Document:

exv10w5wb

EXHIBIT 10.5.b

FIRST AMENDMENT TO LOAN AGREEMENT

     THIS FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”), dated as of April 9, 2010,
is by and among KEYBANK, NATIONAL ASSOCIATION, as Administrative Agent (hereinafter, the
“Administrative Agent”), the Lenders (as hereinafter defined) party hereto and CEDAR
SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware limited partnership, as the Borrower (hereinafter,
the “Borrower”). All capitalized terms not otherwise defined herein shall have the same
meaning ascribed to such terms as set forth under the Loan Agreement (as hereinafter defined).

BACKGROUND

     WHEREAS, (a) the Administrative Agent, (b) Keybank, National Association, Manufacturers and
Traders Trust Company, Regions Bank, Citizens Bank of Pennsylvania, Raymond James Bank, FSB, TD
Bank, N.A., and Tristate Capital Bank, as the lenders (hereinafter, the “Lenders”), and (c)
the Borrower have entered into a certain loan arrangement evidenced by, among other documents,
instruments and agreements, that certain Amended and Restated Loan Agreement, dated as of October
17, 2008 (as amended, modified, restated or supplemented from time to time, the “Loan
Agreement”); and

     WHEREAS, the Administrative Agent, the Required Lenders and the Borrower have agreed to amend
the Loan Agreement as more particularly set forth herein.

     Accordingly, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, it is hereby agreed by and among the Administrative Agent, the Required
Lenders and the Borrower as follows:

AGREEMENT

     1. Amendment. The Loan Agreement is amended by adding a new Clause 8.2.6 to the end
of Section 8.2 of the Loan Agreement to read as follows, and by making the appropriate punctuation
and grammatical changes thereto:

     8.2.6. Easements, etc. Liens in connection with easements, rights-of-way,
zoning restrictions and other similar encumbrances affecting real property which, in the
aggregate, do not impose material financial obligations on the Borrower or any Loan Party,
and which do not, in the aggregate, materially detract from the value of the property
subject thereto or materially interfere with the ordinary conduct of the business of such
property or the Loan Party that owns such property.

     2. Effectiveness; Conditions Precedent. This Amendment shall be effective upon
receipt by the Administrative Agent of copies of this Amendment duly executed by the Borrower and
the Required Lenders.

 

     3. Ratification of Loan Agreement. The Borrower acknowledges and consents to the
terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its
obligations under the Loan Documents. Except as set forth in this Amendment, all of the terms and
conditions of the Loan Agreement shall remain unchanged and shall continue in full force and
effect. All future references to the “Loan Agreement” shall be deemed to be references to the Loan
Agreement as amended by this Amendment.

     4. Authority/Enforceability. The Borrower represents and warrants as follows:

     (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

     (b) This Amendment has been duly executed and delivered by the Borrower and constitutes
the Borrower’s legal, valid and binding obligations, enforceable in accordance with its
terms.

     (c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is required in
connection with the execution, delivery or performance by the Borrower of this Amendment.

     (d) The execution and delivery of this Amendment does not (i) violate, contravene or
conflict with any provision of its, or its Subsidiaries’ organization documents or (ii)
materially violate, contravene or conflict with any Laws applicable to it or any of its
Subsidiaries.

     5. Representations and Warranties of the Borrower. The Borrower represents and
warrants to the Lenders that after giving effect to this Amendment (a) the representations and
warranties of the Borrower and each other Loan Party contained in Article 6 of the Loan Agreement
or any other Loan Document are true and correct in all material respects on and as of the date
hereof, except to the extent that the representations and warranties in Sections 6.4, 6.7, 6.9 and
6.14 have been modified to reflect events occurring after the date of the Loan Agreement, as same
have been disclosed in writing to the Administrative Agent on or before the date hereof, and except
that the representations and warranties contained in Section 6.8 shall be deemed to refer to the
most recent statements furnished pursuant to Section 7.2 of the Loan Agreement, and (b) no event
has occurred and is continuing which constitutes a Default or an Event of Default.

     6. Release. In consideration of the Lenders entering into this Amendment, the
Borrower hereby release the Administrative Agent, the Lenders and the Administrative Agent’s and
the Lenders’ respective officers, employees, representatives, agents, counsel and directors from
any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or
nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any
of the foregoing arises from any action or failure to act solely in connection with the Loan
Documents on or prior to the date hereof.

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     7. Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment
by telecopy or .pdf shall be effective as an original.

     8. GOVERNING LAW. THIS AGREEMENT 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.

[The balance of this page is intentionally left blank]

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     IN WITNESS WHEREOF, this Amendment has been executed as a sealed instrument as of the date
first set forth above.

	 	 	 	 	 	 	 	 	 

	BORROWER:	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers, Inc.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Brenda J. Walker
 

Name: Brenda J. Walker
	 	 
	 

	 	 	 	 	 	Title: Chief Operating Officer	 	 

 

 

	 	 	 	 	 	 	 

	ADMINISTRATIVE AGENT:	 	KEYBANK, NATIONAL ASSOCIATION, 

as Administrative Agent on behalf of itself and the
Required Lenders pursuant to the deemed approval provisions
of Section 13.4.2 of the Loan Agreement.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffry M. Morrison
 

Name: Jeffry M. Morrison
	 	 
	 

	 	 	 	Title: Senior Bankerexv10w6wa

EXHIBIT 10.6

SECURITIES PURCHASE AGREEMENT

     Securities Purchase Agreement dated as of the 26th day of October, 2009, by and
among Cedar Shopping Centers, Inc., a Maryland corporation (the “Company”), Cedar Shopping Centers
Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), RioCan Holdings USA
Inc., a Delaware corporation (the “Purchaser”), and RioCan Real Estate Investment Trust, an
unincorporated closed-end trust constituted in accordance with the laws of the Province of Ontario
(“RioCan”).

W I T N E S S E T H :

     WHEREAS, the Company desires to issue and sell to the Purchaser shares (the “Shares”) of
Common Stock, $.06 par value, of the Company (the “Common Stock”), and a stock purchase warrant
(the “Warrant”) to purchase shares of Common Stock of the Company;

     WHEREAS, the Purchaser desires to purchase the Shares and the Warrant from the Company;

     WHEREAS RioCan desires to guarantee the performance by the Purchaser of its covenants,
agreements and obligations under this Agreement pursuant to a guaranty in the form of Exhibit A
attached hereto (the “Guaranty”);

     NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein,
the parties hereby agree as follows:

ARTICLE I

PURCHASE

1.1 Purchase.

     Subject to the terms and conditions set forth herein, the Company hereby agrees to issue and
sell to the Purchaser, and the Purchaser hereby agrees to subscribe for and purchase from the
Company, on the Closing Date set forth in Article IV, 6,666,666 Shares at a purchase price of $6.00
per Share, which price was established on September 15, 2009, plus the Warrant to purchase
1,428,570 shares of Common Stock for which no additional consideration is being paid. The Warrant
shall be in the form of Exhibit B attached hereto.

1.2 Purchase Price.

     The purchase price payable by the Purchaser hereunder for the Shares and Warrant is
$39,999,996, which will be paid by the Purchaser to the Company on the Closing Date by means of a
wire transfer to an account and depository designated by the Company to the Purchaser in writing at
least three business days prior to the Closing Date.

 

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

AND THE OPERATING PARTNERSHIP

     The Company and the Operating Partnership hereby jointly and severally represent and warrant
to the Purchaser, as of the date hereof, as follows and acknowledge and confirm that the Purchaser
is relying upon such representations and warranties in connection with the purchase by the
Purchaser of the Shares and the Warrant:

2.1 Due Organization and Qualification.

     The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Maryland. The Operating Partnership is a limited partnership, duly organized
and validly existing and in good standing under the laws of the State of Delaware. Each of the
Company’s other subsidiaries is duly organized and validly existing in good standing under the laws
of the state of its incorporation or organization, except where the failure to be organized and
existing will not have a Material Adverse Effect. The Company and each of the subsidiaries has all
requisite corporate, partnership or entity power and authority, as the case may be, to conduct its
business as it is now being conducted and to own or lease the properties and assets it now owns or
holds under lease. Each of the Company and its subsidiaries is duly qualified as a foreign
corporation to do business and is in good standing in every jurisdiction in which the nature of the
business conducted by it makes such qualification necessary, except to the extent that the failure
to be so qualified or be in good standing would not have a Material Adverse Effect. For purposes
of this Agreement, “Material Adverse Effect” shall mean any condition, circumstance, or situation
that could reasonably be expected to result in (i) a material adverse effect on the legality,
validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a
material adverse effect on the results of operations, assets, business or condition (financial or
otherwise) of the Company and its subsidiaries, taken as a whole, or (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its
obligations under this Agreement.

2.2 Authorization.

     The Company has the full corporate power and authority to enter into this Agreement and the
Registration Rights Agreement between the Company and the Purchaser in the form of Exhibit C
attached hereto (the “Registration Rights Agreement”), and to perform all of its obligations
hereunder and thereunder. The Operating Partnership has the full partnership power and authority
to enter into this Agreement and to perform all of its obligations hereunder. The execution,
delivery and performance of this Agreement by the Company and the Operating Partnership and the
Registration Rights Agreement by the Company have been duly authorized by all necessary action, and
no further consent or authorization is required by the Company, its Board of Directors or its
stockholders or the Operating Partnership, its general partner or its unitholders, as applicable.
This Agreement and the Registration Rights Agreement constitute legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective
terms. This Agreement constitutes the legal, valid and binding obligation of the Operating
Partnership, enforceable against the Operating Partnership in accordance with its terms. The
issuance of the Shares and the Warrant and of the shares of

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Common Stock issuable upon exercise of the Warrant (the “Warrant Shares”) pursuant to the
provisions of this Agreement has been duly and validly authorized by the Company.

2.3 Capitalization.

     The Company’s authorized capitalization consists of 150,000,000 shares of Common Stock, par
value $.06 per share, and 12,500,000 shares of Preferred Stock, par value $.01 per share. All of
such outstanding shares have been validly issued and are fully paid and non-assessable and have
been issued in compliance with applicable United States federal and state securities laws. The
Common Stock is currently quoted on the New York Stock Exchange (“NYSE”) under the trading symbol
“CDR”. At the date of this Agreement, there were 45,236,144 shares of Common Stock issued and
outstanding and 3,550,000 shares of Series A Preferred Stock issued and outstanding. Except for
(a) options to purchase 13,332 shares of Common Stock at an exercise price of $10.50 per share
(expiring July 10, 2011), (b) 2,005,888 shares of Common Stock issuable upon the redemption of
outstanding units (the “Units”) in the Operating Partnership, (c) warrants to purchase 83,333 Units
at an exercise price of $13.50 per Unit (expiring May 2012) and (d) the Standby Equity Purchase
Agreement between the Company and YA Global Master SPV Ltd. dated September 21, 2009, there are no
outstanding options, warrants or other rights, commitments or arrangements, written or oral to
which the Company is a party or by which it is bound, to purchase or otherwise acquire any
authorized but unissued shares of capital stock of the Company or any security convertible into or
exchangeable or exercisable for any capital stock of the Company. There are no securities or
instruments containing anti-dilution or similar provisions that will be triggered by this Agreement
or any related agreement or the consummation of the transactions described herein or therein. The
Company has furnished to the Purchaser true and correct copies of the Company’s Articles of
Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”),
and the Company’s By-laws, as in effect on the date hereof (the “By-laws”).

2.4 Valid Issuance.

	 	(a)	 	The Shares and the Warrant, when delivered in accordance with the terms of this
Agreement, will be duly and validly issued, fully paid and non-assessable and will be
issued free and clear of any liens or encumbrances, subject to any restrictions imposed
by the Securities Act (as defined herein) and applicable state securities laws. The
Warrant Shares, when issued and delivered upon exercise of the Warrant, will be duly
and validly issued, fully paid and non-assessable and issued free and clear of any
liens or encumbrances, subject to any restrictions imposed by the Securities Act and
applicable state securities laws. The Shares, the Warrant and the Warrant Shares will
be issued in compliance with all applicable United States federal and state securities
laws and regulations and rules of the NYSE. Neither the stockholders of the Company,
nor any other person or entity have any preemptive rights or rights of first refusal
with respect to the Shares, the Warrant or the Warrant Shares or other rights to
purchase or receive any of the Shares, the Warrant or the Warrant Shares or any other
securities or, except as set forth on Schedule 2.4 hereto, assets of the Company, and
no person has the right, contractual or otherwise, to cause the Company to issue to it,
or register pursuant to the Securities Act, any shares of Common Stock or other
securities or assets of

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	 	 	 	the Company upon the issuance or sale of the Shares, the Warrant or the Warrant
Shares. The Company is not obligated to offer the Shares, the Warrant or the
Warrant Shares on a right of first refusal basis or otherwise to any third parties
including, but not limited to, current or former shareholders of the Company,
underwriters, brokers, or agents.

	 	(b)	 	The 6,666,666 limited partnership units of the Operating Partnership (the “OP
Units”) and the warrant to purchase 1,428,570 OP Units (the “OP Warrant”) to be issued
to the Company pursuant to Section 4.5(g) of the Agreement of Limited Partnership of
Cedar Shopping Centers Partnership, L.P., a Delaware limited partnership, dated as of
June 25, 1998, as amended on October 9, 2003, July 26, 2004 and March 30, 2005 (the “OP
Partnership Agreement”), concurrently with the issuance of the Shares and the Warrant
to the Purchaser at the Closing will be duly and validly issued, fully paid and
non-assessable and will be issued free and clear of any liens or encumbrances, subject
to any restrictions imposed by the Securities Act and applicable state securities laws.

2.5 SEC Documents; Financial Statements.

	 	(a)	 	The Common Stock is registered pursuant to Section 12(b) of the Securities
Exchange Act of 1934, as amended (together with the rules and regulations promulgated
thereunder, the “Exchange Act”). The Company has filed all reports, schedules, forms,
statements and other documents required to be filed by it with the Securities and
Exchange Commission (“SEC”) within the two years preceding the date hereof (such
documents, as they may be amended after the date hereof and all exhibits included
therein and financial statements and schedules thereto and documents incorporated by
reference therein, being hereinafter referred to as the “SEC Documents”). The Company
is current with its filing obligations under the Exchange Act and all SEC Documents
have been filed on a timely basis or the Company has received a valid extension of such
time of filing and has filed any such SEC Document prior to the expiration of any such
extension. As of their respective dates, each SEC Document complied in all material
respects as to form with the requirements of the Exchange Act and the rules and
regulations of the SEC promulgated thereunder applicable to such SEC Document, and
except to the extent that information contained in any SEC Document has been revised or
superseded by a later filed SEC Document, none of the SEC Documents contains any untrue
statement of a material fact or omits to state any material fact required to be stated
therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. As of their respective
dates, the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the
published rules and regulations of the SEC with respect thereto. Such financial
statements have been prepared from the books and records of the Company and its
subsidiaries in accordance with U.S. generally accepted accounting principles (“GAAP”),
consistently applied, during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto, or (ii) in the case of

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	 	 	 	unaudited interim statements, to the extent they may exclude footnotes or may be
condensed or summary statements) and fairly present the financial position of the
Company as of the dates thereof and the results of its operations, cash flows and
changes in stockholders’ equity for the periods then ended (subject, in the case of
unaudited statements, to normal year-end audit adjustments).

	 	(b)	 	Except (i) as set forth in the SEC Documents, (ii) for liabilities or
obligations incurred in the ordinary course of business since June 30, 2009, and (iii)
for mortgages placed on properties of the Company since June 30, 2009, copies of which
have been provided to the Purchaser, neither the Company nor any of its subsidiaries
has any material liabilities or obligations of any nature (whether accrued, absolute,
contingent or otherwise) required by GAAP to be set forth on a consolidated balance
sheet of the Company or in the notes thereto.
	 
	 	(c)	 	None of the Company’s subsidiaries is, or has at any time within the two years
preceding the date hereof been, subject to the reporting requirements of Sections 13(a)
and 15(d) of the Exchange Act.

