Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 
  

 
  

TREEHOUSE FOODS, INC., as Issuer 

THE GUARANTORS PARTY HERETO, as Guarantors 

AND 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Trustee 
  

 
 4.875% SENIOR
NOTES DUE 2022 
 AND 

6.00 % SENIOR NOTES DUE 2024 

ELEVENTH SUPPLEMENTAL INDENTURE DATED AS OF 

March 31, 2016 
 TO THE
INDENTURE DATED AS OF 
 March 2, 2010 
  

 
  

 This ELEVENTH SUPPLEMENTAL INDENTURE, dated as of March 31, 2016 (this “Eleventh
Supplemental Indenture”), is by and among TreeHouse Foods, Inc., a Delaware corporation (such corporation and any successor as defined in the Base Indenture and herein, the “Company”), the existing Guarantors party to the Indenture
(as defined below), Protenergy Holdings, Inc., a Delaware corporation, and Protenergy Natural Foods, Inc., a Delaware corporation (collectively, the “Additional Guarantors”), and Wells Fargo Bank, National Association, a national banking
association, as trustee (such institution and any successor as defined in the Base Indenture, the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company and the existing Guarantors have previously executed and delivered an Indenture, dated as of March 2, 2010 (the
“Base Indenture”), with the Trustee providing for the issuance from time to time of one or more series of the Company’s senior debt securities, as amended and supplemented by a Fourth Supplemental Indenture, dated as of March 11,
2014 (the “Fourth Supplemental Indenture”), Sixth Supplemental Indenture, dated as of July 29, 2014 (the “Sixth Supplemental Indenture”), the Seventh Supplemental Indenture, dated as of August 25, 2014 (the
“Seventh Supplemental Indenture”), the Eighth Supplemental Indenture, dated as of December 31, 2015 (the “Eighth Supplemental Indenture”), the Ninth Supplemental Indenture, dated as of January 29, 2015 (the “Ninth
Supplemental Indenture”) and the Tenth Supplemental Indenture, dated as of February 1, 2016 (the “Tenth Supplemental Indenture” and, together with the Base Indenture, the Fourth Supplemental Indenture, the Sixth Supplemental
Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture and the Ninth Supplemental Indenture, the “Indenture”); 

WHEREAS, the Fourth Supplemental Indenture provides for the issuance of the Company’s 4.875% Notes due 2022 (the “2022 Notes”);

 WHEREAS, the Ninth Supplemental Indenture provides for the issuance of the Company’s 6.00% Notes due 2024 (the “2024
Notes” and together with the 2022 Notes, the “Notes”); 
 WHEREAS, Section 4.15 of each of the Fourth Supplemental
Indenture and the Ninth Supplemental Indenture provides that in the event that any Domestic Subsidiary guarantees or becomes a borrower under the Credit Agreement, then the Company shall cause such Domestic Subsidiary to simultaneously become a
Guarantor of the Notes, in accordance with the terms of the Indenture; 
 WHEREAS, Section 9.01 of each of the Fourth Supplemental
Indenture and the Ninth Supplemental Indenture provides that the Trustee may enter into an indenture supplemental to the Indenture, without the consent of the Holders, to add any Person as a Guarantor; 

WHEREAS, each of the Additional Guarantors, as a result of their guaranteeing the Credit Agreement, is entering into this Eleventh
Supplemental Indenture to add such Additional Guarantor as a Guarantor; 

 WHEREAS, all conditions necessary to authorize the execution and delivery of this Eleventh
Supplemental Indenture and to make it a valid and binding obligation of each of the Additional Guarantors have been completed or performed; and 

WHEREAS, the Indenture is incorporated herein by reference. 

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Company, the existing Guarantors, the Additional Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 SECTION 1.01 Definitions; Rules of Construction. 

All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Indenture. The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Eleventh Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

ARTICLE 2 
 AGREEMENT TO
GUARANTEE 
 SECTION 2.01 Agreement to Guarantee. 

