Document:

VFINANCE
                          MANAGEMENT SERVICES AGREEMENT

THIS MANAGEMENT SERVICES AGREEMENT ("Agreement"), effective as of the13th day of
May, 2005 ("Effective Date"), is by and between vFinance, Inc., a Florida
corporation ("vFinance"), with offices at 3010 N. Military Trail, Suite 300,
Boca Raton, Florida 33431, and Center for Innovative Entrepreneurship, Inc., a
Florida not for profit corporation, ("CIE"), with offices at P.O. Box 812252,
Boca Raton, FL 33481-2252.

1.   SERVICES AND  ATTACHMENTS.  CIE hereby engages vFinance for the purposes of
     rendering   services  such  as   management,   administrative,   technical,
     marketing,  public  relations,  and web  site  operations  and  development
     (collectively,  the "Services"), which services are more fully described in
     the  work  orders  that  are  mutually  executed  and  attached  hereto  in
     consecutive numbered order (the "Attachment(s)"). Duly executed Attachments
     may  specifically  modify the terms of this  Agreement with respect to such
     Attachment,  and in the event of a conflict  between this Agreement and any
     Attachment, the terms of the Attachment shall control.

2.   TERM OF  AGREEMENT.  The term of this  Agreement  is one (1) year  from the
     Effective  Date,  which  term  shall  automatically  renew for  consecutive
     one-year terms, unless either party gives the other party written notice of
     termination at least thirty (30) days prior to the end of the  then-current
     term.   Either  party  may  terminate   this   Agreement  or  any  relevant
     Attachment(s)  hereunder immediately without penalty upon the other party's
     failure  to cure a material  breach  within  ten (10)  business  days after
     delivery of written notice thereof.

3.   INVOICING AND CREDIT TERMS.  Unless  otherwise  provided in an  Attachment,
     vFinance  will  invoice  CIE  monthly  for all  Services  performed  in the
     preceding calendar month and payment is due upon receipt of invoice. In the
     event that CIE does not pay an  invoice  within  (15) days  after  receipt,
     vFinance may charge  interest on the overdue account balance at the rate of
     1% per month.

4.   OUT OF POCKET  EXPENSES.  vFinance will invoice CIE for all  reasonable and
     necessary   expenses  (at  cost)  incurred  by  vFinance's   employees  and
     contractors  relating to the performance of Services and such expenses will
     be included in invoices submitted by vFinance. Provided, however, CIE shall
     not be  obligated  to pay any such  expenses,  unless an officer of CIE has
     pre-approved such expenses in writing.

5.   CONFIDENTIAL  MATTERS.  Unless authorized to do so in writing by an officer
     of the other party hereto,  neither party nor any third party acting on its
     behalf,  will for any reason at any time use or  disclose  to any person or
     party any confidential information including, without limitation,  relating
     to  the  processes,  techniques,  work  practices,  customers,  prospective
     customers, suppliers, vendors, business practices,  strategies,  marketing,
     third party licenses, products, proprietary information or trade secrets of
     the other party hereto or affiliated  companies,  or any other confidential
     information   given  to  any  of  them  by  any   officers,   employees  or
     representatives  of  the  other  party.  Provided,   however,  the  parties

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     acknowledge   that   vFinance  may  be  required  to  use  or  apply  CIE's
     confidential  information  in order to properly  perform  Services  for CIE
     under this Agreement.  The obligation to keep information confidential will
     not  extend  to:  (a)  information  which is or  becomes a matter of public
     record through no fault of disclosing  party; (b) information  which can be
     shown to have been  legally  disclosed to the  disclosing  party by a third
     party without  restrictions as to disclosure and (c) information  which was
     known to the recipient without restriction prior to its disclosure to it by
     the disclosing party. Either party may disclose confidential information to
     its  independent  contractors  performing  services  for the other  party's
     benefit,  provided that such independent contractors are bound by a written
     non-disclosure  agreement  protecting  such  confidential  information in a
     manner  consistent  with this  Agreement.  Confidential  information  shall
     remain  the  sole  property  of the  disclosing  party  or  its  respective
     licensor.  In the event of a breach or threatened breach of this provision,
     the  disclosing  party  shall be entitled  to seek  preliminary  injunctive
     relief to prevent the use and disclosure of such confidential  information,
     in addition to all other remedies available at law and in equity.

6.   LIMITATION OF LIABILITY AND DAMAGES. vFinance's entire liability to CIE for
     any loss,  liability or damage,  including  attorney's  fees, for any claim
     arising  out  of or  related  to  this  Agreement,  any  Attachment  or the
     Services, regardless of the form of action, will be limited to CIE's actual
     direct out-of-pocket expenses which are reasonably incurred by CIE and will
     not exceed the amount of the fees actually paid to vFinance by CIE pursuant
     to the  applicable.  IN NO EVENT SHALL EITHER PARTY HERETO BE LIABLE TO THE
     OTHER PARTY HERETO FOR LOST PROFITS, CONSEQUENTIAL, SPECIAL, INCIDENTAL, OR
     PUNITIVE  DAMAGES,  HOWSOEVER  ARISING OUT OF OR RELATED TO THIS  AGREEMENT
     REGARDLESS  OF THE  BASIS  OF THE  CLAIM.  Notwithstanding,  the  foregoing
     limitations of liability shall not apply to either party's misappropriation
     or infringement of the other party's intellectual  property rights,  breach
     of Section 5  (Confidential  Matters),  amounts  payable  to third  parties
     pursuant to  indemnification  obligation under Section 10 below, or damages
     caused by the gross negligence or willful misconduct of such party.

