FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement is hereby entered into as
of March 23, 2004 by and among Cedar Shopping Centers, Inc., a Maryland
corporation (the "Corporation"), Cedar Shopping Centers Partnership, L.P., a
Delaware limited partnership (the "Partnership") and Xxxxxx X. Xxxxxxxx (the
"Executive").
W I T N E S S E T H
WHEREAS, the Corporation, the Partnership and the Executive entered into
that certain Employment Agreement dated as of November 1, 2003 (the "Employment
Agreement"); and
WHEREAS, on March 23, 2004 the Board of Directors of the Corporation (on
the Corporation's own behalf, and as the sole general partner of the
Partnership) approved the modification to Section 4.1 of each of the existing
Employment Agreements, by deleting the words commencing with "provided
however..." and ending with "... conclusive and binding".
NOW THEREFORE, intending to be legally bound, the parties hereto agree
as follows:
Section 4.1(i) of the Employment Agreement is hereby amended to read as
follows:
"(i) pay to the Executive as severance pay, within five days after
termination, a lump sum payment equal to 250% of the sum of the Executive's
annual salary at the rate applicable on the date of termination and the average
of the Executive's annual bonus for the preceding two full fiscal years;"
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Employment Agreement as of the date first above written.
CEDAR SHOPPING CENTERS, INC.
By: /s/ XXX X. XXXXXX
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Xxx X. Xxxxxx, President
CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
By: Cedar Shopping Centers, Inc.
By: /s/ XXX X. XXXXXX
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Xxx X. Xxxxxx, President
/s/ XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxxx
