Document:

Exhibit 10.16

 

CONTRIBUTION,
DISTRIBUTION AND ASSIGNMENT AGREEMENT

 

This Contribution, Distribution and
Assignment Agreement (the “Agreement”), effective as of January 15,
2009, is entered into by and among New Plan Property Holding Company, a
Maryland real estate investment trust (“Property Holding Company”), CA
New Plan Asset Partnership IV, L.P., a Delaware limited partnership (“Asset
Partnership IV”), CA New Plan Asset LLC, a Delaware limited liability
company (“NP Asset LLC”), CA New Plan VI, a Maryland real estate
investment trust (“CA New Plan VI”), Excel Realty Trust — ST, LLC, a
Delaware limited liability company (“Excel Realty Trust — ST”), New Plan
Maryland Holdings, LLC, a Delaware limited liability company (“Maryland
Holdings”), New Plan of Michigan, LLC, a Delaware limited liability company
(“Michigan LLC”), New Plan of Michigan Member, LLC, a Delaware limited
liability company (“Michigan Member LLC”), NP of Tennessee, L.P., a
Delaware limited partnership (“Tennessee LP”), New Plan of Tennessee,
LLC, a Delaware limited liability company (“New Plan of Tennessee”),
NPTN, Inc., a Delaware corporation (“NPTN”), CA New Plan Texas
Assets, L.P., a Delaware limited partnership (“Texas Assets L.P.”), CA
New Plan Texas Assets, LLC, a Delaware limited liability company (“Texas
Assets LLC”), CA New Plan IV, a Maryland real estate investment trust (“CA
New Plan IV”),  HK New Plan Exchange
Property Owner I, LLC, a Delaware limited liability company (“Property Owner
I”), HK New Plan Exchange Property Holdings I, LLC, a Delaware limited
liability company (“Property Holdings I”), HK New Plan STH Upper Tier II
Company, a Maryland real estate investment trust (“HK NP STH Upper Tier II”),
HK New Plan Exchange Property Owner II, LP, a Delaware limited partnership (“Property
Owner II”), HK New Plan Lower Tier OH, LLC, a Delaware limited liability
company (“HK NP Lower Tier OH”), HK New Plan Mid Tier OH, L.P., a
Delaware limited partnership (“HK NP Mid Tier OH”), HK New Plan OH TRS, Inc.,
a Delaware corporation (“HK NP OH TRS”), HK New Plan ERP Property
Holdings, LLC, a Delaware limited liability company (“ERP Property Holdings”),
Excel Realty Partners, L.P., a Delaware limited partnership (“Excel Realty
Partners”), New Plan DRP Trust, a Maryland real estate investment trust (“NP
DRP Trust”), New Plan ERP Limited Partner Company, a Maryland real estate
investment trust (“NP ERP LP”), ERP New Britain Limited Partnership, a
Delaware limited partnership (“New Britain LP”), New Plan Realty Trust,
LLC, a Delaware limited liability company (“NP Realty Trust”), New Plan
Pennsylvania Holdings, LLC, a Delaware limited liability company (“NP
Pennsylvania”), Centro NP ERT, LLC, a Delaware limited liability company (“Centro
NP ERT”),  HK New Plan Macon Chapman
TRS GP Company, a Delaware corporation (“Macon Chapman TRS”), ERT
Development Corporation, a Delaware corporation (“ERT”), New Plan
Florida Holdings, LLC, a Delaware limited liability company (“Florida
Holdings”),  HK New Plan STH Lower
Tier, LLC, a Delaware limited liability company (“HK NP STH Lower Tier”),
HK New Plan STH Mid Tier II, LLC, a Delaware limited liability company (“HK
NP STH Mid Tier II” and, collectively with Property Holding Company, Asset
Partnership IV, NP Asset LLC, CA New Plan VI, Excel Realty Trust — ST, Maryland
Holdings, Michigan LLC, Michigan Member LLC, Tennessee LP, New Plan of
Tennessee, NPTN, Texas Assets L.P., Texas Assets LLC, CA New Plan IV, Property
Owner I, Property Holdings I, HK NP STH Upper Tier II, Property Owner II, HK NP
Lower Tier OH, HK NP Mid Tier OH, HK NP OH TRS, ERP Property Holdings, Excel
Realty Partners, NP DRP Trust, NP ERP LP, New Britain LP, NP Realty Trust, NP
Pennsylvania, Centro NP ERT, Macon Chapman TRS, ERT, Florida Holdings and HK NP
STH Mid Tier II, the “Current Owners”), Centro NP LLC, a Maryland
limited liability company (“Centro NP LLC”), Super LLC, a Maryland
limited liability company (“Super LLC”), Centro NP Residual Holding LLC,
a Delaware limited liability

 

 

company (“NP
Residual Holding”), and Centro NP Residual Holding Sub 1, LLC, a Delaware
limited liability company (“NP Residual Holding Sub 1” and together with
the Current Owners, Centro NP LLC, Super LLC and NP Residual Holding, each, a “Party”
and collectively, the “Parties”).

 

RECITALS

 

WHEREAS, the Current Owners own, directly or
indirectly, as applicable, the limited liability company interests and limited
partner interests (collectively, the “Current Owner Entity Interests”)
in the limited liability companies and limited partnerships listed on Schedule
1-A attached hereto and made a part hereof (collectively, the “Current
Owner Entities”), all as more particularly depicted on Schedule 2
attached hereto and made a part hereof;

 

WHEREAS, the Current Owners desire to
distribute, assign, transfer and convey all of the Current Owner Entity
Interests to Centro NP LLC (the “Initial Distribution”), which shall
thereupon be admitted as a member or limited partner of each of the Current
Owner Entities, and immediately following the admission of Centro NP LLC as a
substitute member or limited partner of each of the Current Owner Entities, the
Current Owners desire to cease to be members or limited partners, as
applicable, of the Current Owner Entities;

 

WHEREAS, following the Initial Distribution,
Centro NP LLC will directly own the limited liability company interests and
limited partner interests (collectively, the “Entity Interests”) in the
limited liability companies and limited partnerships listed on Schedule 1-B
attached hereto and made a part hereof (collectively, the “Entities”);

 

WHEREAS, Centro NP LLC desires to distribute,
assign, transfer and convey fifty one percent (51%) of the Entity Interests
(the “Super LLC Interests”) to Super LLC (the “Centro NP LLC - Super
LLC Distribution”), which shall thereupon be admitted as a member or
limited partner, as applicable, of each of the Entities;

 

WHEREAS, Super LLC desires to contribute,
assign, transfer and convey the Super LLC Interests to NP Residual Holding (the
“Super LLC Contribution”), which shall thereupon be admitted as a member
or limited partner, as applicable, of each of the Entities, and immediately
following the admission of NP Residual Holding as a substitute member or
limited partner, as applicable, of each of the Entities, Super LLC desires to
cease to be a member or limited partner, as applicable, of each of the
Entities;

 

WHEREAS, Centro NP LLC desires to contribute,
assign, transfer and convey forty nine percent (49%) of the Entity Interests
directly to NP Residual Holding (the “Centro NP LLC Contribution”), and
immediately following the admission of NP Residual Holding as a substitute
member or limited partner, as applicable, of each of the Entities, Centro NP
LLC desires to cease to be a member or limited partner, as applicable, of each
of the Entities; and

 

WHEREAS, NP Residual Holding desires to
contribute, assign, transfer and convey one hundred percent (100%) of the
Entity Interests directly to NP Residual Holding Sub 1 (the “NP Residual
Holding Contribution”), and immediately following the admission of NP
Residual Holding Sub 1 as a substitute member or limited partner, as
applicable, of each of the 

 

2

 

Entities, NP
Residual Holding desires to cease to be a member or limited partner, as
applicable, of each of the Entities.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing premises and for other good and
valuable consideration, the receipt of which are hereby acknowledged, the
Parties hereto hereby agree as follows:

 

1.  Contributions and Distributions.

 

1.1  Initial Distribution.

 

(a)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Current Owner Entity to the contrary, the
Current Owners hereby make the Initial Distribution, representing a
distribution of all of the Current Owner Entity Interests to Centro NP LLC.

