GRT Executive Bonus Plan 2013 Plan

This bonus plan is designed to provide incentives for those positions at the most senior level of management, including only the following positions. Payout amounts vary by level and job type.

Based upon Glimcher Realty Trust’s (the “Company”) 2013 reported per share FFO, a bonus award will be paid in accordance with the following table and the provisions of this section. For results achieved between thresholds, bonus percentage payouts will be pro-rated accordingly. See the chart on page two for per share percentage payout information.

The following items, whether positive or negative and to the extent not contemplated in the Company’s fiscal year 2013 consolidated corporate budget, shall be excluded from the calculation of the Company’s year-end FFO per share utilized in Section I(A) to determine the Payout Amount: (1) the dilutive or accretive effect of security issuances, exchanges, buybacks, or redemptions, (2) the financial impact of acquisitions, ventures, dispositions, or similar transactions, (3) the impact of special dividends or distributions, (4) stock splits, (5) non-cash asset write downs or impairments, and (6) the financial impact of charges and expenditures associated with the early extinguishment of debt and the discontinuation of certain transactions or pre-development and development projects. The Executive Compensation Committee of the Board of Trustees (the “Committee”) retains full discretion to reject the adjustments described in the preceding sentence in approving the final Payout Amount for the Company’s 2013 FFO performance. The Committee shall also retain full discretion to make any other adjustments they believe are appropriate in approving the final Payout Amount for the Company’s 2013 FFO performance.

Objectives will be set after discussion between Associate and Manager (or the Board of Trustees or the Committee in the case of the CEO). The Committee shall review and approve all objectives for senior executives participants listed above prior to such objectives becoming final. Objectives are to be specific, measurable, and achievable and limited to no more than 6 per person. Objectives must relate to tasks, assignments, or responsibilities beyond the normal day-to-day responsibilities or duties of the respective senior executive. Each objective shall be evaluated on the basis of an achievement percentage for a certain level of performance as described below. Objectives can be re-evaluated should business circumstances change beyond the control of the Company or the senior executive. In the event of such a change, the Committee may replace and approve a maximum of three (3) additional objectives.

The Target Payout per Objective is determined by the following formula:

Individual Objectives Target x Achievement Percentage for Individual Objective (%) = Payout per Objective

The payouts per objective are aggregated to determine the participant’s total payout for the individual objective portion of the annual bonus payment.    

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