Document:

Converted by EDGARwiz

Exhibit 10.25

THIRD AMENDMENT

Dated as of January 11, 2008

among

KIMCO NORTH TRUST I,

KIMCO NORTH TRUST II,

KIMCO NORTH TRUST III,

KIMCO NORTH LOAN TRUST IV,

KIMCO NORTH TRUST V,

KIMCO NORTH TRUST VI,

as Borrowers,

The Several Lenders

Parties Hereto,

ROYAL BANK OF CANADA,

as Issuing Lender, 

ROYAL BANK OF CANADA,

as Administrative Agent,

and

KIMCO REALTY CORPORATION,

as a Borrower and a Guarantor

to

SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

154

THIS THIRD AMENDMENT (this “Amendment”), is dated as of January 11, 2008, and is among KIMCO NORTH TRUST I, a New York trust, KIMCO NORTH TRUST II, a New York trust, KIMCO NORTH TRUST III, a New York trust, KIMCO NORTH LOAN TRUST IV, a New York trust, KIMCO NORTH TRUST V, a New York trust, KIMCO NORTH TRUST VI, a New York trust (collectively, the “Trusts”), the several banks, financial institutions and other entities parties to this Amendment as lenders (collectively, the “Lenders”), the Issuing Lender party hereto, ROYAL BANK OF CANADA, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), and KIMCO REALTY CORPORATION, a Maryland corporation (“Kimco” and, together with the Trusts, collectively, the “Credit Parties”), as a borrower and a guarantor, and is consented to by the Subsidiary Guarantors named on the signature pages hereto.

WITNESSETH:

WHEREAS, the Credit Parties, certain of the Lenders, the Issuing Lender and the Administrative Agent are parties to the Second Amended and Restated Credit Agreement, dated as of January 25, 2006 (the “2006 Credit Agreement” and, as amended by the First Amendment thereto dated as of August 30, 2007 and the Second Amendment thereto dated as of November 6, 2007 (the “Second Amendment”), the “Credit Agreement”);

WHEREAS, the Credit Parties have requested that the Lenders amend the Credit Agreement in order to extend the maturity date and revise certain of the pricing provisions set forth therein; and

WHEREAS, the Lenders and the Credit Parties have agreed to so amend the Credit Agreement, but only to the extent and on the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter contained, the parties hereto agree as follows:

1.

Defined Terms.  Unless otherwise specified herein, capitalized terms used herein but not defined herein shall have the respective meanings ascribed to them in the Credit Agreement, as amended hereby.

2.

Amendments to Credit Agreement.

(a)

Amendments to Section 1.1.  

(i)

The definition of the term “Applicable Margin” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Applicable Margin”: with respect to each Revolving Credit Loan at any date, the applicable percentage per annum set forth below based upon the Status on such date:

155

							
	 
	 
	Level I

	Level II

	Level III

	Level IV

	Level V

	 
	 
	Status

	Status

	Status

	Status

	Status

	 
	 
	 
	 
	 
	 
	 

	 
	Eurodollar Loans, CDOR Loans and Money Market Loans

	0.375%

	0.425%

	0.600%

	0.800%

	1.000%

	 
	 
	 
	 
	 
	 
	 

	 
	ABR Loans and Cdn Prime Loans

	0%

	0%

	0%

	0%

	0.250%

(ii)

The definition of the term “Core US Credit Agreement” contained in Section 1.1 of the 2006 Credit Agreement is hereby deleted in its entirety (for avoidance of doubt, the definition of such term, as added to the Credit Agreement pursuant to the Second Amendment, shall be the controlling definition).

(iii)

The definition of the term “Facility Fee Rate” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Facility Fee Rate”: the applicable percentage per annum set forth below based upon the Status on the date of the relevant facility fee payment:

						
	 
	Level I

Status

	Level II

Status

	Level III

Status

	Level IV

Status

	Level V

Status

	 
	 
	 
	 
	 
	 

	 
	0.125%

	0.150%

	0.150%

	0.200%

	0.250%

(iv)

The definition of the term “Fee Letters” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Fee Letters”: the four letters dated June 16, 2004, February 22, 2005, September 23, 2005 and December 20, 2007, respectively, among Kimco and RBC regarding certain fees payable in connection with the Revolving Credit Facility.

(v)

The definition of the term “L/C Fee Rate” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“L/C Fee Rate”: with respect to each Letter of Credit at any date, the applicable percentage per annum set forth below based upon the Status on such date:

156

						
	 
	Level I

Status

	Level II

Status

	Level III

Status

	Level IV

Status

	Level V

Status

	 
	 
	 
	 
	 
	 

	 
	0.375%

	0.425%

	0.600%

	0.800%

	1.000%

(vi)

The definition of the term “Maturity Date” contained in Section 1.1 of the Credit Agreement is hereby amended by deleting the date “March 31, 2008” therefrom in its entirety and substituting the date “March 31, 2011” therefor.

(vii)

The definition of the term “Status” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Status”: as to Kimco, the existence of Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status, as the case may be.

