Document:

Exhibit 10.2

 

EMPLOYMENT
AGREEMENT

 

AGREEMENT (“Agreement”),
dated as of March 15, 2005, by and between New Plan Excel Realty Trust,
Inc., a Maryland corporation (the “Company”) and Michael Carroll (“Executive”).

 

RECITAL

 

The Company desires to
employ Executive on the terms and conditions set forth in this Agreement, and
Executive desires to be so employed.

 

AGREEMENT

 

IN CONSIDERATION of the
premises and the mutual covenants set forth below, the parties hereby agree as
follows:

 

1.                                       Employment.  The Company hereby agrees to employ Executive
and Executive hereby accepts such employment, on the terms and conditions
hereinafter set forth.

 

2.                                       Term.  The period of employment of Executive by the
Company hereunder (the “Employment Period”) shall commence on March 1,
2005 (the “Effective Date”) and shall continue through February 28, 2007.  The Employment Period may be sooner
terminated by either party in accordance with Section 6 of this
Agreement.  At the time Executive ceases
to be a full-time employee of the Company, the Executive agrees that he shall
resign from any positions Executive holds as a director, trustee or officer of
the Company and its subsidiaries and any entity in control of, controlled by or
under common control with the Company or in which the Company owns any common
or preferred stock or interest or any entity in control of, controlled by or
under common control with such entity (“Affiliate”) and as a member of any
committee of the board of directors and the board of trustees of the Company
and its subsidiaries and Affiliates of which he is a member.

 

3.                                       Position
and Duties.

 

(a)                                  Executive Vice President- Real Estate Operations.  At all times during the Employment Period,
Executive shall serve as an Executive Vice President- Real Estate Operations of
the Company. Executive shall have those powers and duties normally associated
with the position of an Executive Vice President and such other powers and
duties as may be properly prescribed by the Chief Executive Officer of the
Company, provided that such other powers and duties are consistent with
Executive’s position as an Executive Vice President.  Except as specifically set forth in this
section, Executive shall perform full-time services for the Company and devote
such time, attention and energies to Company affairs as are necessary to

 

 

fully perform his duties
(other than absences due to illness or vacation) for the Company.  Notwithstanding the above, Executive shall be
permitted, to the extent such activities do not materially and adversely affect
the ability of Executive to fully perform his duties and responsibilities
hereunder, to (i) manage Executive’s personal, financial and legal affairs and
(ii) serve on civic or charitable boards or committees.

 

4.                                       Place
of Performance. The principal place of employment of Executive shall be at the
Company’s corporate offices in New York, New York.

 

5.                                       Compensation
and Related Matters.

 

(a)                                  Salary.  During the
Employment Period, the Company shall pay Executive an annual base salary of $225,000
(“Base Salary”).  Executive’s Base Salary
shall be paid in approximately equal installments in accordance with the
Company’s customary payroll practices. If Executive’s Base Salary is increased
by the Company, such increased Base Salary shall then constitute the Base
Salary for all purposes of this Agreement.

 

(b)                                 Bonus.  The Board’s
executive compensation and stock option committee (the “Compensation Committee”)
shall review Executive’s performance at least annually during each year of the
Employment Period and cause the Company to award Executive such cash bonus as
the Compensation Committee shall reasonably determine as fairly compensating
and rewarding Executive for services rendered to the Company and/or as an
incentive for continued service to the Company. 
The amount of Executive’s cash bonus shall be determined in the
discretion of the Compensation Committee and shall be dependent upon, among
other things, the achievement of certain performance levels by the Company,
including, without limitation, growth in funds from operations, and Executive’s
performance and contribution to increasing the funds from operations.  Determinations by the Compensation Committee
shall be subject to approval by a majority of the independent directors of the
Board, inclusive of the members of the Compensation Committee. Notwithstanding
anything contained herein to the contrary, there shall be no guarantee as to
the amount of Executive’s yearly bonus and a decrease in Executive’s bonus to
an amount less than any prior year’s bonus shall not constitute a breach or
violation of this Agreement by the Company or constitute a Good Reason Event.

 

(c)                                  Expenses.  The Company
shall promptly reimburse Executive for all reasonable business expenses upon
the presentation of reasonably itemized statements of such expenses in
accordance with the Company’s policies and procedures now in force or as such
policies and procedures may be modified with respect to all senior executive
officers of the Company.

 

(d)                                 Vacation.  Executive
shall be entitled to the number of weeks of vacation per year provided to the
Company’s senior executive officers, but in no event less than four (4) weeks
annually.

 

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(e)                                  Welfare, Pension and Incentive Benefit Plans.  During the Employment Period, Executive (and
his spouse and dependents to the extent provided therein) shall be entitled to
participate in and be covered under all the welfare benefit plans or programs
maintained by the Company from time to time on terms no less favorable than
provided for any of its full time senior executives (other than the Chief
Executive Officer) including, without limitation, all medical, hospitalization,
dental, disability, accidental death and dismemberment and travel accident
insurance plans and programs.  In
addition, during the Employment Period, Executive shall be eligible to
participate in and be covered under all pension, retirement, savings and other
employee benefit, perquisite, change in control and executive compensation
plans and any annual incentive or long-term performance plans and programs
maintained from time to time by the Company on terms no less favorable than
provided for any of its full time senior executives (other than the Chief
Executive Officer).

