<SEC-DOCUMENT>0001193125-18-195691.txt : 20180618
<SEC-HEADER>0001193125-18-195691.hdr.sgml : 20180618
<ACCEPTANCE-DATETIME>20180618162535
ACCESSION NUMBER:		0001193125-18-195691
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180615
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180618
DATE AS OF CHANGE:		20180618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR REALTY TRUST, INC.
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		18904867

	BUSINESS ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR SHOPPING CENTERS INC
		DATE OF NAME CHANGE:	20030812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d572354d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current
Report Pursuant to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): June&nbsp;15, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CEDAR REALTY TRUST, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Maryland
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of Incorporation) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-31817</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">42-1241468</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>44 South Bayles Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Port Washington, New York 11050 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(516)&nbsp;767-6492</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Telephone Number, Including Area Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 or Rule&nbsp;12b-2&nbsp;of the Securities Exchange Act of 1934. Emerging Growth Company&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><U>Item&nbsp;5.02</U></B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </U></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective June&nbsp;15, 2018 (the &#147;Effective Date&#148;), Cedar Realty Trust, Inc. (the &#147;Company&#148;) and Cedar Realty Trust Partnership, L.P., the
Company&#146;s operating partnership (the &#147;OP&#148;), entered into a new amended and restated employment agreement (the &#147;Employment Agreement&#148;) with Bruce J. Schanzer, the Company&#146;s President and Chief Executive Officer, pursuant
to which Mr.&nbsp;Schanzer will continue to serve as the Chief Executive Officer of both the Company and the OP for a five-year term commencing on the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Employment Agreement provides for a base salary at the rate of $800,000 per annum through December&nbsp;31, 2018 and at the rate of $750,000 per annum
commencing January&nbsp;1, 2019, subject to annual review and increase in the discretion of the Board of Directors of the Company (the &#147;Board&#148;). Mr.&nbsp;Schanzer will continue to participate in the Company&#146;s annual bonus plan for
senior executive officers with a target annual bonus equal to 100% of base salary. The payment of any bonus will be subject to the achievement of performance criteria established by the Company&#146;s Board or the Compensation Committee of the
Board. On the Effective Date, Mr.&nbsp;Schanzer was granted a long-term incentive compensation award of 750,000 shares of restricted common stock of the Company and, on January&nbsp;1, 2019, Mr.&nbsp;Schanzer will be granted an additional of 250,000
shares of restricted common stock of the Company, in which restricted stock awards will vest in in full on the 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Effective Date, subject to Mr.&nbsp;Schanzer&#146;s remaining
continuously employed by the Company through such date. In addition, on the Effective Date, Mr.&nbsp;Schanzer was granted a performance-based long term incentive compensation award of 1,500,000 restricted stock units (&#147;RSUs&#148;) and 1,500,000
dividend equivalent rights of the Company, which will vest and be earned, if at all, based on the Company&#146;s average annual total shareholder return over a defined performance period as set forth in the Employment Agreement. Upon a termination
of Mr.&nbsp;Schanzer&#146;s employment by the Company without &#147;cause&#148; (as defined in the Employment Agreement&#148;), Mr.&nbsp;Schanzer&#146;s resignation for &#147;good reason&#148; (as defined in the Employment Agreement), termination of
Mr.&nbsp;Schanzer&#146;s employment by reason of death or disability or a &#147;change in control&#148; (as defined in the Employment Agreement), the restricted stock awards are subject to full acceleration and the RSUs and dividend equivalents are
subject to acceleration as set forth in the Employment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that a change in control occurs during the term of the Employment
Agreement and prior to January&nbsp;1, 2019, Mr.&nbsp;Schanzer will be entitled to a cash payment equal to (A) 250,000 multiplied by (B)&nbsp;the value of the consideration received by the Company&#146;s stockholders per share of common stock in the
change in control (the &#147;Sale Price&#148;). In addition, if the RSUs vest and if the Company&#146;s average annual total shareholder return for the period between the Effective Date and the
5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Effective Date (or, if the RSUs vest earlier pursuant to the terms of the Employment Agreement, the date on which the RSUs vest) is greater than 10%, Mr.&nbsp;Schanzer shall
be entitled to a cash amount equal to (i) (A) 500,000 multiplied by (B)&nbsp;a fraction, the numerator of which is the Company&#146;s average annual total shareholder return minus 10% and the denominator of which is 10, (provided that, in no event
shall such fraction be greater than 1) multiplied, by (x)&nbsp;if such vesting occurs in connection with a change of control, the Sale Price and (y)&nbsp;in all other circumstances, the average closing price of the Company&#146;s common stock for
the 20 trading days prior to such vesting date; provided, however, no such cash payment will be made for average annual total shareholder return above 20%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Employment Agreement provides that Mr.&nbsp;Schanzer and his family will be entitled to participate in, and receive benefits from, any insurance, medical,
disability, or other employee benefit plan of the Company, the OP or any of their subsidiaries on a basis comparable to other senior executives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
Mr.&nbsp;Schanzer&#146;s employment is terminated by the Company without cause or by Mr.&nbsp;Schanzer for good reason, or his employment is terminated by the Company by reason of death or disability, the Employment Agreement provides that, subject
to his execution of a separation agreement and release, he will be entitled to receive a lump sum cash payment equal to 250% of the sum of his annual base salary at the rate applicable on the date of termination and his target annual bonus for the
year of termination. In addition, pursuant to the terms of the Employment Agreement, the Company is required to provide Mr.&nbsp;Schanzer with disability, accident and health insurance substantially similar to those insurance benefits that
Mr.&nbsp;Schanzer was receiving immediately prior to the date of termination for 12 months following the date of termination or a cash payment in lieu thereof (reduced to the extent comparable benefits are actually received by Mr.&nbsp;Schanzer
during such period) and accelerated vesting of any options, restricted common stock, and restricted stock units granted to Mr.&nbsp;Schanzer, including the equity awards </P>

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granted pursuant to the Employment Agreement. Any amounts payable in the event of death or disability will be reduced by the amounts payable under any life or disability insurance policy
sponsored by the Company and/or the OP. In the event Mr.&nbsp;Schanzer&#146;s employment is terminated at any point in either calendar year 2018 or 2019, the severance payment will be no less than $3,750,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Company terminates Mr.&nbsp;Schanzer&#146;s employment following the expiration of the term of the Employment Agreement or Mr.&nbsp;Schanzer terminates
his employment following of the expiration of the term of the Employment Agreement due to the Company&#146;s or the OP&#146;s failure to continue to provide Mr.&nbsp;Schanzer with base salary and annual target bonus opportunity that are in the
aggregate at least as favorable as those contained in the Employment Agreement and/or the Company&#146;s or the OP&#146;s failure to negotiate in good faith regarding equity incentive awards following the expiration of the term of the Employment
Agreement, subject to his execution of a separation agreement and release, Mr.&nbsp;Schanzer will be entitled to receive a lump sum cash payment equal to 150% of the sum of his annual base salary at the rate applicable on the date of termination and
his target annual bonus for the year of termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Employment Agreement also contains <FONT STYLE="white-space:nowrap">non-competition</FONT> and <FONT
STYLE="white-space:nowrap">non-solicitation</FONT> provisions that apply during his employment and for one year after the termination of Mr.&nbsp;Schanzer&#146;s employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary is qualified in its entirety by reference to the Employment Agreement, a copy of which is filed with this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> as Exhibit 10.1 and incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><U>Item&nbsp;9.01</U></B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Financial Statements and Exhibits. </U></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d572354dex101.htm">Amended and Restated Employment Agreement between Cedar Realty Trust, Inc. and Bruce J. Schanzer, dated effective as of June&nbsp;15, 2018. </A></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: June&nbsp;18, 2018 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">CEDAR REALTY TRUST, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bruce J. Schanzer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bruce J. Schanzer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and CEO</P></TD></TR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d572354dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Version </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND
RESTATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EMPLOYMENT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B> (the &#147;Agreement&#148;) is made as of the 17<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2018, and amends and restates both the Employment Agreement effective as of the 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2011 (the &#147;Original
Agreement&#148;), as well as the Amended and Restated Employment Agreement made as of August&nbsp;4, 2016 (the &#147;2016 Agreement&#148;), each by and among Cedar Realty Trust, Inc., a Maryland corporation formerly known as Cedar Shopping Centers,
Inc. (the &#147;Corporation&#148;), Cedar Realty Trust Partnership, L.P., a Delaware limited partnership formerly known as Cedar Shopping Centers Partnership, L.P. (the &#147;Partnership&#148;), and Bruce J. Schanzer (the &#147;Executive&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Position and Responsibilities</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1.1 The Executive shall continue to serve in an executive capacity as Chief Executive Officer of both the Corporation and the Partnership with
duties consistent therewith and shall perform such other functions and undertake such other responsibilities as are customarily associated with such capacity. The Executive shall report directly to the Board of Directors of the Corporation (the
&#147;Board of Directors&#148;). The Executive shall also hold such directorships and officerships in the Corporation, the Partnership and any of their subsidiaries to which, from time to time, the Executive may be elected or appointed during the
term of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1.2 The Executive shall devote his full business time and skill to the business and affairs of the Corporation
and the Partnership and to the promotion of their interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Term of Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.1 The term of the Agreement shall be five years, commencing June 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2018 (the
&#147;Effective Date&#148;), unless sooner terminated as provided herein. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.2 Notwithstanding the provisions of Section&nbsp;2.1 hereof, each of the Corporation and the
Partnership shall have the right, on written notice to the Executive, to terminate the Executive&#146;s employment for any reason, including Cause (as defined in Section&nbsp;2.3), such termination to be effective as of the date on which notice is
given or as of such later date otherwise specified in the notice. Upon a termination of employment for Cause, the Executive shall not be entitled to receive any additional compensation hereunder. The Executive shall have the right, on 30 days&#146;
advance written notice to the Corporation and the Partnership, to resign the Executive&#146;s employment for Good Reason (as defined in Section&nbsp;2.4), such termination to be effective as of the 30th day following when such notice is given or as
of such later date otherwise specified in the notice; provided, however, that Good Reason shall cease to exist for any event on the 60th day following the date on which the Executive knew or should have known of the occurrence of the event unless
the Executive has given the Corporation and the Partnership written notice, in accordance with this Section&nbsp;2.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.3 For purposes of
this Agreement, the term &#147;Cause&#148; shall mean any of the following: (a)&nbsp;the Executive&#146;s willful failure to comply with any of the material terms of this Agreement or of the Corporation&#146;s Code of Ethics then in effect, which
shall not be cured, to the extent curable, within 10 days after written notice, or if the same is not of a nature that it can be completely cured within such 10 day period, if the Executive shall have failed to commence to cure the same within such
10 day period and shall have failed to pursue the cure of the same diligently thereafter; (b)&nbsp;the Executive&#146;s engagement in gross misconduct that is demonstrably injurious to the business or reputation of the Corporation or the
Partnership; (c)&nbsp;the Executive&#146;s knowing and willful neglect or refusal to attend to the material duties assigned to the Executive by the Board of Directors, which shall not be cured within 10 days after written notice; (d)&nbsp;the
Executive&#146;s intentional misappropriation of property that is material to the Corporation or the Partnership for the Executive&#146;s own use; (e)&nbsp;the Executive&#146;s commission of an act of fraud or embezzlement; (f)&nbsp;the
Executive&#146;s conviction of a felony; (g)&nbsp;the Executive&#146;s engaging in any activity which is prohibited pursuant to Section&nbsp;5 of this Agreement, which shall not be cured, to the extent curable, within 10 days after written notice.