As used in this definition:

“Level I Status” exists at any date if, at such date, Kimco has a long-term senior unsecured debt rating of A- or better by S&P and A3 or better by Moody’s;

“Level II Status” exists at any date if, at such date, Level I Status does not exist and Kimco has a long-term senior unsecured debt rating of BBB+ or better by S&P and Baa1 or better by Moody’s;

“Level III Status” exists at any date if, at such date, neither Level I Status nor Level II Status exists and Kimco has a long-term senior unsecured debt rating of BBB or better by S&P and Baa2 or better by Moody’s;

“Level IV Status” exists at any date if, at such date, neither Level I Status, Level II Status nor Level III Status exists and Kimco has a long-term senior unsecured debt rating of BBB- or better by S&P and Baa3 or better by Moody’s; and

“Level V Status” exists at any date if, at such date, none of Level I Status, Level II Status, Level III Status or Level IV Status exists; 

provided that (i) in the event of a “split” rating, the Applicable Margin, Facility Fee Rate, and L/C Fee Rate shall be based upon the higher of the two ratings, (ii) Kimco may, at its option, obtain a debt rating from a third nationally-recognized rating agency, in which case the Applicable Margin, Facility Fee Rate, and L/C Fee Rate shall be based on the lower of the two highest ratings, at least one of which must be Moody’s or S&P, and (iii) if S&P and/or Moody’s shall cease to issue ratings of debt securities of real 

157

estate investment trusts generally, then the Administrative Agent and the Borrowers shall negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of such substitute rating agency with that of the rating agency for which it is substituting) and (a) until such substitute rating agency or agencies are agreed upon, Status shall be determined on the basis of the rating assigned by the other rating agency (or, if both S&P and Moody’s shall have so ceased to issue such ratings, on the basis of the Status in effect immediately prior thereto) and (b) after such substitute rating agency or agencies are agreed upon, Status shall be determined on the basis of the rating assigned by the other rating agency and such substitute rating agency or the two substitute rating agencies, as the case may be.

(b)

Amendment to Section 10.9.  The first paragraph of Section 10.9 of the Credit Agreement is hereby amended by deleting the percentage “0.15%” therefrom in its entirety and substituting the percentage “0.075%” therefor.

(c)

Revised Schedule.  Schedule 4.19 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting a revised Schedule 4.19 thereto in the form of Exhibit A hereto.

3.

Conditions to Effectiveness of this Amendment.  Subject to Section 4 hereof, this Amendment shall become effective on the date (the “Amendment Effective Date”) of the satisfaction (or waiver by the Administrative Agent) of each of the following conditions precedent (which satisfaction and/or waiver in any event shall be deemed to have occurred as of the Amendment Effective Date set forth in a notice to such effect by the Administrative Agent to Kimco and the Lenders):

(a)

Amendment.  The Administrative Agent shall have received from each party hereto either (i) a counterpart of this Amendment signed on behalf of such Person or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page of this Amendment) that such Person has signed a counterpart of this Amendment.

(b)

Legal Opinion.  The Administrative Agent shall have received the executed legal opinion of counsel to the Loan Parties (which may be in-house counsel), substantially in the form of Exhibit B hereto.  The Loan Parties hereby request such counsel to deliver such opinion.

(c)

Closing Certificates.  The Administrative Agent shall have received certificates from a Responsible Officer of Kimco and the other Borrowers, respectively, dated the Amendment Effective Date, (i) confirming compliance with the conditions specified in this Section 3 and that no consent, approval or waiver under the Core US Credit Agreement or, to the actual knowledge of such Responsible Officer, any other credit facility of Kimco or any other Loan Party is required for the execution and delivery of this Amendment and the performance by the Loan Parties of this Amendment or (with respect to the Credit Parties) the Credit Agreement as amended by this Amendment and (ii) certifying as to the names and offices of the Persons authorized to sign this Amendment, together with the signatures of each such Person and a certificate of another Responsible Officer of Kimco or the other Borrowers, as the case may be, certifying as to the name, office, and signature of such first Responsible Officer.

158

(d)

Organizational Documents, Etc.  The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the good standing of Kimco, the organization and existence of Kimco and each other Borrower, and the authorization of Kimco and each other Borrower in respect of the transactions contemplated by this Amendment, all in form and substance reasonably satisfactory to the Administrative Agent, certified to be true, correct and complete by a Responsible Officer as of the Amendment Effective Date.

(e)

Fees and Expenses.  The Administrative Agent shall have received payment of, for the account of the applicable payee, all fees and other amounts due and payable on or prior to the Amendment Effective Date under or in connection with this Amendment, including pursuant to the Fee Letters and, to the extent invoiced, reimbursement or payment of all reasonable third-party out-of-pocket expenses required to be reimbursed or paid by any Borrower hereunder, under the Fee Letters or under the Arrangement Letter dated December 20, 2007 between Kimco and RBC, including the reasonable fees and disbursements invoiced through the Amendment Effective Date of RBC’s special counsel.

4.

Effectiveness of Pricing Changes.  It is understood and agreed that (a) the Applicable Margin with respect to any Eurodollar Loan, CDOR Loan or Money Market Loan that is, immediately prior to the Amendment Effective Date, an outstanding Loan, shall continue to be calculated based on the Applicable Margin and Status with respect to such Loan as set forth in the Credit Agreement until (but excluding) the last day of the Interest Period then in effect for such Loan, (b) the Applicable Margin with respect to any ABR Loan or Cdn Prime Loan that is, immediately prior to the Amendment Effective Date, an outstanding Loan, shall continue to be calculated based on the Applicable Margin and Status with respect to such Loan as set forth in the Credit Agreement until (but excluding) the Amendment Effective Date, (c)  the L/C Fee Rate with respect to any Letter of Credit outstanding immediately prior to the Amendment Effective Date, shall continue to be calculated based on the L/C Fee Rate and Status with respect to such Letter of Credit as set forth in the Credit Agreement until (but excluding) the Amendment Effective Date and (d) the Facility Fee Rate shall continue to be calculated based on the Facility Fee Rate and Status as set forth in the Credit Agreement until (but excluding) the Amendment Effective Date.

5.

Representations and Warranties.  Kimco represents and warrants to the Administrative Agent and the Lenders as follows:

(a)

The execution, delivery and performance by each Loan Party of this Amendment is within such party’s corporate powers or trust powers, as applicable, and has been duly authorized by all necessary corporate or trust action, as applicable.  This Amendment has been duly executed and delivered by each Loan Party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity regardless of whether considered in a proceeding in equity or at law.

159

(b)

No consent or approval of any Governmental Authority or any other Person is required for any of the Loan Parties to execute, deliver and perform this Amendment.