2.6 No Violations.

     None of the sale or issuance of the Shares or Warrant (or the issuance and delivery of the
Warrant Shares), the execution and delivery by the Company of this Agreement and the Registration
Rights Agreement, or the fulfillment by the Company of the terms set forth in this Agreement and
the Registration Rights Agreement and the consummation of the transactions contemplated by this
Agreement and the Registration Rights Agreement (including, without limitation, the granting by the
Company to the Purchaser of the preemptive rights in Section 9.3 hereof), will (i) except as
disclosed in writing to the Purchaser on October 21, 2009, violate, conflict with or constitute a
breach of, or constitute a default under or an event which, with or without notice or lapse of time
or both, would be a breach of or default under or violation of the Articles of Incorporation or
By-laws or would be a breach of or default under or violation of, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, document, indenture,
mortgage or other instrument or undertaking by which the Company or any of its subsidiaries is
bound or to which any of its or their properties are subject, or would be a violation of any law,
rule, administrative regulation, judgment, order or decree applicable to the Company or any of its
subsidiaries, (ii) except as disclosed in writing to the Purchaser on October 21, 2009, require the
consent of any person or entity under any agreement, indenture, mortgage, document or other
instrument or undertaking by which the Company or any of its subsidiaries is bound or to which any
of its or their properties are subject, (iii) except as specifically contemplated by this
Agreement, as required under the NYSE, as required under the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder (the “Securities Act”) and any applicable
state securities laws, require the Company or any of its subsidiaries to obtain any consent,
authorization or order of, or make any filing or registration with, any court or governmental
agency in order for it to execute, deliver or perform any of its obligations under or contemplated
by this Agreement in accordance with the terms hereof, except as such consent, authorization or
order has been obtained prior to the date hereof, except for approval of the NYSE or registration
of the Shares and Warrant Shares as required under the Registration Rights Agreement, (iv) require
the consent, approval or authorization of the

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stockholders of the Company under the rules and regulations of the NYSE, or (v) require any
action under the terms of Subtitle 7 of Title 3 of the Maryland General Corporation Law (the
“MGCL”) or Section 3-602 of the MGCL. Except as disclosed in the SEC Documents, neither the
Company nor its subsidiaries is in violation of any term of or in default under its Articles of
Incorporation or By- laws or their organizational charter or by-laws, respectively, or any material
contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or
any statute, rule or regulation applicable to the Company or its subsidiaries. The business of the
Company and its subsidiaries is not being conducted in violation of any material law, ordinance or
regulation of any governmental entity. All the properties and assets owned by the Company or any
of its subsidiaries that are subject to the Joint Venture Purchase Agreement (as defined below)
constitute exempt assets for purposes of the Hart-Scott-Rodino Antitrust Improvements Act of 1976
(the “HSR Act”) and Rules 802.2(h) and 802.5 thereunder, and, in connection with the contemplated
joint venture involving the Operating Partnership and the Purchaser (the “Rapids JV”), the Company
shall use its commercially reasonable efforts to cause the Rapids JV to use such properties and
assets that are subject to the Joint Venture Purchase Agreement for investment or rental purposes
only in compliance with the exemption provided by Rule 802.5 under the HSR Act.

2.7 Intellectual Property Rights.

     The Company and its subsidiaries own or possess adequate rights or licenses to use all
material trademarks, trade names, service marks, service mark registrations, service names,
patents, patent rights, copyrights, inventions, licenses, trade secrets and rights necessary to
conduct their respective businesses as now conducted. The Company and its subsidiaries do not have
any knowledge of any infringement by the Company or its subsidiaries of trademarks, trade name
rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks,
service mark registrations, trade secrets or other similar rights of others, and to the knowledge
of the Company, there is no claim, action or proceeding being made or brought against or being
threatened against, the Company or its subsidiaries regarding trademarks, trade names, patents,
patent rights, inventions, copyrights, licenses, service names, service marks, service mark
registrations, trade secrets or other infringement.

2.8 Employee Relations.

     Neither the Company nor any of its subsidiaries is involved in any labor dispute nor, to the
knowledge of the Company or any of its subsidiaries, is any such dispute threatened, in each case
which would have a Material Adverse Effect. Except for matters which would not, individually or in
the aggregate, have a Material Adverse Effect: (i) neither the Company nor any of its subsidiaries
is engaged in any unfair labor practice; (ii) there is (A) no unfair labor practice complaint
pending or, to the Company’s or the Operating Partnership’s knowledge, threatened against the
Company or any of its subsidiaries before the National Labor Relations Board, and no grievance or
arbitration proceeding arising out of or under collective bargaining agreements is pending or to
the knowledge of the Company threatened, (B) no strike, labor dispute, slowdown or stoppage is
pending or, to the Company’s or the Operating Partnership’s knowledge, threatened against the
Company or any of its subsidiaries, and (C) to the knowledge of the Company no union representation
dispute currently existing concerning the employees of the Company or any of its subsidiaries; and
(iii) to the Company’s knowledge, (A) no union

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organizing activities are currently taking place concerning the employees of the Company or
any of its subsidiaries and (B) there is no violation of any federal, state, local or foreign law
relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or
hour laws or any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”) or the
rules and regulations promulgated thereunder concerning the employees of the Company or any of its
subsidiaries.

     The Company and its subsidiaries are in compliance with wage and hour determinations issued by
the U.S. Department of Labor under the Service Contract Act of 1965 and the Fair Labor Standards
Act in paying its employees’ salaries, fringe benefits and other compensation for the performance
of work or other duties in connection with contracts with the U.S. government, and are in
compliance with the requirements of the Americans with Disabilities Act of 1990, the Family and
Medical Leave Act of 1993, the Civil Rights Act of 1964 (Title VII), the National Labor Relations
Act, the Vietnam Era Veteran’s Readjustment Act, the Age Discrimination in Employment Act, as
amended by the Older Workers’ Benefit Protection Act, and federal, state and local labor laws, each
as amended except in each case where the failure to comply with any such requirements has not, and
will not, have a Material Adverse Effect.

2.9 Environmental Laws.

     Except as disclosed in the SEC Documents, the Company and its subsidiaries (i) are in
compliance with any and all material foreign, federal, state and local laws and regulations
relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”) applicable to its or their
use or control of the Owned Real Property and the Leased Real Property (as such terms are defined
herein), (ii) have received all permits, licenses or other approvals required of them under
applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance
with all terms and conditions of any such permit, license or approval, in each case except where
any noncompliance or non-receipt would not, individually or in the aggregate, have a Material
Adverse Effect. Except as disclosed in the SEC Documents or as would not, singly or in the
aggregate, result in a Material Adverse Effect, there are no pending or, to the knowledge of the
Company, threatened administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any
Environmental Law against the Company or any of its subsidiaries with respect to its or their use
or control of the Owned Real Property and the Leased Real Property. Neither the Company nor any of
its subsidiaries has been named as a “potentially responsible party” under the Comprehensive
Environmental Response Compensation and Liability Act of 1980, as amended. To the knowledge of the
Company, neither the Company nor any of its subsidiaries owns, leases or occupies any property that
appears on any list of hazardous sites compiled by any state or local government agency.

2.10 Title.

     Except as disclosed in the SEC Documents, the Company, each of its subsidiaries and any joint
ventures in which the Company or any of its subsidiaries owns an interest, as the case may be, has
good and marketable fee title to all material real property and material tangible assets owned by
it that are used or held for use in, or that are necessary to conduct its business as

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conducted on the date hereof (each an “Owned Real Property”), free and clear of any pledge,
lien, security interest, encumbrance or claim (each of the foregoing a “Lien”), other than (a)
Liens permitted under any of the loan and credit facilities disclosed in the SEC Documents, (b)
Liens permitted under the terms hereof or any agreement executed and delivered in connection
herewith, and (c) Liens that are not material to the business of the Company, and (d) mortgages
placed on properties subsequent to the date of the latest SEC Document, copies of which have been
provided to the Purchaser. Except as disclosed in the SEC Documents, (i) any material real
property held under lease by the Company and its subsidiaries (each a “Leased Real Property”) are
held by them under valid, subsisting and enforceable leases and (ii) no notice of default or
termination thereunder is outstanding. Except as disclosed in the SEC Documents, each of the Owned
Real Properties and Leased Real Properties complies with all applicable building, zoning,
subdivision and other land use codes, laws and regulations, except for such failures to comply that
would not in the aggregate have a Material Adverse Effect. Except as disclosed in the SEC
Documents, the Company does not have any knowledge of any pending or threatened condemnation
proceedings affecting the Owned Real Property, except such condemnation proceedings that would not
have a Material Adverse Effect.

2.11 Insurance.

     The Company and each of its subsidiaries are insured against such losses and risks and in such
amounts as management of the Company believes to be prudent and customary in the businesses in
which the Company and its subsidiaries are engaged. Neither the Company nor any such subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and
when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse Effect.

2.12 Title Insurance.

     Title insurance in favor of the Company and its subsidiaries, as the case may be, has been
obtained with respect to each material property owned by any such entity in an amount at least
equal to the cost of acquisition of such property, except where the failure to obtain such title
insurance would not have a Material Adverse Effect.

2.13 REIT Status.

     The Company qualifies as a real estate investment trust (including its organization and method
of operations and those of its subsidiaries) for U.S. federal income tax purposes.

2.14 Regulatory Permits.

     The Company and its subsidiaries possess all material certificates, authorizations and permits
issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct
their respective businesses, and neither the Company nor any such subsidiary has received any
notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit, except in each instance which would not have a Material Adverse Effect.

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2.15 Internal Accounting Controls.

     The Company and each of its subsidiaries maintain an effective system of internal control over
financial reporting.

2.16 No Material Adverse Breaches, etc.

     Except as disclosed in the SEC Documents, neither the Company nor any of its subsidiaries is
subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule
or regulation which in the judgment of the Company’s officers has or is expected in the future to
have a Material Adverse Effect.

2.17 Absence of Litigation.

     Except as disclosed in the SEC Documents, there is no action, suit, proceeding, inquiry or
investigation before or by any court, public board, government agency, self-regulatory organization
or body pending against or affecting the Company, the Common Stock or any of the Company’s
subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse
Effect.

2.18 Subsidiaries.

     Except as disclosed in the SEC Documents, the Company does not presently own or control,
directly or indirectly, any interest in any other material corporation, partnership, association or
other business entity, except for those acquired or formed in the ordinary course of business since
December 31, 2008. The outstanding equity interests of, or other ownership interests in, each of
the Company’s subsidiaries have been duly authorized and validly issued, are fully paid and, except
as to subsidiaries that are partnerships or limited liability companies, nonassessable, and are
owned by the Company, directly or indirectly, free and clear of any security interest, lien,
encumbrance or claim, except for Joint Ventures listed on Schedule 2.32.

2.19 Tax Status.

     Except as disclosed in the SEC Documents and subject to valid extensions, the Company and each
of its subsidiaries has made or filed all material federal and state income and all other material
tax returns, reports and declarations required by any jurisdiction to which it is subject and
(unless and only to the extent that the Company and each of its subsidiaries has set aside on its
books provisions reasonably adequate for the payment of all unpaid and unreported taxes) has paid
all taxes and other governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations, except those being contested in
good faith and has set aside on its books provision reasonably adequate for the payment of all
taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes by the Company or its subsidiaries in any material amount claimed to be
due by the taxing authority of any jurisdiction.

2.20 Certain Transactions.

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     Except as disclosed in the SEC Documents or the recent leasing of additional office space at
the Company’s executive offices, the particulars of which have been fully disclosed in writing to
the Purchaser, none of the officers or directors of the Company is presently a party to any
transaction with the Company which individually or in the aggregate would be material (other than
for services as officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer or director or, to the
knowledge of the Company, any corporation, partnership, trust or other entity in which any officer
or director has a substantial interest or is an officer, director, trustee or partner.

2.21 Waiver of Ownership Limit.

     The Board of Directors of the Company has waived the Ownership Limit (as defined in the
Articles of Incorporation) to permit the Purchaser to acquire and hold an ownership position in the
Company in an amount not to exceed 16% of the issued and outstanding Common Stock (provided,
however, that the Purchaser shall not be in breach of the Ownership Limit if its percentage
ownership increases above 16% solely as the result of the repurchase by the Company of its Common
Stock), and such waiver is in full force and effect. A true and complete copy of such waiver has
been delivered to the Purchaser prior to the execution hereof..

2.22 Absence of Manipulations.

     The Company has not taken and will not take, directly or indirectly, any action designed to
cause or result in, or that constitutes or might reasonably be expected to result in or constitute,
the stabilization or manipulation of the price of any security of the Company or which caused or
resulted in, or which would in the future reasonably be expected to cause or result in,
stabilization or manipulation of the price of any security of the Company.

2.23 Investment Company.

     Neither the Company nor any of its subsidiaries is an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms
are defined in the Investment Company Act of 1940, as amended, nor is the Company nor any of its
subsidiaries, directly or indirectly, controlled by or acting on behalf of any person that is an
“investment company” within the meaning of such act.

2.24 Disclosure Controls and Procedures.

     The Company has established and maintains disclosure controls and procedures (as such term is
defined in Rule 13a-15 and 15d-15 under the Exchange Act) in accordance with the rules and
regulations under the Sarbanes- Oxley Act, of 2002, the Securities Act and the Exchange Act.

2.25 Sarbanes-Oxley.

     There is and has been no failure on the part of the Company or any of the officers and
directors of the Company, in their capacities as such, to comply in all material respects with the

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provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
thereunder.

2.26 Maryland Business Combination Act; Maryland Control Share Acquisition Act.

     Pursuant to the Articles of Incorporation, Section 3-602 of the MGCL is inapplicable to any
business combination between the Company and any other person. Pursuant to the Articles of
Incorporation, Subtitle 7 of Title 3 of the MGCL is inapplicable to any acquisition of Control
Shares (as defined in the MGCL) that is not prohibited by the terms of Article IV of the Articles
of Incorporation. To the extent that any acquisition of shares of Common Stock by the Purchaser
pursuant to this Agreement would constitute an acquisition of Control Shares, such acquisition has
been exempted from Subtitle 7 of Title 3 of the MGCL pursuant to the waiver of the Ownership Limit
referred to in Section 2.21 above.

2.27 Patriot Act.

     No portion of the purchase price received by the Company hereunder will be used to further any
action in violation or contravention of the U.S.A. Patriot Act or otherwise violate or contravene
the rules, regulations or policies of the U.S. Office of Foreign Assets Control.

2.28 FCPA.

     Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company or the
Operating Partnership, any director, officer, agent or employee of the Company or any of its
subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a
violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or
any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift, promise to
give, or authorization of the giving of anything of value to any “foreign official” (as such term
is defined in the FCPA) or any foreign political party or official thereof or any candidate for
foreign political office, in contravention of the FCPA; and the Company and its subsidiaries have
conducted their businesses in compliance with the FCPA and have instituted and maintain policies
and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.

2.29 Money Laundering Laws.

     The operations of the Company and its subsidiaries are and have been conducted at all times in
compliance in all material respects with applicable financial recordkeeping and reporting
requirements and the money laundering statutes and the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency applicable to the Company or its subsidiaries (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its subsidiaries with respect
to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

- 11 -

 

2.30 Private Offering.

     The Company has not issued, sold or offered, or solicited any offers to acquire, any security
of the Company to or from any person under circumstances that would cause the sale of the Shares,
the Warrant or the Warrant Shares as contemplated by this Agreement, to be subject to the
registration requirements of the Securities Act. Assuming the representations of Purchaser
contained in Sections 3.4, 3.5, 3.6 and 3.7 are true and correct, the sale and delivery of the
Shares, the Warrant and the Warrant Shares hereunder are exempt from the registration and
prospectus delivery requirements of the Securities Act.

2.31 No Material Adverse Change.

     Since June 30, 2009, there has not been any adverse change in the Company’s results of
operations, assets, business or condition (financial or otherwise) that may reasonably be expected
to result in a Material Adverse Effect.

2.32 Joint Ventures.

     All of the joint ventures in which the Company or any subsidiary owns an interest of greater
than 5.0% and that are currently conducting business (the “Joint Ventures”) are listed on Schedule
2.32 hereto. The Company’s (or subsidiary’s, as the case may be) ownership interest in such Joint
Venture is as set forth on Schedule 2.32. To the knowledge of the Company and the Operating
Partnership, each of the Joint Ventures possesses such certificates, authorizations or permits
issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to
conduct the business now being conducted by it, and none of the Joint Ventures has received notice
of any proceedings relating to the revocation or modification of any such certificate, authority or
permit which singly or in the aggregate, if the subject of an unfavorable ruling or decision, would
have a Material Adverse Effect.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

OF THE PURCHASER

     The Purchaser hereby represents and warrants to the Company, as of the date hereof as follows
and hereby acknowledges and confirms that the Company is relying upon such representations and
warranties in connection with the issuance to the Purchaser of the Shares and the Warrant:

3.1 Due Organization.

     The Purchaser is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Purchaser has all requisite power and authority to conduct its
business as it is now being conducted and to own or lease the properties and assets it now owns or
holds under lease.

3.2 Authorization.

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     The Purchaser has the full power and authority to enter into this Agreement and the
Registration Rights Agreement and to perform all of its obligations hereunder and thereunder. The
execution, delivery and performance of this Agreement and the Registration Rights Agreement by the
Purchaser have been duly authorized by all necessary action. This Agreement and the Registration
Rights Agreement constitute legal, valid and binding obligations of the Purchaser, enforceable
against the Purchaser in accordance with their respective terms.

3.3 No Violations.

     None of the purchase of the Shares or Warrant (or the issuance and delivery of the Warrant
Shares), the execution and delivery of this Agreement and the Registration Rights Agreement by the
Purchaser, nor the fulfillment by the Purchaser of the terms set forth in this Agreement and the
Registration Rights Agreement and the consummation of the transactions contemplated by this
Agreement and the Registration Rights Agreement, will (i) violate, conflict with or constitute a
breach of, or constitute a default under or an event which, with or without notice or lapse of time
or both, would be a breach of or default under or violation of the organizational documents of the
Purchaser or would be a breach of or default under or violation of any agreement, document,
indenture, mortgage or other instrument or undertaking by which the Purchaser or any of its
affiliates (as such term is defined in Rule 12b-2 of Regulation 12b under the Exchange Act) is
bound or to which any of its or their properties are subject, or would be a violation of any law,
rule, administrative regulation, judgment, order or decree applicable to the Purchaser or any of
its affiliates, (ii) require the consent of any person or entity under any agreement, indenture,
mortgage, document or other instrument or undertaking by which the Purchaser or any of its
affiliates is bound or to which any of its or their properties are subject, or (iii) except as
specifically contemplated by this Agreement or as required under the Securities Act, require the
Purchaser or any of its affiliates to obtain any consent, authorization or order of, or make any
filing or registration with, any court or governmental agency in order for it to execute, deliver
or perform any of its obligations under or contemplated by this Agreement in accordance with the
terms hereof, except as such consent, authorization or order has been obtained prior to the date
hereof.

3.4 Investment Intent.

     The Purchaser is acquiring the Shares and Warrant (and Warrant Shares) for its own account,
for investment purposes only, and not with a view to, or in connection with, any resale or other
distribution thereof in violation of any of the registration requirements of the Securities Act.
Other than the Shares to be acquired on the Closing Date pursuant hereto, the Purchaser does not
beneficially own any shares of Common Stock of the Company.

3.5 No Registration under Federal or State Securities Laws.

     The Purchaser acknowledges that the Shares, Warrant and Warrant Shares have not been
registered under the Securities Act or the securities laws of any state by reason of a specific
exemption or exemptions from registration under the Securities Act and applicable state securities
laws, and that the Company’s reliance on such exemptions is predicated on the accuracy and
completeness of the Purchaser’s representations, warranties, acknowledgments and agreements herein.
Accordingly, the Shares, Warrant and Warrant Shares may not be offered,

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sold, transferred, pledged or otherwise disposed of by the Purchaser without an effective
registration statement under the Securities Act and any applicable state securities laws or an
opinion of counsel acceptable to the Company that the proposed transaction will be exempt from
registration. The Purchaser understands that the Shares, Warrant and Warrant Shares will bear a
legend substantially to the effect of the following:

“The securities represented by this certificate have not been
registered under the Securities Act of 1933, as amended (the “Act”),
or the securities laws of any state. The securities may not be
offered, sold, transferred, pledged or otherwise disposed of without
an effective registration statement under the Act and under any
applicable state securities laws, receipt of a no-action letter
issued by the Securities and Exchange Commission (together with
either registration or an exemption under applicable state
securities laws) or an opinion of counsel acceptable to the Company
that the proposed transaction will be exempt from registration under
the Act and applicable state securities laws.”

and that the Company will instruct its transfer agent to place a stop order against the transfer of
the certificates representing the Shares and Warrant Shares and refuse to effect any transfers
thereof in the absence of satisfying the conditions contained in the foregoing legend.

3.6 Investment Experience.

     The Purchaser has such knowledge and experience in financial and business matters that the
Purchaser is capable of evaluating the merits and risks of its investment in the Company and of
protecting its own interests in connection therewith. The Purchaser is an “accredited investor”
within the meaning of Rule 501(a) promulgated under the Securities Act.

3.7 Investment Risks.

     The Purchaser acknowledges that an investment in the Company involves substantial risks. The
Purchaser is able to bear the economic risk of its investment for an indefinite period of time.

3.8 Commissions.

     The Purchaser has not paid or given any commission or other remuneration in connection with
the purchase of the Shares, other than the payment of fees to RBC Capital Markets in connection
with advisory services provided by it to the Purchaser and its affiliates in connection with the
transactions contemplated by this Agreement.

3.9 Tax Representations.

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     Capitalized terms used in this Section 3.9 but not otherwise defined in this Agreement shall
have the meanings assigned to such terms in the Articles of Incorporation of the Company.

	 	(a)	 	No “individual” who Beneficially Owns for Tax Purposes any of the outstanding
Common Stock of the Company held by the Purchaser does or will Beneficially Own for Tax
Purposes in the aggregate more than 9.9% of the value of the outstanding Common Stock
of the Company by reason of (i) a direct or indirect ownership interest in the
Purchaser (or any direct or indirect member or owner thereof) and/or (ii) a direct or
indirect interest in the Company. The determination by the Purchaser of the number in
clause (ii) of the preceding sentence is or will be based solely on information
disclosed in writing to the Purchaser by either the Company or a shareholder of
Purchaser (or a direct or indirect member or owner thereof).
	 
	 	(b)	 	Neither the Purchaser nor any person on behalf of whom the Purchaser owns
Common Stock will actually own or Constructively Own an interest in a tenant of the
Company (or a tenant of an entity owned or controlled by the Company) that would cause
the Company to Constructively Own in the aggregate more than a 9.9% interest (as set
forth in Section 856(d)(2)(B) of the Internal Revenue Code of 1986, as amended (the
“Code”)) in such tenant.
	 
	 	(c)	 	No person or entity owns more than fifty percent of the equity interest in
RioCan.
	 
	 	(d)	 	For purposes of these tax representations, “individual” has the same meaning
provided in Section 542(a)(2) of the Code, “Beneficially Owns for Tax Purposes” means
direct, indirect, or constructive ownership through the application of Section 544 of
the Code, as modified by Section 856(h)(1) of the Code, and “Constructively Own” means
direct, indirect, or constructive ownership through the application of Section 318 of
the Code, as modified by Section 856(d)(5) of the Code.
	 
	 	(e)	 	The Purchaser agrees that any violation or attempted violation of the
representations (i) set forth in Section 3.9(a) solely by reason of an ownership
interest described in clause (i) thereof, or (ii) if such violation or attempted
violation causes or would cause the Company to lose its status as a real estate
investment trust for U.S. federal income tax purposes, set forth in any other provision
of Section 3.9, will result in all or a portion of the shares of Common Stock of the
Company owned by the Purchaser being automatically transferred to a Charitable Trust in
accordance with Section B (4)(c)(i) of Article IV of the Articles of Incorporation
	 
	 	(f)	 	The Purchaser expressly permits the Company and Stroock & Stroock & Lavan LLP,
as counsel to the Company, to rely on the representations set forth in this Section 3.9
as if the Purchaser made such representations directly to both the Company and Stroock
& Stroock & Lavan LLP.

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	 	(g)	 	The Purchaser agrees and acknowledges that the continued truth and accuracy of
the representations set forth in this Section 3.9 is a condition precedent to the
validity and effectiveness of the waiver of the ownership limit granted in connection
herewith and that the Purchaser will, upon request by the Company, promptly deliver
written confirmation of such representations

3.10 Financial Resources.

     The Purchaser has sufficient funding, and will have sufficient funds available at the Closing,
to enable it to purchase the Shares on the terms hereof and to undertake the agreements and
obligations contemplated by this Agreement.

3.11 Opportunity for Independent Investigation.

     Except for the representations and warranties made by the Company in Article II, the Purchaser
is relying on its own investigation of the Company in making its decision to execute this Agreement
and to purchase the Shares. The Purchaser has conducted its own independent investigation, review
and analysis of the business, operations, assets, liabilities, results of operations, financial
condition, and prospects of the Company, which investigation, review and analysis was conducted by
or on behalf of the Purchaser. In entering into this Agreement, the Purchaser acknowledges that it
has relied solely upon such investigation, review and analysis and not on any factual
representations of the Company, other than the specific representations and warranties of the
Company set forth in Article II. Except as provided in Section 7.1, nothing in this Section 3.11
shall diminish or limit in any manner the effect of the representations and warranties of the
Company set forth in Article II or the indemnity of the Company provided in Article VI.

3.12 HSR Act.

     In connection with its participation in the Rapids JV, the Purchaser shall use its
commercially reasonable efforts to cause the Rapids JV to use the properties and assets that are
subject to the Joint Venture Purchase Agreement for investment or rental purposes only in
compliance with the exemption provided by Rule 802.5 under the HSR Act.

ARTICLE IV

CLOSING DATE

4.1 Closing Date.

     The closing (the “Closing”) of the transactions contemplated by this Agreement shall take
place at the offices of Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York 10038 at
10:00 a.m. on the second business day after the satisfaction or waiver of the conditions contained
in Article VII and Article VIII, except for any conditions that by their nature can only be
satisfied on the Closing Date, but subject to the satisfaction of such conditions or waiver by the
party entitled to waive such conditions (the “Closing Date”) or at such other time, place or date
as the parties may mutually agree. At the Closing, (i) the Purchaser shall deliver to the Company
the purchase price as set forth in Section 1.2, (ii) the Company shall deliver to the Purchaser the
Shares and the Warrant and (iii) the Purchaser and the Company

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shall execute and deliver the Registration Rights Agreement and the Joint Venture Purchase
Agreement.

ARTICLE V

COVENANTS

5.1 Completion of Transaction.

	 	(a)	 	The Company covenants and agrees with the Purchaser to perform all obligations
required to be performed by the Company under this Agreement, and to use commercially
reasonable efforts to do such acts and things as may be necessary in order to complete
the transactions contemplated by this Agreement as soon as reasonably practicable
following the satisfaction of the conditions thereto, including taking or causing to be
taken all commercially reasonable steps necessary to satisfy the conditions set forth
in Article VII.
	 
	 	(b)	 	The Purchaser covenants and agrees with the Company to perform all obligations
required to be performed by the Purchaser under this Agreement, and to use commercially
reasonable efforts to do such acts and things as may be necessary in order to complete
the transactions contemplated by this Agreement as soon as reasonably practicable
following the satisfaction of the conditions thereto, including taking or causing to be
taken all commercially reasonable steps necessary to satisfy the conditions set forth
in Article VIII.

5.2 NYSE Approval.

     Within two business days following the date hereof, the Company shall file with the NYSE a
supplemental listing application with respect to the Shares and the Warrant Shares, and the Company
shall use commercially reasonable efforts to cause the listing of the Shares and Warrant Shares to
be approved by the NYSE, subject to official notice of issuance.

5.3 RioCan Guarantee.

     RioCan shall unconditionally and irrevocably guarantee the due and punctual payment and
performance by the Purchaser of all of its covenants, agreements and obligations under this
Agreement pursuant to the Guaranty.

ARTICLE VI

INDEMNIFICATION

6.1 Indemnity.

     The Company and the Operating Partnership agree, jointly and severally, to indemnify, release,
defend and hold harmless the Purchaser and its affiliates, nominees, successors and agents and the
respective directors, trustees, officers, agents and employees of each of the foregoing (the
“Indemnified Parties”) from and against all losses, claims, damages, liabilities, penalties, fines,
judgments, suits, awards, sanctions, fees, whatsoever or other costs or expenses to which an
Indemnified Party may become subject, other than those relating to such

- 17 -

 

Indemnified Party’s fraud, willful misconduct or gross negligence or such Indemnified Party’s
breach of, default under or non-compliance in any material respect with any material
representation, warranty, term, condition or covenant of this Agreement, which arise out of or
relate to or result from, directly or indirectly, any breach or default of or under any
representation, warranty, covenant or agreement of the Company or the Operating Partnership
contained herein. In addition to the foregoing, the Company and the Operating Partnership agree,
jointly and severally, to reimburse each Indemnified Party for all reasonable legal or other
expense incurred in connection with investigating, defending or participating in any action or
other proceeding relating to any such losses or liabilities (whether or not such Indemnified Party
is a party to such action or proceeding).

6.2 Indemnity by the Purchaser.

     The Purchaser agrees to indemnify, release, defend and hold harmless the Company and its
subsidiaries, affiliates, nominees, successors and agents and the respective directors, trustees,
officers, agents and employees of each of the foregoing (the “Company Indemnified Parties”) from
and against all losses, claims, damages, liabilities, penalties, fines, judgments, suits, awards,
sanctions, fees whatsoever or other costs or expenses to which a Company Indemnified Party may
become subject, other than those relating to such Company Indemnified Party’s fraud, willful
misconduct or gross negligence or such Company Indemnified Party’s breach of, default under or non
compliance in any material respect with any material representation, warranty, term, condition or
covenant of this Agreement, which arise out of or relate to or result from, directly or indirectly,
any breach or default of or under any representation, warranty, covenant or agreement of the
Purchaser contained herein. In addition to the foregoing, the Purchaser agrees to reimburse each
Company Indemnified Party for all reasonable legal or other expense incurred in connection with
investigating, defending or participating in any action or other proceeding relating to any such
losses or liabilities (whether or not such Company Indemnified Party is a party to such action or
proceeding).

6.3 Limitations on Indemnification.

	 	(a)	 	No claim for indemnification may be made with respect to a representation and
warranty after the expiration of 18 months from the Closing Date.
	 
	 	(b)	 	Except for fraud, willful misconduct or gross negligence, neither the Company
nor the Operating Partnership shall under any circumstances be liable to the Purchaser
for consequential, incidental or punitive damages, including damages for lost profits
or other speculative damages.
	 
	 	(c)	 	This Article VI shall be the exclusive remedy of the parties hereto following
the Closing for any losses arising out of any misrepresentation or breach of the
representations or warranties of the parties contained in this Agreement, except for
fraud, willful misconduct or gross negligence. In furtherance of the foregoing, each
of the parties hereto hereby waives, to the fullest extent permitted under applicable
law, any and all rights, claims and causes of action it may have against the other
party hereto, arising under or based upon any law, other than the right to seek
indemnity pursuant to this Article VI or as provided in the following

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	 	 	 	sentence. The parties acknowledge that the failure to comply with a covenant or
obligation contained in this Agreement may give rise to an irreparable injury to a
party inadequately compensable in damages. Accordingly, a party may seek to enforce
the performance of this Agreement by injunction or specific performance upon
application to a court of competent jurisdiction.

