Extension Letter to Steven F. Siegel Employment Agreement with New Plan Excel Realty Trust, Inc.

Summary

This letter from New Plan Excel Realty Trust, Inc. to Steven Siegel confirms the automatic renewal of his employment agreement for two additional one-year terms, extending his employment period through December 31, 2003. The extension is in accordance with the terms of the original agreement dated September 25, 1998, and is related to changes in company leadership. All other terms of the original agreement remain in effect.

EX-10.44 8 w58103ex10-44.txt STEVEN F. SIEGEL EMPLOYMENT AGREEMENT EXT LETTER Exhibit 10.44 March 27, 2000 Mr. Steven Siegel 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 Steven Siegel ("Executive") and New Plan Excel Realty Trust, Inc. (the "Company") Dear Mr. Siegel: 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 ----------------------------