 

(b)                                 Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Current Owner Entity to the contrary,
contemporaneously with the Initial Distribution described in Section 1.1(a) above,
Centro NP LLC is hereby admitted to each of the Current Owners Entities as an
additional member or limited partner, as applicable, of each of the Current
Owner Entities.

 

(c)                                  The Parties agree
that the Initial Distribution and the admission of Centro NP LLC as an
additional member or limited partner, as applicable, of each of the Current
Owner Entities shall not dissolve the Current Owner Entities.

 

1.2  Centro NP LLC - Super LLC Distribution.  Effective immediately following consummation
of the Initial Distribution:

 

(a)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, Centro NP LLC hereby
makes the Cento NP LLC - Super LLC Distribution, representing a contribution of
fifty-one percent (51%) of the Entity Interests to Super LLC.

 

(b)                                 Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, contemporaneously
with the Cento NP LLC - Super LLC Distribution described in Section 1.2(a) above,
Super LLC is hereby admitted to each of the Entities as an additional member or
limited partner, as applicable, of each of the Entities.

 

(c)                                  The Parties agree
that the Cento NP LLC - Super LLC Distribution and the admission of Super LLC
as an additional member or limited partner, as applicable, of each of the
Entities shall not dissolve the Entities.

 

3

 

1.3  Super LLC Contribution.  Effective immediately following consummation
of the Centro NP LLC — Super LLC Distribution:

 

(a)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, Super LLC hereby
makes the Super LLC Contribution, representing a contribution of all of the
Entity Interests owned by it (i.e., fifty-one percent (51%) of the Entity
Interests) to NP Residual Holding.

 

(b)                                 Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, contemporaneously
with the Super LLC Contribution described in Section 1.3(a) above,
NP Residual Holding is hereby admitted to each of the Entities as a substitute
member or limited partner, as applicable, of each of the Entities.

 

(c)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, immediately
following the admission of NP Residual Holding as a substitute member or
limited partner, as applicable, of each of the Entities, Super LLC shall and
does hereby cease to be a member or limited partner, as applicable, of each of
the Entities and shall thereupon cease to have or exercise any right or power
as a member or limited partner, as applicable, of each of the Entities.

 

(d)                                 The Parties agree that
the Super LLC Contribution, the admission of NP Residual Holding as a
substitute member or limited partner, as applicable, of each of the Entities
and Super LLC’s ceasing to be a member or limited partner, as applicable, of
each of the Entities shall not dissolve the Entities.

 

1.4  Centro NP LLC Contribution.  Effective immediately following consummation
of the Super LLC Contribution:

 

(a)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, Centro NP LLC hereby
makes the Centro NP LLC Contribution, representing a contribution of all of the
Entity Interests owned by it (i.e., forty-nine percent (49%) of the Entity
Interests) to NP Residual Holding.

 

(b)                                 Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, contemporaneously
with the Centro NP LLC Contribution described in Section 1.4(a) above,
NP Residual Holding is hereby admitted to each of the Entities as a substitute
member or limited partner, as applicable, of each of the Entities.

 

(c)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, immediately
following the admission of NP Residual Holding as a substitute member or
limited partner, as applicable, of each of the Entities, Centro NP LLC shall
and does hereby cease to be a member or limited partner, as applicable, of each
of the 

 

4

 

Entities, and shall thereupon cease to have
or exercise any right or power as a member or limited partner, as applicable,
of each of the Entities.

 

(d)                                 The Parties agree that
the Centro NP LLC Contribution, the admission of NP Residual Holding as a
substitute member or limited partner, as applicable, of each of the Entities
and Centro NP LLC’s ceasing to be a member or limited partner, as applicable,
of each of the Entities shall not dissolve the Entities.

 

1.5  NP Residual Holding Contribution.  Effective immediately following consummation
of the Centro NP LLC Contribution:

 

(a)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, NP Residual Holding
hereby makes the NP Residual Holding Contribution, representing a contribution
of all of the Entity Interests owned by it (i.e., one hundred percent (100%) of
the Entity Interests) to NP Residual Holding Sub 1.

 

(b)                                 Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, contemporaneously
with the NP Residual Holding Contribution described in Section 1.5(a) above,
NP Residual Holding Sub 1 is hereby admitted to each of the Entities as a
substitute member or limited partner, as applicable, of each of the Entities.

 

(c)                                  Notwithstanding any
provision in the limited liability company agreement or agreement of limited
partnership, as applicable, of any Entity to the contrary, immediately
following the admission of NP Residual Holding Sub 1 as a substitute member or
limited partner, as applicable, of each of the Entities, NP Residual Holding
shall and does hereby cease to be a member or limited partner, as applicable,
of each of the Entities, and shall thereupon cease to have or exercise any
right or power as a member or limited partner, as applicable, of each of the
Entities.

 

(d)                                 The Parties agree that
the NP Residual Holding Contribution, the admission of NP Residual Holding Sub
1 as a substitute member or limited partner, as applicable, of each of the
Entities and NP Residual Holding’s ceasing to be a member or limited partner, as
applicable, of each of the Entities shall not dissolve the Entities.

 

2.  Representations and Warranties of the
Parties.  Each Party, individually,
hereby represents and warrants to each of the other Parties as follows:

 

2.1  Power
and Authority:  The execution,
delivery and performance by the Party of this Agreement and the consummation by
the Party of the transactions contemplated hereby have been duly authorized by
all necessary action on the part of the Party. 
This Agreement has been duly and validly executed and delivered by the
Party and constitutes the valid and binding obligation of the Party,
enforceable against the Party in accordance with its terms, except to the
extent that such enforceability (i) may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to
creditors’ rights generally and (ii) is subject to general principles of
equity.

 

5

 

2.2  No
Conflicts:  The execution, delivery
and performance of this Agreement by the Party and the consummation by the
Party of the transactions contemplated hereby will not, with or without the
giving of notice or the lapse of time, or both, (i) violate any provision
of law, statute, rule or regulation to which the Party is subject, (ii) violate
any order, judgment or decree applicable to the Party or (iii) conflict
with, or result in a breach or default under, any term or condition of the
organizational documents of the Party or any material agreement or other
instrument to which the Party is a party or by which it may be bound; except
for violations, conflicts, breaches or defaults which in the aggregate would
not materially hinder or impair the consummation of the transactions
contemplated hereby.

 

2.3  Consents:  No consent, approval or authorization of,
exemption by, or filing with, any governmental or regulatory authority is
required in connection with the execution, delivery and performance by the
Party of this Agreement or the consummation by the Party of the transactions
contemplated hereby.

 

3.  Fees and Expenses:  The Parties agree to pay all of the fees and
expenses incurred by the Parties hereto in connection with this Agreement,
including, but not limited to the fees, expenses and disbursements of such
Parties, counsel and other advisors.

 

4.  Notices:  All notices, consents, waivers or other
communications required or permitted hereunder shall be in writing and shall be
mailed by registered or certified mail, return receipt requested, postage
prepaid or otherwise delivered by hand, messenger, internationally recognized
courier or facsimile transmission, addressed:

 

If sent to any of the Current Owners, to:

 

c/o Centro NP LLC
 420 Lexington Avenue, 7th Floor

New
York, NY 10170

	
  Attention:

  	
  Steven Siegel

  
	
  Facsimile:

  	
  (212) 869-9585

  

 

If sent to Centro NP LLC, to:

 

Centro NP LLC
 420 Lexington Avenue, 7th Floor

New
York, NY 10170

	
  Attention:

  	
  Steven Siegel

  
	
  Facsimile:

  	
  (212) 869-9585

  

 

If sent to Super LLC, to:

 

Super LLC
 420 Lexington Avenue, 7th Floor

New
York, NY 10170

	
  Attention:

  	
  Steven Siegel

  
	
  Facsimile:

  	
  (212) 869-9585

  

 

6

 

If sent to NP Residual Holding, to:

 

Centro NP Residual Holding LLC
 420 Lexington Avenue, 7th Floor

New
York, NY 10170

	
  Attention:

  	
  Steven Siegel

  
	
  Facsimile:

  	
  (212) 869-9585

  

 

If sent to NP Residual Holding Sub 1, to:

 

Centro NP Residual Holding Sub 1, LLC
 420 Lexington Avenue, 7th Floor

New
York, NY 10170

	
  Attention:

  	
  Steven Siegel

  
	
  Facsimile:

  	
  (212) 869-9585

  

 

Each such notice or other communication shall for all purposes of this
Agreement be treated as effective or as having been given when delivered, if
delivered by hand or by messenger (or overnight courier), 24 hours after
confirmed receipt if sent by facsimile transmission or at the earlier of its
receipt or on the fifth day after mailing, if mailed, as aforesaid.

 

5.  Confidentiality.  The Parties agree to keep the terms and
conditions of this Agreement strictly confidential and not disclose such terms
without the prior written consent of the other Parties, except (a) as may
be required by law and (b) that each Party may disclose such terms and
conditions to its representatives, advisors and counsel who acknowledge the
confidentiality hereof.

 

6.  Miscellaneous.

 

6.1                                 THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

 

6.2                                 This
Agreement shall be binding upon and shall inure to the benefit of the Parties
hereto, and their respective successors and permitted assigns, and no other
person will have any rights or obligation hereunder.  None of the Parties may assign (whether by
operation of law or otherwise) this Agreement.

 

7

 

6.3                                 This
Agreement constitutes the full and entire understanding and agreement between
the Parties hereto with regard to the subject matter hereof and supersedes all
prior oral or written (and all contemporaneous oral) agreements or
understandings with respect to the subject matter hereof.

 

6.4                                 No
delay or omission to exercise any right power or remedy accruing to any Party
hereto upon any breach or default of the other Party hereto under this
Agreement shall impair any such right, power or remedy or such Party, nor shall
it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereunder
occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default therefore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any
Party hereto of any breach or default under this agreement, or any waiver on
the part of any Party hereto of any provisions or conditions of this Agreement,
must be in writing and shall be effective only to the extent specifically set
forth in such writing.  All remedies,
either under this Agreement, or by law or otherwise afforded to any party,
shall be cumulative and not alternative.

 

6.5                                 This
Agreement may be executed in any number of counterparts, each of which may be
executed by less than all of the Parties hereto, each of which shall be
enforceable against the Parties actually executing such counterparts, and all
of which together shall constitute one instrument.

 

6.6                                 If
any provision of this Agreement, or its application to any Party hereto, shall
be, or be found by an authority of competent jurisdiction to be, invalid or
unenforceable in whole or in part, such provision shall be constructed and applied
so as to give effect, to the greatest extent possible, the original intent of
the Parties hereto.  The invalidity or
unenforceability of any of the provisions of this Agreement shall not affect
the other validity herein, all of which shall remain in full force and effect.

 

6.7                                 The
Parties stipulate that the remedies at law of the Parties hereto in the event
of any default or threatened default by either Party in the performance of or
compliance with any of the terms of this Agreement are not and will not be
adequate and that, to the fullest extent permitted by law, such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.  The exercise of any
remedy by any of the Parties shall not be deemed an election of remedies or
preclude any of the Parties from exercising any other remedies in the future.

 

6.8                                 This
Agreement may be amended, modified or supplemented only by a written instrument
signed by all of the Parties.

 

6.9                                 All
of the Parties hereto irrevocably submits, in any legal action or proceeding
relating to this Agreement, to the jurisdiction of the courts of the United
States and the State of California, in the city of Los Angeles, and consents
that (1) any such action or proceeding may be brought in such courts and
waive any objection that they may now or hereafter have to the venue of such
action or proceeding in any such court or that such action or proceeding was brought
in an inconvenient forum and (2) service of legal process in any such 

 

8

 

action or proceeding may be made upon it by
certified mail, return receipt requested, postage prepaid, to such Party at its
address specified in Section 4, provided,
that nothing herein shall prevent any Party hereto from bringing any action in
any other jurisdiction.

 

[Signature Page Follows]

 

9

 

IN WITNESS WHEREOF, the Parties hereto have
duly executed and delivered this Contribution Agreement, with effect as of the
date first written above.

 

 

	
   

  	
  NEW PLAN PROPERTY HOLDING COMPANY, a

  Maryland real estate investment trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name: 

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its: 

  	
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN ASSET PARTNERSHIP IV, L.P.,

  
	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  CA New Plan Asset, LLC, a Delaware limited

  
	
   

  	
   

  	
  liability company, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Its:  

  	
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN ASSET, LLC, a Delaware

  
	
   

  	
  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name: 

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its: 

  	
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN VI, a Maryland real

  
	
   

  	
  estate investment trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name: 

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its: 

  	
  Executive Vice President

  
						

 

[Signature
Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  EXCEL
  REALTY TRUST-ST, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN MARYLAND HOLDINGS, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN OF MICHIGAN, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN OF MICHIGAN MEMBER, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NP
  OF TENNESSEE, L.P.,

  
	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New
  Plan of Tennessee, LLC, a Delaware limited

  liability company, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
						

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  NEW
  PLAN OF TENNESSEE, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NPTN,
  INC., a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CA
  NEW PLAN TEXAS ASSETS, L.P.,

  
	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CA
  New Plan Texas Assets, LLC, a Delaware

  limited liability company, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CA
  NEW PLAN TEXAS ASSETS, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN EXCHANGE PROPERTY OWNER I,

  LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  HK
  NEW PLAN EXCHANGE PROPERTY HOLDINGS

  I, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN STH UPPER TIER II COMPANY,

  
	
   

  	
  a
  Maryland real estate investment trust

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN EXCHANGE PROPERTY OWNER II,

  
	
   

  	
  LP,
  a Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  HK
  New Plan Lower Tier OH, LLC, a Delaware

  limited liability company, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN LOWER TIER OH, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN MID TIER OH, L.P.,a Delaware limited

  partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  HK
  New Plan OH TRS, Inc., a

  Delaware corporation, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
						

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  HK
  NEW PLAN OH TRS, INC., a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN ERP PROPERTY HOLDINGS, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXCEL
  REALTY PARTNERS, L.P.,

