<SEC-DOCUMENT>0001193125-22-148766.txt : 20220512
<SEC-HEADER>0001193125-22-148766.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512164533
ACCESSION NUMBER:		0001193125-22-148766
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		22918594

	BUSINESS ADDRESS:	
		STREET 1:		928 CARMANS ROAD
		CITY:			MASSAPEQUA
		STATE:			NY
		ZIP:			11758
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		928 CARMANS ROAD
		CITY:			MASSAPEQUA
		STATE:			NY
		ZIP:			11758

	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>DEFA14A
<SEQUENCE>1
<FILENAME>d297782ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <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 8-K
</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 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section 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): May 6, 2022 </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>
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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>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></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>928 Carmans Road </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Massapequa, New York 11758 </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>(516) <FONT STYLE="white-space:nowrap">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">Securities registered pursuant
to Section 12(b) of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading<BR>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange<BR>on which registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Common Stock, $0.06 par value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>CDR</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">7-1/4%</FONT> Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>CDRpB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">6-1/2%</FONT> Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>CDRpC</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions: </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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></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="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P></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="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pre-commencement communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the
Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></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="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; 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 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter)&nbsp;Emerging Growth Company &#9744;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; 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 13(a) of the Exchange Act. &#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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Separation Agreement and Release </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 2022, Cedar Realty Trust, Inc. (the &#147;Company&#148; or &#147;CDR&#148;) entered into a separation agreement and release (the
&#147;Release&#148;) with Robin McBride Zeigler, Senior Executive Vice President and Chief Operating Officer of the Company, pursuant to which Ms.&nbsp;Zeigler resigned from her position with the Company effective as of May&nbsp;6, 2022. Pursuant to
the terms of the Release, Ms.&nbsp;Zeigler will retain any vested shares of restricted Company stock and any vested securities and cash held in the Company&#146;s 2005 Deferred Compensation Plan (the &#147;Plan&#148;) but will not otherwise be
entitled to any compensation, severance or bonus after the effective date of her resignation, except for premiums for health insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, for up to 12 months following Ms.
Zeigler&#146;s resignation. Ms.&nbsp;Zeigler will also forfeit her unvested equity awards under the Company&#146;s equity incentive plans, as well as the right to any tax <FONT STYLE="white-space:nowrap">gross-up</FONT> or other <FONT
STYLE="white-space:nowrap">tax-related</FONT> payments from the Company applicable to her vested assets in the Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Consulting Agreement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concurrently with the execution of the Release, the Company entered into a consulting agreement with an entity controlled by Ms.&nbsp;Zeigler (the
&#147;Consultant&#148;), pursuant to which the Consultant will assist the Company with respect to certain matters relating to the Company&#146;s existing joint venture for the construction of an approximately 258,000 square foot <FONT
STYLE="white-space:nowrap">six-story</FONT> commercial building in Washington, D.C. In addition, the Consultant, with and on behalf of the Company, will work to advance the planned redevelopment of two existing Company shopping centers
(collectively, &#147;Northeast Heights&#148;). The consulting agreement provides for an <FONT STYLE="white-space:nowrap">up-front</FONT> payment from the Company to the Consultant of $3.0&nbsp;million, in addition to a payment of $750,000 upon the
earlier of completion of the sale of Northeast Heights to one or more third parties, or the second anniversary of the agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing
description of the Release does not purport to be complete and is qualified in its entirety by reference to the full text of the Release, which is filed as Exhibit 10.1 hereto and incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Transaction Bonus to Gregg Gonsalves </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
May&nbsp;6, 2022, the compensation committee of the Board of Directors (the &#147;Board&#148;) of the Company unanimously approved a transaction bonus in the amount of $100,000 for Gregg Gonsalves, to be paid contingent upon the closing of the
Company&#146;s previously announced asset-sale and merger transactions, in recognition of Mr.&nbsp;Gonsalves&#146; exceptional efforts as Chairman of the Board. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Update on Transaction
Litigation </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously reported, on March 2, 2022 the Company entered into definitive agreements for the sale of the Company and all of its assets
in a series of related all-cash transactions (the &#147;Transactions&#148;). On April 5, 2022, a purported stockholder of the Company filed a complaint against the Company and the Board in the United States District Court for the Eastern District of
New York, entitled <I>Stein v. Cedar Realty Trust, Inc. et. al.</I>, Civil Action No. 22-cv-1944. On April 6, 2022, another purported stockholder of the Company filed a complaint against the Company and the Board in the United States District Court
for the Eastern District of New York, entitled <I>Wang v. Cedar Realty Trust, Inc. et. al.</I>, Civil Action No. 22-cv-1975. On April 18, 2022, another purported stockholder of the Company filed a complaint against the Company and the Board in the
United States District Court for the Eastern District of New York, entitled <I>Whitfield v. Cedar Realty Trust, Inc. et. al.</I>, Civil Action No. 22-cv-02204. Also on April 18, 2022, a purported stockholder filed a complaint against the Company and
the Board in the United States District Court for the Eastern District of Pennsylvania, entitled <I>Waterman v. Cedar Realty Trust, Inc. et. al.</I>, Civil Action No. 22-cv-01489. On April 22, 2022, a purported stockholder filed a complaint against
the Company and the Board in the United States District Court for the Eastern District of Pennsylvania, entitled <I>Thornburgh v. Cedar Realty Trust, Inc. et. al.</I>, Civil Action No. 22-cv-02304. In each action, the complaint alleges violations of
Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) in connection with the proposed Transactions. The complaints generally allege that the preliminary proxy statement on Schedule 14A filed by
the Company with the Securities and Exchange Commission (the &#147;SEC&#148;) on April 5, 2022 omits material information regarding financial projections, the financial analysis conducted by JLL Securities in connection with its fairness opinion,
conflicts of interest on behalf of JLL Securities and BofA Securities, and the terms of BofA Securities&#146; engagement. The complaints seek, among other things, an injunction preventing the consummation of the Transactions, or, in the event the
Transactions are consummated, to recover damages resulting from defendants&#146; alleged violations of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April 8, 2022, several
purported holders of the Company&#146;s outstanding preferred stock filed a putative class action complaint against the Company, the Board, and Wheeler Real Estate Investment Trust, Inc. (&#147;Wheeler&#148;) in Montgomery County Circuit Court,
Maryland, entitled <I>Sydney, et al. v. Cedar Realty Trust, Inc., et al.</I>, Case No. C-15-CV-22-00152. On May 6, 2022, plaintiffs in the <I>Sydney</I> action filed an amended complaint. The amended complaint alleges on behalf of a putative class
of holders of the Company&#146;s preferred stock, among other things, against the Company and the Board, claims for breach of contract with respect to the articles supplementary governing the terms of the Company&#146;s preferred stock and breach of
fiduciary duty, and, against Wheeler, tortious interference and aiding and abetting breach of fiduciary duty. On May, 6, 2022, a purported holder of the Company&#146;s outstanding preferred stock filed a putative class action complaint against the
Company and the Board in the United States District Court for the District of Maryland, entitled <I>Kim v. Cedar Realty Trust, Inc., et al.</I>, Civil Action No. 22-cv-01103. The complaint alleges on behalf of a putative class of holders of the
Company&#146;s preferred stock, among other things, claims for declaratory and injunctive relief with respect to the articles supplementary governing the terms of the Company&#146;s preferred stock and breach of fiduciary duty. Both the
<I>Sydney</I> and <I>Kim</I> complaints seeks, among other things, (i) a declaration that holders of the Company&#146;s preferred stock are entitled to exercise either their conversion rights or liquidation rights as set forth in the article
supplementary, (ii)&nbsp;compensatory damages, and (iii) an injunction enjoining the distribution to the Company&#146;s common shareholders of the proceeds of any of the Transactions pending a determination of the merits of plaintiff&#146;s claims.