(c)

After giving effect to this Amendment, all representations and warranties set forth in the Credit Agreement and the other Loan Documents applicable to any Loan Party are true and correct in all material respects as if made on the date of this Amendment, except for representations and warranties that specifically refer to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.

(d)

No Default or Event of Default has occurred and is continuing as of the date hereof.

(e)

There exist no cause of action, offsets, claims, counterclaims or defenses against the Administrative Agent or the Lenders with respect to the obligations under the Credit Agreement or any other Loan Document.

(f)

The entities named on the signature pages hereof that are executing this Amendment in a capacity that includes as a Subsidiary Guarantor, constitute, as of the Amendment Effective Date, all of the Subsidiary Guarantors.

6.

No Other Amendment or Waiver.  This Amendment shall not constitute an amendment or waiver of any provision of the Credit Agreement not expressly referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of any Credit Party that would require a waiver or consent of the Administrative Agent or any Lender.  Except as expressly modified hereby, all the terms, provisions and conditions of the Credit Agreement are and shall remain unchanged and shall continue in full force and effect.

7.

Continuing Subsidiary Guarantee.  By its execution of this Amendment, each Subsidiary Guarantor hereby acknowledges that it has reviewed the terms and provisions of this Amendment and consents to the provisions of this Amendment and all the transactions contemplated hereby.  Each Subsidiary Guarantor hereby confirms that the Subsidiary Guarantee will continue to guaranty to the fullest extent possible, the payment and performance of all obligations of such Subsidiary Guarantor in respect of the Obligations (as defined in the Subsidiary Guarantee).  Each Subsidiary Guarantor acknowledges and agrees that nothing contained herein shall be construed to require the consent of such Subsidiary Guarantor to any other or further or future amendment or modification to the Credit Agreement or any other Loan Document.

8.

Miscellaneous.  The terms of this Amendment shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.  This Amendment may be executed by telecopy or electronic mail in any number of counterparts and by the parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same document.  Transmission by telecopier or electronic mail of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart.  Each fully executed counterpart of this Amendment shall be deemed to be a duplicate original.

160

9.

GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

10.

Severability.  Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provision of this Amendment.

[Remainder of page intentionally left blank; signature pages follow]

161

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

TRUSTS AND SUBSIDIARY GUARANTORS:

KIMCO NORTH TRUST I,

as a Borrower and Subsidiary Guarantor

By:  /s/ David B. Henry

Name: David B. Henry

Title: Trustee

By:  /s/ Michael V. Pappagallo

Name: Michael V. Pappagallo

Title: Trustee

KIMCO NORTH TRUST II,

as a Borrower and Subsidiary Guarantor

By:  /s/ Glenn G. Cohen

Name: Glenn G. Cohen

Title: Trustee

KIMCO NORTH TRUST III,

as a Borrower and Subsidiary Guarantor

By:  /s/ Glenn G. Cohen

Name: Glenn G. Cohen

Title: Trustee

162

KIMCO NORTH LOAN TRUST IV,

as a Borrower and Subsidiary Guarantor

By:  /s/ Glenn G. Cohen 

Name: Glenn G. Cohen

Title: Trustee

KIMCO NORTH TRUST V,

as a Borrower and Subsidiary Guarantor

By:  /s/ Glenn G. Cohen

Name: Glenn G. Cohen

Title: Trustee

KIMCO NORTH TRUST VI,

as a Borrower and Subsidiary Guarantor

By:  /s/ Glenn G. Cohen

Name: Glenn G. Cohen

Title: Trustee

KRC MEXICO ACQUISITION CORPORATION,

as a Subsidiary Guarantor

By:  /s/ Glenn G. Cohen

Name: Glenn G. Cohen

Title: Trustee

KRC MEXICO CORPORATION S. de R.L. de C.V.,

as a Subsidiary Guarantor

By:  /s/ Glenn G. Cohen

Name: Glenn G. Cohen

Title: Trustee

163

ADMINISTRATIVE AGENT:

ROYAL BANK OF CANADA, as Administrative Agent

By:  /s/ Ann Hurley

Name:

Ann Hurley

Title:

Manager, Agency

LENDERS AND ISSUING LENDER:

ROYAL BANK OF CANADA, acting through a U.S. branch, as a Lender and as Issuing Lender

By:  /s/ Dan LePage

Name:

Dan LePage

Title:

Authorized Signatory

BANK OF AMERICA, NATIONAL ASSOCIATION, acting through its Canada branch

By:  /s/ Medina Sales de Andrade

Name:

Medina Sales de Andrade

Title:

Vice President

BANK OF AMERICA, N.A.

By:  /s/ Michael W. Edwards

Name:

Michael W. Edwards

Title:

Senior Vice President

164

CANADIAN IMPERIAL BANK OF COMMERCE, acting through a U.S. branch

By:  /s/ John Komar

Name:

John Komar

Title:

Director

THE BANK OF NOVA SCOTIA, acting through a U.S. branch

By:  /s/ Robert Boese

Name:

Robert Boese

Title:

Managing Director

JPMORGAN CHASE BANK, N.A.,

TORONTO BRANCH

By:  /s/ Sara Collins

Name:

Sara Collins

Title:

Executive Director

JPMORGAN CHASE BANK, N.A.