 

(f)                                    Automobile.  During
the Employment Period, Executive shall be entitled to the use of the Company
car currently used by Executive.  At the
Company’s election, upon sixty (60) days prior notice to Executive, the Company
shall provide Executive with an automobile allowance in the amount of $900 per
month (or such other amount as then being paid to the other senior executives
of the Company).

 

 (g)                              No Hedging.  During the Employment Period, Executive will
not in any way attempt to limit the financial risk with respect to the Options
which are not vested by means of any hedging (including without limitation,
selling short) or other techniques.

 

6.                                       Termination.  Executive’s employment hereunder may be
terminated during the Employment Period under the following circumstances:

 

(a)                                  Death.  Executive’s
employment hereunder shall terminate upon his death.

 

(b)                                 Disability.  If, as a
result of Executive’s incapacity due to physical or mental illness, Executive
shall have been substantially unable to perform his duties hereunder for an
entire period of one hundred twenty (120) days, and within thirty (30) days
after written Notice of Termination (as defined in Section 7(a)) is given
after such one hundred twenty (120) day period, Executive shall not have
returned to the substantial performance of his duties on a full-time basis, the
Company shall have the right to terminate Executive’s employment hereunder for “Disability”,
and such termination in and of itself shall not be, nor shall it be deemed to
be, a breach of this Agreement.  For purposes
of this Agreement, the Disability of Executive shall be determined by an
independent physician mutually selected by the Company and Executive.

 

(c)                                  Cause.  The Company
shall have the right to terminate Executive’s employment for Cause, and such termination
in and of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement.  For purposes of this
Agreement, the Company shall have “Cause” to terminate Executive’s employment
upon Executive’s:

 

(i)                                     conviction
of, or plea of guilty or nolo contendere to, a felony; or

 

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(ii)                                  willful
and continued failure to use reasonable best efforts to substantially perform
his duties hereunder (other than such failure resulting from Executive’s incapacity
due to physical or mental illness or subsequent to the issuance of a Notice of
Termination by Executive for Good Reason (as defined in Section 6(d))
after demand for substantial performance is delivered by the Company in writing
that specifically identifies the manner in which the Company believes Executive
has not used reasonable best efforts to substantially perform his duties; or

 

(iii)                               willful
misconduct (including, but not limited to, a willful breach of the provisions
of Section 10) that is materially economically injurious to the Company or
to any Affiliate.

 

For purposes of this Section 6(c),
no act, or failure to act, by Executive shall be considered “willful” unless
committed in bad faith and without a reasonable belief that the act or omission
was in the best interests of the Company or any Affiliates thereof; provided,
however, that the willful requirement outlined in paragraphs (ii) or (iii)
above shall be deemed to have occurred if the Executive’s action or non-action
continues for more than ten (10) days after Executive has received written
notice of the inappropriate action or non-action.  Failure to achieve performance goals, in and
of itself, shall in no event be grounds for a termination for Cause
hereunder.  Cause shall not exist under
paragraph (ii) or (iii) above unless and until the Company has delivered to
Executive a copy of a resolution duly adopted by a majority of the Board
(excluding Executive for purposes of determining such majority) at a meeting of
the Board called and held for such purpose (after reasonable (but in no event
less than thirty (30) days) notice to Executive and an opportunity for
Executive, together with his counsel, to be heard before the Board), finding
that in the good faith opinion of the Board, Executive was guilty of the
conduct set forth in paragraph (ii) or (iii) and specifying the particulars
thereof in detail.  This Section 6(c)
shall not prevent Executive from challenging in any court of competent
jurisdiction the Board’s determination that Cause exists or that Executive has
failed to cure any act (or failure to act) that purportedly formed the basis
for the Board’s determination.

 

(d)                                 Good Reason. 
Executive may terminate his employment for “Good Reason” upon the
occurrence, without the written consent of Executive, of one of the following
events (a “Good Reason Event”); provided, however, that the Company shall have
the right to challenge in any court of competent jurisdiction the Executive’s
determination that he has the right to terminate his employment for “Good
Reason”:

 

 (i)                                  the assignment to
Executive of duties materially and adversely inconsistent with Executive’s
status as an Executive Vice President of the Company or a material and adverse
alteration in the nature of Executive’s duties and/or responsibilities,
reporting obligations, titles or authority as an Executive Vice President;

 

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(ii)                                  a
reduction by the Company in Executive’s Base Salary or a failure by the Company
to pay any such amounts when due;

 

(iii)                               the
relocation of the Company’s executive offices or Executive’s own office
location to a location that is more than fifty (50) miles from New York, New
York;

 

(iv)                              any
purported termination of Executive’s employment for Cause which is not effected
substantially in accordance with the procedures of Section 6(c) (and for
purposes of this Agreement, no such purported termination shall be effective);

 

(v)                                 the
Company’s failure to provide in all material respects the indemnification set
forth in Section 11 of this Agreement, or to require any successor to
assume and agree to perform this Agreement as set forth in Section 13 of
this Agreement; or

 

(vi)                              a
Change in Control (as defined below) of the Company.

 

In order for the
Executive to terminate his employment hereunder for Good Reason, the Executive
shall be required to give the Company written notice (the “Cure Notice”) of the
alleged Good Reason Event within thirty (30) days following the date on which
the Executive obtains actual knowledge of the occurrence of such Good Reason
Event, which Cure Notice shall indicate the specific termination provision in
this Agreement relied upon and shall set forth in reasonable detail the facts
and circumstances claimed to constitute such Good Reason Event.  In the event that the Company fails to cure
such alleged Good Reason Event within thirty (30) days (the “Cure Period”)
following the date on which the Executive delivered the Cure Notice to the
Company, then Executive shall have a period of thirty (30) days from the
expiration of the Cure Period to deliver a Notice of Termination pursuant to Section 7(a)
hereof. Notwithstanding anything to the contrary contained in this Agreement,
in the event that the Executive fails to deliver the Cure Notice or the Notice
of Termination within the required time periods set forth above (time being of
the essence with respect thereto), then Executive shall thereafter waive any
rights to terminate this Agreement with respect to the facts and circumstances
giving rise to such Good Reason Event.

 

Executive’s right to
terminate his employment hereunder for Good Reason shall not be affected by his
incapacity due to physical or mental illness. 
Executive’s continued employment during the Cure Period shall not
constitute consent to, or a waiver of rights with respect to, any act or
failure to act constituting Good Reason hereunder.

 

If Executive terminates
employment hereunder for Good Reason and is reemployed by the Company or any
successor within six months of such termination of employment, Executive’s
termination of employment shall retroactively not be considered a termination
for Good Reason and Executive shall have no entitlement to any payments or
benefits pursuant to Section 8(a). 
To

 

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the extent Executive has
already received payments or benefits pursuant to Section 8(a), Executive
shall repay to the Company such payments or benefits or make other equitable
restitution to the Company, as the Board shall determine.

 

For purposes of this
Agreement, a “Change in Control” of the Company means the occurrence of one of
the following events:

 

(1)                                  individuals
who, on the Effective Date, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to the Effective Date whose
election or nomination for election was approved by a vote of a majority of the
Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a
nominee for director, without objection to such nomination) shall be an
Incumbent Director; provided, however, that no individual initially elected or
nominated as a director of the Company as a result of an actual or threatened
election contest with respect to directors or as a result of any other actual
or threatened solicitation of proxies by or on behalf of any person other than
the Board shall be an Incumbent Director;

 

(2)                                  any
“person” (as such term is defined in Section 3(a)(9) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act) is or becomes, after the Effective Date, a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 30% or more of the
combined voting power of the Company’s then outstanding securities eligible to
vote for the election of the Board (the “Company Voting Securities”); provided,
however, that an event described in this paragraph (2) shall not be deemed to
be a Change in Control if any of following becomes such a beneficial owner: (A)
the Company or any majority-owned entity (provided, that this exclusion applies
solely to the ownership levels of the Company or the majority-owned entity),
(B) any tax-qualified, broad-based employee benefit plan sponsored or
maintained by the Company or any majority-owned entity, (C) any underwriter
temporarily holding securities pursuant to an offering of such securities, (D)
any person pursuant to a Non-Qualifying Transaction (as defined in paragraph
(3)), or (E) Executive or any group of persons including Executive (or any
entity controlled by Executive or any group of persons including Executive);

 

(3)                                  the
consummation of a merger, consolidation, share exchange or similar form of
transaction involving the Company or any of its subsidiaries, or the sale of
all or substantially all of the Company’s assets (a “Business Transaction”),
unless immediately following such Business Transaction (i) more than 50% of the
total voting power of the entity resulting from such Business Transaction or
the entity acquiring the Company’s assets in such

 

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Business Transaction (the
“Surviving Corporation”) is beneficially owned, directly or indirectly, by the
Company’s shareholders immediately prior to any such Business Transaction, and
(ii) no person (other than the persons set forth in clauses (A), (B), or (C) of
paragraph (2) above or any tax-qualified, broad-based employee benefit plan of
the Surviving Corporation or its Affiliates) beneficially owns, directly or
indirectly, 30% or more of the total voting power of the Surviving Corporation
(a “Non-Qualifying Transaction”);or

 

(4)                                  Board
and to the extent necessary, shareholder approval of a liquidation or
dissolution of the Company, unless the voting common equity interests of an
ongoing entity (other than a liquidating trust) are beneficially owned,
directly or indirectly, by the Company’s shareholders in substantially the same
proportions as such shareholders owned the Company’s outstanding voting common
equity interests immediately prior to such liquidation and such ongoing entity
assumes all existing obligations of the Company to Executive under this
Agreement and the Stock Option Agreements pursuant to which the Stock Options
were granted.

