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Party To The Master Agreement - RAMCO GERSHENSON PROPERTIES TRUST - 8-14-1996

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Party To The Master Agreement - RAMCO GERSHENSON PROPERTIES TRUST - 8-14-1996 Powered By Docstoc
					EXHIBIT 10.5 RPS REALTY TRUST 747 Third Avenue New York, New York 10017 May 10, 1996 To the Persons and Entities Party to the Master Agreement defined below and Signatory Hereto c/o Ramco-Gershenson, Inc. 27600 Northwestern Highway, Suite 200 Southfield, Michigan 48034 Re: Closing of the Ramco Acquisition and Related Transaction Gentlemen: Reference is made to the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement, dated as of March 19, 1996, among RPS Realty Trust, a Massachusetts business trust (the "Trust"), Ramco-Gershenson, Inc., a Michigan corporation ("Ramco"), Dennis Gershenson, Joel Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended (collectively, the Ramco Principals"), Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), and the Ramco affiliates listed on Schedule A thereto (the "Ramco Contributing Parties") (as amended, the "Master Agreement"). Capitalized terms used, but not defined, in this letter agreement (the "Letter Agreement") shall have the respective meanings set forth in the Master Agreement. This Letter Agreement is intended to and shall be a legally enforceable agreement and shall be binding upon the parties signatory hereto. In connection with today's closing of the transactions contemplated by the Master Agreement (collectively, the "Transactions"), this Letter Agreement sets forth the parties' agreement to proceed with the consummation of the Transactions on the following additional, amended or modified terms and conditions: 1. Master Agreement. To the extent any term or provision of this Letter Agreement is supplemental or contrary to, or is otherwise inconsistent with, the terms and conditions of the Master Agreement, the Ramco Agreements or the RPS Contribution Agreements (collectively, the "Transaction Documents"), this Letter Agreement shall be deemed to amend, supplement or modify the Master Agreement, as applicable, and the terms and conditions of this Letter Agreement shall in all such cases control. 2. Indemnification by Ramco Principals. (a) Notwithstanding anything to the contrary set forth in the Transaction Documents, the Ramco Principals shall be jointly and severally liable (for

indemnification or otherwise) with respect to any failure or breach of any representation, warranty, covenant, agreement or obligation of the Ramco Group under any of the Transactions Documents except that the Ramco Principal's aggregate liability with respect to any such failure or breach shall be limited to an aggregate of the greater of $16,000,000 and the value of the Pledged Collateral (as such term is defined in the Pledge Agreement) determined, as of the date any claim against the Ramco Principals is compromised or settled by the parties or determined by a court of competent jurisdiction, based on the Value (as such term is defined in the Exchange Rights Agreement dated the date hereof among the Trust and the members of the Ramco Group which are a party thereto) of the Shares at such time. Any limitation on liability set forth in the proceeding sentence shall not limit claims against the Ramco Principals with respect to any Ramco Group intentional misrepresentation or intentional breach of warranty or intentional failure to perform and comply with any covenant, agreement or

indemnification or otherwise) with respect to any failure or breach of any representation, warranty, covenant, agreement or obligation of the Ramco Group under any of the Transactions Documents except that the Ramco Principal's aggregate liability with respect to any such failure or breach shall be limited to an aggregate of the greater of $16,000,000 and the value of the Pledged Collateral (as such term is defined in the Pledge Agreement) determined, as of the date any claim against the Ramco Principals is compromised or settled by the parties or determined by a court of competent jurisdiction, based on the Value (as such term is defined in the Exchange Rights Agreement dated the date hereof among the Trust and the members of the Ramco Group which are a party thereto) of the Shares at such time. Any limitation on liability set forth in the proceeding sentence shall not limit claims against the Ramco Principals with respect to any Ramco Group intentional misrepresentation or intentional breach of warranty or intentional failure to perform and comply with any covenant, agreement or obligation and the Ramco Principals shall be liable with respect to all Damages with respect thereto. The Ramco Principals liability under this paragraph 2, remains subject to the limitations set forth in Sections 7.2 and 7.3(a) of the Master Agreement. (b) Notwithstanding anything herein or in any Transaction Document to the contrary, the parties hereto acknowledge and agree that (a) it is not (and at no time will be) necessary for the Trust, in order to enforce any of its rights and remedies under any Transaction Document, to first institute or exhaust the Trust's rights and remedies against any Ramco Principal, any holder of an interest in the Operating Partnership ("Holders") or against any of the Pledged Collateral (as defined in the Pledge Agreement), in each case, pursuant to the Pledge Agreement, and (b) any delay in exercising, failure to exercise, or non-exercise (or partial exercise), from time to time, by the Trust of any rights or remedies under the Pledge Agreement (or to insist upon strict performance) in any one or more instances shall not constitute a waiver thereof (or preclude full exercise or insistence upon strict performance thereof) in that or any other instance, and any single exercise of the Trust's rights or remedies under the Pledge Agreement in any one or more instances shall not preclude full exercise in any other instance. 3. Pashcow Termination Agreement and Deferred Payment. (a) At the Closing, the Operating Partnership shall borrow $3,950,000 under the Line of Credit (as defined below), the proceeds of which will be used by the Operating Partnership (on behalf of the Trust) or RPS Mortgage (as applicable) to pay certain Excluded Expenses and provide working capital to RPS Mortgage, as directed by the Trust (the "Closing Loan"). (b) The parties to the Master Agreement hereby waive the condition set forth in Section 3.1(f) of the Master Agreement with respect to the amounts payable under Section 3(b)(ii) of the Termination Agreement between the Trust and Joel M. Pashcow dated March 26, 1996 (the "Pashcow Obligation"). Neither the Pashcow Obligation nor the Note (as defined below) shall be taken into account for purposes of making the adjustments set forth in Section 1.10. Nothing herein is intended to absolve the Trust of its obligation to pay Joel M. Pashcow any amounts owed to him under such agreement and the Trust acknowledges that the payment of such amount is not subject to any right of set off or any right to interpose counterclaims or crossclaims. (c) At the Closing, RPS Mortgage shall execute and deliver to the Trust a note (the "Note") in the original principal amount of $5,550,000, in the form set forth as Schedule 1 hereof, which is secured by a Collateral Agreement in the form set forth in Schedule 2 hereof, in consideration of the Closing Loan and the Trust's continuing liability under the Pashcow Obligation.

(d) The Ramco Principals shall use their best efforts to cause the minimum amount available under the Line of Credit (without regard to borrowings under such Line of Credit that occur at or following the Closing) to equal at least $50,000,000. (e) For purposes of this letter agreement, the Line of Credit shall mean the Master Revolving Credit Agreement, dated as of May 6, 1996, by and among the Operating Partnership, the Trust and the other lending institutions which may become parties thereto, and First National Bank of Boston, as Agent for the Banks. 4. Reimbursement of Development Land Expenses. The Ramco Principals and the Ramco Contributing Parties consent and agree with the Trust that at no time shall the Operating Partnership reimburse the appropriate Affiliates of Ramco for third party out-of-pocket expenses incurred by such Affiliates related to options on the Development Land listed on schedule 1.1(b) to the Master Agreement (but only to the extent such Affiliates are entitled to such reimbursement under Section 1.13 of the Master Agreement) unless and until (i) the funds

