Document:

Exhibit 10.106 

	

May 9, 2005

Mr. George “Buck” Sappenfield, Sr.

5150 E. Dublin-Granville Rd
Westerville, OH  43081

Dear Buck:

On behalf of Glimcher
Realty Trust (the “Company”), I am pleased to offer you the position of Senior
Vice President, Leasing & Asset Management, pursuant to the provisions outlined below.
I am confident that you will find your employment experience with our Company very
challenging and rewarding.

START DATE:
May 23, 2005 or
sooner.

SALARY:
$325,000/year

SIGNING BONUS:
You will receive a
signing bonus of $25,000 upon commencement of your employment with the Company.

BONUS:
In your position as
Senior Vice President, Leasing & Asset Management, which position would be considered
an executive officer of the Company, you will be entitled to participate in the
Company’s 2005 Executive Bonus Plan, as same may be established and modified from
time to time by the Executive Compensation Committee of the Board of Trustees of the
Company. Based on the parameters established for 2005, this position would be eligible for
a 20% bonus upon achievement of the earnings target. This bonus will be paid as if you
were employed as of January 1, 2005.

STOCK OPTIONS:
You will be eligible
to participate in the Company’s stock option plan as same may be established and
modified from time to time by the Board of Trustees of the Company. When you begin
employment, you will be granted 15,000 stock options. In addition, option grants will be
made annually each March at the discretion of the Board of Trustees of the Company.
Options are granted at fair market value on the grant date as determined in accordance
with the plan. Options vest ratably over three years and expire ten years after the grant
date.

RESTRICTED STOCK:
Upon commencement of
your employment, 5,000 shares of restricted stock will be issued to you. You will have the
benefit of receiving dividends attributable to these shares upon their issuance, but the
transfer restrictions on the stock will lapse in three equal annual installments over a
period of three years commencing on the first anniversary of the grant date. In addition,
it is anticipated that restricted stock grants will be made annually at the discretion of
the Board of Trustees of the Company.

GROUP BENEFITS: (Medical, Dental, Life, Disability)
The effective date of
your group benefits will be the first of the month following your date of hire. A copy of
the benefit summary is enclosed.

Buck Sappenfield
May
9, 2005
Page 2

401K:
You will be eligible
to participate in the Company’s 401k plan the first day of the fiscal quarter after
six months of service. The Company provides a cash match of 50% of the first 4% of the
participant’s contribution, subject to ERISA limitations. Participants are 100%
vested in the employee match after five years of service. You will also have the
opportunity to rollover funds from another qualified plan in order to take advantage of
any of the 13 investment options we offer prior to your eligible participation date.

VACATION:
You will be eligible
for four (4) weeks vacation per year.

CONTINUING EDUCATION:
Please refer to
Section 6.11 of the Management Handbook with respect to professional organizations. The
Company would reimburse you for continuing education and certification fees accordingly.

NACC MEMBERSHIP:
The Company will allow
you usage of a corporate membership throughout your employment. Any expenses relating to
client entertainment will be reimbursed by the Company. All membership dues and personal
expenses will be your responsibility.

CHANGE OF CONTROL:
Your position will be
subject to a written agreement relating to severance benefits upon a change in control.
This offer is contingent upon your execution of such a written agreement and the approval
of the agreement by the Company’s Board of Trustees.

EXECUTIVE COMPENSATION COMMITTEE APPROVAL:
The terms and
provisions of this letter are subject to the approval of the Executive Compensation
Committee of the Company. Upon acknowledgment of the provisions of this letter, a
resolution containing the terms hereof shall be submitted to the Executive Compensation
Committee for review and approval.

STATUS:
This position is
classified as exempt and subject to all terms and conditions of employment as outlined in
the Management Handbook, a copy of which is attached hereto.

Please be advised that
per Company policy your employment status is at-will and that nothing herein changes,
alters, or modifies this status, and further that no company representative other than the
Executive Committee of the Board of Trustees is authorized to enter into any written or
oral agreement contrary to this policy.

This offer is
contingent upon the receipt of a satisfactory criminal background check.

We would appreciate
your quick response in acknowledging the terms and conditions of this offer. By signing
below you also acknowledge that no promise or agreement not expressed in this letter has
been made to you and that this letter contains all the terms of employment which have been
offered to you by the Company.

Buck Sappenfield
May
9, 2005
Page 3

Buck, we are very
excited about offering you this opportunity with our Company. If you have further
questions about any of the contents in this letter, please do not hesitate to contact me.