ARTICLE VII

CLOSING CONDITIONS OF PURCHASER

     The obligations of the Purchaser under this Agreement are subject to the satisfaction of the
following conditions on or prior to the Closing Date, any of which may be waived in whole or in
part by the Purchaser:

7.1 Representations and Warranties.

     The representations and warranties of the Company contained in this Agreement shall be true
and correct as of the date hereof and as of the Closing Date with the same force and effect as if
made on the Closing Date, except to the extent that any such representation and warranty is made as
of a specific date, in which case such representation and warranty shall be true and correct on
such specific date. If prior to the Closing Date the Purchaser becomes aware of the breach of or
inaccuracy in any representation or warranty made by the Company in this Agreement, then the
Purchaser (a) shall promptly notify the Company thereof and (b) if the Purchaser elects to
consummate this Agreement, will release the Company from any liability for any loss or damage which
may be sustained by reason of such breach or inaccuracy.

7.2 Covenants.

     The Company will have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or
complied with by the Company on or before the Closing Date.

7.3 Director.

     Rags Davloor, as the initial designee of the Purchaser, shall have been appointed as a
director of the Company as provided in Section 9.1.

7.4 Litigation.

     No action, suit or proceeding shall have been instituted by or before any court or
governmental body or instituted or threatened by any governmental agency or body to restrain or
prevent the carrying out of the transactions contemplated hereby.

7.5 Registration Rights Agreement.

     The Company shall have executed and delivered the Registration Rights Agreement.

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7.6 Certificates.

     The Purchaser shall have received a stock certificate representing the Shares purchased by the
Purchaser, plus the Warrant.

7.7 Joint Venture.

     The Operating Partnership, or one or more subsidiaries of the Operating Partnership, as the
case may be, shall have executed and delivered the purchase and sale agreement between the
Operating Partnership and the Purchaser providing for the purchase by the Purchaser of a direct or
indirect 80% interest from the Operating Partnership, or one or more subsidiaries of the Operating
Partnership, as the case may be, of seven existing properties in the form attached hereto as
Exhibit D (the “Joint Venture Purchase Agreement”).

7.8 NYSE Matters.

     The NYSE shall have approved the listing of the Shares and the Warrant Shares, subject to
official notice of issuance. The Common Stock (other than the Shares and the Warrant Shares) shall
be quoted on the NYSE, and the Company shall not have received any notice threatening the continued
listing of the Common Stock on the NYSE or notice that the issuance of the Shares, the Warrant or
the Warrant Shares will violate the shareholder approval requirements of the NYSE.

7.9 Credit Facility.

     The Company shall have used its commercially reasonable efforts to obtain commitments to renew
its Loan Agreement dated January 30, 2004, as amended, in an amount that would not be less than
$196,000,000.

7.10 Opinions of Counsel.

     The Purchaser shall have received opinion letters from Stroock & Stroock & Lavan LLP in the
forms of Schedules A and B attached hereto.

ARTICLE VIII

CLOSING CONDITIONS OF THE COMPANY

     The obligations of the Company under this Agreement are subject to the satisfaction of the
following conditions on or prior to the Closing Date, any of which may be waived in whole or in
part by the Company:

8.1 Representations and Warranties.

     The representations and warranties of the Purchaser contained in this Agreement shall be true
and correct as of the date hereof and as of the Closing Date with the same force and effect as if
made on the Closing Date.

8.2 Covenants.

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     The Purchaser will have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or
complied with by the Purchaser on or before the Closing Date.

8.3 Litigation.

     No action, suit or proceeding shall have been instituted by or before any court or
governmental body or instituted or threatened by any governmental agency or body to restrain or
prevent the carrying out of the transactions contemplated hereby.

8.4 NYSE Approval.

     The NYSE shall have approved the listing of the Shares and the Warrant Shares, subject to
official notice of issuance.

8.5 Joint Venture.

     The Purchaser shall have executed and delivered the Joint Venture Purchase Agreement.

8.6 Purchase Price.

     The Company shall have received the purchase price payable by the Purchaser as provided in
Section 1.2.

8.7 Registration Rights Agreement.

     The Purchaser shall have executed and delivered the Registration Rights Agreement.

8.8 Guaranty.

     The Guaranty shall remain in full force and effect.

ARTICLE IX

POST CLOSING COVENANTS

9.1 Directors.

     Commencing on the Closing Date and as long as the Purchaser and its affiliates continue to
beneficially own more than 9.9% of the outstanding Common Stock of the Company, the Company shall
use its commercially reasonable efforts to have its Board of Directors include a designee of the
Purchaser, such designee to be either a senior management officer or a member of the board of
trustees of RioCan and who initially shall be Rags Davloor. Without limiting the generality of the
foregoing, the Company shall nominate a designee of the Purchaser and solicit proxies for the
election or re-election, as the case may be, of such designee to the Board of Directors of the
Company at each subsequent annual meeting of the Company or other election of directors. In the
event of the death or resignation of the Purchaser’s designee (or the rejection of such designee by
the Company’s Board of Directors), the Purchaser shall be entitled to designate a substitute senior
management officer or member of the board of trustees of RioCan

- 21 -

 

to serve as the Purchaser’s designee on the Company’s Board of Directors. Any such designee
of the Purchaser must be approved by the Board of Directors of the Company, acting reasonably and
in good faith; provided that in the event the Board of Directors rejects a designee put forward by
the Purchaser, it shall provide a written summary of its good faith reasons for just such rejection
to the Purchaser. Such designee shall not be deemed independent under the rules of the NYSE. Such
designee shall be entitled to receive all written materials furnished to each committee of the
Board of Directors of the Company and to attend as an observer all such committee meetings.

9.2 Reservation of Common Stock.

     The Company shall reserve and keep available out of its authorized but unissued Common Stock
the number of shares of Common Stock required for issuance upon exercise of the Warrant, including
any additional shares of Common Stock that may become so issuable by reason of the operation of the
anti-dilution provisions of the Warrant.

9.3 Preemptive Rights.

	 	(a)	 	The Company agrees that it will not offer or sell any New Securities (as
defined herein) unless it first offers to the Purchaser the right to purchase a portion
of such New Securities in accordance with, and subject to, the provisions of this
Section 9.3. If the Company proposes to sell any New Securities, other than pursuant
to a Non-Eligible Public Offering (as defined herein), then the Company shall provide
the Purchaser with written notice of the terms or proposed terms for the sale of the
New Securities (the “Notice”). If the Purchaser wishes to purchase New Securities
pursuant to the Notice, it shall notify the Company by written notice within five
business days after the Notice is delivered how many of such New Securities it desires
to purchase. The Purchaser shall be entitled to purchase up to a number of New
Securities equal to its pro rata percentage ownership of the Company on the Closing
Date, calculated on a fully diluted basis (the “Percentage Interest”). If the
Purchaser does not elect to purchase all of its Percentage Interest, the Company shall
have the right to complete the sale of any New Securities offered to but not purchased
by the Purchaser upon terms no less favorable to the Company than those specified in
the Notice. The Purchaser shall not have any preemptive rights with respect to any New
Securities sold by the Company in a Public Offering (as defined herein) unless in such
Public Offering (i) the New Securities are anticipated to be priced at more than a 10%
discount to the volume weighted average closing market price of the Common Stock on the
NYSE during the three — trading day period immediately prior to the date of the
Notice, based on the indicative range advised by the underwriters of such Public
Offering or (ii) the Company sells more than 20% of its outstanding Common Stock in a
Public Offering (any Public Offering other than a Public Offering described in (i) or
(ii) above, a “Non-Eligible Public Offering”). In either of such events, the Purchaser
shall have the right to subscribe for up to its Percentage Interest; provided, however,
that it must exercise this right prior to the anticipated pricing of such Public
Offering. The Company agrees to provide written notice to the Purchaser of a Public
Offering in which the Purchaser has

- 22 -

 

	 	 	 	preemptive rights as promptly as practicable under the circumstances, and in any
event prior to the pricing of such Public Offering.

	 	(b)	 	The closing of the purchase of New Securities by the Purchaser pursuant to this
Section 9.3 shall occur concurrently with the closing of the sale of the New Securities
and at the same place as such sale or at such other time and place as the Company and
the Purchaser may mutually determine. At such closing, the Company shall deliver to
the Purchaser the certificates representing such New Securities, free and clear of all
liens and encumbrances caused or created by the Company, and the Purchaser shall pay to
the Company the purchase price for such New Securities by wire transfer of funds to the
account and depository designated by the Company.
	 
	 	(c)	 	The preemptive rights set forth in this Section 9.3 shall terminate and be of
no further force or effect if the Purchaser owns less than 9.9% of the outstanding
Common Stock of the Company for more than 60 consecutive days following the earlier of
(i) the Purchaser’s receipt of written notice from the Company that the Shares held by
the Purchaser and its affiliates at such time represent less than 9.9% of the
outstanding Common Stock, and (ii) the public disclosure by the Company of its
outstanding share data demonstrating that the Shares held by the Purchaser and its
affiliates at such time represent less than 9.9% of the outstanding Common Stock;
provided, however, that the 60-consecutive day period requirement shall only apply if
the Purchaser owns less than 9.9% of the outstanding Common Stock as the result of (x)
a Non-Eligible Public Offering or (y) any of the events described in clauses (i)
through (iii) of the definition of New Securities and provided further that if, as a
result of restrictions imposed under applicable United States securities laws (it being
understood that a requirement to disgorge profits under Section 16(b) of the Exchange
Act shall not be deemed or construed to prevent the acquisition by the Purchaser of
additional shares of Common Stock for purposes of this proviso), the Company’s Code of
Business Conduct and Ethics or otherwise imposed by the Company, the Purchaser is
prevented from acquiring additional shares of Common Stock during the 60-consecutive
day period referred to above, such period shall be extended by that number of days
equal to the number of days during such 60-day period the Purchaser was prevented from
acquiring additional shares, with such extension to start on the trading day following
the later of (i) the last day of such 60-day period and (ii) the last day that such
trading restrictions are applicable to the Purchaser.
	 
	 	(d)	 	The Purchaser shall be entitled to assign its rights under this Section 9.3 to
an affiliate of the Purchaser.
	 
	 	(e)	 	“New Securities” means shares of Common Stock of the Company, or any securities
that are convertible into or exchangeable for Common Stock, or any right, option or
warrant to acquire any Common Stock of the Company, except for the following: (i) the
issuance, grant or sale of Common Stock, options to purchase Common Stock or Common
Stock issuable upon the exercise of options or other equity awards pursuant to any
stock option, stock bonus or other stock

- 23 -

 

	 	 	 	plan or arrangement adopted by the Company, (ii) the issuance of securities by the
Company in connection with an acquisition, merger, joint venture, or sale or
purchase of assets, (iii) any Common Stock issuable upon the redemption of
outstanding Units in the Operating Partnership, or (iv) Warrant Shares.

	 	(f)	 	“Public Offering” means a distribution of New Securities in an underwritten
public offering pursuant to a registration statement filed with and declared effective
by the SEC pursuant to the Securities Act.

9.4 Hold Period.

     The Purchaser agrees that without the prior written consent of the Company, which consent
shall not be unreasonably withheld, it will not be permitted to sell, assign, transfer, encumber,
pledge or otherwise dispose of (collectively, a “Transfer”) any Shares, the Warrant or the Warrant
Shares for a period of one year after the Closing Date other than (i) to one or more affiliates of
the Purchaser, or (ii) pursuant to a tender or exchange offer for the Common Stock. Thereafter,
subject to compliance with applicable federal and state securities laws no other restrictions on
Transfer shall apply except that the Purchaser shall provide to the Company at least 30 days’
notice of its intent to Transfer any Shares, Warrant or Warrant Shares (other than any Transfer
through the facilities of the NYSE (for which no prior notice shall be required). The obligation
not to Transfer for a period of one year after the Closing Date shall not apply to any New
Securities acquired by the Purchaser pursuant to Section 9.3 or Section 9.6(c).

9.5 Tax Representations.

     For so long as the Purchaser and its affiliates own Shares representing at least 9.9% of the
outstanding Common Stock, the Purchaser will use its reasonable commercial efforts to perform a
periodic review to ascertain that the tax representations contained in Section 3.9 of this
Agreement remain accurate and immediately will notify the Company upon determining that any of such
tax representations is no longer true and correct or if it becomes aware of facts that it
reasonably expects will cause any of the tax representations contained in Section 3.9 to no longer
be true and correct.

9.6 Restrictions on Certain Actions.

	 	(a)	 	For a period ending on the third anniversary of the Closing Date, except as
provided in Section 9.3, Section 9.6(b) or Section (c), the Purchaser, without the
prior consent of the Board of Directors of the Company (excluding the director
designated by the Purchaser), will not, nor will it permit any affiliate of the
Purchaser to:

	 	(i)	 	acquire (other than through a stock split, stock
dividend, reorganization, recapitalization, merger, consolidation or other
distribution made to holders of Common Stock of the Company), directly or
indirectly or in conjunction with or through any other person, by purchase
or otherwise, beneficial ownership of any additional Shares or any other
securities of the Company (the “Securities”);

- 24 -

 

	 	(ii)	 	directly or indirectly or through any other person,
solicit proxies with respect to Securities under any circumstances or become
a “participant” in any “election contest” relating to the election of
directors of the Company (as such terms are used in Rule 14a-11 of
Regulation 14A under the Exchange Act); provided that the foregoing shall
not be deemed to prohibit (a) Purchaser from voting (or casting a written
consent solicited by the Company) regarding its shares of Common Stock in
the manner it deems appropriate or (b) Purchaser’s designee on the Board of
Directors of the Company from participating in board deliberations, subject
to compliance with the Company’s governing documents;
	 
	 	(iii)	 	deposit any Securities in a voting trust, or subject any
Securities to a voting or similar agreement;
	 
	 	(iv)	 	directly or indirectly or through or in conjunction with
any other person, engage in a tender or exchange offer for Securities made
by any other person or entity without the prior approval of the Company, or
engage in any proxy solicitation or any other activity with any other person
or entity relating to the Company without the prior approval of the Company;
or
	 
	 	(v)	 	take any action alone or in concert with any other person
to acquire or change the control of the Company or, directly or indirectly,
participate in, or encourage the formation of, any group seeking to obtain
or take control of the Company.

	 	(b)	 	Notwithstanding the provisions of Section 9.6(a), the Purchaser shall be
permitted to acquire additional shares of Common Stock in the open market in an amount
sufficient so as to maintain its Percentage Interest if the Shares owned by it and its
affiliates come to represent less than its Percentage Interest as a result of (i) the
issuance, grant or sale of Common Stock, options to purchase Common Stock or Common
Stock issuable upon the exercise of options or other equity awards pursuant to any
stock option, stock bonus or other stock plan or arrangement adopted by the Company,
(ii) the issuance of securities by the Company in connection with an acquisition,
merger, joint venture, or sale or purchase of assets, (iii) any Common Stock issuable
upon the redemption of outstanding Units in the Operating Partnership, or (iv) a Non
Eligible Public Offering; provided, however, that notwithstanding anything to the
contrary contained in this Agreement, if at any time or from time to time the Purchaser
does not elect to purchase its Percentage Interest of New Securities as provided in
Section 9.3, then the Percentage Interest shall automatically be reduced each such time
to be calculated on a fully diluted basis at the time of each closing of the sale of
New Securities.
	 
	 	(c)	 	Notwithstanding the provisions of subsection (a) of this Section 9.6 in the
event that a public tender offer is made for the Company and not withdrawn or in the
event that the Board of Directors of the Company announces (i) a recommended sale or
merger transaction or (ii) a process to solicit proposals to acquire or merge

- 25 -

 

	 	 	 	with the Company, then the restrictions contained in Section 9.6(a) shall no longer
apply and the Purchaser will not be contractually restricted in any way from
acquiring additional securities of the Company or making an offer to acquire the
Company or taking any other actions that would otherwise be prohibited under Section
9.6(a). Notwithstanding anything to the contrary in this Section 9.6, nothing shall
prevent the Purchaser from making a confidential proposal to the Board of Directors
of the Company relating to an offer for the Company’s Securities or assets or
another business combination or strategic transaction involving the Purchaser (or an
affiliate of the Purchaser) and the Company.

