Notice of Non-Renewal of Employment Agreement between New Plan Excel Realty Trust, Inc. and Scott MacDonald
New Plan Excel Realty Trust, Inc. has formally notified Scott MacDonald that his Employment Agreement, originally dated March 1, 2002, will not be extended and will expire on March 1, 2005. This letter serves as official notice of the agreement's termination at the end of its current term. Both parties have acknowledged receipt of this notice.
Exhibit 10.1
| November 2, 2004 |
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Mr. Scott MacDonald
c/o New Plan Excel Realty Trust, Inc.
1120 Avenue of the Americas
New York, New York 10036
Re: Employment Agreement, dated as of March 1, 2002 (as modified, the “Agreement”), by and between New Plan Excel Realty Trust, Inc. (the “Company”) and Scott MacDonald (“Executive”)
Dear Scott:
In reference to the Employment Agreement, please be advised that the Company hereby gives you notice that the term of the Agreement will not be extended. Accordingly, the Agreement shall terminate and expire on March 1, 2005.
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| Sincerely, | |||
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| New Plan Excel Realty Trust, Inc. | |||
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| By: | /s/ Steven F. Siegel |
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| Name: Steven F. Siegel | |||
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| Its: Executive Vice President | |||
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| Receipt Acknowledged this |
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| 2nd day of November, 2004 |
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| /s/ Scott MacDonald |
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| Scott MacDonald |
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