Employment Agreement Extension Letter between Dean Bernstein and New Plan Excel Realty Trust, Inc.

Summary

This letter extends the employment agreement between Dean Bernstein and New Plan Excel Realty Trust, Inc. for two additional one-year periods, continuing his employment through December 31, 2003. The extension is in response to a change in the company's Chief Executive Officer and is subject to the original agreement's extension terms. All other terms of the original employment agreement remain in effect.

EX-10.42 7 w58103ex10-42.txt DEAN BERNSTEIN EMPLOYMENT AGREEMENT EXTENSION LETT Exhibit 10.42 March 27, 2000 Mr. Dean Bernstein c/o New Plan Excel Realty Trust, Inc. 1120 Avenue of the Americas New York, New York 10036 Re: Employment Agreement (the "Agreement"), dated as of September 25, 1998, by and between Dean Bernstein ("Executive") and New Plan Excel Realty Trust, Inc. (the "Company") Dear Mr. Bernstein: In reference to the Employment Agreement and in connection with the replacement of Arnold Laubich as Chief Executive Officer of the Company, please be advised that the Company is hereby providing you with written notice of two automatic one year renewals under the Agreement. Accordingly, the "Employment Period" under the Agreement shall continue through December 31, 2003, subject to the extension provisions contained in Section 2 of the Agreement. Sincerely, New Plan Excel Realty Trust, Inc. By: /s/ Glenn J. Rufrano ------------------------------ Name: Glenn J. Rufrano ---------------------------- Its: CEO ----------------------------