9.7 NYSE Matters.

     The Company will use its commercially reasonable efforts to (i) cause the Common Stock,
including the Shares and the Warrant Shares, to continue to be listed on the NYSE, subject to, in
the case of Shares and Warrant Shares, official notice of issuance and (ii) cause the Common Stock
(other than the Shares and the Warrant Shares) to be quoted on the NYSE.

9.8 Filings.

     The Company shall file with the SEC on a timely basis a report on Form 8-K or such other
appropriate form as determined by counsel to the Company, relating to the transactions contemplated
by this Agreement. The Company shall timely file with the NYSE all other documents and notices
required by the NYSE of companies that have or will have issued securities that are traded on the
NYSE. The Purchaser shall file with the SEC on a timely basis a Schedule 13D and Form 3 and such
amendments or other appropriate forms as determined by counsel to the Purchaser, relating to the
transactions contemplated by this Agreement.

9.9 Investment Company Act.

     The Company shall use its commercially reasonable efforts to conduct its affairs, and shall
use its commercially reasonable efforts to cause the affairs of its subsidiaries to be conducted,
in such a manner so as to reasonably ensure that neither the Company nor any of its subsidiaries
will be or become an “investment company,” as such term is defined in the Investment Company Act.

9.10 Securities Act and Exchange Act.

     Each of the Company and the Purchaser shall use its commercially reasonable efforts to comply
with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to
time in force.

9.11 Sarbanes-Oxley Act.

     The Company shall use its commercially reasonable efforts to comply with all effective
applicable provisions of the Sarbanes- Oxley Act of 2002.

9.12 Credit Facility.

- 26 -

 

     The Company shall use its commercially reasonable efforts to obtain commitments to renew its
Loan Agreement dated January 30, 2004, as amended, in an amount that would not be less than
$196,000,000.

9.13 Contribution of Net Proceeds to Operating Partnership

     Immediately following the Closing, the Company shall contribute to the Operating Partnership
the net proceeds received by the Company from the issuance of the Shares and the Warrant in
consideration for the issuance of the OP Units and the OP Warrant to the Company pursuant to
Section 4.5(g) of the OP Partnership Agreement.

ARTICLE X

MISCELLANEOUS

10.1 Entire Understanding.

     This Agreement, the exhibits attached hereto and the confidentiality agreement dated September
25, 2009 between the Company and RioCan (the “Confidentiality Agreement”) state the entire
understanding between the parties with respect to the subject matter hereof, and supersede all
prior oral and written communications and agreements, and all contemporaneous oral communications
and agreements, with respect to the subject matter hereof. The Confidentiality Agreement shall
remain in full force and effect in accordance with its terms notwithstanding the execution of this
Agreement; provided that the provisions of Section 9.6 of this Agreement shall govern the parties
from and after the Closing Date and the 24—month standstill described in the Confidentiality
Agreement shall terminate and be of no further force or effect from and after such time. This
Agreement may not be amended, modified or waived except by an instrument in writing signed by each
of the parties hereto.

10.2 Parties in Interest.

     This Agreement shall bind, benefit, and be enforceable by and against each party hereto and
its successors and permitted assigns; provided, however, that neither party may assign this
Agreement without the prior consent of the other party. Nothing in this Agreement shall confer any
rights or liabilities upon any person or entity that is not a party to this Agreement, except as
expressly provided herein.

10.3 Severability.

     If any provision of this Agreement is construed to be invalid, illegal or unenforceable, then
the remaining provisions hereof shall not be affected thereby and shall be enforceable without
regard thereto.

10.4 Section Headings.

     Article and Section headings in this Agreement are for convenience of reference only, do not
constitute a part of this Agreement, and shall not affect its interpretation.

10.5 Inclusion.

- 27 -

 

     Where the words “including” or “includes” is used in this Agreement, it means “including (or
includes) without limitation”.

10.6 Brokers.

     The Company represents and warrants to the Purchaser that no brokerage commission or finder’s
fees have been incurred by the Company in connection with the sale of the Shares and Warrant to the
Purchaser, except for the engagement by the Company of Goldman, Sachs & Co.

10.7 Counterparts.

     This Agreement may be executed simultaneously in several counterparts and by facsimile, each
of which will be deemed to be an original, but all of which together will constitute one and the
same instrument.

10.8 Notices.

     All notices hereunder shall be in writing and shall be deemed to have been given at the time
when hand delivered, when received if sent by telecopier or by same day or overnight recognized
commercial courier service, or three days after mailed by registered or certified mail, addressed
to the address below stated of the party to which notice is given, or to such changed address as
such party may have fixed by notice:

     To the Company or the Operating Partnership:

Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, New York 11050

Attention: Leo S. Ullman

Fax No. 516-767-6497

-with a copy to-

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Martin H. Neidell

Fax No. 212-806-7836

     To Purchaser or RioCan:

RioCan Real Estate Investment Trust

RioCan Yonge Eglinton Centre

2300 Yonge Street, Suite 500, PO Box 2386

Toronto, Ontario M4P 1E4

- 28 -

 

Attention: Rags Davloor

Fax No. 416 866-3020

-with a copy to-

(before December 19, 2009)

Goodmans LLP

250 Yonge Street, Suite 2400

Toronto, Ontario M5B 2M6

(on and after December 19, 2009)

Goodmans LLP

Bay Adelaide Centre

333 Bay Street, Suite 3400

Toronto, Ontario M5H 2S7

Attention: David Matlow

Fax No. 416 979-1234

provided,
however, that any notice of change of address shall be effective only upon
receipt.

10.9 Survival of Representations.

     All representations, warranties and covenants contained in this Agreement shall survive the
execution and delivery of this Agreement and the Closing Date, but, in the case of such
representations and warranties, shall terminate and be of no further force or effect 18 months
after the Closing Date.

10.10 Officers and Trustees of RioCan.

     The Company and the Operating Partnership each acknowledge that this Agreement shall be
conclusively taken to have been executed by, or by officers of RioCan on behalf of, the trustees of
RioCan only in their capacity as trustees of RioCan. The Company and the Operating Partnership
each hereby disavow any liability upon and waive any claim against holders of units of RioCan and
annuitants under plans of which holders of units of RioCan act as trustee or carrier and the
obligations created hereunder are not personally binding upon, nor shall resort be had to, nor
shall recourse or satisfaction be sought from, the private property of any trustee or officer of
RioCan or any holder of units of RioCan or annuitant, but the property of RioCan from time to time
or a specific portion thereof only shall be bound. It is agreed that the benefit of this provision
is restricted to the trustees and officers of RioCan, each holder of units issued by RioCan and
annuitants and, solely for that purpose, the undersigned signing officers of RioCan have entered
into this provision as agent and trustee for and on behalf of the trustees of RioCan, each holder
of units of RioCan and each annuitant.

10.11 Specific Performance.

- 29 -

 

     Without limiting or waiving any rights or remedies of either of the parties hereto, the
parties hereto agree that irreparable damage would occur in the event any provisions of this
Agreement were not performed by the parties in accordance with the terms hereof and that each of
the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this
Agreement by the other party and to seek specific performance of the obligations of the other party
under this Agreement in any court of the United States or the State of New York having
jurisdiction as agreed to in Section 10.15, this being in addition to any other remedy to which
they are entitled at law or in equity.

10.12 Waiver of Jury Trial.

     Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any
right it may have to a trial by jury with respect to any litigation directly or indirectly arising
out of, under or in connection with this Agreement or the transactions contemplated hereby.

10.13 Mutual Drafting; Expenses; Press Release.

     Each party hereto has participated in the drafting of this Agreement, which each party
acknowledges is the result of negotiations among the parties. Each party to this Agreement shall
pay its own expenses in connection with the preparation of this Agreement and the consummation of
the transactions contemplated hereunder, including the fees of any attorneys, accountants or others
engaged by such party. Each of the Company and the Purchaser shall consult with each other before
issuing, and shall provide each other a reasonable opportunity to review and comment on, any press
release with respect to this Agreement and the transactions contemplated hereby, and shall not
issue any press release without the prior approval of the other party, except as may be required by
applicable law, in which case the party required to make the release shall use its reasonable best
efforts to allow the other party a reasonable time to approve such release in advance of issuing
such release.

10.14 Dollar Amounts.

     All
references to $ or dollars in this Agreement shall be to U.S. dollars.

10.15 Controlling Law.

     THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN, WITHOUT
GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW. ANY DISPUTES OR CLAIMS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED OR DOCUMENTS REQUIRED HEREBY SHALL
BE SUBMITTED TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE AND CITY OF NEW YORK SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, AND THE FEDERAL COURTS OF THE UNITED STATES OF
AMERICA LOCATED IN THE SOUTHERN DISTRICT OF NEW YORK, AND APPROPRIATE APPELLATE COURTS THEREFROM.
THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE

- 30 -

 

LAYING OF VENUE OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREBY BROUGHT IN SUCH COURT OR ANY DEFENSE OF INCONVENIENT FORUM FOR THE
MAINTENANCE OF SUCH DISPUTE. EACH OF THE PARTIES HERETO AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
LAW. THIS CONSENT TO JURISDICTION IS BEING GIVEN SOLELY FOR PURPOSES OF THIS AGREEMENT AND IS NOT
INTENDED TO, AND SHALL NOT, CONFER CONSENT TO JURISDICTION WITH RESPECT TO ANY OTHER DISPUTE IN
WHICH A PARTY TO THIS AGREEMENT MAY BECOME INVOLVED. EACH OF THE PARTIES HERETO HEREBY CONSENTS TO
PROCESS BEING SERVED BY ANY PARTY TO THIS AGREEMENT IN ANY SUIT, ACTION, OR PROCEEDING OF THE
NATURE SPECIFIED IN THIS SECTION 10.15 BY PROVIDING A COPY THEREOF IN THE MANNER SPECIFIED BY THE
PROVISIONS OF SECTION 10.8.

- 31 -

 

     IN WITNESS WHEREOF, the Purchaser, RioCan, the Company and the Operating Partnership have
executed this Agreement as of the date first written above.

	 	 	 	 	 
	 	RioCan Holdings USA Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RioCan Real Estate Investment Trust

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Cedar Shopping Centers, Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Cedar Shopping Centers Partnership L.P.

 	 
	 	By:  	Cedar Shopping Centers Inc., its general partner
 	 
	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

- 32 -

 

Schedule 2.4

	1.	 	Registration Rights Agreement dated April, 2005 between Cedar Shopping Centers, Inc. and each
of the investors listed on Schedule A attached thereto.
	 
	2.	 	Registration Rights Agreement dated June 9, 2006 between Cedar Shopping Centers Partnership,
L.P. and the investor listed on Schedule A attached thereto.
	 
	3.	 	Amended and Restated Limited Partnership Agreements of Cedar-Pennsboro Commons, LP dated
December 6, 2007 by and among Cedar Pennsboro Commons GP, LLC, Cedar Pennsboro Commons LP, LLC
and Homburg Holdings (U.S.), Inc.
	 
	4.	 	Amended and Restated Limited Partnership Agreements of Cedar-Fieldstone Marketplace, LP dated
December 6, 2007 by and among Cedar-Fieldstone SPE, LLC, Cedar Shopping Centers Partnership,
L.P. and Homburg Holdings (U.S.), Inc.
	 
	5.	 	Amended and Restated Limited Partnership Agreements of Cedar-Stonehedge, LP dated December 6,
2007 by and among Cedar Stonehedge Square GP, LLC, Cedar Stonehedge Square LP, LLC and Homburg
Holdings (U.S.), Inc.
	 
	6.	 	Amended and Restated Limited Partnership Agreements of Cedar-Meadows Marketplace, LP dated
December 6, 2007 by and among Cedar Meadows Marketplace GP, LLC, Cedar Meadows Marketplace LP,
LLC and Homburg Holdings (U.S.), Inc.
	 
	7.	 	Amended and Restated Limited Partnership Agreements of Cedar-Aston Center, LP dated December
6, 2007 by and among Cedar Aston Center GP, LLC, Cedar Aston Center LP, LLC and Homburg
Holdings (U.S.), Inc.
	 
	8.	 	Amended and Restated Limited Partnership Agreements of Cedar-Spring Meadow, LP dated December
6, 2007 by and among Cedar Spring Meadow GP, LLC, Cedar Spring Meadow LP, LLC and Homburg
Holdings (U.S.), Inc.
	 
	9.	 	Amended and Restated Limited Partnership Agreements of Cedar-Ayr Town Center, LP dated
December 6, 2007 by and among Cedar Ayr Town Center GP, LLC, Cedar Ayr Town Center LP, LLC and
Homburg Holdings (U.S.), Inc.
	 
	10.	 	Amended and Restated Limited Partnership Agreements of Cedar-Scott Town Center, LP dated
December 6, 2007 by and among Cedar Scott Town Center GP, LLC, Cedar Scott Town Center LP, LLC
and Homburg Holdings (U.S.), Inc.
	 
	11.	 	Amended and Restated Limited Partnership Agreements of Cedar-Parkway Plaza, LP dated December
6, 2007 by and among Cedar Parkway Plaza GP, LLC, Cedar Parkway Plaza LP, LLC and Homburg
Holdings (U.S.), Inc.
	 
	12.	 	Second Amended and Restated Agreement of Limited Partnership of Inrevco Associates, L.P.
dated November 14, 2006 between Fia Realty Group, Inc., Cedar Shopping Centers Partnership,
L.P. and each of the persons listed on Exhibit A thereto.

 

 

	13.	 	Amended and Restated Limited Liability Company Agreement of Cedar-Bloomsburg LLC dated
January 1, 2008 between Cedar Shopping Centers Partnership, L.P. and WP Bloomsburg Associates,
L.P.
	 
	14.	 	Limited Liability Company Agreement of Cedar-Ironwood Cypress Hall LLC dated October 15, 2007
between Cedar Shopping Centers Partnership, L.P. and IPG Cypress Hall Company, LLC.
	 
	15.	 	Agreement of Limited Partnership of Limerick HC Realty Partners, L.P. dated September 12,
2008 Limerick HC General, LLC, Cedar-Limerick LLC and each of the limited partners identified
on Schedule 1 thereto.
	 
	16.	 	Limited Liability Company Agreement of Cedar PCP-New London, LLC dated January 30, 2009
between Cedar-New London SPE, LLC and PCP New London LLC.
	 
	17.	 	Limited Liability Company Agreement of Cedar PCP-San Souci, LLC dated February 10, 2009
between Cedar-San Souci, LLC and PCP San Souci LLC.
	 
	18.	 	Agreement of Limited Partnership of CF Pottsgrove Associates, L.P. dated March 31, 2007 among
Upland FC Associates, L.P., Cedar Pottsgrove, LLC and Pottsgrove FC General, LLC.
	 
	19.	 	Restated and Amended Agreement of Limited Partnership of Hamilton FC Associates, L.P. dated
as of April, 2008 between Hamilton FC General, LLC, Cedar-Hamilton, LLC and the other limited
partners identified on Schedule 1 attached thereto.
	 
	20.	 	Draft Limited Liability Company Agreement of Cedar-Naugatuck, LLC dated October, 2009, to be
effective as of January 1, 2009, between Cedar Shopping Centers Partnership, L.P., and
Naugatuck, LLC.