 

(e)                                  Without Good Reason. 
Executive shall have the right to terminate his employment hereunder without
Good Reason by providing the Company with a Notice of Termination, and such
termination shall not in and of itself be, nor shall it be deemed to be, a
breach of this Agreement.

 

7.                                       Termination
Procedure.

 

(a)                                  Notice of Termination. 
Any termination of Executive’s employment by the Company or by Executive
during the Employment Period (other than termination pursuant to Section 6(a))
shall be communicated by written Notice of Termination to the other party
hereto in accordance with Section 14 and subject to the other provisions
of this Agreement.  For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Executive’s employment under the provision so
indicated.

 

(b)                                 Date of Termination.  “Date
of Termination” shall mean (i) if Executive’s employment is terminated by his
death, the date of his death, (ii) if Executive’s employment is terminated
pursuant to Section 6(b), thirty (30) days after Notice of Termination
(provided that Executive shall not have returned to the substantial performance
of his duties on a full-time basis during such thirty (30) day period), and
(iii) if Executive’s employment is terminated for any other reason, the date on
which a Notice of Termination is given or any later date (within thirty (30)
days after the giving of such notice) set forth in such Notice of Termination.

 

8.                                       Compensation
Upon Termination or During Disability. 
In the event Executive is disabled or his employment terminates during
the Employment Period, the Company shall

 

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provide Executive with
the payments and benefits set forth below; provided, however, as a specific
condition to being entitled to any payments or benefits under this Section 8
Executive must have resigned from any position as a director, trustee and
officer of the Company and all of its subsidiaries and Affiliates and as a
member of any committee of the board of directors and the board of trustees of
the Company and its subsidiaries and Affiliates of which he is a member and
must have joined the Company in having executed a mutual release of the Company
and its Affiliates, in a form reasonably acceptable to the Company and
Executive.  Executive acknowledges and
agrees that the payments set forth in this Section 8 constitute liquidated
damages for termination of his employment during the Employment Period.

 

(a)                                  Termination By Company Without Cause or By Executive for Good Reason.  If Executive’s employment is terminated by
the Company without Cause or by Executive for Good Reason:

 

(i)                                     the
Company shall pay to Executive his Base Salary and accrued vacation pay through
the Date of Termination, as soon as practicable following the Date of
Termination; and

 

(ii)                                  the
Company shall pay to Executive a payment equal to two times Executive’s average
total cash compensation paid (Base Salary and bonus only) for the two (2)
preceding fiscal years of the Company ending prior to termination as soon as
practicable following the Date of Termination;

 

 (iii)                            the Company shall reimburse
Executive pursuant to Section 5(c) for reasonable expenses incurred, but
not paid prior to such termination of employment;

 

(iv)                              Executive
shall be entitled to any other rights, compensation and/or benefits as may be
due to Executive in accordance with the terms and provisions of any agreements,
plans or programs of the Company; and

 

(v)                                 any
stock options and restricted stock granted to Executive more than one year
prior to the Date of Termination (including stock options and restricted stock
that vest based on the passage of time, and stock options and restricted stock
that vest based on performance) shall fully vest as of the Date of Termination.

 

The foregoing
notwithstanding, the total of the severance payments payable under this Section 8(a)
shall be reduced to the extent the payment of such amounts would cause Executive’s
total termination benefits (as determined by Executive’s tax advisor) to
constitute an “excess” parachute payment under Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and by reason of such
excess parachute payment Executive would be subject to an excise tax under Section 4999(a)
of the Code, but only if Executive determines that the after-tax

 

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value of the termination
benefits calculated with the foregoing restriction exceed those calculated
without the foregoing restriction.

 

(b)                                 Termination by Company For Cause or By Executive Without Good Reason.  If Executive’s employment is terminated by
the Company for Cause or by Executive (other than for Good Reason):

 

(i)                                     the
Company shall pay Executive his Base Salary and, to the extent required by law
or the Company’s vacation policy, his accrued vacation pay through the Date of
Termination, as soon as practicable following the Date of Termination; and

 

(ii)                                  the
Company shall reimburse Executive pursuant to Section 5(c) for reasonable
expenses incurred, but not paid prior to such termination of employment, unless
such termination resulted from a misappropriation of Company funds; and

 

(iii)                               Executive
shall be entitled to any other rights, compensation and/or benefits as may be
due to Executive in accordance with the terms and provisions of any agreements,
plans or programs of the Company.