In addition, the <I>Sydney</I> complaint seeks an injunction enjoining the merger with Wheeler. Also on May 6, 2022, the plaintiffs in <I>Sydney</I> filed a motion for a preliminary injunction to temporarily enjoin the merger with Wheeler and the
distribution to the Company&#146;s common shareholders of the proceeds of any of the Transactions until their claims have been fully adjudicated on the merits, and have asked the court for a hearing on this motion in advance of the stockholder vote
on May 27, 2022. If the court grants the plaintiffs&#146; motion for a preliminary injunction, that ruling could result in a delay of the distribution of the proceeds from the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes that the respective allegations asserted against the Company and other defendants in the lawsuits described above are without merit.
Similar lawsuits may be filed in the future in connection with the proposed Transactions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<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 VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Separation Agreement and Release, by and between Robin McBride Zeigler and Cedar Realty Trust, Inc., dated as of May&nbsp;6, 2022.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>104</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cover Page Interactive Data File (embedded within the Inline XBRL document)</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or
approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the proposed Transactions, CDR has filed with the SEC a definitive proxy statement on Schedule 14A. Investors and
stockholders of CDR are urged to read the proxy statement (including any amendments and supplements thereto) relating to the proposed Transactions carefully when they become available. Stockholders will be able to obtain free copies of the proxy
statement and other documents containing important information about CDR once these documents are filed with the SEC, through the website maintained by the SEC at <U>http://www.sec.gov</U> or free of charge from CDR by directing a request to
Investor Relations at (516) 944-4561. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CDR and its directors and executive officers may be deemed to be participants in the solicitation of proxies from CDR&#146;s stockholders in connection with
the proposed Transactions. Information about the directors and executive officers of CDR is set forth in its proxy statement for its 2021 annual meeting of stockholders on Schedule 14A filed with the SEC on April 30, 2021, and its Annual Report on
Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 11, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information included herein, together with other statements and information publicly disseminated by CDR, contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CDR intends such forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking statements, which are based on certain assumptions and describe the Company&#146;s future plans, strategies and expectations, are generally
identifiable by use of the words &#147;may&#148;, &#147;will&#148;, &#147;should&#148;, &#147;estimates&#148;, &#147;projects&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;expects&#148;, &#147;intends&#148;, &#147;future&#148;, and
words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the proposed Transactions may not be completed
in a timely manner or at all, including the risk that any required approvals, including the approval of the Company&#146;s stockholders, are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Company
or the expected benefits of the proposed Transactions; (ii) the possibility that any or all of the various conditions to the consummation of the Transactions may not be satisfied or waived; (iii) the occurrence of any event, change or other
circumstance that could give rise to the termination of one or more of the definitive Transaction agreements, including in circumstances which would require the Company to pay a termination fee or other expenses; (iv) the risk that the pending
shareholder litigation in connection with the Transactions, or additional lawsuits that may be filed in the future in connection with the Transactions, may result in significant costs of defense, indemnification and liability; (v) the economic,
political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our
retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, &#147;shelter-in-place&#148; or &#147;stay-at-home&#148; orders and social distancing practices, as well as
individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any
such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company&#146;s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on
returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic
contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (vi) the ability and willingness of the Company&#146;s tenants and other third parties
to satisfy their obligations under their respective contractual arrangements with the Company; (vii) the loss or bankruptcy of the Company&#146;s tenants, particularly in light of the adverse impact to the financial health of many retailers that has
occurred and continues to occur as a result of the COVID-19 pandemic; (viii) the ability and willingness of the Company&#146;s tenants to renew their leases with the Company upon expiration, the Company&#146;s ability to re-lease its properties on
the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light