 

 

Schedule 2.32

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Cedar Ownership	 	 
	Joint Ventures	 	Property	 	Interest	 	Fee Owning Entity
	Homburg Joint Ventures

	 	Aston Center
	 	 	20	%	 	Cedar-Aston Center, LP
	Homburg Joint Ventures

	 	Ayr Town Center
	 	 	20	%	 	Cedar-Ayr Town Center, LP
	Homburg Joint Ventures

	 	Fieldstone Marketplace
	 	 	20	%	 	Cedar-Fieldstone Marketplace, LP
	Homburg Joint Ventures

	 	Meadows Marketplace
	 	 	20	%	 	Cedar-Meadows Marketplace, LP
	Homburg Joint Ventures

	 	Parkway Plaza
	 	 	20	%	 	Cedar-Parkway Plaza, LP
	Homburg Joint Ventures

	 	Pennsboro Commons
	 	 	20	%	 	Cedar-Pennsboro Commons, LP
	Homburg Joint Ventures

	 	Scott Town Center
	 	 	20	%	 	Cedar-Scott Town Center, LP
	Homburg Joint Ventures

	 	Spring Meadow Shopping Ctr.
	 	 	20	%	 	Cedar-Spring Meadow, LP
	Homburg Joint Ventures

	 	Stonehedge Square
	 	 	20	%	 	Cedar-Stonehedge Square, LP
	WP Realty Joint Venture

	 	Columbia Mall
	 	 	75	%	 	Cedar-Bloomsburg, LLC
	Fameco Cedar Joint Ventures

	 	Upland Square
	 	 	60	%	 	CF Pottsgrove Associates, L.P.
	Fameco Cedar Joint Ventures

	 	Crossroads II (Stroudsburg)
	 	 	60	%	 	Hamilton FC Associates, L.P.
	PCP Cedar Joint Ventures

	 	New London Mall
	 	 	40	%	 	Cedar PCP New London, LLC
	PCP Cedar Joint Ventures

	 	San Souci Plaza
	 	 	40	%	 	Cedar-PCP San Souci, LLC
	Hirshland Joint Venture

	 	Heritage Crossing
	 	 	60	%	 	Limerick HC Realty Partners, L.P.
	J. Joseph Joint Venture1

	 	CVS at Naugatuck
	 	 	50	%	 	Cedar-Naugatuck, LLC
	Inrevco Joint Venture

	 	11601 Roosevelt Blvd.
	 	 	76.3	 	 	Inrevco Associates, L.P.

 

			
	1	 	The J. Joseph Joint Venture is in progress
and is not yet completed.

 

 

Exhibit A

GUARANTY

     This Guaranty is given this 26th day of October, 2009, by
RioCan Real Estate Investment Trust, an unincorporated closed end trust constituted in
accordance with the laws of the Province of Ontario (the “Guarantor”), in favor
of Cedar Shopping Centers, Inc., a Maryland corporation, and Cedar Shopping Centers
Partnership, L.P., a Delaware limited partnership (collectively “Cedar”).

     WHEREAS, pursuant to a securities purchase agreement dated the date hereof (the
“Agreement”), a direct or indirect wholly-owned subsidiary of the Guarantor
(the “Purchaser”) will be acquiring shares of common stock and warrants to
purchase common stock of Cedar Shopping Centers, Inc.;

     WHEREAS, the Guarantor is the direct or indirect sole stockholder of the
Purchaser and expects to derive a financial advantage from this Guaranty; and

     WHEREAS, in order to induce Cedar to enter into the Agreement with
Purchaser, the Guarantor has agreed to give this Guaranty in favor of Cedar.

     NOW, THEREFORE, FOR VALUE RECEIVED, THIS GUARANTY WITNESSETH as follows:

     1. The Guarantor hereby absolutely, unconditionally and irrevocably guarantees the
due performance and prompt payment in full of any and all existing and future obligations
of any and all kinds of the Purchaser to Cedar arising out of or in connection with the
Agreement. If any term, condition or provision of the Agreement or the application thereof
to any party or circumstance shall be ruled invalid, illegal or unenforceable in any
respect, the validity, legality

 

 

or enforceability of any term, condition or provision of this Guaranty shall not in any manner be
affected or impaired.

     2. The liability of the Guarantor under this Guaranty is an absolute, primary, direct, present
and unconditional guaranty of payment and performance and may be enforced without Cedar first
attempting to collect from or without Cedar first resorting to any rights or remedies Cedar may
have against the Purchaser or any other person or entity.

     3. The Guarantor hereby acknowledges that no release or extinguishment of the Purchaser’s
obligations or liabilities (other than in accordance with the terms of the Agreement or otherwise
with the written agreement of Cedar), whether by decree in any bankruptcy proceeding or otherwise,
shall affect the continuing validity and enforceability of this Guaranty.

     4. The Guarantor hereby consents to all of the terms and provisions of the
Agreement as the same may be from time to time hereafter amended or changed, and waives and
agrees not to assert as a defense in any action upon this Guaranty (a) notice of any amendment,
modification or change in any term, condition or provision of the Agreement; (b) notice of any
default under the Agreement; (c) demand for performance or observance of, and any enforcement of
any term, condition or provision of, or any pursuit or exhaustion of any rights or remedies
against Purchaser; and (d) to the extent it may lawfully do so, any and all demands and notices of
every kind and description with respect to the foregoing or which may be required to be given by
any statute or rule of law and any defense of any kind which it may now or hereafter have with
respect to this Guaranty or the Agreement, except to the extent any such defense is available to
Purchaser.

- 2 -

 

     5. No failure on the part of Cedar to exercise, and no delay in exercising, any right, remedy
or power hereunder shall operate as a waiver under this Guaranty, nor shall any single or partial
exercise by Cedar of any right, remedy or power hereunder preclude any other or future exercise of
any other right, remedy or power.

     6. The Guaranty herein contained shall be a continuing guaranty and shall remain in full
force until all of the obligations of the Purchaser under the Agreement shall have been satisfied
in full.

     7. This Guaranty shall be binding upon the Guarantor, its successors and assigns, and shall
inure to the benefit of Cedar, its successors and assigns.

     8. Cedar acknowledges that this letter agreement shall be conclusively taken to have been
executed by, or by officers of the Guarantor on behalf of, the trustees of the Guarantor only in
their capacity as trustees of the Guarantor. Cedar hereby disavows any liability upon and waive
any claim against holders of units of the Guarantor and annuitants under plans of which holders of
units of the Guarantor act as trustee or carrier and the obligations created hereunder are not
personally binding upon, nor shall resort be had to, nor shall recourse or satisfaction be sought
from, the private property of any trustee or officer of the Guarantor or any holder of units of
the Guarantor or annuitant, but the property of the Guarantor from time to time or a specific
portion thereof only shall be bound. It is agreed that the benefit of this provision is restricted
to the trustees and officers of the Guarantor, each holder of units issued by the Guarantor and
annuitants and, solely for that purpose, the undersigned signing officers of the Guarantor have
entered into this provision as agent and trustee for and on behalf of the trustees of the
Guarantor, each holder of units of the Guarantor and each annuitant.

- 3 -

 

     9. Any demand or notice to be made or given by Cedar to the Guarantor under this
Guaranty shall be given by notice addressed to the Guarantor at the address provided in
Section 10.8 of the Agreement.

     10. This Guaranty cannot be changed or terminated orally and shall be governed by
and construed in accordance with the laws of the State of New York without giving effect to
the principles of conflict of laws.

- 4 -

 

     IN WITNESS WHEREOF, the Guarantor has executed this Guaranty on the day and
year first above mentioned.

	 	 	 	 	 
	 	RioCan Real Estate Investment Trust

 	 
	 	By:  	/s/ Raghunath Davloor
 	 
	 	 	Name:  	Raghunath Davloor 	 
	 	 	Title:  	Chief Financial Officer 	 

 

 

	 	 	 	 	 

Exhibit B

THE WARRANT AND ANY SHARES OF COMMON STOCK ISSUED UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS,
RECEIPT OF A NO-ACTION LETTER ISSUED BY THE SECURITIES AND EXCHANGE COMMISSION (TOGETHER WITH
EITHER REGISTRATION OR AN EXEMPTION UNDER APPLICABLE STATE SECURITIES LAWS) OR AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS.

WARRANT TO PURCHASE

SHARES OF COMMON STOCK

OF

CEDAR SHOPPING CENTERS, INC.

NO. W 1

1,428,570 Shares

October 30, 2009

     FOR VALUE RECEIVED, subject to the provisions hereinafter set forth, the
undersigned, CEDAR SHOPPING CENTERS, INC., a Maryland corporation (together with
its successors and permitted assigns, the “Company”), hereby certifies that

RIOCAN HOLDINGS USA INC.

or its registered assigns is entitled to subscribe for and purchase, during the period
specified in this Warrant (this “Warrant”), 1,428,570 shares (subject to
adjustment as hereinafter provided) of duly authorized, validly issued, fully paid and
non-assessable shares of common stock of the Company, $0.06 par value (“Common Stock”),
at an initial exercise price of $7.00 per share (“Exercise Price”),
subject, however, to the provisions and upon the terms and conditions hereinafter set
forth. This Warrant is issued pursuant to the Securities Purchase Agreement dated October 26,
2009 among the Company, Cedar Shopping Centers Partnership, L.P., RioCan Real Estate
Investment Trust and RioCan Holdings USA Inc. (the “Purchase Agreement”), and, by
execution of the Purchase Agreement, the holder hereof has agreed (and any transferee of this
Warrant will agree) to comply with the obligations set forth herein and therein.

	1.	 	Exercise of This Warrant. The rights represented by this Warrant may be exercised by
the holder hereof, in whole or in part (but not as to a fractional share of Common
Stock), by the surrender of this Warrant (properly endorsed if required) at the office
of the Company, 44 South Bayles Avenue, Port Washington, New York 11050, or such other
office or agency of the Company as the Company may designate by notice in writing to the
holder hereof at the address of such holder appearing on the books of the Company, at

 

 

	 	 	any time and from time to time after the date hereof and before 5:00 P.M., New
York City time, two years from the date hereof (the “Exercise Period”) upon payment to
the Company of the Exercise Price for such shares.

	 	 	The Exercise Price for shares of Common Stock issuable upon exercise of this Warrant
shall be payable as follows: (a) by payment to the Company of the Exercise Price in
cash, by check or by wire transfer of funds or (b) by surrender to the Company for
cancellation of notes or debt securities of the Company having a principal balance plus
accrued interest on the date of exercise equal to the Exercise Price for such shares or
(c) by a combination of the methods described in clauses (a) and (b) above. The Company
agrees that the shares so purchased shall be deemed to be issued to the holder hereof
as the record owner of such shares as of the close of business on the date on which
this Warrant shall have been surrendered and payment made for such shares as aforesaid.
Certificates for the shares of Common Stock so purchased shall be delivered to the
holder hereof as promptly as practicable after the rights represented by this Warrant
shall have been so exercised, and, unless this Warrant has expired, a new Warrant
representing the number of shares, if any, with respect to which this Warrant shall not
then have been exercised shall also be delivered to the holder hereof within such time.

	2.	 	Reservation, Issuance and Listing of Stock.

	 	A.	 	A. The Company will at all times reserve and keep available, free
from
preemptive rights, out of its authorized but unissued Common Stock, solely for
the purpose of issue upon exercise of the Warrant, such number of shares of
Common Stock as shall then be issuable upon exercise of the Warrant. The Company
will, at its expense, use its commercially reasonable efforts to cause such shares
to be listed (subject to issuance or notice of issuance) on all stock
exchanges, if any, on which the Company’s Common Stock may become listed during
the Exercise Period.
	 
	 	B.	 	The Company covenants that all shares which may be issued upon the
exercise of
the rights represented by this Warrant will, upon issuance, be duly authorized
and validly issued, fully paid and nonassessable, not subject to preemptive
rights and free from all taxes, liens, charges and security interests with
respect to the issue thereof.

	3.	 	Exercise Price. The above provisions are, however, subject to the following:

	 	A.	 	Initial Exercise Price. The initial Exercise Price of $7.00 per share
shall be subject to adjustment from time to time as hereinafter provided.
	 
	 	B.	 	Adjustment of Exercise Price and Number of Shares of Common Stock
Issuable. The Exercise Price and number of shares of Common Stock issuable upon
exercise hereof shall be subject to adjustment from time to time in accordance
with the following provisions, such adjustments shall take effect at the close of
business on the date of any such split, subdivision, dividend or combination, as
the case may be:

- 2 -

 

	 	(1)	 	In case the Company shall at any time split or subdivide the outstanding shares of
Common Stock or shall issue a stock dividend with respect to the Common
Stock resulting in the issuance of additional shares of Common Stock, the number
of shares of Common Stock for which this Warrant is exercisable immediately prior
to such event shall be proportionally increased and the Exercise Price in effect
immediately prior to such event shall be proportionately decreased to reflect such
split, subdivision or stock dividend, as the case may be.
	 
	 	(2)	 	In case the Company shall at any time combine the outstanding shares of
Common Stock, the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event shall be proportionally decreased and the
Exercise Price in effect immediately prior to such event shall be proportionately
increased to reflect such combination.
	 
	 	(3)	 	In case the Company shall declare a cash dividend on its Common Stock
(excluding Dividends Paid in the Ordinary Course), the Exercise Price in effect
immediately prior to the record date for such dividend shall be proportionately
reduced immediately thereafter to reflect such dividend; such adjustment shall be
made successively whenever such a record date is fixed. In the event that such
dividend is not so paid, the Exercise Price then in effect shall be readjusted,
effective as of the date when the Board of Directors of the Company determines not to
pay such dividend, to the Exercise Price that would then be in effect if such record
date had not been fixed. For purposes of this Warrant, “Dividends Paid in the
Ordinary Course” shall mean dividends on Common Stock not to exceed $.225 per share
per quarter.

	 	C.	 	Reorganization, Consolidation, Merger or Sale. If the Company shall effect a
reorganization, shall merge with or consolidate into another corporation, or shall sell,
transfer or otherwise dispose of all or substantially all of its assets and pursuant to the
terms of such reorganization, merger, consolidation or disposition of assets, securities,
property or assets of the Company, successor or transferee or an affiliate thereof or cash
are to be received by or distributed to the holders of Common Stock, then the holder of
this Warrant shall have the right thereafter to receive, upon the exercise of this Warrant,
the number of shares of stock or other securities, property or assets of the Company,
successor, transferee or affiliate thereof or cash receivable upon or as a result of such
reorganization, merger, consolidation or disposition of assets by a holder of the number of shares
of Common Stock equal to that to which the holder of this Warrant upon the exercise
thereof immediately prior to such event would have been entitled. The provisions of this
subsection 3.0 shall similarly apply to successive reorganizations, mergers, consolidations
or dispositions of assets. Upon any reorganization, consolidation, merger or transfer
hereinabove referred to, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the shares of stock and other securities, property, assets
and cash receivable upon the exercise of this Warrant after the consummation of such
reorganization, consolidation, merger or

- 3 -

 

	 	 	 	transfer, as the case may be. The Company shall not effect any such
reorganization, consolidation, merger or transfer unless prior to the
consummation thereof the successor corporation (if other than the Company)
resulting therefrom or the corporation purchasing such assets shall, by written
instrument executed and mailed to the registered holder hereof at the last
address of such holder appearing on the books of the Company, (i) assume the
obligation to deliver to such holder such shares of stock, securities, property
or assets as, in accordance with the foregoing provisions, such holder may be
entitled to purchase, and (ii) agree to be bound by all the terms of this
Warrant.
	 
	 	D.	 	Notice of Adjustment. Upon any adjustment of the Exercise Price and any
increase or decrease in the number of shares of Common Stock purchasable upon the
exercise of this Warrant, then, and in each such case, the Company, as promptly as
practicable thereafter, shall give written notice thereof to the holder hereof at
the address of such holder as shown on the books of the Company which notice shall
state the Exercise Price as adjusted and the increased or decreased number of shares
purchasable upon the exercise of this Warrant, setting forth in reasonable
detail the method of calculation of each.
	 
	 	E.	 	Other Notices. In case at any time the Company shall propose to (a)
reorganize, or reclassify the capital stock of the Company, or consolidate, merge
or otherwise combine with, or sell all or substantially all of its assets to,
another person or (b) voluntarily or involuntarily dissolve, liquidate or wind up
of the affairs of the Company; then, in any one or more of said cases, the Company
shall give to the holder hereof at least ten (10) days’ prior written notice of
the date on which the books of the Company shall close or a record shall be taken
for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding
up.

	4.	 	No Voting Rights. This Warrant shall not entitle the holder hereof to any voting
rights
or other rights as a stockholder of the Company.