 

(c)                                  Disability.  During
any period that Executive fails to perform his duties hereunder as a result of
incapacity due to physical or mental illness (“Disability Period”), Executive
shall continue to receive his full Base Salary set forth in Section 5(a)
until his employment is terminated pursuant to Section 6(b).  In the event Executive’s employment is
terminated for Disability pursuant to Section 6(b):

 

(i)                                     the
Company shall pay to Executive (A) his Base Salary and accrued vacation pay
through the Date of Termination, as soon as practicable following the Date of
Termination, and (B) continued Base Salary (as provided for in Section 5(a))
for six (6) months; and

 

(ii)                                  the
Company shall reimburse Executive pursuant to Section 5(c) for reasonable
expenses incurred, but not paid prior to such termination of employment; and

 

(iii)                               Executive
shall be entitled to any other rights, compensation and/or benefits as may be
due to Executive in accordance with the terms and provisions of any agreements,
plans or programs of the Company.

 

(d)                                 Death.  If Executive’s
employment is terminated by his death:

 

(i)                                     the
Company shall pay in a lump sum to Executive’s beneficiary, legal
representatives or estate, as the case may be, Executive’s Base Salary

 

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through the Date of
Termination and one (1) times Executive’s annual rate of Base Salary;

 

(ii)                                  the
Company shall reimburse Executive’s beneficiary, legal representatives, or
estate, as the case may be, pursuant to Section 5(c) for reasonable
expenses incurred, but not paid prior to such termination of employment; and

 

(iii)                               Executive’s
beneficiary, legal representatives or estate, as the case may be, shall be
entitled to any other rights, compensation and benefits as may be due to any
such persons or estate in accordance with the terms and provisions of any
agreements, plans or programs of the Company.

 

(e)                                  Failure to Extend.  A
failure to renew or extend the term of this Agreement by either party shall not
be deemed to constitute a termination of Executive’s employment for purposes of
this Agreement.

 

(f)                                    Bonus.  In the event
the Executive’s termination of employment occurs after the end of any fiscal
year of the Company for which the Compensation Committee has established in
writing an objective annual bonus performance criteria, Executive’s termination
is not for Cause and Executive’s termination occurs prior to the date bonuses
for senior executives are paid for the fiscal year, the Executive shall be
entitled to payment of any bonus which is earned by reason of achievement of
any such performance criteria for such fiscal year according to the performance
criteria established, without regard to whether the Executive’s termination of
employment precedes the bonus payment date.

 

9.                                       Mitigation.  Executive shall not be required to mitigate
amounts payable under this Agreement by seeking other employment or otherwise,
and there shall be no offset against amounts due Executive under this Agreement
on account of subsequent employment. Additionally, amounts owed to Executive
under this Agreement shall not be offset by any claims the Company may have
against Executive, and the Company’s obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any other circumstances, including, without limitation, any
counterclaim, recoupment, defense or other right which the Company may have
against Executive or others.

 

10.                                 Confidential
Information, Ownership of Documents; Non-Competition.

 

(a)                                  Confidential Information. 
Executive shall hold in a fiduciary capacity for the benefit of the
Company all trade secrets and confidential information, knowledge or data
relating to the Company and its businesses and investments, which shall have
been obtained by Executive during Executive’s employment by the Company and
which is not generally available public knowledge (other than by acts by
Executive in violation of this Agreement). 
Except as may be required or appropriate in connection with his carrying
out his duties under this Agreement, Executive shall not, without the prior written
consent of the Company or as may

 

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otherwise be required by
law or any legal process, or as is necessary in connection with any adversarial
proceeding against the Company (in which case Executive shall use his
reasonable best efforts in cooperating with the Company in obtaining a
protective order against disclosure by a court of competent jurisdiction),
communicate or divulge any such trade secrets, information, knowledge or data
to anyone other than the Company and those designated by the Company or on
behalf of the Company in the furtherance of its business or to perform duties
hereunder.

 

(b)                                 Removal of Documents; Rights to Products.  All records, files, drawings, documents,
models, equipment, and the like relating to the Company’s business, which
Executive has control over shall not be removed from the Company’s premises
without its written consent, unless such removal is in the furtherance of the
Company’s business or is in connection with Executive’s carrying out his duties
under this Agreement and, if so removed, shall be returned to the Company
promptly after termination of Executive’s employment hereunder, or otherwise
promptly after removal if such removal occurs following termination of employment.  Executive shall assign to the Company all
rights to trade secrets and other products relating to the Company’s business
developed by him alone or in conjunction with others at any time while employed
by the Company.