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.4 For purposes of this Agreement, the term &#147;Good Reason&#148; shall mean any of the
following: (i)&nbsp;a material breach of this Agreement by the Corporation or the Partnership; (ii)&nbsp;a material reduction or adverse change in the Executive&#146;s duties or responsibilities; or (iii)&nbsp;the relocation of the Executive&#146;s
office or the Corporation&#146;s or Partnership&#146;s executive offices to a location more than 30 miles from the Executive&#146;s Port Washington office (or any future office which the Executive agrees to work from). The Corporation or the
Partnership, as applicable, shall have 30 days after receipt of the Executive&#146;s notice of termination for Good Reason in which to cure the failure, breach or infraction described in the notice of termination. If the failure, breach or
infraction is timely cured by the Corporation or the Partnership to the reasonable satisfaction of the Executive, the notice of termination for Good Reason shall become null and void (for clarity, if the failure, breach or infraction is not so
timely cured by the Corporation or the Partnership, the notice of termination for Good Reason shall become effective as set forth in the third sentence of Section&nbsp;2.2. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.5 As used herein, a &#147;Change in Control&#148; shall be deemed to occur if: (i)&nbsp;there
shall be consummated (x)&nbsp;any consolidation or merger of the Corporation or the Partnership in which the Corporation or the Partnership is not the continuing or surviving corporation or pursuant to which the stock of the Corporation or the units
of the Partnership would be converted into cash, securities or other property, other than a merger or consolidation of the Corporation or Partnership in which the holders of the Corporation&#146;s stock immediately prior to the merger or
consolidation hold more than fifty percent (50%) of the stock or other forms of equity of the surviving corporation immediately after the merger, or (y)&nbsp;any sale, lease, exchange or other transfer (in one transaction or series of related
transactions) of all, or substantially all, the assets of the Corporation or the Partnership; (ii)&nbsp;the Board of Directors approves any plan or proposal for liquidation or dissolution of the Corporation or the Partnership; or (iii)&nbsp;any
person acquires more than 29% of the issued and outstanding common stock of the Corporation. Notwithstanding the foregoing, to the extent that any payment or benefit described in this Agreement that is payable upon or following a Change in Control
constitutes <FONT STYLE="white-space:nowrap">&#147;non-qualified</FONT> deferred compensation&#148; under Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (&#147;Section&nbsp;409A&#148;), a Change in Control shall not be deemed to
occur unless such transaction also constitutes (x)&nbsp;a &#147;change in the ownership or of effective control&#148; of the Corporation or the Partnership or a &#147;change in the ownership of a substantial portion of the Corporation&#146;s or the
Partnership&#146;s assets&#148; for purposes of Section&nbsp;409A or (y)&nbsp;complies with the plan termination and liquidations rule contained in Treasury Regulation <FONT STYLE="white-space:nowrap">1.409A-3(j)(4)(ix).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Compensation</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.1
<U>Base Salary.</U> The Partnership shall pay to the Executive for the services to be rendered by the Executive hereunder to the Corporation and the Partnership a base salary at the rate of $800,000 per annum through December&nbsp;31, 2018 and at
the rate of $750,000 per annum commencing January&nbsp;1, 2019. The base salary shall be payable in accordance with the Corporation&#146;s or Partnership&#146;s normal payroll practices, but not less frequently than twice a month. Such base salary
will be reviewed at least annually and may be increased (but not decreased other than as set forth in the preceding sentence) by the Board of Directors in its sole discretion. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.2 <U>Bonus.</U> The Executive&#146;s target annual bonus will be equal to 100% of the
Executive&#146;s annual base salary and the Executive shall participate in the Corporation&#146;s annual bonus plan for senior executive officers, with the payment of any bonus being subject to the achievement of performance criteria established by
the Board of Directors or Compensation Committee and within the discretion of the Board of Directors, based on recommendations of the Compensation Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.3 <U>Equity Awards.</U> On the Effective Date, the Corporation will grant the Executive <FONT STYLE="white-space:nowrap">long-term</FONT>
incentive compensation awards of (i) 750,000 shares of restricted common stock of the Corporation (the &#147;Initial Time-Based Equity Award&#148;), (ii) 1,500,000 restricted stock units of the Corporation, which restricted stock units shall be
settled in shares of common stock of the Corporation to the extent they are earned and become vested as set forth in Section&nbsp;3.3(b) below (the &#147;Performance-Based Equity Award&#148;) and (iii) 1,500,000 dividend equivalent rights of the
Corporation, which shall be settled in cash upon vesting as set forth below (the &#147;Dividend Equivalent Rights&#148;). On January&nbsp;1, 2019, the Corporation will grant the Executive an additional long-term incentive compensation award of
250,000 shares of restricted common stock of the Corporation (the &#147;Subsequent Time-Based Equity Award and, together with the Initial Time-Based Equity Award, the &#147;Time-Based Equity Awards&#148; and the Time-Based Equity Awards together
with the Performance-Based Equity Award and the Dividend Equivalent Rights, the &#147;Equity Awards&#148;). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Time-Based Equity Awards.</U> The Time-Based Equity Awards shall fully vest on the 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Effective Date, provided that the Executive remains continuously employed for the entire vesting period by the Corporation through such 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary. Any unvested Time-Based Equity Awards shall be forfeited as of the date of Executive&#146;s termination of employment if such termination occurs for any reason prior to the 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Effective Date, except as otherwise provided in Sections 3.3(d) and 4.1(iii)<B> </B>of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Performance-Based Equity Award.</U> The Performance-Based Equity Award shall vest and be earned, if at all, based on the
Corporation&#146;s average annual total shareholder return (&#147;Average Annual TSR&#148;) over a defined performance period as set forth below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Vesting.</U> The percentage of the Performance-Based Equity Award that shall vest and be earned shall be determined as
set forth in the table below. Linear interpolation shall be applied to determine the percentage of the Performance-Based Equity Award that vests and is earned where the Corporation&#146;s Average Annual TSR over the performance period falls between
the Threshold, Target and Maximum amounts set forth below. Achievement of Average Annual TSR of 6.5% shall result in vesting and earning of 1,000,000 restricted stock units subject to the Performance-Based Equity Award (the &#147;Target
Performance-Based Award&#148;). In order for any portion of the Performance-Based Equity Award to be earned and vest, the Corporation&#146;s Average Annual TSR over the relevant measurement period must be at least 4% and in no event may more than
150% of the Target Performance-Based Award vest and be earned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Threshold</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Target</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Average Annual TSR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Payout (% of Target Absolute TSR Award)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Generally</U>. For purposes of determining the percentage of the
Performance-Based Equity Award that will vest and be earned, the Average Annual TSR of the Corporation for the defined performance period shall be calculated as follows: the return for each <FONT STYLE="white-space:nowrap">12-month</FONT> period
ending on an anniversary of the Effective Date shall consist of (A)&nbsp;the sum of (1)&nbsp;all dividends and distributions declared with respect to the Corporation&#146;s common stock during such <FONT STYLE="white-space:nowrap">12-month</FONT>