(d) The Ramco Principals shall use their best efforts to cause the minimum amount available under the Line of Credit (without regard to borrowings under such Line of Credit that occur at or following the Closing) to equal at least $50,000,000. (e) For purposes of this letter agreement, the Line of Credit shall mean the Master Revolving Credit Agreement, dated as of May 6, 1996, by and among the Operating Partnership, the Trust and the other lending institutions which may become parties thereto, and First National Bank of Boston, as Agent for the Banks. 4. Reimbursement of Development Land Expenses. The Ramco Principals and the Ramco Contributing Parties consent and agree with the Trust that at no time shall the Operating Partnership reimburse the appropriate Affiliates of Ramco for third party out-of-pocket expenses incurred by such Affiliates related to options on the Development Land listed on schedule 1.1(b) to the Master Agreement (but only to the extent such Affiliates are entitled to such reimbursement under Section 1.13 of the Master Agreement) unless and until (i) the funds available under the Line of Credit (assuming that no funds are drawn down by the Operating Partnership under such Line of Credit) equal or exceed $50,000,000, and (ii) such Affiliates have presented reasonably detailed documentation evidencing the occurrence of thereof, which documentation and the amount of such out-of-pocket expenses are verified and approved by the Trust's Independent Trustees. The Independent Trustees shall be entitled to retain, at the Trust's expense, an independent Person to verify such documentation and the amount of such expenses. 5. Representations and Warranties of Sources and Uses. (a) The Ramco Principals, jointly and severally, represent and warrant to, and agree with, the Trust that (i) attached hereto as Schedule 3 is a true, correct and complete copy of the Ramco Group's "sources and uses" statement relating to the RPS Cash, the mortgage payoffs detailed therein and generally with respect to the closing of the several contributions to the Operating Partnership by the Ramco Contributing Parties and by the Trust, in all cases as contemplated by the Master Agreement, and (ii) attached hereto as Schedule 4 is a true, correct and complete copy of the Ramco Group's "sources and uses" statement relating to the closing of the several contributions to the Operating Partnership by the Ramco Contributing Parties, as contemplated by the Master Agreement. The representations and warranties made in this paragraph shall be deemed for all purposes as representations and warranties under Section 4 of the Master Agreement. (b) The Trust represents and warrants to the Ramco Group that attached hereto as Schedule 5 is a true, correct and complete copy of the Trust's statement of transaction expenses (other the Excluded Expenses) that have been incurred through the Closing. The representation and warranty set forth in this paragraph shall be deemed for all purposes as a representation and warranty under Section 5 of the Master Agreement. 6. Prorations and Adjustments Procedures. The parties agree that the real estate related prorations and adjustments contemplated by the Transaction Documents that are required or scheduled to be made after the Closing shall be in accordance with the procedures set forth in Schedule 6. Unless otherwise indicated, all such prorations and adjustments shall be made as if the Closing occurred as of May 1, 1996. The Independent Trustees shall review and approve all such prorations and adjustments, including those prorations and adjustments made at the Closing. The Independent Trustees shall be entitled to retain, at the Trust's expense, an independent Person to assist them in reviewing and approving

such prorations and adjustments. To the extent such prorations and adjustments result in any payments to the Trust, such amounts will be distributed to the Trust's shareholders in the distribution to shareholders that immediately follows the receipt of such amounts. 7. Use of RPS Cash. (a) The parties agree that Section 12.1(b) of the Master Agreement is amended by deleting the amount $3,200,000 in such Section and replacing it with the amount $3,605,279. The Ramco Principals represent and warrant to, and agree with the Trust that, the Operating Partnership will have cash on hand (without regard to amounts available under the Line of Credit and amounts identified on the closing statements to be used by the Trust or the Operating Partnership to pay Excluded Expenses) an amount equal to $3,558,450 to pay expenses relating to the Transactions. 8. New York Office Lease. At the Closing, (i) the space lease (the "New York Office Lease") relating to the

such prorations and adjustments. To the extent such prorations and adjustments result in any payments to the Trust, such amounts will be distributed to the Trust's shareholders in the distribution to shareholders that immediately follows the receipt of such amounts. 7. Use of RPS Cash. (a) The parties agree that Section 12.1(b) of the Master Agreement is amended by deleting the amount $3,200,000 in such Section and replacing it with the amount $3,605,279. The Ramco Principals represent and warrant to, and agree with the Trust that, the Operating Partnership will have cash on hand (without regard to amounts available under the Line of Credit and amounts identified on the closing statements to be used by the Trust or the Operating Partnership to pay Excluded Expenses) an amount equal to $3,558,450 to pay expenses relating to the Transactions. 8. New York Office Lease. At the Closing, (i) the space lease (the "New York Office Lease") relating to the Trust's principal place of business in New York City shall not be assigned to RPS Mortgage and (ii) the Trust shall enter into a sublease with RPS Mortgage with respect to 100% of the space covered by the New York Office Lease. The Trust represents and warrants to the Ramco Group that the New York Office Lease expires on April 30, 1997. 9. Non-conforming Loans. The Ramco Principals, jointly and severally, represent and warrant to, and agree with, the Trust that set forth on Schedule 7 is a true, correct and complete copy of the analysis which illustrates the economic impact (including, without limitation, the impact on cash available from distribution) on the Trust of the terms of the West Oaks II Loan and the Spring Meadows Loan which do not conform to the terms set forth in Section 3.3(c)(ii) and (iii) of the Master Agreement. 10. Waivers. The Closing of the Transactions shall for all purposes hereunder be deemed a waiver in writing of any condition to Closing which has not been satisfied at or prior to such Closing. 11. Special Distributions. Notwithstanding anything to the contrary set forth in the Master Agreement, any distributions or dividends that are contemplated in the Master Agreement to be made to the Trust's shareholders of record as of the day prior to the Closing Date (other than the dividend or distribution relating to the shares in RPS Mortgage) shall instead be made to the Trust's shareholders as of the record date which is established by the Board of Trustees for distributions to shareholders after the receipt of the funds or assets which were the subject of such special distribution. 12. Kohl's Lease. The Ramco Principals hereby acknowledge their obligation to satisfy in full in cash the landlord's obligations under Section 3.5 of the Kohl's Lease. 13. Miscellaneous A. Specific Performance. The parties acknowledge that the subject matter of this Letter Agreement is unique and that no adequate remedy of law would be available for breach of this Letter Agreement. Accordingly, each party agrees that the other parties will be entitled to an appropriate decree

of specific performance or other equitable remedies to enforce this Letter Agreement (without any bond or other security being required) and each party waives the defense in any action or proceeding brought to enforce this Letter Agreement that there exists an adequate remedy at law. B. Captions. The captions in this Letter Agreement are for convenience of reference only and shall not be given any effect in the interpretation of this Letter Agreement. C. No Waiver. The failure of a party to insist upon strict adherence to any term of this Letter Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Letter Agreement. Any waiver must be in writing. D. Amendment. This Letter Agreement cannot be changed or terminated except by a written instrument executed by the party or parties against whom enforcement thereof is sought.

of specific performance or other equitable remedies to enforce this Letter Agreement (without any bond or other security being required) and each party waives the defense in any action or proceeding brought to enforce this Letter Agreement that there exists an adequate remedy at law. B. Captions. The captions in this Letter Agreement are for convenience of reference only and shall not be given any effect in the interpretation of this Letter Agreement. C. No Waiver. The failure of a party to insist upon strict adherence to any term of this Letter Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Letter Agreement. Any waiver must be in writing. D. Amendment. This Letter Agreement cannot be changed or terminated except by a written instrument executed by the party or parties against whom enforcement thereof is sought. E. Counterparts. This Letter Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together shall constitute the same instrument. F. Governing Law. This Letter Agreement and (unless otherwise provided) all amendments hereof and waivers and consents hereunder shall be governed by the internal laws of the State of New York, without regard to the conflicts of law principles thereof.