 

(c)                                  Protection of Business. 
During the Employment Period and if the Executive is terminated by the
Company with or without Cause or Executive terminates employment without Good
Reason, until the first anniversary of Executive’s Date of Termination, the
Executive will not (i) serve as an officer, employee, director or consultant of
a REIT or other real estate business with a significant portion of its business
involved with community shopping centers; (ii) engage, anywhere within the
geographical areas in which the Company or any of its Affiliates (the “Designated
Entities”) are conducting their business operations or providing services as of
the Date of Termination, in any business which is being engaged in by the
Designated Entities as of the Date of Termination or pursue or attempt to develop
any project known to Executive and which the Designated Entities are pursuing,
developing or attempting to develop as of the Date of Termination, unless such
project has been inactive for over nine (9) months (a “Project”), directly or
indirectly, alone, in association with or as a shareholder, principal, agent,
partner, officer, director, employee or consultant of any other organization;
(iii) divert to any entity which is engaged in any business conducted by the
Designated Entities in the same geographic area as the Designated Entities, any
Project or any customer of any of the Designated Entities; or (iv) solicit any
officer, employee (other than secretarial staff) or consultant of any of the
Designated Entities to leave the employ of any of the Designated Entities.  Notwithstanding the preceding sentence,
Executive shall not be prohibited from owning less than three (3%) percent of
any publicly traded corporation, whether or not such corporation is in competition
with the Company.  If, at any time, the
provisions of this Section 10(c) shall be determined to be invalid or
unenforceable, by reason of being vague or unreasonable as to area, duration or
scope of activity, this Section 10(c) shall be considered divisible and
shall become and be immediately amended to only such area, duration and scope
of activity as shall be determined to be reasonable and enforceable by the
court or other body having jurisdiction over the matter; and Executive agrees
that this Section 10(c) as so amended shall be valid and binding as though
any invalid or unenforceable provision had not been included herein.

 

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(d)                                 Injunctive Relief.  In
the event of a breach or threatened breach of this Section 10, Executive
agrees that the Company shall be entitled to injunctive relief in a court of
appropriate jurisdiction to remedy any such breach or threatened breach,
Executive acknowledging that damages would be inadequate and insufficient.

 

(e)                                  Continuing Operation. 
Except as specifically provided in this Section 10, the termination
of Executive’s employment or of this Agreement shall have no effect on the
continuing operation of this Section 10.

 

11.                                 Indemnification.

 

(a)                                  General.  The Company
agrees that if Executive is made a party or a threatened to be made a party to
any action, suit or proceeding, whether civil, criminal, administrative or
investigative (a “Proceeding”), by reason of the fact that Executive is or was
a trustee, director or officer of the Company or any subsidiary of the Company
or is or was serving at the request of the Company or any subsidiary as a
trustee, director, officer, member, employee or agent of another corporation or
a partnership, joint venture, trust or other enterprise, including, without
limitation, service with respect to employee benefit plans, whether or not the
basis of such Proceeding is alleged action in an official capacity as a
trustee, director, officer, member, employee or agent while serving as a
trustee, director, officer, member, employee or agent, Executive shall be
indemnified and held harmless by the Company to the same extent as other
officers and directors, as in effect from time to time, against all Expenses
incurred or suffered by Executive in connection therewith, and such indemnification
shall continue as to Executive even if Executive has ceased to be an officer,
director, trustee or agent, or is no longer employed by the Company and shall
inure to the benefit of his heirs, executors and administrators.

 

(b)                                 Expenses.  As used in
this Agreement, the term “Expenses” shall include, without limitation, damages,
losses, judgments, liabilities, fines, penalties, excise taxes, settlements,
and costs, attorneys’ fees, accountants’ fees, and disbursements and costs of
attachment or similar bonds, investigations, and any expenses of establishing a
right to indemnification under this Agreement.

 

(c)                                  Enforcement.  If a
claim or request under this Agreement is not paid by the Company or on its
behalf, within thirty (30) days after a written claim or request has been
received by the Company, Executive may at any time thereafter bring suit
against the Company to recover the unpaid amount of the claim or request and,
if Executive prevails in respect to the material issues, Executive shall be entitled
to be paid also the Expenses of prosecuting such suit.  All obligations for indemnification hereunder
shall be subject to, and paid in accordance with, applicable Maryland law.

 

(d)                                 Partial Indemnification. 
If Executive is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of any Expenses, but

 

12

 

not, however, for the
total amount thereof, the Company, shall nevertheless indemnify Executive for
the portion of such Expenses to which Executive is entitled.

 

(e)                                  Advances of Expenses. 
Expenses incurred by Executive in connection with any Proceeding shall
be paid by the Company in advance upon request of Executive that the Company
pay such Expenses; but only in the event that Executive shall have delivered in
writing to the Company (i) an undertaking to reimburse the Company for Expenses
with respect to which Executive is not entitled to indemnification and (ii) an
affirmation of his good faith belief that the standard of conduct necessary for
indemnification by the Company has been met.

 

(f)                                    Notice of Claim. 
Executive shall give to the Company notice of any claim made against him
for which indemnification will or could be sought under this Agreement. In addition,
Executive shall give the Company such information and cooperation as it may
reasonably require and as shall be within Executive’s power and at such times
and places as are convenient for Executive.