  
	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New
  Plan DRP Trust, a Maryland real estate

  investment trust, a general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN DRP TRUST, a Maryland real estate

  investment trust

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN ERP LIMITED PARTNER COMPANY,

  
	
   

  	
  a
  Maryland real estate investment trust

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  ERP
  NEW BRITAIN LIMITED PARTNERSHIP,

  
	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ERP
  New Britain GP, LLC, a Delaware limited

  liability company, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN REALTY TRUST, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN PENNSYLVANIA HOLDINGS, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CENTRO
  NP ERT, LLC, a Delaware limited liability

  company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN MACON CHAPMAN TRS GP

  COMPANY, a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  ERT
  DEVELOPMENT CORPORATION, a Delaware

  corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW
  PLAN FLORIDA HOLDINGS, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN STH LOWER TIER, LLC, a Delaware

  limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HK
  NEW PLAN STH MID TIER II, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CENTRO
  NP LLC, a Maryland limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SUPER LLC, a Maryland limited liability
  company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

	
   

  	
  CENTRO NP RESIDUAL HOLDING LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CENTRO NP RESIDUAL HOLDING SUB 1, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven Siegel

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  

 

[Signature Page to Contribution, Distribution and Assumption Agreement]

 

 

Schedule 1-A

 

Current Owner Entity Interests

 

	
  Name
  of Current Owner Entity

  	
   

  	
  Entity Type

  	
   

  	
  Name of Current Owner(s)*

  	
   

  	
  Percentage**

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Property Holding Company

  	
   

  	
  5.8

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  HK New Plan Exchange Property Owner I, LLC

  

  HK New Plan Exchange Property Holdings I, LLC

  

  HK New Plan STH Upper Tier II Company

  	
   

  	
  4.8

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  Excel Realty Trust - ST, LLC

  	
   

  	
  5.2

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  CA New Plan Texas Assets, L.P.

  

  CA New Plan IV and CA New Plan Texas Assets, LLC

  	
   

  	
  4.2

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan of Michigan, LLC

  

  New Plan of Michigan Member, LLC

  	
   

  	
  2.8

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  Excel Realty Partners, L.P.

  

  New Plan ERP Limited Partner Company and New Plan DRP Trust

  	
   

  	
  7.3

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  HK New Plan Exchange Property Owner II, LP

  

  HK New Plan Lower Tier OH, LLC and HK New Plan Mid Tier OH, L.P.

  

  HK New Plan OH TRS, Inc. and HK New Plan STH Upper Tier II Company

  	
   

  	
  19.6

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  NP of Tennessee, L.P.

  

  New Plan of Tennessee, LLC and NPTN, Inc.

  	
   

  	
  8.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  CA New Plan Asset Partnership IV, L.P.

  

  CA New Plan Asset LLC and CA New Plan VI

  	
   

  	
  11.5

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE,

  	
   

  	
  limited liability company

  	
   

  	
  HK New Plan ERP Property

  	
   

  	
  4.3

  	
  %

  

 

 

	
  Name
  of Current Owner Entity

  	
   

  	
  Entity Type

  	
   

  	
  Name of Current Owner(s)*

  	
   

  	
  Percentage**

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LLC

  	
   

  	
   

  	
   

  	
  Holdings, LLC

  

  Excel Realty Partners, L.P.

  

  New Plan ERP Limited Partner Company and New Plan DRP Trust

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Scottsboro, LLC

  	
   

  	
  limited liability company

  	
   

  	
  Excel Realty Trust - ST, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Shops of Riverdale, LLC

  	
   

  	
  limited liability company

  	
   

  	
  Excel Realty Trust - ST, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Rising Sun, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Maryland Holdings, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Presidential Plaza, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Florida Holdings, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Brooksville Square, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Florida Holdings, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Dickson City Crossings Member, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Realty Trust, LLC

  

  New Plan Pennsylvania Holdings, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Stone Mill Plaza Member, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Realty Trust, LLC

  

  New Plan Pennsylvania Holdings, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Dillsburg SC Member, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Realty Trust, LLC

  

  New Plan Pennsylvania Holdings, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ERT Southland, LLC

  	
   

  	
  limited liability company

  	
   

  	
  Centro NP ERT, LLC

  

  HK New Plan Macon Chapman TRS GP Company and ERT Development Corporation

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Alexis Park, L.P.

  	
   

  	
  limited partnership

  	
   

  	
  New Plan Mid Tier OH, L.P.

  

  HK New Plan STH Upper Tier II Company and HK New Plan OH TRS, Inc.

  	
   

  	
  99.9

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Alexis Park GP, LLC

  	
   

  	
  limited liability company

  	
   

  	
  New Plan Mid Tier OH, L.P.

  

  HK New Plan STH Upper Tier II Company and HK New Plan OH TRS, Inc.

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ERP New Britain Holdings, L.P.

  	
   

  	
  limited partnership

  	
   

  	
  ERP New Britain Limited

  Partnership

  	
   

  	
  99

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ERP New Britain GP LLC

  	
   

  	
  limited liability company

  	
   

  	
  Excel Realty Partners, L.P.

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Lexington Town Square, LLC

  	
   

  	
  limited liability company

  	
   

  	
  HK New Plan STH Lower Tier, LLC

  	
   

  	
  100

  	
  %

  

 

 

	
  Name
  of Current Owner Entity

  	
   

  	
  Entity Type

  	
   

  	
  Name of Current Owner(s)*

  	
   

  	
  Percentage**

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HK New Plan STH Mid Tier II, LLC

  

  HK New Plan STH Upper Tier II Company

  	
   

  	
   

  	
   

  

 

*Listed
in order of ownership (i.e., in the order in which the Current Owner Entity
Interests are distributed up through the chain of ownership to Centro NP LLC)

 

**Centro
NP LLC owns the remaining interests in each of the Current Owner Entities

 

 

Schedule 1-B

 

Entity Interests

 

	
  Name
  of Entity

  	
   

  	
  Entity Type

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Pool 1 SPE, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Scottsboro, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Shops of Riverdale, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Rising Sun, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Presidential Plaza, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Brooksville Square, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Dickson City Crossings Member, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Stone Mill Plaza Member, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Centro NP Residual Dillsburg SC Member, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Westgate-Dublin, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Victory Square, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Cedar Plaza, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Sweetwater Village, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Tift-Town, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Village at Southlake, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan of Tinton Falls, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ERT Southland, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Alexis Park, L.P.

  	
   

  	
  limited partnership

  	
   

  	
  99.9

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Alexis Park GP, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ERP New Britain Holdings, L.P.