By:  /s/ Charles E. Hoagland

Name:

Charles E. Hoagland

Title:

Vice President

KIMCO:

KIMCO REALTY CORPORATION,

as a Guarantor and as a Borrower

By:  /s/ Glenn G. Cohen

Name:

Glenn G. Cohen

Title:

Treasurer/Vice President

165

EXHIBIT A

TO THIRD AMENDMENT

SCHEDULE 4.19

TO SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

CONDEMNATION PROCEEDINGS

				
	Site

	345

	—

	Beavercreek, OH

	 
	 
	 
	 

	Site

	397

	—

	Evansville, IN

	 
	 
	 
	 

	Site

	589

	—

	Austin, TX

	 
	 
	 
	 

	Site

	605

	—

	Centereach, NY

	 
	 
	 
	 

	Site

	1023

	—

	Tucson, AZ

	 
	 
	 
	 

	Site

	1145

	—

	Nesconset, NY

	 
	 
	 
	 

	Site

	1197

	—

	Brownsville, TX

166

EXHIBIT B

TO THIRD AMENDMENT

[FORM OF]

OPINION OF COUNSEL TO LOAN PARTIES

January __, 2008

To the Lenders, the Issuing Lender

and Administrative Agent

referred to in the Amendment

referred to below

c/o Royal Bank of Canada, as Administrative Agent

Royal Bank Plaza

P.O. Box 50, 200 Bay Street

12th Floor, South Tower

Toronto, Ontario M5J 2W7

Canada

Ladies and Gentlemen:

I am [special] [in-house] counsel for Kimco North Trust I, Kimco North Trust II, Kimco North Trust III, Kimco North Loan Trust IV, Kimco North Trust V, Kimco North Trust VI, each a New York grantor trust (collectively, the “Trusts”) and Kimco Realty Corporation, a Maryland corporation (“Kimco” and, together with the Trusts, collectively, the “Borrowers”), and have acted as counsel to the Borrowers and the other Loan Parties (as defined in the Credit Agreement referred to below) in connection with the Third Amendment, dated as of January __, 2008 (the “Amendment”) among the Trusts, the banks parties thereto as lenders (the “Lenders”), Royal Bank of Canada (“RBC”), as the Issuing Lender (in such capacity, the “Issuing Lender”), RBC, as Administrative Agent (in such capacity, the “Administrative Agent”), and Kimco, and consented to by the Subsidiary Guarantors named on the signature pages thereof, which Amendment amends in certain respects the Second Amended and Restated Credit Agreement, dated as of January 25, 2006 (as amended by the First Amendment thereto dated as of August 30, 2007 and the Second Amendment thereto dated as of November 6, 2007, the “Existing Credit Agreement”), among the Borrowers, the Lenders, the Issuing Lender, The Bank of Nova Scotia and Canadian Imperial Bank of Commerce, as Syndication Agents, Bank of America, N.A., as Documentation Agent, and the Administrative Agent (the Existing Credit Agreement, as amended by the Amendment, is hereinafter referred to as the “Credit Agreement”).

The opinions expressed below are furnished to you pursuant to Section 3(b) of the Amendment.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

167

EXHIBIT B

TO THIRD AMENDMENT

In arriving at the opinions expressed below,

(a)

I have examined and relied on the originals, or copies certified or otherwise identified to my satisfaction, of each of (l) the Amendment, (2) the Existing Credit Agreement, and (3) the Subsidiary Guarantee; and

(b)

I have examined such corporate documents and records of the Borrowers and the other Loan Parties and such other instruments and certificates of public officials, officers and representatives of the Borrowers, the other Loan Parties and other Persons as I have deemed necessary or appropriate for the purposes of this opinion.

In arriving at the opinions expressed below, I have made such investigations of law in each case as I have deemed appropriate as a basis for such opinions, and I have assumed without independent investigation or inquiry, (a) the authenticity of all documents submitted to me as originals, (b) the genuineness of all signatures on all documents that I examined (other than those of the Loan Parties and officers of the Loan Parties) and (c) the conformity to authentic originals of documents submitted to me as certified, conformed or photostatic copies.

When my opinions expressed below are stated “to the best of my knowledge,” I have made reasonable and diligent investigation of the subject matters of such opinions and have no reason to believe that there exist any facts or other information that would render such opinions incomplete or incorrect.

Based upon and subject to the foregoing, I am of the opinion that:

1.

Each of the Trusts (a) is a trust duly organized, validly existing and in good standing under the laws of the State of New York, (b) has the trust power and authority and the legal right to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged and (c) is duly qualified as a foreign trust and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except to the extent that the failure to be so qualified could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

2.

Each of the Guarantors (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate (or limited partnership or limited liability company or other form of organization, as applicable) power and authority and the legal right to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged and (c) is duly qualified as a foreign corporation (or limited partnership or limited liability company or other form of organization, as applicable) and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except, in the case of clauses (a), (b) and (c) above, as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

3.

Each Loan Party has the corporate (or limited partnership or limited liability company or other form of organization, as applicable) power and authority, and the legal right, to make, deliver and perform its obligations under the Amendment.  Each Loan Party has taken all 

168

EXHIBIT B

TO THIRD AMENDMENT

necessary corporate (or limited partnership or limited liability company or other form of organization, as applicable) action to authorize the execution, delivery and performance of the Amendment.  No consent or authorization of, approval by, notice to, filing with or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings of Loans and the requests for the issuance of Letters of Credit under the Credit Agreement or with the execution, delivery, performance, validity or enforceability of the Amendment or the Credit Agreement.

4.

The Amendment has been duly executed and delivered on behalf of each Loan Party and the Amendment and the Credit Agreement each constitute a legal, valid and binding obligation of each such Loan Party, enforceable against each such Loan Party in accordance with its terms.

5.

The execution and delivery of the Amendment, the performance by each Loan Party of its obligations thereunder and under the Credit Agreement, the consummation of the transactions contemplated by the Amendment and the Credit Agreement, the compliance by each Loan Party with any of the provisions thereof, the borrowings of Loans, and the use of proceeds thereof, and the requests for the issuance of Letters of Credit under the Credit Agreement, all as provided therein, (a) will not violate, or constitute a default under, any Requirement of Law or, to the best of my knowledge, any Contractual Obligations of any Loan Party and (b) will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues.

6.

To the best of my knowledge, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or threatened by or against any Loan Party or against any of their respective properties or revenues (a) with respect to the Amendment, the Credit Agreement or any of the other Loan Documents, or (b) which could reasonably be expected to have a Material Adverse Effect.

