AGREEMENT

Employee Retention Agreement

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This Employee Retention Agreement involves

New Plan Excel Realty Trust, Inc., | John Roche

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Title: AGREEMENT
Date: 10/28/2005
Industry: REOPER

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Exhibit 10

Exhibit 10.1

AGREEMENT

AGREEMENT (“Agreement”), dated as of October 24, 2005, by and between New Plan Excel Realty Trust, Inc., a Maryland corporation (“Company”), and John Roche (“Executive”).

RECITALS

A. Executive is currently Executive Vice President and Chief Financial Officer of the Company.

B. The Company and Executive entered into an employment agreement dated as of April 14, 2000 (the “Employment Agreement”). Pursuant to the terms of the Employment Agreement, the “Employment Period” under the Employment Agreement expires on May 15, 2006.

C. The Company desires to extend the “Employment Period” under the Employment Agreement for a term of three (3) years (i.e., from May 15, 2006 through May 15, 2009) and otherwise on the same terms and conditions as the Employment Agreement.

AGREEMENT

IN CONSIDERATION of the premises and the mutual covenants set forth below, the parties hereby agree to modify the terms of the Employment Agreement as follows: