Document:

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                                                                   Exhibit 10.29

                         AMERICAN FINANCIAL REALTY TRUST

                            2003 OUTPERFORMANCE PLAN

                         EFFECTIVE AS OF JANUARY 1, 2003

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                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I     INTRODUCTION....................................................1

ARTICLE II    DEFINITIONS.....................................................2
   Section 2.1    "Affiliate".................................................2
   Section 2.2    "Award".....................................................2
   Section 2.3    "Award Agreement"...........................................2
   Section 2.4    "Beneficiary"...............................................2
   Section 2.5    "Board".....................................................2
   Section 2.6    "Cash Award"................................................2
   Section 2.7    "Cause".....................................................2
   Section 2.8    "Change in Control".........................................3
   Section 2.9    "Committee".................................................3
   Section 2.10   "Common Share"..............................................3
   Section 2.11   "Company"...................................................3
   Section 2.12   "Dividend Return" ..........................................3
   Section 2.13   "Effective Date"............................................3
   Section 2.14   "Employee"..................................................3
   Section 2.15   "Employer"..................................................3
   Section 2.16   "Employment Agreement"......................................3
   Section 2.17   "Equity Incentive Plan".....................................3
   Section 2.18   "First Baseline Date".......................................3
   Section 2.19   "Market Price Return".......................................4
   Section 2.20   "Measurement Date"..........................................4
   Section 2.21   "OP Units" .................................................4
   Section 2.22   "Outperformance Amount".....................................4
   Section 2.23   "Outperformance Reward".....................................4
   Section 2.24   "Participant"...............................................4
   Section 2.25   "Performance Threshold" ....................................4
   Section 2.26   "Permanent Disability"......................................4
   Section 2.27   "Plan"......................................................4
   Section 2.28   "Plan Initial Share Value" .................................4
   Section 2.29   "Plan Year".................................................4
   Section 2.30   "Restricted Common Shares" .................................4
   Section 2.31   "Second Baseline Date"......................................4
   Section 2.32   "Share Award"...............................................4
   Section 2.33   "Total Return to Shareholders"..............................4
   Section 2.34   "Valuation Date"............................................5
   Section 2.35   "Valuation Date Share Value" ...............................5
   Section 2.36   "Weighted Average Shares Outstanding" ......................5

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                                                                            Page

ARTICLE III   PARTICIPATION...................................................6
   Section 3.1    Initial Participants........................................6
   Section 3.2    New Participants............................................6

ARTICLE IV        OUTPERFORMANCE AMOUNT.......................................7
   Section 4.1    Outperformance Reward.......................................7
   Section 4.2    Outperformance Amount.......................................7
   Section 4.3    Total Return to Shareholders................................7
   Section 4.4    Performance Threshold.......................................7
   Section 4.5    Weighted Average Shares Outstanding.........................8

ARTICLE V          OUTPERFORMANCE REWARD......................................9
   Section 5.1    Awards......................................................9
   Section 5.2    Cash Award..................................................9
   Section 5.3    Share Award.................................................9
   Section 5.4    Termination and Forfeiture; Vesting; Change in Control.....10
   Section 5.5    Dividends..................................................11

ARTICLE VI         ADMINISTRATION............................................12
   Section 6.1    Committee..................................................12
   Section 6.2    Committee Authority........................................12
   Section 6.3    Committee Determinations...................................12
   Section 6.4    Compensation of Committee..................................12
   Section 6.5    Indemnification of Committee...............................12

ARTICLE VII   MISCELLANEOUS..................................................13
   Section 7.1    Amendment..................................................13
   Section 7.2    Non-Alienation.............................................13
   Section 7.3    Funding....................................................13
   Section 7.4    Governing Law..............................................13
   Section 7.5    Withholding................................................13
   Section 7.6    At-Will Employment Status..................................14
   Section 7.7    Headings...................................................14
   Section 7.8    Enforceability.............................................14
   Section 7.9    Successors.................................................14
   Section 7.10   Beneficiary................................................14
   Section 7.11   Incorporation of Equity Incentive Plan.....................14
   Section 7.12   Stock Certificates; Restrictive Legends....................14
   Section 7.13   Gender.....................................................15
   Section 7.14   Notices....................................................15
   Section 7.15   Overpayments...............................................15
   Section 7.16   Uniformity.................................................15

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                         AMERICAN FINANCIAL REALTY TRUST
                            2003 OUTPERFORMANCE PLAN

                                    ARTICLE I
                                  INTRODUCTION

     This is the American Financial Realty Trust 2003 Outperformance Plan (the
"Plan"), which American Financial Realty Trust, a Maryland real estate
investment trust, (the "Company") has adopted effective as of January 1, 2003.
The Plan is intended to provide additional compensation for executive personnel
who contribute materially to the continued growth, development and future
business success of the Company. The Plan is a performance-based plan that
utilizes total return to shareholders as the measurement criteria for
determining bonus compensation for participants in the Plan. The Company
believes that the Plan will encourage the participants to contribute materially
to the growth of the Company, thereby benefiting the Company's shareholders, and
aligning the economic interests of the participants with those of the
shareholders.