 

(g)                                 Defense of Claim. With respect to any Proceeding as to which
Executive notifies the Company of the commencement thereof:

 

(i)                                     The
Company will be entitled to participate therein at its own expense; and

 

(ii)                                  Except
as otherwise provided below, to the extent that it may wish, the Company will
be entitled to assume the defense thereof, with counsel reasonably satisfactory
to Executive, which in the Company’s sole discretion may be regular counsel to
the Company and may be counsel to other officers and directors of the Company
or any subsidiary.  Executive also shall
have the right to employ his own counsel in such action, suit or proceeding if
he reasonably concludes that failure to do so would involve a conflict of
interest between the Company and Executive, and under such circumstances the
fees and expenses of such counsel shall be at the expense of the Company.

 

(iii)                               The
Company shall not be liable to indemnify Executive under this Agreement for any
amounts paid in settlement of any action or claim effected without its written
consent.  The Company shall not settle
any action or claim in any manner which would impose any penalty or limitation
on Executive or which would otherwise adversely affect Executive’s personal or
professional reputation without in either case obtaining Executive’s written
consent.  Neither the Company nor
Executive will unreasonably withhold or delay their consent to any proposed
settlement.

 

(h)                                 Non-exclusivity.  The
right to indemnification and the payment of expenses incurred in defending a
Proceeding in advance of its final disposition conferred in this

 

13

 

Section 11 shall not
be exclusive of any other right which Executive may have or hereafter may
acquire under any statute, provision of the declaration of trust or certificate
of incorporation or by-laws of the Company or any subsidiary, agreement, vote
of shareholders or disinterested directors or trustees or otherwise.

 

12.                                 Legal
Fees and Expenses.  If any contest or
dispute shall arise between the Company and Executive regarding any provision
of this Agreement, the Company shall reimburse Executive for all legal fees and
expenses reasonably incurred by Executive in connection with such contest or
dispute, but only if Executive prevails in respect of the material issues in dispute
of Executive’s claims brought and pursued in connection with such contest or
dispute.  Such reimbursement shall be
made as soon as practicable following the final resolution of such contest or
dispute to the extent the Company receives reasonable written evidence of such
fees and expenses.

 

13.                                 Successors;
Binding Agreement.

 

(a)                                  Company’s Successors. 
No rights or obligations of the Company under this Agreement may be
assigned or transferred except that the Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such
succession had taken place.  As used in
this Agreement, “Company” shall mean the Company as herein before defined and
any successor to its business and/or assets (by merger, purchase or otherwise)
which executes and delivers the agreement provided for in this Section 13
or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law.

 

(b)                                 Executive’s Successors. 
No rights or obligations of Executive under this Agreement may be
assigned or transferred by Executive other than his rights to payments or
benefits hereunder, which may be transferred only by will or the laws of
descent and distribution. Upon Executive’s death, this Agreement and all rights
of Executive hereunder shall inure to the benefit of and be enforceable by
Executive’s beneficiary or beneficiaries, personal or legal representatives, or
estate, to the extent any such person succeeds to Executive’s interests under
this Agreement.  Executive shall be
entitled to select and change a beneficiary or beneficiaries to receive any
benefit or compensation payable hereunder following Executive’s death by giving
the Company written notice thereof.  In
the event of Executive’s death or a judicial determination of his incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to
refer to his beneficiary(ies), estate or other legal representative(s).  If Executive should die following his Date of
Termination while any amounts would still be payable to him hereunder if he had
continued to live, all such amounts unless otherwise provided herein shall be
paid in accordance with the terms of this Agreement to such person or persons
so appointed in writing by Executive, or otherwise to his legal representatives
or estate.

 

14

 

14.                                 Notice.  All notices or other communications which are
required or permitted hereunder shall be in writing and sufficient if delivered
personally, or sent by nationally recognized, overnight courier or by telecopy
with copy sent by personal delivery or nationally recognized overnight courier,
or by registered or certified mail, return receipt requested and postage
prepaid, addressed as follows:

 

If to Executive:

 

Mr. Michael Carroll

c/o New Plan Excel Realty
Trust, Inc.

420 Lexington Avenue

New York, NY 10170

Fax: 212-869-3989

 

If to the Company:

 

New Plan Excel Realty
Trust, Inc.

420 Lexington Avenue

New York, NY 10170

Attn: General Counsel

Fax: 212-869-9585

 

or to such other address
as any party may have furnished to the others in writing in accordance
herewith.  All such notices and other
communications shall be deemed to have been received (a) in the case of
personal delivery, on the date of such delivery, (b) in the case of delivery by
nationally-recognized, overnight courier, on the business day following
dispatch, (c) in the case of telecopy, on the date of transmission if copy is
delivered not later than the next business day via either personal delivery or
nationally-recognized overnight courier, and (d) in the case of mailing, on the
third business day following such mailing.

 

15

 

15.                                 Miscellaneous.  No provisions of this Agreement may be
amended, modified, or waived unless such amendment or modification is agreed to
in writing signed by Executive and by a duly authorized officer of the Company,
and such waiver is set forth in writing and signed by the party to be charged.
Subject to the provisions of Section 6(d) of this Agreement, no waiver by
either party hereto at any time of any breach by the other party hereto of any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any subsequent time.  No
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not set forth expressly in this Agreement. 
The respective rights and obligations of the parties hereunder of this
Agreement shall survive Executive’s termination of employment and the
termination of this Agreement to the extent necessary for the intended
preservation of such rights and obligations. 
The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of New York without regard
to its conflicts of law principles.