Each of the Additional Guarantors hereby agrees to become a party to the Indenture as a Guarantor and shall have all of the rights and be
subject to all of the obligations and agreements of a Guarantor under the Indenture. Each of the Additional Guarantors agrees to be bound by all other provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and
agreements of a Guarantor under the Indenture. 
 ARTICLE 3 

MISCELLANEOUS 
 SECTION
3.01 Indenture Remains in Full Force and Effect. 
 Except as expressly amended and supplemented by this Eleventh Supplemental
Indenture, the Indenture shall remain in full force and effect in accordance with its terms. 
 SECTION 3.02 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS ELEVENTH SUPPLEMENTAL INDENTURE AND

 
THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

SECTION 3.03 Severability. 

In case any provision in this Eleventh Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 3.04 Counterpart
Originals. 
 The parties may sign any number of copies of this Eleventh Supplemental Indenture. Each signed copy shall be an original,
but all of them together shall represent the same agreement. The exchange of copies of this Eleventh Supplemental Indenture and of signature pages by facsimile or portable document format (“PDF”) transmission shall constitute effective
execution and delivery of this Eleventh Supplemental Indenture as to the parties hereto. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 3.05 Headings, Etc. 

The headings in this Eleventh Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Eleventh Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 3.06 Jury
Trial Waiver. 
 EACH OF THE COMPANY, THE EXISTING GUARANTORS, THE ADDITIONAL GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS ELEVENTH SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. 
 SECTION 3.07 Concerning the Trustee. 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Eleventh Supplemental
Indenture, the Subsidiary Guarantees of the Additional Guarantors, or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Additional Guarantors. All of the provisions contained in the
Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of this Eleventh Supplemental Indenture as fully and with like force and effect as though fully set forth in full herein. The
Company hereby confirms to the Trustee that this Eleventh Supplemental Indenture has not resulted in a material modification of the Notes for Foreign Accounting Tax Compliance Act (“FATCA”) purposes. The Company shall give the Trustee
prompt written notice of any material modification of the 

 
Notes deemed to occur for FATCA purposes. The Trustee shall assume that no material modification for FATCA purposes has occurred regarding the Notes, unless the Trustee receives written
notice of such modification from the Company. 
 [signature pages follow] 

 Dated as the date first written above. 

 

					
	COMPANY:
	
	TREEHOUSE FOODS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	GUARANTORS:
	
	BAY VALLEY FOODS, LLC
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	STURM FOODS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	S.T. SPECIALTY FOODS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	CAINS FOODS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President

 [Signature Page to Supplemental Indenture] 

 
					
	CAINS GP, LLC
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	CAINS FOODS, L.P.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	ASSOCIATED BRANDS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	FLAGSTONE FOODS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

		 	Name:	 	Dennis F. Riordan
		 	Title:	 	Executive Vice President
	
	TREEHOUSE PRIVATE BRANDS, INC. (F/K/A RALCORP HOLDINGS, INC.)
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President
	
	NUTCRACKER BRANDS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President

 [Signature Page to Supplemental Indenture] 

 
					
	RALCORP FROZEN BAKERY PRODUCTS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President
	
	THE CARRIAGE HOUSE COMPANIES, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President
	
	AMERICAN ITALIAN PASTA COMPANY
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President
	
	COTTAGE BAKERY, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President
	
	LINETTE QUALITY CHOCOLATES, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 		 	Dennis F. Riordan
	Title:	 		 	Executive Vice President

 [Signature Page to Supplemental Indenture] 

 
			
	ADDITIONAL GUARANTORS:
	
	PROTENERGY HOLDINGS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President
	
	PROTENERGY NATURAL FOODS, INC.
		
	By:	 	 /s/ Dennis F. Riordan

	Name:	 	Dennis F. Riordan
	Title:	 	Executive Vice President

 [Signature Page to Supplemental Indenture] 

 
					