	5.	 	Transfer and Registration of Warrants. This Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company referred to
in Section 1 hereof by the holder hereof in person or his duly authorized attorney,
upon surrender of this Warrant properly endorsed; provided, that this Warrant may not
be transferred or assigned in whole or in part without compliance with (i) the
provisions of the Purchase Agreement, and (ii) all applicable federal and state
securities laws by the transferor and the transferee (including, to the extent required
by law or reasonably requested by the Company, the delivery of appropriate investment
representations in customary form). Each taker and holder of this Warrant, by taking or
holding the same, consents and agrees that this Warrant, when endorsed in blank, shall
be deemed negotiable, and that the holder hereof, when this Warrant shall have been so
endorsed may be treated by the Company and all other persons dealing with this Warrant
as the absolute owner thereof for any purpose and as the person entitled to exercise
the rights represented by this Warrant, or to the transfer hereof on the books of the
Company, any notice to the contrary notwithstanding; but until such transfer on such
books, the Company may treat the registered holder hereof as the owner for all
purposes.

- 4 -

 

	6.	 	Exchanges of Warrants. This Warrant is exchangeable, upon the surrender hereof
by
the holder hereof at such office or agency of the Company, for new Warrants of like
tenor representing in the aggregate the right to subscribe for and purchase the number
of shares that may be subscribed for and purchased hereunder, each of such new Warrants
to represent the right to subscribe for and purchase such number of shares as shall be
designated by said holder hereof at the time of such surrender.

	7.	 	No Fractional Shares. No fractional shares of Common Stock or scrip representing
fractional shares of Common Stock shall be issued upon the exercise of the Warrant, but,
in lieu thereof, there shall be paid an amount in cash equal to the same fraction of the
closing price of a whole share of Common Stock on the business day preceding the day of
exercise.

	8.	 	Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of the Warrant and, in the case of
any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such mutilation,
upon surrender and cancellation of such Warrant, the Company at its expense will execute
and deliver, in lieu thereof, a new Warrant of like tenor.

	9.	 	Remedies. The Company stipulates that the remedies at law of the holder of this
Warrant
in the event of any default or threatened default by the Company in the performance of
or compliance with any of the terms of this Warrant are not and will not be adequate,
and that such terms may be specifically enforced by a decree for the specific
performance of any agreement contained herein or by an injunction against a violation of
any of the terms hereof or otherwise.

	10.	 	Notices. Except as otherwise provided herein, any notices hereunder shall be
deemed to
have been given five (5) days after having been mailed in the United States by
registered or certified mail, addressed if given to the Company to the principal office
of the Company, Attention: President, or if given to a holder of this Warrant addressed
to such holder at his address as the same shall appear on the books of the Company.

	11.	 	Miscellaneous. This Warrant and any term hereof may be changed, waived,
discharged
or terminated only by an instrument in writing signed by both the Company and the
holder hereof. This Warrant is being delivered in the State of New York and shall be
construed and enforced in accordance with and governed by the laws of such State. The
headings in this Warrant are for purposes of reference only, and shall not limit or
otherwise affect any of the terms hereof.

	12.	 	Expiration of Warrants. At 5:00 P.M. New York time on the last day of its
Exercise
Period, the Warrant, if not exercised prior thereto, shall be and become wholly void
and of no value.

	13.	 	No Impairment. The Company shall not by any action, including, without
limitation,
amending its charter documents or through any reorganization, reclassification,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other similar voluntary action, avoid or seek to avoid the observance or
performance of any of

- 5 -

 

	     	 	the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of the holder hereof against impairment. Without
limiting the generality of the foregoing, the Company shall take all commercially
reasonable action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of Common Stock upon the
exercise of this Warrant, free and clear of all liens, and shall use its commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction over it as may be necessary to enable the
Company to perform its obligations under this Warrant.

	14.	 	Supplying Information; Rule 144. The Company shall cooperate with the holder
hereof
in supplying such information as may be reasonably necessary for such holder to complete
and file any information reporting forms presently or hereafter required by the
Securities and Exchange Commission (the “Commission”) as a condition to the
availability of an exemption from the Securities Act of 1933, as amended (the
“Act”) for the transfer hereof The Company shall use its commercially
reasonable efforts to at all times make public information available so as to afford the
holder hereof the benefits of Rule 144 of the Commission in connection with resales.

- 6 -

 

     IN WITNESS WHEREOF, Cedar Shopping Centers, Inc. has caused this Warrant to be signed
by one of its duly authorized officers.

Dated: October 30, 2009

	 	 	 	 	 
	 	CEDAR SHOPPING CENTERS, INC,

 	 
	 	By:  	/s/ Leo S. Ullman
 	 
	 	 	Name:  	Leo S. Ullman  	 
	 	 	Title:  	President 	 

 

 

ELECTION TO PURCHASE

(To be signed only upon exercise of Warrant)

	To:	 	 Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, New York 11050

Attn: Leo S. Ullman

	     The undersigned, the holder of the within Warrant, hereby irrevocably elects, to exercise
the purchase, right represented by such Warrant for, and to purchase thereunder, ‘shares of
Common Stock of Cedar Shopping Centers, Inc. and
herewith (a) makes payment of $ therefor or (b) surrenders for cancellation notes or debt
securities of the Company equal to the Exercise Price. The undersigned requests that the
certificates for such shares be issued in the name of, and delivered
to,           
          , whose
address is            
             
              
  .

	Dated:                      , 20

	 	 	 

	 

	 	 
	 

	 	(Signature must conform in all respects to
name of holder as specified on the face of
the Warrant)
	 
	 	 
	 

	 	 
	 

	 	(Address)
	 
	 	 
	 

	 	 
	 

	 	(Address)

 

 

 

			
	     Insert here the number of shares called for on the face of the Warrant (or, in the
case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in
either case without making any adjustment for additional Common Stock or any other stock or
other securities or property or cash which, pursuant to the adjustment provisions of the
Warrant, may be deliverable upon exercise.

 

 

ASSIGNMENT

(To be signed only upon transfer of Warrant)

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers all of the rights
of the undersigned under the within Warrant, with respect to the number of shares of Common
Stock of Cedar Shopping Centers, Inc. covered thereby set forth herein below unto:

	 	 	 	 	 
	Name of Assignee	 	Address	 	No. of Shares
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 

	Dated:           
                
               ,	 	 

	 

	 	(Signature must conform in all respects to
name of holder as specified on the face of
the Warrant)
	 

	 	 
	 
	 	 
	 

	 	 
	 

	 	Address
	 
	 	 
	 

	 	 
	 

	 	(Address)

Signed in the presence of:

	 	 	 

	 

(Signature)

	 	 
	 
	 	 
	 

(Print)

	 	 

 

 

Exhibit C

REGISTRATION RIGHTS AGREEMENT

     Registration Rights Agreement (this “Agreement”) dated October 30, 2009, by and between
Cedar Shopping Centers, Inc., a Maryland corporation (the “Company”), and RioCan Holdings
USA Inc., a Delaware corporation (the “Investor”).

WITNESSETH:

     WHEREAS, the Company and the Investor entered into a Securities Purchase Agreement
dated October 26, 2009 (the “Purchase Agreement”) pursuant to which the Investor will
acquire shares of Common Stock of the Company and a Warrant to acquire shares of Common
Stock of the Company;

     WHEREAS, the Company desires to grant to the Investor certain registration rights with
respect to Registrable Securities (as hereinafter defined) acquired by the Investor
pursuant to the Purchase Agreement;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein and for
other good and valuable consideration set forth herein, the parties hereto agree as
follows:

1. Certain Definitions. For purposes of this Agreement, the following terms
shall have the
respective meanings set forth below:

     “Commission” means the Securities and Exchange Commission.

     “Common Stock” means shares of common stock, par value $.06 per share, of the Company.

     “Costs and Expenses” means all of the costs and expenses relating to the Registration
Statement described in Section 2.1 including, but not limited to, blue-sky expenses,
printing expenses, Commission filing fees, Financial Industry Regulatory Authority fees and
fees and disbursements of counsel to the Company; provided, however, that Costs and
Expenses shall not include (x) fees and disbursements for counsel for any Holder, which
shall be borne by such Holder, or (y) underwriting discounts and commissions and
reimbursable underwriters’ expenses attributable to the Registrable Securities being sold
by the Selling Holders thereof, which shall be borne by such Selling Holders pro rata on
the basis of the relative number of Registrable Securities included in the applicable
registration statement. With respect to Piggy Back Registrations pursuant to Section
2.2(b), the Holders shall bear all Costs and Expenses relating to inclusion of their
Registrable Securities pro rata on the basis of the relative number of Registrable
Securities included in the Piggy Back Registration, except for fees and disbursements of
counsel to the Company.

     “Holder” means (i) the Investor as a holder of Registrable Securities and (ii) any
affiliate of the Investor that is a direct or indirect transferee of such Registrable
Securities from the Investor that has agreed to be bound by the terms of this Agreement as
a Holder.

     “Registrable Securities” means (a) any shares of Common Stock issuable to the Investor
pursuant to the provisions of the Purchase Agreement, (b) any shares of Common Stock
issuable upon exercise of the Warrant granted to the Investor pursuant to the Purchase
Agreement and (c)

 

 

any securities issued as a dividend on or other distribution with respect to, or in
exchange for or in replacement of, the shares of Common Stock referred to in subsections (a)
and (b) above including, without limitation, stock splits, reclassifications, mergers,
consolidations, recapitalizations or similar events; provided, however, that a security shall
cease to be a Registrable Security only upon it having been effectively registered under the
Securities Act and transferred pursuant to such registration or otherwise transferred to
holders who may trade such security without restriction under the Securities Act, and the
Company has delivered a new certificate or other evidence of ownership, for such
security not bearing a restrictive legend.

     “Securities Act” means the Securities Act of 1933, as amended, or any similar
Federal law then in force.

     “Selling Holder” means any Holder who is selling Registrable Securities
pursuant to a public offering registered hereunder.

2. Registration.

     2.1 Registration Procedures and Expenses.

          (a) The Company shall prepare and file with the Commission a registration statement on
Form S-3 meeting the requirements of the Securities Act relating to the sale of the Registrable
Securities by the Holders (the “Registration Statement”) from time to time. Such
Registration Statement (i) shall be a shelf registration statement providing for the
registration and the sale of Registrable Securities by the Holders on a continuous or delayed
basis pursuant to Rule 415 of the Securities Act, (ii) shall comply as to form in all material
respects with the requirements of Form S-3 and include all financial statements required by the
Commission to be filed therewith or be incorporated therein, (iii) shall be reasonably
acceptable to the Investor’s counsel and (iv) shall provide for the resale of the Registrable
Securities from time to time pursuant to any method or combination of methods legally available
by the Holders, and the Registration Statement and any form of prospectus included or
incorporated by reference therein (or any prospectus supplement relating thereto) shall reflect
such plan of distribution or method of sale.

          (b) The Company shall, subject to receipt of necessary information from the Holders, use
its reasonable best efforts to cause the Commission to declare the Registration Statement
effective on or prior to the date that is one year from the date hereof (such date, the
“Lockup Termination Date”).

          (c) The Company shall (i) prepare and file with the Commission such
amendments and supplements to the Registration Statement and the prospectus used in
connection therewith as may be (A) reasonably necessary to keep the Registration Statement
continuously effective until the earliest of (x) twenty four months after the later of the
effective date of the Registration Statement and the Lockup Termination Date, (y) the date on
which all Registrable Securities have been disposed of under the Registration Statement and (z)
such time as all Registrable Securities have been otherwise transferred to holders who may:
trade such securities without restriction under the Securities Act, and the Company has
delivered a new certificate or other evidence of ownership for such securities not bearing a
restrictive. legend (the earliest of such dates being referred to herein as the
“Expiration Date”); or (B) reasonably

- 2 -

 

requested by the Holders (whether or not required by the form on which the
securities are being registered), and shall use its reasonable best efforts to cause each such
amendment to be declared effective by the Commission, if required, as soon as practicable after
the filing thereof, (ii) cause any related prospectus to be supplemented by any required
supplement, and as so supplemented to be filed with the Commission pursuant to Rule 424 under
the Securities Act (or any similar provisions then in force under the Securities Act), to the
extent required, and (iii) comply in all material respects with the provisions of the
Securities Act with respect to the disposition of all securities covered by the Registration
Statement during the applicable period in accordance with the intended methods of disposition
as may be reasonably requested from time to time by the Holders and set forth in such
Registration Statement as so amended or such prospectus as so supplemented.

          (d) The Company shall bear the Costs and Expenses of the Registration Statement.

     2.2 Other Holders; Piggyback Rights.

          (a) The Company shall have the right to include in the Registration Statement the
shares of Common Stock of any shareholder of the Company who has registration rights enabling
it to include its shares in such Registration Statement, provided that such shares of Common
Stock of any other shareholder of the Company may only be included in the Registration
Statement to the extent such inclusion (i) will not reduce the amount of Registrable Securities
of the Holders included in the Registration Statement and (ii) in the case of an underwritten
offering, based on the written advice of the underwriter for the Registrable Securities, will
not materially adversely affect the proposed offering price, the timing, the distribution
method, or the probability of success of the offering.

          (b) For a period commencing on the Expiration Date and ending three years after the
Expiration Date, if the Company (i) proposes to file a registration statement under the
Securities Act with respect to an offering of equity securities by the Company for its own
account or for stockholders of the Company for their account other than a registration
statement on Forms S-8 or S-4 or any equivalent form then in effect and the registration form
to be used may be used for the registration of Registrable Securities, then the Company shall
(A) give written notice of such proposed filing to the Holders as soon as practicable but in no
event less than ten business days before the anticipated filing date, which notice shall
describe the amount and type of securities to be included in such offering, the intended
method(s) of distribution, and the name of the proposed underwriter(s), if any, of the
offering, and (B) offer to the Holders in such notice the opportunity to register the sale of
such number of Registrable Securities as such Holders may request in writing within five
business days following receipt of such notice or (ii) has then in effect a registration
statement under the Securities Act with respect to equity securities by the Company (other than
a registration statement on Forms S-8 or S-4 or any equivalent form then in effect or the
registration statement on Form S-3 filed by the Company with the Commission on November 17,
2008) and such registration statement may be used for the registration of Registrable
Securities, then the Company shall register the sale of such number of Registrable Securities
as any Holder may request in writing (any such registration described in clause (i)(B) or
clause (ii) of this Section 2.2(b) is referred to as a “Piggy—Back Registration”);
provided, however, that no request for a Piggy—Back Registration may be made prior to the
Expiration Date. If at any time after giving written notice of its intention to register

- 3 -

 

any securities and prior to the effective date of the registration statement filed in
connection with such registration, the Company shall determine for any reason not to register
or to delay registration of such securities, the Company may, at its election, give written
notice of such determination to each Holder and, (x) in the case of a determination not to
register, shall be relieved of its obligation to register any Registrable Securities in
connection with such registration, and (y) in the case of a determination to delay
registering, shall be permitted to delay registering any Registrable Securities for the same
period as the delay in registering such other securities. The Company shall use its reasonable
best efforts to cause such Registrable Securities to be included in such Piggy—Back
Registration and shall use reasonable best efforts to cause the underwriter(s) of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a
Piggy—Back Registration on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All Holders proposing to
distribute their securities through a Piggy—Back Registration that involves an underwriter(s)
shall enter into an underwriting agreement in customary form with the underwriter(s) selected
for such Piggy—Back Registration and (ii) complete and execute all questionnaires,
powers—of—attorney, indemnities, opinions and other documents required under the terms of such
underwriting agreement. The Holder shall be responsible for all Costs and Expenses with
respect to each Piggy Back Registration pro rata on the basis of the relative number of
Registrable Securities included in the Piggy Back Registration.