7.

No Loan Party is (a) an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended, or (b) a “holding company” as defined in, or otherwise subject to regulation under, the Public Utility Holding Company Act of 1935.  No Loan Party is subject to regulation under any Federal or state statute or regulation which limits its ability to incur Indebtedness.

I am a member of the bar of the State of New York and I express no opinion as to the laws of any jurisdiction other than the laws of the State of New York, the General Corporate Law of the States of Maryland and Delaware and the Federal laws of the United States of America.

Very truly yours,

______________________

169#462363 v1 - Kimco-- Paul Weinberg Employment Agreement

Exhibit 10.26

EMPLOYMENT AGREEMENT

THIS AGREEMENT, dated October 15, 2007 is made by and between Kimco Realty Corporation (the “Company”), a Maryland corporation, and Michael J. Flynn (the “Executive”).

1.

Employment.  The Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, upon the terms and subject to the conditions set forth in this Agreement.

2.

Certain Definitions.

(a)

“Base Salary” is defined in Section 6(a). 

(b)

“Bonus” is defined in Section 6(b).

(c)

“Automobile” is defined in Section 6(c).   

(d)

“Benefits” is defined in Section 6(e).

(e)

“Board” means the Board of Directors of the Company.

(f)

 “Cause”.  For purposes of this Agreement, “Cause” shall mean any of the following (i) conviction of a crime (including conviction on a nolo contendere plea) involving the commission by Executive of a felony or of a criminal act involving, in the good faith judgment of the Board, fraud, dishonesty, or moral turpitude; (ii) deliberate and continual refusal to perform employment duties reasonably requested by the Company or an affiliate after thirty (30) days’ written notice by certified mail of such failure to perform, specifying that the failure constitutes cause (other than as a result of vacation, sickness, illness or injury); (iii) fraud or embezzlement determined in accordance with the Company’s normal, internal investigative procedures consistently applied in comparable circumstances; or (iv) gross misconduct or gross negligence in connection with the business of the Company or an affiliate which has a substantial adverse effect on the Company or the affiliate.

(g)

“Change in Control”.  For purposes of this Agreement, a “Change in Control” shall mean (i) a sale of all or substantially all of the assets of the Company to a Person who is not an Affiliate of the Company or an entity in which the shareholders of the Company immediately prior to such transaction do not control more than 50% of the voting power immediately following the transaction, (ii) a sale by any Person resulting in more than 50% of the voting stock of the Company being held by a Person or Group that does not include Company or (iii) a merger or consolidation of the Company into another entity which is not an Affiliate of the Company or an entity in which the shareholders of the Company immediately prior to such transaction do not control more than 50% of the voting power immediately following the transaction. 

170

(h)

"Significantly Disabled"   For purposes of this Agreement, Executive shall be “Significantly Disabled” with or without reasonable accommodation if Executive is physically or mentally incapacitated so as to render Executive incapable of performing his usual and customary duties under this Agreement.  Executive’s receipt of disability benefits under the Company’s long-term disability benefits plan (the “LTD Plan”) or receipt of Social Security disability benefits shall be deemed conclusive evidence of Total Disability for purpose of this Agreement; provided, however, that in the absence of Executive’s receipt of such long-term disability benefits or Social Security benefits, the Board may, in its reasonable discretion (but based upon appropriate medical evidence), determine that Executive is Significantly Disabled.

(i)

“Effective Date” shall mean January 1, 2008.

(j)

 “Stock Options” is defined in Section 6(d).

(k)

“Term of Employment” is defined in Section 3.

(l)

“Renewed Term of Employment” is defined in Section 4.

3.

Term of Employment.  The period of Executive’s employment under this Agreement shall begin as of the Effective Date and shall continue until December 31, 2008 (the “Term of Employment“), unless sooner terminated in accordance with Section 7 below or unless renewed pursuant to Section 4 or extended by mutual agreement of the parties.

4.

Renewal.  If this Agreement is not otherwise terminated, it will automatically renew for a term of one (1) year (the "Renewed Term of Employment") effective on the day after the Term of Employment ends (the "renewal date"), unless either party hereto gives written notice of non-renewal at least ninety (90) days prior to the end of the Term of Employment.  

5.

Duties and Responsibilities.  

(a)

During the Term of Employment and any Renewed Term of Employment, the Executive shall serve as Vice Chairman and President of the Company.  In such capacity, Executive shall perform the customary duties and have the customary responsibilities of such positions and such other duties as may be assigned to Executive from time to time by the officer to whom Executive reports or by the designee of the Company’s Chief Executive Officer.

(b)

Executive agrees to faithfully serve the Company, devote his full working time, attention and energies to the business of the Company, its subsidiaries and affiliated entities, and perform the duties under this Agreement to the best of his abilities.

171

(c)

Executive agrees (i) to comply with all applicable laws, rules and regulations, and all requirements of all applicable regulatory, self-regulatory, and administrative bodies; (ii) to comply with the Company’s rules, procedures, policies, requirements, and directions; and (iii) not to engage in any other business or employment without the written consent of the Company except as otherwise specifically provided herein.

(d)

In connection with his employment during the Term of Employment and Renewed Term of Employment, if any, the Executive shall be based at any location agreed upon between the Executive and the Company.

1.

Compensation and Benefits.

(a)

Base Salary.  During the Term of Employment or Renewed Term of Employment, if any, the Executive shall receive a base salary (“Base Salary”) at a rate of $700,000 per annum (or such greater amount as shall be determined by the Company’s Chief Executive Officer in conjunction with the Board of Directors), payable monthly or more frequently in accordance with the Company’s practice as applied to other senior executives.  Such base salary shall be reviewed at least annually. 