IN WITNESS WHEREOF, the parties have executed this Letter Agreement and caused the same to be delivered on their behalf on May 10, 1996 RPS REALTY TRUST
By: /s/ Stephen R. Blank ---------------------------------Name: Stephen R. Blank Title: Trustee

RAMCO GERSHENSON, INC.
By: /s/ Dennis Gershenson ---------------------------------Name: Dennis Gershenson Title: Chief Executive Officer /s/ Dennis Gershenson -------------------------------------Dennis Gershenson /s/ Richard Gershenson -------------------------------------Richard Gershenson /s/ Bruce Gershenson -------------------------------------Bruce Gershenson /s/ Joel Gershenson -------------------------------------Joel Gershenson /s/ Michael A. Ward -------------------------------------Michael A. Ward

IN WITNESS WHEREOF, the parties have executed this Letter Agreement and caused the same to be delivered on their behalf on May 10, 1996 RPS REALTY TRUST
By: /s/ Stephen R. Blank ---------------------------------Name: Stephen R. Blank Title: Trustee

RAMCO GERSHENSON, INC.
By: /s/ Dennis Gershenson ---------------------------------Name: Dennis Gershenson Title: Chief Executive Officer /s/ Dennis Gershenson -------------------------------------Dennis Gershenson /s/ Richard Gershenson -------------------------------------Richard Gershenson /s/ Bruce Gershenson -------------------------------------Bruce Gershenson /s/ Joel Gershenson -------------------------------------Joel Gershenson /s/ Michael A. Ward -------------------------------------Michael A. Ward

MICHAEL A. WARD U/T/A DATED 2/22/77, AS AMENDED
By: /s/ Michael A. Ward ----------------------------------Michael A. Ward as trustee U/T/A dated 2/22/77, as amended

RAMCO-GERSHENSON PROPERTIES, L.P. By: RAMCO REIT, INC., its General Partner
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title:

RAMCO CONTRIBUTING PARTIES

RAMCO-GERSHENSON PROPERTIES, L.P. By: RAMCO REIT, INC., its General Partner
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title:

RAMCO CONTRIBUTING PARTIES TO THE EXTENT OF SECTIONS 1, 2, 3, 6, 7, 8, 9, 10, 11 and 12 KM BLUE ASH DEVELOPMENT COMPANY, an Ohio co-partnership
By: /s/ Bruce Gershenson ---------------------------------Bruce Gershenson Partner

LA II GROUP, an Ohio general partnership By: RAMCO LEWIS ALEXIS ASSOCIATES, a Michigan general partnership, its Partner
By: /s/ Bruce Gershenson ------------------------------Bruce Gershenson Partner

MICHIGAN SHOPPING CENTER VENTURES II LIMITED PARTNERSHIP, a Michigan limited partnership By: RAMCO L & W PARTNERS a Michigan co-partnership, its General Partner By: RAMCO CP, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson --------------------------Bruce Gershenson Partner

RAMCO CANTON CO., a Delaware general partnership By: FORD SHELDON PLAZA COMPANY,

MICHIGAN SHOPPING CENTER VENTURES II LIMITED PARTNERSHIP, a Michigan limited partnership By: RAMCO L & W PARTNERS a Michigan co-partnership, its General Partner By: RAMCO CP, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson --------------------------Bruce Gershenson Partner

RAMCO CANTON CO., a Delaware general partnership By: FORD SHELDON PLAZA COMPANY, a Michigan limited partnership, its Partner
By: /s/ Bruce Gershenson -----------------------------------Bruce Gershenson General Partner

RAMCO FRASER DEVELOPMENT COMPANY, a Michigan co-partnership
By: /s/ Bruce Gershenson ----------------------------------------Bruce Gershenson Partner

RAMCO JACKSON DELAWARE LIMITED PARTNERSHIP, a Delaware limited partnership By: RAMCO JACKSON, INC., a Michigan corporation, its General Partner
By: /s/ Bruce Gershenson -------------------------------Bruce Gershenson Vice President

RAMCO KENTWOOD ASSOCIATES a Michigan co-partnership
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO JACKSON DELAWARE LIMITED PARTNERSHIP, a Delaware limited partnership By: RAMCO JACKSON, INC., a Michigan corporation, its General Partner
By: /s/ Bruce Gershenson -------------------------------Bruce Gershenson Vice President

RAMCO KENTWOOD ASSOCIATES a Michigan co-partnership
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO LANSING ASSOCIATES, a Michigan co-partnership
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO LAPEER ASSOCIATES LIMITED PARTNERSHIP, a Michigan limited partnership By: RAMCO LAPEER, INC., a Michigan corporation, its General Partner
By: /s/ Bruce Gershenson -------------------------------Bruce Gershenson Vice President

RAMCO NOVI I CO., a Delaware general partnership By: WEST OAKS DEVELOPMENT COMPANY, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO NOVI II CO., a Delaware general partnership

RAMCO NOVI I CO., a Delaware general partnership By: WEST OAKS DEVELOPMENT COMPANY, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO NOVI II CO., a Delaware general partnership By: RAMCO NOVI DEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP, a Michigan limited partnership, its Partner By: RAMCO NOVI DEVELOPMENT COMPANY, a Michigan co-partnership, its General Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO OAK BROOK SQUARE ASSOCIATES LIMITED PARTNERSHIP, a Michigan limited partnership By: RAMCO OAK BROOK SQUARE, INC., a Michigan corporation, its General Partner
By: /s/ Bruce Gershenson --------------------------------Bruce Gershenson Vice President

RAMCO ORION CO., a Delaware general partnership By: W & G REALTY COMPANY, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson -------------------------------------Bruce Gershenson Partner

RAMCO ROSEVILLE CO.,

RAMCO ORION CO., a Delaware general partnership By: W & G REALTY COMPANY, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson -------------------------------------Bruce Gershenson Partner

RAMCO ROSEVILLE CO., a Delaware general partnership By: ROSEVILLE PLAZA LIMITED PARTNERSHIP By: RAMCO VENTURES, a Michigan co-partnership, its General Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO SINGER ASSOCIATES LIMITED PARTNERSHIP, an Ohio limited partnership By: RAMCO TROY ASSOCIATES, a Michigan co-partnership, its General Partner
By: /s/ Bruce Gershenson -----------------------------Bruce Gershenson Partner

RAMCO SOUTHFIELD CO., a Delaware general partnership By: SOUTHFIELD PLAZA LIMITED PARTNERSHIP, a Michigan limited partnership, its Partner By: RAMCO VENTURES, a Michigan co-partnership, its General Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO STERLING MALL CO.,

RAMCO SOUTHFIELD CO., a Delaware general partnership By: SOUTHFIELD PLAZA LIMITED PARTNERSHIP, a Michigan limited partnership, its Partner By: RAMCO VENTURES, a Michigan co-partnership, its General Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO STERLING MALL CO., a Delaware general partnership By: STERLING MALL ASSOCIATES LIMITED PARTNERSHIP, a Michigan limited partnership, its Partner By: RAMCO CONSUMER MALL ASSOCIATES LIMITED PARTNERSHIP, a Michigan limited partnership, its General Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson General Partner

SOUTHFIELD PLAZA LIMITED PARTNERSHIP, a Michigan limited partnership By: RAMCO VENTURES, a Michigan general partnership, its General Partner
By: /s/ Bruce Gershenson ---------------------------------Bruce Gershenson Partner

SPRING MEADOWS SHOPPING CENTER ASSOCIATES, an Ohio general partnership By: RAMCO SPRING MEADOWS ASSOCIATES, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson -------------------------------------Bruce Gershenson Partner

SOUTHFIELD PLAZA LIMITED PARTNERSHIP, a Michigan limited partnership By: RAMCO VENTURES, a Michigan general partnership, its General Partner
By: /s/ Bruce Gershenson ---------------------------------Bruce Gershenson Partner

SPRING MEADOWS SHOPPING CENTER ASSOCIATES, an Ohio general partnership By: RAMCO SPRING MEADOWS ASSOCIATES, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson -------------------------------------Bruce Gershenson Partner

WEST ALLIS SHOPPING CENTER ASSOCIATES, a Wisconsin general partnership By: RAMCO ALLIS DEVELOPMENT COMPANY, a Michigan co-partnership, its Partner
By: /s/ Bruce Gershenson ----------------------------------Bruce Gershenson Partner

