Document:

Exhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

AGREEMENT made as of the 24th day of May, 2011, by and among Cedar Shopping Centers, Inc., a
Maryland corporation (the “Corporation”), Cedar Shopping Centers Partnership, L.P., a Delaware
limited partnership (the “Partnership”), and Philip Mays (the “Executive”).

1. Position and Responsibilities.

1.1 The Executive shall serve in an executive capacity as Chief Financial 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, including without limitation, the functions listed on Schedule A attached hereto. The
Executive shall report directly to the 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.

2.1 The term of employment shall be four years, commencing with the date Executive commences
employment, unless sooner terminated as provided in this Agreement.

 

 

 

2.2 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), 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; 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.

2.3 For purposes of this Agreement, the term “Cause” shall mean 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 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; (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.

 

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2.4 For purposes of this Agreement, the term “Good Reason” shall mean any of the following:
(i) a material breach of this Agreement by the Corporation or the Partnership which shall not be
cured within 10 days after written notice; (ii) a material reduction in the Executive’s duties or
responsibilities; (iii) the relocation of the Executive’s office or the Corporation’s or
Partnership’s executive offices to a location more than 30 miles from New York City; 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 or infraction described in the notice of termination. If the failure,
breach or infraction is timely cured by the Corporation or the Partnership, the notice of
termination for Good Reason shall become null and void. As used herein, 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 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.

 

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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 a base salary at the rate of $325,000
per annum. Upon Executive’s commencement of employment, the Partnership shall pay to the Executive
as a signing bonus the amount of $200,000 in cash. The base salary shall be 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. The Executive
shall participate in the Corporation’s annual bonus plan for senior executive officers. The
payment of any bonus is within the discretion of the Board of Directors of the Corporation, based
on recommendations of the Compensation Committee. For the period commencing the date of this
Agreement and ending December 31, 2011, the Executive’s bonus will be amount equal to $240,000,
payable all in cash. The payment of this bonus will be guaranteed and will be paid on the earlier
of (i) signing of a contract by the Executive to purchase a permanent residence in New York or (ii)
December 31, 2011. Future bonus payments, as specifically applicable to the Executive during the
term of this Agreement, and subject in any event to recommendations of the Compensation Committee
and approval of the Board of Directors, are expected to be in the range of 75% to 100% of base
salary. The Executive will also be entitled to participate in the Corporation’s long-term
incentive compensation plan pursuant to which he will be granted annual long-term restricted stock
grants as determined by the Board of Directors based on the recommendations of the Compensation
Committee. Commencing on the date of this Agreement, the initial grant of long-term incentive
compensation will be common stock in an amount equal to $750,000, 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 four equal annual installments
commencing on the first anniversary of the date of grant, with respect to this specific payment
only, thereafter, during the term of this Agreement and commencing January 2012, any such
long-term grants of common stock, as specifically applicable to the Executive, are expected to be
in the range of $275,000 to $300,000, subject to time and performance requirements established by
the Board of Directors.

 

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3.2 The Executive and his 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.

3.3 The Partnership agrees to reimburse the Executive for all reasonable and necessary
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, including a cell phone, portable computer, continuing accounting and finance
education, professional licenses and organizations and conferences 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 but not less than four 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).

 

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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 $475.00 a month. In addition, the Executive
shall be reimbursed for all costs of the automobile, such as maintenance and gasoline, 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 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.

