Document:

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                                                                  Exhibit 10.166

                             MODIFICATION AGREEMENT
                             ----------------------

            This Modification Agreement (this "AGREEMENT") is made as of the
15th day of July, 2002 between SHADY SPRINGS PLAZA, LLC, a Delaware limited
liability company, having its principal place of business at 20 South Third
Street, Columbus, Ohio 43215 ("BORROWER") and LEHMAN BROTHERS BANK, FSB, a
Delaware corporation, having an address at 1000 West Street, Suite 200,
Wilmington, Delaware 19801 ("LENDER").

                                  R E C I T A L
                                  -------------

            A. Pursuant to that certain Loan Agreement (the "LOAN AGREEMENT")
dated August 2, 2001, between Lender, as lender, and Borrower, as borrower,
Lender made a loan in the original principal amount of $2,985,000.00 (the
"LOAN") to Borrower. The Loan is evidenced by a certain promissory note dated
August 2, 2001 made by Borrower to Lender in the principal amount of the Loan
(the "NOTE") and secured by, among other things, a first priority Mortgage and
Security Agreement (the "SECURITY INSTRUMENT") encumbering property commonly
known as Shady Springs Plaza, located in Beaver, West Virginia (the "PROPERTY").

            B. Borrower and Lender have agreed to modify the Loan Documents as
hereinafter provided.

            NOW THEREFORE, in consideration of the agreements set forth herein
and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties agree as follows (capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Loan Documents,
as modified hereby):

         1. MATURITY DATE. The definition of "Maturity Date", as defined in
Section 1.1 of the Loan Agreement, is hereby deleted in its entirety and
replaced with the following:

            "MATURITY DATE" shall mean July 11, 2007 or such other date on which
            the final payment of principal of the Note becomes due and payable
            as therein or herein provided, whether at such stated maturity date,
            by declaration of acceleration, or otherwise."

         2. GUARANTORS. The following definition is hereby added to Section 1.1
of the Loan Agreement:

            "GUARANTORS" shall mean Glimcher Properties Limited Partnership,
            Glimcher Properties Corporation and Glimcher Development
            Corporation.

         3. OTHER DEFINITIONS. The following definitions set forth in Section
1.1 of the Loan Agreement, and all references thereto in the Loan Documents, are
hereby deleted in their entirety: "Defeasance Date," "Defeasance Deposit",
"Defeasance Event", "Permitted Release Date," "Scheduled Defeasance Payments,"
and "Successor Borrower."

            4. PREPAYMENTS. Section 2.3.1 of the Loan agreement is hereby
deleted in its entirety and replaced with the following:

            "2.3.1 VOLUNTARY PREPAYMENTS. Provided no Event of Default exists,
            the principal balance of the Loan may be prepaid, in whole but not
            in part, upon not less than 15 days prior written

<PAGE>

            notice from Borrower to Lender specifying the scheduled payment date
            on which prepayment is to be made (the "PREPAYMENT DATE") and
            provided such prepayment is accompanied by payment to Lender of (i)
            all accrued and unpaid interest on the outstanding principal balance
            of the Loan to and including the Prepayment Date and together with a
            payment of all interest which would have accrued on the principal
            balance of the Loan to and including the tenth (10th) day of the
            calendar month in which the Prepayment Date occurs, if such
            prepayment occurs on a date which is not the eleventh (11th) day of
            a calendar month, (ii) all other sums payable with respect to the
            Loan, and (iii) a prepayment premium equal to a percentage of the
            outstanding principal amount of the Loan, which percentage shall
            equal (a) three percent (3%) of the outstanding principal amount of
            the Loan if the Loan is prepaid prior to July 11, 2003, (b) two
            percent (2%) of the outstanding principal amount of the Loan if the
            Loan is prepaid on or after July 11, 2003 but prior to July 11,
            2004, and (c) one percent (1%) of the outstanding principal amount
            of the Loan if the Loan is prepaid on or after July 11, 2004."

         5. PREPAYMENTS AFTER DEFAULT. Section 2.3.3 of the Loan Agreement is
hereby deleted in its entirety and replaced with the following:

            "2.3.3 PREPAYMENTS AFTER DEFAULT. If, prior to the Maturity Date and
            during any period of time in which an Event of Default remains
            uncured, payment of all or any part of the Debt is tendered by
            Borrower or otherwise recovered by Lender, such tender or recovery
            shall be deemed a voluntary prepayment by Borrower and Borrower
            shall pay, in addition to the Debt, an amount equal to a percentage
            of the then outstanding principal amount of the Loan, which
            percentage shall equal (a) three percent (3%) of the outstanding
            principal amount of the Loan repaid if the Loan is repaid prior to
            July 11, 2003, (b) two percent (2%) of the outstanding principal
            amount of the Loan repaid if the Loan is repaid on or after July 11,
            2003 but prior to July 11, 2004, and (c) one percent (1%) of the
            outstanding principal amount of the Loan repaid if the Loan is
            repaid on or after July 11, 2004."