RAMCO SOUTH NAPLES DEVELOPMENT, a Florida general partnership
By: /s/ Bruce Gershenson ----------------------------Bruce Gershenson Partner

RAMCO STERLING STRIP CO., a Delaware general partnership By: KMW STERLING DEVELOPMENT COMPANY, a Michigan co-partnership, its partner
By: /s/ Bruce Gershenson -------------------------Bruce Gershenson Partner

RAMCO SOUTH NAPLES DEVELOPMENT, a Florida general partnership
By: /s/ Bruce Gershenson ----------------------------Bruce Gershenson Partner

RAMCO STERLING STRIP CO., a Delaware general partnership By: KMW STERLING DEVELOPMENT COMPANY, a Michigan co-partnership, its partner
By: /s/ Bruce Gershenson -------------------------Bruce Gershenson Partner

RAMCO TEL-TWELVE CO., a Delaware general partnership By: TEL-TWELVE MALL ASSOCIATES LIMITED PARTNERSHIP, a Michigan limited partnership, its partner
By: /s/ Bruce Gershenson --------------------------Bruce Gershenson Partner

EXHIBIT 10.6 PROMISSORY NOTE $5,550,000.00 Place of Execution: New York, New York Maturity Date: November 9, 1997 Date of Note: May 10, 1996 INDEBTEDNESS FOR VALUE RECEIVED, the undersigned, ATLANTIC REALTY TRUST, a Maryland real estate investment trust ("Borrower"), promises to pay to the order of RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited partnership ("Holder"), at its offices at 27600 Northwestern Highway, Suite 200, Southfield, Michigan 48034, or at such other place as the Holder hereof may designate in writing from time to time, the principal sum of Five Million Five Hundred Fifty Thousand and 00/100 Dollars ($5,550,000.00), together with interest as hereinafter provided, in lawful money of the United States, which shall be legal tender in payment of all debts and dues, public and private, at the time of payment, in the manner hereinafter provided. RATE OF INTEREST So long as there is no Event of Default (as defined below) hereunder, during the term of this Promissory Note (the "Promissory Note"), the principal balance of this Promissory Note shall bear interest per annum at the rate

EXHIBIT 10.6 PROMISSORY NOTE $5,550,000.00 Place of Execution: New York, New York Maturity Date: November 9, 1997 Date of Note: May 10, 1996 INDEBTEDNESS FOR VALUE RECEIVED, the undersigned, ATLANTIC REALTY TRUST, a Maryland real estate investment trust ("Borrower"), promises to pay to the order of RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited partnership ("Holder"), at its offices at 27600 Northwestern Highway, Suite 200, Southfield, Michigan 48034, or at such other place as the Holder hereof may designate in writing from time to time, the principal sum of Five Million Five Hundred Fifty Thousand and 00/100 Dollars ($5,550,000.00), together with interest as hereinafter provided, in lawful money of the United States, which shall be legal tender in payment of all debts and dues, public and private, at the time of payment, in the manner hereinafter provided. RATE OF INTEREST So long as there is no Event of Default (as defined below) hereunder, during the term of this Promissory Note (the "Promissory Note"), the principal balance of this Promissory Note shall bear interest per annum at the rate equal to the rate announced by The First National Bank of Boston from time to time as its Base Rate (the "Contract Rate"). If Borrower does not make timely payments as provided in this Promissory Note, a late payment fee in an amount equal to five percent (5%) of the past due amount shall be payable in connection with any amount due under this Promissory Note that is not received by Holder within ten (10) days of when due. In an Event of Default (as defined below), Holder shall have the right and option to charge interest on the then outstanding principal balance at a default rate equal to five percent (5%) over the Contract Rate, in addition to all other rights provided by this Promissory Note or as provided by law or in equity. LIMITATIONS ON INTEREST RATE It is the intention of Borrower and Holder that the rates of interest from time to time applicable hereunder, including all sums and charges that may properly be deemed to constitute interest, shall not exceed the maximum lawful rate of interest applicable to each such rate. To that end, it is agreed that any rate of interest applicable hereunder shall not at any time exceed the rates or amount of interest then permitted to be charged by stipulation in writing between Borrower and Holder hereunder (the "Interest Rate Limitation").

In the event that any rate of interest otherwise applicable hereunder (including any sums paid independent of this Promissory Note and properly determined under applicable law to be interest) shall exceed the Interest Rate Limitation, the interest rate applicable to this Promissory Note shall automatically be reduced to the applicable maximum interest rate which does not exceed the applicable Interest Rate Limitation, and sums paid as interest which would cause any effective rate of interest hereunder to exceed the applicable Interest Rate Limitation shall be applied to reduce the principal balance of this Promissory Note. MANNER OF PAYMENT A payment of all interest which has accrued hereunder but has not been paid shall be made on June 1, 1996, and on the first day of each and every month thereafter until the Maturity Date of this Promissory Note. Interest which would accrue during the month in which the Maturity Date falls will be collected at the Maturity Date. In addition, any payment or proceeds actually received by Borrower in connection with (i) the sale by Owner (as defined in the Security Instrument defined below) of the real property encumbered by the Note, Mortgage or Other Security Documents (as defined below) or (ii) insurance or condemnation proceeds, in each case, that the Borrower (as lender under the Mortgage) is entitled under the Mortgage to receive from the Owner, shall be paid to Holder as principal immediately upon receipt of such payment by Borrower.

In the event that any rate of interest otherwise applicable hereunder (including any sums paid independent of this Promissory Note and properly determined under applicable law to be interest) shall exceed the Interest Rate Limitation, the interest rate applicable to this Promissory Note shall automatically be reduced to the applicable maximum interest rate which does not exceed the applicable Interest Rate Limitation, and sums paid as interest which would cause any effective rate of interest hereunder to exceed the applicable Interest Rate Limitation shall be applied to reduce the principal balance of this Promissory Note. MANNER OF PAYMENT A payment of all interest which has accrued hereunder but has not been paid shall be made on June 1, 1996, and on the first day of each and every month thereafter until the Maturity Date of this Promissory Note. Interest which would accrue during the month in which the Maturity Date falls will be collected at the Maturity Date. In addition, any payment or proceeds actually received by Borrower in connection with (i) the sale by Owner (as defined in the Security Instrument defined below) of the real property encumbered by the Note, Mortgage or Other Security Documents (as defined below) or (ii) insurance or condemnation proceeds, in each case, that the Borrower (as lender under the Mortgage) is entitled under the Mortgage to receive from the Owner, shall be paid to Holder as principal immediately upon receipt of such payment by Borrower. For purposes of computing payments of principal and interest, the payments shall be computed on the basis of a three hundred sixty (360) day year composed of twelve (12) thirty (30) day months. Interest accruing in partial months shall be computed on a three hundred sixty (360) day year. Payments hereunder shall be applied first in payment of lat charges, costs, expenses, accrued interest and thereafter in reduction of principal. All principal and accrued interest shall be paid on November 9, 1997 ("Maturity Date"). PREPAYMENT This Promissory Note may be prepaid in whole or in part at any time without penalty. SECURITY This Promissory Note is secured by a Collateral Assignment of Mortgage of even date herewith from Borrower to Holder (the "Security Instrument"), pursuant to which Borrower has granted Holder a security interest in (i) the Note (as defined in the Security Instrument) in the aggregate principal amount of Twenty-Five Million and 00/100 Dollars ($25,000,000.00) held by Borrower, and (ii) the Mortgage and Other Security Documents (in each case, as defined in the Security Instrument). Holder shall be entitled to the benefits of the Note, the Mortgage and the Other Security Documents. 2