  	
   

  	
  limited partnership

  	
   

  	
  99

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ERP New Britain GP LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Lexington Town Square, LLC

  	
   

  	
  limited liability company

  	
   

  	
  100

  	
  %Exhibit 10.20

 

Agreement

 

26 March 2008

 

Executive Services

Agreement

 

Centro
WCJV LP Inc 

 

Glenn
Rufrano

 

 

Contents

 

	
   

  	
  Table
  of contents

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  The agreement

  	
  1

  
	
   

  	
   

  	
   

  
	
   

  	
  Operative part

  	
  2

  
	
   

  	
   

  	
   

  
	
  1

  	
  Definitions and interpretation

  	
  2

  
	
  2

  	
  Employment

  	
  4

  
	
  3

  	
  Duties and reporting structure

  	
  4

  
	
  4

  	
  Hours of work

  	
  5

  
	
  5

  	
  Remuneration

  	
  5

  
	
  6

  	
  Retention Bonus

  	
  6

  
	
  7

  	
  Incentive arrangements

  	
  6

  
	
  8

  	
  Relocation and living away from home allowance

  	
  7

  
	
  9

  	
  Indemnity and Insurance

  	
  7

  
	
  10

  	
  Welfare, Pension and Benefit Plans

  	
  7

  
	
  11

  	
  Leave

  	
  8

  
	
  12

  	
  Public holidays

  	
  8

  
	
  13

  	
  Ending your employment

  	
  8

  
	
  14

  	
  Approvals

  	
  11

  
	
  15

  	
  Disclosure of information

  	
  12

  
	
  16

  	
  Intellectual property

  	
  12

  
	
  17

  	
  Moral Rights

  	
  12

  
	
  18

  	
  General

  	
  13

  
	
   

  	
   

  	
   

  
	
   

  	
  Signing page

  	
  15

  

 

 

The agreement

 

	
   

  	
  Executive Services Agreement

  
	
   

  	
   

  
	
   

  	
  Date 

  
	
   

  	
   

  
	
   

  	
  Between
  the parties

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Company

  	
   

  	
  Centro
  WCJV LP Inc

  
	
   

  	
   

  	
   

  	
  ABN 98
  728 661 680

  
	
   

  	
   

  	
   

  	
  of
  Level 3, 235 Springvale Road Glen Waverley

  (Company)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  You

  	
   

  	
  Glenn
  Rufrano

  
	
   

  	
   

  	
   

  	
  of
  3112 Shore Road, Bellmore, New York

  (Executive/You)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Background

  	
   

  	
  1

  	
  The
  Company has agreed to employ you, in the position of Chief Executive Officer
  of the Group and you have agreed to accept that appointment on the terms of
  this agreement.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  2

  	
  The
  Company and you agree that the benefits to which you are entitled pursuant to
  this agreement are in part consideration for you agreeing to accept the
  office of Chief Executive Officer of the Group from the Commencement Date.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  3

  	
  The
  parties acknowledge that each has taken, or has had the opportunity to take,
  independent legal advice in relation to this agreement.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  parties agree

  	
   

  	
  as
  set out in the Operative part of this agreement, in consideration of, among
  other things, the mutual promises contained in this agreement.

  

 

1

 

Operative part

 

1          Definitions and
interpretation

 

1.1       Definitions

 

The
meanings of the terms used in this document are set out below.

 

	
  Term

  	
   

  	
  Meaning

  
	
   

  	
   

  	
   

  
	
  Commencement
  Date

  	
   

  	
  As
  defined in clause 2.2(a).

  
	
   

  	
   

  	
   

  
	
  Company
  Income

  	
   

  	
  Includes
  Total Employment Cost as defined in Clause 5.1(b) and Incentive Arrangements
  as defined in Clause 7.

  
	
   

  	
   

  	
   

  
	
  Confidential
  Information

  	
   

  	
  any
  information about the Company or any Group Company, or the business of
  Company or any Group Company (including, but not limited to, any financial or
  trading information, or any idea, concept, process or know-how) which:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1  comes
  to your notice in the course of your employment; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2  is
  generated by you in the course of performing your duties,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and
  which is not in the public domain (unless in the public domain because of a
  breach of confidentiality).

  
	
   

  	
   

  	
   

  
	
  Corporations Act

  	
   

  	
  the
  Corporations Act 2001 (Cth).

  
	
   

  	
   

  	
   

  
	
  End Date

  	
   

  	
  the
  day on which your employment with the Company ends.

  
	
   

  	
   

  	
   

  
	
  Fundamental
  Change

  	
   

  	
  you
  ceasing to be the most senior executive in the Group or the Chief Executive
  Officer of Centro Properties Group (comprising Centro Properties Limited and
  Centro Property Trust) or a substantial diminution in your responsibilities
  or authority, but excluding any diminution arising:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1  otherwise
  through termination pursuant to this agreement; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2  with
  your consent.

  
	
   

  	
   

  	
   

  
	
  Group

  	
   

  	
  the
  Centro Properties Group comprising Centro Properties Limited and Centro Property
  Trust and all the entities controlled by Centro Properties Limited or Centro
  Property Trust.

  
	
   

  	
   

  	
   

  
	
  Group Company

  	
   

  	
  any
  member of the Group.

  
	
   

  	
   

  	
   

  
	
  Intellectual
  Property

  	
   

  	
  all
  present and future rights to intellectual property including any inventions
  and improvements, trade marks (whether registered or common law trade marks),
  designs, copyright, any corresponding property rights under the laws of any
  jurisdiction and any rights in respect of an invention, discovery, trade
  secret, secret process, know-how, concept, idea, information, process, data
  or formula.

  
	
   

  	
   

  	
   

  
	
  Moral
  Rights

  	
   

  	
  the
  right of attribution of authorship, the right not to have authorship falsely attributed
  and the right of integrity of authorship, as defined in the Copyright Act

  

 

2

 

	
  Term

  	
   

  	
  Meaning

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1968 (Cth).

  
	
   

  	
   

  	
   

  
	
  Regulatory Consent

  	
   

  	
  the
  consent of any entity or governmental body that has statutory or other powers
  over corporations including without limitation ASX Limited and the Australian
  Securities and Investment Commission.

  
	
   

  	
   

  	
   

  
	
  Stub STI Payment

  	
   

  	
  As
  defined in your previous contract of employment with Centro Watt Management
  Joint Venture 2 LP.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  As
  defined in clause 2.2(b).

  

 

	
  1.2

  	
   

  	
  Interpretation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In
  this agreement:

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  Headings
  and bold type are for convenience only and do not affect the interpretation
  of this agreement.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  The
  singular includes the plural and the plural includes the singular.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  Words
  of any gender include all genders.

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  Other
  parts of speech and grammatical forms of a word or phrase defined in this
  agreement have a corresponding meaning.

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  An
  expression importing a person includes any company, partnership, joint
  venture, association, corporation or other body corporate and any Government
  Agency as well as an individual.

  
	
   

  	
   

  	
   

  
	
  (f)

  	
   

  	
  A
  reference to a clause, party, schedule, attachment or exhibit is a reference
  to a clause of, and a party, schedule, attachment or exhibit to, this
  agreement and a reference to this agreement includes any schedule, attachment
  and exhibit.

  
	
   

  	
   

  	
   

  
	
  (g)

  	
   

  	
  A
  reference to any legislation includes all delegated legislation made under it
  and amendments, consolidations, replacements or re-enactments of any of them.

  
	
   

  	
   

  	
   

  
	
  (h)

  	
   

  	
  No
  provision of this agreement will be construed adversely to a party because
  that party was responsible for the preparation of this agreement or that
  provision.

  
	
   

  	
   

  	
   

  
	
  (i)

  	
   

  	
  Specifying
  anything in this agreement after the words ‘include’ or ‘for example’ or
  similar expressions does not limit what else is included.

  

 

3

 

	
  2

  	
   

  	
  Employment

  
	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Position

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  are employed in the position of Chief Executive Officer of the Group.

  
	
   

  	
   

  	
   

  
	
  2.2

  	
   

  	
  Term

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  Your
  new appointment will start on 15 January 2008 (Commencement Date).

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  Your
  employment will continue for the period of 12 months unless terminated
  earlier under the terms of this agreement (Term).

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  Should
  your employment continue beyond the period set out in sub-clause
  (b) above, unless or until such time that the terms of any new agreement
  is reached in writing and signed by both parties, the terms of your
  employment will be, as far as possible, identical to those under this
  agreement.