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                                   ARTICLE II
                                   DEFINITIONS

     The following terms shall have the following meanings for purposes of the
Plan:

     Section 2.1 "Affiliate" shall mean any entity that directly or indirectly
through one or more intermediaries, controls, is controlled by, or is under
common control with the Company, including, but not limited to, First States
Group, L.P.

     Section 2.2 "Award" shall mean the total Cash Award and Share Award awarded
to a Participant under the Plan.

     Section 2.3 "Award Agreement" shall be the individual agreement provided by
the Committee to each Participant notifying the Participant of participation in
the Plan and specifying the Participant's percentage in the Outperformance
Reward. By accepting and executing an Award Agreement, each Participant shall be
agreeing to be subject to the terms of the Plan and to the discretion of the
Committee as set forth in the Plan.

     Section 2.4 "Beneficiary" shall mean, on the death of the Participant, his
estate, which shall include either the Participant's probate estate or living
trust.

     Section 2.5 "Board" shall mean the Board of Trustees of the Company.

     Section 2.6 "Cash Award" shall mean the compensation awarded to a
Participant under the Plan pursuant to Section 5.2 below.

     Section 2.7 "Cause" shall mean, unless defined otherwise in a Participant's
Employment Agreement, (i) the conviction of the Participant of, or the entry of
a plea of guilty or nolo contendere by the Participant to, a felony (exclusive
of any felony relating to negligent operation of a motor vehicle or a
conviction, plea of guilty or nolo contendere arising solely under a statutory
provision imposing criminal liability upon the Participant on a per se basis due
to the offices held by the Participant with the Employer, so long as any act or
omission of the Participant with respect to such matter was not taken or omitted
in contravention of any applicable policy or directive of the Board); (ii)
willful breach of the Participant's duty of loyalty which is materially
detrimental to the Employer; (iii) willful failure to perform or adhere to
explicitly stated duties that are consistent with the Participant's Employment
Agreement, or the Employer's reasonable and customary guidelines of employment
or reasonable and customary corporate governance guidelines or policies,
including without limitation any business code of ethics adopted by the Board,
or to follow the lawful directives of the Board (provided such directives are
consistent with the terms of the Participant's Employment Agreement) which, in
any such case, continues for thirty (30) days after written notice from the
Board to the Participant; or (iv) gross negligence or willful misconduct in the
performance of the Participant's duties. For these purposes, no act, or failure
to act, on the Participant's part will be deemed "gross negligence" or "willful
misconduct" unless done, or omitted to be done, by the Participant not in good
faith and without a reasonable belief that the Participant's act, or failure to
act, was in the best interest of the Employer.

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     Section 2.8 "Change in Control" shall mean, unless defined otherwise in a
Participant's Employment Agreement, the occurrence of any of the following
events: (i) any person, entity or affiliated group, excluding the Company, an
Affiliate or any employee benefit plan of the Company, acquiring more than 50%
of the then outstanding voting shares of the Company; (ii) the consummation of
any merger or consolidation of the Company into another company, such that the
ownership interest of the holders of the voting shares of the Company
immediately prior to such merger or consolidation is less than 50% of the voting
power of the securities of the surviving company or the parent of such surviving
company; (iii) the complete liquidation of the Company or the sale or
disposition of all or substantially all of the Company's assets, such that after
the transaction, the ownership interest of the holders of the voting shares of
the Company immediately prior to the transaction is less than 50% of the voting
securities of the acquirer, or the parent of the acquirer; or (iv) a majority of
the Board votes in favor of a decision that a Change in Control has occurred.

     Section 2.9 "Committee" shall mean the Compensation and Human Resources
Committee of the Board or such other committee appointed by the Board for
purposes of administering the Plan. The Committee may delegate its
administrative powers under the Plan to a subcommittee or an Employee(s) of an
Employer.

     Section 2.10 "Common Share" shall mean a common share of beneficial
ownership, par value $0.001 per share, of the Company.

     Section 2.11 "Company" shall mean American Financial Realty Trust, a
Maryland real estate investment trust or any business organization which
succeeds to its business and elects to continue this Plan.

     Section 2.12 "Dividend Return" shall mean as such term is described in
Section 4.3.1 below.

     Section 2.13 "Effective Date" shall mean January 1, 2003.

     Section 2.14 "Employee" shall mean any employee of an Employer, whether
such employee is so employed at the time this Plan is adopted or becomes so
employed subsequent to the adoption of this Plan.

     Section 2.15 "Employer" shall mean the Company or an Affiliate that employs
the Participant.

     Section 2.16 "Employment Agreement" shall mean the employment agreement
entered into between the Employee and the Employer governing the terms of the
Employee's employment with the Employer.

     Section 2.17 "Equity Incentive Plan" shall mean the American Financial
Realty Trust 2002 Equity Incentive Plan, as may be amended from time to time, or
such other plan maintained by the Company pursuant to which Common Shares
granted under the Plan may be issued to Participants.

     Section 2.18 "First Baseline Date" shall mean January 1, 2004.

