<SUBMISSION>
<ACCESSION-NUMBER>0000899681-05-000772
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20051219
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20051222
<DATE-OF-FILING-DATE-CHANGE>20051222
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CEDAR SHOPPING CENTERS INC
<CIK>0000761648
<ASSIGNED-SIC>6798
<IRS-NUMBER>421241468
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31817
<FILM-NUMBER>051280285
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167676492
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD /MD/
<DATE-CHANGED>20001128
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNI INVEST USA LTD
<DATE-CHANGED>20000407
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cedar-8k_122005.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>FORM 8-K</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Current Report Pursuant to Section&#160;13 or 15(d)<BR>
Of the Securities Exchange Act of 1934</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Date of Report (Date of earliest event reported): <B>December 19, 2005</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>CEDAR SHOPPING CENTERS, INC.</B></FONT><BR>
<FONT SIZE=3>(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Maryland</B><BR>
(State or Other Jurisdiction of Incorporation)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=CENTER>
<B>0-14510</B><BR>
(Commission File Number)
</TD>
<TD WIDTH=50% ALIGN=CENTER>
<B>42-1241468</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=CENTER><FONT SIZE=3><B>44 South Bayles Avenue<BR>
Port Washington, New York 11050</B><BR>
(Address of Principal Executive Offices) (Zip Code)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>(516)&#160;767-6492</B><BR>
(Registrant's Telephone Number, Including Area Code)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Not Applicable<BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>|_|&#160; Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425) <BR>
<BR>
|_|&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) <BR>
<BR>
|_|&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
|_|&#160; Pre-commencement communications pursuant to Rule&#160;13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>
<HR SIZE=1 WIDTH=75% ALIGN=CENTER>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>Item 1.01</U>&nbsp;&nbsp;<U>Entry into a
Material Definitive Agreement</U>.</B> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Effective as of December 19, 2005,
Cedar Shopping Centers, Inc. (the &#147;Company&#148;) adopted the 2005 Cedar Shopping
Centers, Inc. Deferred Compensation Plan (the &#147;2005 Plan&#148;). Any employee or
director of the Company who has been selected by the Board of Directors of the Company
will be eligible to participate in the 2005 Plan. The 2005 Plan provides for both elective
cash deferrals (i.e., salary and bonus) and nonelective stock deferrals. In addition,
participants will be permitted to defer dividends under the 2005 Plan. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The 2005 Plan provides for a minimum
of 12 different types of investment fund options (the &#147;Notional Investment
Options&#148;) in which participants may elect to have their cash deferral accounts
notionally invested. In addition, in the event of a change in control of the Company or
upon the occurrence of certain other types of transactions involving the Company (a
&#147;Transaction&#148;), the &#147;brokerage account investment option&#148; will become
available to all participants, pursuant to which participants will be entitled to direct
the investment of their 2005 Plan accounts from amongst any publicly traded securities or
other investment products offered by their selected financial institution. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Stock deferral accounts will be
deemed to be invested in Company stock. The Notional Investment Options will not be
available with respect to the stock deferral accounts until the earlier to occur of the
vesting date of the stock deferral account, or the occurrence of a change in control or a
Transaction. The &#147;brokerage account investment option&#148; will not be available
with respect to the stock deferral accounts until the occurrence of a change in control or
Transaction. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Participants will be 100% vested at
all times with respect to all cash deferrals, and will vest with respect to stock deferral
awards as provided under the Company&#146;s stock incentive plan and the applicable stock
award agreement. Accelerated vesting will occur upon a termination without cause, a
termination for good reason, death, disability, retirement, or a change in control.
Participants will be 100% vested with respect to any deferred dividends. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The original distribution date of a
cash deferral will be the 61st month following the end of the year the deferral is made
(or earlier, upon a termination of employment other than death or retirement). The
original distribution date of a stock deferral will be the January 1st following the 3rd
anniversary of the stock award. Not less than 12 months prior to the original distribution
date, participants may elect to further defer distributions to a date not less than 5
years and not more than 20 years from the original distribution date. In addition,
participants may then elect to receive their distributions either in a lump sum payment or
quarterly payments over a period of not more than 20 years. Further deferrals are
permitted, subject to the same limitations. Premature distributions are not permitted
under the 2005 Plan. However, early financial hardship withdrawals will be permitted if
certain conditions are met. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>In addition, a &#147;rabbi&#148;
trust has been established in conjunction with the adoption of the 2005 Plan in order for
the Company to make contributions to provide itself with a source of funds to assist it in
meeting its liabilities under the 2005 Plan. The assets of the trust will be subject to
the claims of the Company&#146;s creditors in the event of the Company&#146;s insolvency. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Company adopted the Cedar
Shopping Centers, Inc. Senior Executive Deferred Compensation Plan (the &#147;2003
Plan&#148;) effective as of October 29, 2003. The 2003 Plan has since been amended from
time to time, and the following is a summary outline of the amendments to the 2003 Plan
that were adopted by the Company effective as of December 19, 2005: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Brokerage Account Investment
Option</U>. The 2003 Plan has been amended to provide that upon the occurrence of certain
types of corporate transactions involving the Company, a &#147;brokerage account
investment option&#148; will become available to all participants under the 2003 Plan,
pursuant to which the participants will be entitled to direct the investment of their 2003
Plan accounts from amongst any publicly traded securities or other investment products
offered by their selected financial institution. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Plan Amendments</U>. The 2003 Plan
has been amended to restrict the ability to eliminate or limit the availability of the
&#147;brokerage account investment option&#148; following the occurrence of certain types
of corporate transactions involving the Company. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Plan Termination</U>. The 2003
Plan has been amended to provide that upon any termination of the 2003 Plan (including, in
certain cases, a constructive termination of the 2003 Plan), all 2003 Plan benefits will
be distributed immediately and each participant will be entitled to a tax gross-up
payment. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Transfer of Unvested Stock
Awards</U>. Any awards of units of Company stock made to 2003 Plan participants (pursuant
to the Company&#146;s stock incentive plan or otherwise) that were deferred under the 2003
Plan and not 100% vested as of January 1, 2005, will be deferred under the new 2005 Cedar
Shopping Centers, Inc. Deferred Compensation Plan, effective as of December 19, 2005. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Plan Trust Amendments</U>.
Corresponding provisions of the 2003 Plan trust (as applicable) have also been amended as
described above. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The foregoing description is a
summary and is qualified in its entirety by reference to the exhibits which are filed
herewith. </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>Item 9.01</U>&nbsp;&nbsp;<U>Financial
Statements and Exhibits</U>.</B> </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Exhibits</U> </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT><U>Exhibits</U><BR>
<BR>
10.1<BR>
<BR>
10.2</TD>
<TD WIDTH=85%><BR>
<BR>
2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan<BR>
<BR>
Cedar Shopping Centers, Inc. Deferred Compensation Plan, as amended by Amendments No. 1, 2 and 3</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>SIGNATURE</B> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Dated: December 22, 2005 </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By: <U> /s/ Leo S. Ullman
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leo S. Ullman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and CEO</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>cedar-ex101_122005.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.1</TITLE>
</HEAD>
<BODY>


<P ALIGN=CENTER><FONT SIZE=3><B>2005 CEDAR
SHOPPING CENTERS, INC.<BR>
DEFERRED COMPENSATION PLAN<BR>
<BR>

<U>PREAMBLE</U></B> </FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;The
purpose of this 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan
(hereinafter referred to as the &#147;Plan&#148;) is to enable select employees
and directors of Cedar Shopping Centers, Inc. (hereinafter referred to as the
&#147;Company&#148;) to defer compensation in accordance with the terms and
conditions set forth herein. This Plan shall be effective as of the Effective
Date. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B><U>DEFINITION OF TERMS AND CONSTRUCTION</U></B></FONT></P>

<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Definitions</U>. Unless a different meaning is
plainly implied by the context, the following terms as used in this Plan shall
have the following meanings: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Administrator</U>" shall mean the Board of Directors, or such other
committee or employee of the Company which has been given the authority by the
Board of Directors to administer the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Accounts</U>" shall mean a Participant's Cash Deferral Accounts and Share
Deferral Accounts.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Beneficiary</U>" shall mean such person, persons or entity designated by the
Participant, or as provided pursuant to Article VI hereof, to receive Plan
benefits payable after the death of the Participant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Board of
Directors</U>" shall mean the Board of Directors of the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Brokerage
Account Investment Option</U>" shall mean the brokerage account investment
option described in Sections 3.4(b) and 4.1(c)(ii) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Cash
Bonus</U>" shall mean the cash amount payable to a Participant by the Company
for a Plan Year that is designated by the Company as an annual bonus for such
Plan Year, whether or not actually paid during such Plan Year, determined before
giving effect to any Cash Bonus Deferral made hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Cash Bonus
Deferral</U>" shall mean the deferral of all or a portion of a Participant's
Cash Bonus in the manner described in Section 3.1(b) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Cash Deferral
Account" shall mean the account established and maintained by the Administrator
to reflect (i) the Compensation Deferrals and Cash Bonus Deferrals made by the
Participant pursuant to Sections 3.1(a) and (b) hereof, and (ii) the Dividend
deferrals made by the Participant pursuant to Section 4.2 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Cause</U>"
with respect to a Participant means (i) if the Participant has an employment
agreement in effect with the Company which contains a definition of "cause",
"termination for cause" or any other similar phrase, then the definition of the
term "Cause" for purposes of the Plan shall be as defined in such employment
agreement, or (ii) if the Participant does not have an employment agreement in
effect with the Company which contains a definition of "cause", then "Cause" for
purposes of the Plan shall mean (A) any willful misconduct of the Participant in
connection with the performance of any of his duties as an employee of the
Company or an affiliate, including without limitation misappropriation of funds
or property of the Company or an affiliate or securing or attempting to secure
personally (whether directly or indirectly) any profit in connection with any
transaction entered into on behalf of the Company or an affiliate; (B) willful
failure, neglect or refusal to perform the Participant's duties which is not
cured within ten (10) days after written notice thereof; and/or (C) conviction
(or nolo contendere plea) in connection with a felony.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Change in
Control</U>" shall mean the occurrence at any time while the Plan is in effect
of:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An acquisition
(other than directly from the Company) of any voting securities of the Company
(the "Voting Securities") by any "Person" (as the term person is used for
purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) immediately after which such Person has
"Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of more than fifty percent (50%) of the combined voting power of
the Company's then outstanding Voting Securities; provided, however, in
determining whether a Change in Control has occurred, Voting Securities which
are acquired in a "Non-Control Acquisition" (as hereinafter defined) shall not
constitute an acquisition which would cause a Change in Control. A "Non-Control
Acquisition" shall mean an acquisition by an employee benefit plan (or a trust
forming a part thereof) maintained by the Company or any corporation or other
Person of which a majority of its voting power or its voting equity securities
or equity interest is owned, directly or indirectly, by the Company (for
purposes of this definition, a "Subsidiary"), the Company or its Subsidiaries,
or any Person in connection with a "Non-Control Transaction" (as hereinafter
defined); or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The individuals who, as of the adoption of the
Plan by the Board of Directors, are members of the Board of Directors (the
"Incumbent Board"), cease for any reason to constitute a majority of the members
of the Board of Directors; provided, however, that if the election, or
nomination for election by the Company's common shareholders, of any new
director was approved by a vote of at least two-thirds of the Incumbent Board,
such new director shall, for purposes of this Plan, be considered as a member of
the Incumbent Board; provided further, however, that no individual shall be
considered a member of the Incumbent Board if such individual initially assumed
office as a result of either an actual or threatened "Election Contest" (as
described in Rule 14a-11 promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board of Directors (a "Proxy Contest") including by reason of any
agreement intended to avoid or settle any Election Contest or Proxy Contest;
or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The consummation of:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A merger, consolidation or reorganization
involving the Company, unless such merger, consolidation or reorganization is a
"Non-Control Transaction." A "Non-Control Transaction" shall mean a merger,
consolidation or reorganization of the Company where:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
shareholders of the Company, immediately before such merger, consolidation or
reorganization, own, directly or indirectly immediately following such merger,
consolidation or reorganization, at least fifty percent (50%) of the combined
voting power of the outstanding voting securities of the corporation resulting
from such merger or consolidation or reorganization (the "Surviving
Corporation") in substantially the same proportion as their ownership of the
Voting Securities immediately before such merger, consolidation or
reorganization,</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the individuals
who were members of the Incumbent Board immediately prior to the execution of
the agreement providing for such merger, consolidation or reorganization
constitute at least two-thirds of the members of the board of directors of the
Surviving Corporation, or a corporation beneficially directly or indirectly
owning a majority of the Voting Securities of the Surviving Corporation,
and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; no Person other
than (i) the Company, (ii) any Subsidiary, (iii) any employee benefit plan (or
any trust forming a part thereof) maintained by the Company, the Surviving
Corporation, or any Subsidiary, or (iv) any Person who, immediately prior to
such merger, consolidation or reorganization had Beneficial Ownership of fifty
percent (50%) or more of the then outstanding Voting Securities has Beneficial
Ownership of fifty percent (50%) or more of the combined voting power of the
Surviving Corporation's then outstanding voting securities.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A complete liquidation or dissolution of the
Company; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sale
or other disposition in one transaction or a series of transactions of all or
substantially all of the assets of the Company to any Person (other than a
transfer to a Subsidiary).</FONT></P>