	TRUSTEE:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Julius R. Zamora

		 	Name:	 	Julius R. Zamora
		 	Title:	 	Vice President

 [Signature Page to Supplemental Indenture]EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT made as of this 26th day of February, 2016, effective as of
March 31st, 2016 (the “Effective Date”), by and among Cedar Realty Trust, Inc., a Maryland corporation (the “Corporation”), Cedar Realty Trust Partnership, L.P., a
Delaware limited partnership (the “Partnership”), and Robin McBride Zeigler (the “Executive”). 
 1. Position and
Responsibilities. 
 1.1 The Executive shall serve in an executive capacity as Chief Operating Officer of both the Corporation and the
Partnership with duties consistent therewith and shall perform such other functions and undertake such other responsibilities as are customarily associated with such capacity, and shall report to the President and/or Chief Executive Officer of the
Corporation. The Executive shall also hold such directorships and officerships in the Corporation, the Partnership and any of their subsidiaries to which, from time to time, the Executive may be elected or appointed during the term of this
Agreement. 
 1.2 The Executive shall devote Executive’s full business time and skill to the business and affairs of the Corporation
and the Partnership and to the promotion of their interests. 
 2. Term of Employment. 

The term of employment shall be three (3) years, commencing with the Effective Date set forth above and ending three (3) years
thereafter (“Expiration Date”), unless (1) either party terminates the Agreement earlier as provided in this Agreement or (2) the parties mutually agree to renew the Agreement. Either party who wishes to renew the Agreement shall
provide the other party with such notice within sixty (60) days prior to the Expiration Date. 

 2.1 Notwithstanding the provisions of Section 2.1 hereof, each of the Corporation and the
Partnership shall have the right, on written notice to the Executive, to terminate the Executive’s employment for Cause (as defined in Section 2.3) or without Cause, such termination to be effective as of the date on which notice is given
or as of such later date otherwise specified in the notice and, upon such termination of employment for Cause, Executive shall not be entitled to receive any additional compensation hereunder. The Executive shall have the right, on 30 days advance
written notice to the Corporation and the Partnership, to resign the Executive’s employment for Good Reason (as defined in Section 2.4), such termination to be effective as of the 30th day following when such notice is given or as of such
later date otherwise specified in the notice or otherwise agreed to by the Corporation and Executive; provided, however, that Good Reason shall cease to exist for any event on the 60th day following the occurrence of the event unless the Executive
has given the Corporation and the Partnership written notice, in accordance with this Section 2.2. 
 2.2 For purposes of this
Agreement, the term “Cause” shall be exclusively limited to any of the following actions by the Executive: (a) failure to comply with any of the material terms of this Agreement or of the Corporation’s Code of Ethics, which shall
not be cured within 10 days after written notice, or if the same is not of a nature that it can be completely cured within such 10 day period, if Executive shall have failed to commence to cure the same within such 10 day period and shall have
failed to pursue the cure of the same diligently thereafter; (b) engagement in gross misconduct injurious to the business or reputation of the Corporation or the Partnership; (c) knowing and willful neglect or refusal to attend to the
material duties assigned to the Executive by the Board of Directors of the Corporation, which shall not be cured within 10 days after written notice; (d) intentional misappropriation of 

  
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property of the Corporation or the Partnership to the Executive’s own use; (e) the commission by the Executive of an act of fraud or embezzlement, or an attempted act of fraud or
embezzlement; (f) Executive’s conviction for a felony; (g) Executive’s engaging in any activity which is prohibited pursuant to Section 5 of this Agreement, which shall not be cured within 10 days after written notice. 

2.4 For purposes of this Agreement, the term “Good Reason” shall be exclusively limited to any of the following: (i) a material
breach of this Agreement by the Corporation or the Partnership which shall not be cured within 30 days after written notice; (ii) a material reduction in the Executive’s duties or responsibilities without the Executive’s written
consent; (iii) the relocation of the Executive’s office to a location more than 30 miles from the Executive’s Port Washington office (or any future office which the Executive agrees to work from); or (iv) a “Change in
Control” as defined below. The Corporation or the Partnership, as applicable, shall have 30 days after receipt of the Executive’s notice of termination for Good Reason in which to cure the failure, breach, infraction, or situation
described in the notice of termination. If the failure, breach, infraction, or situation is timely cured by the Corporation or the Partnership, the notice of termination for Good Reason shall become null and void. 

(a) As used in this paragraph 2.4, a “Change in Control” shall be deemed to occur if: (i) there shall be consummated
(x) any consolidation or merger of the Corporation or the Partnership in which the Corporation or the Partnership is not the continuing or surviving corporation or pursuant to which the stock of the Corporation or the units of the Partnership
would be converted into cash, securities or other property, other than a merger or consolidation of the Corporation or Partnership in which the holders of the Corporation’s stock immediately 

  
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prior to the merger or consolidation hold more than fifty percent (50%) of the stock or other forms of equity of the surviving corporation immediately after the merger, or (y) any sale,
lease, exchange or other transfer (in one transaction or series of related transactions) of all, or substantially all, the assets of the Corporation or the Partnership; (ii) the Board approves any plan or proposal for liquidation or dissolution
of the Corporation or the Partnership; or (iii) any person acquires more than 29% of the issued and outstanding common stock of the Corporation. 

3. Compensation. 
 3.1
The Partnership shall pay to the Executive for the services to be rendered by the Executive hereunder to the Corporation and the Partnership as follows: 
  

	 	•	 	A base salary at the rate of $400,000 per annum, payable in accordance with the Corporation’s or Partnership’s normal payroll practices, but not less frequently than twice a month. Such base salary will be
reviewed at least annually and may be increased (but not decreased) by the Board of Directors of the Corporation in its sole discretion. 

  

	 	•	 	Upon the commencement of Executive’s employment, the Corporation shall pay to the Executive a one-time sign-on bonus in the amount of $150,000.00 payable in cash within 30 days of the Effective Date of this
Agreement. 

  

	 	•	 	The Executive shall participate in the Corporation’s annual bonus plan for senior executive officers. For the period commencing the date of this Agreement and ending December 31, 2016, the Executive’s
bonus will be equal to $300,000, payable all in cash. Thereafter, the payment of any bonus is within the discretion of, and subject to the requirements established by, the Board of Directors of the Corporation, based on recommendations of the
Compensation Committee. 

  
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	 	•	 	The Executive will also be entitled to participate in the Corporation’s long-term incentive compensation plan pursuant to which she will be granted annual long-term restricted stock grants as determined by the Board of Directors, in its discretion, based on the recommendations of the Compensation Committee. The grant of
long-term incentive compensation to be awarded on or about February 2017 will be restricted common stock in an amount equal to $560,000, subject to the terms and conditions as set forth in a separate Award
Agreement governing the grant. 

  

	 	•	 	In addition, Executive will be granted a one-time stock grant in an amount equal to $100,000, with the stock being valued at the closing price on the day prior to the date the Executive commences employment with the
Corporation, subject to vesting in one installment on the third anniversary of the date of the grant as described more fully in a separate Award Agreement governing the grant. 

3.2 The Executive and her family shall be entitled to participate in, and receive benefits from, on the basis comparable to other senior
executives, any insurance, medical, disability, or other employee benefit plan of the Corporation, the Partnership or any of their subsidiaries which may be in effect at any time during the course of Executive’s employment by the Corporation
and the Partnership and which shall be generally available to senior executives of the Corporation, the Partnership or any of their subsidiaries. 

  
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 3.3 The Partnership agrees to reimburse the Executive for all reasonable and necessary
out-of-pocket business expenses incurred by the Executive on behalf of the Corporation or the Partnership in the course of Executive’s duties hereunder upon the presentation by the Executive of appropriate vouchers therefore in accordance with
the policies and procedures of the Company as are in effect from time to time, including all cell phone, portable computer, professional licenses and organizations and conferences approved in advance by the CEO, such as ICSC and NAREIT. 

3.4 The Executive shall be entitled each year of this Agreement to paid vacation in accordance with the Corporation’s or
Partnership’s policies in effect from time to time, but not less than four (4) weeks plus personal and floating holidays (and a ratable number of sick days), which if not taken during such year will be forfeited (unless management requests
postponement). 
 3.5 In recognition of Executive’s need for an automobile for business purposes, the Corporation or the Partnership
will reimburse the Executive for Executive’s lease payments or financing for an automobile in an amount not to exceed $500.00 a month. In addition, the Executive shall be reimbursed for all costs of the automobile, such as insurance,
maintenance and gasoline to the extent the foregoing are not already covered by a mileage allowance paid by the Corporation to the Executive, incurred in connection with the Corporation’s business in the same manner as other senior employees of
the Corporation. 
 3.6 If, during the period of employment hereunder, because of illness or other incapacity, the Executive shall fail for
a period of 90 consecutive days, or for shorter 

  
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periods aggregating more than six months during the term of this Agreement, to render the services contemplated hereunder, then the Corporation or the Partnership, at either of their options, may
terminate the term of employment hereunder by notice from the Corporation or the Partnership, as the case may be, to the Executive, effective on the giving of such notice. During any period of disability of Executive during the term hereof, the
Corporation shall continue to pay to Executive the salary and bonus, which the Executive has earned and accrued as of the date of termination of employment. 