DEFAULT The unpaid principal balance, all accrued and unpaid interest due under this Promissory Note and all other amounts due hereunder shall become immediately due and payable at the option of Holder upon any Event of Default (as defined below). Borrower shall pay all costs and reasonable attorneys' fees incurred in collecting or enforcing this Promissory Note, whether suit be brought or not. Any failure of Holder to exercise such option to accelerate shall not constitute a waiver of the right to exercise such option to accelerate at any future time. As used herein, an "Event of Default" shall mean (i) the failure of Borrower to make timely payments of interest hereunder, which failure continues for a period of ten (10) days following the date any such interest payment required to be made hereunder is due, (ii) the failure to make any required principal payment hereunder when due, and (iii) any "Event of Default" by Borrower under the Security Instrument (as that term is defined therein). Acceptance by Holder of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and, at any time thereafter and until the entire amount then due has been paid, Holder shall be entitled to exercise all rights conferred upon it in this Promissory Note upon the occurrence of an Event of Default. Borrower and every person and entity at any time liable for the payment of the evidenced debt expressly

DEFAULT The unpaid principal balance, all accrued and unpaid interest due under this Promissory Note and all other amounts due hereunder shall become immediately due and payable at the option of Holder upon any Event of Default (as defined below). Borrower shall pay all costs and reasonable attorneys' fees incurred in collecting or enforcing this Promissory Note, whether suit be brought or not. Any failure of Holder to exercise such option to accelerate shall not constitute a waiver of the right to exercise such option to accelerate at any future time. As used herein, an "Event of Default" shall mean (i) the failure of Borrower to make timely payments of interest hereunder, which failure continues for a period of ten (10) days following the date any such interest payment required to be made hereunder is due, (ii) the failure to make any required principal payment hereunder when due, and (iii) any "Event of Default" by Borrower under the Security Instrument (as that term is defined therein). Acceptance by Holder of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and, at any time thereafter and until the entire amount then due has been paid, Holder shall be entitled to exercise all rights conferred upon it in this Promissory Note upon the occurrence of an Event of Default. Borrower and every person and entity at any time liable for the payment of the evidenced debt expressly authorize Holder to immediately apply to the payment of this Promissory Note any sum of money or other property belonging to Borrower or any such person or entity, deposited or otherwise in the hands of Holder; provided, however, that neither this authority, nor the fact that it may not be exercised, shall alter or modify in any manner the obligation herein incurred. WAIVER Borrower for itself and its legal representatives, successors and assigns, and every person and entity at any time liable for the indebtedness hereunder, or any part thereof, expressly waives presentment, demand, protest, notice of dishonor, notice of nonpayment, notice of maturity, notice of protest, presentment for the purpose of accelerating maturity, diligence in collection, marshalling rights, subrogation rights, and any exemption under the homestead exemption laws, if any, or any other exemption or insolvency laws whatsoever in respect of this Promissory Note or the Security Instrument or items of collateral described therein. Borrower consents that Holder may extend the time for payment or otherwise modify the terms of payment of any part or the whole of the debt evidenced hereby. LIABILITY Borrower shall have full personal liability for all amounts due under this Promissory Note. 3

GOVERNING LAW, SUCCESSORS AND ASSIGNS AND MISCELLANEOUS This Promissory Note is delivered and accepted in the State of New York and shall be governed and construed in accordance with its laws. If any provision of this Promissory Note is in conflict with any statute or applicable rule of law, or is otherwise unenforceable for any reason whatsoever, such provision shall be deemed null and void to the extent of such conflict or unenforceability and shall be deemed separate from and shall not invalidate any other provision of this Promissory Note. TIME SHALL BE OF THE ESSENCE UNDER THIS PROMISSORY NOTE. This Promissory Note may not be amended except by a writing signed by Borrower and Holder. This Promissory Note shall, in accordance with its terms, be binding upon Borrower, its successors and assigns, and shall inure to the benefit of Holder and its successors and assigns. The paragraph captions provided in this Promissory Note are for convenience only and shall not affect the meaning, interpretation or construction of the provisions hereof. IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be executed on the day and year first written above.

GOVERNING LAW, SUCCESSORS AND ASSIGNS AND MISCELLANEOUS This Promissory Note is delivered and accepted in the State of New York and shall be governed and construed in accordance with its laws. If any provision of this Promissory Note is in conflict with any statute or applicable rule of law, or is otherwise unenforceable for any reason whatsoever, such provision shall be deemed null and void to the extent of such conflict or unenforceability and shall be deemed separate from and shall not invalidate any other provision of this Promissory Note. TIME SHALL BE OF THE ESSENCE UNDER THIS PROMISSORY NOTE. This Promissory Note may not be amended except by a writing signed by Borrower and Holder. This Promissory Note shall, in accordance with its terms, be binding upon Borrower, its successors and assigns, and shall inure to the benefit of Holder and its successors and assigns. The paragraph captions provided in this Promissory Note are for convenience only and shall not affect the meaning, interpretation or construction of the provisions hereof. IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be executed on the day and year first written above. ATLANTIC REALTY TRUST, a Maryland real estate investment trust
By: /s/ Edwin R. Frankel -------------------Its: Executive Vice President and Secretary --------------------------------------

Address for notice purposes: 747 Third Avenue New York, New York 10017 Attention: Joel M. Pashcow, Chairman and President 4

EXHIBIT 10.7 ATLANTIC REALTY TRUST 747 Third Avenue New York, New York 10017 May 10, 1996 RPS Realty Trust (now named Ramco-Gershenson Properties Trust) 27600 Northwestern Highway, Suite 200 Southfield, Michigan 48034 Re: Ramco Acquisition Gentlemen: Reference is made to the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to the Amended and Restated Master Agreement, dated as of March 19, 1996, among the RPS Realty Trust, a Massachusetts business trust ("RPS"), Ramco-Gershenson, Inc., a Michigan corporation, Dennis Gershenson, Joel Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties Trust, L.P., a Delaware limited partnership, and the affiliates of Ramco listed on Schedule A thereto (as amended, the "Master Agreement"). Capitalized terms used and not otherwise defined in this letter agreement shall have the

EXHIBIT 10.7 ATLANTIC REALTY TRUST 747 Third Avenue New York, New York 10017 May 10, 1996 RPS Realty Trust (now named Ramco-Gershenson Properties Trust) 27600 Northwestern Highway, Suite 200 Southfield, Michigan 48034 Re: Ramco Acquisition Gentlemen: Reference is made to the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to the Amended and Restated Master Agreement, dated as of March 19, 1996, among the RPS Realty Trust, a Massachusetts business trust ("RPS"), Ramco-Gershenson, Inc., a Michigan corporation, Dennis Gershenson, Joel Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties Trust, L.P., a Delaware limited partnership, and the affiliates of Ramco listed on Schedule A thereto (as amended, the "Master Agreement"). Capitalized terms used and not otherwise defined in this letter agreement shall have the meanings set forth in the Master Agreement. This letter agreement confirms and memorializes our agreement with RPS as follows: 1. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Atlantic Realty Trust, a Maryland real estate investment trust ("Atlantic"), hereby assumes and agrees to be liable for, and agrees to pay, perform and discharge as they become due, all Excluded Expenses (other than amounts payable to Joel M. Pashcow under Section 3(b)(ii) of the Termination Agreement between RPS and Joel M. Pashcow, dated March 26, 1996) that were incurred or are the responsibility of RPS under the Master Agreement and which were not paid for by RPS at or prior to the Closing (collectively, the "Assumed Liabilities"). 2. Atlantic shall indemnify, defend and hold harmless RPS from and against any and all Assumed Liabilities and any and all liabilities, costs and expenses in connection with any claims, actions, suits or proceedings arising out of or resulting from the Assumed Liabilities. If RPS shall receive notice of any such claim, action, suit or proceeding, shall promptly notify Atlantic which shall be entitled and obligated to defend or settle the same through its own counsel and its own expense, but RPS, shall provide any corporation reasonably requested by Atlantic. 3. Each of Atlantic and RPS hereby agrees to take or cause to be taken such further action, to execute, deliver and file a cause to be executed, delivered and filed such further documents and