period, plus (2)&nbsp;the difference between the average closing price of the Corporation&#146;s common stock for the 20 trading days prior to the last day of the <FONT STYLE="white-space:nowrap">12-month</FONT> period and the average closing price
of such common stock for the 20 trading days prior to the first day of the <FONT STYLE="white-space:nowrap">12-month</FONT> period, divided by (B)&nbsp;the average closing price of such common stock for the 20 days prior to the first day of that <FONT
STYLE="white-space:nowrap">12-month</FONT> period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Performance Periods</U>. Provided that the Executive remains
employed for the entire performance period by the Corporation and subject to the vesting terms described in Section&nbsp;3.3(b)(i) of the Agreement, determination of the percentage of the Performance-Based Equity Award that shall vest and be earned
shall be made, in the first instance by reference to an interim measurement period commencing on the Effective Date and ending on the 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> anniversary of the Effective Date (the &#147;Interim
Performance Period&#148;); and ultimately by reference to a full measurement period commencing on the Effective Date and ending on the 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Effective Date (the &#147;Full
Performance Period&#148;). At the conclusion of the Interim Performance Period, up to 50% of the Performance-Based Equity Award may vest and be earned as follows: </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(I)</TD>
<TD ALIGN="left" VALIGN="top">the Executive shall be entitled to 50% of the percentage of the Performance-Based Equity Award that would have been earned and vested had the same performance been achieved at the end of the Full Performance Period,
with any portion of the Performance-Based Equity Award that is not earned at the end of the Interim Performance Period to be carried forward for evaluation at the end of the Full Performance Period; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(II)</TD>
<TD ALIGN="left" VALIGN="top">if no portion of the Performance-Based Equity Award vests and is earned as of the end of the Interim Performance Period, 100% of the Performance-Based Equity Award will be carried forward for evaluation at the end of
the Full Performance Period. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Dividends and Dividend Equivalent Rights</U>. The Executive shall receive currently and
free of any risk of forfeiture the dividends and distributions with respect to the Time-Based Equity Awards. The Dividend Equivalent Rights, however, shall accrue and shall be deemed to be reinvested into the Corporation (which, for purposes of
determining the amounts deemed to be reinvested, will include all dividends received on such Dividend Equivalent Rights) and payment with respect to the Dividend Equivalent Rights (including any dividends received on such Dividend Equivalent Rights)
shall be deferred until the end of the Interim Performance Period, or the Full Performance Period, as the case may be, to coincide with the vesting, if any, of the Performance-Based Equity Award in respect of which such dividends accrue, and shall
be subject to the same vesting requirements set forth in Section&nbsp;3.3(b); provided, however, no Dividend Equivalent Rights shall accrue or be paid for Average Annual TSR above 10%. For the avoidance of doubt, if no portion of the
Performance-Based Equity Award vests and is earned, no amount shall be paid to the Executive with respect to the Dividend Equivalent Rights and such Dividend Equivalent Rights shall automatically and without notice be forfeited. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Accelerated Vesting</U>. Notwithstanding anything to the contrary contained in the
foregoing provisions of this Section&nbsp;3.3., in the event that prior to the full vesting of the Equity Awards the Corporation shall terminate this Agreement without Cause, the Executive shall resign for Good Reason, the Executive&#146;s
employment with the Corporation shall terminate by reason of death or disability, or a Change in Control shall occur prior to the termination of the Executive&#146;s employment with the Corporation (each, a &#147;Triggering Event&#148;), then the
entire unvested Time-Based Equity Awards shall fully vest on the date of such Triggering Event. The percentage of the Performance-Based Equity Award and the Dividend Equivalent Rights that vests under this Section&nbsp;3.3(d), if any, will be
determined as of the date of the Triggering Event<B> </B>in accordance with the chart set forth in Section&nbsp;3.3(b) above (with linear interpolation between the Threshold, Target and Maximum amounts); provided, however, that for purposes of this
Section&nbsp;3.3(d) and Section&nbsp;3.3(e) below, Average Annual TSR shall mean the product of (i)&nbsp;the sum of (A)&nbsp;the Corporation&#146;s total shareholder return for each full <FONT STYLE="white-space:nowrap">12-month</FONT> period in the
Acceleration Performance Period (as defined below), if any, plus (B)&nbsp;the Corporation&#146;s total shareholder return for the period beginning on the first day following the last full <FONT STYLE="white-space:nowrap">12-month</FONT> period in
the Acceleration Performance Period and ending on the last day of the Acceleration Performance Period (or, if there is no full <FONT STYLE="white-space:nowrap">12-month</FONT> period in the Acceleration Performance Period, the period beginning on
the first day of the Full Performance Period and ending on the last day of the Acceleration Performance Period), with total shareholder return for such periods calculated in accordance with Section&nbsp;3.3(b)(ii) above, and (ii)&nbsp;a fraction,
the numerator of which is 1,825 (i.e., 365 x 5), and the denominator of which is five (5)&nbsp;times the number of days in the Acceleration Performance Period. For purposes of this Section&nbsp;3.3(d) the Acceleration Performance Period shall be the
period commencing on the first day of the Full Performance Period and ending on the Triggering Event. By way of illustration, if this calculation were performed on the last day of the second year of the Full Performance Period and the sum of the
annual total shareholder return and partial-year total shareholder return through the Triggering Event was 15% then the fraction would be 1825/(5x730), the Average Annual TSR would be 7.5%, and the payout of the Performance-Based Equity Award and
the Dividend Equivalent Rights that vest would be the linear interpolation of 7.5% between 6.5% and 10%, or 114.3% of the Target Performance Based Award and Dividend Equivalent Rights. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Change in Control Payment; Other Payments</U>. In the event that a Change in Control shall
occur (i)&nbsp;during the term of the Agreement and (ii)&nbsp;prior to January&nbsp;1, 2019, in lieu of the Subsequent Time-Based Equity Award, the Executive shall be entitled to a cash payment equal to (A) 250,000 multiplied by (B)&nbsp;the value
of the consideration received by the Corporation&#146;s stockholders per share of common stock in the Change in Control (the &#147;Substitution Payment&#148;). In addition, if the Performance-Based Equity Award vests and if the Corporation&#146;s
Average Annual TSR for the period between the Effective Date and the last day of the Full Performance Period (or, if the Performance-Based Equity Award vests earlier pursuant to Section&nbsp;3.3(d) above, the date of the Triggering Event, with
Average Annual TSR determined in accordance with Section&nbsp;3.3(d)) is greater than 10%, the Executive shall be entitled to a cash amount equal to (i) (A) 500,000 multiplied by (B)&nbsp;a fraction, the numerator of which is the Corporation&#146;s
Average Annual TSR minus 10% and the denominator of which is 10, (with such fraction to be expressed as a number rather than a percentage (i.e., if Average Annual TSR is 15%, the number by which 500,000 is multiplied shall be 0.5) and provided that,
in no event shall such fraction be greater than 1) multiplied, by (x)&nbsp;if such vesting occurs in connection with a Change of Control, the value of the consideration received by the Corporation&#146;s stockholders per share of common stock in the
Change in Control and (y)&nbsp;in all other circumstances, the average closing price of the Corporation&#146;s common stock for the 20 trading days prior to such vesting date; provided, however, no such cash payment shall be made for Average Annual
TSR above 20%. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.4 The Executive and his family shall be entitled to participate in, and receive benefits from,
on the basis comparable to other senior executives, any insurance, medical, disability, or other employee benefit plan of the Corporation, the Partnership or any of their subsidiaries which may be in effect at any time during the course of the
