Document:

Exhibit 10.1

 

	
  `

  	
  Principal Life Insurance Company

  Raleigh, NC
  27612

  1-800-999-4031

  A member of the Principal
  Financial GroupÒ

  	
  THE
  EXECUTIVE

  Nonqualified “Excess” PLANSM

  

 

ADOPTION
AGREEMENT

THIS
AGREEMENT is the joint adoption by Gladstone Commercial Corporation,
Gladstone Capital Corporation, and Gladstone Investment Corporations (the
“Employers”) of the Executive Nonqualified Excess Plan (“Plan”).

W I T N E S S E T
H:

WHEREAS,
the Employer desires to adopt the Plan as an unfunded, nonqualified deferred compensation
plan; and

WHEREAS,
the provisions of the Plan are intended to comply with the requirements of Section 409A
of the Code and the regulations thereunder, and shall apply to amounts deferred
after January 1, 2005, and to amounts deferred under the terms of any
predecessor plan which are not earned and vested before January 1, 2005;
and

WHEREAS,
the Employer has been advised by Principal Life Insurance Company to obtain
legal and tax advice from its professional advisors before adopting the Plan,
and Principal Life Insurance Company disclaims all liability for the legal and
tax consequences which result from the elections made by the Employer in this
Adoption Agreement;

NOW, THEREFORE,
the Employer hereby adopts the Plan in accordance with the terms and conditions
set forth in this Adoption Agreement:

ARTICLE I

Terms
used in this Adoption Agreement shall have the same meaning as in the Plan,
unless some other meaning is expressly herein set forth. The Employer hereby
represents and warrants that the Plan has been adopted by the Employer upon
proper authorization and the Employer hereby elects to adopt the Plan for the
benefit of its Participants as referred to in the Plan. By the execution of
this Adoption Agreement, the Employer hereby agrees to be bound by the terms of
the Plan.

 

ARTICLE II

The Employer
hereby makes the following designations or elections for the purpose of the
Plan:

2.6          Committee:  The duties of the Committee set forth in the
Plan shall be satisfied by:

___                           (a)           The administrative committee of at
least three individuals appointed by the Board to serve at the pleasure of the
Board.

XX                              (b)           Employer.

___         (c)           Other
(specify):                                                                                
..

2.7          Compensation:  The “Compensation” of a Participant shall
mean all of a Participant’s:

___                           (a)           Base salary.

___                           (b)           Service Bonus.

___                           (c)           Performance-Based Compensation earned
in a period of 12 months or more.

___                           (d)           Commissions.

XX                              (e)           Compensation received as an
Independent Contractor reportable on Form 1099.

___                           (f)            Other: 
______________________________________________.

2.8          Crediting Date:  The Deferred Compensation Account of a
Participant shall be credited with the amount of any Participant Deferral to
such account at the time designated below:

___                           (a)           The last business day of each Plan
Year.

___                           (b)           The last business day of each
calendar quarter during the Plan Year.

___                           (c)           The last business day of each month
during the Plan Year.

___                           (d)           The last business day of each payroll
period during the Plan Year.

___                           (e)           Each pay day as reported by the
Employer.

XX                              (f)            Any business day on which the Participant
Deferral is received by the Provider.

___                           (g)           Other: 
______________________________________________.

 

2.12        Effective
Date:

XX     (a)       This
is a newly-established Plan, and the Effective Date of the Plan is January 1, 2007.

___    (b)       This
is an amendment and restatement of a plan named

                       ________________________________
with an effective date of _________.

                       The Effective Date of
this amended and restated Plan is 
___________.

                       This is amendment number
_____.

2.18        Normal Retirement Age:  The Normal Retirement Age of a Participant
shall be:

XX                              (a)           Age 60.

___                           (b)           The later of age ____ or the ______
anniversary of the participation commencement date. The participation
commencement date is the first day of the first Plan Year in which the
Participant commenced participation in the Plan.

___                           (c)           Other:
_______________________________________________.

2.22        Participating Employer(s):  As of the Effective Date, the following
Participating Employer(s) are parties to the Plan:

	
  Name of Employer

  	
   

  	
  Address

  	
   

  	
  Telephone No.