          (c) If the underwriter for a Piggy—Back Registration advises the Company
and the Holders in writing that in their opinion the inclusion
of Registrable Securities by a Holder would materially adversely affect the proposed
offering price, the timing, the distribution method, or the probability of success of the
offering, then the Company shall include in such offering, as to each Holder exercising
piggyback rights pursuant to Section 2.2(b) and any other person or persons having a written
contractual right to request their shares of Common Stock or other securities of the Company be
included in such offering, that number of shares of Common Stock or other securities of the
Company that the Company is so advised can be sold in such offering without materially
adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of the offering, determined as follows:

          (i) if the registration is undertaken for the Company’s account: (a) first, the
shares of Common Stock or other securities of the Company that the Company desires to
sell and (b) second, any shares of Common Stock or other securities of the Company held
by holders of written contractual piggy—back registration rights (including the Holders)
which can be included therein without, in the opinion of the underwriters, materially
adversely affecting the proposed offering price, the timing, the distribution method, or
the probability of success of the offering, pro rata among such holders on the basis of
the relative number of shares of Common Stock or other securities of the Company
requested to be included in such registration by such holders, and

          (ii) if the registration is a “demand” registration undertaken at the demand of
persons other than the Holders: (a) first, the shares of Common Stock or other
securities of the Company to be sold for the account of such demanding persons that can
be sold without, in the opinion of the underwriters, materially adversely affecting the
proposed offering price, the timing, the distribution method, or the probability of
success of the offering and (b) second, any shares of Common Stock or other securities
of the

- 4 -

 

Company held by other holders of written contractual piggy—back registration
rights (including the Holders) which can be included therein without, in the opinion of
the underwriters, materially adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of the offering, pro rata
among such holders on the basis of the relative number of shares of Common Stock or
other- securities of the Company requested to be included in such
registration by such holders.

     2.3 Other Registration Procedures. With respect to any registration of Registrable
Securities effected pursuant to Section 2.1 or Section 2.2(b), the Company shall:

          (a) furnish to the Selling Holders with respect to such Registrable Securities (and to
each underwriter, if any, of such Registrable Securities), without charge, such reasonable
number of copies of any registration statement in respect of such Registrable Securities or any
amendment or supplement thereto (in each case including all exhibits thereto and documents
incorporated by reference therein) and the prospectus included in such registration statement
(including each preliminary prospectus) and such other documents as the Selling Holders or such
underwriter may reasonably request, in order to facilitate the public sale or other disposition
of all or any of the Registrable Securities by such Selling Holders; provided, however, that
the obligation of the Company to deliver copies of prospectuses to the Selling Holders shall be
subject to the receipt by the Company of reasonable assurances from such Selling Holders that
such Selling Holders will comply with the applicable provisions of the Securities Act and of
such other securities or blue sky laws as may be applicable in connection with any use of such
prospectuses;

          (b) use its reasonable best efforts to (x) register and qualify the Registrable
Securities under such other securities or blue sky laws of such states or jurisdictions
specified in writing by the Selling Holders, keep each such registration or qualification (or
exemption therefrom) effective during the period in which the registration statement for such
Registrable Securities is required to be kept effective, and (y) do any and all other acts and
things which may be necessary or advisable to enable each Selling Holder to consummate the
disposition of the Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify to do business or consent to service of process in
any jurisdiction in which it is not now so qualified or has not so consented;

          (c) enter into and perform customary agreements (including an underwriting
agreement in customary form) and take such other actions (including, without limitation,
participation in road shows and investor conference calls) as are required in order to expedite
or facilitate the sale of Registrable Securities;

          (d) after the filing of any registration statement in respect of such Registrable
Securities, promptly notify such Selling Holders of any stop order issued or, to the
Company’s knowledge, threatened to be issued by the Commission and use its reasonable best
efforts to prevent the entry of such stop order or to remove it if entered;

          (e) at the request of any underwriter of the Registrable Securities in
connection with an underwritten offering, furnish (i) an opinion of counsel, addressed to
such underwriters and such Selling Holders, covering such customary matters as the underwriter
and the Selling Holders may reasonably request and (ii) a comfort letter or comfort letters
from the

- 5 -

 

Company’s independent public accountants addressed to the underwriters and such Selling Holders
covering such customary matters as the underwriter or the Selling Holders may reasonably
request;

          (f) provide a CUSIP number for the Registrable Securities included in any registration
statement in respect of such Registrable Securities not later than the effective date of such
registration statement;

          (g) cooperate with such Selling Holders and any underwriter participating in the
disposition of the Registrable Securities and their respective counsel in connection with any
filings required to be made with the Financial Industry Regulatory Authority (“FINRA”);

          (h) during the period when the prospectus is required to be delivered under the
Securities Act, use its reasonable best efforts promptly to file all documents required to be
filed with the Commission pursuant to Section 13(a) of the Exchange Act; and

          (i) take such other actions as are reasonably required in order to expedite or facilitate
the disposition of Registrable Securities included in any registration statement in respect of
such Registrable Securities.

     2.4 Indemnification by the Company. The Company will indemnify and hold
harmless each Holder, any underwriter (as defined in the Securities Act) for the Holders, each
officer, director, trustee, employee and agent of each Holder, and each person, if any, who
controls such Holder or such underwriter within the meaning of the Securities Act (but, in the
case of an underwriter or a controlling person, only if such underwriter or controlling person
agrees to indemnify the persons mentioned in subdivision (b) of Section 2.5 hereof in
substantially the manner set forth therein), from and against any losses, claims, damages or
liabilities, joint or several, to which such Holder or any such underwriter, officer, director,
trustee, employee, agent or controlling person becomes subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) (i) are caused by, arise out of, result from or relate to any untrue statement or
alleged untrue statement of any material fact contained or incorporated by reference in the
Registration Statement under which Registrable Securities were registered under the Securities
Act, the prospectus contained therein, or any amendment or supplement thereto, including all
documents attached thereto or incorporated by reference therein or (ii) are caused by, arise
out of, result from or relate to the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading
or (iii) are caused by, arise out of, result from or relate to any violation by the Company of
any rule or regulation promulgated under the Securities Act applicable to the Company and
relating to any action or inaction required of the Company in connection with such
registration; and the Company will reimburse such Holder and any such underwriter, officer,
director, trustee, employee, agent or controlling person for any legal or other expenses
reasonably incurred by such Holder, or any such underwriter, officer, director, trustee,
employee, agent or controlling person in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Company will not be
liable to any such persons in any such case to the extent that any such loss, claim, damage,
liability or action arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in conformity with
information furnished to the Company in writing by such person expressly for

- 6 -

 

inclusion in any of the foregoing documents. The remedies provided in this Section
2.4 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to the Holders at law or in equity.

     2.5 Indemnification by the Holders. Each Holder shall:

          (a) Furnish in writing all information to the Company concerning itself and its holdings
of securities of the Company as shall be required in connection with the preparation and filing
of any registration statement covering any Registrable Securities; and

          (b) Indemnify and hold harmless the Company, each of its directors, each of its officers
who has signed any registration statement covering any Registrable Securities, each person, if
any, who controls the Company within the meaning of the Securities Act and any underwriter (as
defined in the Securities Act) for the Company, against any losses, claims, damages or
liabilities to which the Company or any such director, officer, controlling person or
underwriter may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) are caused by any untrue or
alleged untrue statement of any material fact contained in any registration statement under
which Registrable Securities were registered under the Securities Act, the prospectus contained
therein, or any amendment or supplement thereto, or arising out of or based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading; in each case to the extent, but only to the extent,
that such untrue statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with information furnished in writing to the Company by such
Holder expressly for inclusion in any of the foregoing documents, and each Holder shall
reimburse the Company and any such underwriter, officer, director or controlling person for any
legal or other expenses reasonably incurred by the Company or any such director, officer or
controlling person in connection with investigating or defending any such loss, claim, damage,
liability or action. Each Holder’s liability under this Section 2.5 shall be limited to an
amount equal to the net proceeds (after deducting any applicable underwriting discount and
expenses associated with the Registrable Securities sold thereunder) received by such Holder
from the sale of Registrable Securities by such Holder. The remedies provided in this Section
2.5 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to the Company at law or in equity.

     2.6 Contribution. In order to provide for just and equitable
contribution to joint
liability under the Securities Act in any case in which either (a) the indemnification required
by Section 2.4 is unavailable to an indemnified party in respect of any losses, claims, damages
or liabilities, or legal or other expenses, with respect to which indemnity is to be provided
thereunder or (b) contribution under the Securities Act may be required on the part of the
indemnified party in circumstances for which indemnification is provided under Section 2.4;
then, and in each such case, the Company, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such losses,
claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the Company and indemnified parties in connection with the actions which
resulted in such losses, claims, damages or liabilities, or legal or other expenses, as well as
any other relevant equitable considerations. The relative fault of the Company and the
indemnified party shall be determined by reference to, among other things, whether the untrue
or alleged untrue

- 7 -

 

statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by such party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 2.6 were determined by pro rata allocation or by any other method of
allocation which does not take into account the equitable considerations referred to in this
Section 2.6. No Holder shall be required to contribute any amount in excess of the amount by
which the net proceeds of the offering (before deducting expenses) received by such Holder
exceeds the amount of any damages that such Holder has otherwise been required to pay under
Section 2.5 and Section 2.6 or otherwise by reason of untrue or alleged untrue statements or
omissions or alleged omissions.: No person guilty of fraudulent misrepresentation (within the
meaning of Section 12 of the Securities Act) will be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

     2.7 Conduct of Indemnification Proceedings. Each Holder, the Company and each
other person indemnified pursuant to Section 2.4 or 2.5 hereof will, in the event it
receives notice of the commencement of any action against it in respect of which indemnity may
be sought pursuant to Section 2.4 or 2.5, promptly notify the indemnifying party, in writing,
of the commencement of such action and permit the indemnifying party, if the indemnifying party
so notifies the indemnified party within 10 days after receipt by the indemnifying party of
notice of the commencement of the action, to participate in and to assume the defense of such
action with counsel selected by the indemnifying party; provided, however, that an indemnified
party shall have the right to retain its own counsel, with the fees and disbursements and
expenses to be paid by the indemnifying party, if representation of such indemnified party by
the counsel retained by the indemnifying party would be inappropriate due to actual or
potential differing interests between such indemnified party and any other party represented by
such counsel in such proceeding. The omission to notify the indemnifying party promptly of the
commencement of any such action shall not relieve the indemnifying party of any liability to
indemnify the indemnified party, under Section 2.4 or Section 2.5 hereof, as applicable, except
to the extent the indemnifying party shall suffer any loss by reason of such failure to give
notice and shall not relieve the indemnifying party of any other liabilities which it may have
under this or any other agreement. Any fees and expenses incurred by the indemnified party
(including any fees and expenses incurred in connection with investigating or preparing to
defend such action or proceeding) shall be advanced to the indemnified party, as incurred,
within thirty (30) days of written notice thereof to the indemnifying party. Any such
indemnified party shall have the right to employ separate counsel in any such action, claim or
proceeding and to participate in the defense thereof, but the fees and expenses of such counsel
shall be the expenses of such indemnified party unless (i) the indemnifying party has agreed to
pay such fees and expenses or (ii) the indemnifying party shall have failed to promptly assume
the defense of such action, claim or proceeding or (iii) the named parties to any such action,
claim or proceeding (including any impleaded parties) include both such indemnified party and
the indemnifying party, and such indemnified party shall have been advised by counsel that
there may be one or more legal defenses available to it which are different from or in addition
to those available to the indemnifying party and that the assertion of such defenses would
create a conflict of interest such that counsel employed by the indemnifying party could not
faithfully represent the indemnified party (in which case, if such indemnified party notifies
the indemnifying party in

- 8 -

 

writing that it elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the
defense of such action, claim or proceeding on behalf of such indemnified party, it being
understood, however, that the indemnifying party shall not, in connection with any one such
action, claim or proceeding or separate but substantially similar or related actions, claims or
proceedings in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys (together with appropriate local counsel) at any time for all such indemnified
parties, unless in the reasonable judgment of such indemnified party a conflict of interest may
exist between such indemnified party and any other of such indemnified parties with respect to
such action, claim or proceeding, in which event the indemnifying party shall be obligated to
pay the fees and expenses of such additional counsel or counsels).

     2.8 Rule 144. The Company shall use reasonable best efforts to file any and all
reports required to be filed by it under the Securities Act and the Exchange Act and shall
take such further action as the Holders may reasonably request to the extent required from
time to time to enable the Holders to sell Registrable Securities without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission. Upon the request of any Holder, the Company
will deliver to such Holder a written statement as to whether it has complied with such
reporting requirements.

     Miscellaneous.

     3.1 Notices. All notices, requests, demands and other communications provided for
by this Agreement shall be in writing (including telecopier or similar writing) and shall be
deemed to have been given at the time five days after being mailed in any general or branch
office of the United States Postal Service, enclosed in a registered or certified postpaid
envelope, or received if sent by Federal Express or other similar overnight courier service,
addressed to the address of the parties provided in the Purchase Agreement, or, with respect to
any permitted transferee of the Investor that agrees to be bound by the terms of the Agreement
as a Holder, to such address as shall be specified in writing by such Holder to the other
parties hereto.

     3.2 Successors and Assigns. This Agreement is solely for the benefit of and shall
be
binding upon the parties and their respective successors and permitted assigns, including,
without limitation, any successor of the Company by merger, acquisition, reorganization,
recapitalization or otherwise. Neither the Company nor the Investor may assign this Agreement
or any of its rights, duties or obligations hereunder without the prior written consent of the
other party; provided, however, that the Investor may assign its rights, duties or obligations
hereunder to any affiliate of the Investor, provided that such affiliate agrees to be bound by
the terms of this Agreement as a Holder. Except as expressly set forth herein, nothing herein
shall be construed to provide any rights to any other entity or individual.

     3.3 Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
document.

- 9 -

 

     3.4 Headings : Section headings are for convenience only and do not control the
meaning or interpretation of any terms or provisions of this Agreement..

     3.5 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York governing contracts to be made and performed
therein without giving effect to principles of conflicts of law, and, with respect to any
dispute arising out of this Agreement, each party hereby consents to the exclusive jurisdiction
of the courts sitting in the City of New York as provided in Section 10.15 of the Purchase
Agreement.

     3.6 Severability. Should any part, term, condition or provision hereof or the
application thereof be declared illegal, invalid or otherwise unenforceable or in conflict with
any other law by a court of competent jurisdiction, the validity of the remaining parts, terms,
conditions or provisions of this Agreement shall not be affected thereby, and the illegal,
invalid or unenforceable portions of this Agreement shall be and hereby are redrafted to
conform with applicable law, while leaving the remaining portions of this Agreement intact,
except to the extent necessary to conform to the redrafted portions hereof.

     3.7 Entire Agreement. This Agreement sets forth the entire agreement and
understanding between the parties and supersedes all proposals, commitments, writings,
negotiations, discussions, agreements and understandings, oral or written, of every kind and
nature between them concerning the subject matter hereof. This Agreement may not be amended or
otherwise modified and no provision hereof may be waived, without the consent of the Company
and the Investor. No discharge of the terms hereof shall be deemed valid unless by full
performance by the parties or by a writing signed by the parties. A waiver by any party of any
breach or violation of any provision of this Agreement shall not be deemed or construed as a
waiver of any other breach or violation hereof.

     3.8 Injunctive Relief. Each of the parties hereto acknowledges that in the event of
a breach by any of them of any material provision of this Agreement, the aggrieved party may
be without an adequate remedy at law. Each of the parties therefore agrees that in the event of
such a breach hereof the aggrieved party may elect to institute and prosecute proceedings in
any court having jurisdiction as agreed to in Section 3.5 to seek to enforce specific
performance or to enjoin the continuing breach hereof. By seeking or obtaining any such relief,
the aggrieved party shall not be precluded from seeking or obtaining any other relief to which
it may be entitled

- 10 -

 

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

	 	 	 	 	 
	 	 	 
	 	  	/s/ Leo S. Ullman
 	 

	 	 	 	 	 
	 	CEDAR SHOPPING CENTERS, INC,

 	 
	 	Per:  	Leo S. Ullman
 	 
	 	 	Name:  	President 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	RIOCAN HOLDINGS USA INC. 

 	 
	 	Per:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	CEDAR SHOPPING CENTERS, INC. 

 	 
	 	Per:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	RIOCAN HOLDINGS USA INC>

 	 
	 	Per:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

EXHIBIT D

     Included
as Exhibit 10.7 to this Quarterly Report on Form 10-Q.

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