of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able
to operate physical retail locations in future; (ix) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company&#146;s share price from prices prior
to the spread of the COVID-19 pandemic; (x) financing risks, such as the Company&#146;s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (xi) increases in the Company&#146;s
borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (xii) the impact of the Company&#146;s leverage on operating performance; (xiii) risks related to the market for
retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence;
(xiv) risks endemic to real estate and the real estate industry generally; (xv) competitive risks; (xvi) risks related to the geographic concentration of the Company&#146;s properties in the Washington, D.C. to Boston corridor; (xvii) damage to the
Company&#146;s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xviii) the inability of the Company to realize anticipated returns from its redevelopment activities; (xix) uninsured losses;
(xx) the Company&#146;s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xxi) information technology security breaches. For further discussion of factors that
could materially affect the outcome of forward-looking statements, see &#147;Risk Factors&#148; in Part I, Item 1A, of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2021 and other documents that the Company files with
the SEC from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company
undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to
predict, contain uncertainties that may materially affect the Company&#146;s actual results and may be beyond the Company&#146;s control. New factors emerge from time to time, and it is not possible for the Company&#146;s management to predict all
such factors or to assess the effects of each factor on the Company&#146;s business. Accordingly, there can be no assurance that the Company&#146;s current expectations will be realized. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SIGNATURES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">CEDAR REALTY TRUST, INC.</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <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>
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<TD VALIGN="top">Bruce J. Schanzer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Principal executive officer)</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">Dated: May 12, 2022</TD></TR>
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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"><B>EXECUTION COPY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; 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">928 Carmans Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Massapequa, New York 11758 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;6, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robin McBride Zeigler </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Via DocuSign </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Separation Agreement and Release</U></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Robin, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the amended
and restated employment agreement by and among you, Cedar Realty Trust, Inc. (together with its affiliates and subsidiaries, the &#147;Company&#148;) and Cedar Realty Trust Partnership, L.P., dated as of August&nbsp;2, 2019 (the &#147;Employment
Agreement&#148;). This letter agreement confirms your voluntary resignation of your employment with the Company to pursue other professional opportunities and sets forth the terms of an amicable arrangement between you and the Company with respect
to your departure, which includes permitting you to receive the benefits described below to which you would not otherwise be entitled. We appreciate your service and all that you have contributed to the Company and we wish you the very best in the
future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By signing below, you and the Company agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <U>Separation; Separation Date</U>. Your employment with the Company (and, as applicable, any and all of its subsidiaries, affiliates and
related entities)<B> </B>will terminate effective on May&nbsp;6, 2022 (the &#147;Separation Date&#148;). As of the Separation Date, you will be deemed to have separated from any and all offices, titles and positions with the Company (and, as
applicable, any and all of its subsidiaries, affiliates and related entities) for all purposes, and will be relieved of your duties and obligations (expressed or implied) as an employee or officer of the Company and under the Employment Agreement
except as otherwise provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <U>No Other Benefits or Payments</U>. You acknowledge and agree that other than payment of any
base salary earned in the final payroll period through the Separation Date (if not yet paid) and the COBRA premium outlined in paragraph 4 of this letter agreement, as applicable, no other compensation (including, without limitation, any salary,
wages, profit sharing, bonuses, commissions, incentive compensation or other remuneration or payment) or benefits has been or will be earned by, and/or is or will be due, owing or payable to you, except as expressly provided in this letter