7.   INTELLECTUAL PROPERTY OWNERSHIP.  In the event any work product (including,
     but not  limited  to,  training  materials,  programs,  software,  designs,
     documentation, inventions, discoveries, ideas and processes) is produced by
     vFinance in the course of its performing the Services  hereunder (the "Work
     Product),  it is hereby agreed that such Work Product shall be deemed "work
     for hire" and will be owned  exclusively by CIE unless  otherwise  mutually
     agreed in advance in writing.  To the extent such works are not  considered
     work-made-for-hire,  vFinance  hereby  assigns to CIE all right,  title and

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     interest  to any and all such  works  and  Intellectual  Property  therein.
     VFinance  acknowledges  that it is not entitled to the payment of royalties
     or other forms of compensation for such works. vFinance shall assist CIE in
     perfecting, assigning, maintaining and protecting the intellectual property
     rights,  including,  but not limited  to, the  execution  of all  documents
     reasonably requested by CIE.

8.   LIMITED WARRANTIES; DISCLAIMERS

     a)   vFinance  represents and warrants that it will perform the Services in
          a professional  and  workmanlike  manner,  in accordance with industry
          standards, and in conformance with applicable Attachments.
     b)   vFinance  represents and warrants that its execution of this Agreement
          and performance hereunder, and under any Attachments executed pursuant
          to this  Agreement,  have been duly authorized and do not and will not
          conflict with or constitute a default under any agreement binding upon
          it.
     c)   vFinance  represents and warrants that vFinance,  its  subcontractors,
          agents,  and independent  contractors shall use reasonable  efforts to
          comply with all material and applicable laws and regulations.

     THE FOREGOING ARE THE EXCLUSIVE WARRANTIES OF VFINANCE REGARDING ITS
     SERVICES AND WORK PRODUCT AND CUSTOM SOFTARE, AND VFINANCE MAKES NO OTHER
     WARRANTIES OR GUARANTEES TO CUSTOMER, WHETHER EXPRESS OR IMPLIED, INCLUDING
     THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
     PURPOSE.

9.   TERMINATION OF ENGAGEMENTS/RESOURCES. CIE may cancel this Agreement or any
     Attachment in writing upon thirty (30) business days notice to vFinance. In
     the event either party breaches this Agreement, or any Attachments, and
     fails to cure such breach within ten (10) business days after the
     non-breaching party provides notice thereof, the non-breaching party may
     immediately terminate this Agreement or otherwise the relevant
     Attachment(s) hereto.

10.  INDEMNIFICATION. Each of the parties (in such role, the "Indemnitor")
     agrees to indemnify, defend and hold harmless the other party and its
     affiliates, and its respective shareholders, members, affiliates, officers,
     directors, employees, independent contractors, sponsors, agents, advisors,
     and their successors and assigns (collectively the "Indemnitees") from and
     against any and all claims, demands, suits, actions, liabilities, losses or
     final awards, including, but not limited to, costs, judgments, damages,
     final awards, and reasonable attorney's fees and expenses, resulting from
     any third party's claim made or suit brought against any Indemnitee
     resulting from: (i) any material breach by Indemnitor of its obligations,
     representations, warranties or covenants hereunder; (ii) any claim of
     infringement of intellectual property rights, but excluding any liability

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     to the extent caused by the act or omission of any of the Indemnitees; or
     (iii) the gross negligence or willful misconduct of Indemnitor, its agents,
     employees or independent contractors, related to this Agreement. Indemnitor
     shall not settle any claim or enter into any judgment with respect to the
     subject matter hereof without the prior written approval of Indemnitees,
     which consent shall not be unreasonably withheld, or unless the settlement
     contains a complete and general release of the Indemnitees.

11.  RELATIONSHIP OF PARTIES. The relationship between vFinance and CIE created
     by this Agreement is one of independent contractor and under no
     circumstances is any employee or contractor of vFinance to be deemed an
     employee of CIE. vFinance will secure and maintain adequate workers'
     compensation insurance in accordance with the law of the state(s) wherein
     vFinance will perform Services. This Agreement is non-exclusive, and
     nothing herein shall be construed to prohibit either party from contracting
     with other parties for similar services.

12.  WORKING CONDITIONS. When vFinance performs Services and enters upon CIE's
     facilities, CIE will provide sufficient work space and related resources
     and CIE warrants that it will use reasonable efforts so that all workplace
     conditions to which vFinance's employees and contractors may be exposed
     will be in compliance with all material laws and regulations applicable to
     CIE.

13.  ASSIGNMENT. Neither party may assign this Agreement and any related
     Attachment to this Agreement without the prior written consent of the other
     party. However, this Agreement and any related Attachment may be assigned
     without such consent by either party to the successor in interest to
     substantially all of the business and assets of such party or in the event
     of a change of control of the beneficial ownership of such party. Written
     notice of the assignment must be delivered to the other party prior to the
     date of such assignment. This Agreement shall inure to the benefit of and
     be binding upon each of the party's successors and assigns.

14.  GOVERNING LAW; ATTORNEY'S FEES. In the event that it becomes necessary to
     enforce the terms of this Agreement, the validity, construction,
     interpretation, and performance of this Agreement shall be governed by and
     construed in accordance with the laws of the State of Florida without
     regard to the conflicts of law principles thereunder. The parties hereby
     irrevocably submit to the exclusive jurisdiction and venue of the federal
     and state courts located in and for Palm Beach County and the Southern
     District for Florida. The prevailing party in any action to enforce or
     interpret this Agreement shall be entitled to recover reasonable costs and
     fees in connection therewith, including reasonable attorneys' fees.

15.  WAIVER. Waiver by any party of any breach of any provision of this
     Agreement shall not be considered as, nor constitute a continuing waiver,
     breach or cancellation of, any other breach of any provision of this
     Agreement.

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16.  COUNTERPARTS. This Agreement may be executed in counterparts, each of which
     shall be deemed an original, but which together will constitute one and the
     same instrument.

17.  ENTIRE AGREEMENT. This Agreement and its Attachments supersede all
     proposals, negotiations, or discussions heretofore had between the parties
     related to the subject matter. This Agreement and each Attachment
     constitutes the complete agreement between the parties and may not be
     modified or amended without the prior written consent of both parties.

18.  SURVIVAL OF TERMS. The applicable terms of Sections 5-8 and 10-18 of this
     Agreement shall survive the termination or expiration of this Agreement.

     AGREED TO AND ACCEPTED as of the Effective Date first written above:

VFINANCE, INC.                        CENTER FOR INNOVATIVE
                                      ENTREPRENEURSHIP, INC.

By:                                   By:
   --------------------------            -----------------------------
Name:                                 Name:
     ------------------------              ---------------------------
Title:                                Title:
      -----------------------               --------------------------

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                                ATTACHMENT NO. 1

                     Management and Administrative Services

Date:  4/05/05

Scope of Services:  Financial reporting, accounting services, payroll
administration and benefits administration.

Term:  During the term of the Agreement, unless otherwise terminated earlier in
accordance with the terms and conditions therein.

Fees and Costs:  $4,000 per month

Special Terms:

         AGREED TO AND ACCEPTED as of the date first written above:

VFINANCE, INC.                        CENTER FOR INNOVATIVE
                                      ENTREPRENEURSHIP, INC.

By:                                   By:
   --------------------------            -----------------------------
Name:                                 Name:
     ------------------------              ---------------------------
Title:                                Title:
      -----------------------               --------------------------

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                                ATTACHMENT NO. 2

                               Technical Services

Date:  4/05/05

Scope of Services: Maintenance of Web Server, maintenance of Database Service,
security, firewalls, email services, all database updates and licenses for SQL
Server, maintenance of all licenses needed for Website operation. Maintenance of
internal hardware, software and computer network.

Term: During the term of the Agreement, unless otherwise terminated earlier in
accordance with the terms and conditions therein.

Fees and Costs: $5,000 per month

Special Terms:

         AGREED TO AND ACCEPTED as of the date first written above:

VFINANCE, INC.                        CENTER FOR INNOVATIVE
                                      ENTREPRENEURSHIP, INC.

By:                                   By:
   --------------------------            -----------------------------
Name:                                 Name:
     ------------------------              ---------------------------
Title:                                Title:
      -----------------------               --------------------------

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                                ATTACHMENT NO. 3

                         Marketing and Public Relations

Date: 4/05/05

Scope of Services:  Provide public relations and marketing services to build
awareness of CIE and advance its mission.

     -    Public Relationship services include preparation and issuance of press
          releases, fielding press inquiries and developing press opportunities.
     -    Additional  Marketing and Public Relations  projects will be billed at
          an hourly rate for projects approved by CIE.

Term: During the term of the Agreement, unless otherwise terminated earlier in
accordance with the terms and conditions therein.

Fees and Costs:

Marketing Strategy and Executive Management: $107.69 per hour
Marketing Project Management: $45.77 per hour
Public Relations Management: $45.77 per hour
Public Relations Placement:  $2,000 per month

Special Terms:

         AGREED TO AND ACCEPTED as of the date first written above:

VFINANCE, INC.                        CENTER FOR INNOVATIVE
                                      ENTREPRENEURSHIP, INC.

By:                                   By:
   --------------------------            -----------------------------
Name:                                 Name:
     ------------------------              ---------------------------
Title:                                Title:
      -----------------------               --------------------------

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                                ATTACHMENT NO. 4

                       Web Site Operations and Development

Date:  4/05/05

Scope of Services:  Website design, application development, reporting and
maintenance. Transaction processing and service.

Term:  During the term of the Agreement, unless otherwise terminated earlier in
accordance with the terms and conditions therein.

Fees and Costs:  $34.63 per hour

 Special Terms:

         AGREED TO AND ACCEPTED as of the date first written above:

VFINANCE, INC.                        CENTER FOR INNOVATIVE
                                      ENTREPRENEURSHIP, INC.

By:                                   By:
   --------------------------            -----------------------------
Name:                                 Name:
     ------------------------              ---------------------------
Title:                                Title:
      -----------------------               --------------------------SEVERANCE AGREEMENT

Exhibit 10.1

CHANGE IN CONTROL AGREEMENT

THIS AGREEMENT entered into as of the 11th day of May, 2005, by and between Sizeler Property Investors, Inc., a Maryland corporation qualified as a real estate investment trust ("SPI"), with principal offices at 2542 Williams Boulevard, Kenner, Louisiana, and Guy M. Cheramie an individual residing in New Orleans, Louisiana ("Executive").

R E C I T A L S

The Board of Directors of SPI (the "Board") , considering the potential for adverse effects on SPI and on the work environment and executive morale were there a change in control of SPI or actions undertaken that could lead to a change in control of SPI, has determined that appropriate steps should be taken to reinforce and encourage Executive's continued attention and devotion to his duties without distraction notwithstanding such a change in control or actions.

NOW, THEREFORE, in consideration of the mutual covenants set forth below, SPI and Executive agree as follows:

1.Term.  This agreement shall take effect on the date first written above.  Except as provided in paragraph 3, the Chairman of the Board, the Chief Executive Officer, or the Board may terminate this agreement at any time without requiring the termination of Executive's employment with SPI, by written notice to Executive.

2.Definitions.  The following definitions shall apply for the purposes of this agreement:

2.1"Adverse Circumstances" shall mean any of the following sets of circumstances surrounding the termination of Executive's employment with SPI after a Change in Control.

2.1.1SPI's termination of Executive's employment without Breach of Duty, or SPI's notice to Executive of such a termination.

2.1.2The assignment to Executive of any duties inconsistent with his status as an executive of SPI, the removal of Executive from the position he held before the Change in Control of SPI, or a substantial diminution in the nature or status of Executive's responsibilities from those in effect immediately before the Change in Control.

2.1.3A reduction by SPI in Executive's annual base salary as in effect on the date immediately before the Change in Control or as the same may be increased from time to time.

2.1.4Either the relocation of the executive office of SPI or the relocation of Executive's individual office in Kenner, Louisiana, to a location outside of the New Orleans Standard Metropolitan Statistical Area (SMSA) so as to require Executive to be based anywhere other than in the New Orleans SMSA except for required travel on the business of SPI and its Subsidiaries to an extent substantially consistent with Executive's present business travel obligations. 

2.2"Breach of Duty" shall mean a determination by two thirds of SPI's Continuing Directors of Executive's willful breach of duty in the course of his employment that is demonstrably and materially injurious to SPI, monetarily or otherwise, or that Executive neglected his employment duties.  For purposes of this agreement, no act, or failure to act, on Executive's part shall be deemed willful unless done, or omitted to be done, in bad faith and without Executive's reasonable belief that the action or omission was in the best interest of SPI.  Notwithstanding the foregoing, Executive's employment shall not be deemed to have terminated for Breach of Duty unless and until there shall have been delivered to him a copy of a resolution duly adopted by the requisite vote of the Continuing Directors at a meeting of the Continuing Directors called and held for such purpose (after reasonable notice to Executive and an opportunity for Executive, together with counsel, to be heard before the Continuing Directors), finding that in the good faith opinion of the Continuing Directors Executive was guilty of conduct set forth above in this paragraph 2.2 and specifying the particulars of such conduct in detail.

2.3"Change in Control" shall mean:

2.3.1On or after the date of execution of this agreement, any person (which, for all purposes this agreement, shall include, without limitation, an individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate and a trustee, executor, administrator or other legal representative) (a "Person") or any group of two or more Persons acting in concert who or that becomes the beneficial owner, directly or indirectly, of securities of SPI representing, or acquires the right to control or direct, or to acquire through the conversion of securities or the exercise of warrants or other rights to acquire securities, 25 percent or more of the combined voting power of SPI's then outstanding securities; provided that for the purposes of this agreement, (i) "voting power" means the right to vote for the election of directors, and (ii) any determination of percentage of combined voting power shall be made on the basis that all securities beneficially owned by the Person or group or over which control or direction is exercised by the Person or group that are convertible into securities carrying voting rights have been converted (whether or not then convertible) and all options, warrants, or other rights that may be exercised to acquire securities beneficially owned by the Person or group or over which control or direction is exercised by the Person or group have been exercised (whether or not then exercisable), and no such convertible securities have been converted by any other Person and no such options, warrants, or other rights have been exercised by any other Person and provided further that "Person" shall not include SPI, any Subsidiary of SPI, any employee benefit plan of SPI or any Subsidiary of SPI, any entity holding shares of Common Stock organized, appointed, or established by SPI or any of its Subsidiaries for or pursuant to the terms of any such plan, Sidney W. Lassen, together with his spouse, descendants, and any trust established for the benefit of Sidney W. Lassen, his spouse, and descendants or any one or more of them, or Sizeler Realty Co., Inc.; or

2.3.2at any time subsequent to the date of execution of this agreement there shall be elected or appointed to the Board any director or directors whose appointment or election to the Board or nomination for election by SPI's stockholders was not approved by a vote of at least a majority of the directors then in office who were directors on the date of execution of this agreement or whose election or appointment or nomination for election was previously so approved ("Continuing Directors"); or

2.3.3a reorganization, merger, consolidation, combination, corporate restructuring, or similar transaction (an "Event"), in each case, in respect of which the beneficial owners of the outstanding SPI voting securities immediately prior to such Event do not, following such Event, beneficially own, directly or indirectly, more than 50 percent of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of SPI  and any resulting Parent in substantially the same proportions as their ownership, immediately prior to such Event, of the outstanding SPI voting securities.