<P><FONT SIZE=3>Notwithstanding the
foregoing, a Change in Control shall not be deemed to occur solely because any
Person (the &#147;Subject Person&#148;) acquired Beneficial Ownership of more
than the permitted amount of the then outstanding Voting Securities as a result
of the acquisition of Voting Securities by the Company which, by reducing the
number of Voting Securities outstanding, increases the proportional number of
shares Beneficially Owned by the Subject Persons. If a Change in Control would
occur (but for the operation of this sentence) as a result of the acquisition of
Voting Securities by the Company, the Board of Directors shall take action to
either (i) affirm the permitted amount of then outstanding Voting Securities or
(ii) adjust such number, before a Change in Control shall occur. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Code</U>" shall
mean the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Company</U>" shall
mean Cedar Shopping Centers, Inc., and any successor thereto which adopts this
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Compensation</U>" shall mean, for any Participant, the cash compensation
(excluding Cash Bonuses) paid or accrued by the Company for such Participant
during a Plan Year for services rendered during such Plan Year, but determined
before giving effect to any Compensation Deferral made hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Compensation
Deferral</U>" shall mean the deferral of a portion of a Participant's
Compensation in the manner described in Section 3.1(a) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Deferred
Cash Distribution Commencement Date</U>" shall have the meaning as set forth in
Section 5.2 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Deferred
Share Distribution Commencement Date</U>" shall have the meaning as set forth in
Section 5.3 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Determination Date</U>" means the last day of each calendar year in which
this Plan is in effect.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Disability</U>" shall have the same meaning as set forth in Section 22(e)(3)
of the Code.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Dividends</U>" means the dividends paid by the Company on Stock held in the
Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Dividend
Deferral Election</U>" means an election by a Participant to defer the
distribution under the Plan of the Dividends paid with respect to Shares equal
in number to the Share units credited to the Participant's Share Deferral
Account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Effective
Date</U>" of the Plan shall be December 19, 2005.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Eligible
Person</U>" shall mean any employee or director of the Company who has been
selected by the Administrator, in its sole discretion, to be eligible to
participate in the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Fair Market
Value</U>" on a specified date means the closing price at which a Share is
traded on the stock exchange, if any, on which Shares are primarily traded or,
if the Shares are not then traded on a stock exchange, the closing price of a
Share as reported on the NASDAQ National Market System or, if the Shares are not
then traded on the NASDAQ National Market System, the average of the closing bid
and asked prices at which a Share is traded on the over-the-counter market, but
if no Shares were traded on such date, then on the last previous date on which a
Share was so traded, or, if none of the above are applicable, the value of a
Share as established by the Board of Directors for such date using any
reasonable method of valuation.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Financial
Hardship</U>" shall have the meaning as set forth in Section 5.4 of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Good
Reason</U>" with respect to a Participant shall mean (i) if the Participant has
an employment agreement in effect with the Company which contains a definition
of "good reason", "termination for good reason" or any other similar phrase,
then the definition of the term "Good Reason" for purposes of the Plan shall be
as defined in such employment agreement, or (ii) if the Participant does not
have an employment agreement in effect with the Company which contains a
definition of "good reason", then "Good Reason" for purposes of the Plan shall
mean (A) a material reduction in the Participant's duties or responsibilities;
(B) a reduction in the Participant's salary; (C) a relocation of the
Participant's office outside a fifty (50) mile radius of his present location
(unless the new location is closer to the Participant's principal place of
residence than the old location); or (D) a material breach by the Company of the
terms of an employment agreement (if any) in effect with the
Participant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Investment
Options</U>" shall mean the Notional Investment Options and the Brokerage
Account Investment Option described in Sections 3.4 and 4.1(c)
hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Money
Market Investment Option</U>" shall mean the Notional Investment Option
described in Section 3.4(a) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Notional
Investment Options</U>" shall mean the notional investment options described in
Sections 3.4(a) and 4.1(c)(i) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Original
Cash Distribution Date</U>" shall have the meaning as set forth in Section 5.2
hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Original
Share Distribution Date</U>" with respect to any Share Deferral Account means
the first business day of the January next following the third anniversary of
the date on which units of Shares were first credited to the Participant's Share
Deferral Account, or such earlier date as set forth on Schedule A
hereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Participant</U>" shall mean any Eligible Person who is included in the Plan
as provided in Article II hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Plan</U>"
shall mean this 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, as
set forth herein or as hereafter amended from time to time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Plan
Year</U>" shall mean the calendar year, except that for the year in which this
Plan is initially adopted, it shall mean the period beginning on the Effective
Date and ending on December 31st of the same calendar year.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Retirement</U>" with respect to a Participant, shall mean such Participant's
retirement from service as an employee of the Company at any time after
attaining age 60.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Senior
Executive Deferred Compensation Plan</U>" shall mean the Cedar Shopping Centers,
Inc. Senior Executive Deferred Compensation Plan (effective as of October 29,
2003), as amended from time to time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Shares</U>" or
"<U>Stock</U>" means shares of the common stock of the Company, including, as
applicable, any restricted shares of common stock of the Company awarded to a
Participant pursuant to a Share Deferral Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Share
Deferral Accounts</U>" shall mean the accounts established and maintained by the
Administrator for a Participant pursuant to Section 4.1 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Share
Deferral Award</U>" shall mean an award of Shares made to a Participant pursuant
to the Stock Incentive Plan which the Board of Directors (or compensation
committee of the Board of Directors) has designated as being covered under and
subject to the terms of the Plan (including any award of Shares made to a
Participant pursuant to the Stock Incentive Plan that was originally deferred
under the Senior Executive Deferred Compensation Plan, but which the Board of
Directors (or compensation committee of the Board of Directors) has designated
as being covered under and subject to the terms of the Plan as of the Effective
Date).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Share
Distribution Date</U>" shall mean the Original Share Distribution Date or the
Deferred Share Distribution Commencement Date (as applicable).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Specified
Employee</U>" on a given date shall mean any Participant who would be considered
to be a "specified employee" as of such date for purposes of Section 409A of the
Code.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Stock
Incentive Plan</U>" shall mean the Cedar Shopping Centers, Inc. 2004 Stock
Incentive Plan, as amended from time to time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Transaction</U>" shall mean any type of corporate transaction (whether or
not such transaction constitutes a Change in Control) involving the Company the
result of which is that the Stock of the Company, including the Shares in the
Trust, is converted into cash, securities or other property.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Trust</U>"
shall mean the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan
Trust created by the Company pursuant to Section 3.5 hereof, to assist the
Company in meeting its obligations under this Plan, substantially in the form of
Exhibit A attached hereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Trustee</U>" shall mean the trustee of the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<U>Vesting
Date</U>" with respect to a Participant's Share Deferral Account, shall mean the
date upon which a Participant shall be considered to have a 100% vested and
nonforfeitable interest in such Share Deferral Account. Except as otherwise
provided under Section 4.3(b) hereof, such date shall be determined in
accordance with the Stock Incentive Plan at the time of the grant of the
underlying Share Deferral Award with respect to such Share Deferral Account, and
shall be set forth in the award agreement evidencing the grant of such Share
Deferral Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plurals and
Gender</U>. Where appearing in the Plan, the masculine gender shall include the
feminine and neuter genders, and the singular shall include the plural, and vice
versa, unless the context clearly indicates a different meaning. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The
headings and sub-headings in this Plan are inserted for the convenience of
reference only and are to be ignored in any construction of the provisions
hereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. In
case any provision of this Plan shall be held illegal or invalid, such
illegality or invalidity shall not affect the remaining provisions of this Plan,
but shall be fully severable, and the Plan shall be construed and enforced as if
said illegal or invalid provisions had never been inserted herein. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Website Elections
and Forms</U>. Wherever the Plan requires a Participant to make a written
election or to submit a written form to the Company, the Participant may satisfy
such requirement by making such election, or submitting such form, via a
Plan-specific website approved in form and manner by the Administrator. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>PARTICIPATION</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Commencement of Participation</U>. At the
sole discretion of the Administrator, each Eligible Person may become a
Participant on the date so specified by the Administrator.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Termination of Participation</U>. After
commencement of his participation, an Eligible Person shall remain a Participant
until the earliest of the following dates:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; His date of
death;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date on
which he has received all Plan benefits to which he is entitled to
hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Determination of
Eligibility</U>. The Administrator shall determine the eligibility of Eligible
Persons in its sole discretion and in accordance with the provisions of this
Article II. The Company shall timely furnish the Administrator with a list of
all employees and directors of the Company, indicating the date of their
employment or reemployment with the Company. In the case of any non-employee
director who is an Eligible Person, references in the Plan to employment by the
Company shall be deemed to refer to such director&#146;s service as a director
of the Company. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE III</B> </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>CASH DEFERRALS</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Cash Deferrals</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Compensation
Deferrals</U>. For each Plan Year, each Participant may elect to defer a portion
of his Compensation for such Plan Year, and have such deferred amounts allocated
into his Cash Deferral Account in the manner set forth below. Any such election
must specify the percentage (up to 100%) of his Compensation the Participant
wishes to defer for such Plan Year, and must be made in writing (on a form, and
in the manner, prescribed by the Administrator) no later than the end of the
Plan Year preceding the beginning of the Plan Year with respect to which such
Compensation Deferrals are made; provided, however, that in the case of an
individual who first becomes an employee or director of the Company during a
Plan Year, an election to defer his Compensation for services to be performed
during such Plan Year (and after the date he makes such an election) may be made
within thirty (30) days of his becoming a Participant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Cash Bonus
Deferrals</U>. On or before June 30th of any Plan Year, each Participant may elect
to defer all or a part of the Cash Bonus, if any, that is earned by, and
otherwise may be payable to, such Participant for such Plan Year, it being
understood that in certain cases such Cash Bonus will not otherwise be payable
to the Participant until after the close of the Plan Year with respect to which
it is earned; provided, however, that in the case of an individual who first
becomes an employee or director of the Company after June 30th of a Plan Year,
an election to defer his Cash Bonus for such Plan Year may be made within thirty
(30) days of his becoming a Participant, but only with respect the portion of
such Cash Bonus that is no greater than the total amount of the Cash Bonus
multiplied by the ratio of the number of days remaining in the performance
period after the election is made over the total number of days in the
performance period. Any such election must be made in writing (on a form, and in
the manner, prescribed by the Administrator).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Allocations</U>. For each Plan Year, the Company shall allocate to the Cash
Deferral Account of each Participant an amount equal to the Compensation
Deferrals and the Cash Bonus Deferrals described in Sections 3.1(a) and (b)
hereof, respectively, made by the Participant with respect to such Plan Year.
Such allocations shall be made pursuant to the procedures set forth under
Section 3.2 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Allocation to, and Valuation of, Cash
Deferral Accounts</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Administrator shall establish a separate bookkeeping Cash Deferral Account for
each Participant to which will be credited an amount equal to the Participant's
Compensation Deferrals, Cash Bonus Deferrals and Dividend deferrals. All such
amounts shall be credited to the Participant's Cash Deferral Account no later
than the last day of the calendar month during which the Compensation, Cash
Bonus and/or Dividend would otherwise have been paid to the Participant but for
the deferral. The Cash Deferral Accounts shall be debited on a pro-rata basis to
reflect any distributions made pursuant to the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Participant
elects to have his or her Cash Deferral Account invested in one or more Notional
Investment Options pursuant to Section 3.4(a) hereof, the Participant's Cash
Deferral Account shall continuously be credited with gains and earnings
(including dividends) or debited for losses and expenses as if it were actually
invested in the Notional Investment Option(s) selected by the
Participant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Participant
elects to have his or her Cash Deferral Account invested in the Brokerage
Account Investment Option pursuant to Section 3.4(b) hereof, the Participant's
Cash Deferral Account shall at all times be equal to the value of the cash
and/or securities held in the brokerage account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>100% Vesting
in Cash Deferral Accounts</U>. A Participant shall at all times have a 100%
vested and nonforfeitable interest in his Cash Deferral Account. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Investment of Cash Deferral Account
Balances</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notional
Investment Options</U>. The Administrator shall be required to make available to
the Participants at all times at least twelve (12) different notional investment
options in which the Participants may elect to have their Cash Deferral Account
notionally invested and which shall include at least one of each of the
following types of funds (the "Notional Investment Options"): (i) a money market
fund (the "Money Market Investment Option"); (ii) a medium or long-term
government bond fund; (iii) an S&amp;P 500 index fund; (iv) a U.S. large cap value
equity fund; (v) a U.S. large cap growth equity fund; (vi) a U.S. mid cap value
equity fund; (vii) a U.S. mid cap growth equity fund; (viii) a U.S. small cap
value equity fund; (ix) a U.S. small cap growth equity fund; (x) two (2)
international funds; and (xi) a corporate bond fund. The Notional Investment
Options may also include any other investment funds, mutual funds, index funds
or other investment vehicles as designated by the Administrator. Each
Participant's Cash Deferral Account shall thereafter be credited with gains and
earnings or debited for losses and expenses as if it were actually invested in
the Notional Investment Option(s) selected by the Participant. The Administrator
shall have the sole discretion to choose the initial Notional Investment
Options, to add new Notional Investment Options, and to withdraw Notional
Investment Options, at any time and from time to time, from among the Notional
Investment Options offered by the Trustee; provided, however, that the
requirements set forth in the first sentence of this Section 3.4(a) are met at
all times; provided further, however, that in the event the Trustee is replaced
for any reason, the Administrator shall require any successor Trustee to offer
Notional Investment Options that are substantially similar to those Notional
Investment Options that were being provided by the previous Trustee immediately
prior to the replacement of such Trustee. A Participant may elect to have his or
her Cash Deferral Account notionally invested in one or more of the Notional
Investment Options. Such elections must be made in writing (on a form, and in
the manner, prescribed by the Administrator), and shall specify the percentage
of the Participant's Cash Deferral Account to be invested in each selected
Notional Investment Option; provided, that a Participant's selection of a
Notional Investment Option shall be required to be made at the same time that
such Participant makes his or her deferral elections under Sections 3.1(a) and
3.1(b) hereof. In the event a Participant fails to select a Notional Investment
Option in a timely manner, such Participant's Cash Deferral Account shall be
deemed to be notionally invested in the Money Market Investment
Option.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Brokerage
Account Investment Option</U>. Immediately following the occurrence of a
Transaction or a Change in Control, in lieu of the Notional Investment Options
set forth in Section 3.4(a) above, a Participant may instead elect to have a
brokerage account established in which his or her Cash Deferral Account shall be
invested (the "Brokerage Account Investment Option"). If a Participant elects
the Brokerage Account Investment Option, the Administrator shall direct the
Trustee to establish a brokerage account with a major financial institution of
the Participant's choosing, in which the Participant shall be entitled to direct
the Trustee with regard to the investment of his or her Cash Deferral Account
from amongst any publicly traded securities or other investment products offered
by the selected financial institution. Such elections must be made in writing
(on a form, and in the manner, prescribed by the Administrator), and shall be
required to be made as soon as practicable following the occurrence of the
Transaction or the Change in Control (as applicable). Thereafter, each
Participant shall be permitted to change his elected Investment Option (i.e., to
change between the Notional Investment Options and the Brokerage Account
Investment Option, and vice versa) for his Cash Deferral Account at least once
during any twelve-month period. In addition, in the event a Participant has
elected the Brokerage Account Investment Option for his Cash Deferral Account,
the Participant shall be permitted to direct the Trustee to establish a
brokerage account with a different major financial institution of the
Participant's choosing at least once during any twelve-month period.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Trust</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company
shall establish a grantor trust (within the meaning of Section 671 of the Code)
(the "Trust") pursuant to a Trust Agreement substantially in the form attached
hereto as Exhibit A (the "Trust Agreement"), to which it will make contributions
in an amount equal to the amounts credited to each Participant's Cash Deferral
Account. Such contribution shall be made at such time as the Participant would
otherwise have been entitled to receive the deferred Compensation and/or Cash
Bonus. Notwithstanding any creation of such a Trust, all benefits under the Plan
shall be general obligations of the Company. Payment of benefits from such Trust
shall, to that extent, discharge the Company's obligations under this Plan. All
payments provided for under this Plan not so discharged shall be paid in cash
from the general assets of the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this
Plan, and no action taken pursuant to its terms, shall create or be construed to
create a trust or escrow account of any kind, or a fiduciary relationship
between the Administrator or the Company and any Participant, such Participant's
Beneficiary or any other person other than pursuant to the Trust Agreement. The
Participants and their Beneficiaries and any other person entitled to payment
hereunder shall rely solely on the unsecured promise of the Company to make the
payments required hereunder, but shall have the right to enforce such a claim in
the same manner as any general unsecured creditor of the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Statement of
Account</U>. The Administrator shall submit to each Participant, within 120 days
after each Determination Date and at such other times as determined by the
Administrator, a statement setting forth the balance of the Participant&#146;s
Cash Deferral Account. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE IV</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>SHARE DEFERRAL AWARDS</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Share Deferral Awards</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Share Deferral
Award is an award of Shares made to a Participant pursuant to the Stock
Incentive Plan which the Board of Directors (or compensation committee of the
Board of Directors) has designated as being covered under and subject to the
terms of the Plan (including any award of Shares made to a Participant pursuant
to the Stock Incentive Plan that was originally deferred under the Senior
Executive Deferred Compensation Plan, but which the Board of Directors (or
compensation committee of the Board of Directors) has designated as being
covered under and subject to the terms of the Plan as of the Effective Date). On
the Effective Date, or as soon as practicable thereafter, the Company shall
contribute to the Trust the aggregate number of Shares underlying the Share
Deferral Awards for the Participants listed on Schedule A hereto. A Share
Deferral Account shall be established by the Administrator under the Plan in the
name of each Participant with respect to each of the Participant's Share
Deferral Awards, which shall initially be credited with units equal to the
number of Shares underlying each such Share Deferral Award. Thereafter, a Share
Deferral Account shall be established by the Administrator for each new
Participant and each such Share Deferral Account shall be credited with units
equal to the number of Shares determined by the Administrator. A separate Share
Deferral Account shall be established for each subsequent Share Deferral Award,
and the Company shall contribute to the Trust, on the date of such subsequent
Share Deferral Award or as soon as practicable thereafter, the aggregate number
of Shares underlying each such Share Deferral Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
provided below and in Sections 4.2 and 5.1, under no circumstance shall any
benefit be awarded, allocated or distributable to a Participant from his Share
Deferral Account except in the form of units of Stock (or Stock itself, in the
case of a distribution), nor shall a Participant's Share Deferral Account be
credited with earnings that are equivalent to any other investment.
Notwithstanding any provision to the contrary, if there shall occur a
Transaction, then any cash and/or in-kind consideration (after having been
converted to cash by the Trustee) received for Stock pursuant to such
Transaction shall be invested by the Trustee in accordance with each
Participant's selected Investment Option(s) (as described in Section 4.1(c)
below). Any cash or in-kind consideration (after having been converted to cash
by the Trustee) received for Stock and any investment earnings therefrom shall
be credited to the Share Deferral Account of the Participant in a manner that
reflects the Share Deferral Account values for each Participant immediately
prior to such Transaction. In addition, at any time following the Vesting Date
of a Participant's Share Deferral Account, the Participant shall be entitled to
have such Share Deferral Account invested by the Trustee in accordance with the
Participant's selected Notional Investment Option(s) (as described in Section
4.1(c)(i) below).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Investment
Options</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notional Investment Options</U>.
Immediately after the occurrence of a Transaction, or as otherwise provided
under the Plan, the Administrator shall be required to make available to the
Participants, the Notional Investment Options (as described in Section 3.4(a)
hereof) in which the Participants may elect to have their Share Deferral
Account(s) notionally invested. Each Participant's Share Deferral Account(s)
shall thereafter be credited with gains and earnings or debited for losses and
expenses as if it were actually invested in the Notional Investment Option(s)
selected by the Participant. A Participant may elect to have his or her Share
Deferral Account(s) notionally invested in one or more of the Notional
Investment Options. Such elections must be made in writing (on a form, and in
the manner, prescribed by the Administrator), and shall specify the percentage
of the Participant's Share Deferral Account(s) to be invested in each selected
Notional Investment Option; provided, that a Participant's selection of an
Investment Option shall be required to be made as soon as practicable after the
Participant becomes entitled to have his or her Share Deferral Account(s)
invested pursuant to this Section 4.1(c). In the event a Participant fails to
select a Notional Investment Option in a timely manner, such Participant's Share
Deferral Account(s) shall be deemed to be notionally invested in the Money
Market Investment Option.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Account Investment Option.
Immediately following the occurrence of a Transaction or a Change in Control, in
lieu of the Notional Investment Options, a Participant may instead elect to have
his or her Share Deferral Account(s) invested in accordance with the Brokerage
Account Investment Option (as described in Section 3.4(b) hereof). If a
Participant elects the Brokerage Account Investment Option, the Administrator
shall direct the Trustee to establish a brokerage account with a major financial
institution of the Participant's choosing, in which the Participant shall be
entitled to direct the Trustee with regard to the investment of his or her Share
Deferral Account(s) from amongst any publicly traded securities or other
investment products offered by the selected financial institution. Such
elections must be made in writing (on a form, and in the manner, prescribed by
the Administrator), and shall be required to be made as soon as practicable
after the occurrence of the Transaction or the Change in Control (as
applicable). Thereafter, each Participant shall be permitted to change his
elected Investment Option (i.e., to change between the Notional Investment
Options and the Brokerage Account Investment Option, and vice versa) with
respect to each Share Deferral Account at least once during any twelve-month
period. In addition, in the event a Participant has elected the Brokerage
Account Investment Option for a Share Deferral Account, the Participant shall be
permitted to direct the Trustee to establish a brokerage account with a
different major financial institution of the Participant's choosing at least
once during any twelve-month period with respect to such Share Deferral
Account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
the foregoing, at any time following the occurrence of the Vesting Date of a
Participant's Share Deferral Account, the Participant shall be entitled to have
such Share Deferral Account invested by the Trustee in accordance with Section
4.1(c)(i).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Dividend Deferral Elections</U>. Except as hereinafter provided, an amount
equal to the Dividends paid on the number of Share units allocated to a
Participant&#146;s Share Deferral Account shall be paid to the Participant as
soon as practicable after such Dividends are received by the Trustee; provided,
however, that a Participant may elect to have all or a portion of the Dividends
that would be payable to him deferred under the Plan and allocated to the
Participant&#146;s Cash Deferral Account, by completing, within 30 days of
receipt of written notice of a Share Deferral Award and in any event prior to
the date on which any such Dividends are declared, a Dividend Deferral Election
form provided by the Administrator. The amount of any deferred Dividend will be
credited to the Participant&#146;s Cash Deferral Account (or if the Participant