agreement. For the avoidance of doubt, (i)&nbsp;all vested shares of restricted stock owned or held by you as of the Separation Date will remain yours and you will be entitled to all the benefits of ownership of such stock after the Separation Date,
(ii)&nbsp;you will retain the right and benefit to any vested securities and cash held by you under the Company&#146;s 2005 Deferred Compensation Plan (the &#147;Plan&#148;) pursuant to the terms thereof; <I>provided</I>, that you hereby voluntarily
forfeit your right to any tax <FONT STYLE="white-space:nowrap">gross-up</FONT> or other <FONT STYLE="white-space:nowrap">tax-related</FONT> payment from the Company applicable to your vested assets in the Plan, irrespective that the Company may
otherwise be required to make such payment under the terms of the Plan; and (iii)&nbsp;any unvested shares of restricted stock held by you as of the Separation Date, whether in the Plan or otherwise, will be forfeited by you in their entirety. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. <U>Consulting Agreement</U>. MURAL Real Estate Fee Services, LLC (&#147;MURAL&#148;), of
which you have control, is hereby offered the opportunity and is eligible to be engaged, and the parties agree that MURAL is to be engaged, as a consultant, on an independent contractor basis, as described in and pursuant to the terms and conditions
of the Consulting Agreement attached hereto as Exhibit A (the &#147;Consulting Agreement&#148;). Subject to the timely execution and effectiveness of this letter agreement and the Consulting Agreement, MURAL&#146;s consulting engagement will
commence on the Effective Date (as defined in the Consulting Agreement). Nothing herein or under the Consulting Agreement shall prevent you from working at, providing services on behalf of, or operating the business of MURAL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. <U>COBRA Premiums</U>. Subject to your proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (&#147;COBRA&#148;), the Company shall pay 100% of the monthly COBRA premium to provide health insurance to you and your family until the earliest of (A)&nbsp;twelve months following your date of termination; (B)&nbsp;your
eligibility for group medical plan benefits under any other employer&#146;s group medical plan; or (C)&nbsp;the cessation of your continuation rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts without
potentially violating applicable law (including, without limitation, Section&nbsp;2716 of the Public Health Service Act), then the Company will convert such payments to payroll payments directly to you for the time period specified above. Such
payments shall be subject to <FONT STYLE="white-space:nowrap">tax-related</FONT> deductions and withholdings and paid on the Company&#146;s regular payroll dates. For the avoidance of doubt, the taxable payments described above may be used for any
purpose, including, but not limited to, continuation coverage under COBRA (any amounts payable pursuant to this paragraph, the &#147;COBRA Coverage&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. <U>Release of Claims by You.</U> In consideration for the payments and benefits in this letter agreement and in the Consulting Agreement,
to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective
employee benefit plans and fiduciaries of such plans, funds, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively
referred to as the &#147;<U>Company Releasees</U>&#148;) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (&#147;<U>Claims</U>&#148;) that, as of the date when you sign this letter
agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Company Releasees. This release includes, without limitation, all Claims of and relating to: your employment by and separation of employment with
the Company; breach of contract; breach of the implied covenant of good faith and fair dealing; retaliation or discrimination under any federal, state or local law or statute, including, without limitation, any and all claims under the federal
Americans with Disabilities Act, Title VII of the federal Civil Rights Act of 1964, the Age Discrimination in Employment Act, Family Medical Leave Act, the federal Worker Adjustment and Retraining Notification Act, the federal Employee Retirement
Income Security Act, New York City Administrative Code, the New York State Human Rights Law, the New York Executive Law &#167; 290 et seq., the New York Civil Rights Law, the New York </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Whistleblower Law, New York Labor Law &#167; 740 et seq., the New York Legal Activities Law, New York Labor Law &#167; <FONT STYLE="white-space:nowrap">201-d,</FONT> the New York occupational
safety and health laws, the New York Minimum Wage Law and all wage orders, the New York Wage and Wage Payment laws, including Sections 190 et seq. of the Labor Law, Article 6 of the New York Labor Law, the New York Fair Credit Reporting Act, the New
York City Human Rights Law, N.Y.C. Admin. Code &#167; <FONT STYLE="white-space:nowrap">8-101</FONT> et seq. and any other federal, state, or local statute, ordinance, or law; defamation, fraud, emotional distress or other torts; violation of public
policy; salary, wages, bonuses, commissions, incentive compensation, sick pay, benefits, leave, vacation, and/or severance; and damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive
relief, costs and attorneys&#146; fees; <I><U>provided</U></I><U>, </U><I><U>however</U></I>, that nothing in this letter agreement shall affect: (i)&nbsp;your vested rights under the Company&#146;s benefit plans; (ii)&nbsp;your rights to