3.7 In the event of the death of the Executive during the term hereof, the employment hereunder shall terminate on the date of death of the
Executive. 
 3.8 Each of the Corporation and the Partnership shall have the right to obtain for their respective benefits an appropriate
life insurance policy on the life of the Executive, naming the Corporation or the Partnership as the beneficiary. If requested by the Corporation or the Partnership, the Executive agrees to cooperate with the Corporation or the Partnership, as the
case may be, in obtaining such policy. 
 3.9 The Corporation will also reimburse the Executive for the following moving expenses (excluding
closing costs and all costs associated therewith) reasonably incurred by the Executive and her family in connection with her relocation to New York which includes but is not limited to: 

(i) Reasonable costs of temporary housing in New York until the later of Executive’s move to permanent housing or July 31, 2016; 

(ii) Reasonable costs of travel between New York and Maryland until the later of Executive’s family relocating to New York or
July 31, 2016; 

  
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 (iii) Costs of storage, packing and unpacking, and/or moving of household goods and vehicles from
Maryland to New York; and 
 (iv) Payment of $100,000.00 towards the Executive’s purchase of a home, payable upon closing. 

All moving expenses will be paid upon the presentation by the Executive of appropriate vouchers therefor. 

4. Severance Compensation Upon Termination of Employment. 

4.1 Except as otherwise provided in Section 2.2 hereof, (a) if the Executive’s employment with the Corporation or the
Partnership (or any Successor Entity) is terminated by the Corporation or Partnership (or any Successor Entity) other than (i) for Cause or (ii) pursuant to Sections 3.6 or 3.7; or (b) if the Executive’s employment with
the Corporation or the Partnership (or any Successor Entity) is terminated by the Executive for Good Reason; then the Corporation and the Partnership (or any Successor Entity) shall: 

(i) pay to the Executive as severance pay, on the eighth (8th) day
after the Executive signs and delivers to the Corporation a general release of any and all claims she may have against the Corporation and Partnership, a lump sum payment equal to 250% of the sum of the Executive’s annual base salary at the
rate applicable on the date of termination, and the highest of the Executive’s annual bonus for the preceding two full fiscal years, exclusive of any long-term incentive stock awards; provided, however, that in the event Executive’s
employment terminates due to a Change in Control as defined in Paragraph 2.4 herein, Executive shall not be required to execute a general release as a precondition to receiving her severance pay. 

  
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 (ii) arrange to provide Executive, for a 12 month period (or such shorter period
as Executive may elect), with disability, accident and health insurance substantially similar to those insurance benefits which Executive is receiving immediately prior to the date of termination to the extent obtainable upon reasonable terms;
provided, however, if it is not so obtainable the Corporation shall pay to the Executive in cash the annual amount paid by the Corporation or the Partnership for such benefits during the previous year of the Executive’s employment. Benefits
otherwise receivable by Executive pursuant to this Section 4.1(ii) shall be reduced to the extent comparable benefits are actually received by the Executive during such 12 month period following her termination (or such shorter period elected
by the Executive), and any such benefits actually received by Executive shall be reported by the Executive to the Corporation within ten (10) days of receiving such benefits; and 

(iii) any options granted to Executive to acquire common stock of the Corporation, any restricted shares of common stock of the
Corporation issued to the Executive, and any other awards granted to the Executive under any employee benefit plan that have not vested shall immediately vest on such termination. 

4.2(a) The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other
employment or otherwise, nor, except to the extent provided in Section 4.1(ii) above, shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as a result of employment by another
employer. 