Executive&#146;s employment by the Corporation and the Partnership and which shall be generally available to senior executives of the Corporation, the Partnership or any of their subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.5 The Partnership agrees to reimburse the Executive for all reasonable and necessary business expenses incurred by the Executive on behalf
of the Corporation or the Partnership in the course of the Executive&#146;s duties hereunder upon the presentation by the Executive of appropriate vouchers therefore, including a cell phone, portable computer, iPhone, iPad or equivalent devices,
professional licenses and organizations and conferences such as ICSC and NAREIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.6 The Executive shall be entitled each year of this
Agreement to paid vacation in accordance with the Corporation&#146;s or Partnership&#146;s policies but not less than four weeks plus personal and floating holidays (and a ratable number of sick days), which if not taken during such year will be
forfeited (unless the Board of Directors requests postponement). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.7 If, during the period of employment hereunder, because of illness or other incapacity, the
Executive shall fail for a period of 90 consecutive days, or for shorter periods aggregating more than six months during the term of this Agreement, to render the services contemplated hereunder, then the Corporation or the Partnership, at either of
their options, may terminate the term of employment hereunder by notice from the Corporation or the Partnership, as the case may be, to the Executive, effective on the giving of such notice. During any period of disability of the Executive during
the term hereof, the Corporation shall continue to pay to the Executive the salary and bonus to which the Executive is entitled pursuant to Sections 3.1 and 3.2 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.8 In the event of the death of the Executive during the term hereof, the employment hereunder shall terminate on the date of death of the
Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.9 Each of the Corporation and the Partnership shall have the right to obtain for their respective benefit an appropriate
life insurance policy on the life of the Executive, naming the Corporation or the Partnership as the beneficiary. If requested by the Corporation or the Partnership, the Executive agrees to cooperate with the Corporation or the Partnership, as the
case may be, in obtaining such policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Severance Compensation Upon Termination of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.1 Except as otherwise provided in Section&nbsp;2.2 hereof, (a)&nbsp;if the Executive&#146;s employment with the Corporation or the
Partnership is terminated by the Corporation or Partnership, (i)&nbsp;other than for Cause; or (ii)&nbsp;pursuant to Section&nbsp;3.7 or 3.8; or (b)&nbsp;if the Executive&#146;s employment with the Corporation or the Partnership is terminated by the
Executive for Good Reason; then the Corporation and the Partnership shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) pay to the Executive as severance pay, on
the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Executive&#146;s termination of employment, a lump sum payment equal to 250% of the sum of (x)&nbsp;the Executive&#146;s annual base salary at the rate applicable on the
date of termination and (y)&nbsp;the Executive&#146;s target annual bonus for the then-current fiscal year; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) arrange to provide the Executive, for a
<FONT STYLE="white-space:nowrap">12-month</FONT> period (or such shorter period as the Executive may elect), with disability, accident and health insurance substantially similar to those insurance benefits which the Executive is receiving
immediately prior to the date of termination to the extent obtainable upon reasonable terms; provided, however, if it is not so obtainable or would subject the Corporation or Partnership to any fines or penalties, the Corporation shall pay to the
Executive in cash the annual amount paid by the Corporation or the Partnership for such benefits during the previous year of the Executive&#146;s employment as soon as reasonably practicable following such determination (but in no event more than 60
days thereafter). Benefits otherwise receivable by the Executive pursuant to this Section&nbsp;4.1(ii) shall be reduced to the extent comparable benefits are actually received by the Executive during such
<FONT STYLE="white-space:nowrap">12-month</FONT> period following Executive&#146;s termination (or such shorter period elected by the Executive), and any such benefits actually received by the Executive shall be reported by the Executive to the
Corporation; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) any options granted to the Executive to acquire common stock of the Corporation, any restricted
shares of common stock of the Corporation or restricted stock units of the Corporation issued to the Executive, including the Equity Awards, and any other equity awards granted to the Executive under any employee benefit plan that have not vested
shall immediately vest on such termination. The portion of the Equity Awards that vests hereunder shall be determined in accordance with Section&nbsp;3.3(d). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Moreover, in the event the Executive&#146;s employment is terminated at any
point in either calendar year 2018 or 2019 due to a Change in Control as defined in Section&nbsp;2.4 herein, Executive shall be entitled to a minimum payment of $3,750,000, inclusive of the severance pay set forth in Section&nbsp;4.1(i). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) In the event that the Executive&#146;s employment is terminated pursuant to Section&nbsp;3.7 or 3.8, the amount of any
severance payable pursuant to this Section&nbsp;4.1 shall be reduced by any amounts payable to the Executive under any life or disability insurance policy sponsored by the Corporation or the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.2 Notwithstanding the foregoing, in the event that the Corporation or the Partnership elects to terminate the Executive&#146;s employment at
the end of the term of this Agreement, in lieu of the payments and benefits provided for in Section&nbsp;4.1, the Corporation and the Partnership shall pay to the Executive as severance pay, on the
60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Executive&#146;s termination of employment, a lump sum payment equal to 150% of the sum of (x)&nbsp;the Executive&#146;s annual base salary at the rate applicable on the
date of termination and (y)&nbsp;the Executive&#146;s target annual bonus for the then-current fiscal year. For the avoidance of doubt, no amounts shall be payable to the Executive under this Section&nbsp;4.2 in the event that the Executive
terminates his employment with the Corporation and the Partnership at the end of the term of this Agreement for any reason. However, where the Executive terminates his employment with the Corporation and the Partnership following the expiration of
the term of this Agreement due to the Corporation&#146;s or the Partnership&#146;s failure to continue to provide the Executive with base salary and annual target bonus opportunity that are in the aggregate at least as favorable as those contained
in this Agreement and/or the Corporation or the Partnership&#146;s failure to negotiate in good faith regarding equity incentive awards following of the expiration of the term of this Agreement, then the Executive will be entitled to the payments
under this Section&nbsp;4.2. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.3 The Executive shall not be required to mitigate damages or the amount of any payment provided
for under this Agreement by seeking other employment or otherwise, nor, except to the extent expressly provided in Section&nbsp;4.1(ii) or Section&nbsp;4.1(v) above, shall the amount of any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as a result of employment by another employer or by insurance benefits after the date of termination, or otherwise. In addition, except to the extent expressly provided in Section&nbsp;4.1(v) above, the
provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive&#146;s existing rights, or rights which would accrue solely as a result of the passage of
time, under any benefit plan of the Corporation or Partnership, or other contract, plan or arrangement, such that, upon any termination, the Executive shall be entitled to all accrued and unpaid compensation and benefits under any Corporation and/or