 

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3.9 The Executive will be reimbursed for all reasonable costs of travel, lodging (including
hotel), rental cars and other costs and expenses reasonably incurred by the Executive and his
family for meetings, visits to the Corporation’s offices and properties, searches for a house in
New York or otherwise incurred in connection with Executive’s employment with the Corporation and
relocation to New York. The Corporation will also reimburse the Executive for all moving expenses
reasonably incurred by the Executive and his family in connection with his relocation to New York,
plus $35,000 to defray any real estate brokerage fees, transfer taxes and mansion tax payable by
the Executive. 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, if the Executive’s employment with the
Corporation or the Partnership shall be terminated (a) by the Corporation or Partnership other than
for Cause or pursuant to Sections 3.6 or 3.7, or (b) by the Executive for Good Reason, then the
Corporation and the Partnership shall:

(i) pay to the Executive as severance pay, within five days after termination, a lump
sum payment equal to 250% of the sum of the Executive’s annual 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; provided, however, that the Executive’s annual bonus for (x) the
first year of this Agreement shall be the Executive’s annual salary and (y) during the
second year of this Agreement shall be the actual bonus for the first year; the reference to
annual bonus herein shall not include any long-term incentive stock awards;

 

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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 his 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; 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 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 or by insurance benefits after the date of termination, or otherwise.

 

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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.

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 he 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. 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 the Corporation or Partnership without Cause or by the Executive for
Good Reason, 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 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.

 

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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 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.

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.

 

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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.

 

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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 Shopping Centers, Inc.
	 

	 	 	 	44 South Bayles Avenue
	 

	 	 	 	Port Washington, NY 11050
	 

	 	 	 	Attn: President
	 
	 	 	 	 
	 

	 	To the Executive:	 	 
	 
	 

	 	 	 	Philip Mays

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, he 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.

 

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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 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 his 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.

 

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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 his 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.

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.

 

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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.

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.

 

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

	 	 	 	 	 	 	 
	 	 	Cedar Shopping Centers, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brenda J. Walker
 

Title: Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	Cedar Shopping Centers Partnership, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cedar Shopping Centers, Inc., 

General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brenda J. Walker	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Philip Mays	 	 
	 	 	 	 	 
	 	 	Philip Mays	 	 

 

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SCHEDULE A

CEDAR CFO JOB DESCRIPTION

The CFO shall report to the CEO, and, without limitation, shall have responsibility for:

	•	 	Preparation and filing of Company’s and, where appropriate, joint venture financial
statements, reports and tax returns, in accordance with GAAP, SEC, NYSE, Internal Revenue Code
and other applicable state or federal requirements and in compliance with REIT tax
requirements.

	•	 	Supervision of financial corporate, property accounting and bookkeeping staff.

	•	 	Preparation of consolidated cash flow budgets and analyses.

	•	 	Preparation, review and monitoring of budgets for properties, joint ventures and the
Company.

	•	 	Preparation of supporting materials for FFO guidance, where applicable, and AFFO analysis;
forecasting and ability to communicate bases and support for forecasting in the context of
potential guidance.

	•	 	Representing the Company as CFO in investor relations matters.

	•	 	Review of financial and financial reporting implications of proposed purchase, sale, joint
venture and financing of properties, or of the Company itself, as well as other strategic
initiatives and transactions.

	•	 	Review of financial materials sent to Board of Directors.

	•	 	Interactions with Board and Board Committees on financial matters and presentations to the
Board.

	•	 	Review of financial aspects of press releases.

	•	 	Review and sign off for certifications under Sarbanes Oxley requirements and on the
Company’s internal control system.

	•	 	Maintaining compliance with loan agreement and credit facility terms and covenants.

Other considerations and responsibilities include, again, without limitation, the following:

	•	 	To commit to work habits and energy levels equivalent to those of key management personnel
in our office.

	•	 	To establish, maintain and manage excellent relationships with investors and analysts.

 

 

	•	 	To establish confidence in our numbers with our investors, and both our buy- and sell-side
analysts; this, in turn, will require an ability to analyze our performance figures, to have
those quickly and comfortably at-hand; and to communicate with investors, analysts and others,
effectively both verbally and in writing.

	•	 	To spend the requisite time and effort to become fully familiar with all of our operations
and all of our properties, including a level of familiarity with leases, tenancies,
properties, competition, and the like.