(b)

Bonus.  Provided that Executive remains employed hereunder on such dates, on each annual anniversary of the Effective Date, Executive shall become entitled to receive a cash bonus (the “Minimum Bonus”) at the minimum amount of $625,000 (or such greater amount as shall be determined by the Company’s Chief Executive Officer in conjunction with the Board of Directors).

(c)

Automobile.  During the term of Employment and Renewed Term of Employment, if any, the Company shall also provide Executive with use of an automobile selected by Executive and shall pay fuel, oil and other vehicle necessities and maintenance and repairs cost and expenses for or to the automobile and shall provide a driver for the Executive’s use of the automobile on Company business.

(d)

Equity Compensation.

 Executive shall be eligible to be granted options to purchase shares of the Company’s common stock (“Stock Options”) in accordance with the terms of the Stock Option Plan for Key Employees and Outside Directors of Kimco Realty Corporation (the “Option Plan”) and may be eligible for future grants as well. If a Restricted Stock Plan is adopted, the Executive will be eligible for grants.  Executive understands that the amount, existence, terms and conditions of any such grants shall be determined in the sole discretion of the Board of Directors or committee thereof.

(e)

Benefits.  During the Term of Employment or Renewed Term of Employment, if any, the Executive shall be entitled to participate in or receive benefits under the employee benefit plans (including health, welfare and insurance plans) and other arrangements made available by the Company to its senior employees generally 

172

(collectively “Benefits”), subject to and on a basis consistent with the terms, conditions and overall administration of such plans or arrangements; provided, however, that the Executive shall be entitled to four (4) weeks of paid vacation per annum during the Term of Employment or Renewed Term of Employment, if any, exclusive of Company holidays and that Executive shall be entitled to take sick or personal days off in accordance with the Company’s practice as applied to other senior executives.

(f)

Business Expenses.  The Company shall reimburse the Executive for all reasonable travel and other business expenses incurred by the Executive in the performance of his duties to the Company hereunder provided that such expenses are incurred for business reasons and accounted for in accordance with the Company’s policy.

(g)

No Waiver.  The Executive shall also be entitled to such other benefits or terms of employment as are provided by law. 

2.

Termination of Employment.  The Executive’s employment hereunder may be terminated by the Company or the Executive, as applicable, without any breach of this Agreement only under the following circumstances:

(a)

Death.  The Executive’s employment hereunder shall terminate upon his death.

(b)

Disability.  If the Company determines in good faith that the Executive is Significantly Disabled during the Term of Employment, the Company may give the Executive written notice of its intention to terminate the Executive’s employment.  In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive, provided that within the 30 days after such receipt, the Executive shall not have returned to full-time performance of his duties with or without a reasonable accommodation. 

(c)

Cause.  The Company may terminate the Executive’s employment hereunder for Cause.  

(d)

Without Cause.  The Company may terminate the Executive’s employment at any time hereunder without Cause upon thirty (30) days notice.

(e)

Expiration of Term of Employment and Ninety Day Notice Not to Renew.  Executive’s employment hereunder shall terminate upon expiration of the Term of Employment upon written notice by either party provided ninety (90) days before the expiration of the Term of Employment in accordance with Section 4, above, or if this Agreement is renewed, before expiration of the Renewed Term of Employment, if applicable.  The giving of notice not to renew shall not constitute a termination without Cause. 

173

(f)

Notice of Termination.  Any termination of the Executive’s employment hereunder (other than by reason of the Executive’s death or expiration of the Term of Employment or Renewed Term of Employment, if any) shall be communicated by a notice of termination to the other parties hereto.  For purposes of this Agreement, a “notice of termination” shall mean a written notice which (i) indicates the specific termination provision in the Agreement relied upon, (ii) sets forth in reasonable detail any facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision indicated and (iii) specifies the effective date of the termination. 

3.

Compensation Following Termination of Employment.  Upon termination of Executive’s employment under this Agreement, Executive (or his/her designated beneficiary or estate, as the case may be) shall be entitled to receive the following compensation:

(a)

Base Salary and Accrued but Unpaid Expenses and Vacation.  The Company shall pay Executive any Base Salary for services rendered to the date of termination, any accrued but unpaid expenses required to be reimbursed under this Agreement, and any vacation accrued, but unused, to the date of termination.

(b)

Other Compensation and Benefits.  Except as otherwise provided under this Agreement,

(i)

any other compensation or benefits to which Executive may be entitled at the time of termination shall be determined and paid in accordance with the terms of such plans, policies and arrangements providing such compensation or benefits, and

(ii)

except as provided hereunder, Executive shall have no right to receive any other compensation, or to participate in any other plan, arrangement or benefit, with respect to future periods after such termination or resignation.

(c)

Additional Compensation Payable Following Termination without Cause.  If the Executive’s employment shall terminate without Cause (pursuant to Section 7(d)), and if Executive executes a “Separation Agreement and General Release” in substantially the same form as attached hereto as Exhibit A, the Company shall provide the following compensation and benefits to Executive unless the Change in Control provisions of Section 24 below apply:

(i)

Base Salary.  The Company shall pay the Executive a severance benefit equal to the greater of A) the remaining Base Salary payments to which Executive would be entitled for the remainder of the Term of Employment (or if this Agreement is renewed, the Renewed Term of Employment) if such termination had not occurred or B) one year’s payment of Base Salary.  Such payments shall be made at the same time and in the same manner as such compensation had been paid prior to such termination of employment.

174

(ii)

Minimum Bonus.  The Company shall pay Executive the Minimum Bonus(es) that he would have received pursuant to Section 6(b) if his employment had continued until the end of the Term of Employment (or if this Agreement is renewed, until the end of the Renewed Term of Employment).

(iii)

Continuation of Benefits.  The Company shall make all necessary payments for and provide all Benefits to Executive under this Agreement as if his employment had continued until the end of the Term of Employment (or if this Agreement is renewed, until the end of the Renewed Term of Employment) or for one year, whichever is greater.  