Partnership benefit plan or other contract, plan or arrangement, as well as under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.4 Neither the Corporation or the
Partnership shall be required to make the payments or provide the benefits specified in Section&nbsp;4.1 or Section&nbsp;4.2 unless the Executive executes and delivers to the Corporation or Partnership an agreement releasing the Corporation, the
Partnership, their subsidiaries and affiliates, and their officers, directors, partners, managers, employees and members (and the directors, trustees, officers, partners or employees of any such direct or indirect entities) from all liability (other
than any vested benefits and the payments and benefits under this Agreement) arising from his employment hereunder or the termination of that employment in substantially the form attached hereto as <U>Exhibit A</U> and such agreement has become
effective. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Other Activities During Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.1 The Executive shall not during the term of this Agreement, without the prior approval of the Board of Directors, undertake or engage in
any other employment, occupation or business enterprise. Subject to compliance with the provisions of this Agreement, the Executive may engage in reasonable activities with respect to personal investments of the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.2 During the term of this Agreement, without the prior approval of the Board of Directors, neither the Executive nor any entity in which he
may be interested as a partner, trustee, director, officer, employee, shareholder, option holder, lender of money or guarantor, shall be engaged directly or indirectly in any real estate development, leasing, marketing or management activities other
than through the Corporation and the Partnership; provided, however, that the foregoing shall not be deemed to (a)&nbsp;prevent the Executive from investing in securities if such class of securities in which the investment is so made is listed on a
national securities exchange or is issued by a company registered under Section&nbsp;12(g) of the Securities Exchange Act of 1934, so long as such investment holdings do not, in the aggregate, constitute more than 1% of the voting stock of any
company&#146;s securities or (b)&nbsp;prohibit passive investments, subject to any limitations contained in subparagraph (a)&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.3 The Executive shall not, willfully or as a result of gross negligence, at any time during this Agreement or after the termination thereof
directly or indirectly divulge, furnish, use, publish or make accessible to any person or entity any Confidential Information (as hereinafter defined), except pursuant to subpoena, court order or applicable law. Any records of Confidential
Information prepared by the Executive or which come into the Executive&#146;s possession during this Agreement are and remain the property of the Corporation or the Partnership, as the case may be, and upon termination of the Executive&#146;s
employment all such records and copies thereof shall be either left with or returned to the Corporation or the Partnership, as the case may be. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.4 The term &#147;Confidential Information&#148; shall mean information disclosed to the
Executive or known, learned, created or observed by the Executive as a consequence of or through employment by the Corporation and the Partnership, not generally known in the relevant trade or industry, about the Corporation&#146;s or the
Partnership&#146;s business activities, services and processes, including but not limited to information concerning advertising, sales promotion, publicity, sales data, research, copy, leasing, other printed matter, artwork, photographs,
reproductions, layout, finances, accounting, methods, processes, business plans, contractors, lessee and supplier lists and records, potential lessee and supplier lists, and contractor, lessee or supplier billing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.5 Nothing in this Agreement shall be interpreted or applied to prohibit the Executive from making any good faith report to any governmental
agency or other governmental entity concerning any acts or omissions that the Executive may believe to constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of
applicable federal or state law or regulation. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that (i)&nbsp;is made (A)&nbsp;in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (B)&nbsp;solely for the purpose of reporting or
investigating a suspected violation of law; or (ii)&nbsp;is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Post-Employment Activities</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.1 During the term of employment hereunder, and absent any written waiver or agreement to the contrary, for a period of 1 year after
termination of employment, regardless of the reason for such termination, the Executive shall not directly or indirectly become employed by, act as a consultant to, or otherwise render any services to any person, corporation, partnership or other
entity which is engaged in, or about to become engaged in, the retail shopping center business or any other business which is competitive with the business of the Corporation, the Partnership or any of their subsidiaries nor shall the Executive use
his talents to make any such business competitive with the business of the Corporation, the Partnership or any of their subsidiaries. For the purpose of this Section, a retail shopping center business or other business shall be deemed to be
competitive if it involves the ownership, operation, leasing or management of any retail shopping centers which draw from the same related trade area, which is deemed to be within a radius of 10 miles from the location of (a)&nbsp;any then existing
shopping centers of the Corporation, the Partnership or any of their subsidiaries or (b)&nbsp;any proposed centers for which the site is owned or under contract, is under construction or is actively being negotiated. The Executive shall be deemed to
be directly or indirectly engaged in a business if the Executive participates therein as a director, officer, stockholder, employee, agent, consultant, manager, salesman, partner or individual proprietor, or as an investor who has made advances or
loans, contributions to capital or expenditures for the purchase of stock, or in any capacity or manner whatsoever; provided, however, that the foregoing shall not be deemed to prevent the Executive from investing in securities if such class of
securities in which the investment is so made is listed on a national securities exchange or is issued by a company registered under Section&nbsp;12(g) of the Securities Exchange Act of 1934, so long as such investment holdings do not, in the
aggregate, constitute more than 1% of the voting stock of any company&#146;s securities. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.2 The Executive acknowledges that the Executive has been employed for the Executive&#146;s
special talents and that Executive&#146;s leaving the employ of the Corporation and the Partnership would seriously hamper the business of the Corporation and the Partnership. The Executive agrees that the Corporation and the Partnership shall each
be entitled to injunctive relief, in addition to all remedies permitted by law, to enforce the provisions of Sections 5 and 6 hereof. The Executive further acknowledges that the Executive&#146;s training, experience and technical skills are of such
breadth that they can be employed to advantage in other areas which are not competitive with the present business of the Corporation and the Partnership and consequently the foregoing obligation will not unreasonably impair the Executive&#146;s
ability to engage in business activity after the termination of the Executive&#146;s present employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.3 The Executive will not,
during the period of employment and for 1 year after termination of employment, regardless of the reason for such termination, hire or offer to hire or entice away or in any other manner persuade or attempt to persuade, either in Executive&#146;s
individual capacity or as agent for another, any of the Corporation&#146;s, the Partnership&#146;s or any of their subsidiaries&#146; officers, employees or agents to discontinue their relationship with the Corporation, the Partnership or any of
their subsidiaries nor divert or attempt to divert from the Corporation, the Partnership or any of their subsidiaries any business whatsoever by influencing or attempting to influence any contractor, lessee or supplier of the Corporation, the
Partnership or any of their subsidiaries. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Assignment</U>. This Agreement shall inure to the benefit of and be binding upon the