	•	 	To effectively formulate earnings and cash flow estimates, an understanding of key
financial metrics, capital markets experience and specific REIT issues; also, to create
effective financial models and projections, return analyses, net asset value computations, and
the like.

	•	 	An understanding of FFO, AFFO, FAD and NOI (GAAP and cash) computations; familiarity with
accounting treatment of interest, capitalized development and leasing costs, FAS 141
adjustments, financial and real estate-related issues and the like.

	•	 	Familiarity with other accounting issues particularly relevant to the real estate business
and to the REIT business, including, for example, proposed accounting rules changes, such as
lease accounting and effect thereof on Cedar, IFRS and financial statement format, treatment
of various reserves and inter-relationship of reporting requirements with certain tax
considerations, as well as monitoring non-qualifying REIT income or assets.

	•	 	Familiarity with, and understanding of, various available equity offerings, debt
obligations and line of credit arrangements.

	•	 	To create and make effective presentations to institutional investors, the Audit Committee,
the Company’s auditors and its Board.

	•	 	To be, and to keep, up-to-date on developments in the REIT world and in the Company’s
competitive landscape.

	•	 	To fit in our management team; ability to get along; honesty, integrity, reliability,
trustworthiness and loyalty; to communicate thoughts and comments effectively; respect for
ideas of others, a balance of life in the office and outside the office; suppressed levels of
ego and arrogance; ability to work under pressure and to retain equanimity under trying
circumstances.

	•	 	Coordination and supervision of MIS, comprehensive risk analyses, financial public
relations, financial, compensation and employee benefit matters, and the like.

	•	 	To build a succession team within his staff.Exhibit 10.2

Exhibit 10.2

Execution Copy

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”) made as of the 31st day of May, 2011, by and among
Cedar Shopping Centers, Inc., a Maryland corporation (the “Corporation”), Cedar Shopping Centers
Partnership, L.P., a Delaware limited partnership (the “Partnership”), and Bruce J. Schanzer (the
“Executive”).

1. Position and Responsibilities.

1.1 The Executive shall serve in an executive capacity as Chief Executive 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. The Executive shall report directly to the Board of Directors of the Corporation (the
“Board of Directors”). 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.

2.1 The term of employment shall be seven years, commencing June 15, 2011 (the “Effective
Date”), unless sooner terminated as provided in this Agreement.

 

 

 

2.2 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 any reason, including Cause (as defined in Section 2.3), 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. Upon a termination of employment for Cause, the
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; provided, however, that Good Reason shall cease to exist for any
event on the 60th day following the date on which the Executive knew or should have known of the
occurrence of the event unless the Executive has given the Corporation and the Partnership written
notice, in accordance with this Section 2.2.

2.3 For purposes of this Agreement, the term “Cause” shall mean any of the following: (a) the
Executive’s failure to comply with any of the material terms of this Agreement or of the
Corporation’s Code of Ethics then in effect, which shall not be cured, to the extent curable,
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 the 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) the Executive’s engagement in gross misconduct injurious to the business or
reputation of the Corporation or the Partnership; (c) the Executive’s knowing and willful neglect
or refusal to attend to the material duties assigned to the Executive by the Board of Directors,
which shall not be cured within 10 days after written notice; (d) the Executive’s intentional
misappropriation of property of the Corporation or the Partnership for the Executive’s own use; (e)
the Executive’s commission of an act of fraud or embezzlement; (f) the Executive’s conviction for
a felony; (g) the Executive’s engaging in any activity which is prohibited pursuant
to Section 5 of this Agreement, which shall not be cured, to the extent curable, within 10
days after written notice.