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     Section 2.19 "Market Price Return" shall mean as such term is described in
Section 4.3.2 below.

     Section 2.20 "Measurement Date" shall mean the earlier of (i) January 1,
2006 or (ii) a Change in Control.

     Section 2.21 "OP Units" shall mean units of limited partnership interest in
First States Group, L.P., but shall exclude any units owned by the Company or
its subsidiaries in First States Group, L.P.

     Section 2.22 "Outperformance Amount" shall mean as such term is described
in Section 4.2 below.

     Section 2.23 "Outperformance Reward" shall mean as such term is described
in Section 4.1 below.

     Section 2.24 "Participant" shall mean any Employee who has been designated
by the Committee as eligible to receive an Award under this Plan.

     Section 2.25 "Performance Threshold" shall mean as such term is described
in Section 4.4 below.

     Section 2.26 "Permanent Disability" shall mean the inability of a
Participant, due to a physical or mental impairment, to perform the material
services of his or her position with the Employer for a period of six (6)
months, whether or not consecutive, during any 365-day period. A determination
of Permanent Disability shall be made in good faith by the Committee.
Notwithstanding the foregoing, if a Participant is determined to be Permanently
Disabled pursuant to the terms of his or her Employment Agreement, he or she
shall be Permanently Disabled for purposes of this Plan.

     Section 2.27 "Plan" shall mean the American Financial Realty Trust 2003
Outperformance Plan, as embodied herein and as amended from time to time.

     Section 2.28 "Plan Initial Share Value" shall mean as such term is
described in Section 4.3.2.1 below.

     Section 2.29 "Plan Year" shall mean the calendar year.

     Section 2.30 "Restricted Common Shares" shall mean Common Shares issued
pursuant to Section 5.3 of the Plan.

     Section 2.31 "Second Baseline Date" shall mean January 1, 2005.

     Section 2.32 "Share Award" shall mean the portion of the Award granted to
the Participant under the Plan determined pursuant to Section 5.3 below.

     Section 2.33 "Total Return to Shareholders" shall mean as such term is
described in Section 4.3 below.

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     Section 2.34 "Valuation Date" shall mean, as applicable, the First Baseline
Date, the Second Baseline Date or the Measurement Date; provided, however, that
if the Measurement Date occurs prior to the First Baseline Date and/or the
Second Baseline Date, the First Baseline Date and/or Second Baseline Date shall
not occur.

     Section 2.35 "Valuation Date Share Value" shall mean as such term is
described in Section 4.3.2.2 below.

     Section 2.36 "Weighted Average Shares Outstanding" shall mean as such term
is defined in Section 4.5 below.

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                                   ARTICLE III
                                  PARTICIPATION

     Section 3.1 Initial Participants. The Committee shall determine which
Employees shall be Participants in the Plan as of the Effective Date and shall
provide each individual with an Award Agreement evidencing their participation
in the Plan.

     Section 3.2 New Participants. At any time prior to the Measurement Date,
the Committee may provide that other Employees shall be eligible to participate
in the Plan on the terms and conditions that the Committee determines
appropriate for such Employee. Any such Employee shall be provided with an
individual Award Agreement evidencing their participation in the Plan.

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                                   ARTICLE IV
                              OUTPERFORMANCE AMOUNT

     Section 4.1 Outperformance Reward. The Outperformance Reward is equal to
6.5% of the Outperformance Amount. The Outperformance Reward, if any, for each
Valuation Date will be distributed among the Participants in the Plan under
Awards in accordance with Article V.

     Section 4.2 Outperformance Amount. The Outperformance Amount for any
Valuation Date shall mean (i) per share amount equal to (x) the Total Return to
Shareholders for such Valuation Date, minus (y) the Performance Threshold for
such Valuation Date, multiplied by (ii) the Weighted Average Shares Outstanding
for such Valuation Date.

     Section 4.3 Total Return to Shareholders. The Company's Total Return to
Shareholders for any Valuation Date is calculated on a per share basis and shall
mean the sum of (i) the Dividend Return for such Valuation Date, plus (ii) the
Market Price Return for such Valuation Date.

          Section 4.3.1 Dividend Return. Dividend Return for any Valuation Date
shall mean the aggregate amount of dividends per share that are distributed by
the Company to a holder of record of one Common Share during the period from the
Effective Date to such Valuation Date. For purposes of the calculation of
Dividend Return, a dividend of record prior to a Valuation Date which is paid
after the Valuation Date shall be included in the calculation of Dividend Return
for such Valuation Date.

          Section 4.3.2 Market Price Return. Market Price Return for any
Valuation Date shall mean the excess of (i) the Valuation Date Share Value for
such Valuation Date, minus (ii) the Plan Initial Share Value.

               Section 4.3.2.1 Plan Initial Share Value. Plan Initial Share
Value shall equal $11.00 per Common Share; provided, however, if the Company
completes an initial public offering for its Common Shares prior to October 1,
2003 and the price per Common Share offered to the public in the Company's
initial public offering is less than $11.00 per Common Share, then the Plan
Initial Share Value shall equal the price per Common Share offered to the public
in the Company's initial public offering.

               Section 4.3.2.2 Valuation Date Share Value. Valuation Date Share
Value for any Valuation Date shall mean the fair market value of one Common
Share on such Valuation Date. For this purpose, the fair market value of one
Common Share will be determined by taking the average closing price of one
Common Share for the 25 trading days ending immediately prior to the Valuation
Date.

     Section 4.4 Performance Threshold. The Performance Threshold for any
Valuation Date shall be calculated on a per share basis and shall mean (i) the
Plan Initial Share Value, multiplied by (ii) the greater of (a) 12% compounded
annually from the Effective Date to such Valuation Date, or (b) the percentage
return equal to 115% of the Morgan Stanley REIT Index total return for the
period from the Effective Date to such Valuation Date.

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     Section 4.5 Weighted Average Shares Outstanding. Weighted Average Shares
Outstanding for any Valuation Date shall mean the weighted average of the Common
Shares and OP Units outstanding during the period from the Effective Date to
such Valuation Date.

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                                    ARTICLE V
                              OUTPERFORMANCE REWARD

     Section 5.1 Awards. Each Participant shall receive an Award under the Plan,
calculated as of each Valuation Date, determined by multiplying the
Outperformance Reward (if any) on a Valuation Date by the percentage specified
for such Participant by the Committee in the Participant's Award Agreement;
provided that no Participant shall have a percentage greater than 49.99%. Awards
shall become payable to a Participant as described in Sections 5.2 and 5.3
below. The Committee shall have the right to increase a Participant's percentage
from time to time and at any time prior to the Measurement Date, so long as the
aggregate percentage payable to all Participants does not exceed 100%.

     Section 5.2 Cash Award. Subject to Section 5.4 below, after the end of each
Valuation Date, the Committee shall determine the Outperformance Reward (if any)
attributable to such Valuation Date. Twenty percent (20%) of the Outperformance
Reward (if any) on a Valuation Date shall be payable to Participants in the Plan
as a Cash Award pursuant to this Section 5.2 and shall be payable to
Participants on such Valuation Date solely in cash. The amount of cash payable
to each Participant in the Plan for the Valuation Date as the Cash Award shall
be determined based on the percentage specified in the Participant's Award
Agreement as in effect on the Valuation Date and shall be paid by the Company
after the Valuation Date at such time as determined by the Committee. Any Cash
Awards paid pursuant to this Section 5.2 shall be subject to the requirements
described in Section 5.4 below. Notwithstanding anything in this Section 5.2 to
the contrary, in the event that the value of Cash Awards paid to Participants on
the First Baseline Date exceeds twenty percent (20%) of the total Outperformance
Reward as of the Second Baseline Date, then no Cash Award shall be made for the
Valuation Date that consists of the Second Baseline Date. In addition, in the
event that the value of Cash Awards paid to Participants on the First Baseline
Date and the Second Baseline Date, in the aggregate, exceeds twenty percent
(20%) of the total Outperformance Reward as of the Measurement Date, then no
Cash Award shall be made for the Valuation Date that consists of the Measurement
Date.

     Section 5.3 Share Award. Subject to Section 5.4 below, on the Measurement
Date, the Committee shall determine the Outperformance Reward (if any) as of the
Measurement Date. Eighty percent (80%) of the value of such Outperformance
Reward (if any) on the Measurement Date shall be payable to the Participant
pursuant to this Section 5.3 as a Share Award. Except in the case of a Change in
Control, such Share Award shall be payable to the Participant in Restricted
Common Shares or cash, or a combination of Restricted Common Shares and cash, as
determined by the Committee; provided that the aggregate number of Restricted
Common Shares and/or value of cash distributed pursuant to this Section 5.3
shall not exceed the value of two percent (2%) of the Common Shares and OP Units
outstanding on the Measurement Date. The number of Restricted Common Shares
and/or amount of cash payable to each Participant in the Plan for the
Measurement Date as the Share Reward shall be determined based on the percentage
specified in the Participant's Award Agreement as in effect on the Measurement
Date. If a Change in Control causes the Measurement Date to occur, the
Participant shall receive his or her Share Award in cash, unless the Participant
elects to receive his or her Share Award in Restricted Common Shares. Any Share
Awards paid pursuant to this Section 5.3 shall be subject to the requirements
described in Section 5.4. below. Restricted Common Shares distributed as Share

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Awards shall be issued under the Equity Incentive Plan. Share Awards shall be
distributed/paid to Participants after the Measurement Date at such time as
determined by the Committee. Notwithstanding anything in this Section 5.3 to the
contrary, in the event that the aggregate value of Cash Awards paid to
Participants on the First Baseline Date and the Second Baseline Date exceeds
twenty percent (20%) of the total Outperformance Reward as of the Measurement
Date, then the excess amount shall reduce the eighty percent (80%) of such
Outperformance Reward payable as a Share Award under this Section 5.3 on an
equivalent basis.

     Section 5.4 Termination and Forfeiture; Vesting; Change in Control.