indemnification and/or advancement of expenses under applicable law, including but not limited to Maryland General Corporation Law Sec. <FONT STYLE="white-space:nowrap">2-418(b),</FONT> the Company&#146;s articles of incorporation and/or <FONT
STYLE="white-space:nowrap">by-laws,</FONT> and other applicable indemnification agreements and/or policies, including the Company&#146;s directors and officers liability insurance, for acts or omissions while serving as an executive and/or officer
of the Company, or (iii)&nbsp;your rights under this letter agreement. Nothing contained in this letter agreement limits your ability to file a charge or complaint with the EEOC or equivalent state agency (a &#147;Government Agency&#148;). In
addition, nothing contained in this letter agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including your ability to
provide documents or other information, without notice to the Company, nor does anything contained in this letter agreement apply to truthful testimony in litigation. If you file any charge or complaint with any Government Agency and if the
Government Agency pursues any claim on your behalf, or if any other third party pursues any claim on your behalf, you waive any right to monetary or other individualized relief (either individually or as part of any collective or class action). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. <U>Release of Claims by Company</U>. As an inducement for you to enter into this letter agreement, effective as of the Effective Date, the
Company agrees not to sue and fully releases and forever discharges you, your family, agents, attorneys, assigns and successors, past and present, Mural, its affiliated and related entities, its and their respective predecessors, successors and
assigns, its and their respective employee benefit plans and fiduciaries of such plans, funds, and its and their current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their
official and personal capacities (collectively, the &#147;<U>Employee Released Parties</U>&#148;), with respect to and from any and all proceedings, demands, rights, liens, contracts, covenants, liabilities, debts, expenses (including reasonable
attorneys&#146; fees) and damages of whatever kind or nature in law, equity or otherwise, whether now known or unknown, and whether or not concealed or hidden, in all cases, other than as arising from fraud, bad faith or gross negligence. The
Company represents and agrees that, except to the extent such right may not be waived by law, the Company has not and will not commence or cause to be commenced any legal action or lawsuit or otherwise assert or cause to be asserted any legal claim
seeking relief for any claim released or waived under this release. The Company acknowledges and agrees that during the period covered by this release of claims, it is unaware of any acts of fraud, bad faith or gross negligence committed by you, or
of any violation by you of the terms of the Employment Agreement, applicable law or the Company&#146;s policies and rules by which you were bound during the course of your employment, in all cases, other than as the waived by the Company on or prior
to the date hereof, as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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applicable. The Company further understands that by entering into this letter agreement, it waives any right to recover any monetary benefits or other relief against the Employee Released Parties
resulting or arising from any such proceeding, unless such waiver is prohibited by law. Furthermore, the Company agrees that if anyone else files any such action, the Company will not, except as legally required, share in any monetary or other
relief granted. The Company represents that it has not filed any such claims, lawsuits or complaints as of its execution of this letter agreement and is unaware that anyone else has filed any such claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. <U>Proprietary Information</U>. You acknowledge, understand and agree that, during your employment with the Company, you were employed in a
high-level position of trust and confidence, had a fiduciary duties and duty of loyalty to the Company, and had access to confidential, trade secret and proprietary information (whether or not in writing) which the Company has developed, possesses
and/or to which the Company has access concerning the Company&#146;s business, business relationships, and financial affairs which the Company has not released to the general public, is not generally known to the public or in the industry, is a
competitive asset of the Company, constitutes a &#147;trade secret&#148; under applicable law and/or the disclosure of which could result in a competitive disadvantage or other harms to the Company (collectively, &#147;Proprietary
Information&#148;). For purposes of this letter agreement, &#147;Proprietary Information&#148; includes, without limitation: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any information that would typically be included in the Company&#146;s financial statements, including, without limitation,
the value of the Company&#146;s properties and other assets, and the amount of liabilities, revenues, net income, NOI, EBITDA, FFO and other metrics; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) information related to the Company&#146;s properties, joint ventures, past or pending transactions, tenant leases and