  	
   

  	
  EIN

  
	
  Gladstone
  Investment

  	
   

  	
  1521 Westbranch Drive,

  Suite 200

  McLean, VA 22102

  	
   

  	
  703-287-5800

  	
   

  	
  83-0423116

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gladstone
  Capital

  	
   

  	
  1521 Westbranch Drive,

  Suite 200

  McLean, VA 22102

  	
   

  	
  703-287-5800

  	
   

  	
  54-2040781

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gladstone
  Commercial

  	
   

  	
  1521 Westbranch Drive,

  Suite 200

  McLean, VA 22102

  	
   

  	
  703-287-5800

  	
   

  	
  02-0681276

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2.24        Plan:  The name of the Plan as applied to the
Employer is

The Joint
Directors Nonqualified Excess Plan of Gladstone Commercial Corporation,
Gladstone Capital Corporation, and Gladstone Investment Corporation

 

2.25        Plan Administrator:  The Plan Administrator shall be:

___                           (a)           Committee.

XX                              (b)           Employer.

___                           (c)           Other:                                                                                 .

2.27        Plan
Year:  The Plan Year
shall end each year on the last day of the month of December.

2.35        Trust:

XX                              (a)           The Employer does desire to establish a “rabbi” trust for the
purpose of setting aside assets of the Employer contributed thereto for the
payment of benefits under the Plan.

___                           (b)           The Employer does not
desire to establish a “rabbi” trust for the purpose of setting aside
assets of the Employer contributed thereto for the payment of benefits under
the Plan.

___                           (c)           The Employer desires to establish a “rabbi”
trust for the purpose of setting aside assets of the Employer contributed
thereto for the payment of benefits under the Plan upon the occurrence of a Change in Control.

4.1          Participant Deferral
Credits:  Subject to the
limitations in Section 4.1 of the Plan, a Participant may elect to have
his Compensation (as selected in Section 2.7 of this Adoption Agreement)
deferred within the annual limits below by the following percentage or amount
as designated in writing to the Committee:

___         (a)           Base
salary:

maximum deferral:
$__________ or __________%

___         (b)           Service
Bonus:

maximum deferral:
$__________ or __________%

___         (c)           Performance-Based
Compensation:

maximum deferral:
$__________ or __________%

XX      (d)                                             Other:
Compensation Received as an Independent Contractor
reportable on Form 1099

maximum deferral:
$__________ or __________%

___         (e)           Participant
deferrals not allowed.

 

4.2          Employer Credits:  The Employer will make Employer Credits in
the following manner:

___                           (a)           Employer
Discretionary Credits:  The
Employer may make discretionary credits to the Deferred Compensation Account of
each Participant in an amount determined as follows:

XX                              (i)            An amount determined each Plan Year
by the Employer.

___                           (ii)           Other:  _________________________________________.

___                           (b)           Employer
Profit Sharing Credits:  The
Employer may make profit sharing credits to the Deferred Compensation Account
of each Active Participant in an amount determined as follows:

XX                              (i)            An amount determined each Plan Year
by the Employer.

___                           (ii)           Other:  _________________________________________.

___                           (c)           Other:  ____________________________________________________.

XX          (d)           Employer
Credits not allowed.

5.3          Death of a Participant:  If the Participant dies while in Service, the
Employer shall pay a benefit to the Beneficiary in an amount equal to the
vested balance in the Deferred Compensation Account of the Participant determined
as of the date payments to the Beneficiary commence, plus:

___                           (a)           An amount to be determined by the
Committee.

___                           (b)           Other:
_______________________________________________.

XX                              (c)           No additional benefits.

 

5.4          In-Service
Distributions: 
In-service accounts are permitted under the Plan:

XX          (a)           Yes,
with respect to:

XX                              Participant
Deferral Credits only.

____                    Employer
Credits only.

____                    Participant
Deferral and Employer Credits.

In-service
distributions may be made in the following manner:

XX                              Single
lump sum payment.

____                    Annual
installment payments over no more than ____ years.

If applicable,
amounts not vested at the specified time of distribution will be:

____                    Forfeited

____                    Distributed
annually when vested

___                           (b)           No
in-service distributions permitted.

5.5          Education
Distributions: 
Education accounts are permitted under the Plan:

XX          (a)           Yes,
with respect to:

XX         Participant Deferral Credits
only.