Corporation, the Partnership and their successors and assigns, and upon the Executive and the Executive&#146;s heirs, executors, administrators and legal representatives. The Corporation and the Partnership will require any successor or assign to
all or substantially all of their business or assets to assume and perform this Agreement in the same manner and to the same extent that the Corporation and the Partnership would be required to perform if no such succession or assignment had taken
place. This Agreement shall not be assignable by the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>No Third-Party Beneficiaries</U>. This Agreement does not create,
and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement, except as provided in Section&nbsp;7 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Headings</U>. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof
nor to affect the meaning thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Interpretation</U>. In case any one or more of the provisions contained in this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid,
illegal or unenforceable provisions had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Notices</U>. All notices under this Agreement shall be in writing and shall be deemed to
have been given at the time when delivered by hand, when delivered by commercial courier service or three days after mailed by registered or certified mail, addressed to the address below stated of the party to which notice is given, or to such
changed address as such party may have fixed by notice. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="68%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">or the Partnership:</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cedar Realty Trust, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">44 South Bayles
Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Port Washington, NY 11050</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Chairman of the
Board</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To the Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bruce J. Schanzer</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22 Bayeau Road</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New Rochelle, NY 10804</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">provided, however, that any notice of change of address shall be effective only upon receipt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Waivers</U>. If any party should waive any breach of any provision of this Agreement, he or it shall not thereby be deemed to have
waived any preceding or succeeding breach of the same or any other provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Complete Agreement;
Amendments</U>. The foregoing is the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning the subject matter, including the Original Agreement and the 2016
Agreement. This Agreement may not be amended, supplemented, cancelled or discharged except by written instrument executed by the parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Governing Law</U>. This Agreement is to be governed by and construed in accordance with the laws of the State of New York without
giving effect to principles of conflicts of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Counterparts</U>. This Agreement may be executed in counterparts, all of which
together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the same counterpart. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Arbitration</U>. Mindful of the high cost of litigation, not only in dollars but time and
energy as well, the parties intend to and do hereby establish a quick, final and binding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-court</FONT></FONT> dispute resolution procedure to be followed in the unlikely event
any controversy should arise out of or concerning the performance of this Agreement. Accordingly, the parties do hereby covenant and agree that any controversy, dispute or claim of whatever nature arising out of, in connection with or in relation to
the interpretation, performance or breach of this Agreement, including any claim based on contract, tort or statute, shall be settled, at the request of any party to this Agreement, 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; provided, however, that the Corporation and the Partnership shall be entitled to seek
judicial relief to enforce the provisions of Sections 5 and 6 of this Agreement. Each party shall bear its own costs and expenses in connection with any such dispute; provided, however, that if the arbitrator or court determines that the Executive
has prevailed with respect to at least one material issue, the Corporation shall reimburse the Executive for his costs and expenses relating to such dispute (including reasonable legal fees and arbitration expenses). Any such reimbursements shall be
made no later than December&nbsp;31 of the year following the year in which the Executive incurs the related expense. Any reimbursement in one calendar year shall not affect the amount that may be reimbursed in any other calendar year and a
reimbursement (or right thereto) may not be exchanged or liquidated for another benefit or payment. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Indemnification.</U> During this Agreement and thereafter, the Corporation and the
Partnership shall indemnify the Executive to the fullest extent permitted by law against any judgments, fine, amounts paid in settlement and reasonable expenses (including attorneys&#146; fees) in connection with any claim, action or proceeding
(whether civil or criminal) against the Executive as a result of the Executive serving as an officer or director of the Corporation or the Partnership, in or with regard to any other entity, employee benefit plan or enterprise (other than arising
out of the Executive&#146;s act of willful misconduct, gross negligence, misappropriation of funds, fraud or breach of this Agreement). This indemnification shall be in addition to, and not in lieu of, any other indemnification the Executive shall
be entitled to pursuant to the Corporation&#146;s or Partnership&#146;s Articles of Incorporation, <FONT STYLE="white-space:nowrap">By-Laws,</FONT> Agreement of Limited Partnership or otherwise. Following the Executive&#146;s termination of
employment, the Corporation and the Partnership shall continue to cover the Executive under the then existing director&#146;s and officer&#146;s insurance, if any, for the period during which the Executive may be subject to potential liability for
any claim, action or proceeding (whether civil or criminal) as a result of his service as an officer or director of the Corporation or the Partnership or in any capacity at the request of the Corporation or the Partnership, in or with regard to any
other entity, employee benefit plan or enterprise on the same terms such coverage was provided during this Agreement, at the highest level then maintained for any then current or former officer or director. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Withholding.</U> All payments and benefits under this Agreement shall be made subject to applicable withholding, and the Corporation
and/or Partnership, as applicable, shall withhold from any payments or benefits under this Agreement all federal, state and local income, payroll, excise and other taxes, as the Corporation or Partnership believes it is required to withhold pursuant
to any law or governmental rule or regulation. Except as specifically provided otherwise in this Agreement, the Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment
and benefits received under this Agreement. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Interpretation</U>. In the event of a dispute over the meaning of this Agreement or any
provision thereof, neither party shall be entitled to any presumption of correctness in favor of the interpretation advanced by such party or against the interpretation advanced by the other party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Survival of Terms</U>. The provisions of this Agreement shall survive the termination of this Agreement to the extent consistent with,
or necessary to carry out, the purposes thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>No Limitations</U>. The Executive represents his employment by the Corporation
and Partnership hereunder does not conflict with, or breach, any confidentiality, <FONT STYLE="white-space:nowrap">non-competition</FONT> or other agreement, express or implied, to which he is a party or to which he may be subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Document and Property Surrender</U>. Upon the termination of the Executive&#146;s employment for any reason, the Executive shall