pending lease negotiations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <FONT STYLE="white-space:nowrap">non-public</FONT> information relating to legal and
professional dealings, real property, tangible property, finances, business, compensation structure and investment activities, and other personal or business affairs of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <FONT STYLE="white-space:nowrap">non-public</FONT> information relating to the legal, personal, financial or business
affairs of any of the Company&#146;s directors, officers, executives, employees, investors, attorneys, representatives, consultants, insurers, benefit plans, and/or agents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) any intellectual property rights acquired or developed by the Company, whether or not patentable or copyrightable,
including all business plans, projects, partnerships, investments or financing memoranda, <FONT STYLE="white-space:nowrap">know-how,</FONT> technical information, inventions, designs, configurations, ideas, concepts, processes, procedures,
operations, research and development plans, pricing information, business, operational and marketing plans; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) any
other <FONT STYLE="white-space:nowrap">non-public</FONT> information gained in the course of your employment with the Company that could reasonably be expected to prove harmful in any way to the Company and/or its successors if disclosed to third
parties, including, without limitation, any information that could be reasonably expected to aid a competitor or potential competitor of the Company and/or its successors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">You agree that all Proprietary Information, whether developed, compiled or created by you
during your employment or by the Company at any time, is and will be the exclusive property of the Company. You further agree that, at all times, you shall keep in trust and confidence all Proprietary Information and shall not, without the prior
express written consent of the Company, disclose, use or permit to be used for any purpose, any Proprietary Information of the Company or its investors, customers or clients, or any information received in confidence from third parties by the
Company. Nothing herein prohibits you from using Company Proprietary Information to the extent necessary to carry out the obligations of Mural under the Consulting Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. <U>Severability</U>. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof
becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this letter agreement shall continue in full force and effect without said provision or portion of provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9. <U>Entire Agreement</U>. This letter agreement represents the entire agreement and understanding between the Company and you concerning the
subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10. <U>Governing Law</U>. This letter agreement shall be governed by the laws of the State of New York, without
regard to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> provisions. You and the Company consent to personal and exclusive jurisdiction and venue in the State of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11. <U>Effective Date</U>. You understand and acknowledge that you have been given the opportunity to consider this letter agreement for <FONT
STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;days from your receipt of this letter agreement before signing it. If you sign this letter agreement before the end of the <FONT STYLE="white-space:nowrap">21-day</FONT> period, you acknowledge
that such decision was entirely voluntary. For the period of seven (7)&nbsp;days from the date when you sign this letter agreement, you have the right to revoke this letter agreement by written notice to the Company, provided that such notice is
delivered so that it is received at or before the expiration of the seven (7)&nbsp;day revocation period. This letter agreement shall not become effective or enforceable during the revocation period. This letter agreement shall become effective on
the first business day following the expiration of the revocation period (the &#147;Effective Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B><B><I>signature page
follows</I></B><B>] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12. <U>Counterparts</U>. This letter agreement may be executed in counterparts and by
facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">CEDAR REALTY TRUST, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bruce J. Schanzer</TD></TR>
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<TD VALIGN="bottom">By: Bruce J. Schanzer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title: President, Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Dated: May&nbsp;6, 2022</TD></TR>
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<TD VALIGN="top">Accepted and Agreed to:</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">ROBIN MCBRIDE ZEIGLER, an individual</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Robin McBride Zeigler</TD></TR>
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<TD VALIGN="bottom">Name: Robin McBride Zeigler</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="bottom">Dated: May&nbsp;6, 2022</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<B>CONSULTING AGREEMENT</B>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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