____       Employer Credits only.

____       Participant Deferral and Employer
Credits.

Education distributions
may be made in the following manner:

____       Single lump sum payment.

XX                              Annual
installment payments over no more than SIX years.

If
applicable, amounts not vested at the specified time of distribution will be:

____       Forfeited

____       Distributed annually when vested

___         (b)           No education distributions permitted.

5.6          Change
in Control: 
Participant may elect to receive distributions under the Plan upon a
Change in Control:

XX                              (a)           Yes, Participants may elect upon
initial enrollment to have accounts distributed upon a Change in Control.

___                           (b)           Participants may not elect to have
accounts distributed upon a Change in Control.

 

6.1          Payment Options:  Any benefit payable under the Plan upon a
Qualifying Distribution Event may be made to the Participant or his Beneficiary
(as applicable) in any of the following payment forms, as selected by the
Participant in the Participant Deferral Agreement:

1.                                       Separation
from Service other than Retirement (Retirement is defined the  Employer

XX                              (a)           A lump sum in cash as soon as
practicable following the date of the Qualifying Distribution Event.

___                           (b)           Approximately equal annual
installments over a term certain as elected by the Participant upon his entry
into the Plan not to exceed ___ years.

___                           (c)           Other:
_______________________________________________.

2.             Separation
from Service due to Retirement

XX                              (a)           A lump sum in cash as soon as
practicable following the date of the Qualifying Distribution Event.

___                           (b)           Approximately equal annual
installments over a term certain as elected by the Participant upon his entry
into the Plan not to exceed ___ years.

___                           (c)           Other:
_______________________________________________.

3.             Death

XX                              (a)           A lump sum in cash upon the date of
the Qualifying Distribution Event.

___                           (b)           Approximately equal annual installments
over a term certain as elected by the Participant upon his entry into the Plan
not to exceed ____ years.

___                           (c)           Other:
_______________________________________________.

 

4.             Disability

XX                              (a)           A lump sum in cash upon the date of
the Qualifying Distribution Event.

___                           (b)           Approximately equal annual
installments over a term certain as elected by the Participant upon his entry
into the Plan not to exceed ____ years.

___                           (c)           Other:
_______________________________________________.

5.             Change in Control

XX                              (a)           A lump sum in cash upon the date of
the Qualifying Distribution Event.

___                           (b)           Approximately equal annual
installments over a term certain as elected by the Participant upon his entry
into the Plan not to exceed ____ years.

___                           (c)           Other: _______________________________________________.

___                           (d)           Not applicable (if not permitted in
5.6)

6.2          De Minimis Amounts. Notwithstanding
any payment election made by the Participant, the vested balance in the
Deferred Compensation Account of the Participant will be distributed in a
single lump sum payment if the payment accompanies the termination of the
Participant’s entire interest in the Plan and the amount of such payment does
not exceed $10,000.

 

7.             Vesting:  An Active Participant shall be fully vested in the Employer Credits made
to the Deferred Compensation Account upon the first to occur of the following
events:

___                           (a)           Normal Retirement Age.

___                           (b)           Death.

___                           (c)           Disability.

___                           (d)           Change in Control

___                           (e)           Other:
_______________________________________________.

___                           (f)            Satisfaction
of the vesting requirement specified below:

XX          Employer Discretionary Credits:

	
  XX

  	
   

  	
  (i)

  	
   

  	
  Immediate 100% vesting.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (ii)

  	
   

  	
  100% vesting after ____ Years of Service.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (iii)

  	
   

  	
  100% vesting at age ____.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (iv)

  	
   

  	
  Number of Years

  	
   

  	
  Vested

  
	
   

  	
   

  	
   

  	
   

  	
  of Service

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Less than 1

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  4

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  5

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  6

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  7

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  8

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  9

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  10 or more 

  	
   

  	
  ____ %

  

 

For this purpose,
Years of Service of a Participant shall be calculated from the date designated
below:

XX          (1)           First
Day of Service.

___         (2)           Effective
Date of the Plan Participation.

___                           (3)           Each Crediting Date. Under this
option (3), each Employer Credit shall vest based on the Years of Service of a
Participant from the Crediting Date on which each Employer Discretionary Credit
is made to his or her Deferred Compensation Account. Notwithstanding the
vesting schedule elected above, all Employer Discretionary Credits to the
Deferred Compensation Account shall be 100% vested upon the following
event(s):  ______________________.