  
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         (b) The provisions of this Agreement, and any
payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any benefit plan of the
Corporation or Partnership, or other contract, plan or arrangement. 
 4.4 For purposes of this Agreement, a “Successor Entity”
shall mean any entity which by way of merger, acquisition, or otherwise has become the Executive’s actual employer. 
 5. Other
Activities During Employment. 
 5.1 The Executive shall not during the term of this Agreement undertake or engage in any other
employment, occupation or business enterprise. Subject to compliance with the provisions of this Agreement, the Executive may engage in reasonable activities with respect to personal investments of the Executive. 

5.2 During the term of this Agreement, without the prior approval of the Board of Directors, neither the Executive nor any entity in which she
may be interested as a partner, trustee, director, officer, employee, shareholder, option holder, lender of money or guarantor, shall be engaged directly or indirectly in any real estate development, leasing, marketing or management activities other
than through the Corporation and the Partnership, except for activities existing on the date of this Agreement which have been disclosed to the Corporation; provided, however, that the foregoing shall not be deemed to (a) prohibit the Executive
from being on the Board of Directors of another entity, (b) prevent the Executive from investing in securities if such class of securities in which the investment is so made is listed on a national securities exchange or is issued by a company
registered under Section 12(g) of the Securities Exchange Act of 1934, so long as such investment holdings do not, in the aggregate, constitute more than 1% of the voting stock of any company’s securities or (c) prohibit passive
investments, subject to any limitations contained in subparagraph (b) above. 

  
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 5.3 The Executive shall not at any time during this Agreement or after the termination hereof
directly or indirectly divulge, furnish, use, publish or make accessible to any person or entity any Confidential Information (as hereinafter defined), except pursuant to subpoena, court order or applicable law. In the event the Executive is
required to divulge, furnish, use or publish Confidential Information pursuant to subpoena, court order or applicable law, Executive will provide the Corporation with a minimum of five (5) days’ notice before doing so. Any records of
Confidential Information prepared by the Executive or which come into Executive’s possession during this Agreement are and remain the property of the Corporation or the Partnership, as the case may be, and upon termination of Executive’s
employment all such records and copies thereof shall be either left with or returned to the Corporation or the Partnership, as the case may be. 

5.4 The term “Confidential Information” shall mean information disclosed to the Executive or known, learned, created or observed by
Executive as a consequence of or through employment by the Corporation and the Partnership, not generally known in the relevant trade or industry, about the Corporation’s or the Partnership’s business activities, services and processes,
including but not limited to information concerning advertising, sales promotion, publicity, sales data, research, copy, leasing, other printed matter, artwork, photographs, reproductions, layout, finances, accounting, methods, processes, business
plans, contractors, lessee and supplier lists and records, potential lessee and supplier lists, and contractor, lessee or supplier billing. 

  
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 6. Post-Employment Activities. 

6.1 During the term of employment hereunder, and absent any written waiver or agreement to the contrary, for a period of one year after
termination of employment, regardless of the reason for such termination, other than by (x) the Corporation or Partnership (or Successor Entity) without Cause or (y) the Executive for Good Reason; or (z) expiration of this Agreement,
the Executive shall not directly or indirectly become employed by, act as a consultant to, or otherwise render any services to any person, corporation, partnership or other entity which is engaged in, or about to become engaged in, the retail
shopping center business or any other business which is competitive with the business of the Corporation, the Partnership or any of their subsidiaries nor shall Executive use Executive’s talents to make any such business competitive with the
business of the Corporation, the Partnership or any of their subsidiaries. For the purpose of this Section, a retail shopping center business or other business shall be deemed to be competitive if it involves the ownership, operation, leasing or
management of any retail shopping centers which draw from the same related trade area, which is deemed to be within a radius of 10 miles from the location of (a) any then existing shopping centers of the Corporation, the Partnership or any of
their subsidiaries or (b) any proposed centers for which the site is owned or under contract, is under construction or is actively being negotiated. The Executive shall be deemed to be directly or indirectly engaged in a business if Executive
participates therein as a director, officer, stockholder, employee, agent, consultant, manager, salesman, partner or individual proprietor, or as an investor who has made advances or loans, contributions to capital or expenditures for the purchase
of stock, or in any capacity or manner whatsoever; provided, however, that the foregoing shall not be deemed to prevent the Executive from investing in securities if such class of securities in which the investment is so

