Document:

EXHIBIT 10.4

                     FIRST AMENDMENT TO SEVERANCE AGREEMENT

         This First Amendment (the "First Amendment")  executed January 19, 2007
to the Severance  Agreement (the  "Agreement")  between Acadia Realty Trust (the
"Trust") and Robert Masters ("Senior Officer").

         WHEREAS,  the  Trust  and  Senior  Officer  entered  into  a  Severance
Agreement dated as of April 6, 2001; and

         WHEREAS, the Trust and Senior Officer desire to amend the Agreement.

         NOW,  THEREFORE,  in consideration  of the mutual  covenants  contained
herein and for other good and valuable consideration  including the continuation
of  employment  by the Trust,  the  receipt and  sufficiency  of which is hereby
acknowledged, the Trust and Senior Officer hereby agree as follows:

         1. DEFINITIONS. Terms not defined herein have the meanings set forth in
the Agreement.

         a) The  definition  of "Cause" is hereby  deleted and the  following is
hereby substituted therefor:

                  CAUSE.  The Trust  shall  have the right to  terminate  Senior
                  Officer's  employment  for Cause upon  Senior  Officer's:  (A)
                  deliberate  misrepresentation  in connection  with, or willful
                  failure to cooperate  with a bona fide internal  investigation
                  or  an   investigation   by  regulatory  or  law   enforcement
                  authorities,   after  being   instructed  by  the  Company  to
                  cooperate,  or the willful  destruction or failure to preserve
                  documents  or other  materials  known to be  relevant  to such
                  investigation  or the willful  inducement of others to fail to
                  cooperate  or to produce  documents  or other  materials;  (B)
                  failure to perform his duties  hereunder  (other than any such
                  failure  resulting  from Senior  Officer's  incapacity  due to
                  physical or mental  illness)  which  failure  continues  for a
                  period of three (3)  business  days after  written  demand for
                  corrective  action  is  delivered  by the  Trust  specifically
                  identifying  the manner in which the Trust believes the Senior
                  Officer  has not  performed  his  duties;  (C)  conduct by the
                  Senior   Officer   constituting  a  material  act  of  willful
                  misconduct in connection  with the  performance of his duties,
                  including,  without  limitation,  misappropriation of funds or
                  property of the Trust other than the occasional, customary and
                  de minimis use of Trust  property for personal  purposes;  (D)
                  disparagement of the Trust, its officers,  trustees, employees
                  or partners; (E) soliciting any existing employee of the Trust
                  above  the  level of an  administrative  assistant  to work at
                  another  company;  or (F) the commission by the Senior Officer
                  of a felony or misdemeanor involving moral turpitude,  deceit,
                  dishonesty or fraud,

<PAGE>

         b) The  definition  of "Change of Control" is hereby  deleted,  thereby
specifically  deleting the two  sentences set forth in said  definition  wherein
Senior Officer has the right  voluntarily  to terminate  employment on or within
three (3) months  following a Change in Control and to have said  termination be
deemed a termination  for Good Reason,  and the following is hereby  substituted
therefor:

                  CHANGE IN CONTROL.  For purposes of this Agreement  "Change in
                  Control"  shall  mean  that any of the  following  events  has
                  occurred:  (A) any  "person"  or "group" of  persons,  as such
                  terms  are  used  in  Sections  13 and  14 of  the  Securities
                  Exchange Act of 1934, as amended (the "Exchange  Act"),  other
                  than any employee benefit plan sponsored by the Trust, becomes
                  the "beneficial  owner", as such term is used in Section 13 of
                  the  Exchange  Act  (irrespective  of any  vesting  or waiting
                  periods)  of (i)  Common  Shares in an amount  equal to thirty
                  percent  (30 %) or more of the sum total of the Common  Shares
                  issued and outstanding  immediately  prior to such acquisition
                  as if they were a single  class and  disregarding  any  equity
                  raise in connection  with the  financing of such  transaction;
                  provided,  however,  that in  determining  whether a Change of
                  Control has occurred,  Outstanding Shares or Voting Securities
                  which are acquired in an  acquisition  by (i) the Trust or any
                  of its  subsidiaries  or (ii) an employee  benefit  plan (or a
                  trust forming a part  thereof)  maintained by the Trust or any
                  of its subsidiaries  shall not constitute an acquisition which
                  can  cause a Change of  Control;  or (B) the  approval  of the
                  dissolution or  liquidation of the Trust;  or (C) the approval
                  of the sale or other  disposition of all or substantially  all
                  of its  assets  in  one  (1) or  more  transactions;  or (D) a
                  turnover,  during any two (2) year period,  of the majority of
                  the members of the Board,  without the consent of the majority
                  of the members of the Board as to the  appointment  of the new
                  Board members.

         c) The  definition of "Good Reason" is hereby deleted and the following
is substituted therefor:

                  GOOD  REASON.  The  Senior  Officer  shall  have the  right to
                  terminate  his  employment  for  "Good  Reason":  (A) upon the
                  occurrence  of any  material  breach of this  Agreement by the
                  Trust which  shall  include but not be limited to: a material,
                  adverse  alteration in the nature of Senior Officer's  duties,
                  responsibilities or authority;  (B) upon a reduction in Senior
                  Officer's Annual Base Salary or a material  reduction in other
                  benefits   (except  for   bonuses  or  similar   discretionary
                  payments) as in effect at the time in  question,  or a failure
                  to pay such  amounts  when due which is not cured by the Trust
                  within ten (10) days after  written  notice of such default by
                  the  Senior  Officer,   (C)  if  the  Trust  relocates  Senior
                  Officer's  office requiring the Senior Officer to increase his
                  commuting  time by more than one (1) hour,  or (D) the Trust's
                  failure to provide  benefits  comparable to those provided the
                  Senior Officer as of the Effective  Date,  other than any such
                  failure which affects all comparably  situated officers,  then
                  the  Senior  Officer  shall  have the right to  terminate  his
                  employment, which termination shall be deemed for Good Reason.
<PAGE>

         2.  CHANGE  OF  CONTROL.   Notwithstanding  anything  to  the  contrary
contained in the  Agreement,  Senior  Officer shall have no right to receive the
compensation  described  in Section 3 following  a Change of Control  unless the
Trust  terminates  Senior Officer's  employment  without Cause or Senior Officer
terminates  his  employment  for Good Reason,  in which event the Senior Officer
shall be entitled to all the  benefits  described  in the  Agreement  as if this
First Amendment were not executed.

         3.  EFFECTIVE  DATE.  This First  Amendment  shall be  effective  as of
December 31, 2006.

         4. SUCCESSORS;  COUNTERPARTS. This First Amendment (i) shall be binding
on the executors,  administrators,  estates,  heirs and legal  successors of the
parties and (ii) may be executed in several counterparts with the same effect as
if  the  parties  executing  the  several  counterparts  had  all  executed  one
counterpart.

         5.  GOVERNING  LAW.  This  First  Amendment  shall be  governed  by and
construed in  accordance  with the laws of the State of New York without  giving
effect to the principles of conflict of laws thereof.

         IN WITNESS  WHEREOF,  the undersigned have hereto set their hands as of
the day and year first above written.

                                  ACADIA REALTY TRUST

                                  By:/S/ KENNETH F. BERNSTEIN
                                  -------------------------------
                                  Kenneth F. Bernstein, President

                                  By: /S/ ROBERT MASTERS
                                  -------------------------------
                                  Robert Masters, Senior OfficerEXHIBIT 10.5

                     FIRST AMENDMENT TO SEVERANCE AGREEMENT

         This First Amendment (the "First Amendment")  executed January 19, 2007
to the Severance  Agreement (the  "Agreement")  between Acadia Realty Trust (the
"Trust") and Joseph Hogan ("Senior Officer").

         WHEREAS, the Trust and Senior Officer desire to amend the Agreement.

         NOW,  THEREFORE,  in consideration  of the mutual  covenants  contained
herein and for other good and valuable consideration  including the continuation
of  employment  by the Trust,  the  receipt and  sufficiency  of which is hereby
acknowledged, the Trust and Senior Officer hereby agree as follows:

         1. DEFINITIONS. Terms not defined herein have the meanings set forth in
the Agreement.

         a) The  definition  of "Cause" is hereby  deleted and the  following is
hereby substituted therefor:

                  CAUSE.  The Trust  shall  have the right to  terminate  Senior
                  Officer's  employment  for Cause upon  Senior  Officer's:  (A)
                  deliberate  misrepresentation  in connection  with, or willful
                  failure to cooperate  with a bona fide internal  investigation
                  or  an   investigation   by  regulatory  or  law   enforcement
                  authorities,   after  being   instructed  by  the  Company  to
                  cooperate,  or the willful  destruction or failure to preserve
                  documents  or other  materials  known to be  relevant  to such
                  investigation  or the willful  inducement of others to fail to
                  cooperate  or to produce  documents  or other  materials;  (B)
                  failure to perform his duties  hereunder  (other than any such
                  failure  resulting  from Senior  Officer's  incapacity  due to
                  physical or mental  illness)  which  failure  continues  for a
                  period of three (3)  business  days after  written  demand for
                  corrective  action  is  delivered  by the  Trust  specifically
                  identifying  the manner in which the Trust believes the Senior
                  Officer  has not  performed  his  duties;  (C)  conduct by the
                  Senior   Officer   constituting  a  material  act  of  willful
                  misconduct in connection  with the  performance of his duties,
                  including,  without  limitation,  misappropriation of funds or
                  property of the Trust other than the occasional, customary and
                  de minimis use of Trust  property for personal  purposes;  (D)
                  disparagement of the Trust, its officers,  trustees, employees
                  or partners; (E) soliciting any existing employee of the Trust
                  above  the  level of an  administrative  assistant  to work at
                  another  company;  or (F) the commission by the Senior Officer
                  of a felony or misdemeanor involving moral turpitude,  deceit,
                  dishonesty or fraud,
<PAGE>

         b) The  definition  of "Change of Control" is hereby  deleted,  thereby
specifically  deleting the two  sentences set forth in said  definition  wherein
Senior Officer has the right  voluntarily  to terminate  employment on or within
three (3) months  following a Change in Control and to have said  termination be
deemed a termination  for Good Reason,  and the following is hereby  substituted
therefor:

                  CHANGE IN CONTROL.  For purposes of this Agreement  "Change in
                  Control"  shall  mean  that any of the  following  events  has
                  occurred:  (A) any  "person"  or "group" of  persons,  as such
                  terms  are  used  in  Sections  13 and  14 of  the  Securities
                  Exchange Act of 1934, as amended (the "Exchange  Act"),  other
                  than any employee benefit plan sponsored by the Trust, becomes
                  the "beneficial  owner", as such term is used in Section 13 of
                  the  Exchange  Act  (irrespective  of any  vesting  or waiting
                  periods)  of (i)  Common  Shares in an amount  equal to thirty
                  percent  (30 %) or more of the sum total of the Common  Shares
                  issued and outstanding  immediately  prior to such acquisition
                  as if they were a single  class and  disregarding  any  equity
                  raise in connection  with the  financing of such  transaction;
                  provided,  however,  that in  determining  whether a Change of
                  Control has occurred,  Outstanding Shares or Voting Securities
                  which are acquired in an  acquisition  by (i) the Trust or any
                  of its  subsidiaries  or (ii) an employee  benefit  plan (or a
                  trust forming a part  thereof)  maintained by the Trust or any
                  of its subsidiaries  shall not constitute an acquisition which
                  can  cause a Change of  Control;  or (B) the  approval  of the
                  dissolution or  liquidation of the Trust;  or (C) the approval
                  of the sale or other  disposition of all or substantially  all
                  of its  assets  in  one  (1) or  more  transactions;  or (D) a
                  turnover,  during any two (2) year period,  of the majority of
                  the members of the Board,  without the consent of the majority
                  of the members of the Board as to the  appointment  of the new
                  Board members.

         c) The  definition of "Good Reason" is hereby deleted and the following
is substituted therefor:

                  GOOD  REASON.  The  Senior  Officer  shall  have the  right to
                  terminate  his  employment  for  "Good  Reason":  (A) upon the
                  occurrence  of any  material  breach of this  Agreement by the
                  Trust which  shall  include but not be limited to: a material,
                  adverse  alteration in the nature of Senior Officer's  duties,
                  responsibilities or authority;  (B) upon a reduction in Senior
                  Officer's Annual Base Salary or a material  reduction in other
                  benefits   (except  for   bonuses  or  similar   discretionary
                  payments) as in effect at the time in  question,  or a failure
                  to pay such  amounts  when due which is not cured by the Trust
                  within ten (10) days after  written  notice of such default by
                  the  Senior  Officer,   (C)  if  the  Trust  relocates  Senior
                  Officer's  office requiring the Senior Officer to increase his
                  commuting  time by more than one (1) hour,  or (D) the Trust's
                  failure to provide  benefits  comparable to those provided the
                  Senior Officer as of the Effective  Date,  other than any such
                  failure which affects all comparably  situated officers,  then
                  the  Senior  Officer  shall  have the right to  terminate  his
                  employment, which termination shall be deemed for Good Reason.
<PAGE>

         2.  CHANGE  OF  CONTROL.   Notwithstanding  anything  to  the  contrary
contained in the  Agreement,  Senior  Officer shall have no right to receive the
compensation  described  in Section 3 following  a Change of Control  unless the
Trust  terminates  Senior Officer's  employment  without Cause or Senior Officer
terminates  his  employment  for Good Reason,  in which event the Senior Officer
shall be entitled to all the  benefits  described  in the  Agreement  as if this
First Amendment were not executed.

         3.  EFFECTIVE  DATE.  This First  Amendment  shall be  effective  as of
December 31, 2006.

         4. SUCCESSORS;  COUNTERPARTS. This First Amendment (i) shall be binding
on the executors,  administrators,  estates,  heirs and legal  successors of the
parties and (ii) may be executed in several counterparts with the same effect as
if  the  parties  executing  the  several  counterparts  had  all  executed  one
counterpart.

         5.  GOVERNING  LAW.  This  First  Amendment  shall be  governed  by and
construed in  accordance  with the laws of the State of New York without  giving
effect to the principles of conflict of laws thereof.

         IN WITNESS  WHEREOF,  the undersigned have hereto set their hands as of
the day and year first above written.

                                  ACADIA REALTY TRUST

                                  By:  /S/ ROBERT MASTERS
                                  -------------------------------------
                                  Robert Masters, Senior Vice President

                                  By:  /S/ JOSEPH HOGAN
                                  -------------------------------------
                                  Joseph Hogan, Senior Officer

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