 

16.                                 Validity.  The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in
full force and effect.

 

17.                                 Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

 

18.                                 Entire
Agreement.  This Agreement sets forth the
entire agreement of the parties hereto in respect of the subject matter
contained herein and supersede all prior agreements, promises, covenants,
arrangements, communications, representations or warranties, whether oral or
written, by any officer, director, employee or representative of any party
hereto in respect of such subject matter. 
Any prior agreement of the parties hereto in respect of the subject
matter contained herein is hereby terminated and canceled.

 

19.                                 Withholding.  All payments hereunder shall be subject to
any required withholding of Federal, state and local taxes pursuant to any
applicable law or regulation.

 

20.                                 Noncontravention.  The Company represents that the Company is
not prevented from entering into, or performing this Agreement by the terms of
any law, order, rule or regulation, its by-laws or certificate of
incorporation, or any agreement to which it is a party, other than which would
not have a material adverse effect on the Company’s ability to enter into or
perform this Agreement.  Executive
represents to the Company that he is not a party to any contract that would
preclude him from accepting employment as an Executive Vice President of the
Company and he has no reason to believe that accepting employment as an
Executive Vice President of the Company would result in a disclosure of any
confidential information of any prior employer.

 

16

 

21.                                 Section Headings.  The section headings in this Agreement
are for convenience of reference only, and they form no part of this Agreement
and shall not affect its interpretation.

 

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

 

	
   

  	
  NEW PLAN EXCEL REALTY
  TRUST, INC.,

  
	
   

  	
  a Maryland corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steven
  F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Michael Carroll

  	
   

  
	
   

  	
  MICHAEL CARROLL

  

 

17Exhibit
10.3

 

AGREEMENT

 

AGREEMENT (“Agreement”),
dated as of March 15, 2005, by and between New Plan Excel Realty Trust,
Inc., a Maryland corporation (“Company”), and Leonard Brumberg (“Executive”).

 

RECITALS

 

A.                                   Executive
is currently Executive Vice President - Retail of the Company.

 

B.                                     The
Company and Executive entered into an employment agreement dated as of September 14,
2000 (as amended, the “Employment Agreement”). 
Pursuant to the terms of the Employment Agreement, the “Employment
Period” under the Employment Agreement expires on September 25, 2005.

 

C.                                     The
Company desires to extend the “Employment Period” under the Employment
Agreement for a term of two (2) years (i.e., from September 25, 2005
through September 25, 2007) and otherwise on the same terms and conditions
as the Employment Agreement, except as otherwise provided below.

 

AGREEMENT

 

IN CONSIDERATION of the
premises and the mutual covenants set forth below, the parties hereby agree to
modify the terms of the Employment Agreement as follows:

 

1.                                       The Employment Period under the
Employment Agreement shall expire on September 25, 2007, subject to the automatic
extension provisions contained in Paragraph 2 of the Employment Agreement.

 

2.                                       Effective March 1, 2005, Executive
shall hold the title of Executive Vice President-Portfolio Management.

 

3.                                       The following shall be inserted as a new
clause (vi) in paragraph 8(a) of the Agreement:

 

“(vi) the Company shall maintain in full force and effect, for the
continued benefit of Executive, his spouse and his dependents for a period of
three (3) years following the Date of Termination the medical, hospitalization,
dental, and life insurance programs in which Executive, his spouse and his
dependents were participating immediately prior to the Date of Termination at
the level in effect and upon substantially the same terms and conditions
(including without limitation contributions required by Executive for such
benefits) as existed immediately prior to the Date of Termination; provided,
that if Executive, his spouse or his dependents cannot continue to participate
in the Company programs providing such benefits, the Company shall arrange to
provide Executive, his spouse and his dependents with the economic equivalent
of such benefits which they otherwise would have been entitled to receive under
such plans and programs (“Continued Benefits”), provided, that such Continued
Benefits shall terminate on the date or dates Executive receives substantially
equivalent coverage and benefits, without waiting period or pre-existing
condition limitations, under the plans and programs of a subsequent employer
(such coverage and benefits to be determine on a coverage-by-coverage, or
benefit-by-benefit, basis)”

 

 

4.                                       Except as herein provided, all of the
terms and provisions of the Employment Agreement shall remain unmodified and in
full force and effect.

 

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

 

	
   

  	
  NEW PLAN EXCEL REALTY
  TRUST, INC., a

  Maryland corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
  Steven
  F. Siegel

  	
   

  
	
   

  	
  Title:

  	
  Executive
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LEONARD BRUMBERG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  LEONARD BRUMBERG

  	
   

  
					

 

2

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