2.4"Code" shall mean the Internal Revenue Code of 1986, as amended.

2.5"Common Stock" shall mean the common stock, par value $.0001 per share, of SPI.

2.6"Continuing Director" shall have the meaning given in paragraph 2.3.2.

2.7"Disability" means the inability of Executive to perform his duties to SPI by reason of illness or other incapacity that will qualify Executive for benefits under any long term disability arrangement or policy maintained with respect to Executive's employment with SPI.

2.8"Parent" shall mean any entity that directly or indirectly through one or more entities owns or controls more than 50 percent of the voting stock or Common Stock of SPI.

2.9"Subsidiary" shall mean any entity 50 percent or more of the equity securities of which is owned or controlled, directly or indirectly, by SPI.

3.Effect of Change in Control. Paragraph 4 shall apply to determine SPI's and Executive's rights and obligations under this agreement if Executive's employment with SPI terminates within 24 months following a Change of Control of SPI and either (i) this agreement has not been terminated before such termination of employment, or (ii) SPI had terminated this agreement coincident with or following the Change in Control.

4.Rights and Obligations upon Termination of Employment Following a Change in Control of SPI.  The following provisions shall apply under the circumstances described in paragraph 3:

4.1Should SPI terminate Executive's employment for Breach of Duty, or should Executive's employment with SPI terminate by reason of death or Disability or under any other circumstances besides those described above as Adverse Circumstances, SPI shall pay Executive's base salary through the date of termination of employment at the rate in effect at the time notice of termination is given and shall pay any amounts to which Executive is entitled at date of termination of employment under any other compensation plans, programs, or agreements then in effect, and SPI shall have no further obligations to Executive under this agreement.

4.2Should Executive's employment with SPI terminate under circumstances described above as Adverse Circumstances, then Executive shall be entitled to the payments and benefits described in paragraphs 4.2.1 through 4.2.5 (the "Severance Benefit") and in paragraph 6, in lieu of any other rights or benefits under this agreement.

4.2.1SPI shall pay to Executive his base salary through the date of termination of employment at the rate in effect at the time notice of termination is given plus an amount of Executive's normative bonus or award under the incentive plan in effect for the fiscal year in which the date of termination occurs, which amount shall be proportionate to the part of the fiscal year elapsed by the date of termination.  If the incentive plan is based on a measure of performance such as funds from operations, the normative bonus shall be based on projected performance for the fiscal year in which the date of termination occurs, which, for the purposes of this paragraph 4, shall be calculated by annualizing actual performance measured to the date immediately preceding the date of termination or, if the date of termination occurs in the same year as the Change in Control and if it would result in a larger amount payable, by annualizing actual performance measured to the date immediately preceding the Change in Control.  Payment shall be made no later than the fifth business day following the date of termination.  SPI shall also pay to Executive all other amounts to which Executive is entitled at the date of termination of employment under any compensation plans, programs, or agreements then in effect.  For purposes of this agreement, a "business day" means a day that is not a Saturday, Sunday, or legal holiday on which banks may remain closed in New Orleans, Louisiana.

4.2.2SPI shall also pay to Executive a severance payment (the "Severance Payment") that will equal three times the total of: (i) the base annual salary payable to Executive at the rate in effect on the date of Change in Control or notice of termination of employment, whichever is greater, (ii) one-half of the total amount that was, during the 24-month period preceding the Change in Control or date of termination, whichever is greater, credited to Executive as a nonelective deferral under any deferred compensation arrangement between SPI and Executive, (iii) one-half of the total amount of any bonuses or awards paid to Executive as an employee of SPI during the 24-month period preceding the date of Change in Control or date of termination, whichever is greater, including any bonus or award paid in the forms of shares of Common Stock of SPI, but excluding any bonus or award paid in the form of options relating to securities of SPI; and (iv) the amount SPI would contribute for Executive for a full year to the qualified defined contribution plans maintained by SPI as in effect immediately before the Change in Control (or, if it would result in a larger amount payable, immediately before the date of termination), assuming Executive's pay for the year were equal to the sum of the base salary taken into account under clause (i) plus the amount of bonus or award taken into account under clause (iii), and Executive elected to make the maximum deferral contribution allowable under the plans for the year (without regard to the actual deferral percentage test).  For the purposes of the preceding sentence, shares of Common Stock of SPI shall be taken into account at their value on the date of the bonus or award as determined under the terms of the plan under which the bonus or award was paid or, if the plan does not provide for such a valuation, as determined in good faith by the Board of Directors of SPI; and if Executive was not in the employ of SPI for a full 24 months preceding the date of termination, the amounts taken into account under clauses (ii) and (iii) of the preceding sentence shall be, rather than one half of the 24 month total, the full amount paid or credited, as applicable, during the 12 month period preceding the Change in Control or date of termination, whichever is greater under the given case.  SPI shall pay the Severance Payment in a lump sum no later than the fifth business day following the date of termination.

4.2.3SPI shall also pay to Executive an amount equal to all reasonable legal fees and expenses incurred by Executive in seeking to obtain or enforce any right or benefit provided by this agreement, whether or not Executive is successful.