         6. DEFEASANCE. Section 2.4 of the Loan Agreement is hereby deleted in
its entirety.

         7. RELEASE OF PROPERTY. The first paragraph of Section 2.5 of the Loan
Agreement is hereby deleted in its entirety.

         8. TRANSFER RIGHT. The provisions of Section 6.4 of the Security
Instrument beginning with the phrase, "Notwithstanding anything to the contrary
contained in this Article 6, and in addition to the transfers permitted
hereunder, following the sale of the Loan in a securitization, Lender's consent
to a sale, assignment, or other transfer of the Property . . ." through the end
of such Section 6.4, are hereby deleted in their entirety.

         9. GUARANTY. Simultaneously herewith, Borrower shall cause Guarantors
to execute and deliver a Guaranty of Payment of the Loan in form acceptable to
Lender. The foregoing Guaranty of Payment shall be deemed a guaranty issued in
connection with the Loan for the purposes of the Loan Agreement.

         10. OUTSTANDING BALANCE. Borrower certifies and agrees that the
outstanding principal balance of the Loan as of the date hereof is
$2,962,382.84. Borrower covenants and agrees that the above-described amount is
outstanding and that there exists no offset, defense or counterclaim to the
payment thereof in accordance with the terms of the Note, the Loan Agreement,
the Security Instrument and other Loan Documents.

                                       2
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         11. REPRESENTATION. Borrower represents and warrants to Lender that as
of the date hereof: (i) the Property has not been transferred or conveyed, and
(ii) title to the Property has not become subject to any additional liens or
encumbrances, and (iii) no Event of Default has occurred and is continuing.

         12. OTHER DOCUMENTS. All References in the Loan Documents to the Loan
Agreement, the Note, and the Security Instrument shall mean the Loan Agreement,
the Note and the Security Instrument, as hereby modified.

         13. NO ADDITIONAL MODIFICATION; COUNTERPARTS. Except as expressly
modified or supplemented hereby, the terms and provisions of the Loan Agreement,
the Note, the Security Agreement and the other Loan Documents remain unmodified
and remain in full force and effect. This Agreement may not be modified, amended
or supplemented without the written consent of the parties hereto. This
Agreement may be executed in multiple counterparts and, upon execution of
counterparts by all parties hereto, such counterparts shall constitute a single
fully executed instrument.

         14. BINDING NATURE. This Agreement shall be binding upon and inure to
the benefit of the parties and their respective heirs, legal representatives,
successors and assigns.

         15. GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, without regard to
principles of conflict laws and any applicable law of the United States of
America.

         16. ENTIRE AGREEMENT. This Agreement constitutes the entire
understanding and agreement between Borrower and Lender with respect to the
subject matter hereof and supersedes all prior written and oral understandings
and agreements between Borrower and Lender with respect thereto. Borrower hereby
acknowledges that, except as incorporated in writing in this Agreement, there
are not, and were not, and no persons are or were authorized by Lender to make,
any representations, understandings, stipulations, agreements or promises, oral
or written, with respect to the subject matter hereof.

                  [Remainder of Page Intentionally Left Blank]

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

                   BORROWER:

                   SHADY SPRINGS PLAZA, LLC,
                   a Delaware limited liability company

                   By:  GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                        a Delaware limited partnership, its sole member

                        By:  GLIMCHER PROPERTIES CORPORATION,
                             a Delaware corporation, its sole general partner

                                By: /s/ George A. Schmidt
                                    -------------------------------------------
                                    Name:  George A. Schmidt
                                    Title: Executive Vice President

                                    Address of Borrower: 20 South Third Street,
                                    Columbus, Ohio 43215

                   LENDER:

                   LEHMAN BROTHERS BANK, FSB,
                   a federal stock savings bank

                   By:     /s/ Charlene H. Thomas
                         ------------------------------------------------------
                         Name:  Charlene H. Thomas
                         Title:  Vice President

                                       4
<PAGE>

                                 ACKNOWLEDGMENTS

State of Ohio                   )
                                )ss.
County of Franklin              )

         The foregoing instrument was acknowledged before me this 12th day of
July, 2002, by George A. Schmidt, the Executive Vice President of Glimcher
Properties Corporation, a Delaware corporation, the general partner of Glimcher
Properties Limited Partnership, a Delaware limited partnership, the sole member
of Shady Springs Plaza, LLC, a Delaware limited liability company, on behalf of
the company. He is personally known to me.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                             /s/ Faith Oldaker Stubbs
                                           --------------------------------
                                                             Notary Public

Commission
Expiration:   11/22/04
           ----------------

State of New York               )
                                )ss.
County of ________              )

         The foregoing instrument was acknowledged before me this 17th day of
July, 2002, by Charlene H. Thomas, the Authorized signatory of Lehman Brothers
Bank, FSB, a federal stock savings bank, on behalf of the company. He/she is
personally known to me or has produced ______ as identification.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                           /s/ Saleenah Callaway
                                          ----------------------------------
                                                             Notary Public