did not previously have a Cash Deferral Account, to a new Cash Deferral Account
in his name) no later than the last day of the calendar month during which the
Dividend would otherwise have been paid to the Participant but for the deferral.
The amount of any deferred Dividend allocated to a Participant&#146;s Cash
Deferral Account shall be notionally invested in accordance with the
Participant&#146;s previously selected Investment Option for the
Participant&#146;s Cash Deferral Account. In the event a Participant has not
previously selected an Investment Option for his or her Cash Deferral Account,
the Participant&#146;s Cash Deferral Account shall be deemed to be notionally
invested in the Money Market Investment Option. Thereafter, the investment of
such Cash Deferral Account shall be determined in accordance with Section 3.4
hereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Vesting</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
hereinafter provided in Section 4.3(b), a Participant shall become vested with
respect to a Share Deferral Account as of the Vesting Date of such Share
Deferral Account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
the foregoing, a Participant shall become 100% vested in his Share Deferral
Accounts upon the earliest to occur of: (i) the termination of the Participant's
employment by the Company without Cause; (ii) the termination of the
Participant's employment by the Participant for Good Reason; (iii) the
Participant's death or Disability; (iv) the Participant's Retirement; or (v) a
Change in Control.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Participant
shall forfeit the unvested portion (if any) of the Participant's Share Deferral
Accounts in the event of the termination of the Participant's employment by the
Company for Cause or by the Participant without Good Reason.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Determination of Share Deferral
Accounts</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Participant's
Share Deferral Account as of each Determination Date shall consist of the number
of units of Shares held in the Share Deferral Account multiplied by the Fair
Market Value as of such Determination Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
Section 4.4(a) above, if a Participant elects to have his or her Share Deferral
Account invested in one or more Notional Investment Options pursuant to Section
4.1(c)(i) hereof, the Participant's Share Deferral Account shall continuously be
credited with gains and earnings (including dividends) or debited for losses and
expenses as if it were actually invested in the Notional Investment Option(s)
selected by the Participant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
Sections 4.4(a) and (b) above, if a Participant elects to have his or her Share
Deferral Account invested in the Brokerage Account Investment Option pursuant to
Section 4.1(c)(ii) hereof, the Participant's Share Deferral Account shall at all
times be equal to the value of the cash and/or securities held in the brokerage
account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Statement of
Account</U>. The Administrator shall submit to each Participant, within 120 days
after each Determination Date and at such other times as determined by the
Administrator, a statement setting forth the balance of the Participant&#146;s
Share Deferral Accounts. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE V</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3> <B><U>DISTRIBUTION OF ACCOUNTS</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Source of Payment
and Form of Distribution</U>. Subject to the terms of the Trust, the
Administrator shall direct the Trustee to make payment out of the Trust of any
Plan benefit which has become payable under the terms of this Plan. To the
extent a Participant&#146;s Share Deferral Accounts are credited with units of
Shares at a Share Distribution Date, the Participant&#146;s Share Deferral
Accounts shall be distributed in the form of Shares equal in number to the
number of Share units credited to the Share Deferral Accounts pursuant to any
direction from the Administrator to the Trustee for a benefit distribution. To
the extent a Participant&#146;s Accounts have been invested in the Investment
Options (e.g., with respect to a Participant&#146;s Share Deferral Account(s)
following the occurrence of a Transaction or the Vesting Date of such Share
Deferral Account(s), or with respect to a Participant&#146;s Cash Deferral
Account, including any deferred Dividends allocated to the Participant&#146;s
Cash Deferral Account), such portion of a Participant&#146;s Accounts shall be
distributed in cash. To the extent not satisfied by distribution from the Trust,
the Company shall remain liable to the Participants and their Beneficiaries for
the payment of any Plan benefits due and payable hereunder. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Distributions from Cash Deferral
Accounts</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions of
the Participant's Cash Deferral Account shall commence on the earlier of (i)
with respect to Compensation Deferrals, Cash Bonus Deferrals and Dividend
deferrals (and any income deemed to have been earned thereon) made with respect
to any Plan Year, the first day of the sixty-first (61st) calendar month
following the end of such Plan Year or (ii) as to the total value of the
Participant's Cash Deferral Account, as soon as practicable after (A) the
Participant's termination of employment with the Company for any reason (other
than death or the Participant's Retirement) or (B) for a Participant who is a
Specified Employee, the date that is six (6) months following the date of his
termination of employment for any reason (other than death or the Participant's
Retirement) (the earlier to occur of (i) and (ii), referred to herein as the
"Original Cash Distribution Date"); provided, however, that no later than one
(1) year prior to the Original Cash Distribution Date (eighteen (18) months
prior to the Original Cash Distribution Date with respect to a Specified
Employee whose Original Cash Distribution Date is the date that is six (6)
months following the date of his termination of employment), the Participant may
elect, pursuant to procedures established by the Administrator, to further defer
the commencement of the receipt of all or a portion of such amounts until any
date selected by the Participant that is no less than sixty (60) calendar months
and no more than two hundred forty (240) calendar months after the date payment
would otherwise have commenced under clauses (i) or (ii) (such deferred payment
commencement date referred to herein as the "Deferred Cash Distribution
Commencement Date"). Each Participant may make more than one further deferral
election as described in the preceding sentence (and each such newly elected
deferred payment commencement date shall become the "Deferred Cash Distribution
Commencement Date" for all purposes of the Plan); provided, that in each case,
such election is made at least twelve (12) months prior to the applicable
Deferred Cash Distribution Commencement Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
provided below, distributions to a Participant from the Participant's Cash
Deferral Account shall be made in a single, lump-sum distribution as soon as is
practical after the payment date set forth in Section 5.2(a) hereof. With
respect to a distribution from a Participant's Cash Deferral Account, the
commencement of which is deferred beyond the Original Cash Distribution Date, a
Participant may instead elect to receive such distribution in quarterly
installments, commencing as of the first Determination Date immediately
following the applicable Deferred Cash Distribution Commencement Date and
continuing over a period of not more than eighty (80) calendar quarters. The
first quarterly installment shall be in an amount equal to the value of the
Participant's Cash Deferral Account (determined in accordance with Section 3.2
hereof) as of the first Determination Date immediately following the applicable
Deferred Cash Distribution Commencement Date, divided by the total number of
calendar quarters over which the Participant elected for such quarterly
installments to be paid. Each quarterly installment thereafter shall be made on
each subsequent Determination Date in an amount equal to the value of the
Participant's Cash Deferral Account as of such Determination Date, divided by
the remaining number of calendar quarters over which the Participant elected for
such quarterly installments to be paid. Such an election must be made in writing
(on a form, and in the manner prescribed by the Administrator) prior to the date
that is twelve (12) months prior to the applicable Deferred Cash Distribution
Commencement Date. Such election may be changed from time to time, but shall
become irrevocable as of the date that is twelve (12) months prior to the
applicable Deferred Cash Distribution Commencement Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Distributions from Share Deferral
Accounts</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions of
a Participant's Share Deferral Account shall commence on the Original Share
Distribution Date that relates to the Shares underlying the applicable Share
Deferral Award; <U>provided</U>, <U>however</U>, that no later than one (1) year prior to the
Original Share Distribution Date, the Participant may elect, pursuant to
procedures established by the Administrator, to further defer the commencement
of the receipt of all or a portion of such amounts until any date selected by
the Participant that is no less than sixty (60) calendar months and no more than
two hundred forty (240) calendar months after such Original Share Distribution
Date (such deferred payment commencement date referred to herein as the
"Deferred Share Distribution Commencement Date"). Each Participant may make more
than one further deferral election as described in the preceding sentence (and
each such newly elected deferred payment commencement date shall become the
"Deferred Share Distribution Commencement Date" for all purposes of the Plan);
provided, that in each case, such election is made at least twelve (12) months
prior to the applicable Deferred Share Distribution Commencement Date. A
Participant may make different elections with respect to different Share
Deferral Accounts.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
provided below, distributions to a Participant from the Plan from a
Participant's Share Deferral Account shall be made in a single, lump-sum
distribution as soon as is practical after the payment date set forth in Section
5.3(a) hereof. With respect to a distribution from a Participant's Share
Deferral Account, the commencement of which is deferred beyond the Original
Share Distribution Date, a Participant may instead elect to receive such
distribution in quarterly installments, commencing as of the first Determination
Date immediately following the applicable Deferred Share Distribution
Commencement Date and continuing over a period of not more than eighty (80)
calendar quarters. The first quarterly installment shall be in an amount equal
to the value of the Participant's Share Deferral Account (determined in
accordance with Section 4.4 hereof) as of the first Determination Date
immediately following the applicable Deferred Share Distribution Commencement
Date, divided by the total number of calendar quarters over which the
Participant elected for such quarterly installments to be paid. Each quarterly
installment thereafter shall be made on each subsequent Determination Date in an
amount equal to the value of the Participant's Share Deferral Account as of such
Determination Date, divided by the remaining number of calendar quarters over
which the Participant elected for such quarterly installments to be paid. Such
an election must be made in writing (on a form, and in the manner prescribed by
the Administrator) prior to the date that is twelve (12) months prior to the
applicable Deferred Share Distribution Commencement Date. Such election may be
changed from time to time, but shall become irrevocable as of the date that is
twelve (12) months prior to the applicable Deferred Share Distribution
Commencement Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Hardship
Withdrawals</U>. In the event the Participant incurs a Financial Hardship (as
defined below), and if (i) the cessation of the Participant&#146;s Compensation
Deferrals and Cash Bonus Deferrals under this Plan, (ii) reimbursement of
insurance proceeds and (iii) reasonable liquidation of the Participant&#146;s
assets will not provide the Participant with sufficient cash to ameliorate such
Financial Hardship, the Participant may file a written request with the
Administrator to receive immediate distribution of all or a portion of his
Accounts. The amount that may be so distributed shall not exceed the amount
necessary to satisfy such Financial Hardship. For purposes of this Section 5.4,
&#147;Financial Hardship&#148; shall mean a severe financial hardship to the
Participant resulting from sudden and unexpected illness or injury of the
Participant (or of any dependent of the Participant), loss of the
Participant&#146;s property due to unexpected casualty, or other similar
extraordinary and unforeseeable circumstances arising out of events beyond the
Participant&#146;s control, all as determined by the Administrator in good
faith. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Death Prior
to Complete Distribution of Accounts</U>. Upon the death of the Participant
prior to the complete distribution of the Participant&#146;s Accounts, the
balance of such Accounts shall be distributed to his Beneficiary in full in a
lump sum, under procedures established by the Administrator, as soon as
practicable following the Participant&#146;s death. Notwithstanding the
foregoing, the portion of a Participant&#146;s Accounts (if any) attributable to
restricted Shares awarded pursuant to the Stock Incentive Plan, shall be subject
to the vesting, risk of forfeiture, and transferability provisions and
restrictions as set forth in the Stock Incentive Plan and the award agreement
evidencing the grant of such restricted Shares. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Payments Due Missing
Persons</U>. The Administrator shall make a reasonable effort to locate all
persons entitled to benefits under the Plan; however, notwithstanding any
provisions of this Plan to the contrary, if, after a period of one (1) year from
the date such benefit shall be due, any such persons entitled to benefits have
not been located, their rights under the Plan shall stand suspended. Before this
provision becomes operative, the Administrator shall send a certified letter to
all such persons at their last known address advising them that their benefits
under the Plan shall be suspended. Any such suspended amounts shall be held by
the Administrator for a period of one (1) additional year (or a total of two (2)
years from the time the benefits first become payable) and thereafter such
amounts shall be forfeited. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE VI</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>BENEFICIARY DESIGNATION</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Designation of
Beneficiary</U>. A Participant shall have the right, at any time, to designate
any person or persons as his Beneficiary or Beneficiaries (primary and/or
contingent) to whom payment under this Plan shall be paid in the event of death
prior to complete distribution to the Participant of the benefits due under the
Plan. Each beneficiary designation shall be in a written form prescribed by the
Administrator (substantially the same as Exhibit B attached hereto) and will be
effective only when filed with the Administrator during the Participant&#146;s
lifetime. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>. Any
beneficiary designation may be changed by the Participant without the consent of
any designated Beneficiary by the filing of a new beneficiary designation with
the Administrator. The filing of a new beneficiary designation form will cancel
all beneficiary designations previously filed. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Beneficiary
Designation</U>. If any Participant fails to designate a Beneficiary in the
manner provided above, or if each Beneficiary designated by a deceased
Participant predeceases the Participant, the Administrator shall distribute such
Participant&#146;s benefits to the Participant&#146;s estate. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of
Payment</U>. Payment to the Beneficiary, or estate as provided above, shall
completely discharge the Company&#146;s obligations under this Plan with respect
to the deceased Participant. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE VII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>ADMINISTRATION</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Administrative Duties</U>. This Plan shall
be administered by the Administrator. The Administrator shall have the following
specific powers and duties:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To interpret the
provisions of the Plan and make any and all determinations arising
thereunder;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain such
records as it shall deem necessary or appropriate for the proper administration
of the Plan; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To establish
such rules and procedures not inconsistent with the terms of the Plan as it
shall deem necessary or appropriate to effectuate the purpose of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Agents</U>. The
Administrator may appoint an individual to be the Administrator&#146;s agent
with respect to the day-to-day administration of the Plan. In addition, the
Administrator may, from time to time, employ other agents and delegates to aid
in such administrative duties as it sees fit, and may from time to time consult
with counsel who may be counsel to the Company. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Binding Effect of
Decisions</U>. All decisions and actions of the Administrator with respect to
any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations
promulgated by the Administrator hereunder shall be made or taken in good faith
and in the best interests of the Participants. There shall be a rebuttable
presumption that all decisions and actions of the Administrator made or taken in
good faith and in the best interests of the Participants shall be valid and
binding upon all persons having any interest in the Plan. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE VIII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>AMENDMENTS AND TERMINATION</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment</U>. The
Board of Directors may at any time amend the Plan (other than this Article VIII)
in whole or in part, provided, however, that no amendment shall be effective as
to (i) decrease or restrict a Participant&#146;s Plan benefit as to amount or
timing or manner of distribution of the Participant&#146;s Account(s) maintained
under the Plan, (ii) eliminate or restrict the ability of a Participant to have
his or her Account(s) invested in one or more of the Investment Options (except
as otherwise permitted under the Plan), (iii) defer the Vesting Date of a
Participant&#146;s Share Deferral Account to a later date, or (iv) to eliminate
or restrict the ability of a Participant to make further deferral elections with
respect to amounts previously deferred under the Plan (except as otherwise
permitted under the Plan) or alter the timing requirements with respect to when
such deferral elections must be made under the Plan, in each case, without the
consent of such Participant. Notwithstanding the preceding, in the event that
there is a change in the federal income tax treatment pertaining to the Plan or
Trust or any Plan benefit from the treatment in effect as of the Effective Date,
then the Board of Directors may, without the consent of any Participant or
Beneficiary, amend the Plan in any manner as the Board of Directors, in its good
faith, deems advisable to provide reasonably similar benefits to Participants to
the extent practicable in light of such change in tax treatment. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Termination of
Plan</U>. Notwithstanding Section 8.1, in the event of a Change in Control, the
Board of Directors may terminate the Plan. If the Plan is terminated for any
reason, or is constructively terminated as a result of any action or inaction by
the Administrator that causes an acceleration of the timing of the inclusion in
income (for income tax purposes) of amounts deferred under the Plan by the
Participants, each Participant shall receive an immediate distribution of his
Plan benefits (or the remainder of his Plan benefits if distribution thereof has
commenced prior to the date of Plan termination). In the event of such a
termination or constructive termination of the Plan and an immediate
distribution to all Participants of their Plan benefits, the Company shall pay
to each Participant an additional payment (a &#147;Tax Gross-Up Payment&#148;),
in an amount such that after payment by the Participant of all applicable
federal, state and local income taxes (plus any excise tax under Section 409A of
the Code) imposed upon the Tax Gross-Up Payment, the Participant retains an
amount of the Tax Gross-Up Payment equal to the applicable federal, state and
local income taxes (plus any excise tax under Section 409A of the Code) imposed
upon the amount of the Participant&#146;s Plan benefit being distributed on
account of the Plan termination. The amount of any Tax Gross-Up Payment shall be
determined by the Company&#146;s independent auditors (the &#147;Accounting
Firm&#148;), based upon an assumption that the Participant&#146;s rate of
applicable federal, state and local income taxes is at the highest marginal rate
then in effect, and shall be paid in a cash lump sum within ten days following
the date such determination is made by the Accounting Firm. The Administrator
shall make available to the Participant the Accounting Firm&#146;s findings with
respect its determination of the amount of any Tax Gross-Up Payment as soon as
practicable, but in no event later than five days following the date such
determination is made by the Accounting Firm. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE IX</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>CLAIMS PROCEDURE AND LEGAL FEES</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice of
Denial</U>. If a Participant is denied any portion of the amounts which he
reasonably believes is due to be paid to him, the Administrator shall advise the
Participant in writing of the specific reasons for such denial. The
Administrator shall also furnish the Participant at that time with a written
notice containing: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a specific
reference to pertinent Plan provisions;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a description of
any additional material or information necessary for the Participant to perfect
his claim, if possible, and an explanation of why such material or information
is needed; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an explanation
of the Plan's claim review procedure.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Right to
Reconsideration</U>. Within 60 days of receipt of the information stated in
Section 9.1 above, the Participant shall, if he desires further review, file a
written request for reconsideration with the Administrator. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Review of
Documents</U>. As long as the Participant&#146;s request for review is pending
(including the 60 day period in Section 9.2 above), the Participant or his duly
authorized representative may review pertinent Plan documents and may submit
issues and comments in writing to the Administrator. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Decision by
Administration</U>. A decision shall be made by the Administrator within 30 days
of the filing by the Participant of his request for reconsideration, provided,
however, that if the Administrator, in its discretion, feels that a hearing with
the Participant or his representative present is necessary or desirable, this
period shall be extended an additional 30 days. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice by
Administrator</U>. The Administrator&#146;s final decision shall be conveyed to
the Participant in writing and shall include specific reasons for the decision,
written in a manner calculated to be understood by the Participant, with
specific references to the pertinent Plan provisions on which the decision is
based. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Arbitration</U>. In
the event a Participant wishes to contest the Administrator&#146;s final
decision under Section 9.5 hereof, or if there is any other controversy, dispute
or claim of whatever nature arising out of, in connection with or in relation to
the interpretation of this Plan, including any claim based on contract, tort or
statute (each such contest, controversy, dispute or claim, referred to herein as
a &#147;Dispute&#148;), at the request of the Participant, such Dispute shall be
settled through arbitration by a dispute resolution process administered by JAMS
or any other mutually agreed upon arbitration firm involving final and binding
arbitration conducted at a location determined by the arbitrator in New York
City administered by and in accordance with the then existing rules of practice
and procedure of such arbitration firm and judgment upon any award rendered by
the arbitrator may be entered by any state or federal court having jurisdiction
thereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Legal Fees To
Enforce Rights After Change in Control</U>. The Company is aware that upon the
occurrence of a Change in Control, the Board of Directors (which might then be
composed of new members) or a shareholder of the Company, or of any successor
corporation might then cause or attempt to cause the Company or such successor
to refuse to comply with its obligations under the Plan and might cause or
attempt to cause the Company or any successor corporation to institute, or may
institute, litigation seeking to deny Participants the benefits intended under
the Plan. In these circumstances, the purpose of the Plan could be frustrated.
Accordingly, if, following a Change in Control, it should appear to any
Participant that the Company or any successor corporation has failed to comply
with any of its obligations under the Plan or any agreement thereunder or, if
the Company, any successor corporation, or any other person takes any action to
declare the Plan void or unenforceable or institutes any litigation or other
legal action designed to deny, diminish or to recover from any Participant the
benefits intended to be provided under the Plan, then, notwithstanding any other
provision of the Plan, the Company irrevocably authorizes such Participant to
retain counsel of his or her choice at the expense of the Company to represent
such Participant in connection with the initiation or defense of any litigation
or other legal action, whether by or against the Company, or any director,
officer, shareholder or other person affiliated with the Company or any
successor thereto in any jurisdiction. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>ARTICLE X</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>MISCELLANEOUS</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Rights of Creditors</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Plan is
unfunded. Neither the Participant nor any other persons shall have any interest
in any fund or in any specific asset or assets of the Company by reason of any
Accounts hereunder, nor any rights to receive distribution of his
Accounts.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Accounts of
each Participant are unsecured and shall be subject to the claims of the general
creditors of the Company. With respect to the payment of their Accounts,
Participants and Beneficiaries have the status of unsecured creditors of the
Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Liability
Limited</U>. Neither the Company, the Administrator, nor any agents, employees,
officers, directors or shareholders of any of them, nor any other person shall
have any liability or responsibility with respect to this Plan, except as
expressly provided herein. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Incapacity</U>. If
the Administrator shall receive evidence satisfactory to it that a Participant
or Beneficiary entitled to receive any benefit under the Plan is, at the time
when such benefit becomes payable, a minor, or is physically or mentally
incompetent to receive such benefit and to give a valid release therefor, and
that another person or an institution is then maintaining or has custody of such
Participant or Beneficiary and that no guardian, committee or other
representative of the estate of such Participant or Beneficiary shall have been
duly appointed, the Administrator may make payment of such benefit otherwise
payable to such Participant or Beneficiary to such other person or institution,
including a custodian under a Uniform Gifts to Minors Act, or corresponding
legislation (who shall be an adult, a guardian of the minor or a trust company),
and the release of such other person or institution shall be a valid and
complete discharge for the payment of such benefit. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Cooperation of
Parties</U>. All parties to this Plan and any person claiming any interest
hereunder agree to perform any and all acts and execute any and all documents
and papers which are necessary or desirable for carrying out this Plan or any of
its provisions. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Governing Law</U>.
This Plan has been established in the State of New York and all questions
pertaining to its validity, construction and administration shall be determined
in accordance with the laws of that State. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Nonguarantee of
Employment</U>. Nothing contained in this Plan shall be construed as a contract
of employment between the Company and any Participant, or as a right of any
Participant to be continued in the employment of the Company, or as a limitation
of the right of the Company to discharge any of its employees, with or without
cause. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Counsel</U>. The
Administrator may consult with legal counsel, who may be counsel for the
Company, with respect to the meaning or construction of this Plan, its
obligations or duties hereunder or with respect to any action or proceeding or
any question of law, and they shall be fully protected with respect to any
action taken or omitted by it in good faith pursuant to the advice of legal
counsel. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Spendthrift
Provision</U>. A Participant&#146;s or Beneficiary&#146;s interest in his
Accounts may not be anticipated, sold, encumbered, pledged, mortgaged, charged,
transferred, alienated, assigned nor become subject to execution, garnishment or
attachment. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
<B>CEDAR SHOPPING CENTERS, INC.</B><BR>
<BR>
<BR>
By: <U>&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<P ALIGN=RIGHT><B>EXHIBIT A</B></P>

<P ALIGN=CENTER><FONT SIZE=3><B>2005 CEDAR SHOPPING CENTERS, INC.<BR>
DEFERRED COMPENSATION PLAN<BR>
TRUST AGREEMENT</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS TRUST AGREEMENT, made as of the ____ day of ___________, 2005, by and
between Cedar Shopping Centers, Inc. (the "Company") and
___________________________ (the "Trustee").</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>W</U> <U>I</U> <U>T</U> <U>N</U>
 <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U> :</B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Company has adopted the 2005 Cedar Shopping Centers, Inc. Deferred
Compensation Plan (the "Plan") attached hereto;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
capitalized terms used in this Trust Agreement, unless otherwise defined, shall
have the same meanings as set forth in the Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
the Company has incurred or expects to incur liability under the terms of such
Plan with respect to the individuals participating in such Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
the Company wishes to establish a trust (hereinafter called the
&#147;Trust&#148;) and to contribute to the Trust assets that shall be held
therein, subject to the claims of the Company&#146;s creditors in the event of
the Company&#146;s Insolvency, as herein defined, until paid to the Plan
Participants and their Beneficiaries in such manner and at such times as
specified in the Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
it is the intention of the parties that this Trust shall constitute an unfunded
arrangement and shall not affect the status of the Plan as an unfunded plan for
purposes of Title I of the Employee Retirement Income Security Act of 1974, as
amended (if applicable); </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
it is the intention of the Company to make contributions to the Trust to provide
itself with a source of funds to assist it in meeting its liabilities under the
Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        ESTABLISHMENT OF TRUST.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall deposit with the Trustee in
trust the amounts determined pursuant to the Plan, which shall become the
principal of the Trust to be held, administered and disposed of by the Trustee
as provided in this Trust Agreement. Neither the Trustee nor any Plan
Participant or Beneficiary shall have any right to compel any contributions to
the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust hereby established shall be
irrevocable.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust is intended to be a grantor trust,
of which the Company is the grantor, within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as
amended (the "Code"), and shall be construed accordingly.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The principal of the Trust and any earnings
thereon shall be held separate and apart from other funds of the Company and
shall be used exclusively for the uses and purposes of the Plan Participants and
general creditors as herein set forth. Plan Participants and their Beneficiaries
shall have no preferred claim on, or any beneficial ownership interest in, any
assets of the Trust. Any rights created under the Plan and this Trust Agreement
shall be mere unsecured contractual rights of the Plan Participants and their
Beneficiaries against the Company. Any assets held by the Trust will be subject
to the claims of the Company's general creditors under federal and state law in
the event of Insolvency, as defined in Section 3(a) herein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAYMENTS
TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall deliver to the Trustee
a schedule (the "Payment Schedule") that indicates the amounts payable in
respect of each Plan Participant (and his or her Beneficiaries), that provides a
formula or other instructions acceptable to the Trustee for determining the
amounts so payable, the form in which such amount is to be paid (as provided for
or available under the Plan), and the time of commencement for payment of such
amounts. Except as otherwise provided herein, the Trustee shall make payments to
the Plan Participants and their Beneficiaries in accordance with such Payment
Schedule. The Trustee shall make provision for the reporting and withholding of
any federal, state or local withholding taxes that may be required to be
withheld with respect to the payment of benefits pursuant to the terms of the
Plan and shall pay amounts so withheld to the appropriate taxing authorities or
determine that such amounts have been reported, withheld and paid by the
Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The entitlement of a Plan Participant or his
or her Beneficiaries to benefits under the Plan shall be determined by the
Administrator, and any claim for such benefits shall be considered and reviewed
in accordance with the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the discretion of the Administrator, the
Company may make payment of benefits directly to Plan Participants or their
Beneficiaries as they become due under the terms of the Plan. The Administrator
shall notify the Trustee of its decision to make payment of benefits directly
prior to the time amounts are payable to Participants or their Beneficiaries. In
addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make payments of benefits in accordance with the terms of the
Plan, the Company shall make the balance of each such payment as it falls due.
The Trustee shall notify the Company where principal and earnings are not
sufficient.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE TRUSTEE&#146;S RESPONSIBILITY REGARDING
PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee shall cease payment of benefits to
Plan Participants and their Beneficiaries if the Company is Insolvent. The
Company shall be considered "Insolvent" for purposes of this Trust Agreement if
(i) the Company is unable to pay its debts as they become due, or (ii) the
Company is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code. The term "Insolvency" shall mean the Company's being or
becoming Insolvent.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At all times during the continuance of this
Trust, as provided in Section 1(d) hereof, the principal and income of the Trust
shall be subject to claims of general creditors of the Company under federal and
state law as set forth below.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(i) </TD>
<TD WIDTH=85%>
The Administrator shall have the duty to inform the Trustee in writing of the
Company's Insolvency. If a person claiming to be a creditor of the Company
alleges in writing to the Trustee that the Company has become Insolvent, the
Trustee shall inquire of the Administrator whether the Company is Insolvent and,
pending a response from the Administrator, the Trustee shall discontinue payment
of benefits to Plan Participants or their Beneficiaries.</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(ii) </TD>
<TD WIDTH=85%>
Unless the Trustee has been notified by the Administrator of the Company's
Insolvency, or has received notice from the Administrator or a person claiming
to be a creditor alleging that the Company is Insolvent, the Trustee shall have
no duty to inquire whether the Company is Insolvent. The Trustee may in all
events rely on such evidence concerning the Company's solvency as may be
furnished to the Trustee and that provides the Trustee with a reasonable basis
for making a determination concerning the Company's solvency.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iii) </TD>
<TD WIDTH=85%>
If at any time the Trustee has been notified by the Administrator that the
Company is Insolvent, the Trustee shall discontinue payments to Plan
Participants or their Beneficiaries and shall hold the assets of the Trust for
the benefit of the Company's general creditors. Nothing in this Trust Agreement
shall in any way diminish any rights of Plan Participants or their Beneficiaries
to pursue their rights as general creditors of the Company with respect to
benefits due under the Plan or otherwise.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iv) </TD>
<TD WIDTH=85%>
The Trustee shall resume the payment of benefits to Plan Participants or their
Beneficiaries in accordance with Section 2 of this Trust Agreement only after
the Trustee has been notified by the Administrator that the Company is not
Insolvent (or is no longer Insolvent).</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided that there are sufficient assets, if
the Trustee discontinues the payment of benefits from the Trust pursuant to
Section 3(b) hereof and subsequently resumes such payments, the first payment
following such discontinuance shall include the aggregate amount of all payments
due to Plan Participants or their Beneficiaries under the terms of the Plan for
the period of such discontinuance, less the aggregate amount of any payments
made to Plan Participants or their Beneficiaries by the Company in lieu of the
payments provided for hereunder during any such period of
discontinuance.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAYMENTS
TO COMPANY.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Except as provided in Section 3 hereof, the Company shall have no
right or power to direct the Trustee to return to the Company or to divert to
others any of the Trust assets before all payment of benefits have been made to
Plan Participants and their Beneficiaries pursuant to the terms of the Plan.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
INVESTMENT AUTHORITY.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An amount equal to the amount of each
Participant's Cash Deferral Account shall be deposited by the Company with the
Trustee in the form of cash, and except as otherwise provided below, shall be
held by the Trustee in cash or a cash equivalent, as determined by the
Administrator.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to each Participant's Share
Deferral Accounts, the initial principal of the Trust shall be deposited by the
Company in the form of Shares of the Company. Except as provided below, such
assets of the Trust shall remain invested in Shares.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Cash Deferral Accounts</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notional Investment Options</U>. The
Administrator shall be required to make available to the Participants at all
times at least twelve (12) different notional investment options in which the
Participants may elect to have their Cash Deferral Account notionally invested
and which shall include at least one of each of the following types of funds
(the "Notional Investment Options"): (i) a money market fund (the "Money Market
Investment Option"); (ii) a medium or long-term government bond fund; (iii) an
S&amp;P 500 index fund; (iv) a U.S. large cap value equity fund; (v) a U.S. large
cap growth equity fund; (vi) a U.S. mid cap value equity fund; (vii) a U.S. mid
cap growth equity fund; (viii) a U.S. small cap value equity fund; (ix) a U.S.
small cap growth equity fund; (x) two (2) international funds; and (xi) a
corporate bond fund. The Notional Investment Options may also include any other
investment funds, mutual funds, index funds or other investment vehicles as
designated by the Administrator. Each Participant's Cash Deferral Account shall
thereafter be credited with gains and earnings or debited for losses and
expenses as if it were actually invested in the Notional Investment Option(s)
selected by the Participant. The Administrator shall have the sole discretion to
choose the initial Notional Investment Options, to add new Notional Investment
Options, and to withdraw Notional Investment Options, at any time and from time
to time, from among the Notional Investment Options offered by the Trustee;
provided, however, that the requirements set forth in the first sentence of this
Section 5(c)(i) are met at all times; provided further, however, that in the
event the Trustee is replaced for any reason, the Administrator shall require
that any successor Trustee offer Notional Investment Options that are
substantially similar to those Notional Investment Options that were being
provided by the previous Trustee immediately prior to the replacement of such
Trustee. A Participant may elect to have his or her Cash Deferral Account
notionally invested in one or more of the Notional Investment Options. In the
event a Participant fails to select a Notional Investment Option in a timely
manner as required under the Plan, such Participant's Cash Deferral Account
shall be deemed to be notionally invested in the Money Market Investment
Option.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Brokerage Account Investment Option</U>.
Immediately following the occurrence of a Transaction or a Change in Control, in
lieu of the Notional Investment Options set forth in Section 5(c)(i) above, a
Participant may instead elect to have a brokerage account established in which
his or her Cash Deferral Account shall be invested (the "Brokerage Account
Investment Option"). If a Participant elects the Brokerage Account Investment
Option, the Administrator shall direct the Trustee to establish a brokerage
account with a major financial institution of the Participant's choosing, in
which the Participant shall be entitled to direct the Trustee with regard to the
investment of his or her Cash Deferral Account from amongst any publicly traded
securities or other investment products offered by the selected financial
institution. Such elections must be made in writing (on a form, and in the
manner, prescribed by the Administrator), and shall be required to be made as
soon as practicable following the occurrence of the Transaction or the Change in
Control (as applicable). Thereafter, each Participant shall be permitted to
change his elected Investment Option (i.e., to change between the Notional
Investment Options and the Brokerage Account Investment Option, and vice versa)
for his Cash Deferral Account at least once during any twelve-month period. In
addition, in the event a Participant has elected the Brokerage Account
Investment Option for his Cash Deferral Account, the Participant shall be
permitted to direct the Trustee to establish a brokerage account with a
different major financial institution of the Participant's choosing at least
once during any twelve-month period.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Share Deferral Accounts</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a Transaction, then any cash
and/or in-kind consideration (after having been converted to cash by the
Trustee) received for Stock pursuant to such Transaction shall be invested by
the Trustee in accordance with each Participant's selected Investment Option (as
described in Section 5(d)(ii) below). Any cash or in-kind consideration (after
having been converted to cash by the Trustee) received for Stock and any
investment earnings therefrom shall be credited to the Share Deferral Account of
the Participant in a manner that reflects the Share Deferral Account values for
each Participant immediately prior to such Transaction. In addition, at any time
following the Vesting Date of a Participant's Share Deferral Account, the
Participant shall be entitled to have such Share Deferral Account invested by
the Trustee in accordance with the Participant's selected Notional Investment
Option(s) (as described in Section 5(d)(ii) below).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Investment Options</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notional
Investment Options</U>. Immediately after the occurrence of a Transaction, or as
otherwise required under the Plan, the Administrator be required to make
available to the Participants, the Notional Investment Options (as described in
Section 5(c)(i) above) in which the Participants may elect to have their Share
Deferral Account(s) notionally invested. Each Participant's Share Deferral
Account(s) shall thereafter be credited with gains and earnings or debited for
losses and expenses as if it were actually invested in the Notional Investment
Option(s) selected by the Participant. A Participant may elect to have his or
her Share Deferral Account(s) notionally invested in one or more of the Notional
Investment Options. Such elections must be made in writing (on a form, and in
the manner, prescribed by the Administrator), and shall specify the percentage
of the Participant's Share Deferral Account(s) to be invested in each selected
Notional Investment Option; provided, that a Participant's selection of an
Investment Option shall be required to be made as soon as practicable after the
Participant becomes entitled to have his or her Share Deferral Account(s)
invested pursuant to this Section 5(d)(ii). In the event a Participant fails to
select a Notional Investment Option in a timely manner, such Participant's Share
Deferral Account(s) shall be deemed to be notionally invested in the Money
Market Investment Option.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) <U>Brokerage Account Investment Option</U>.
Immediately following the occurrence of a Transaction or a Change in Control, in
lieu of the Notional Investment Options, a Participant may instead elect to have
his or her Share Deferral Account(s) invested in accordance with the Brokerage
Account Investment Option (as described in Section 5(c)(ii) above). If a
Participant elects the Brokerage Account Investment Option, the Administrator
shall direct the Trustee to establish a brokerage account with a major financial
institution of the Participant's choosing, in which the Participant shall be
entitled to direct the Trustee with regard to the investment of his or her Share
Deferral Account(s) from amongst any publicly traded securities or other
investment products offered by the selected financial institution. Such
elections must be made in writing (on a form, and in the manner, prescribed by
the Administrator), and shall be required to be made as soon as practicable
after the occurrence of the Transaction or the Change in Control (as
applicable). Thereafter, each Participant shall be permitted to change his
elected Investment Option (i.e., to change between the Notional Investment
Options and the Brokerage Account Investment Option, and vice versa) with
respect to each Share Deferral Account at least once during any twelve-month
period. In addition, in the event a Participant has elected the Brokerage
Account Investment Option for a Share Deferral Account, the Participant shall be
permitted to direct the Trustee to establish a brokerage account with a
different major financial institution of the Participant's choosing at least
once during any twelve-month period with respect to such Share Deferral
Account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, at any time
following the occurrence of the Vesting Date of a Participant's Share Deferral
Account, the Participant shall be entitled to have such Share Deferral Account
invested by the Trustee in accordance with Section 5(d)(ii)(A).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Deferred Dividends</U>. An amount equal to the
Dividends deferred in accordance with Section 4.2 of the Plan, shall be
deposited by the Company with the Trustee in the form of cash, and shall be held
by the Trustee in cash or a cash equivalent, as determined by the Administrator.
An amount equal to the Dividends deferred in accordance with Section 4.2 of the
Plan shall be credited to the Participant's Cash Deferral Account.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All rights associated with assets of the Trust
shall be exercised by the Trustee or the person or persons designated by the
Trustee, and shall in no event be exercisable by or rest with Plan Participants,
except that voting rights with respect to any shares of common stock of the
Company shall be exercised by the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DISPOSITION OF INCOME.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the term of this Trust, all income received
by the Trust, net of expenses and withholding taxes, shall be accumulated and
reinvested. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ACCOUNTING BY THE TRUSTEE.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall keep accurate and detailed
records of all investments, receipts, disbursements, and all other transactions
required to be made, including such specific records as shall be agreed upon in
writing between the Company and the Trustee. Within 60 days following the close
of each calendar year and within 60 days after the removal or resignation of the
Trustee, the Trustee shall deliver to the Administrator a written account of its
administration of the Trust during such year or during the period from the close
of the last preceding year to the date of such removal or resignation, setting
forth all investments, receipts, disbursements and other transactions effected
by it, including a description of all securities and investments purchased and
sold with the cost or net proceeds of such purchases or sales (accrued interest
paid or receivable being shown separately), and showing all cash, securities and
other property held in the Trust at the end of such year or as of the date of
such removal or resignation, as the case may be. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RESPONSIBILITY OF THE TRUSTEES.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee shall act with the care, skill,
prudence and diligence under the circumstances then prevailing that a prudent
person acting in like capacity and familiar with such matters would use in the
conduct of an enterprise of a like character and with like aims, provided,
however, that the Trustee shall incur no liability to any person for any action
taken pursuant to a direction, request or approval given by the Administrator
which is contemplated by, and in conformity with, the terms of the Plan or this
Trust and is given in writing by the Administrator. In the event of a dispute
between the Company and a party, the Trustee may apply to a court of competent
jurisdiction to resolve the dispute.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Trustee undertakes or defends any
litigation arising in connection with this Trust, the Company agrees to
indemnify the Trustee against the Trustee's costs, expenses and liabilities
(including, without limitation, reasonable attorneys' fees and expenses)
actually incurred by or on behalf of the Trustee in connection with this Trust
(other than with respect to any litigation arising out of the Trustee's gross
negligence or willful misconduct). If the Company does not pay such costs,
expenses and liabilities in a reasonably timely manner, the Trustee may obtain
payment from the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may hire agents, accountants,
actuaries, investment advisors, financial consultants or other professionals to
assist it in performing any of its duties or obligations hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may consult with legal counsel
(who may also be counsel for the Company generally) with respect to any of its
duties or obligations hereunder. The Trustee shall not be liable for the
negligence of any legal counsel with which it consults with respect to its
duties or obligations hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee shall have, without exclusion, all
powers conferred on trustees by applicable law, unless expressly provided
otherwise herein, provided, however, that if an insurance policy is held as an
asset of the Trust, the Trustee shall have no power to name a beneficiary of the
policy other than the Trust, to assign the policy (as distinct from conversion
of the policy to a different form) other than to a successor Trustee, or to loan
to any person the proceeds of any borrowing against such policy, and provided
further, however, that the Trustee may loan to the Company the proceeds of any
borrowing against an insurance policy held as an asset of the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any powers granted to the
Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall
not have any power that could give this Trust the objective of carrying on a
business and dividing the gains therefrom, within the meaning of Section
301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant
to the Code.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
COMPENSATION AND EXPENSES OF THE TRUSTEE.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;The Company shall pay all administrative and Trustee&#146;s fees and
expenses. If not so paid, the fees and expenses shall be paid from the Trust.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RESIGNATION AND REMOVAL OF THE TRUSTEE.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may resign at any time by written
notice to the Administrator, which shall be effective thirty (30) days after
receipt of such notice unless the Company and the Trustee agree
otherwise.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may be removed by the Company on
thirty (30) days written notice or upon shorter notice accepted by the
Trustee.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon resignation or removal of the Trustee and
appointment of a successor Trustee, all assets shall subsequently be transferred
to the successor Trustee. The transfer shall be completed within thirty (30)
days after receipt of notice of resignation, removal or transfer, unless the
Company extends the time limit.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Trustee resigns or is removed, a
successor shall be appointed, in accordance with Section 11 hereof, by the
effective date of resignation or removal under paragraph(s) (a) or (b) of this
Section 10. If no such appointment has been made, the Trustee may apply to a
court of competent jurisdiction for appointment of a successor or for
instructions. All expenses of the Trustee in connection with the proceeding
shall be allowed as administrative expenses of the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
APPOINTMENT OF SUCCESSOR.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Trustee resigns or is removed, in
accordance with Section 10(a) or (b) hereof, the Company may appoint any third
party, such as a bank trust department or other party that may be granted
corporate trustee powers under state law, as a successor to replace the Trustee
upon resignation or removal. The appointment shall be effective when accepted in
writing by the new Trustee, who shall have all of the rights and powers of the
former Trustee, including ownership rights in the Trust assets. The former
Trustee shall execute any instrument necessary or reasonably requested by the
Company or the successor Trustee to evidence the transfer.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The successor Trustee need not examine the
records and acts of any prior Trustee or of any continuing Trustee prior to the
effective date of the successor Trustee's appointment and may retain or dispose
of existing Trust assets, subject to Sections 7 and 8 hereof. The successor
Trustee shall not be responsible for and the Company shall indemnify and defend
the successor Trustee from any claim or liability resulting from any action or
inaction of any prior Trustee or from any other past event, or any condition
existing at the effective date of such successor Trustee's
appointment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMENDMENT OR TERMINATION.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Trust Agreement may be amended by a
written instrument executed by the Trustee and the Company. Notwithstanding the
foregoing, no such amendment shall conflict with the terms of the Plan or shall
make the Trust revocable.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company may terminate the Trust as of any
date on which Plan Participants and their Beneficiaries are no longer entitled
to benefits pursuant to the terms of the Plan. Upon termination of the Trust,
any assets remaining in the Trust shall be returned to the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon written approval of all Participants or
Beneficiaries entitled to payment of benefits pursuant to the terms of the Plan,
the Company may terminate this Trust prior to the time all benefit payments
under the Plan have been made. All assets in the Trust at termination shall be
returned to the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
MISCELLANEOUS.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any provision of this Trust Agreement
prohibited by law shall be ineffective to the extent of any such prohibition,
without invalidating the remaining provisions hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefits payable to Plan Participants and
their Beneficiaries under this Trust Agreement may not be anticipated, assigned
(either at law or in equity), alienated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution or other legal or equitable
process.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Trust Agreement shall be governed by and
construed in accordance with the laws of the State of New York.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wherever the Trust requires a Participant to
make a written election or to submit a written form to the Company, the
Participant may satisfy such requirement by making such election, or submitting
such form, via a Plan-specific website approved in form and manner by the
Administrator.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
EFFECTIVE DATE.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;The effective date of this Trust Agreement shall be the date first
written above. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have duly executed this Trust
Agreement as of the date first written above. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
[TRUSTEE]<BR>
<BR>
<BR>
By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=RIGHT><B>EXHIBIT B</B></P>