  
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made is listed on a national securities exchange or is issued by a company registered under Section 12(g) of the Securities Exchange Act of 1934, so long as such investment holdings do not,
in the aggregate, constitute more than 1% of the voting stock of any company’s securities. 
 6.2 The Executive acknowledges that
Executive has been employed for Executive’s special talents and that Executive’s leaving the employ of the Corporation and the Partnership would seriously hamper the business of the Corporation and the Partnership. The Executive agrees
that the Corporation and the Partnership shall each be entitled to injunctive relief, in addition to all remedies permitted by law, to enforce the provisions of Sections 5 and 6 hereof. The Executive further acknowledges that Executive’s
training, experience and technical skills are of such breadth that they can be employed to advantage in other areas which are not competitive with the present business of the Corporation and the Partnership and consequently the foregoing obligation
will not unreasonably impair Executive’s ability to engage in business activity after the termination of Executive’s present employment. 

6.3 The Executive will not, during the period of one (1) year after termination of employment, regardless of the reason for such
termination, hire or offer to hire or entice away or in any other manner persuade or attempt to persuade, either in Executive’s individual capacity or as agent for another, any of the Corporation’s, the Partnership’s or any of their
subsidiaries’ officers, employees or agents to discontinue their relationship with the Corporation, the Partnership or any of their subsidiaries nor divert or attempt to divert from the Corporation, the Partnership or any of their subsidiaries
any business whatsoever by influencing or attempting to influence any contractor, lessee or supplier of the Corporation, the Partnership or any of their subsidiaries. 

  
 13 

 7. Assignment. This Agreement shall inure to the benefit of and be binding upon the
Corporation, the Partnership and their successors and assigns, and upon the Executive and Executive’s heirs, executors, administrators and legal representatives. The Corporation and the Partnership will require any successor or assign to all or
substantially all of their business or assets to assume and perform this Agreement in the same manner and to the same extent that the Corporation and the Partnership would be required to perform if no such succession or assignment had taken place.
This Agreement shall not be assignable by the Executive. 
 8. No Third Party Beneficiaries. This Agreement does not create, and
shall not be construed as creating, any rights enforceable by any person not a party to this Agreement, except as provided in Section 7 hereof. 

9. Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof
nor to affect the meaning thereof. 
 10. Interpretation. In case any one or more of the provisions contained in this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid,
illegal or unenforceable provisions had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

  
 14 

 11. Notices. All notices under this Agreement shall be in writing and shall be deemed to
have been given at the time when mailed by registered or certified mail, addressed to the address below stated of the party to which notice is given, or to such changed address as such party may have fixed by notice: 

 

			
	 To the Corporation

or the Partnership:
	  	
		
		  	 Cedar Realty Trust, Inc.
 44 South Bayles
Avenue
 Port Washington, NY 11050
 Attn:
President

		
	 To the Executive:
	  	 Robin McBride Zeigler
 c/o Cedar Realty
Trust, Inc.
 44 South Bayles Avenue, Suite 304
 Port
Washington, NY 11050

 provided, however, that any notice of change of address shall be effective only upon receipt. 

12. Waivers. If either party should waive any breach of any provision of this Agreement, she or it shall not thereby be deemed to have
waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 13. Complete Agreement;
Amendments. The foregoing is the entire agreement of the parties with respect to the subject matter hereof and may not be amended, supplemented, cancelled or discharged except by written instrument executed by both parties hereto. 

14. Governing Law. This Agreement is to be governed by and construed in accordance with the laws of the State of New York without
giving effect to principles of conflicts of law. 
 15. Counterparts. This Agreement may be executed in counterparts, all of which
together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the same counterpart. 