4.2.4SPI shall arrange to provide Executive with life, disability, accident, and health insurance benefits substantially similar to those Executive was receiving or entitled to receive from SPI immediately before termination (including, if applicable, family health insurance coverage); such provision shall continue until the expiration of the 36 month period following the date of termination of Executive's employment or until, if earlier, the date upon which Executive becomes eligible for comparable benefits in connection with subsequent employment.  If such coverage is not available under plans maintained by SPI, SPI shall reimburse Executive for his reasonable cost of securing comparable coverage, up to a maximum of $30,000 per year for health insurance coverage and $20,000 per year for all other coverage; to the extent such reimbursement results in taxable income for Executive in excess of the taxable income Executive would have recognized upon receipt of the underlying benefits as an employee of SPI (the "Excess Taxable Income"), SPI shall pay to Executive an additional amount equal to the income and payroll tax liability Executive incurs with respect to the Excess Taxable Income and his receipt of the additional amount.  SPI shall pay the additional amount with respect to Excess Taxable Income for a given calendar year no later than the January 10 following that year.

4.2.5SPI shall pay or reimburse Executive for his reasonable expenses not in excess of $20,000 incurred in his employment search, which may include rental of an office, secretarial support, photocopying, telephone, and other miscellaneous expenses and fees of an employment search advisor; provided however, SPI shall not pay or reimburse Executive for expenses incurred after the earlier of the month in which Executive secures employment and the 24th month following the date of termination.

4.3An example of the intent of SPI, as set out in paragraphs 2.1.1, 3, 4.1, 4.2, and 12, is that if SPI terminates Executive's employment during the 24 months following a Change in Control for any reason other than Disability or Breach of Duty, then Executive shall be entitled to the payments and benefits described in paragraphs 4.2.1 through 4.2.5 and in paragraph 6, unless this agreement had been terminated before the Change in Control; the termination of this agreement upon or following the Change in Control would not affect such entitlement except to the extent of any amendment adopted in accordance with paragraph 12.

5.Termination of Agreement; Survival of Certain Terms.  To the extent it has not terminated earlier under paragraph 1, this agreement shall terminate on the date of the termination of Executive's employment, subject, in the case of a termination under circumstances to which paragraph 4 applies, to the survival of the provisions of paragraphs 4, 7, 9, 10, and 14.

6.Certain Additional Payments by SPI.  

6.1Payment Subject to Excise Tax.  If it shall be determined that any payment or distribution made, or benefit provided, by SPI to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this agreement or otherwise, but determined without regard to any additional payments required under this paragraph 6) (a "Payment") would be subject to the excise tax imposed by section 4999 of the Code (or any similar excise tax) or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are referred to collectively as the "Excise Tax"), then Executive shall be entitled to receive an additional payment (a "Gross Up Payment") in an amount such that after payment by Executive of all taxes (including any Excise Tax, income tax, or payroll tax) imposed upon the Gross Up Payment and any interest or penalties imposed with respect to such taxes, Executive retains from the Gross Up Payment an amount equal to the Excise Tax imposed upon the Payments.

6.2Determination of Gross Up Payment.  Subject to the provisions of paragraph 6.3, all determinations required to be made under this paragraph 6, including the determination of whether a Gross Up Payment is required and of the amount of any such Gross Up Payment, shall be made by tax counsel selected by the independent public accounting firm then retained by SPI to audit its financial statements and acceptable to SPI ("Tax Counsel"), which shall provide detailed supporting calculations to both SPI and Executive within 15 business days of the date of termination, if applicable, or such earlier time as is requested by SPI, provided that any determination that an Excise Tax is payable by Executive shall be made on the basis of substantial authority.  SPI shall pay the initial Gross Up Payment, if any, as determined pursuant to this paragraph 6.2, to Executive within five business days of the receipt of Tax Counsel's determination.  If Tax Counsel determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written opinion that he has substantial authority not to report any Excise Tax on his Federal income tax return.  Any determination by Tax Counsel meeting the requirements of this paragraph 6.2 shall be binding upon SPI and Executive; subject only to payments pursuant to the following sentence based on a determination that additional Gross Up Payments should have been made, consistent with the calculations required to be made under this paragraph 6 (the amount of such additional payments, including any interest and penalties, are referred as the "Gross Up Underpayment").  If SPI exhausts its remedies pursuant to paragraph 6.3, and Executive is required to make a payment of any Excise Tax, Tax Counsel shall determine the amount of the Gross Up Underpayment that has occurred and SPI shall promptly pay any such Gross Up Underpayment to or for the benefit of Executive.  SPI shall pay the fees and disbursements of Tax Counsel.

6.3SPI Remedies with Respect to IRS Claim.  Executive shall notify SPI in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by SPI of a Gross Up Underpayment.  Such notification shall be given as soon as practicable but not later than ten business days after Executive receives written notice of such claim and shall apprise SPI of the nature of such claim and the date on which such claim is requested to be paid.  Executive shall not pay such claim before the last day of the 30 day period following the date on which he gives such notice to SPI (or such shorter period ending on the date that any payment of taxes with respect to such claim is due).  If SPI notifies Executive in writing before the last day of such period that it desires to contest such claim and that it will bear the costs and provide the indemnification as required by this sentence, Executive shall:

(i)give SPI any information reasonably requested by SPI relating to such claim,

(ii)take such action in connection with contesting such claim as SPI shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by counsel reasonably selected by SPI and reasonably satisfactory to Executive,

(iii)cooperate with SPI in good faith in order effectively to contest such claim, and