          Section 5.4.1 Eligibility for Awards. Except as otherwise provided in
the Participant's Award Agreement or the Plan, to be eligible to receive the
percentage of the Award specified in the Participant's Award Agreement, the
Participant must be employed by the Employer as an Employee on the applicable
Valuation Date.

          Section 5.4.2 Vesting of Cash Award. Except as otherwise provided
herein, each Participant who receives a Cash Award shall be fully vested in the
Cash Award only at the time of receipt.

          Section 5.4.3 Vesting of Share Award. Except as otherwise provided in
the Participant's Award Agreement or in Section 5.4.3.1, 5.4.3.2, and 5.4.3.3,
the Share Award (irrespective of whether it is paid in Restricted Common Shares
or cash, or a combination of Restricted Common Shares or cash) shall become
vested, with respect to each Participant, provided the Participant is an
Employee of the Employer on each such date, as follows: (i) 33-1/3% of the Share
Award shall become vested on the later of the second (2d) anniversary of (a) the
Effective Date, or (b) the Participant's commencement of employment with the
Employer; (ii) an additional 33-1/3% of the Share Award shall become vested on
the later of the third (3rd) anniversary of (a) the Effective Date, or (b) the
Participant's commencement of employment with the Employer; and (iii) an
additional 33-1/3% of the Share Award shall become vested on the later of the
fourth (4th) anniversary of (a) the Effective Date, or (b) the Participant's
commencement of employment with the Employer. The vesting of Restricted Common
Shares pursuant to the preceding sentence shall be rounded down to the nearest
whole Restricted Common Share and the Restricted Common Shares shall be fully
vested as of the date described in (iii) of the preceding sentence. Cash payable
pursuant to a Share Award shall be paid to the Participant according to the
foregoing vesting schedule. If a Participant forfeits any portion of his or her
Share Award for any reason, the Committee may reallocate such Participant's
forfeited Share Award to the other Participants in the Plan. Participants may
not transfer any portion of their Share Award prior to the date such portion of
the Share Award becomes vested.

               Section 5.4.3.1 Termination for Death or Permanent Disability.
Except as otherwise provided in the Participant's Award Agreement, if a
Participant's employment with an Employer is terminated on account of the
Participant's Permanent Disability or death, the vesting of the Participant's
Share Award will be as follows (and the vesting schedule described in Section
5.4.3 shall not apply): (i) if the termination occurs during the first Plan Year
of the Plan, the Participant (or the Participant's estate) will have a 33.3%
vested interest in the Share Award; (ii) if the termination occurs during the
second Plan Year of the Plan, the Participant (or the Participant's estate) will
have a 66.7% vested interest in the Share Award; and (iii) if the

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termination occurs during the third or fourth Plan Year of the Plan, the
Participant (or the Participant's estate) will have a 100% vested interest in
the Share Award. The vested portion of the Share Award payable to the
Participant (or the Participant's estate) shall be paid to the Participant (or
the Participant's estate) after the Outperformance Reward for the Measurement
Date has been determined. The Participant (or the Participant's estate) shall
also receive the portion of the Participant's Cash Award that is paid for the
next Valuation Date after the termination of the Participant's employment on
account of Permanent Disability or death.

               Section 5.4.3.2 Termination for Cause, Without Cause or Voluntary
Resignation. Except as otherwise provided in the Participant's Award Agreement,
if a Participant's employment with an Employer terminates by the Employer on
account of Cause, by the Employer without Cause or voluntarily by the
Participant, any portion of the Participant's Share Award that is not vested as
of such termination date shall be forfeited by the Participant.

               Section 5.4.3.3 Change in Control. Except as otherwise provided
in the Participant's Award Agreement, if a Change in Control occurs while the
Participant is an Employee of an Employer, the Participant shall fully vest in
his or her Share Award.

     Section 5.5 Dividends. Dividends that are paid by the Company on the Common
Shares with a dividend record date that occurs on or after the Measurement Date,
shall also be paid on the Restricted Common Shares received by Participants
pursuant to a Share Award. Dividends paid on such Restricted Common Shares will
be paid without regard to whether the Share Award has then vested (which
dividend shall be nonrefundable, notwithstanding any subsequent forfeiture, if
any, of Restricted Common Shares in respect of which such dividend was paid). No
dividends shall be paid on the Share Award portion of the Award if it is paid in
cash.

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                                   ARTICLE VI
                                 ADMINISTRATION

     Section 6.1 Committee. This Plan shall be administered by the Committee.
The Committee may delegate authority to one or more subcommittees, as it deems
appropriate. The Committee may also delegate ministerial duties to employees of
an Employer or other persons it deems appropriate and capable of fulfilling such
ministerial duties.

     Section 6.2 Committee Authority. The Committee shall have the sole
authority to (i) determine which Employees shall be Participants, (ii) determine
the percentage of the Award payable to each Participant, (iii) amend the terms
of any previously issued Award Agreement, and (iv) deal with any matters arising
under the Plan.