immediately surrender and deliver to the Corporation and Partnership, all documents, correspondence and any other information, of any type whatsoever, from the Corporation, Partnership or any of their agents, servants, employees, that came into the
Executive&#146;s possession by any means whatsoever, during the course of employment and shall not retain any copies thereof and shall return all property of the Corporation and the Partnership, including, but not limited to, any computers, cell
phones, handheld devices, credit cards, office keys, security passes or identification cards in the Executive&#146;s possession. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <U>Section</U><U></U><U>&nbsp;409A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">23.1 It is the intention of the Corporation and the Partnership that all payments and benefits under this Agreement shall be made and provided
in a manner that is either exempt from or intended to avoid taxation under Section&nbsp;409A, to the extent applicable. Any ambiguity in this Agreement shall be interpreted to comply with the above. The Executive acknowledges that the Corporation
and the Partnership have made no representations as to the treatment of the compensation and benefits provided hereunder and the Executive has been advised to obtain his own tax advice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">23.2 Each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes of Section&nbsp;409A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">23.3 To the extent that any payment or benefit described in this Agreement constitutes &#147;nonqualified deferred compensation&#148; under
Section&nbsp;409A, then, for all purposes under this Agreement, any iteration of the word &#147;termination&#148; (e.g., &#147;terminated&#148;) with respect to the Executive&#146;s employment, shall mean a separation from service within the meaning
of Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">23.4 Notwithstanding anything in this Agreement to the contrary, in the event the stock of the Corporation is
publicly traded on an established securities market or otherwise and the Executive is a &#147;specified employee&#148; (as determined under the Corporation&#146;s administrative procedure for such determinations, in accordance with
Section&nbsp;409A) at the time of the Executive&#146;s termination of employment, any payments under this Agreement that are deemed to be deferred compensation subject to Section&nbsp;409A shall not be paid or begin payment until the earlier of
(i)&nbsp;the Executive&#146;s death or (ii)&nbsp;the first payroll date following the six (6)&nbsp;month anniversary of the Executive&#146;s date of termination of employment. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">23.5 Any reimbursements provided under this Agreement (i)&nbsp;shall be made no later than the
December 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> following the year in which such expenses are incurred, or such earlier date as provided under any plan or policy of the Corporation or Partnership, as applicable, (ii)&nbsp;during
one taxable year shall not affect the amount of the expense reimbursement during any other taxable year, and (iii)&nbsp;shall not be subject to liquidation or exchange for another benefit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <U>Section</U><U></U><U>&nbsp;280G</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">24.1 Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments
or benefits provided or to be provided by the Corporation or the Partnership to the Executive or for the Executive&#146;s benefit pursuant to the terms of this Agreement or otherwise (&#147;Covered Payments&#148;) constitute parachute payments
(&#147;Parachute Payments&#148;) within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) and would, but for this Section&nbsp;24 be subject to the excise tax imposed under Section&nbsp;4999 of
the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the &#147;Excise Tax&#148;), then prior to making the Covered Payments, a
calculation shall be made comparing (i)&nbsp;the Net Benefit (as defined below) to the Executive of the Covered Payments after payment of the Excise Tax to (ii)&nbsp;the Net Benefit to the Executive if the Covered Payments are limited to the extent
necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i)&nbsp;above is less than the amount under (ii)&nbsp;above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of
the Covered Payments is subject to the Excise Tax (that amount, the &#147;Reduced Amount&#148;). &#147;Net Benefit&#148; shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise
taxes. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">24.2 Any such reduction shall be made in accordance with Section&nbsp;409A and the following:
(a)&nbsp;the Covered Payments which do not constitute nonqualified deferred compensation subject to Section&nbsp;409A shall be reduced first; and (b)&nbsp;all other Covered Payments shall then be reduced as follows: (i)&nbsp;cash payments shall be
reduced before <FONT STYLE="white-space:nowrap">non-cash</FONT> payments; and (ii)&nbsp;payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">24.3 Any determination required under this Section&nbsp;24 shall be made in writing in good faith by a nationally recognized accounting firm
selected by the Corporation and the Partnership that is reasonably acceptable to the Executive (the &#147;Accountants&#148;), which shall provide detailed supporting calculations to the Corporation and the Partnership, and the Executive as requested
by the Corporation and the Partnership, or the Executive. The Corporation and the Partnership, and the Executive shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a
determination under this Section&nbsp;24. For purposes of making the calculations and determinations required by this Section&nbsp;24, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application of
Section&nbsp;280G and Section&nbsp;4999 of the Code. The Accountants&#146; determinations shall be final and binding on the Corporation and the Partnership, and the Executive. The Corporation and the Partnership shall be responsible for all fees and
expenses incurred by the Accountants in connection with the calculations required by this Section&nbsp;24. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">24.4 It is possible that after the determinations and selections made pursuant to this
Section&nbsp;24 the Executive will receive Covered Payments that are in the aggregate more than the amount provided under this Section&nbsp;24 (&#147;Overpayment&#148;) or less than the amount provided under this Section&nbsp;24
(&#147;Underpayment&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">24.5 In the event that: (A)&nbsp;the Accountants determine, based upon the assertion of a deficiency by the
Internal Revenue Service against either the Corporation and the Partnership, or the Executive which the Accountants believe has a high probability of success, that an Overpayment has been made or (B)&nbsp;it is established pursuant to a final
determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then the Executive shall pay any such Overpayment to the Corporation and the Partnership, together
with interest at the applicable federal rate (as defined in Section&nbsp;7872(f)(2)(A) of the Code) from the date of the Executive&#146;s receipt of the Overpayment until the date of repayment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">24.6 In the event that: (A)&nbsp;the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment
has occurred or (B)&nbsp;a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Corporation and the Partnership to or for the benefit of the Executive, together with
interest at the applicable federal rate (as defined in Section&nbsp;7872(f)(2)(A) of the Code), from the date the amount would have otherwise been paid to the Executive until the payment date. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Version </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Cedar Realty Trust, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Roger M. Widmann</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Roger M. Widmann, Chairman of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Cedar Realty Trust Partnership, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cedar Realty Trust, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">General
Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Roger M. Widmann</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Roger M. Widmann, Chairman of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bruce J. Schanzer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Bruce J. Schanzer</TD></TR>
</TABLE></DIV>
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</SEC-DOCUMENT>