Sincerely,

	

Michael P. Glimcher

Chief Executive Officer & President

Cc:  Cindy
Hilsheimer/SC Search Consultants

AGREED AND
ACKNOWLEDGED BY: 

	/s/ Buck Sappenfield
	May 10, 2005

	GEORGE “BUCK” SAPPENFIELD, SR.	Date

EnclosuresExhibit 10.107 

SEVERANCE BENEFITS
AGREEMENT 

 
        AGREEMENT,
dated as of May 16, 2005, by and among GLIMCHER REALTY TRUST, a Maryland real estate
investment trust, with offices at 150 East Gay Street, Columbus, Ohio 43215
(“GRT”), GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited
partnership, with offices at 150 East Gay Street, Columbus, Ohio 43215 (“GPLP”),
and Marshall A. Loeb (the “Executive”). 

 
        WHEREAS,
GRT, GPLP and/or their subsidiaries and affiliates, including entities in which GRT or
GPLP own a majority of any non-voting stock (collectively, the “Company”), have
employed, or may employ in the future, the Executive as an employee of the Company to
perform certain services for and on behalf of the Company upon terms and conditions upon
which the Company and the Executive have previously agreed, or may in the future agree
(the “Services”); 

 
        WHEREAS,
the Company recognizes that the Executive’s contributions to the future growth of the
Company will be substantial; and 

 
        WHEREAS,
to induce the Executive to remain in the employ of the Company, the parties hereto desire
to set forth certain severance benefits which GPLP will pay to the Executive in the event
of a Change in Control of GRT (as defined in Section 2 hereof). 

 
        IT
IS AGREED: 

 
        1.
TERM. This Agreement shall commence on the date hereof and shall terminate upon the
earlier of (a) the date on which GPLP and GRT have satisfied all of their obligations
hereunder or (b) the date on which the Executive is no longer an employee of the Company
for any reason whatsoever including, without limitation, termination without cause.
Notwithstanding the termination of this Agreement subsequent to a Change in Control of
GRT, in the event that the Executive is an employee of the Company at the moment
immediately prior to a Change in Control of GRT, the Executive shall be entitled to
receive all benefits described hereunder and the provisions hereof related thereto shall
survive such termination. 

 
        2.
CHANGE IN CONTROL OF GRT. For purposes of this Agreement, a “Change in Control
of GRT” shall be deemed to occur if: 

	 	 
        (i)
there shall have occurred a change in control of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect
on the date hereof, whether or not GRT is then subject to such reporting requirement;  provided,
however, that there shall not be deemed to be a Change in Control  of GRT if
immediately prior to the occurrence of what would otherwise be a Change in  Control of
GRT (a) the Executive is the other party to the transaction (a “Control of  GRT Event”)
that would otherwise result in a Change in Control of GRT or
(b) the Executive is an executive officer, trustee, director or more than 5% equity holder of
the other party to the Control of GRT Event or of any entity, directly or indirectly,
controlling such other party;

	 	 
        (ii)
GRT merges or consolidates with, or sells all or substantially all of its assets to,
another company (each, a “Transaction”); provided, however, that
a  Transaction shall not be deemed to result in a Change in Control of GRT if (a)
immediately  prior thereto the circumstances in (i)(a) or (i)(b) above exist or (b) (1)
the  shareholders of GRT, immediately before such transaction, own, directly or
indirectly,  immediately following such Transaction in excess of fifty percent (50%) of
the combined  voting power of the outstanding voting securities of the corporation or
other entity  resulting from such Transaction (the “Surviving Corporation”) in
substantially  the same proportion as their ownership of the voting securities of GRT
immediately before  such Transaction and (2) the individuals who were members of GRT’s
Board of Trustees  immediately prior to the execution of the agreement providing for such
Transaction  constitute at least a majority of the members of the board of directors or
the board of  trustees, as the case may be, of the Surviving Corporation, or of a
corporation or other  entity beneficially, directly or indirectly, owning a majority of
the outstanding voting  securities of the Surviving Corporation; or  

	 	 
        (iii)
GRT acquires assets of another company or a subsidiary of GRT merges or consolidates with
another company (each an “Other Transaction”) and (a) the shareholders of GRT,
immediately before such Other Transaction own, directly of indirectly, immediately
following such Other Transaction fifty percent (50%) or less of the combined voting power
of the outstanding voting securities of the corporation or other entity resulting from
such Other Transaction (the “Other Surviving Corporation”) in substantially the
same proportion as their ownership of the voting securities of GRT immediately before
such  Other Transaction or (b) the individuals who were members of GRT’s Board of
Trustees  immediately prior to the execution of the agreement providing for such Other
Transaction  constitute less than a majority of the members of the board of directors or
board of  trustees, as the case may be, of the Other Surviving Corporation, or of a
corporation or  other entity beneficially, directly or indirectly, owing a majority of
the outstanding  voting securities of the Other Surviving Corporation; provided,
however,  that an Other Transaction shall not be deemed to result in a Change in
Control of GRT if  immediately prior thereto the circumstances in (i)(a) or (i)(b) above
exist.  