(iv)

Vesting of Stock Options.  All outstanding unvested Stock Options shall become immediately vested and fully exercisable.

(v)

Upon death or significant disability, the Executive (or such Payee as the Executive shall have designated on the signature page hereof) shall be entitled to six (6) months of base salary (or such greater amount as determined in Section 6(a), above) and any options with respect to common stock options of the Company then held by Executive, which are not yet exercisable shall thereupon become exercisable in accordance with the terms of such option.

(d)

No Other Compensation.  If Executive’s employment is terminated by reason of Cause or resignation by Executive (other than in accordance with Section 24 below following a Change in Control) or Expiration of the Term of Employment or Renewed Term of Employment, if any, then Executive shall not be entitled to any other compensation or benefits from the Company except as described in Section 8(a) and (b) above.

4.

Survival.  The expiration or termination of the Term of Employment or Renewed Term of Employment, if any, shall not impair the rights or obligations of any party hereto which shall have accrued hereunder prior to such expiration.

5.

Disputes.  Any dispute or controversy arising under, out of, in connection with or in relation to this Agreement shall, at the election and upon written demand of any party to this Agreement, be finally determined and settled by arbitration in Garden City, New York in accordance with the rules and procedures of the American Arbitration Association, and judgment upon the award may be entered in any court having jurisdiction thereof.  In such arbitration, each party shall bear its own legal fees and related costs, except that the parties shall share the fee of the arbitrator, where Employee pays an amount equal to the cost of the filing fee or purchasing an index number in federal or state court, whichever is less.  To the extent that any claim is found not to be subject to arbitration, such claim shall be either decided by the U.S. District Court for the Eastern District of New York, or the Supreme Court in and for Nassau County, New York and all such claims shall be adjudicated by a judge sitting without a jury.

175

The prevailing party in any such proceeding shall be entitled to collect from the other party, all legal fees and expenses as permitted by law.

6.

Consultancy.  Upon termination of the Term of Employment, or if the employment term is renewed, upon termination of the Renewed Term of Employment, Executive and the Company shall thereupon enter into a consulting agreement which shall provide for compensation of $250,000 per annum for a term of three years.

7.

Restrictive Covenants.

This Section 12 shall not apply in the event of termination following a Change in Control (as defined in Section 2(g), above), pursuant to Section 24, below.

(a)

Confidentiality.  

(i)

During Executive’s Term of Employment or Renewed Term of Employment, if any, with the Company, Executive will not use or disclose to any individual or entity any Confidential Information (as defined below) except (i) in the performance of Executive's duties for the Company, (ii) as authorized in writing by the Company, or (iii) as required by law or legal process, provided that prior written notice of such required disclosure is provided to the Company and that all reasonable efforts to preserve the confidentiality of such information shall be made.  

(ii)

As used herein, "Confidential Information" shall mean information that (i) is used or potentially useful in the Company's business, (ii) the Company treats as proprietary, private or confidential, and (iii) is not generally known to the public.  "Confidential Information" includes, without limitation, information relating to the Company's products or services; marketing, selling or business or development plans; current or prospective customer, client, landlord, owner and tenant lists and data, trade secrets, call lists, manuals, policies, memoranda, notes, records, technical data, sketches, plans, drawings, formulae, research and development data, sources of supply and material, operating and cost data, financial information and personnel information.  "Confidential Information" also includes proprietary and/or confidential information of the Company's customers, clients, landlords, owners, tenants, suppliers and business or joint venture partners who may share such information with the Company pursuant to a confidentiality agreement or otherwise.  

(b)

Non-Competition.  In consideration of Executive's employment or the continuation of Executive's employment with the Company and the access to Confidential Information provided by the Company, including customer, client, landlord, owner and tenant contact information, Executive agrees and covenants that:

176

(i)

Executive shall not in any states where the Company does business enter into competition (as defined below) with the Company during Executive’s Term of Employment or Renewed Term of Employment, if any, with the Company or, if he resigns or is deemed to have resigned from employment (e.g., job abandonment), until December 31, 2008 or one (1) year from the renewal date of the contract, whichever is greater, and 

(ii)

As used herein, the term "competition" shall mean the direct or indirect ownership, management, employment or other participation in any business whose products or activities compete in whole or in part with the services or activities of the Company or any of its subsidiaries, including, without limitation, any real estate investment trust or other business which manages, or owns and operates, or purchases and sells shopping malls or shopping centers, provided, however, that Executive may acquire up to one percent of any class of securities of any enterprise if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934, as amended.

(c)

Non-Solicitation.   

(i)

While employed by the Company or, if he resigns or is deemed to have resigned from employment (e.g., job abandonment), until December 31, 2008, Executive shall not in any capacity employ or solicit for employment, or recommend that another person employ or solicit for employment, any person who is then and was at any time during Executive's employment an employee, sales representative or agent of the Company or any subsidiary or affiliate of the Company.

(ii)

Executive agrees that while employed by the Company or, if he resigns or is deemed to have resigned from employment (e.g., job abandonment), until December 31, 2008, he will not, on behalf of himself, or any other person, firm or corporation, solicit any of the Company's customers, clients, landlords, owners, tenants, and business or joint venture partners with whom he has had contact while working for the Company; nor will Executive in any way, directly or indirectly, for himself, or any other person, firm, corporation or entity, divert, or take away any of the Company's customers, clients, landlords, owners, tenants, suppliers and business or joint venture partners with whom Executive has had contact.  For purposes of this Section, the term "contact" shall mean engaging in any communication, whether written or oral, with the customer, client, landlord, owner, tenant, supplier and business or joint venture partner or any representative thereof, or obtaining any information with respect to such customer, client, landlord, owner, tenant, supplier and business or joint venture partner or representative thereof.