     Section 6.3 Committee Determinations. The Committee shall have all powers
necessary to administer and interpret the Plan, to make factual determinations
and to adopt or amend such rules, regulations, agreements and instruments for
implementing the Plan and for the conduct of its business as it deems necessary
or advisable, in its sole discretion. The Committee's interpretations,
constructions and determinations shall be final, binding and conclusive on all
parties, including but not limited to the Employers and any Employee or
Participant. As a condition of participating in the Plan and receiving an Award,
a Participant must acknowledge, in writing or by acceptance of an Award, that
all decisions and determinations of the Committee shall be final and binding on
the Participant, his or her beneficiaries and any other person having or
claiming an interest under such Award. All powers of the Committee shall be
executed in its sole discretion, in the best interest of the Company, not as a
fiduciary, and in keeping with the objectives of the Plan and need not be
uniform as to similarly situated individuals.

     Section 6.4 Compensation of Committee. The Committee shall serve without
compensation for its services hereunder. The Committee is authorized at the
expense of the Company to employ such legal counsel as he may deem advisable to
assist in the performance of its duties hereunder. Expenses and fees in
connection with the administration of the Plan shall be paid by the Company.

     Section 6.5 Indemnification of Committee. To the extent permitted by
applicable state law, the Company shall indemnify and hold harmless the members
of the Committee, and any delegate who is an Employee of an Employer, against
any and all expenses, liabilities and claims, including legal fees, to defend
against such liabilities and claims arising out of their discharge in good faith
of responsibilities under or incident to the Plan, other than expenses and
liabilities arising out of gross negligence or willful misconduct. This
indemnity shall not preclude such further indemnities as may be available under
insurance purchased by the Company or provided by the Company under any bylaw,
agreement or otherwise, as such indemnities are permitted under state law.

                                       12

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                                   ARTICLE VII
                                  MISCELLANEOUS

     Section 7.1 Amendment. This Plan and any Award Agreement may be amended or
modified only with the consent of the Company acting through the Committee;
provided, that any amendment or modification which adversely affects a
Participant must be consented to by such Participant to be effective against
him. The Committee shall have the authority to award Common Shares and/or cash
to effect the spirit and intent of this plan in the event it determines that the
Awards to be granted, if any, based upon the formulas set forth herein would not
reflect the outperformance of the Company relative to industry indices and the
purposes for which the Plan was implemented.

     Section 7.2 Non-Alienation. The Company shall pay all amounts payable
hereunder only to the person or persons designated by the Plan and not to any
other person or corporation. No part of a Participant's Award hereunder shall be
liable for the debts, contracts, or engagements of such Participant, nor shall a
Participant's Award be subject to execution by levy, attachment, or garnishment
or by any other legal or equitable proceeding (including, but not limited to, an
action for a divorce or legal separation), nor shall any such person have any
right to alienate, anticipate, sell, transfer, commute, pledge, encumber, or
assign any benefits or payments hereunder in any manner whatsoever. If any
Participant is adjudicated bankrupt or purports to anticipate, alienate, sell,
transfer, commute, assign, pledge, encumber or charge any distribution or
payment from the Plan, voluntarily or involuntarily, the Committee, in its sole
discretion, may cancel such distribution (or any part thereof) to or for the
benefit of such Participant in such manner as the Committee shall direct.

     Section 7.3 Funding. The Company shall not be required to set aside any
funds for payment of amounts hereunder. Participants and their Beneficiaries,
heirs, successors, and assigns shall have no legal or equitable rights, claims,
or interests in any specific property or assets of the Company. No assets of the
Company shall be held in any way as collateral security for the fulfilling of
the obligations of the Company under this Plan. Any and all of the Company's
assets shall be, and remain, the general unpledged, unrestricted assets of the
Company. The Company's obligation under the Plan shall be merely that of an
unfunded and unsecured promise of the Company to pay money or property in the
future, and the rights of Participants and their Beneficiaries shall be no
greater than those of unsecured general creditors.

     Section 7.4 Governing Law. The Plan is established under and will be
construed according to the laws of the Commonwealth of Pennsylvania, excluding
conflict of law provisions.

     Section 7.5 Withholding. All Awards payable under the Plan shall constitute
taxable compensation to the Participant and shall be subject to federal
(including FICA), state and local income tax reporting and withholding. The
Company may withhold from amounts payable to Participants under the Plan any
required withholding amounts or may require that Participants pay to the Company
applicable withholding taxes. Each Participant, however, shall be responsible
for the payment of all individual tax liabilities relating to such Awards.

                                       13

<PAGE>

     Section 7.6 At-Will Employment Status. The terms and conditions of this
Plan shall not be deemed to constitute a contract of employment between the
Company and the Participant. Such employment continues to be an "at will"
employment relationship that can be terminated at any time for any reason, or no
reason, with or without cause, and with or without notice, unless otherwise
expressly provided for in the Participant's Employment Agreement. Nothing in
this Plan shall be deemed to give a Participant the right to be retained in the
service of the Company, or to interfere in any way with any right of the Company
to discipline or discharge the Participant at any time, subject to the terms of
the Participant's Employment Agreement.

     Section 7.7 Headings. The headings of Articles is for convenience only and
shall not control or affect the meaning or construction of any of the provisions
of this Plan.

