-Gershenson Properties Trust

		
	17.
	Realty Income Corporation

		
	18.
	Regency Centers Corporation

		
	19.
	Saul Centers, Inc.

		
	20.
	Simon Property Group, Inc.

		
	21.
	Tanger Factory Outlet Centers, Inc.

		
	22.
	Taubman Centers, Inc.

		
	23.
	UDR, Inc.

		
	24.
	Weingarten Realty Investors

11

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