(iv)permit SPI to participate in any proceedings relating to such claim;

provided, however, that SPI shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after tax basis, for any Excise Tax, income tax, or payroll tax, including interest and penalties, imposed as a result of such representation and payment of costs and expenses.  Without limitation of the foregoing provisions of this paragraph 6.3, SPI shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction, and in one or more appellate courts, as SPI shall determine; provided, however, that if SPI directs Executive to pay such claim and sue for a refund, SPI shall advance the amount of such payment to Executive, on an interest free basis and shall indemnify and hold Executive harmless, on an after tax basis, from any Excise Tax, income tax, or payroll tax, including interest or penalties, imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to the payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due shall be limited solely to such contested amount, unless Executive agrees otherwise.  Furthermore, SPI's control of the contest shall be limited to issues with respect to which a Gross Up Payment would be payable and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.  If SPI has notified Executive that it desires to contest such an IRS claim but fails to pursue the contest in good faith, or fails to pay the costs and expenses of the contest, or, in the case SPI has directed Executive to pay the tax claimed and sue for a refund, fails to advance the amount of such payment to Executive, then SPI shall forfeit its right to control the proceedings taken in connection with such contest and Executive may, in his discretion, assume control of such proceedings, provided, however, that Executive's assumption or failure to assume control of such proceedings shall not negate SPI's obligation to make a Gross Up Underpayment; to bear and pay all costs and expenses (including additional interest and penalties) incurred in connection with such contest; and to indemnify Executive, on an after tax basis, for any Excise Tax, income tax, or payroll tax, including interest and penalties, imposed as a result of such payment of costs and expenses.

6.4Repayment of Advance from Refund.  If, after the receipt by Executive of an amount advanced by SPI pursuant to paragraph 6.3, Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to SPI's complying with the requirements of paragraph 6.3) promptly pay to SPI the amount of such refund (together with any interest paid or credited on the amount of the refund after taxes applicable to such interest).  If, after the receipt by Executive of an amount advanced by SPI pursuant to paragraph 6.3 a determination is made that Executive shall not be entitled to any refund with respect to such claim and SPI does not notify Executive in writing within 30 days after such determination of its intent to contest such denial of refund, then any obligation of Executive to repay such advance shall be forgiven and the amount of such advance shall offset the amount of Gross Up Underpayment required to be paid.

6.5Deferred Gross Up Payment.  Notwithstanding the provisions of paragraph 6.2, if any Payment to which an Excise Tax relates shall not be payable or distributable before the date the initial Gross Up Payment is due pursuant to paragraph 6.2, then the Gross Up Payment attributable to such Payment shall be paid to Executive within five business days of the date of such Payment.

6.6Reduction in Severance Benefit If Net After Tax Benefit from Gross Up Not More than $5,000.  Notwithstanding any other provision of this paragraph 6, if the Net After Tax Benefit (as defined below) Executive would realize after receipt of the Gross Up Payment would not exceed by more than $5,000 the Net After Tax Benefit Executive would realize if the Severance Benefit were reduced to the extent required, in the opinion of Tax Counsel, to prevent subjection of any part of the remaining Severance Benefit and other payments and benefits to which Executive is entitled to the Excise Tax, then Executive shall not be entitled to the Gross Up Payment and his Severance Benefit shall be so reduced.  SPI shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this paragraph, provided, however, that there shall be no reduction under this paragraph in the amount payable to Executive under a deferred compensation arrangement between SPI and Executive to the extent such amount is attributable to deferrals elected by Executive or to Executive's vested interest, determined as of the date of termination of employment without regard to any acceleration resulting from a Change in Control, in nonelective deferrals credited to him.  Any determination made by Tax Counsel pursuant to this paragraph shall be conclusive and binding on Executive; subject only to a determination under the provisions of paragraph 6.7 that an Excise Tax is payable.  "Net After Tax Benefit" shall mean the sum of the parachute payments (within the meaning of section 280G of the Code) payable to Executive under this agreement and all other plans, practices, policies, or programs of SPI, reduced by the federal, state, and local income taxes payable with respect to the parachute payments and by any Excise Tax imposed on Executive with respect to the parachute payments.

6.7Restoration of Reduction and Gross Up Payment If Excise Tax Due.  If after Executive's Severance Benefit has been reduced pursuant to paragraph 6.6, Executive receives a claim by the Internal Revenue Service that, if successful, would require payment of an Excise Tax, then Executive shall notify SPI in writing as soon as practicable but not later than ten business days after Executive receives written notice of the claim and shall apprise SPI of the nature of the claim and the date on which the claim is requested to be paid.  The provisions of paragraphs 6.3 and 6.4 shall then apply (except that the term "Excise Tax" shall be substituted for the term "Gross Up Payment" in the last sentence of paragraph 6.3).  If SPI exhausts its remedies pursuant to paragraph 6.3, and Executive is required to make a payment of any Excise Tax, SPI shall promptly pay to Executive the amount by which his Severance Benefit was reduced pursuant to paragraph 6.6; Executive shall be entitled to receive a Gross Up Payment pursuant to paragraph 6.1; Tax Counsel shall determine the amount of the Gross Up Payment pursuant to paragraph 6.2; and SPI shall pay the fees and disbursements of Tax Counsel.