     Section 7.8 Enforceability. In case any provision of this Plan shall be
illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, and this Plan shall be construed and enforced
as if such illegal or invalid provision had never been included herein.

     Section 7.9 Successors. The provisions of this Plan shall bind and inure to
the benefit of the Company and its successors and assigns and the Participants
and their Beneficiaries. No other person shall be a third-party beneficiary or
acquire any rights under this Plan.

     Section 7.10 Beneficiary. Any payments payable to a Participant following
the Participant's death shall be payable to the Participant's Beneficiary.

     Section 7.11 Incorporation of Equity Incentive Plan. The provisions of the
Equity Incentive Plan are hereby incorporated by reference as set forth herein
with respect to Common Shares awarded under the Plan.

     Section 7.12 Stock Certificates; Restrictive Legends.

          Section 7.12.1 Stock Certificate. On any date of issuance of
Restricted Common Shares or as soon as practicable thereafter, the Company shall
issue a stock certificate to each Participant receiving Restricted Common Shares
hereunder. Each such certificate shall be registered in the name of the
appropriate Participant. The certificates issued hereunder shall bear a legend
referring to the terms, conditions and restrictions applicable to such
Restricted Common Shares hereunder, substantially in the following form (in
addition to any other legend the Committee may determine to be necessary or
appropriate):

          THE TRANSFERABILITY OF THIS CERTIFICATE AND THE COMMON SHARES
          REPRESENTED HEREBY ARE RESTRICTED BY AND SUBJECT TO THE TERMS AND
          CONDITIONS (INCLUDING FORFEITURE) OF THE AMERICAN FINANCIAL REALTY
          TRUST 2003 OUTPERFORMANCE PLAN. COPIES OF SUCH PLAN ARE ON FILE IN THE
          OFFICES OF AMERICAN FINANCIAL REALTY TRUST.

          Section 7.12.2 Custody of Restricted Common Shares. The Committee may
require that Common Share certificates evidencing the Restricted Common Shares
be held in

                                       14

<PAGE>

custody by the Company until the restrictions (including those relating to
vesting and transferability) set forth in this Plan shall have lapsed, and that,
as a condition to the issuance of the Restricted Common Shares to any
Participant such Participant shall have delivered a stock power, endorsed in
blank, relating to such Restricted Common Shares. If and when such restrictions
lapse, the stock certificates shall be delivered by the Company to the
appropriate Participant or his designee.

          Section 7.12.3 Conditions of Issuance of Restricted Common Shares. Any
Restricted Common Shares or other securities distributed by the Company in
respect of the Restricted Common Shares shall be subject to this Section 7.12,
including the requirement of an appropriate legend, the requirement that the
certificates representing such Restricted Common Shares or other securities be
held in custody by the Company and the condition to distribution that the
Participant have delivered a stock power with respect to such Restricted Common
Shares or other securities.

          Section 7.12.4 Successor Corporation. If the Company shall be
consolidated or merged with another corporation, each Participant shall be
required to, to the extent that the Restricted Common Shares remain unvested
and/or subject to restrictions or transferability, to deposit with the successor
corporation each certificate that such Participant is entitled to receive by
reason of the ownership of the Restricted Common Shares, and the other
provisions of this Section 7.12 shall apply to such certificates.

     Section 7.13 Gender. The masculine gender shall include the feminine and
the singular the plural, unless the context clearly requires otherwise.

     Section 7.14 Notices. Any notice or filing required or permitted to be
given to the Committee under the Plan shall be sufficient if in writing or hand
delivered, or sent by registered or certified mail to the Committee. Any notice
to the Participant shall be sent to the last known address of the Participant on
the Company's records or hand delivered to the Participant. Any such notices
shall be deemed given as of the date of delivery, or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or
certification.

     Section 7.15 Overpayments. In the event that a Participant receives payment
for an Award under this Plan that exceeds the amount that the Participant should
have received under this Plan (as determined by the Committee), such
Participant's future Cash Awards or Share Awards under the Plan shall be offset
to the extent necessary to recoup the amount of the excess payment.

     Section 7.16 Uniformity. Nothing herein shall be construed as requiring
that amounts payable under the Plan be the same with respect to each
Participant.

                                       15Form of Guarantee

Exhibit 10.33 
 
GUARANTEE 
 
GUARANTEE dated as of May     , 2003 by Bank of America Corporation (the “Guarantor”), in favor of U.S. BANK
NATIONAL ASSOCIATION, not in its individual capacity, but solely as successor Owner Trustee to State Street Bank and Trust Company of Connecticut, National Association, under the Trust Agreement (1997-D) dated as of June 4, 1997 and PATRICK E.
THEBADO, not in his individual capacity, but solely as successor Co-Trustee to Dori Anne Seakas, as successor Co-Trustee to Traci Hopkins, under the Trust Agreement (1997-D) (the Owner Trustee and the Co-Trustee, in such capacities, separately or
together, as applicable, the “Guaranteed Party”) as lessor under that certain Amended and Restated Lease Agreement dated of even date herewith between Guaranteed Party and Bank of America, N.A. (“Bank of America”) covering office
buildings located in the Southeastern United States (the “Lease”). A copy of the Lease is attached as Exhibit “A” hereto. 
 