<P ALIGN=CENTER><FONT SIZE=3><B>2005 CEDAR SHOPPING CENTERS, INC.<BR>
DEFERRED COMPENSATION PLAN</B></FONT></P>


<P ALIGN=CENTER><FONT SIZE=3><U>BENEFICIARY DESIGNATION FORM</U></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT>
TO:    <BR>
FROM:  <BR>
DATE:
</TD>
<TD WIDTH=85%>
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]<BR>
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]<BR>
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 200 ]</TD>
</TR>
</TABLE>
<BR>




<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the
2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan (the
&#147;Plan&#148;), I hereby make the following beneficiary designations:
</FONT></P>

<P><FONT SIZE=3>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Primary
Beneficiary</U></FONT></P>

<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby appoint the
following as my Primary Beneficiary(ies) to receive at my death the amounts held
in my Accounts under the Plan. In the event I am survived by more than one
Primary Beneficiary, such Primary Beneficiaries shall share equally in such
amounts unless I indicate otherwise on an attachment to this form: </FONT></P>


<HR WIDTH=75% ALIGN=LEFT>
<FONT SIZE=3>Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relationship<BR>
<BR>
<HR WIDTH=75% ALIGN=LEFT>
Address<BR>
<BR>
<HR WIDTH=75% ALIGN=LEFT>
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zip</FONT><BR>
<BR>

<P><FONT SIZE=3>II.&nbsp;&nbsp;&nbsp;&nbsp; <U>Secondary Beneficiary</U></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event I am not
survived by any Primary Beneficiary, I hereby appoint the following as Secondary
Beneficiary(ies) to receive death benefits under the Plan. In the event I am
survived by more than one Secondary Beneficiary, such Secondary Beneficiaries
shall share equally unless I indicate otherwise on an attachment to this form: </FONT></P>

<HR WIDTH=75% ALIGN=LEFT>
<FONT SIZE=3>Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relationship<BR>
<BR>
<HR WIDTH=75% ALIGN=LEFT>
Address<BR>
<BR>
<HR WIDTH=75% ALIGN=LEFT>
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zip</FONT><BR>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I understand that I may
revoke or amend the above designations at any time. I further understand that if
I am not survived by a Primary or Secondary Beneficiary, my Beneficiary shall be
as set forth under the Plan. The above designations are intended to replace all
prior designations made by me for such amounts. I reserve the right to change
any Beneficiary named herein without the consent of such Beneficiary by properly
completing and delivering to the Administrator a new Designation of Beneficiary.
I will promptly notify the Administrator of any change in the name or address of
a Beneficiary. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
______________________________<BR>
[Participant]<BR>
<BR>
<BR>

<B>RECEIVED:<BR>
<BR>
CEDAR SHOPPING CENTERS,<BR>
INC.</B><BR>
<BR>
<BR>
By:___________________________<BR>
Date:_________________________
</TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>cedar-ex102_122005.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.2</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=3><B>CEDAR SHOPPING CENTERS, INC.<BR>
SENIOR EXECUTIVE<BR>
DEFERRED COMPENSATION PLAN</B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE I<BR>
<BR>
ARTICLE II</TD>
<TD WIDTH=65%>PURPOSE<BR>
<BR>
DEFINITIONS
</TD>
<TD WIDTH=15% ALIGN=LEFT>1<BR>
<BR>
1</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
2.1 <BR>
2.2 <BR>
2.3 <BR>
2.4 <BR>
2.5 <BR>
2.6 <BR>
2.7 <BR>
2.8 <BR>
2.9 <BR>
2.10<BR>
2.11<BR>
2.12<BR>
2.13<BR>
2.14<BR>
2.15<BR>
2.16<BR>
2.17<BR>
2.18<BR>
2.19<BR>
2.20<BR>
2.21</TD>
<TD WIDTH=70% ALIGN=LEFT>
Account <BR>
Administrator <BR>
Beneficiary <BR>
Board of Directors <BR>
Cause <BR>
Company <BR>
Determination Date <BR>
Distribution Date <BR>
Dividends <BR>
Dividend Deferral Election <BR>
Effective Date <BR>
Employer Provided Benefit <BR>
Fair Market Value <BR>
Good Reason <BR>
Participant <BR>
Plan <BR>
Plan Benefit <BR>
Plan Year <BR>
Shares/Stock <BR>
Trust <BR>
Trustee</TD>
<TD WIDTH=15% ALIGN=LEFT>
1 <BR>
1 <BR>
1 <BR>
1 <BR>
1 <BR>
2 <BR>
2 <BR>
2 <BR>
2 <BR>
2 <BR>
2 <BR>
3 <BR>
3 <BR>
3 <BR>
3 <BR>
3 <BR>
4 <BR>
4 <BR>
4 <BR>
4 <BR>
4 </TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE III </TD>
<TD WIDTH=65%>PARTICIPATION</TD>
<TD WIDTH=15% ALIGN=LEFT>4</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>3.1</TD>
<TD WIDTH=70% ALIGN=LEFT>Participation</TD>
<TD WIDTH=15% ALIGN=LEFT>4</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE IV </TD>
<TD WIDTH=65%>EMPLOYER PROVIDED BENEFIT AND ACCOUNT</TD>
<TD WIDTH=15% ALIGN=LEFT>5</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
4.1<BR>
4.2<BR>
4.3<BR>
4.4<BR>
4.5<BR>
4.6<BR>
4.7
</TD>
<TD WIDTH=70% ALIGN=LEFT>
Employer Provided Benefit<BR>
Dividends and Dividend Deferral Election<BR>
Vesting<BR>
Alternative Forms of Dividend Distribution<BR>
Determination of Account<BR>
Statement of Account<BR>
Unfunded Plan</TD>
<TD WIDTH=15% ALIGN=LEFT>
5<BR>
6<BR>
7<BR>
8<BR>
8<BR>
9<BR>
9</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE V </TD>
<TD WIDTH=65%>PLAN BENEFITS</TD>
<TD WIDTH=15% ALIGN=LEFT>9</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
5.1 <BR>
5.2 <BR>
5.3 <BR>
5.4
</TD>
<TD WIDTH=70% ALIGN=LEFT>
Benefits-General<BR>
Death Benefits<BR>
Payment to Guardian<BR>
Source of Payment and Form of Distribution</TD>
<TD WIDTH=15% ALIGN=LEFT>
&nbsp;9<BR>
&nbsp;9<BR>
&nbsp;9<BR>
10
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE VI</TD>
<TD WIDTH=65%>BENEFICIARY DESIGNATION</TD>
<TD WIDTH=15% ALIGN=LEFT>10</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
6.1<BR>
6.2<BR>
6.3<BR>
6.4
</TD>
<TD WIDTH=70% ALIGN=LEFT>
Beneficiary Designation<BR>
Amendments<BR>
No Beneficiary Designation<BR>
Effect of Payment</TD>
<TD WIDTH=15% ALIGN=LEFT>
10<BR>
11<BR>
11<BR>
11
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE VII</TD>
<TD WIDTH=65%>DISTRIBUTIONS</TD>
<TD WIDTH=15% ALIGN=LEFT>11</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
7.1<BR>
7.2<BR>
7.3<BR>
7.4
</TD>
<TD WIDTH=70% ALIGN=LEFT>
Benefit Payment Schedule<BR>
Premature Distribution<BR>
Continued Deferral<BR>
Effect of Termination of Employment</TD>
<TD WIDTH=15% ALIGN=LEFT>
11<BR>
12<BR>
13<BR>
13
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE VIII </TD>
<TD WIDTH=65%>ADMINISTRATION</TD>
<TD WIDTH=15% ALIGN=LEFT>13</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
8.1<BR>
8.2<BR>
8.3
</TD>
<TD WIDTH=70% ALIGN=LEFT>
Administrative Duties<BR>
Agents<BR>
Binding Effect of Decisions</TD>
<TD WIDTH=15% ALIGN=LEFT>
13<BR>
14<BR>
14
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE IX </TD>
<TD WIDTH=65%>AMENDMENT AND TERMINATION OF PLAN</TD>
<TD WIDTH=15% ALIGN=LEFT>14</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
9.1<BR>
9.2
</TD>
<TD WIDTH=70% ALIGN=LEFT>Amendment<BR>
Termination of Plan
</TD>
<TD WIDTH=15% ALIGN=LEFT>14<BR>
15</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>ARTICLE X </TD>
<TD WIDTH=65%>MISCELLANEOUS</TD>
<TD WIDTH=15% ALIGN=LEFT>15</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10%>
10.1 <BR>
10.2 <BR>
10.3 <BR>
10.4 <BR>
10.5 <BR>
10.6 <BR>
10.7 <BR>
10.8 <BR>
10.9 <BR>
10.10</TD>
<TD WIDTH=70% ALIGN=LEFT>
Company's Obligations Limited<BR>
Nonassignability<BR>
Not a Contract of Employment<BR>
Withholding<BR>
Participant Cooperation<BR>
Terms<BR>
Captions<BR>
Governing Law<BR>
Validity<BR>
Notice</TD>
<TD WIDTH=15% ALIGN=LEFT>
15<BR>
16<BR>
16<BR>
16<BR>
17<BR>
17<BR>
17<BR>
17<BR>
17<BR>
17
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>
Exhibit A<BR>
<BR>
Exhibit B<BR>
<BR>
Schedule A<BR>
Schedule B</TD>
<TD WIDTH=65%></TD>
<TD WIDTH=15% ALIGN=LEFT></TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>



<P ALIGN=CENTER><FONT SIZE=3><B>CEDAR SHOPPING CENTERS, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>SENIOR EXECUTIVE<BR>
DEFERRED COMPENSATION PLAN<BR>
<BR>
ARTICLE I<BR>
<BR>
<U>PURPOSE</U></FONT></P>

<P><FONT SIZE=3>The purpose of this Senior Executive Deferred Compensation Plan
(hereinafter referred to as the "Plan") is to provide accumulation of
supplemental benefits on a tax-deferred basis for certain senior executives and
directors of Cedar Shopping Centers, Inc. and their beneficiaries. This Plan
shall be effective as of the Effective Date.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE II<BR>
<BR>
<U>DEFINITIONS</U></FONT></P>

<P><FONT SIZE=3>For purposes of this Plan,
the words and phrases set forth below shall have the following meaning, unless
the context clearly indicates otherwise: </FONT></P>

<P><FONT SIZE=3>2.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Account</U>.
"Account" means an account maintained for a Participant by the
Administrator pursuant to Section 4.1. </FONT></P>

<P><FONT SIZE=3>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Administrator</U>.
"Administrator" means the Board of Directors.</FONT></P>

<P><FONT SIZE=3>2.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficiary</U>.
"Beneficiary" means the person, persons, or entity designated by the
Participant, or as provided in Article VI, to receive any Plan Benefits payable
after a Participant&#146;s death. </FONT></P>

<P><FONT SIZE=3>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Board of Directors</U>.
"Board of Directors" means the Board of Directors of the Company.</FONT></P>

<P><FONT SIZE=3>2.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cause</U>.
"Cause" with respect to a Participant means (i) if the Participant has
an employment agreement in effect with the Company which contains a definition
of "cause", "termination for cause" or any other similar
phrase, then the definition of the term "Cause" for purposes of the
Plan shall be as defined in such employment agreement, or (ii) if the
Participant does not have an employment agreement in effect with the Company
which contains a definition of cause, then "Cause" for purposes of the
Plan shall mean (A) any willful misconduct of the Participant in connection with
the performance of any of his duties as an employee of the Company or an
Affiliate including without limitation misappropriation of funds or property of
the Company or an affiliate or securing or attempting to secure personally
(whether directly or indirectly) any profit in connection with any transaction
entered into on behalf of the Company or an Affiliate; (B) willful failure,
neglect or refusal to perform the Participant&#146;s duties which is not cured
within 10 days after written notice thereof and/or (C) conviction (or
<U>nolo</U> <U>contendere</U> plea) in connection with a felony. </FONT></P>

<P><FONT SIZE=3>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Company</U>. "Company" means Cedar
Shopping Centers, Inc., and any successor thereto which adopts this
Plan.</FONT></P>

<P><FONT SIZE=3>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Determination Date</U>.
"Determination Date" means the last day of each calendar year in which this Plan
is in effect.</FONT></P>

<P><FONT SIZE=3>2.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Distribution
Date</U>. "Distribution Date" with respect to any Account means the
first business day of the January next following the third anniversary of the
date on which units of Shares were first credited to the Participant&#146;s
Account. </FONT></P>

<P><FONT SIZE=3>2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Dividends</U>. "Dividends"
means the dividends paid by the Company on Stock held in the Trust.</FONT></P>

<P><FONT SIZE=3>2.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Dividend Deferral
Election</U>. "Dividend Deferral Election" means an election by a
Participant to defer the distribution under the Plan of the Dividends paid with
respect to Shares equal in number to the Share units credited to the
Participant&#146;s Account. </FONT></P>

<P><FONT SIZE=3>2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Effective Date</U>.
"Effective Date" means October 29, 2003.</FONT></P>

<P><FONT SIZE=3>2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Employer Provided
Benefit</U>. "Employer Provided Benefit" means the benefit provided for under
Article IV, initially consisting of units that are equivalent to a number of
Shares.</FONT></P>

<P><FONT SIZE=3>2.13
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fair Market
Value</U>. "Fair Market Value" on a specified date means the closing
price at which a Share is traded on the stock exchange, if any, on which Shares
are primarily traded or, if the Shares are not then traded on a stock exchange,
the closing price of a Share as reported on the NASDAQ National Market System
or, if the Shares are not then traded on the NASDAQ National Market System, the
average of the closing bid and asked prices at which a Share is traded on the
over-the-counter market, but if no Shares were traded on such date, then on the
last previous date on which a Share was so traded, or, if none of the above are
applicable, the value of a Share as established by the Board of Directors for
such date using any reasonable method of valuation. </FONT></P>

<P><FONT SIZE=3>2.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Good Reason</U>.
"Good Reason" means (i) with respect to any Participant who has an
employment agreement in effect with the Company which contains a definition of
"good reason", "good reason" as defined in such employment
agreement, or (ii) with respect to any Participant that does not have an
employment agreement in effect with the Company which contains a definition of
"good reason", good reason shall mean (A) a material reduction in the
Participant&#146;s duties or responsibilities; (B) a reduction in the
Participant&#146;s salary; (C) a relocation of the Participant&#146;s office
outside a fifty (50) mile radius of his present location; or (D) a material
breach by the Company of the terms of an employment agreement (if any) with the
Participant. </FONT></P>

<P><FONT SIZE=3>2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Participant</U>.
"Participant" shall have the meaning set forth in Article III.</FONT></P>

<P><FONT SIZE=3>2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Plan</U>. "Plan" means
this Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation
Plan.</FONT></P>

2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Plan Benefit</U>. "Plan Benefit" means at
any given time an amount equal to the value of the Participant's Accounts.