 
        3.
COMPENSATION UPON A CHANGE IN CONTROL OF GRT. If the Executive is an employee of
the Company at the moment immediately prior to a Change in Control of GRT, the Executive
shall be entitled to receive the compensation and benefits set forth below. 

 
        (a)
GPLP shall pay to the Executive, not later than the date of any Change in Control of GRT,
unless otherwise agreed to in writing, a lump sum severance payment (the “Severance
Payment”) equal to three (3) times the Base Amount (as defined below). For purposes
of the Section 3(a), the Base Amount shall mean the Executive’s annual compensation
during the calendar year period preceding the calendar year in which the Change in
Control  of GRT occurs.  For purposes of
determining annual compensation in this Section 3(a), there  shall be included (i) all
base salary and bonuses paid or payable to the Executive by the  Company with respect to
the preceding calendar year; (ii) all grants of restricted common  shares of beneficial
interest of GRT (the “Shares”), if any, with respect to  such preceding
calendar year, which Shares shall be valued based on their date of grant at  the then
Fair Market Value (as defined in Section of 2.15 of GRT’s 2004 Incentive
Compensation Plan or any other plan or agreement pursuant to which they are issued) and
(iii) the fair market value of any other property or rights given or awarded to the
Executive by the Company with respect to such preceding calendar year, or partial first
year of employment. 

 
        (b)
Any Shares now or hereafter issued to the Executive pursuant to any restricted Share grant
shall vest on the day immediately prior to the date of a Change in Control of GRT and no
longer be subject to repurchase or any other forfeiture restrictions. 

 
        (c)
GRT and GPLP shall cause the Company to maintain in full force and effect for the
Executive’s continued benefit for eighteen (18) months following a Change in Control
of GRT, all life, accident, medical and dental insurance benefit plans and programs or
arrangements in which the Executive was entitled to participate immediately prior to the
date of a Change in Control of GRT, provided that the Executive’s continued
participation is allowable under the general terms and provisions of such plans and
programs and provided, further, that in the event that the Executive becomes employed by
any third party during such 18-month period, then upon the date of such employment the
Executive shall no longer be entitled to any accident, medical or dental insurance
benefits described in the preceding clause. Subject to the preceding sentence, in the
event that the Executive’s participation in any such plan or program is barred, GRT
and GPLP shall arrange to cause the Company to provide the Executive with benefits
substantially similar to those which the Executive was entitled to receive under such
plans and programs. Subject to the first sentence of this paragraph, at the end of the
period of coverage, the Executive shall have the option to have assigned to him at no cost
to the Executive and with no apportionment of prepaid premiums, any assignable insurance
policy owned by the Company and relating specifically to the Executive. 

 
        (d)
All options to purchase Shares now or hereafter granted to the Executive shall vest on the
day immediately prior to the date of a Change in Control of GRT and become fully
exercisable in accordance with their terms. 

 
        (e)
The Executive shall not be required to mitigate the amount of any payment provided for in
this Section 3 by seeking other employment or otherwise, nor shall the amount of any
payment or benefit provided for in this Section 3 be reduced by any compensation earned by
him as the result of employment by another employer or by retirement benefits after the
date of termination, or otherwise, except as specifically provided in this Section 3. 

 
        4.
ADDITIONAL AMOUNT. Whether or not Section 3 hereof is applicable, if in the
opinion  of tax counsel selected by the Executive and reasonably acceptable to the
Company, the  Executive has or will receive any compensation or recognize any income
(whether or not  pursuant to this Agreement or any plan or other arrangement of the
Company and whether or  not the Executive’s employment with the Company has
terminated) which constitutes an  “excess of parachute payment” within the
meaning of Section 280G(b)(1) of the  Internal Revenue Code of 1986, as amended (the
“Code”) (or for which a tax is  otherwise payable under Section 4999 of the
Code), then GPLP shall pay the Executive an  additional amount (the “Additional
Amount”) equal to the sum of (i) all taxes  payable by the Executive under Section
4999 of the Code with respect to all such excess  parachute payments (or otherwise)
including, without limitation, the Additional Amount,  plus (ii) all Federal, state and
local income taxes for which the Executive may be liable  with respect to the Additional
Amount. The amounts payable pursuant to this Section 4  shall be paid by GPLP to the
Executive not later than the date of any Change in Control of  GRT, unless otherwise
agreed to in writing. 