  
 15 

 16. Arbitration. Mindful of the high cost of litigation, not only in dollars but time and
energy as well, the parties intend to and do hereby establish a quick, final and binding out-of-court dispute resolution procedure to be followed in the unlikely event any controversy should arise out of or concerning the performance of this
Agreement. Accordingly, the parties do hereby covenant and agree that any controversy, dispute or claim of whatever nature arising out of, in connection with or in relation to the interpretation, performance or breach of this Agreement, including
any claim based on contract, tort or statute, shall be settled, at the request of any party to this Agreement, through arbitration by a dispute resolution process administered by JAMS or any other mutually agreed upon arbitration firm involving
final and binding arbitration conducted at a location determined by the arbitrator in New York City administered by and in accordance with the then existing rules of practice and procedure of such arbitration firm and judgment upon any award
rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof; provided, however, that the Corporation and the Partnership shall be entitled to seek judicial relief to enforce the provisions of Sections 5
and 6 of this Agreement. 
 17. Indemnification. During this Agreement and thereafter, the Corporation and the Partnership shall
indemnify the Executive to the fullest extent permitted by law against any judgments, fine, amounts paid in settlement and reasonable expenses (including attorneys’ fees) in connection with any claim, action or proceeding (whether civil or
criminal) against the Executive as a result of the Executive serving as an officer or director of the Corporation or the Partnership, in or with regard to any other entity, employee benefit plan or enterprise (other than arising out of the
Executive’s act of willful misconduct, gross negligence, misappropriation of funds, fraud or breach of this Agreement). This indemnification shall be in 

  
 16 

 
addition to, and not in lieu of, any other indemnification the Executive shall be entitled to pursuant to the Corporation’s or Partnership’s Articles of Incorporation, By-Laws, Agreement of Limited Partnership or otherwise. Following the Executive’s termination of employment, the Corporation and the Partnership shall continue to cover the Executive under the then existing
director’s and officer’s insurance, if any, for the period during which the Executive may be subject to potential liability for any claim, action or proceeding (whether civil or criminal) as a result of her service as an officer or
director of the Corporation or the Partnership or in any capacity at the request of the Corporation or the Partnership, in or with regard to any other entity, employee benefit plan or enterprise on the same terms such coverage was provided during
this Agreement, at the highest level then maintained for any then current or former officer or director. 
 18. Section 409A.

 18.1 It is the intention of the Corporation and the Partnership that all payments and benefits under this Agreement shall be made and
provided in a manner that is either exempt from or intended to avoid taxation under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), to the extent applicable. Any ambiguity in this Agreement shall be
interpreted to comply with the above. The Executive acknowledges that the Corporation and the Partnership have made no representations as to the treatment of the compensation and benefits provided hereunder and the Executive has been advised to
obtain her own tax advice. 
 18.2 Each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes
of Section 409A. 

  
 17 

 18.3 For all purposes under this Agreement, any iteration of the word “termination”
(e.g., “terminated”) with respect to the Executive’s employment, shall mean a separation from service within the meaning of Section 409A. 

18.4 Notwithstanding anything in this Agreement to the contrary, in the event the stock of the Corporation is publicly traded on an
established securities market or otherwise and the Executive is a “specified employee” (as determined under the Corporation’s administrative procedure for such determinations, in accordance with Section 409A) at the time of the
Executive’s termination of employment, any payments under this Agreement that are deemed to be deferred compensation subject to Section 409A shall not be paid or begin payment until the earlier of (i) the Executive’s death or
(ii) the first payroll date following the six (6) month anniversary of the Executive’s date of termination of employment; provided, however, that the Corporation if so requested by the Executive agrees to contribute any such payments
required to be made to the Executive to a rabbi trust established by the Corporation for the benefit of the Executive. 
 18.5 Any
reimbursements provided under this Agreement shall be made no later than the December 31st following the year in which such expenses are incurred, or such earlier date as provided under any plan or policy of the Corporation or Partnership, as
applicable. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

  
 18 

 
			
	Cedar Realty Trust, Inc.
		
	By:	 	/s/ BRUCE J. SCHANZER
		 	 Name: Bruce J. Schanzer
 Title:
  President and Chief Executive Officer

  

			
	Cedar Realty Trust Partnership, L.P.
		
	By:	 	 Cedar Realty Trust, Inc.,
 General
Partner

  

			
		
	By:	 	/s/ BRUCE J. SCHANZER
		 	 Name: Bruce J. Schanzer
 Title:
  President and Chief Executive Officer

  

	
	
	/s/ ROBIN MCBRIDE ZEIGLER
	Robin McBride Zeigler

  
 19

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