 

2

 

2.4 For purposes of this Agreement, the term “Good Reason” shall mean any of the following:
(i) a material breach of this Agreement by the Corporation or the Partnership; (ii) a material
reduction in the Executive’s duties or responsibilities; (iii) the relocation of the Executive’s
office or the Corporation’s or Partnership’s executive offices to a location more than 30 miles
from New York City; or (iv) any reason, during the 12 month period following 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 or infraction described in the notice of termination. If the failure, breach or infraction
is timely cured by the Corporation or the Partnership, the notice of termination for Good Reason
shall become null and void. As used herein, 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 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 of Directors 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

 

3. Compensation.

3.1 (a) The Partnership shall pay to the Executive for the services to be rendered by the
Executive hereunder to the Corporation and the Partnership a base salary at the rate of $800,000
per annum. The base salary shall be 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 in
its sole discretion.

(b) The Executive shall participate in the Corporation’s annual bonus plan for senior
executive officers, with the payment of any bonus being within the discretion of the Board of
Directors, based on recommendations of the Compensation Committee. Annual bonus payments, as
specifically applicable to the Executive during the term of this Agreement, and subject in any
event to recommendations of the Compensation Committee and approval of the Board of Directors, are
expected to be an amount up to 100% of the Executive’s base salary, subject to performance criteria
established by the Board of Directors or Compensation Committee.

 

4

 

(c) Commencing on the Effective Date, the Executive will receive a long-term incentive
compensation grant of 2,500,000 shares of restricted common stock of the Corporation, under the
Corporation’s long-term incentive plan (the “Equity Grant”). One-half of the Equity Grant shall
vest on the 7th anniversary of the date of grant only if the Executive is still employed
by the Corporation on such 7th anniversary. The other one-half of the Equity Grant
shall vest on the 7th anniversary of the date of grant only if (i) the Executive is
still employed by the
Corporation on such 7th anniversary, and (ii) the Corporation’s total stockholder
return for the seven year period commencing on the Effective Date and ending on the 7th
anniversary of the Effective Date averaged 6.5% or more per year for such seven year period. Such
total stockholder return shall be calculated as follows: (i) the return for each 12 month period
ending on an anniversary of the Effective Date shall consist of (A) the sum of (1) all dividends
and distributions declared with respect to the Corporation’s common stock during such 12 month
period, plus (2) the difference between the average closing price of the Corporation’s common stock
for the 20 trading days prior to the last day of the 12 month period and the average closing price
of such common stock for the 20 trading days prior to the first day of the 12 month period (except
as provided in clause (ii) with respect to the first 12 month period), divided by (B) the average
closing price of such common stock for the 20 days prior to the first day of that 12 month period
(except as provided in clause (ii) with respect to the first 12 month period), and (ii)
notwithstanding the foregoing, the initial price of the Corporation’s common stock with respect to
the first 12 month period shall equal the closing price of such common stock on the last trading
day before the public announcement by the Corporation of the hiring of the Executive. If such
total stockholder return is less than such 6.5%, then such one-half of the Equity Grant shall not
vest and shall be forfeited. The Executive shall receive currently and free of any risk of
forfeiture all dividends and distributions with respect to the shares of common stock that
constitute the Equity Grant. As the result of the Equity Grant, the Executive will not otherwise
be entitled to participate in the Corporation’s long-term incentive compensation plan. In the
event that prior to the full vesting of the Equity Grant the Corporation shall terminate this
Agreement without Cause, the Executive shall resign for Good Reason, the Executive’s employment
with the

 

5

 