<P><FONT SIZE=3>2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Plan Year</U>. "Plan Year"
means the calendar year.</FONT></P>

<P><FONT SIZE=3>2.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Shares/Stock</U>. "Shares"
or "Stock" means shares of the common stock of the Company.</FONT></P>

<P><FONT SIZE=3>2.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Trust</U>.
"Trust" means the Cedar Shopping Centers, Inc. Deferred Compensation
Trust created by the Company pursuant to Section 4.1, to assist the Company in
meeting its obligations under this Plan, substantially in the form of Exhibit A
attached hereto. </FONT></P>

<P><FONT SIZE=3>2.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Trustee</U>. "Trustee"
means the trustee of the Trust.</FONT></P>

<P><FONT SIZE=3>2.22
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Unforeseeable
Financial Emergency</U>. "Unforeseeable Financial Emergency" with
respect to a Participant means an unanticipated emergency that is caused by an
event beyond the control of the Participant and that would result in severe
financial hardship to the Participant if a premature distribution were not
permitted, as may be occasioned by accident, illness or other emergency beyond
the control of the Participant; and in no event shall cash needs arising from
foreseeable events, such as the purchase of a residence or education expenses of
children, be considered the result of an unforeseeable financial emergency nor
shall a decline in the Fair Market Value of Shares, for any reason, be
considered the result of an unforeseeable financial emergency for purposes of
this definition. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE III<BR>
<BR>
<U>PARTICIPATION</U></FONT></P>

<P><FONT SIZE=3>3.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation.</U>
The Administrator shall determine from time to time those key executive
employees and directors (including non-employee directors) of the Company who
shall be entitled to awards under the Plan of units equivalent to a number of
Shares, and shall determine the number of Shares underlying each award. The name
of each initial Participant as of the Effective Date, and the respective number
of Shares underlying each such initial Participant&#146;s award, is listed on
Schedule A hereto. In the case of any non-employee director who is selected to
participate in the Plan, references in the Plan to employment by the Company
shall be deemed to refer to such director&#146;s service as a director of the
Company. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE IV<BR>
<BR>
<U>EMPLOYER PROVIDED BENEFIT AND ACCOUNT</U></FONT></P>

<P><FONT SIZE=3>4.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer Provided
Benefit</U>. The Company shall establish a Trust in order to provide the
Participants with a benefit known as an Employer Provided Benefit which shall
initially consist of units that are equivalent to the number of Shares
underlying each award. On the Effective Date, or as soon as practicable
thereafter, the Company shall contribute to the Trust the aggregate number of
Shares representing the initial Employer Provided Benefit for the Participants
listed on Schedule A hereto. An Account shall be established by the
Administrator under the Plan in the name of each Participant which shall
initially be credited with units equal to the number of Shares underlying each
award. Thereafter, an Account shall be established by the Administrator for each
new Participant and each such Account shall be credited with units equal to the
number of Shares determined by the Administrator. A separate Account shall be
established for each subsequent award of units of Shares, and the Company shall
contribute to the Trust, on the date of such subsequent award or as soon as
practicable thereafter, the aggregate number of Shares underlying each such
award. Except as provided in Section 4.4, under no circumstance shall any
benefit be awarded, allocated or distributable to a Participant from his Account
except in the form of units of Stock (or Stock itself, in the case of a
distribution), nor shall a Participant&#146;s Account be credited with earnings
that are equivalent to any other investment. If there shall be a tender offer
for some or all Shares held in the Trust from a third party which, in the sole
judgment of the Board of Directors, shall constitute a valid offer of sufficient
value, the Trustee shall be directed by the Administrator to tender the subject
Shares, and any cash or in-kind consideration received for such Shares from such
third party shall be invested by the Trustee in accordance with each
Participant&#146;s direction in such investment alternatives as are designated
by the Administrator. Any cash or in-kind consideration received for Stock and
any investment earnings therefrom shall be credited to the Account of the
Participant in a manner that reflects the Account values for each Participant
prior to such tender. </FONT></P>

<P><FONT SIZE=3>4.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and
Dividend Deferral Election</U>. Except as hereinafter provided, an amount equal
to the Dividends paid on the number of Share units allocated to a
Participant&#146;s Account shall be paid to the Participant as soon as
practicable after such Dividends are received by the Trustee; provided, however,
that a Participant may elect to have all or a portion of the Dividends that
would be payable to him deferred under the Plan until the Distribution Date of
the Shares on which the Dividends are declared, by completing, within 30 days of
receipt of written notice of the award of an Employer Provided Benefit and in
any event prior to the date on which any such Dividends are declared, a Dividend
Deferral Election form provided by the Administrator. The amount of any deferred
Dividend will be credited pursuant to Section 4.4 to the Participant&#146;s
Account to which the Shares on which the Dividends are declared are allocated.
Notwithstanding anything to the contrary herein, with respect to those
Participants who are listed on Schedule B hereto, and with respect to any
additional Participants who are selected to participate in the Plan after the
Effective Date and are designated by the Administrator, in its sole discretion,
at the time that the Employer Provided Benefit is awarded, to be subject to this
provision, in the event that such Participant&#146;s employment with the Company
is terminated by the Company for Cause or in the event such Participant resigns
without Good Reason, before the initial Distribution Date applicable to the
Shares with respect to which such Dividends are paid, then any Dividends
declared on or after the date of such termination or resignation but before such
Distribution Date (and any earnings thereon) shall be forfeited by, and shall
not be distributed or distributable with respect to, such Participant. Schedule
B hereto lists those Participants who, as of the Effective Date, are subject to
a risk of forfeiture of the portion of their Accounts attributable to Dividends,
as provided above. </FONT></P>

<P><FONT SIZE=3>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Vesting</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except for the portion of a Participant's
Account attributable to any Dividends (including earnings thereon) that are
subject to a risk of forfeiture as provided in Section 4.2, and except as
hereinafter provided in Section 4.3(b), a Participant shall be 100% vested in
his Plan Benefit at all times. A Participant who is subject to a risk of
forfeiture of a portion of his or her Account attributable to Dividends, as
provided in Section 4.2, shall become 100% vested in any Dividends (and any
earnings thereon) if and to the extent that such Dividends are declared prior to
any termination of such Participant's employment by the Company for Cause or
resignation by such Participant without Good Reason which occurs before the
initial Distribution Date applicable to the Shares with respect to which the
Dividends were declared.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the preceding or any other
provision of the Plan to the contrary, if a Participant elects to receive a
premature distribution pursuant to Section 7.2 and such distribution is not due
to an Unforeseeable Financial Emergency of the Participant as determined by the
Administrator in accordance with Section 7.2, the Participant shall forfeit a
portion of his vested Account balance which is equal to (i) 16% of the value of
such premature distribution if it occurs after the first anniversary, but before
the second anniversary, of the date as of which units of Shares were first
credited to the Account, or (ii) 11.11% of the value of such premature
distribution if it occurs after the second anniversary of the date as of which
units of Shares were first credited to the Account.</FONT></P>

<P><FONT SIZE=3>4.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Alternative Forms of
Dividend Distribution and Interest</U>. An amount equal to the Dividends
deferred in accordance with Section 4.2 shall be credited to the
Participant&#146;s Account in which the Shares with respect to which the
Dividends were declared are held, and shall be credited thereon, in the form of
additional units of Shares (and fractional Shares) in such number of Shares
which would be issuable by the reinvestment of such Dividends in Shares as of
the date of receipt by the Trustee. Notwithstanding the preceding, a Participant
may elect, in such manner as prescribed by the Administrator, that the portion
of his Account attributable to Dividends be in the form of cash, in which case
such portion of the Account shall be credited with interest at an annual rate
equal to the rate which would be provided on a three-year certificate of deposit
of a major New York commercial bank as selected by the Administrator, which rate
shall be determined as of ten business days prior to the Effective Date and each
Determination Date thereafter, to be applied prospectively to the portion of the
year following the Effective Date and to the calendar year following each
Determination Date. </FONT></P>

<P><FONT SIZE=3>4.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Determination of
Account</U>. A Participant&#146;s Account as of each Determination Date shall
consist of the balance of the Account as of the immediately preceding
Determination Date (or as of the date the Account was established, if the
Account was first established since the preceding Determination Date), adjusted
to reflect the earnings with respect to the Participant&#146;s Account since the
immediately preceding Determination Date (or the date the Account was
established, if applicable). </FONT></P>

<P><FONT SIZE=3>4.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Statement of
Account</U>. The Administrator shall submit to each Participant, within 120 days
after each Determination Date and at such other times as determined by the
Administrator, a statement setting forth the balance of the Participant&#146;s
Accounts. </FONT></P>

<P><FONT SIZE=3>4.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unfunded Plan</U>.
It is the intention of the Company that the arrangements hereunder be unfunded
for federal income tax purposes and for purposes of Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") (if
applicable). Each Participant shall have the status of a general unsecured
creditor of the Company. This Plan constitutes a mere promise by the Company to
make benefit payments in the future. The Company shall create the Trust in order
to identify assets to be used for the purposes designated herein. The Trust
shall be irrevocable, except as provided in Section 12 of the Trust. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE V<BR>
<BR>
<U>PLAN BENEFITS</U></FONT></P>

<P><FONT SIZE=3>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Benefits-General</U>. Each Participant shall be entitled to receive payment
of his or her Plan Benefit as provided under this Article V and Article VII
hereof. </FONT></P>

<P><FONT SIZE=3>5.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death Benefits</U>.
In the event of the death of a Participant before payment of the
Participant&#146;s entire vested Plan Benefit, the Company shall pay to the
Participant&#146;s Beneficiary an amount equal to 100% of the remaining vested
but unpaid balance of the Participant&#146;s Accounts (without any forfeiture).
Such payment shall be made in a lump sum, as soon as practicable following the
Participant&#146;s death. </FONT></P>

<P><FONT SIZE=3>5.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment to
Guardian</U>. If a Plan Benefit is payable to a minor or a person declared
incompetent or to a person incapable of handling the disposition of property,
the Administrator may direct payment of such Plan Benefit to the guardian, legal
representative or person having the care and custody of such minor or
incompetent person. The Administrator may require proof of incompetency,
minority, incapacity or guardianship, as it may deem appropriate prior to
distribution of the Plan Benefit. Such distribution shall completely discharge
the Administrator and the Company from all liability with respect to such Plan
Benefit. </FONT></P>

<P><FONT SIZE=3>5.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Source of Payment
and Form of Distribution</U>. Subject to the terms of the Trust, the
Administrator shall direct the Trustee to make payment out of the Trust of any
Plan Benefit which has become payable under the terms of this Plan. To the
extent a Participant&#146;s Account is credited with units of Shares at a
Distribution Date, the Participant&#146;s Account shall be distributed in the
form of Shares equal in number to the number of Share units credited to the
Account (except that cash shall be paid in lieu of any fractional Share units)
pursuant to any direction from the Administrator to the Trustee for a benefit
distribution. To the extent a Participant has elected to have Dividends credited
to his Account in the form of cash, such portion of the Participant&#146;s
Account (including an amount equal to the deemed interest credited thereto
pursuant to Section 4.4) shall be distributed in cash. To the extent not
satisfied by distribution from the Trust, the Company shall remain liable to the
Participants and their Beneficiaries for the payment of any Plan Benefits due
and payable hereunder. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE VI<BR>
<BR>
<U>BENEFICIARY DESIGNATION</U></FONT></P>

<P><FONT SIZE=3>6.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficiary
Designation</U>. A Participant shall have the right, at any time, to designate
any person or persons as his Beneficiary or Beneficiaries (primary and/or
contingent) to whom payment under this Plan shall be paid in the event of death
prior to complete distribution to the Participant of the benefits due under the
Plan. Each beneficiary designation shall be in a written form prescribed by the
Administrator (substantially the same as Exhibit B attached hereto) and will be
effective only when filed with the Administrator during the Participant&#146;s
lifetime. </FONT></P>

<P><FONT SIZE=3>6.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>. Any
beneficiary designation may be changed by the Participant without the consent of
any designated Beneficiary by the filing of a new beneficiary designation with
the Administrator. The filing of a new beneficiary designation form will cancel
all beneficiary designations previously filed. </FONT></P>

<P><FONT SIZE=3>6.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Beneficiary
Designation</U>. If any Participant fails to designate a Beneficiary in the
manner provided above, or if each Beneficiary designated by a deceased
Participant predeceases the Participant, the Administrator shall distribute such
Participant&#146;s benefits to the Participant&#146;s estate. </FONT></P>

<P><FONT SIZE=3>6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      <U>Effect of Payment</U>.  Payment to the Beneficiary, or estate as provided above, shall completely discharge
the Company's obligations under this Plan with respect to the deceased
Participant.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE VII<BR>
<BR>
DISTRIBUTIONS</FONT></P>

<P><FONT SIZE=3>7.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefit Payment
Schedule</U>. Subject to the provisions of Sections 7.2, 7.3 and 7.4, Plan
Benefits shall be payable or commence being paid on the Distribution Date that
relates to the Shares underlying the Plan Benefit. At the time a Participant is
initially selected to participate in the Plan, and each time the Participant is
granted an additional award of Shares which are deferred hereunder, the
Participant shall elect, in writing on a form prescribed by the Administrator,
whether the Participant&#146;s Account shall be paid in a lump sum payment or in
quarterly installments over a period of not more than 20 years. Such election
may be changed from time to time, but shall become irrevocable 12 months prior
to the Distribution Date for the Account (including, if applicable, any new
Distribution Date pursuant to Section 7.3). A Participant may make different
elections with respect to different Accounts. Notwithstanding the foregoing, any
election to receive a benefit in installments shall be subject to the approval
of the Administrator, in its discretion. If no election has been made at least
12 months prior to the Distribution Date for the Account, any benefit payable
hereunder from the Account shall be paid in a single lump sum. </FONT></P>

<P><FONT SIZE=3>7.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Premature
Distribution.</U> A Participant may elect, in writing on a form prescribed by
the Administrator, to receive a distribution, at any time after the first
anniversary of the date as of which units of Shares were first credited to his
Account (including after distributions have commenced being paid), of the vested
portion of his Account balance, subject to the forfeiture provisions of Section
4.3(b). The Administrator shall direct the Trustee to make such distribution in
a lump sum, as soon as practicable after the Administrator has received such
election, in the form of Shares or cash, as applicable pursuant to Section 5.4
(but treating the date of such distribution as a Distribution Date for purposes
hereof). Notwithstanding the preceding, in the event that the Administrator,
upon written application of the Participant, determines that the Participant has
incurred an Unforeseeable Financial Emergency at any time, the Participant may
receive a distribution of up to 100% of the vested portion of his Account
balance (without any forfeiture), but such distribution shall in no event exceed
the amount necessary to alleviate such Unforeseeable Financial Emergency. The
Administrator shall direct the Trustee to make such distribution in a lump sum,
as soon as practicable after the Administrator has made such determination, in
the form of Shares or cash, as appplicable pursuant to Section 5.4 (but treating
the date of such distribution as a Distribution Date for purposes hereof). A
Participant&#146;s Unforeseeable Financial Emergency, and the amount necessary
to alleviate the Unforeseeable Financial Emergency, must be demonstrated in the
written application of the Participant and in such other documentation as the
Administrator shall reasonably require. </FONT></P>

<P><FONT SIZE=3>7.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Continued
Deferral</U>. Not less than twelve (12) nor more than fifteen (15) months prior
to a Distribution Date, a Participant who is then employed by the Company may
elect, in writing on a form prescribed by the Administrator, to defer receipt of
all or any part of the Plan Benefit that is otherwise payable on such
Distribution Date to the third, fourth or fifth anniversary of the Distribution
Date, and in any such case the date to which distribution is so deferred shall
be the new Distribution Date for the Account. Any election under this Section
7.3 shall become irrevocable as of the date such election is received by the
Administrator. A Participant may make more than one election under this Section
7.3 with respect to the same Account. </FONT></P>

<P><FONT SIZE=3>7.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of
Termination of Employment</U>. Notwithstanding any provision to the contrary, in
the event of a Participant&#146;s termination of employment with the Company
(other than due to death) prior to age 60, the vested portion of the
Participant&#146;s Plan Benefit shall be paid in a lump sum as soon as
practicable following the later of the date of such termination of employment or
January 1, 2007. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE VIII<BR>
<BR>
<U>ADMINISTRATION</U></FONT></P>


<P><FONT SIZE=3>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Administrative Duties</U>.
This Plan shall be administered by the Administrator. The Administrator shall
have the following specific powers and duties:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(i) </TD>
<TD WIDTH=85%>
To interpret the provisions of the Plan and make any and all determinations
arising thereunder;</TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(ii) </TD>
<TD WIDTH=85%>
To maintain such records as it shall deem necessary or appropriate for the
proper administration of the Plan; and</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iii) </TD>
<TD WIDTH=85%>
To establish such rules and procedures not inconsistent with the terms of the
Plan as it shall deem necessary or appropriate to effectuate the purpose of the
Plan.</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>8.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agents</U>. The
Administrator may appoint an individual to be the Administrator&#146;s agent
with respect to the day-to-day administration of the Plan. In addition, the
Administrator may, from time to time, employ other agents and delegates to aid
in such administrative duties as it sees fit, and may from time to time consult
with counsel who may be counsel to the Company. </FONT></P>

<P><FONT SIZE=3>8.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect of
Decisions</U>. The decision or action of the Administrator with respect to any
question arising out of or in connection with the administration, interpretation
and application of the Plan and the rules and regulations promulgated by the
Administrator hereunder shall be final and binding upon all persons having any
interest in the Plan. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE IX<BR>
<BR>
<U>AMENDMENT AND TERMINATION OF PLAN</U></FONT></P>

<P><FONT SIZE=3>9.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. The
Board of Directors may at any time amend the Plan (other than this Article IX)
in whole or in part, provided, however, that no amendment shall be effective as
to a Participant to decrease or restrict a Plan Benefit as to amount or timing
or manner of distribution of any Account maintained under the Plan without the
consent of such Participant. Notwithstanding the preceding, in the event that
there is a change in the federal income tax treatment pertaining to the Plan or
Trust or any Plan Benefit from the treatment in effect as of the Effective Date,
then the Board of Directors may, without the consent of any Participant or
Beneficiary, amend the Plan in any manner as the Board of Directors, in its sole
discretion, deems advisable to provide reasonably similar benefits to
Participants to the extent practicable in light of such change in tax treatment
.. </FONT></P>