7.Confidential Information.  Unless he has obtained SPI's prior written consent, Executive shall not, during or following his employment with SPI, directly or indirectly, disclose to any person, other than SPI, or any affiliate of SPI, or its officers, directors, or employees entitled to such information, or use for his own or another's benefit, any confidential or proprietary information relating to the business affairs or operations of SPI including, without limitation, SPI's marketing plans and acquisition strategies.

8.Covenant Against Competition.  During Executive's employment by SPI during the term of this agreement, Executive shall not directly or indirectly, as a principal, officer, director, shareholder (except as owner of less than two percent of the shares of a corporation the stock of which is publicly traded), partner, or employee or in any capacity whatsoever, compete with SPI or carry on or engage in a business similar to that of or being developed by SPI, or become associated with, or advise or assist, any enterprise that competes with SPI or carries on or engages in a business similar to that of or being developed by SPI in any of the following parishes:  Orleans, Plaquemines, Jefferson, St. Charles, St. James, St. John the Baptist, St. Tammany, and St. Bernard ("Competitor").  It is agreed that Executive's services are unique and irreplaceable and that the loss of Executive's services or the use of those services by a competitor would cause irreparable harm to SPI.  Any breach or threatened breach by Executive of any provision of this paragraph 8 cannot be remedied solely by damages.  Accordingly, in the event of a breach or a threatened breach by Executive of any of the provisions of this paragraph 8, SPI shall be entitled to injunctive relief.  For purposes of this paragraph 8, payment of a Severance Benefit under paragraph 4 of this agreement does not constitute employment.

9.Covenant Against Interference with Employees.  Executive shall not, during his employment with SPI and the 24-month period following his employment with SPI, interfere with SPI's relationship with any of its other employees or with any employee of (i) a direct or indirect subsidiary of SPI, (ii) any company controlled by, controlling, or under common control with SPI, or (iii) any company that performs property management services for SPI (any employee of SPI or described above shall be referred to as a "protected employee") by recruiting a protected employee for employment with a Competitor (as defined in paragraph 8, above) or by requesting the services of a protected employee for a Competitor.  This agreement shall not preclude Executive's response on behalf of a Competitor to an application for employment by a protected employee, provided Executive did not in any manner solicit the application.

10.Successors; Binding Agreement.

10.1SPI shall require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of SPI to assume and agree to perform this agreement in the same manner and to the same extent that SPI would be required to perform it if no such succession had taken place.  Failure of SPI to obtain such assumption and agreement shall be a breach of this agreement and shall entitle Executive to compensation from SPI in the same amount and on the same terms as he would be entitled if he terminated his employment with SPI following a Change in Control with Adverse Circumstances (as described in paragraph 2) of this agreement.  As used in this agreement, "SPI" shall mean SPI as defined above and any successor to its business or assets that assumes and agrees to perform this agreement by operation of law or otherwise.

10.2This agreement shall inure to the benefit of and be enforceable by Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees.

11.Notice.  For the purpose of this agreement, notices shall be in writing and shall be deemed to have been duly given when delivered or mailed by United  States  registered mail,  return  receipt requested, postage prepaid, and addressed, in the case of SPI, to the address set forth on the first page of this agreement and directed to the attention of the office of the Chairman, and, in the case of Executive, to the most recent address for Executive in SPI's payroll records, or addressed to such other address as either party may have furnished to the other in writing in accordance with this paragraph, except that notice of change of address shall be effective only upon receipt.

12.Miscellaneous.  No provision of this agreement may be modified, waived, or discharged except by an instrument in writing executed by Executive and an authorized officer of SPI.  A waiver by either party of any breach of, or compliance with, any condition or provision of this agreement shall not be deemed a waiver of similar or dissimilar provisions or conditions at the same or any prior or subsequent time.  No agreements or representations, oral or otherwise, with respect to the subject matter of this agreement have been made by either party that are not expressly set forth in this agreement.  The validity, interpretation, construction, and performance of this agreement shall be governed by the internal laws of the State of Louisiana, without regard to the principles of conflicts of law.  All references to sections of the Exchange Act and the Code shall be deemed also to refer to any successor provisions to such sections.  Any payments provided for under this agreement shall be subject to any applicable tax withholding as required under federal, state, or local law.

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

14.Dispute Resolution.

14.1Mediation.  Executive and SPI agree that if any claim, dispute, or controversy ("Dispute") arises with respect to the interpretation or operation of this agreement or with respect to any aspect of the employment relationship between Executive and SPI and if the Dispute cannot be resolved by negotiation, they will attempt in good faith to resolve the Dispute by mediation under the Commercial Mediation Rules of the American Arbitration Association ("AAA") before resorting to litigation or some other dispute resolution procedure.  If either party initiates mediation by filing with the AAA a submission to mediation or a written request for mediation, the expense of the initial AAA filing fee paid by the initiating party will be shared equally by both parties.

14.2Litigation.  No party shall commence litigation to resolve a dispute unless mediation has occurred.  If litigation occurs, the parties agree that the litigation will be initiated and conducted in courts of the State of Louisiana within Jefferson Parish or, if federal courts have jurisdiction over the dispute, in the United States District Court for the Eastern District of Louisiana.

15.Counterparts.  This agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

SIZELER PROPERTY INVESTORS, INC.

 

By: /s/ Thomas A. Masilla, Jr.

Thomas A. Masilla, Jr.

President

 

/s/ Guy M. Cheramie

Guy M. Cheramie

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