 
        5.
EXPENSES. GPLP shall pay or reimburse the Executive, as the case may be, for all
legal fees and related expenses (including the costs of experts, evidence and counsel)
paid by the Executive as a result of (i) the Executive seeking to obtain or enforce any
right or benefit provided by this Agreement or (ii) any action taken by the Company
against the Executive in enforcing its rights hereunder; provided, however, that GPLP
shall reimburse the legal fees and related expenses described in Section 5 only if and
when a final judgment has been rendered in favor of the Executive and all appeals related
to any such action have been exhausted. 

 
        6.
NO EMPLOYMENT RIGHTS OR OBLIGATIONS. Nothing contained herein shall confer upon the
Executive the right to continue in the employment or service of the Company or affect any
right that the Company may have to terminate the employment or service of the Executive at
any time for any reason. 

 
        7.
GRT GUARANTY. GRT guarantees the satisfaction of all obligations of, and the full
and prompt payment of all amounts payable by GPLP hereunder. In addition, GRT guarantees
the satisfaction of all obligations of the Company hereunder. 

 
        8
GOVERNING LAW; ARBITRATION. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Maryland, without regard to
Maryland’s conflicts of law principles. Any dispute or controversy arising under this
Agreement, or out of the interpretation hereof, or based upon the breach hereof, shall be
resolved by arbitration held at the offices of the American Arbitration Association in The
Commonwealth of Pennsylvania, in the City of Philadelphia, in accordance with the rules
and regulations of such association prevailing at the time of the demand for arbitration
by either party hereto; provided, however, that the arbitrator or arbitrators shall only
have the power and authority to interpret, and not modify or amend, the terms and
provisions hereof. Judgment upon an award rendered by the arbitrator or arbitrators may be
entered in any court having jurisdiction thereof. Notwithstanding anything contained in
this Section 8, either party shall have the right to seek preliminary injunctive relief in
any court in the City of Philadelphia in aid of (and pending the final decision) the
arbitration proceeding. 

 
        9.
ENTIRE AGREEMENT. This Agreement sets forth the entire agreement of the parties and
is intended to supersede all prior negotiations, understandings and agreements with
respect to the subject matter hereof. No provision of this Agreement may be waived or
changed, except by a writing signed by the party to be charged with such waiver or change. 

 
        10.
SUCCESSORS; BINDING AGREEMENT. This shall inure to the benefit of, be binding upon
and enforceable by GRT and GPLP, their successors and assigns, and the Executive and the
Executive’s personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. 

 
        11.
NOTICES. All notices provided for in this Agreement shall be in writing, and shall
be deemed to have been duly given when delivered personally to the party to receive the
same, when given by telex, telegram or mailgram, or when mailed first class postage
prepaid, by registered or certified mail, return receipt requested, addressed to the party
to receive the same. All notices shall be deemed to have been given as of the date of
personal delivery, transmittal or mailing thereof. 

 
        12.
SEVERABILITY. If any provision in this Agreement is determined to be invalid, it
shall not affect the validity or enforceability of any of the other remaining provisions
hereof. 

 
        13.
GRT EXCULPATION. This Agreement and all documents, agreements, understandings and
arrangements relating to the matters described herein have been executed by the
undersigned representative of GRT in his/her capacity as an officer or trustee of GRT
which has been formed as a Maryland real estate investment trust pursuant to the Amended
and Restated Declaration of Trust of GRT, as amended, and not individually, and neither
the trustees, officers or shareholders of GRT shall be bound or have any personal
liability hereunder or thereunder. The Executive shall look solely to the assets of GRT
for satisfaction of any liability of GRT in respect to this Agreement and all documents,
agreements, understandings and arrangements relating to this transaction and will not seek
recourse or commence any action against any of the trustees, officers or shareholders or
GRT or any of their personal assets for the performance or payment of any obligation
hereunder or thereunder. The foregoing shall also apply to any future documents,
agreements, understandings, arrangements and transactions between the parties hereto. 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

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

	 	GLIMCHER
REALTY TRUST 

	 	By:  	/s/
Michael P. Glimcher   

	 	 	Michael
P. Glimcher, Chief Executive Officer & President 

	 	GLIMCHER
PROPERTIES LIMITED PARTNERSHIP 

	 	BY:  	 GLIMCHER
PROPERTIES CORPORATION,
its General Partner  

	 	By:  	/s/
Michael P. Glimcher   

	 	 	
Michael P. Glimcher, Chief Executive

Officer & President 

EXECUTIVE:

	/s/
Marshall A. Loeb   

	Marshall
A. Loeb

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