<P><FONT SIZE=3>9.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of
Plan</U>. Notwithstanding Section 9.1, the Board of Directors may at any time
terminate the Plan in its entirety. If the Plan is terminated, the Board of
Directors shall also determine either (i) that previously awarded Plan Benefits
will continue to vest and be paid out in accordance with the terms of the Plan
and any elections made by the Participants prior to the date of Plan
termination, or (ii) that all Plan Benefits shall be 100% vested and each
Participant shall receive an immediate distribution of his Plan Benefit (or the
remainder of his Plan Benefit if distribution thereof has commenced prior to the
date of Plan termination). In the event of a termination of the Plan and an
immediate distribution to all Participants of their Plan Benefits, the Company
shall pay to each Participant an additional payment (a "Tax Gross-Up
Payment"), in an amount such that after payment by the Participant of all
applicable federal, state and local income taxes imposed upon the Tax Gross-Up
Payment, the Participant retains an amount of the Tax Gross-Up Payment equal to
the applicable federal, state and local income taxes imposed upon the amount of
the Participant&#146;s Plan Benefit being distributed on account of the Plan
termination. The amount of any Tax Gross-Up Payment shall be determined by the
Company&#146;s independent auditors (the "Accounting Firm"), based
upon an assumption that the Participant&#146;s rate of applicable federal, state
and local income taxes is at the highest marginal rate then in effect, and shall
be paid in a cash lump sum within ten days following such determination by the
Accounting Firm. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>ARTICLE X<BR>
<BR>
<U>MISCELLANEOUS</U></FONT></P>

<P><FONT SIZE=3>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Company's Obligations
Limited</U>. The Company shall have no obligation under this Plan with respect
to any individuals other than the Participants and their
Beneficiaries.</FONT></P>

<P><FONT SIZE=3>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Nonassignability</U>. No Participant or any other person shall have any right
to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
encumber, transfer, hypothecate or convey in advance of actual receipt the
amounts, if any, payable hereunder, or any part thereof. Except to the extent
required by law, no part of the amounts payable under the Plan shall, prior to
actual payment, be subject to seizure or separation for the payment of any
debts, judgments, alimony or separate maintenance owed by the Participant or any
other person, nor be transferable by operation of law in the event of the
Participant&#146;s or other person&#146;s bankruptcy or insolvency. </FONT></P>

<P><FONT SIZE=3>10.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Not a Contract of
Employment</U>. The terms and conditions of this Plan shall not be deemed to
constitute a contract of employment between the Company and any Participant, and
the Participant (or the Participant&#146;s Beneficiaries) shall have no rights
against the Company, except as may otherwise be specifically provided herein.
Moreover, nothing in this Plan shall be deemed to give any Participant the right
to be retained in the service of the Company or to interfere with the right of
the Company to discipline or discharge any Participant at any time. Any such
rights shall be governed by independent and unrelated contractual arrangements
between the parties, should such arrangements be consummated. </FONT></P>

<P><FONT SIZE=3>10.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>.
The Company retains the right to make provision for the reporting and
withholding of any federal, state or local withholding taxes that may be
required to be withheld with respect to the payment of benefits pursuant to the
Plan, and each Participant and Beneficiary shall be required, promptly following
the request of the Company, to make sufficient funds available to the Company to
satisfy all applicable withholding obligations, except that the Company may not
withhold any such amount that has been withheld by the Trust. </FONT></P>

<P><FONT SIZE=3>10.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participant
Cooperation</U>. Each Participant will cooperate with the Company by furnishing
any and all information requested by the Company in order to facilitate the
payment of benefits hereunder and such other action as may be requested by the
Company. </FONT></P>

<P><FONT SIZE=3>10.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms</U>. Whenever
any words are used herein in the masculine, they shall be construed as though
they were used in the feminine in all cases where they would so apply; and
wherever any words are used herein in the singular or in the plural, they shall
be construed as though they were used in the plural or the singular, as the case
may be, in all cases where they would so apply. </FONT></P>

<P><FONT SIZE=3>10.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Captions</U>. The
captions of articles, sections and paragraphs of this Plan are for convenience
only and shall not control or affect the meaning or construction of any of its
provisions. </FONT></P>

<P><FONT SIZE=3>10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Governing Law</U>. The
provisions of this Plan shall be construed and interpreted according to the laws
of the State of New York.</FONT></P>

<P><FONT SIZE=3>10.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity</U>. In
case any provision of this Plan shall be held illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but
this Plan shall be construed and enforced as if such illegal and invalid
provision had never been inserted herein. </FONT></P>

<P><FONT SIZE=3>10.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice</U>. Any
notice or filing required or permitted to be given to the Administrator under
the Plan shall be sufficient if in writing and hand delivered, or sent by
registered or certified mail, to the Chairman of the Board with a copy to
General Counsel of the Company. Such notice shall be deemed given as of the date
of delivery or, if delivery is made by mail, as of three days following the date
shown on the postmark or on the receipt for registration or certification. </FONT></P>

<P><FONT SIZE=3>IN WITNESS WHEREOF, the
Company has caused this instrument to be executed by its duly authorized officer
as of the Effective Date. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By:&nbsp;<U>&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leo S. Ullman, President</TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>


<P ALIGN=RIGHT><U>EXHIBIT A</U></P>

<P ALIGN=CENTER><FONT SIZE=3><B>CEDAR SHOPPING CENTERS, INC. EXECUTIVE<BR>
DEFERRED COMPENSATION PLAN<BR>
TRUST AGREEMENT</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS TRUST AGREEMENT, made as of the ____ day of ___________, 2003, by and
between Cedar Shopping Centers, Inc. ("Company") and ___________________________
("Trustee").</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>W</U> <U>I</U> <U>T</U> <U>N</U>
 <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U> :</B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Company has adopted the Cedar Shopping Centers, Inc. Executive
Deferred Compensation Plan (the "Plan") attached hereto as Appendix
A;</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
capitalized terms used in this Trust Agreement, unless otherwise defined, shall
have the same meanings as set forth in the Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
the Company has incurred or expects to incur liability under the terms of such
Plan with respect to the individuals participating in such Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
the Company wishes to establish a trust (hereinafter called the
"Trust") and to contribute to the Trust assets that shall be held
therein, subject to the claims of the Company&#146;s creditors in the event of
the Company&#146;s Insolvency, as herein defined, until paid to the Plan
Participants and their Beneficiaries in such manner and at such times as
specified in the Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
it is the intention of the parties that this Trust shall constitute an unfunded
arrangement and shall not affect the status of the Plan as an unfunded plan for
purposes of Title I of the Employee Retirement Income Security Act of 1974 (if
applicable); </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;WHEREAS,
it is the intention of the Company to make contributions to the Trust to provide
itself with a source of funds to assist it in meeting its liabilities under the
Plan; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESTABLISHMENT OF TRUST.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall deposit with the Trustee in
trust the amounts determined pursuant to the Plan, which shall become the
principal of the Trust to be held, administered and disposed of by the Trustee
as provided in this Trust Agreement. Neither the Trustee nor any Plan
Participant or Beneficiary shall have any right to compel any contributions to
the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust hereby established shall be
irrevocable.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust is intended to be a grantor trust,
of which the Company is the grantor, within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as
amended, and shall be construed accordingly.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The principal of the Trust and any earnings
thereon shall be held separate and apart from other funds of the Company and
shall be used exclusively for the uses and purposes of the Plan Participants and
general creditors as herein set forth. Plan Participants and their Beneficiaries
shall have no preferred claim on, or any beneficial ownership interest in, any
assets of the Trust. Any rights created under the Plan and this Trust Agreement
shall be mere unsecured contractual rights of the Plan Participants and their
Beneficiaries against the Company. Any assets held by the Trust will be subject
to the claims of the Company's general creditors under federal and state law in
the event of Insolvency, as defined in Section 3(a) herein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENTS
TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall deliver to the Trustee
a schedule (the "Payment Schedule") that indicates the amounts payable in
respect of each Plan Participant (and his or her Beneficiaries), that provides a
formula or other instructions acceptable to the Trustee for determining the
amounts so payable, the form in which such amount is to be paid (as provided for
or available under the Plan), and the time of commencement for payment of such
amounts. Except as otherwise provided herein, the Trustee shall make payments to
the Plan Participants and their Beneficiaries in accordance with such Payment
Schedule. The Trustee shall make provision for the reporting and withholding of
any federal, state or local withholding taxes that may be required to be
withheld with respect to the payment of benefits pursuant to the terms of the
Plan and shall pay amounts so withheld to the appropriate taxing authorities or
determine that such amounts have been reported, withheld and paid by the
Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The entitlement of a Plan Participant or his
or her Beneficiaries to benefits under the Plan shall be determined by the
Administrator, and any claim for such benefits shall be considered and reviewed
in accordance with the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the discretion of the Administrator, the
Company may make payment of benefits directly to Plan Participants or their
Beneficiaries as they become due under the terms of the Plan. The Administrator
shall notify the Trustee of its decision to make payment of benefits directly
prior to the time amounts are payable to Participants or their Beneficiaries. In
addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make payments of benefits in accordance with the terms of the
Plan, the Company shall make the balance of each such payment as it falls due.
The Trustee shall notify the Company where principal and earnings are not
sufficient.</FONT></P>

<P><FONT SIZE=3>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE TRUSTEES&#146; RESPONSIBILITY
REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee shall cease payment of benefits to
Plan Participants and their Beneficiaries if the Company is Insolvent. The
Company shall be considered "Insolvent" for purposes of this Trust Agreement if
(i) the Company is unable to pay its debts as they become due, or (ii) the
Company is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code. The term "Insolvency" shall mean the Company's being or
becoming Insolvent.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At all times during the continuance of this
Trust, as provided in Section 1(d) hereof, the principal and income of the Trust
shall be subject to claims of general creditors of the Company under federal and
state law as set forth below.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(i) </TD>
<TD WIDTH=85%>
The Administrator shall have the duty to inform the Trustee in writing of the
Company's Insolvency. If a person claiming to be a creditor of the Company
alleges in writing to the Trustee that the Company has become Insolvent, the
Trustee shall inquire of the Administrator whether the Company is Insolvent and,
pending a response from the Administrator, the Trustee shall discontinue payment
of benefits to Plan Participants or their Beneficiaries.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(ii)</TD>
<TD WIDTH=85%>
Unless the Trustee has been notified by the Administrator of the Company's
Insolvency, or has received notice from the Administrator or a person claiming
to be a creditor alleging that the Company is Insolvent, the Trustee shall have
no duty to inquire whether the Company is Insolvent. The Trustee may in all
events rely on such evidence concerning the Company's solvency as may be
furnished to the Trustee and that provides the Trustee with a reasonable basis
for making a determination concerning the Company's solvency.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iii) </TD>
<TD WIDTH=85%>
If at any time the Trustee has been notified by the Administrator that the
Company is Insolvent, the Trustee shall discontinue payments to Plan
Participants or their Beneficiaries and shall hold the assets of the Trust for
the benefit of the Company's general creditors. Nothing in this Trust Agreement
shall in any way diminish any rights of Plan Participants or their Beneficiaries
to pursue their rights as general creditors of the Company with respect to
benefits due under the Plan or otherwise.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iv) </TD>
<TD WIDTH=85%>
The Trustee shall resume the payment of benefits to Plan Participants or their
Beneficiaries in accordance with Section 2 of this Trust Agreement only after
the Trustee has been notified by the Administrator that the Company is not
Insolvent (or is no longer Insolvent).</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided that there are sufficient assets, if
the Trustee discontinues the payment of benefits from the Trust pursuant to
Section 3(b) hereof and subsequently resumes such payments, the first payment
following such discontinuance shall include the aggregate amount of all payments
due to Plan Participants or their Beneficiaries under the terms of the Plan for
the period of such discontinuance, less the aggregate amount of any payments
made to Plan Participants or their Beneficiaries by the Company in lieu of the
payments provided for hereunder during any such period of
discontinuance.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENTS TO COMPANY.</FONT></P>

<P><FONT SIZE=3>Except as provided in
Section 3 hereof, the Company shall have no right or power to direct the Trustee
to return to the Company or to divert to others any of the Trust assets before
all payment of benefits have been made to Plan Participants and their
Beneficiaries pursuant to the terms of the Plan. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT AUTHORITY.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may invest in securities
(including Shares or rights to acquire Shares) or obligations issued by the
Company. All rights associated with assets of the Trust shall be exercised by
the Trustee or the person or persons designated by the Trustee, and shall in no
event be exercisable by or rest with Plan Participants, except that voting
rights with respect to Shares of the Company shall be exercised by the
Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The initial principal of the Trust shall be
deposited by the Company in the form of Shares of the Company. Except as
provided below, the assets of the Trust shall remain invested in Shares, and
Dividends thereon which are not distributed to Plan Participants shall be
reinvested in Shares.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An amount equal to the amount of deferred
Dividends, with respect to each Participant who has elected to have the portion
of his Account attributable to Dividends be in the form of cash, shall be
deposited by the Company with the Trustee in the form of cash, and shall be held
by the Trustee in cash or a cash equivalent, as determined by the
Administrator.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISPOSITION OF INCOME.</FONT></P>

<P><FONT SIZE=3>During the term of this
Trust, all income received by the Trust, net of expenses and withholding taxes,
shall be accumulated and reinvested. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING
BY THE TRUSTEE.</FONT></P>

<P><FONT SIZE=3>The Trustee shall keep
accurate and detailed records of all investments, receipts, disbursements, and
all other transactions required to be made, including such specific records as
shall be agreed upon in writing between the Company and the Trustee. Within 60
days following the close of each calendar year and within 60 days after the
removal or resignation of the Trustee, the Trustee shall deliver to the
Administrator a written account of its administration of the Trust during such
year or during the period from the close of the last preceding year to the date
of such removal or resignation, setting forth all investments, receipts,
disbursements and other transactions effected by it, including a description of
all securities and investments purchased and sold with the cost or net proceeds
of such purchases or sales (accrued interest paid or receivable being shown
separately), and showing all cash, securities and other property held in the
Trust at the end of such year or as of the date of such removal or resignation,
as the case may be. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESPONSIBILITY OF THE TRUSTEES.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee shall act with the care, skill,
prudence and diligence under the circumstances then prevailing that a prudent
person acting in like capacity and familiar with such matters would use in the
conduct of an enterprise of a like character and with like aims, provided,
however, that the Trustee shall incur no liability to any person for any action
taken pursuant to a direction, request or approval given by the Administrator
which is contemplated by, and in conformity with, the terms of the Plan or this
Trust and is given in writing by the Administrator. In the event of a dispute
between the Company and a party, the Trustee may apply to a court of competent
jurisdiction to resolve the dispute.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Trustee undertakes or defends any
litigation arising in connection with this Trust, the Company agrees to
indemnify the Trustee against the Trustee's costs, expenses and liabilities
(including, without limitation, reasonable attorneys' fees and expenses)
actually incurred by or on behalf of the Trustee in connection with this Trust
(other than with respect to any litigation arising out of the Trustee's gross
negligence or willful misconduct). If the Company does not pay such costs,
expenses and liabilities in a reasonably timely manner, the Trustee may obtain
payment from the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may hire agents, accountants,
actuaries, investment advisors, financial consultants or other professionals to
assist it in performing any of its duties or obligations hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may consult with legal counsel
(who may also be counsel for the Company generally) with respect to any of its
duties or obligations hereunder. The Trustee shall not be liable for the
negligence of any legal counsel with which it consults with respect to its
duties or obligations hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee shall have, without exclusion, all
powers conferred on trustees by applicable law, unless expressly provided
otherwise herein, provided, however, that if an insurance policy is held as an
asset of the Trust, the Trustee shall have no power to name a beneficiary of the
policy other than the Trust, to assign the policy (as distinct from conversion
of the policy to a different form) other than to a successor trustee, or to loan
to any person the proceeds of any borrowing against such policy, and provided
further, however, that the Trustee may loan to the Company the proceeds of any
borrowing against an insurance policy held as an asset of the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any powers granted to the
Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall
not have any power that could give this Trust the objective of carrying on a
business and dividing the gains therefrom, within the meaning of Section
301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant
to the Internal Revenue Code.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION AND EXPENSES OF THE TRUSTEE.</FONT></P>

<P><FONT SIZE=3>The Company shall pay all
administrative and Trustee&#146;s fees and expenses. If not so paid, the fees
and expenses shall be paid from the Trust. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;RESIGNATION AND REMOVAL OF THE TRUSTEE.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may resign at any time by written
notice to the Administrator, which shall be effective thirty (30) days after
receipt of such notice unless the Company and the Trustee agree
otherwise.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee may be removed by the Company on
thirty (30) days written notice or upon shorter notice accepted by the
Trustee.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon resignation or removal of the Trustee and
appointment of a successor Trustee, all assets shall subsequently be transferred
to the successor Trustee. The transfer shall be completed within thirty (30)
days after receipt of notice of resignation, removal or transfer, unless the
Company extends the time limit.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Trustee resigns or is removed, a
successor shall be appointed, in accordance with Section 11 hereof, by the
effective date of resignation or removal under paragraph(s) (a) or (b) of this
section. If no such appointment has been made, the Trustee may apply to a court
of competent jurisdiction for appointment of a successor or for instructions.
All expenses of the Trustee in connection with the proceeding shall be allowed
as administrative expenses of the Trust.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPOINTMENT OF SUCCESSOR.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Trustee resigns or is removed, in
accordance with Section 10(a) or (b) hereof, the Company may appoint any third
party, such as a bank trust department or other party that may be granted
corporate trustee powers under state law, as a successor to replace the Trustee
upon resignation or removal. The appointment shall be effective when accepted in
writing by the new Trustee, who shall have all of the rights and powers of the
former Trustee, including ownership rights in the Trust assets. The former
Trustee shall execute any instrument necessary or reasonably requested by the
Company or the successor Trustee to evidence the transfer.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The successor Trustee need not examine the
records and acts of any prior Trustee or of any continuing Trustee prior to the
effective date of the successor Trustee's appointment and may retain or dispose
of existing Trust assets, subject to Sections 7 and 8 hereof. The successor
Trustee shall not be responsible for and the Company shall indemnify and defend
the successor Trustee from any claim or liability resulting from any action or
inaction of any prior Trustee or from any other past event, or any condition
existing at the effective date of such successor Trustee's
appointment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT OR TERMINATION.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Trust Agreement may be amended by a
written instrument executed by the Trustee and the Company. Notwithstanding the
foregoing, no such amendment shall conflict with the terms of the Plan or shall
make the Trust revocable.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company may terminate the Trust as of any
date on which Plan Participants and their Beneficiaries are no longer entitled
to benefits pursuant to the terms of the Plan. Upon termination of the Trust,
any assets remaining in the Trust shall be returned to the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon written approval of all Participants or
Beneficiaries entitled to payment of benefits pursuant to the terms of the Plan,
the Company may terminate this Trust prior to the time all benefit payments
under the Plan have been made. All assets in the Trust at termination shall be
returned to the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any provision of this Trust Agreement
prohibited by law shall be ineffective to the extent of any such prohibition,
without invalidating the remaining provisions hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefits payable to Plan Participants and
their Beneficiaries under this Trust Agreement may not be anticipated, assigned
(either at law or in equity), alienated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution or other legal or equitable
process.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Trust Agreement shall be governed by and
construed in accordance with the laws of the State of New York.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVE DATE.</FONT></P>