  
	
   

  	
   

  	
   

  
	
  2.3

  	
   

  	
  Location

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  Your
  principal place of work is the Group’s head office in Glen Waverley,
  Victoria, Australia. The Company may require you to work in other locations
  from time to time.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  The
  Company may require you to travel within the state, interstate or overseas to
  perform your duties.

  
	
   

  	
   

  	
   

  
	
  2.4

  	
   

  	
  Visa requirement

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  This
  offer of employment is conditional upon you having, during your employment
  with the Company, a valid and current working visa as issued by the
  Department of Immigration and Citizenship to live and work in Australia if
  required to fulfil the duties of your position and your obligations under
  this Agreement.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  The
  Company will provide payment of, and assistance in obtaining, any necessary
  visa or work permits.

  
	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  Duties
  and reporting structure

  
	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Duties of your position

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  You
  must perform the duties reasonably associated with your position for and on
  behalf of the Group.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  In
  addition, you must also perform other duties which you are capable of
  performing, as required by the Company or any Group Company.

  
	
   

  	
   

  	
   

  
	
  3.2

  	
   

  	
  General duties

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  must:

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  unless
  absent on leave as provided in this agreement, devote all of your time,
  attention and skill to the performance of your duties for the Group both
  during normal business hours and at other times as reasonably necessary;

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  perform
  your duties faithfully and diligently;

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  follow
  lawful and reasonable directions given to you by the Company and any Group
  Company; and

  

 

4

 

	
  (d)

  	
   

  	
  promote
  the interests of the Group.

  
	
   

  	
   

  	
   

  
	
  3.3

  	
   

  	
  Reporting structure

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  will report to the Board of Centro Properties Limited or as otherwise
  directed by the Company.

  
	
   

  	
   

  	
   

  
	
  3.4

  	
   

  	
  Changes to your position

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If
  your position, duties or reporting structure change, this agreement will
  continue to apply to your employment unless you and the Company:

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  enter
  a new written employment agreement; or

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  vary
  this agreement in writing.

  
	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  Hours
  of work

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Because
  of the nature of your position, you agree to work such hours (both within and
  outside standard business hours) required to perform your duties. Your
  remuneration includes an amount to compensate for this.

  
	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  Remuneration

  
	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  Total employment cost

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  Your
  initial Total Employment Cost is US$1,200,000 each year.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  You
  will be subject to tax equalisation on Company Income. This means that you
  will not pay any more income tax on your Company Income than you would have
  paid had you remained in New York.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  As
  part of the tax equalisation process your salary from time to time may be
  subject to tax gross ups in Australia and/or the US. As such, at the end of
  each calendar year, a reconciliation of your ‘stay at home’ tax position will
  be prepared in conjunction with the preparation of your US income tax return.

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  For
  the avoidance of doubt, tax equalisation does not apply to your personal
  income other than income sourced from the Company or the Group and you will
  be responsible for any US and Australian taxes payable on this income.

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  The
  Company will pay any Total Employment Cost that you elect to receive as
  salary fortnightly by electronic transfer to your nominated bank account.

  
	
   

  	
   

  	
   

  
	
  (f)

  	
   

  	
  The
  Company will reimburse you for any expenses that you reasonably incur during
  the performance of your duties. The Company may require you to provide a tax
  invoice, or other evidence, to substantiate any expenses claim.

  
	
   

  	
   

  	
   

  
	
  (g)

  	
   

  	
  You
  will have no entitlement to Australian Company Superannuation Contributions.

  

 

5

 

	
  6

  	
   

  	
  Retention
  Bonus

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  will remain entitled to the ‘Second Payment’ as defined in clause 10 of your
  previous employment contract with Centro Watt Management Joint Venture 2 LP
  and this will be paid by the Company as a lump sum payment of US$1,500,000
  (less any taxation deductions as required by law) on 31 March 2008 as
  per the original intention of your previous employment contract.

  
	
   

  	
   

  	
   

  
	
  7

  	
   

  	
  Incentive
  arrangements

  
	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  Initial Short Term Incentive

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  You
  will be entitled to 150% of your Total Employment Cost as a short term
  incentive.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  During
  the Term, the short term incentive is payable upon the occurrence of any of
  the following events:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (1)

  	
  there
  is a change of control of Centro Properties Group. A ‘change of control’ shall
  be deemed to have occurred when:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ·

  	
  in
  the case of a takeover offer, a party gains a relevant interest in greater
  than 50% of the stapled securities on issue (provided all bid conditions are
  satisfied or waived), or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ·

  	
  in
  the case of a Scheme of Arrangement, when the Court approves the scheme at
  the second Court hearing.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  your
  employment is terminated following a Fundamental Change.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (3)

  	
  a
  recapitalisation of Centro Properties Group which involves the issuance of
  new equity or equity related securities to new or existing shareholders that
  the Board considers sufficient to stabilise the entity and provide a basis
  for near term solvency and medium term financing through an appropriate
  capital structure – the short term incentive will be payable upon the
  execution of any definitive agreement setting out those arrangements.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (4)

  	
  any
  entity in the Group:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ·

  	
  sells
  or divests any assets or an interest in the entity (including, but not
  limited to, the sale of the Company’s interest in Centro Retail Trust); or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ·

  	
  issues
  new securities in exchange for financial liabilities,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  that
  the Board reasonably considers sufficient to stabilise the entity and provide
  a basis for near term solvency and medium term financing through an
  appropriate capital structure – the short term incentive will be payable upon
  the execution of any definitive agreement setting out those arrangements.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  In
  the event that there is no short term incentive awarded under sub-clause 7.1
  (a) and (b), the Board may at its discretion, award you a short term
  incentive of up to 150% of your Total Employment Cost.

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  Only
  one short term incentive is payable under sub-clause 7.1.

  
	
   

  	
   

  	
   

  
	
  7.2

  	
   

  	
  Further short term incentives

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  may also be eligible to participate in other short term incentive
  arrangements offered by the Company or the Group from time to time.

  

 

6

 

7.3                                    Long Term incentive

 

(a)                                            For fiscal year 2007/2008 you will be granted
1,000,000 options over Centro Properties Group securities in accordance with
the invitation attached as Schedule A.

 

(b)                                           You may also be eligible to participate in
other long term incentive arrangements offered by the Company or the Group from
time to time.

 

8                                                   Relocation and living away from
home allowance

 

(a)                                            In the event that you are required to maintain
a base in Australia, the Company will provide you with assistance with:

 

(1)                                       the relocation of yourself and your immediate
family to Australia. Such assistance will meet all reasonable costs associated
with the relocation of an executive of your level and experience and includes
payment of the reasonable cost of transport of you and your immediate family,
freight of personal effects and temporary accommodation; and

 

(2)                                       the repatriation back to your home country on
completion of the contract or on termination.

 

(b)                                           In addition to your remuneration in clause
5.1(a), the Company will pay you a living away from home allowance to compensate you for additional accommodation costs
and additional food costs on account of you being required to live away from
your usual place of residence. The amount of compensation for additional food
costs has been determined after taking into account your normal home food
consumption expenditure.

 

(c)                                            The Company will provide you with assistance
in respect of the preparation of your US and Australian income tax returns through the Company’s nominated tax advisor.
Should you choose not to use the Company’s nominated tax advisor in respect of
the preparation of your US and Australian income tax returns you agree to
provide copies of your US and Australian income tax returns in order to prepare
the reconciliation of your ‘stay at home’ tax position.

 

(d)                                           The Company will be responsible for any tax
payable in respect of assistance provided in this clause.

 

9                                                   Indemnity and Insurance

 

To
the extent permitted by the Corporations Act, the Company will provide you with:

 

(a)                                            a deed of indemnity which provides the same
level of indemnity and insurance cover as that provided to other Executive
Committee Members; and

 

(b)                                           additional director’s and officer’s liability
insurance to the value of A$2,000,000 to provide coverage to insure you against
any legal costs you may incur in responding to any claims (or threatened
claims) to the extent available at reasonable market rates. In the event that
insurance is not available through the external insurance market, the Company will
meet this liability.

 

10                                            Welfare, Pension and Benefit
Plans

 

(a)                                            The Company will provide you with top benefit
cover with a private health insurance provider to cover you and your immediate family during your time in
Australia.

 

7

 

(b)                                           Whilst in the United States:

 

(1)                                       you will be entitled to participate in all
employee benefit plans, programs and arrangements made available to other
Company senior executives generally, including pension, income deferral,
savings, 401(k), and other retirement plans or programs, medical, dental,
vision, prescription drug, hospitalization, short-term and long-term disability
and life insurance plans and programs, accidental death and dismemberment
protection, travel accident insurance, and any plans, programs or arrangements
that supplement the above plans, programs or arrangements, whether funded or
unfunded. These plans, programs or arrangements will be subject to the terms of
the applicable plan documents and Company policies on terms and conditions that
are no less favourable to you than those applying to other Company senior
executives generally.

 

(2)                                       To the extent that post-retirement welfare and
other benefits exist you will be entitled to post-retirement welfare and other
benefits on terms and conditions that are no less favourable to you than those
applying to other Company senior executives generally. This clause does not
require the Company to establish or maintain any particular employee or
post-retirement benefit plan, program or arrangement and any such plan, program
or arrangement may be varied or removed from time to time.

 

11                                            Leave

 

The Company will provide you with annual leave, personal leave and
parental leave as follows:

 

·                                               4 weeks annual leave each year;

 

·                                               10 days’ paid personal leave each year — in
certain circumstances you may also be able to access unpaid carer’s leave and
compassionate leave; and

 

·                                               up to 52 weeks unpaid parental/adoption leave
where you are the primary care giver.

 

12                                            Public holidays

 

You
will be usually be entitled to paid leave on days declared as public holidays
in the location in which you work. From time to time you may be required, and
you agree, to work on a public holiday in order to perform your duties. Your
remuneration includes an amount to compensate for this.

 

13                                            Ending your employment

 

13.1                                  Definitions

 

In this clause, the following definitions apply:

 

(a)                                            ‘For Cause’ means:

 

(1)                                       conviction of, or plea of guilty or nolo
contendere to, a felony in the United States or conviction of an offence
punishable by imprisonment in Australia; or

 

(2)                                       wilful and continued failure to use reasonable
best efforts to substantially perform your duties (other than such failure
resulting from your incapacity due  

 

8

 

to physical or mental illness or after notifying the Company of your
intention to terminate the employment relationship for Good Reason (as defined
below)) after demand for substantial performance is delivered by the Company in
writing that specifically identifies the manner in which the Company believes
you have wilfully and continually failed to use reasonable best efforts to
substantially perform your duties; or

 

(3)                                       wilful misconduct that has a materially
adverse effect on the Company or to any Group Company.

 

No act, or failure to act, by
you shall be considered ‘wilful’ unless:

 

·                                               committed in bad faith and without a
reasonable belief that the act or omission was in the best interest of the
Company or any Group Company; or

 

·                                               your action or non action continues for more
than ten days after you have received written notice of the inappropriate
action or non-action.

 

(b)                                           ‘Good Reason’ means, without your consent:

 

(1)                                       a Fundamental Change has occurred;

 

(2)                                       any of the following has occurred:

 

·                                          a receiver, receiver and manager, controller,
or other external administrator is appointed over all or substantially all of
the assets and undertakings of the Group;

 

·                                          a liquidator, provisional liquidator or
administrator (under Part 5.3A of the Corporations
Act, 2001) is appointed to Centro
Properties Limited, Centro Properties Trust or Centro Retail Trust; or

 

·                                          a resolution is passed or any steps are taken to pass a
resolution for the winding up or dissolution of Centro Properties Limited,
Centro Properties Trust or Centro Retail Trust, except for the purpose of an
amalgamation or reconstruction which has the Group’s consent;

 

(3)                                       a reduction in your Total Employment Cost or a
failure to pay any such amounts when due;

 

(4)                                       a failure to pay the Retention Bonus set out
in clause 6 above;

 

(5)                                       any purported termination of your employment
for Cause (as defined in sub-clause (a) above) which is not effected
pursuant to the terms of this agreement;

 

(6)                                       The Company’s failure to pay or provide any
material employee benefits due to you under this agreement including, but not
limited to, a failure to allow you to participate in all employee benefit
plans, programs and arrangements contemplated under clause 10;

 

(7)                                       The Company’s failure to provide, in all
material respects, the indemnification required by clause 9 of this agreement;

 

(8)                                       a reduction in the percentage of the short
term incentive as provided for in clause 7.1 above; or

 

(9)                                       a failure by the Company or the Board to
accept you in an Option Plan offered to you by the Company or a failure to
provide you with written documentation evidencing the grant of the options
consistent with the Option Plan.

 

Your
right to terminate your employment for Good Reason shall not be affected by
your incapacity due to physical or mental illness.

 

13.2                                  Termination of employment by
the Company

 

(a)                                            The Company may terminate your employment at
any time:

 

(1)                                       without notice, ‘For Cause’; or

 

9

 

(2)                                       at the end of the Term, on written notice
provided no later than 15 December 2008.

 

(b)                                           If the Company has given you notice under
sub-clause (a)(2) above, the Company may direct you at any time:

 

(1)                                       not to attend work; or

 

(2)                                       not to perform all or part of your duties. 

 

13.3                                  Termination of employment by
you

 

(a)                                            You may end your employment at any time for
‘Good Reason’ in accordance with the following procedure:

 

(1)                                       within 30 days of you becoming aware of an
occurrence which would allow you to terminate for Good Reason, you must give
written notice to the Company to remedy the situation.

 

(2)                                       should the Company fail to remedy the
situation within 30 days of receiving written notice under sub-clause (1) above,
you may terminate your employment, in writing, without notice.

 

(b)                                           You may end your employment at the end of the
Term by providing written notice no later than 15 December 2008.

 

(c)                                            If you have given notice under sub-clause
(a) or (b) above, the Company may direct you at any time:

 

(1)                                       not to attend work; or

 

(2)                                       not to perform all or part of your duties. 

 

13.4                                  Payment on termination

 

(a)                                            Where:

 

(1)                                       the Company terminates your employment in
accordance with clause 13.2(a)(2); or

 

(2)                                       you terminate your employment for ‘Good
Reason’ in accordance with clause 13.3(a); or

 

(3)                                       you terminate your employment at the end of
the Term in accordance with clause 13.3(b);

 

you
will be entitled to a payment of:

 

(4)                                       12 months Total Employment Cost; and

 

(5)                                       the average of the last two years’ short term
incentive payments. Any Stub STI Payment paid to you by a previous employer
will be included in calculating your average short term incentive payment under
this clause.

 

(b)                                           Where you or the Company terminate your
employment other than in the circumstances set out in subclause (a) above,
you will only be entitled to payment of Total Employment Cost up to the date of
your termination and accrued leave entitlements.

 

13.5                                  Deduction of amounts owed

 

(a)                                            To the extent permitted by law, any
outstanding advances or other payments due to the Company by you will be
deducted before payment of any amounts on termination are made to you.

 

(b)                                           If the amounts owed by you to the Company at
the End Date exceed amounts payable to you, you agree to repay such amounts to
the Company within 14 days of the End Date.

 

10

 

13.6                                  Return of property

 

Before
your employment ends, or as soon as practicable after it ends, you must return
all property belonging to the Company or, if agreed by both parties, pay the
Company a fair value for that property.

 

13.7                                  Resignation as director

 

If
your employment ends you:

 

(a)                                            must resign as a director of the Company or
any Group Company;

 

(b)                                           irrevocably appoint the Company Secretary of
Centro Properties Limited, or any other person nominated by the Company, as
attorney to sign a resignation as director or other officer on your behalf;

 

(c)                                            have no entitlement to any compensation for
loss of office.

 

13.8                                  No compensation

 

(a)                                            You acknowledge that if the Company ends your
employment, you have no further claim against the Company for compensation.

 

(b)                                           You agree that the salary and benefits paid to
you under this agreement include specific consideration to ensure the Company may avail itself of all its rights to
end your employment contained in this agreement.

 

14                                            Approvals

 

14.1                                  Agreement subject to Board
and shareholder approvals 

 

This
agreement is subject to all:

 

(a)                                            Board and shareholder approvals required by
law;

 

(b)                                           any necessary Regulatory Consent; and

 

(c)                                            applicable laws.

 

14.2                                  Reduction of payments

 

If
the aggregate of:

 

(1)                                  the amount that would, but for this provision,
be payable to you upon termination; and

 

(2)                                  the value of all other payments made in
connection with your retirement from board or managerial offices in the Group
(excluding any benefits to which section 200F of the Corporations Act applies),

 

exceeds
the maximum amount that could, because you are a person retiring from such
board and managerial offices, be paid to you under section 200G or section 200F
of the Corporations Act, the amount payable to you under clause 13 will be
reduced so that the aggregate value of all the benefits given, paid or payable
to you in connection with your retirement (including the amount payable under
clause 13) is equal to that maximum amount.

 

11

 

14.3                                  Overpayment

 

If
the Company overpays you, you must, on receiving a written notice from the
Company immediately repay any money or benefits specified in such notice.

 

14.4                                  Effect of this clause

 

This
clause has effect regardless of any other provision of this agreement.

 

15                                            Disclosure of information

 

15.1                                  Your obligations during and
after employment

 

During
your employment and after your employment ends you must not use or disclose
Confidential Information unless the use or disclosure is:

 

(a)                                            required by law;

 

(b)                                           made as part of the proper performance of your
duties; or

 

(c)                                            agreed
in writing by the Company or relevant Group Company.

 

15.2                                  Preventing disclosure

 

Both
during and after your employment, you must take all reasonable and necessary
precautions to maintain the secrecy and prevent disclosure of Confidential
Information.

 

15.3                                  Survival of obligations

 

Your
obligations under this clause continue after your employment ends.

 

16                                            Intellectual property

 

16.1                                  Ownership

 

(a)                                            The Company owns all Intellectual Property
that you create during your employment.

 

(b)                                           You must do all things necessary to ensure
that the Company owns Intellectual Property that you create during your employment.

 

16.2                                  Disclosure

 

(a)                                            You must inform the Company of all
Intellectual Property that you create during your employment.

 

17                                            Moral Rights

 

If you have Moral Rights in any Intellectual Property owned by the
Company you:

 

(a)                                            irrevocably consent to any act or omission by the Company which infringes those
Moral Rights;

 

12

 

(b)                                           agree that your consent extends to acts and
omissions by the Company’s licensees and successors in title; and

 

(c)                                            agree that your consent is a genuine consent
given under Part 9 of the Copyright Act 1968
(Cth) and has not been induced by duress or any false or misleading statement.

 

18                                            General

 

18.1                                  Governing law and
jurisdiction

 

(a)                                            This agreement is governed by the law in force
in Victoria, Australia.

 

(b)                                           Each party irrevocably submits to the
non-exclusive jurisdiction of courts exercising jurisdiction in Victoria,
Australia.

 

(c)                                            You irrevocably waive any objection to the
venue of any legal process on the basis that the process has been brought in an
inconvenient forum.

 

18.2                                  Entire agreement

 

(a)                                            This agreement states all the express terms of
the agreement between the parties in respect of its subject matter. It
supersedes all prior discussions, negotiations, understandings and agreements
in respect of its subject matter.

 

(b)                                           To avoid doubt, by entering into this
agreement you agree to terminate and waive all rights under your previous
employment contract with Centro Watt Management Joint Venture 2 LP.

 

(c)                                            You acknowledge that in accepting employment
with the Company you have not relied on any representations regarding your
employment made by the Company (or its agents or employees) other than matters
expressly set out in this agreement.

 

18.3                                  Prohibition, enforceability
and severance

 

(a)                                            Any provision of, or the application of any
provision of, this agreement which is prohibited in any jurisdiction is, in
that jurisdiction, ineffective only to the extent of that prohibition.

 

(b)                                           Any provision of, or the application of any
provision of, this agreement which is void, illegal or unenforceable in any
jurisdiction does not affect the validity, legality or enforceability of that
provision in any other jurisdiction or of the remaining provisions in that or
any other jurisdiction.

 

(c)                                            If a clause is void, illegal or unenforceable,
it may be severed without affecting the enforceability of the other provisions
in this agreement.

 

18.4                                  Waiver

 

(a)                                            The failure of either party at any time to
require performance by the other party of any provision of this agreement does
not affect the party’s right to require the performance at any time.

 

(b)                                           The waiver by either party of a breach of any
provision may not be held to be a waiver of any later breach of the provision
or a waiver of the provision itself.

 

18.5                                  Legal advice

 

You
represent that you have taken, or had the opportunity of taking, legal advice
in relation to the nature, effect and extent of this agreement.

 

13

 

18.6                                  Counterparts

 

This
agreement may be executed in any number of counterparts and all counterparts,
taken together, constitute one instrument. A party may execute this agreement
by executing any counterpart.

 

14

 

Signing page

 

	
   

  	
  Executed
  as an agreement

  

  Company

   

  Signed
  by

  Centro WCJV LP Inc 

  By

  

 

	
  sign here 

  	
  /s/ J. Hutchinson

  	
   

  	
   

  
	
   

  	
  VICE-PRESIDENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  print name

  	
  J. Hutchinson

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  sign here 

  	
  /s/ Brian Healey

  	
   

  	
   

  
	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  print name

  	
  Brian Healey

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  You

   

  Signed by

  Glenn Rufrano

  

 

	
  sign here 

  	
  /s/ Glenn Rufrano

  	
   

  
	
   

  	
   

  	
   

  
	
  print name

  	
  Glenn Rufrano

  	
   

  
	
   

  	
   

  	
   

  

 

	
   

  	
  in
  the presence of

  

 

	
  sign here 

  	
  /s/ John Newman-Morris

  	
   

  
	
   

  	
  Witness

  	
   

  
	
   

  	
   

  	
   

  
	
  print name

  	
  John Newman-Morris

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  This
  paragraph provides padding and has been hidden deliberately. Do not delete or
  unhide this paragraph

  

 

15

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