 

XX          Employer Profit Sharing Credits:

	
  XX

  	
   

  	
  (i)

  	
   

  	
  Immediate 100% vesting.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (ii)

  	
   

  	
  100% vesting after ____ Years of Service.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (iii)

  	
   

  	
  100% vesting at age ____.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (iv)

  	
   

  	
  Number of Years

  	
   

  	
  Vested

  
	
   

  	
   

  	
   

  	
   

  	
  of Service

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Less than 1

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  4

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  5

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  6

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  7

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  8

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  9

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  10 or more 

  	
   

  	
  ____ %

  

 

For this purpose,
Years of Service of a Participant shall be calculated from the date designated
below:

XX          (1)           First
Day of Service.

___         (2)           Effective
Date of the Plan Participation.

___                           (3)           Each Crediting Date. Under this
option (3), each Employer Credit shall vest based on the Years of Service of a
Participant from the Crediting Date on which each Employer Profit Sharing
Credit is made to his or her Deferred Compensation Account. Notwithstanding the
vesting schedule elected above, all Employer Profit Sharing Credits to the
Deferred Compensation Account shall be 100% vested upon the following
event(s):  ______________________.

 

XX          Other Employer Credits:

	
  XX

  	
   

  	
  (i)

  	
   

  	
  Immediate 100% vesting.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (ii)

  	
   

  	
  100% vesting after ____ Years of Service.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (iii)

  	
   

  	
  100% vesting at age ____.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ___

  	
   

  	
  (iv)

  	
   

  	
  Number of Years

  	
   

  	
  Vested

  
	
   

  	
   

  	
   

  	
   

  	
  of Service

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Less than 1

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  4

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  5

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  6

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  7

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  8

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  9

  	
   

  	
  ____ %

  
	
   

  	
   

  	
   

  	
   

  	
  10 or more 

  	
   

  	
  ____ %

  

 

For this purpose,
Years of Service of a Participant shall be calculated from the date designated
below:

XX          (1)           First
Day of Service.

____       (2)           Effective
Date of the Plan Participation.

____       (3)           Each
Crediting Date. Under this option (3), each Employer Credit shall vest based on
the Years of Service of a Participant from the Crediting Date on which each
Employer Credit is made to his or her Deferred Compensation Account. Notwithstanding
the vesting schedule elected above, all other Employer Credits to the Deferred
Compensation Account shall be 100% vested upon the following event(s):  _________________________________.

14.          Amendment and Termination of Plan: Notwithstanding
any provision in this Adoption Agreement or the Plan to the contrary, Section _____
of the Plan shall be amended to read as provided in attached Exhibit ____.

XX          There are no amendments to the Plan.

 

17.9        Construction:  The provisions of the Plan and Trust (if any)
shall be construed and enforced according to the laws of the State of Virginia, except to the extent that
such laws are superseded by ERISA and the applicable provisions of the Code.

IN WITNESS
WHEREOF, this Agreement has been executed as of the day and year stated below.

The Plan is
adopted by the following Participating Employers:

	
   

  	
   

  	
  Gladstone Commercial Corporation

  
	
   

  	
   

  	
  Name of Employer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ David Gladstone

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Person

  
	
   

  	
   

  	
  Date:

  	
   

  	
  July 11, 2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Gladstone
  Capital Corporation

  
	
   

  	
   

  	
  Name of Employer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ David Gladstone

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Person

  
	
   

  	
   

  	
  Date:

  	
   

  	
  July 11, 2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Gladstone
  Investment Corporation

  
	
   

  	
   

  	
  Name of Employer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ David Gladstone

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Person

  
	
   

  	
   

  	
  Date:

  	
   

  	
  July 11, 2006

  

 

NOTE:  Execution of this Adoption Agreement creates
a legal liability of the Employer with significant tax consequences to the
Employer and Participants. The Employer should obtain legal and tax advice from
its professional advisors before adopting the Plan. Principal Life Insurance
Company disclaims all liability for the legal and tax consequences which result
from the elections made by the Employer in this Adoption Agreement.Exhibit 10.1

FIFTH
AMENDMENT

of the

EMPLOYMENT
AGREEMENT

between

THOMAS C.
PRENDERGAST

and

HERITAGE
PROPERTY INVESTMENT TRUST, INC.