<P><FONT SIZE=3>The effective date of this
Trust Agreement shall be the date first written above. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have duly executed this Trust
Agreement as of the date first written above. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>

[TRUSTEE]<BR>
<BR>
<BR>
By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<P ALIGN=RIGHT>EXHIBIT B</P>

<P ALIGN=CENTER><FONT SIZE=3><B>SENIOR EXECUTIVE DEFERRED COMPENSATION PLAN</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>DESIGNATION OF BENEFICIARY</B> </FONT></P>

<P><FONT SIZE=3>I hereby designate the
following to receive from Cedar Shopping Centers, Inc. Senior Executive Deferred
Compensation Plan any amount payable by reason of my death: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Beneficiary Designations</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=CENTER>
Primary Beneficiary  <BR>
  (Beneficiaries)
</TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=CENTER><BR>
Address  </TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=CENTER><BR>
SSN </TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=CENTER><BR>
 Date of birth </TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT><BR>
%</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
</TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>Contingent Beneficiary (Beneficiaries)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=CENTER>
Contingent<BR>
Beneficiary<BR>
(Beneficiaries)
</TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=CENTER><BR>
<BR>
Address  </TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=CENTER><BR>
<BR>
SSN </TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=CENTER><BR>
<BR>
 Date of birth </TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT><BR>
<BR>
%</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
</TD>
<TD WIDTH=3% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=20% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></TD>
<TD WIDTH=2% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></TD>
</TR>
</TABLE>
<BR>


<HR SIZE=1 NOSHADE WIDTH=25% ALIGN=CENTER>
<P ALIGN=CENTER><FONT SIZE=3>See additional pages for additional beneficiary designations</FONT></P>




<P><FONT SIZE=3>Unless I have a Designation
of Beneficiary in effect at the time an amount becomes payable to my
Beneficiary, that amount will be paid to my estate in accordance with Article VI
of the Plan. </FONT></P>

<P><FONT SIZE=3>This designation is
intended to replace all prior designations made by me for such amounts. I
reserve the right to change any Beneficiary named herein without the consent of
such Beneficiary by properly completing and delivering to the Administrator a
new Designation of Beneficiary. I will promptly notify the Administrator of any
change in the name or address of a Beneficiary. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Name]<BR>
<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Witness Signature
</TD>
<TD WIDTH=50%>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
</TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>
<BR>


<P ALIGN=CENTER><FONT SIZE=3>AMENDMENT NO. 1<BR>
TO THE<BR>
CEDAR SHOPPING CENTERS, INC.<BR>
SENIOR EXECUTIVE DEFERRED<BR>
COMPENSATION PLAN</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Cedar Shopping Centers, Inc. (the "Company") has adopted the Cedar
Shopping Centers, Inc. Senior Executive Deferred Compensation Plan (the "Plan");
and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Section 9.1 of the Plan permits the Board of Directors of the Company
to amend the Plan; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Board of Directors of the Company now desires to amend the Plan in
certain respects;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, the Plan is hereby amended as follows:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections 2.5 and 2.14 of the Plan are hereby deleted.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 of the Plan is hereby
amended by deleting the last two sentences thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3(a) of the Plan is hereby amended to
read in its entirety as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"(a) Except as hereinafter provided in Section
4.3(b), a Participant shall be 100% vested in his Plan Benefit at all times."</TD>
</TR>
</TABLE>
<BR>



<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3(b) of the Plan is hereby amended by
deleting therefrom the word "vested".</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 of
the Plan is hereby amended by deleting therefrom the word &quot;vested&quot; and
the phrase &quot;vested but&quot;. </FONT></P>

<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.2 of the Plan is hereby amended by deleting therefrom the phrase &quot;the
vested portion of&quot; wherever it appears in said Section 7.2. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.4 of the Plan is hereby amended by deleting therefrom the phrase &quot;vested
portion of the&quot;. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Section 9.2 of the Plan is hereby amended by
deleting therefrom the phrases &quot;continue to vest and&quot; and &quot;all
Plan Benefits shall be 100% vested and&quot;. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule B to the Plan is hereby deleted.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall be effective as of October 29, 2003.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent hereinabove set forth, the
Plan shall remain in full force and effect.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, the Board of Directors of the Company has caused this
Amendment to be executed by a duly authorized officer of the Company this ______
day of _____________, 2004.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By:<U>&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>


<P ALIGN=CENTER><FONT SIZE=3>AMENDMENT NO. 2<BR>
TO THE<BR>
CEDAR SHOPPING CENTERS, INC.<BR>
SENIOR EXECUTIVE DEFERRED<BR>
COMPENSATION PLAN</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Cedar Shopping Centers, Inc. (the "Company") has adopted the Cedar
Shopping Centers, Inc. Senior Executive Deferred Compensation Plan (the "Plan");
and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Section 9.1 of the Plan permits the Board of Directors of the Company
to amend the Plan; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Board of Directors of the Company now desires to amend the Plan in
certain respects;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, the Plan is hereby amended as follows:</FONT></P>

<P><FONT SIZE=3>
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.19 of the Plan is hereby amended to
read in its entirety as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>
"<U>Shares/Stock</U>. "Shares" or "Stock" means shares of the common stock of
the Company, including, as applicable, any restricted shares of common stock of
the Company awarded to a Participant pursuant to the Cedar Shopping Centers,
Inc. 2004 Stock Incentive Plan (the "Stock Incentive Plan") which the Board of
Directors (or compensation committee of the Board of Directors) has designated
as being covered under and subject to the terms of the Plan."</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section 4.3(a) of the
Plan is hereby amended to read in its entirety as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
&#147;Except for the portion of a Participant&#146;s Account attributable to any
Dividends (including earnings thereon) that are subject to a risk of forfeiture
as provided in Section 4.2, and except as hereinafter provided in Section 4.3(b)
or Section 4.3(c), a Participant shall be 100% vested in his Plan Benefit at all
times.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 of the Plan is hereby amended by
adding the following the clause (c):</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>
"(c) Notwithstanding the foregoing, the portion of a Participant's Account (if
any) attributable to restricted Shares awarded to a Participant pursuant to the
Stock Incentive Plan, shall, for vesting, risk of forfeiture and transferability
purposes, be solely subject to, and determined under, the vesting, risk of
forfeiture and transferability provisions and restrictions as set forth in the
Stock Incentive Plan and the award agreement evidencing the grant of such
restricted Shares. In no event shall a distribution, including a premature
distribution elected by a Participant pursuant to Section 7.2, of a
Participant's Account hereunder cause an unvested restricted Share to vest,
which would otherwise not have become vested as per the terms of the Stock
Incentive Plan and the award agreement evidencing the grant of such restricted
Share."</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 of the Plan is
hereby amended by adding the following sentence to the end thereof:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
&#147;Notwithstanding
the foregoing, the portion of a Participant&#146;s Account (if any) attributable
to restricted Shares awarded pursuant to the Stock Incentive Plan, shall be
subject to the vesting, risk of forfeiture, and transferability provisions and
restrictions as set forth in the Stock Incentive Plan and the award agreement
evidencing the grant of such restricted Shares.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section
7.3 of the Plan is hereby amended to read in its entirety as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
&#147;Not
less than twelve (12) nor more than fifteen (15) months prior to a Distribution
Date, a Participant who is then employed by the Company may elect, in writing on
a form prescribed by the Administrator, to defer receipt of all or any part of
the Plan Benefit that is otherwise payable on such Distribution Date to the
fifth anniversary of the Distribution Date, and in any such case the date to
which distribution is so deferred shall be the new Distribution Date for the
Account.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 of the Plan is
hereby amended to read in its entirety as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
&#147;Notwithstanding
any provision to the contrary, in the event of a Participant&#146;s termination
of employment with the Company (other than due to death) prior to age 60, the
vested portion of the Participant&#146;s Plan Benefit shall be paid in a lump
sum as soon as practicable following the date of such termination of employment
(or, with respect to the initial Employer Provided Benefit for the Participants
listed on Schedule A hereto, January 1, 2007, if later).&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment shall be effective as of August
9, 2004.</FONT></P>

<P><FONT SIZE=3>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except to the extent
hereinabove set forth, the Plan shall remain in full force and
effect.</FONT></P>

<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF,
the Board of Directors of the Company has caused this Amendment to be executed
by a duly authorized officer of the Company this 5th day of January, 2005.
</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By:<U>&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT SIZE=3><B>AMENDMENT NO. 3<BR>
TO THE<BR>
CEDAR SHOPPING CENTERS, INC.<BR>
SENIOR EXECUTIVE DEFERRED<BR>
COMPENSATION PLAN</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Cedar Shopping Centers, Inc. (the "Company") has adopted the Cedar
Shopping Centers, Inc. Senior Executive Deferred Compensation Plan (the "Plan");
and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Section 9.1 of the Plan permits the Board of Directors of the Company
to amend the Plan; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Board of Directors of the Company now desires to amend the Plan in
certain respects;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, the Plan is hereby amended as follows:</FONT></P>

<P><FONT SIZE=3>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 of the Plan is
hereby amended to read in its entirety as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>
"(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall establish a Trust in order
to provide the Participants with a benefit known as an Employer Provided Benefit
which shall initially consist of units that are equivalent to the number of
Shares underlying each award. On the Effective Date, or as soon as practicable
thereafter, the Company shall contribute to the Trust the aggregate number of
Shares representing the initial Employer Provided Benefit for the Participants
listed on Schedule A hereto. An Account shall be established by the
Administrator under the Plan in the name of each Participant which shall
initially be credited with units equal to the number of Shares underlying each
award. Thereafter, an Account shall be established by the Administrator for each
new Participant and each such Account shall be credited with units equal to the
number of Shares determined by the Administrator. A separate Account shall be
established for each subsequent award of units of Shares, and the Company shall
contribute to the Trust, on the date of such subsequent award or as soon as
practicable thereafter, the aggregate number of Shares underlying each such
award.<BR>
<BR>
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as provided below and in Sections 4.4
and 5.4, under no circumstance shall any benefit be awarded, allocated or
distributable to a Participant from his Account except in the form of units of
Stock (or Stock itself, in the case of a distribution), nor shall a
Participant's Account be credited with earnings that are equivalent to any other
investment. Notwithstanding any provision to the contrary, if there shall occur
any type of corporate transaction involving the Company the result of which is
that the Stock of the Company, including the Shares in the Trust, is converted
into cash, securities or other property (each such corporate transaction
referred to herein as a "Transaction"), then any cash and/or in-kind
consideration (after having been converted to cash by the Trustee) received for
such Shares pursuant to such Transaction shall be invested by the Trustee in
accordance with each Participant's selected Brokerage Account Investment Option
(as described in Section 4.1(c) below). Any cash or in-kind consideration (after
having been converted to cash by the Trustee) received for Stock and any
investment earnings therefrom shall be credited to the Account of the
Participant in a manner that reflects the Account values for each Participant
immediately prior to such Transaction.<BR>
<BR>
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Brokerage Account Investment Option</U>.
Immediately following the occurrence of a Transaction, the Administrator shall
direct the Trustee to establish a brokerage account with a major financial
institution of each Participant's choosing, in which each Participant shall be
entitled to direct the Trustee with regard to the investment of his or her
Account from amongst any publicly traded securities or other investment products
offered by the selected financial institution. Such elections must be made in
writing (on a form, and in the manner, prescribed by the Administrator), and
shall be required to be made as soon as practicable following the occurrence of
the Transaction. Thereafter, each Participant shall be permitted to direct the
Trustee to establish a brokerage account with a different major financial
institution of the Participant's choosing at least once during any twelve-month
period.<BR>
<BR>
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Website Elections and Forms</U>. Wherever the Plan
requires a Participant to make a written election or to submit a written form to
the Company, the Participant may satisfy such requirement by making such
election, or submitting such form, via a Plan-specific website approved in form
and manner by the Administrator."
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 of the Plan is hereby amended to
read in its entirety as follows:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>
"<U>Determination of Account</U>.<BR>
<BR>
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Participant's Account as of each
Determination Date shall consist of the number of units of Shares held in the
Account multiplied by the Fair Market Value as of such Determination Date.<BR>
<BR>
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding Section 4.5(a) above,
following the occurrence of a Transaction, the Participant's Account shall at
all times be equal to the value of the cash and/or securities held in the
brokerage account."
</TD>
</TR>
</TABLE>
<BR>



<P><FONT SIZE=3>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following new Section 4.8
is hereby added to Article IV of the Plan:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
"4.8 Unvested Shares. Effective as of December 19, 2005, all awards of units of
Shares made to Participants (pursuant to the Stock Incentive Plan or otherwise)
and deferred under the Plan that were not 100% vested as of January 1, 2005 (the
"Unvested Awards"), shall thereafter be deferred under the 2005 Cedar Shopping
Centers, Inc. Deferred Compensation Plan. Effective as of December 19, 2005, for
all purposes of the Plan, the Unvested Awards shall be treated as if they had
never been deferred under the Plan by the Participants, and any Shares deposited
in the Trust with respect to such Unvested Awards shall be immediately
transferred to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan
Trust."
</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 of the Plan is hereby amended by
adding the following sentence immediately prior to the last sentence of Section
5.4:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
"Notwithstanding the foregoing, in the event a Transaction occurs prior to the
distribution of a Participant&#146;s entire Account, then the Participant&#146;s
Account shall be distributed in cash pursuant to any direction from the
Administrator to the Trustee for a benefit distribution."</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section 9.1 of the Plan
is hereby amended to read in its entirety as follows:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
"The Board of Directors may at any time amend the Plan (other than this Article
IX, or to eliminate or in any way restrict the availability of the Brokerage
Account Investment Option following the occurrence of a Transaction) in whole or
in part, provided, however, that no amendment shall be effective as to a
Participant to decrease or restrict a Plan Benefit as to amount or timing or
manner of distribution of any Account maintained under the Plan without the
consent of such Participant."</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 of the Plan is hereby amended to
read in its entirety as follows:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>
"Notwithstanding
Section 9.1, the Board of Directors may at any time terminate the Plan in its
entirety. If the Plan is terminated for any reason, or is constructively
terminated as a result of any action or inaction by the Administrator that
causes an acceleration of the timing of the inclusion in income (for income tax
purposes) of amounts deferred under the Plan by the Participants, each
Participant shall receive an immediate distribution of his Plan Benefits (or the
remainder of his Plan Benefits if distribution thereof has commenced prior to
the date of Plan termination). In the event of a termination or constructive
termination of the Plan and an immediate distribution to all Participants of
their Plan Benefits, the Company shall pay to each Participant an additional
payment (a "Tax Gross-Up Payment"), in an amount such that after
payment by the Participant of all applicable federal, state and local income
taxes imposed upon the Tax Gross-Up Payment, the Participant retains an amount
of the Tax Gross-Up Payment equal to the applicable federal, state and local
income taxes imposed upon the amount of the Participant&#146;s Plan Benefit
being distributed on account of the Plan termination. The amount of any Tax
Gross-Up Payment shall be determined by the Company&#146;s independent auditors
(the "Accounting Firm"), based upon an assumption that the
Participant&#146;s rate of applicable federal, state and local income taxes is
at the highest marginal rate then in effect, and shall be paid in a cash lump
sum within ten days following such determination by the Accounting Firm."</FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment shall be effective as of
December 19, 2005.</FONT></P>

<P><FONT SIZE=3>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except to the extent
hereinabove set forth, the Plan shall remain in full force and
effect.</FONT></P>

<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF,
the Board of Directors of the Company has caused this Amendment to be executed
by a duly authorized officer of the Company this 19th day of December, 2005.
</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By: <U>&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
</TABLE>
<BR>
<BR>


<P ALIGN=CENTER><FONT SIZE=3><B>AMENDMENT NO. 1<BR>
TO THE<BR>
CEDAR SHOPPING CENTERS, INC.<BR>
EXECUTIVE DEFERRED<BR>
COMPENSATION PLAN TRUST AGREEMENT</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Cedar Shopping Centers, Inc. (the "Company") formally adopted the Cedar
Shopping Centers, Inc. Executive Deferred Compensation Plan Trust Agreement (the
"Trust");</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Section 12 of the Trust permits the Company and the Trustee to amend
the Trust;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Company and the Trustee now desire to amend the Trust in certain
respects;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, the Trust is hereby amended as follows:</FONT></P>

<P><FONT SIZE=3>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following subsections (d),
(e), and (f) are hereby added to Section 5 of the Trust:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>
"(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a Transaction, then any cash
and/or in-kind consideration (after having been converted to cash by the
Trustee) received for Stock pursuant to such Transaction shall be invested by
the Trustee in accordance with each Participant's selected Brokerage Account
Investment Option (as described in Section 5(e) below). Any cash or in-kind
consideration (after having been converted to cash by the Trustee) received for
Stock and any investment earnings therefrom shall be credited to the Account of
the Participant in a manner that reflects the Account values for each
Participant immediately prior to such Transaction.<BR>
<BR>
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Brokerage Account Investment Option</U>.
Immediately following the occurrence of a Transaction, the Administrator shall
direct the Trustee to establish a brokerage account with a major financial
institution of each Participant's choosing, in which each Participant shall be
entitled to direct the Trustee with regard to the investment of his or her
Account from amongst any publicly traded securities or other investment products
offered by the selected financial institution. Such elections must be made in
writing (on a form, and in the manner, prescribed by the Administrator), and
shall be required to be made as soon as practicable following the occurrence of
the Transaction. Thereafter, each Participant shall be permitted to direct the
Trustee to establish a brokerage account with a different major financial
institution of the Participant's choosing at least once during any twelve-month
period.<BR>
<BR>
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wherever the Trust requires a Participant to
make a written election or to submit a written form to the Company, the
Participant may satisfy such requirement by making such election, or submitting
such form, via a Plan-specific website approved in form and manner by the
Administrator."
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment shall be
effective as of December 19, 2005.</FONT></P>

<P><FONT SIZE=3>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except to the extent hereinabove set forth, the
Trust shall remain in full force and effect.</FONT></P>

<P><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF,
the parties hereto have duly executed this Amendment to the Trust as of this
19th day of December, 2005. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>
<BR>
<BR>
[TRUSTEE]<BR>
<BR>
<BR>
By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>


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