Corporation
shall terminate by reason of death or disability, or a Change in Control shall occur prior to the termination of the Executive’s employment with the
Corporation, then the entire unvested Equity Grant shall fully vest on the date of such
termination, resignation or Change in Control, as applicable. Notwithstanding anything to the
contrary contained in this Agreement, the Equity Grant will not be granted on the Effective Date
and it is subject to the shareholders of the Corporation approving either (i) an amendment to the
Corporation’s 2004 Stock Incentive Plan (the “2004 Plan”) (x) increasing the number of Awards (as
defined in the 2004 Plan) that may be granted in any one calendar year to any one person to
2,500,000 shares and (y) increasing the number of shares that may be issued under the 2004 Plan by
2,500,000 shares or (ii) the adoption of a new stock incentive plan that accomplishes the same
results as (x) and (y) above; provided, however, that pending such shareholder approval, (A)
effective as of the Effective Date the Corporation hereby grants to the Executive 250,000
restricted shares of the Corporation’s common stock to be applied against such Equity Grant, and
(B) on January 2 of each year during this Agreement, the Corporation will grant to the Executive an
additional 250,000 restricted shares of such common stock to be applied against such Equity Grant.
In the event that the shareholders of the Corporation do not timely approve either such an
amendment to the 2004 Plan or the adoption of such a new stock incentive plan, the parties shall
promptly and in good faith agree upon the terms of an economically equivalent substitute for the
number of restricted shares that have not been granted pursuant to the Equity Grant.

3.2 The Executive and his 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 the 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.

 

6

 

3.3 The Partnership agrees to reimburse the Executive for all reasonable and necessary
business expenses incurred by the Executive on behalf of the Corporation or the Partnership in the
course of the Executive’s duties hereunder upon the presentation by the Executive of appropriate
vouchers therefore, including a cell phone, portable computer, blackberry or equivalent device,
professional licenses and organizations and conferences 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 but not less than four weeks plus personal and
floating holidays (and a ratable number of sick days), which if not taken during such year will be
forfeited (unless the Board of Directors requests postponement).

3.5 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 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 the
Executive during the term hereof, the Corporation shall continue to pay to the Executive the salary
and bonus to which the Executive is entitled pursuant to Section 3.1 hereof.

3.6 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.

 

7

 

3.7 Each of the Corporation and the Partnership shall have the right to obtain for their
respective benefit 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.

3.8 The Executive agrees that he shall purchase on the open market $200,000 of the
Corporation’s common stock within a reasonable period of time after the Effective Date (but no
later than September 30, 2011).

4. Severance Compensation Upon Termination of Employment.

4.1 Except as otherwise provided in Section 2.2 hereof, if the Executive’s employment with the
Corporation or the Partnership shall be terminated (a) by the Corporation or Partnership, other
than for Cause or pursuant to Sections 3.5 or 3.6, or (b) by the Executive for Good Reason, then
the Corporation and the Partnership shall:

(i) pay to the Executive as severance pay, on the 60th day following the Executive’s
termination of employment, a lump sum payment equal to 250% of the sum of the Executive’s
annual salary at the rate applicable on the date of termination and the average of the
Executive’s annual bonus for the preceding two fiscal years; provided, however, that if the
Executive is terminated at any time on or before December 31, 2012, the Executive’s annual
bonus for this purpose will be deemed to be $625,000;

 

8

 

(ii) arrange to provide the Executive, for a 12 month period (or such shorter period as
the Executive may elect), with disability, accident and health insurance substantially
similar to those insurance benefits which the 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 or would subject the Corporation
or Partnership to any fines or penalties, 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 the 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 Executive’s
termination (or such shorter period elected by the Executive), and any such benefits
actually received by the Executive shall be reported by the Executive to the Corporation;
and

(iii) any options granted to the Executive to acquire common stock of the Corporation,
any restricted shares of common stock of the Corporation issued to the Executive, including
the Equity Grant, and any other equity 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 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 or by insurance benefits after the date of termination, or otherwise.

(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.

 

9

 

(c) Neither the Corporation or the Partnership shall be required to make the payments or
provide the benefits specified in Section 4.1 unless the Executive executes and delivers to the
Corporation or Partnership an agreement releasing the Corporation, the Partnership, their
subsidiaries and affiliates, and their officers, directors, partners, managers, employees and
members (and the directors, trustees, officers, partners or employees of any such direct or
indirect entities) from all liability (other than any vested benefits and the payments and benefits
under this Agreement) arising from his employment hereunder or the termination of that employment
in a form reasonably satisfactory to the Corporation and the Partnership and such agreement has
become effective.