177

(d)

Remedies for Breach of Confidentiality, Non-Competition and Non-Solicitation Provisions of this Agreement.  Executive acknowledges that this Section 12, its terms and his compliance are necessary to protect the Company's Confidential and Proprietary Information, its business and its goodwill, and that a breach of any of Executive's promises contained in this Section 12 will irreparably and continually damage the Company to an extent that money damages may not be adequate.  For these reasons, Executive agrees that in the event of a breach or threatened breach by the Executive of this Section 12, the Company shall be entitled to a temporary restraining order and preliminary injunction restraining Executive from such breach, without the posting of a bond.  Nothing contained in this Section shall be construed as prohibiting the Company from pursuing any other remedies available for such breach or threatened breach or any other breach of this Agreement.  The Company and Executive further acknowledge and agree that it may be difficult, if not impossible; to compute the actual damages that will be suffered by the Company upon Executive’s violation of this Section 12.  It is agreed, therefore, that in the event Executive breaches these provisions, Executive shall pay to the Company liquidated damages of a full year's salary during any period of breach and forfeit any payments due under Agreement, or any actual damages that the Company may incur as a result of such breach, whichever amount is greater, in addition to any other damages, including without limitation punitive damages, attorney's fees and costs, awarded by a court or arbitrator related to any breach of these provisions.

(e)

Effect of Termination of Employment.  Notwithstanding the provisions of Section 7(e) of this Agreement, the period of Executive's employment for purposes of determining the applicability of the restrictions contained in Section 12 of this Agreement shall include any period during which Executive is employed by the Company's successors or assigns.  Upon termination of employment, as defined herein and for whatever cause, Executive shall immediately deliver to the Company or its successors or assigns, all Company property, including without limitation all Confidential Information as defined above.

8.

Withholding of Taxes.  The Company shall withhold from any compensation and benefits payable under this Agreement all applicable federal, state, local, or other taxes.

9.

Binding on Successors.  This Agreement shall be binding upon and inure to the benefit of the Company, the Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable.  The Company shall cause any successor to all or substantially all of its assets or business to assume this Agreement. 

10.

Governing Law.  This Agreement is being made and executed in and is intended to be performed in the State of New York, and shall be governed, construed, interpreted and enforced in accordance with the substantive laws of the State of New York without regard to its conflict or choice of law rules.

178

11.

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.

12.

Notices.  Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent, by telex, telecopy, facsimile transmission, or certified or registered mail, postage prepaid, as follows:

If to the Company, addressed to:

3333 New Hyde Park Rd.

New Hyde Park, NY 11042

Att: Vice President of Human Resources

If to the Executive, to him at the address set forth below under his signature; or at any other address as any party shall have specified by notice in writing to the other parties in accordance herewith.

13.

Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.  This Agreement shall not become enforceable until executed by the Company.

14.

Entire Agreement.  The terms of this Agreement are intended by the parties to be the final expression of their agreement with respect to the employment of the Executive by the Company, may not be contradicted by evidence of any prior or contemporaneous agreement and supersedes any and all prior agreements, including specifically the November 1, 1998 Employment Agreement between the Company and the Executive.  The parties further intend that this Agreement shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.

15.

Amendments; Waivers.  This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by the Executive and approved by the Executive Compensation Committee of the Board of Directors or by an arbitrator or court seeking to render enforceable through "judicial" modification an otherwise unenforceable provision.  By an instrument in writing similarly executed, the Executive or the Company may waive compliance by the other party with any provision of this Agreement that such other party was or is obligated to comply with or perform, provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure.  No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

179

16.

No Inconsistent Actions; Cooperation.  

(a)

The parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement.  Furthermore, it is the intent of the parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.

(b)

Each of the parties hereto shall cooperate and take such actions, and execute such other documents as may be reasonably requested by the other in order to carry out the provisions and purposes of this Agreement.

17.

No Alienation of Benefits.  To the extent permitted by law the benefits provided by this Agreement shall not be subject to garnishment, attachment or any other legal process by the creditors of the Executive, his beneficiary or his estate.

18.

Indemnification.  The Company shall provide indemnification to the Executive to the extent permitted by the Company’s corporate bylaws and under New York law.

19.

Change in Control.  

(a)

Requirements for Additional Compensation.  If a Change in Control occurs and the Executive’s employment is terminated for any reason, at any time by the Company without Cause pursuant to Section 7(d) above, or by the Executive if prior to the end of the 60-day period beginning on the date of the Change in Control, the Company shall provide the Executive with the additional compensation and benefits described in this Section 24.

(b)

Lump Sum Payment.  The Company shall pay Executive an amount equal to the lesser of:

(i)

The amount of Base Salary under this Agreement (or any salary of greater amount he was receiving as was determined pursuant to Section 6(a)) and bonus (defined by the amount of bonus he most recently received or the Executive’s minimum bonus, if he has never yet received a bonus), that would have been payable to the Executive if he had continued in employment until the end of the Term of Employment or Renewed Term of Employment, if any; or 

(ii)

The greatest payment which in combination with all other payments to which he would be entitled, would not constitute an “excess parachute payment” as such term is defined in Section 28(b)(1) of the Internal Revenue Code.

The amount determined under this subsection (b) of this Section 24 will be paid to Executive in a single lump sum within thirty (30) days after his last day of employment.

180

(c)

Continuation of Benefits.  The Company shall make all necessary payments for and provide all Benefits to Executive under this Agreement as if his employment had continued until the later of the end of the Term of Employment (or if the Agreement is renewed, the Renewed Term of Employment) or the end of the one-year period beginning on his date of termination.

(d)

Vesting of Stock Options.  All outstanding unvested Stock Options shall become immediately vested and fully exercisable.

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

KIMCO REALTY CORPORATION,

a Maryland corporation

By: _/s/ Milton Cooper__________  

EXECUTIVE

/s/ Michael J. Flynn____________

Michael J. Flynn

215 Old Church Road

Greenwich, CT  06830

­­­­­­­­­­­­­­­­­­­­­­­­­­­­

 

181

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]