Commission
Expiration:  9/19/02
           ----------------

                                       5<PAGE>
                                                                   Exhibit 10.12

[PHELPS DODGE CORPORATION LETTERHEAD]

July 8, 2002

Phelps Dodge Corporation

                            Award of Restricted Stock

Dear :

            Phelps Dodge Corporation (the "Company") is pleased to confirm to
you that at a meeting held on July 2, 2002 ("Grant Date"), the Compensation and
Management Development Committee of the Board of Directors of Phelps Dodge
Corporation (the "Committee") awarded you ____ shares of Restricted Stock of the
Company pursuant to the 1998 Stock Option and Restricted Stock Plan (the
"Plan").

            This letter will confirm the following agreement between you and the
Company pursuant to the Plan. Capitalized words used in this letter and defined
in the Plan are used as so defined. This award of Restricted Stock is subject to
the terms and conditions of the Plan, as supplemented by this letter.

            1. Restriction on Transfer. Except as provided in paragraphs 3 and 4
below, the shares of Restricted Stock awarded to you hereunder may not be sold,
assigned, transferred, pledged, hypothecated or otherwise encumbered until the
lapse of the applicable Restricted Period for these shares as set forth in
subparagraphs 1. a., 1. b., and 1. c. below.

                  a.    The Restricted Period for 25% of the shares of
                        Restricted Stock issued pursuant to this award shall
                        lapse on the third anniversary date of the Grant Date.

                  b.    The Restricted Period for an additional 25% of the
                        shares of Restricted Stock issued pursuant to this award
                        shall lapse on the fourth anniversary date of the Grant
                        Date.

                  c.    The Restricted Period for the remaining 50% of the
                        shares of Restricted Stock issued pursuant to this award
                        shall lapse on the fifth anniversary date of the Grant
                        Date.

                                      -1-
<PAGE>
            2. Forfeiture of Restricted Stock. Except as provided in paragraph 3
below, if your employment with the Company and its Subsidiaries terminates prior
to the end of any applicable Restricted Period for any reason including, without
limitation, any termination by you or by the Company in its absolute discretion,
your shares of Restricted Stock, for which the applicable Restricted Period has
not lapsed, shall revert back to the Company without any payment to you and you
shall cease to have any rights with respect to such shares of Restricted Stock.
In the case of such reversion, such shares shall be retransferred to the Company
by means of the stock power referred to in paragraph 5 below.

            3. Death, Disability or Retirement. If your employment with the
Company and its Subsidiaries terminates by reason of your Death, your Disability
or your Retirement (except for a termination occurring within six months of the
Grant Date on account of your Disability or Retirement), any Restricted Period
still in effect shall lapse upon your termination of employment.

            4. Change of Control. Any Restricted Period still in effect shall
lapse in the event that, on or after the date six months after the Grant Date, a
Change of Control occurs.

            5. Rights as a Shareholder. Subject to the provisions of paragraph 7
below, you shall have all the rights of a holder of Common Shares with respect
to your Restricted Stock, including the right to vote the shares and to receive
dividends. Notwithstanding the foregoing, your Restricted Stock shall be held by
the Company prior to the lapse of the applicable Restricted Period and you shall
deliver to the Company a stock power executed in blank in such form as the
Company shall determine.

            6. Administration. The Plan is administered by the Committee and any
interpretation or construction of the Plan or this letter by the Committee, and
any determination made by the Committee pursuant to the Plan or this letter,
shall be conclusive and binding on the Company, you and any other interested
party.

            7. Conversions and Property Distributions. In the event your
Restricted Stock is exchanged for or converted into securities other than Common
Shares or in the event that any distribution is made with respect to such
Restricted Stock either in Common Shares or in other property or by way of an
extraordinary cash dividend, the securities or other property or cash that you
receive shall be subject to the same restrictions as apply to your Restricted
Stock, including those provided by the last sentence of paragraph 5 above.

            8. Withholding. You shall be required to pay, as a condition of
receiving a share certificate without legend, any applicable federal, state or
local tax withholding requirements, which, if the Committee shall permit, may be
satisfied by the withholding of

                                      -2-
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shares of Restricted Stock with respect to which the Restricted Period has
lapsed, subject to such terms and conditions as the Committee shall impose.

            9. Governing Law. This Agreement shall be construed and enforced in
accordance with, and governed by, the laws of the State of New York.

            Please sign one of the two copies of this letter where indicated
below and the attached Stock Power and return them to Linda Lewis, Manager,
Executive Compensation (Phelps Dodge Corporation, One North Central Avenue,
Phoenix, AZ 85004) at your earliest convenience. Please retain the other copy of
this letter for your records.

                                            PHELPS DODGE CORPORATION

                                            By:  _______________________________
                                                       Sr. Vice President

ACCEPTED AND AGREED TO:

_______________________________________________

Date:

_______________________________________________

                                      -3-

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