5. Other Activities During Employment.

5.1 The Executive shall not during the term of this Agreement, without the prior approval of
the Board of Directors, 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 he 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; provided, however, that the foregoing shall
not be deemed to (a) 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 (b) prohibit
passive investments, subject to any limitations contained in subparagraph (a) above.

 

10

 

5.3 The Executive shall not at any time during this Agreement or after the termination thereof
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. Any records of Confidential Information prepared by the Executive or which come
into the 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 the 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 the 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.

 

11

 

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 the Corporation or Partnership without Cause or by the Executive
for Good Reason, 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 the Executive use his 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 the 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 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.

 

12

 

6.2 The Executive acknowledges that the Executive has been employed for the 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 the 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 the Executive’s ability to engage in business activity
after the termination of the Executive’s present employment.

6.3 The Executive will not, during the period of employment and for one 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 the
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 delivered by hand, when delivered by commercial courier service
or three days after 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 Shopping Centers, Inc.
	 

	 	 	 	44 South Bayles Avenue
	 

	 	 	 	Port Washington, NY 11050
	 

	 	 	 	Attn: Chairman of the Board
	 

	 	To the Executive:	 	 
	 
	 

	 	 	 	Bruce J. Schanzer
	 

	 	 	 	22 Bayeau Road
	 

	 	 	 	New Rochelle, NY 10804

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

12. Waivers. If any party should waive any breach of any provision of this Agreement,
he 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 the 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 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 his 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.

 

16

 

18. Withholding. All payments and benefits under this Agreement shall be made subject
to applicable withholding, and the Corporation and/or Partnership, as applicable, shall withhold
from any payments or benefits under this Agreement all federal, state and local income, payroll,
excise and other taxes, as the Corporation or Partnership believes it is required to withhold
pursuant to any law or governmental rule or regulation. Except as specifically provided otherwise
in this Agreement, the Executive shall bear all expense of, and be solely responsible for, all
federal, state and local taxes due with respect to any payment and benefits received under this
Agreement.

19. Interpretation. In the event of a dispute over the meaning of this Agreement or
any provision thereof, neither party shall be entitled to any presumption of correctness in favor
of the interpretation advanced by such party or against the interpretation advanced by the other
party.

20. Survival of Terms. The provisions of this Agreement shall survive the termination
of this Agreement to the extent consistent with, or necessary to carry out, the purposes thereof.

 

17

 

21. No Limitations. The Executive represents his employment by the Corporation and
Partnership hereunder does not conflict with, or breach, any confidentiality, non-competition or
other agreement, express or implied, to which he is a party or to which he may be subject.

22. Document and Property Surrender. Upon the termination of the Executive’s
employment for any reason, the Executive shall immediately surrender and deliver to the Corporation
and Partnership, all documents, correspondence and any other information, of any type whatsoever,
from the Corporation, Partnership or any of their agents, servants, employees, that came into the
Executive’s possession by any means whatsoever, during the course of employment and shall not
retain any copies thereof and shall return all property of the Corporation and the Partnership,
including, but not limited to, any computers, cell phones, handheld devices, credit cards, office
keys, security passes or identification cards in the Executive’s possession.

23. Section 409A.

23.1 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 his own tax advice.

23.2 Each amount or benefit payable pursuant to this Agreement shall be deemed a separate
payment for purposes of Section 409A.

 

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23.3 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.

23.4 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.

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.

 

19

 

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

	 	 	 	 	 	 	 
	 	 	Cedar Shopping Centers, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brenda J. Walker
 

Title: Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	Cedar Shopping Centers Partnership, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cedar Shopping Centers, Inc. 

General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brenda J. Walker
 

Title: Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Bruce J. Schanzer	 	 
	 	 	 	 	 
	 	 	Bruce J. Schanzer	 	 

 

20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]