To induce the Guarantor to enter into the Lease and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Guarantor hereby irrevocably and unconditionally guarantees to the Guaranteed Party, all present and future obligations of Bank of America arising out of the Lease to the Guaranteed Party. Upon failure of Bank of America to
punctually fulfill any such obligation, and upon written demand by the Guaranteed Party to the Guarantor, the Guarantor agrees to fulfill, or cause to be fulfilled, to the extent such obligation is not performed, the performance of such obligation;
provided, that any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder shall not preclude any other or future exercise of any right, remedy or power. Each and every right, remedy and power hereby granted to the
Guaranteed Party or allowed it by law shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. 
 
The Guarantor hereby agrees that its obligations hereunder shall be continuing and unconditional and will not
be discharged except by full and complete satisfaction of all present and future obligations of Bank of America to the Guaranteed Party arising out of the Lease, irrespective of any change in or amendment to the Lease. 
 
The Guarantor hereby waives diligence, presentment, demand on
Bank of America for delivery or otherwise, filing of claims, requirement of a prior proceeding against Bank of America and protest or notice. 
 
The Guarantor agrees to pay on demand all fees and out of pocket expenses (including the reasonable fees and expenses of any Guaranteed
Party’s counsel) in any way relating to the enforcement or protection of the rights of the Guaranteed Party hereunder; provided, that the Guarantor shall not be liable for any expenses of the Guaranteed Party if no delivery or payment under
this Guarantee is due. The Guarantor reserves the right to assert defenses that Bank of America may have to any delivery or payment to the Guaranteed Party under the Lease. 
 
The Guarantor represents to the Guaranteed Party as of the date hereof that: 

 
1. It is duly
organized and validly existing under the laws of the jurisdiction of its incorporation and has full power and legal right to execute and deliver this Guarantee and to perform the provisions of this Guarantee on its part to be performed.

 
2. Its execution, delivery and performance of
this Guarantee have been and remain duly authorized by all necessary corporate action and do not contravene any provision of its certificate of incorporation or by-laws, as amended, or any law, regulation or contractual restriction binding on it or
its assets. 
 
3. All consents, licenses,
authorization, approvals and clearances (including, without limitation, any necessary exchange control approval) and notifications, reports and registrations requisite for its due execution, delivery and performance of this Guarantee have been
obtained from or, as the case may be, filed with the relevant governmental authorities having jurisdiction and remain in full force and effect and all conditions thereof have been duly complied with and no other action by, and no notice to or filing
with, any governmental authority having jurisdiction is required for such execution, delivery or performance. 
 
4. This Guarantee is its legal, valid and binding obligation enforceable against it in accordance with its terms, except as enforcement
hereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights or by general equity principles. 
 
5. Guarantor hereby agrees to provide copies of annual audited financial statements of the Guarantor to the
Guaranteed Party no later than ninety (90) days following the end of each calendar year. 
 
By accepting this Guarantee, the Guaranteed Party agrees that the Guarantor shall be subrogated to all rights of the Guaranteed Party against Bank of America in respect of any delivery or payment made
by the Guarantor pursuant to this Guarantee; provided, however, that the Guarantor shall not exercise or be entitled to receive any payments arising out of, or based upon such right of subrogation until all obligations under the Lease shall have
been paid in full to the Guaranteed Party. 
 
Neither the Guarantor nor the Guaranteed Party may assign its rights, interests or obligations hereunder to any other person (except by operation of law) without the prior written consent of the Guarantor or the Guaranteed Party, as
the case may be. 
 
All notices or demands on the
Guarantor shall be deemed effective when received, shall be in writing and shall be delivered by hand or by registered mail, or by facsimile transmission promptly confirmed by registered mail, addressed to the Guarantor at: 
 
Bank of America Corporation 
Corporate Treasury Department 
100 N. Tryon
St. 
Mail Code: NC1-007-23-01 
Charlotte, North Carolina 28255 
 

2 

Attention: Karen A. Gosnell, Senior Vice President 
 

3 

with a copy to: 
 
Corporate Real Estate 
100 N. Tryon St.

Mail Code: NC1-007-52-02 
Charlotte, North Carolina 28255 
Attention: Robert Patterson, Senior Vice President 
 
and a copy to: 
 
Legal Department 
901 Main St., 68th Floor 
Mail Code: TX1-492-68-01 
Dallas, Texas 75202 
Attention: Michael F. Hord, Associate General Counsel 
 
or to such other address or facsimile number as the Guarantor shall have notified the Guaranteed Party in a written notice delivered to the Guaranteed
Party in accordance with the Lease. 
 
This
Guarantee shall be governed by and construed in accordance with the laws of the State of North Carolina. All capitalized terms not otherwise defined herein shall have the respective meanings assigned to them in the Lease. 
 
BANK OF AMERICA CORPORATION 
 
By:                                     
                         
Name:                                    
           
Title:                                    
             
 

4 

 
EXHIBIT
“A” 
LEASE 
 
[TO BE ATTACHED] 
 

5

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