This agreement (the “Agreement”), dated this 9th day of July 2006, is by and
between Heritage Property Investment Trust, Inc., a corporation organized
under the laws of the State of Maryland and having its principal place of
business at 131 Dartmouth Street, Boston, Massachusetts 02116 (the “Company”),
and Thomas C. Prendergast, an individual currently residing at 62 Jack Pine Drive,
Sudbury, Massachusetts 01776 (the “Executive”):

WITNESSETH
THAT:

WHEREAS, the Executive and the Company have
heretofore entered into an employment agreement, dated as of July 9, 1999
(the “Employment Agreement”);

WHEREAS, the Employment Agreement may be amended by
a written instrument signed by the Executive and a duly authorized
representative of the Board of Directors of the Company;

WHEREAS, the Company and the Executive have
previously amended the Employment Agreement by their written agreements dated April 3,
2000, February 1, 2001, July 24, 2002 and December 30, 2005;

WHEREAS, contemporaneously with the execution and
delivery of this Agreement, Centro Saturn LLC, a Delaware limited liability
company (“Parent”), Centro Saturn MergerSub LLC, a Delaware limited liability
company and wholly owned subsidiary of Parent, and the Company are entering
into an Agreement and Plan of Merger, dated as of the date hereof (as such
agreement may hereafter be amended from time to time, the “Centro Merger
Agreement”); and

WHEREAS, the
Company and the Executive desire and intend to further amend the Employment
Agreement as provided herein to reflect and document certain additional
agreements relating to the transactions contemplated by the Centro Merger
Agreement.

NOW, THEREFORE, the Company and the Executive hereby agree
that the Employment Agreement shall be and is hereby amended to modify the provisions
thereof as follows. The provisions of this instrument shall supersede and take
precedence over any provision of the Employment Agreement, as heretofore
amended, which is in conflict therewith.

1.      Section 12
of the Employment Agreement is amended to add a new sentence at the end of
the first paragraph thereof to read in its entirety as follows:

Notwithstanding the foregoing provisions of this Section 12, it
shall be deemed not to be a violation of this Section 12 if, (i) during
the portion of any such noncompetition period that begins on the first
anniversary and ends on the second anniversary of the Executive’s termination
of employment, the Executive participates in the acquisition of investment
properties that are not of a retail nature (e.g.,
properties other than such as strip malls, outlet centers, regional malls,
shopping centers or community centers) or the acquisition of investment
properties that are of a retail nature (“Retail Properties”) with an aggregate
value (determined as of the respective time or times of investment) not in
excess of $100 million, or (ii) during the portion of any such
noncompetition period that begins on the second anniversary of the Executive’s
termination of 

 

 

employment, the Executive participates in the acquisition of investment
properties that are not of a retail nature or the acquisition of Retail
Properties with an aggregate value (determined as of the respective time or
times of investment) not in excess of $200 million plus the excess (if any) of
$100 million over the value of Retail Properties purchased as permitted by the
foregoing clause (i), provided that, with respect to any such acquisition of a
Retail Property pursuant to the foregoing clauses (i) and (ii), the
Executive notifies the Company of his intent to acquire the property before the
Company has taken any actions reasonably expected to result in the acquisition
of the property by the Company or its affiliates.

2.      The
foregoing amendments to the Employment Agreement shall cease to be of any force
or effect if the Centro Merger Agreement is terminated in accordance with its
terms before the consummation of the merger contemplated thereby.

3.      Except
as hereinabove specifically amended, all provisions of the Employment
Agreement, as heretofore amended, shall continue in full force and effect.

[Remainder of Page Intentionally Left Blank]

 

 

                IN
WITNESS WHEREOF, and
intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed as of the date first above written.

	
  HERITAGE PROPERTY INVESTMENT

  	
   

  	
  THOMAS C. PRENDERGAST

  
	
  TRUST, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
        /s/ BERNARD CAMMARATA

  	
   

  	
  /s/ THOMAS C.
  PRENDERGAST

  
	
   

  	
   

  	
  Bernard Cammarata

  	
   

  	
   

  
	
   

  	
   

  	
  Chairman, Compensation Committee

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