2 instruments, and may be necessary or it may be reasonably requested in order to effectuate fully the purposes, terms and conditions of this letter agreement. 4. This letter agreement shall be binding upon and shall inure to the benefit of the parties hereof and their respective successors, heirs, executives, administratives, legal representatives and assignees. 5. This letter agreement shall be governed by and in accordance with the laws of the State of New York, without giving effect to conflict of laws. Very truly yours,

2 instruments, and may be necessary or it may be reasonably requested in order to effectuate fully the purposes, terms and conditions of this letter agreement. 4. This letter agreement shall be binding upon and shall inure to the benefit of the parties hereof and their respective successors, heirs, executives, administratives, legal representatives and assignees. 5. This letter agreement shall be governed by and in accordance with the laws of the State of New York, without giving effect to conflict of laws. Very truly yours, ATLANTIC REALTY TRUST
By: /s/ Edwin R. Frankel ------------------------Name: Edwin R. Frankel Title:

EXHIBIT 10.8 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and JOEL GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates. C. Executive is one of the five principals of Ramco Management (the "Ramco Principals"). The Trust wishes to employ Executive and the other Ramco Principals, and Executive wishes to be employed by the Trust, on the terms and conditions set forth below. THEREFORE, the parties agree as follows: 1. EMPLOYMENT DUTIES. During the Term (as defined in paragraph 2 below), the Trust will employ Executive as its Chairman. Except as permitted by Executive's Noncompetition Agreement with the Trust, Executive will devote substantially all of his business time and attention to the performance of his duties under this Agreement. Executive initially shall have the duties, rights and responsibilities normally associated with his position

EXHIBIT 10.8 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and JOEL GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates. C. Executive is one of the five principals of Ramco Management (the "Ramco Principals"). The Trust wishes to employ Executive and the other Ramco Principals, and Executive wishes to be employed by the Trust, on the terms and conditions set forth below. THEREFORE, the parties agree as follows: 1. EMPLOYMENT DUTIES. During the Term (as defined in paragraph 2 below), the Trust will employ Executive as its Chairman. Except as permitted by Executive's Noncompetition Agreement with the Trust, Executive will devote substantially all of his business time and attention to the performance of his duties under this Agreement. Executive initially shall have the duties, rights and responsibilities normally associated with his position with the Trust consistent with the Amended and Restated Declaration of Trust of the Trust, as amended, together with such other reasonable duties relating to the operation of the business of the Trust and its affiliates as may be assigned to him from time to time by the Board of Trustees of the Trust (the "Board") or may otherwise be provided for in such Bylaws. If the Trust shall so request, Executive shall become and shall, at any time during the term of this Agreement as the Trust shall so request, act as a trustee of the Trust and/or as an officer and/or director of any of the Subsidiaries of the Trust as they may now exist or may be established by the Trust in the future without any compensation other than that provided for in paragraph 3.

2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary

2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary by an amount which the Committee deems appropriate in light of the Trust's and Executive's performance during the period covered by such review; provided, however, that the Base Salary will not be reduced below $100,000 per annum. The Base Salary will be payable to Executive in accordance with the Trust's standard payroll practices. b. Bonus. In addition to the Base Salary, the Trust will pay to Executive performance-based bonus compensation for each fiscal year of the Trust, not later than 60 days following the end of each fiscal year or the expiration of the Term as a result of the nonextension thereof or as otherwise specified in paragraph 6 below, as the case may be, prorated on a per diem basis for partial fiscal years, as determined by the Committee but not less than that determined and calculated in accordance with the formula set forth on Exhibit "A" hereto. 4. FRINGE BENEFITS. In addition to the other compensation payable pursuant to this Agreement, during the Term: a. Standard Benefits. Executive will be entitled to receive such fringe benefits and perquisites, including medical, dental, disability and life insurance, as are generally made available from time to time to management employees and Executives of the Trust and as was provided to Executive by Ramco Management on December 31, 1995, and to participate in any pension, profit-sharing, stock option or similar plan or program established from time to time by the Trust for the benefit of its employees. b. Vacation and Sick Leave. Executive will be entitled to such periods of paid vacation and sick leave allowance each year (not less than four weeks) that are consistent with the Trust's vacation and sick leave policy for senior management. c. Business Expenses. The Trust will pay or reimburse Executive for all business-related expenses incurred by Executive in the course of his performance of duties under this Agreement, subject to the procedures established by the Trust from time to time with respect 2

to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the

to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the "Registrable Securities"). The Trust shall use commercially reasonable efforts to maintain the effectiveness of such registration statement under the Securities Act until the earlier of (i) the date the Registrable Securities are no longer eligible for registration on Form S-8 or (ii) the date the Registrable Securities are permitted to be disposed of pursuant to Rule 144(k) (or any successor rule) under the Securities Act. 5. TERMINATION OF EMPLOYMENT. a. Death and Disability. Executive's employment under this Agreement will terminate immediately upon his death and upon 30 days' prior written notice given by the Trust in the event Executive is determined to be "permanently disabled" (as defined below). b. For Cause. The Trust may terminate Executive's employment under this Agreement for "Cause" (as defined below), upon providing Executive 30 days' prior written notice of termination, which notice will describe in detail the basis of such termination and will become effective on the 30th day after Executive's receipt thereof unless Executive (i) cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period or (ii) sends, within such 30-day notice period, written notice to the Board of Trustees of the Trust disputing in good faith the existence of Cause and requesting arbitration of such dispute pursuant to paragraph 8 below. During the pendency of the arbitration, Executive will continue to receive all compensation and benefits to which he is entitled hereunder. If the Trust is not successful in obtaining a determination by the arbitrators that there was Cause for termination, the Trust will pay Executive's reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, in connection with such dispute resolution. c. For Good Reason. Executive may terminate his employment under this Agreement for "Good Reason" (as defined below) upon providing the Trust 30 days' prior written 3

notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the

notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the provisions of this Agreement or of the Noncompetition Agreement, as the case may be, with respect to which he was in such breach; (B) action by Executive constituting willful malfeasance or gross negligence, having a material adverse effect on the Trust; (C) an act of fraud, misappropriation of funds or embezzlement by Executive in connection with his employment hereunder; or (D) Executive is convicted of, pleads guilty to or confesses to any felony. (iii) "Good Reason" means the occurrence of any of the following, without the prior written consent of Executive: (A) any substantial diminution of duties, responsibilities or status, or other imposition by the Trust of unreasonable requirements or working conditions on Executive, which are not withdrawn or corrected within a 30-day period following notice by Executive to the Trust of such diminution or imposition; (B) a material breach by the Trust of any of its material obligations under this Agreement, but only if (x) after expiration of the 30-day notice period provided in subparagraph (c) above, the Trust fails to cure such breach or (y) notwithstanding such cure, the Trust willfully and repeatedly breaches its obligations under this Agreement; (C) a relocation of the Trust's principal executive offices or of Executive's principal place of employment to a location more than 25 miles from Southfield, Michigan; (D) if, after any election of Trustees, at least two Ramco Principals are not members of the Board or the Ramco Principals would constitute less than 20% of the members of the Board (provided that at least two of the Ramco Principals are ready, willing and able to serve on the Board); or (E) a "change of control" as defined below. 4

Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this

Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this Agreement as the "Severance Period"). In the event of a termination upon Executive's permanent disability, Executive will also remain entitled to receive, during the Severance Period, those fringe benefits specified in paragraph 4 above, including coverage under all insurance programs and plans. The payment of such Base Salary and bonus will be made during the Severance Period at the same times as such amounts would have been paid pursuant to paragraph 3 above had Executive's employment not have been terminated and had the Term expired at the end of the Severance Period. b. Termination with Cause or Resignation. Upon termination of Executive's employment by the Trust pursuant to paragraph 5(b) above or a voluntary resignation by Executive (other than for Good Reason pursuant to paragraph 5(c) above), the Trust will remain obligated to pay Executive only the unpaid portion of his Base Salary, bonus and benefits (including the value of any untaken vacation time to the extent Executive has, during the year in which such termination occurs, taken less vacation time than permitted to him hereunder), to the extent accrued through the effective date of termination. Any amount due under this subparagraph will be payable within 30 days after the date of termination. c. Termination without Cause or for Good Reason. Upon termination of Executive's employment (x) by the Trust other than for Cause or upon Executive's death or 5

permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b) (3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was

permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b) (3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was so employed, determined by analyzing any compensation (other than non-recurring items) includable in Executive's gross income for any partial calendar year and then adding such non-recurring items to such annualized compensation. Compensation payable to Executive by the Trust will include every type and form of compensation includable in Executive's gross income in respect of his employment by the Trust, including compensation income recognized as a result of Executive's exercise of stock options or sale of the stock so acquired, except to the extent otherwise provided in Section 280G of the Code and any temporary or final regulations promulgated thereunder; (iii) if in the opinion of tax counsel elected by Executive and reasonably acceptable to the Trust, any portion of any payment made to Executive, including without limitation, the Severance Payment constitutes an excess "parachute payment" within the meaning of Section 280G(b)(1) of the Code, the Trust will pay Executive an additional amount (the "Additional Amount") equal to the sum of (i) all taxes payable by Executive under Section 4999 of the Code with respect to the Severance Payment and the Additional Amount, plus (ii) all federal, state or local income taxes payable by Executive with respect to the Additional Amount; and 6

(iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action,

(iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the event that it shall ultimately be determined that he is not entitled to indemnification by the Trust. Such undertaking shall be accepted without reference to the financial ability of such Executive to make repayment. The Trust shall use commercially reasonable efforts to maintain in effect for the Term of this Agreement a directors' and officers' liability insurance policy, with a policy limit of at least $10,000,000 (which may be spread over a multiple year period), subject to customary exclusions, with respect to claims made against officers and directors of the Trust; provided, however, the Trust shall be relieved of this obligation to maintain directors' and officers' liability insurance if, in the good faith judgment of the Trust, it cannot be obtained at a reasonable cost. 8. ARBITRATION. The parties hereto will endeavor to resolve in good faith any controversy, disagreement or claim arising between them, whether as to the interpretation, performance or operation of this Agreement or any rights or obligations hereunder. If they are unable to do so, any such controversy, disagreement or claim will be submitted to binding arbitration, for final resolution without appeal, by either party giving written notice to the other of the existence of a dispute which it desires to have arbitrated. The arbitration will be conducted in Detroit, Michigan by a panel of three (3) arbitrators and will be held in accordance with the 7

rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement.

rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement. b. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to the extent enforceable in any jurisdiction will remain binding and enforceable. c. The rights and obligations of the Trust under this Agreement inure to the benefit of, and will be binding on, the Trust and its successors and permitted assigns, and the rights and obligations (other than obligations to perform services) of Executive under this Agreement will inure to the benefit of, and will be binding upon, Executive and his heirs, personal representatives and permitted assigns; provided, however, Executive shall not be entitled to assign or delegate any of his rights and obligations under this Agreement without the prior written consent of the Trust; provided, further, that the Trust shall not have the right to assign or delegate any of its rights or obligations under this Agreement except to a corporation, partnership or other business entity that is, directly or indirectly, controlled by the Trust. 8

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -------------------------------

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ------------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Joel Gershenson ------------------------------------Joel Gershenson

9

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid;

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 10% but less than 15% from the Trust's Funds From Operation per outstanding Share for the previous year, then 30% of Executive's Base Salary for the year for which the bonus is to be paid; (e) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase by 15% or more from the Trust's Funds From Operation per outstanding Share for the previous year, then 50% of Executive's Base Salary for the year for which the bonus is to be paid.

EXHIBIT 10.9 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and DENNIS GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates.

EXHIBIT 10.9 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and DENNIS GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates. C. Executive is one of the five principals of Ramco Management (the "Ramco Principals"). The Trust wishes to employ Executive and the other Ramco Principals, and Executive wishes to be employed by the Trust, on the terms and conditions set forth below. THEREFORE, the parties agree as follows: 1. EMPLOYMENT DUTIES. During the Term (as defined in paragraph 2 below), the Trust will employ Executive as its President and Chief Executive Officer. Except as permitted by Executive's Noncompetition Agreement with the Trust, Executive will devote substantially all of his business time and attention to the performance of his duties under this Agreement. Executive initially shall have the duties, rights and responsibilities normally associated with his position with the Trust consistent with the Amended and Restated Declaration of Trust of the Trust, as amended, together with such other reasonable duties relating to the operation of the business of the Trust and its affiliates as may be assigned to him from time to time by the Board of Trustees of the Trust (the "Board") or may otherwise be provided for in such Bylaws. If the Trust shall so request, Executive shall become and shall, at any time during the term of this Agreement as the Trust shall so request, act as a trustee of the Trust and/or as an officer and/or director of any of the Subsidiaries of the Trust as they may now exist or may be established by the Trust in the future without any compensation other than that provided for in paragraph 3. 2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions

set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual

set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary by an amount which the Committee deems appropriate in light of the Trust's and Executive's performance during the period covered by such review; provided, however, that the Base Salary will not be reduced below $100,000 per annum. The Base Salary will be payable to Executive in accordance with the Trust's standard payroll practices. b. Bonus. In addition to the Base Salary, the Trust will pay to Executive performance-based bonus compensation for each fiscal year of the Trust, not later than 60 days following the end of each fiscal year or the expiration of the Term as a result of the nonextension thereof or as otherwise specified in paragraph 6 below, as the case may be, prorated on a per diem basis for partial fiscal years, as determined by the Committee but not less than that determined and calculated in accordance with the formula set forth on Exhibit "A" hereto. 4. FRINGE BENEFITS. In addition to the other compensation payable pursuant to this Agreement, during the Term: a. Standard Benefits. Executive will be entitled to receive such fringe benefits and perquisites, including medical, dental, disability and life insurance, as are generally made available from time to time to management employees and Executives of the Trust and as was provided to Executive by Ramco Management on December 31, 1995, and to participate in any pension, profit-sharing, stock option or similar plan or program established from time to time by the Trust for the benefit of its employees. b. Vacation and Sick Leave. Executive will be entitled to such periods of paid vacation and sick leave allowance each year (not less than four weeks) that are consistent with the Trust's vacation and sick leave policy for senior management. c. Business Expenses. The Trust will pay or reimburse Executive for all business-related expenses incurred by Executive in the course of his performance of duties under this Agreement, subject to the procedures established by the Trust from time to time with respect to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed 2

by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to the OPV per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the "Registrable Securities"). The Trust shall use commercially reasonable efforts to maintain the effectiveness of such

by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to the OPV per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the "Registrable Securities"). The Trust shall use commercially reasonable efforts to maintain the effectiveness of such registration statement under the Securities Act until the earlier of (i) the date the Registrable Securities are no longer eligible for registration on Form S-8 or (ii) the date the Registrable Securities are permitted to be disposed of pursuant to Rule 144(k) (or any successor rule) under the Securities Act. 5. TERMINATION OF EMPLOYMENT. a. Death and Disability. Executive's employment under this Agreement will terminate immediately upon his death and upon 30 days' prior written notice given by the Trust in the event Executive is determined to be "permanently disabled" (as defined below). b. For Cause. The Trust may terminate Executive's employment under this Agreement for "Cause" (as defined below), upon providing Executive 30 days' prior written notice of termination, which notice will describe in detail the basis of such termination and will become effective on the 30th day after Executive's receipt thereof unless Executive (i) cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period or (ii) sends, within such 30-day notice period, written notice to the Board of Trustees of the Trust disputing in good faith the existence of Cause and requesting arbitration of such dispute pursuant to paragraph 8 below. During the pendency of the arbitration, Executive will continue to receive all compensation and benefits to which he is entitled hereunder. If the Trust is not successful in obtaining a determination by the arbitrators that there was Cause for termination, the Trust will pay Executive's reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, in connection with such dispute resolution. c. For Good Reason. Executive may terminate his employment under this Agreement for "Good Reason" (as defined below) upon providing the Trust 30 days' prior written notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged 3

violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the provisions of this Agreement or of the Noncompetition Agreement, as the case may be, with respect to which he

violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the provisions of this Agreement or of the Noncompetition Agreement, as the case may be, with respect to which he was in such breach; (B) action by Executive constituting willful malfeasance or gross negligence, having a material adverse effect on the Trust; (C) an act of fraud, misappropriation of funds or embezzlement by Executive in connection with his employment hereunder; or (D) Executive is convicted of, pleads guilty to or confesses to any felony. (iii) "Good Reason" means the occurrence of any of the following, without the prior written consent of Executive: (A) any substantial diminution of duties, responsibilities or status, or other imposition by the Trust of unreasonable requirements or working conditions on Executive, which are not withdrawn or corrected within a 30-day period following notice by Executive to the Trust of such diminution or imposition; (B) a material breach by the Trust of any of its material obligations under this Agreement, but only if (x) after expiration of the 30-day notice period provided in subparagraph (c) above, the Trust fails to cure such breach or (y) notwithstanding such cure, the Trust willfully and repeatedly breaches its obligations under this Agreement; (C) a relocation of the Trust's principal executive offices or of Executive's principal place of employment to a location more than 25 miles from Southfield, Michigan; (D) if, after any election of Trustees, at least two Ramco Principals are not members of the Board or the Ramco Principals would constitute less than 20% of the members of the Board (provided that at least two of the Ramco Principals are ready, willing and able to serve on the Board); or (E) a "change of control" as defined below. Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the 4

issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this Agreement as the "Severance Period"). In the event of a termination upon Executive's permanent disability, Executive will also remain entitled to receive, during the Severance Period, those fringe benefits specified in paragraph 4 above, including coverage under all insurance programs and plans. The payment of such Base Salary

issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this Agreement as the "Severance Period"). In the event of a termination upon Executive's permanent disability, Executive will also remain entitled to receive, during the Severance Period, those fringe benefits specified in paragraph 4 above, including coverage under all insurance programs and plans. The payment of such Base Salary and bonus will be made during the Severance Period at the same times as such amounts would have been paid pursuant to paragraph 3 above had Executive's employment not have been terminated and had the Term expired at the end of the Severance Period. b. Termination with Cause or Resignation. Upon termination of Executive's employment by the Trust pursuant to paragraph 5(b) above or a voluntary resignation by Executive (other than for Good Reason pursuant to paragraph 5(c) above), the Trust will remain obligated to pay Executive only the unpaid portion of his Base Salary, bonus and benefits (including the value of any untaken vacation time to the extent Executive has, during the year in which such termination occurs, taken less vacation time than permitted to him hereunder), to the extent accrued through the effective date of termination. Any amount due under this subparagraph will be payable within 30 days after the date of termination. c. Termination without Cause or for Good Reason. Upon termination of Executive's employment (x) by the Trust other than for Cause or upon Executive's death or permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: 5

(i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b)(3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was so employed, determined by analyzing any compensation (other than non-recurring items) includable in Executive's gross income for any partial calendar year and then adding such non-recurring items to such annualized compensation. Compensation payable to Executive by the Trust will include every type and form of compensation includable in

(i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b)(3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was so employed, determined by analyzing any compensation (other than non-recurring items) includable in Executive's gross income for any partial calendar year and then adding such non-recurring items to such annualized compensation. Compensation payable to Executive by the Trust will include every type and form of compensation includable in Executive's gross income in respect of his employment by the Trust, including compensation income recognized as a result of Executive's exercise of stock options or sale of the stock so acquired, except to the extent otherwise provided in Section 280G of the Code and any temporary or final regulations promulgated thereunder; (iii) if in the opinion of tax counsel elected by Executive and reasonably acceptable to the Trust, any portion of any payment made to Executive, including without limitation, the Severance Payment constitutes an excess "parachute payment" within the meaning of Section 280G(b)(1) of the Code, the Trust will pay Executive an additional amount (the "Additional Amount") equal to the sum of (i) all taxes payable by Executive under Section 4999 of the Code with respect to the Severance Payment and the Additional Amount, plus (ii) all federal, state or local income taxes payable by Executive with respect to the Additional Amount; and (iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. 6

d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the event that it shall ultimately be determined that he is not entitled to indemnification by the Trust. Such undertaking shall be accepted without reference to the financial ability of such Executive to make repayment. The Trust shall use commercially reasonable efforts to maintain in effect for the Term of this Agreement a directors' and officers'

d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the event that it shall ultimately be determined that he is not entitled to indemnification by the Trust. Such undertaking shall be accepted without reference to the financial ability of such Executive to make repayment. The Trust shall use commercially reasonable efforts to maintain in effect for the Term of this Agreement a directors' and officers' liability insurance policy, with a policy limit of at least $10,000,000 (which may be spread over a multiple year period), subject to customary exclusions, with respect to claims made against officers and directors of the Trust; provided, however, the Trust shall be relieved of this obligation to maintain directors' and officers' liability insurance if, in the good faith judgment of the Trust, it cannot be obtained at a reasonable cost. 8. ARBITRATION. The parties hereto will endeavor to resolve in good faith any controversy, disagreement or claim arising between them, whether as to the interpretation, performance or operation of this Agreement or any rights or obligations hereunder. If they are unable to do so, any such controversy, disagreement or claim will be submitted to binding arbitration, for final resolution without appeal, by either party giving written notice to the other of the existence of a dispute which it desires to have arbitrated. The arbitration will be conducted in Detroit, Michigan by a panel of three (3) arbitrators and will be held in accordance with the rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within 7

fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement. b. The provisions of this Agreement are severable and if any one or more provisions may be determined to be

fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement. b. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to the extent enforceable in any jurisdiction will remain binding and enforceable. c. The rights and obligations of the Trust under this Agreement inure to the benefit of, and will be binding on, the Trust and its successors and permitted assigns, and the rights and obligations (other than obligations to perform services) of Executive under this Agreement will inure to the benefit of, and will be binding upon, Executive and his heirs, personal representatives and permitted assigns; provided, however, Executive shall not be entitled to assign or delegate any of his rights and obligations under this Agreement without the prior written consent of the Trust; provided, further, that the Trust shall not have the right to assign or delegate any of its rights or obligations under this Agreement except to a corporation, partnership or other business entity that is, directly or indirectly, controlled by the Trust. d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to 8

Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Bruce Gershenson --------------------------------Name: Bruce Gershenson Title: Treasurer

Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Bruce Gershenson --------------------------------Name: Bruce Gershenson Title: Treasurer

/s/ Dennis Gershenson ---------------------------------Dennis Gershenson

9

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 10% but less than 15% from the Trust's Funds From Operation per outstanding Share for the previous year, then 30% of Executive's Base Salary for the year for which the bonus is to be paid;

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 10% but less than 15% from the Trust's Funds From Operation per outstanding Share for the previous year, then 30% of Executive's Base Salary for the year for which the bonus is to be paid; (e) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase by 15% or more from the Trust's Funds From Operation per outstanding Share for the previous year, then 50% of Executive's Base Salary for the year for which the bonus is to be paid.

EXHIBIT 10.10 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and MICHAEL A. WARD ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates.

EXHIBIT 10.10 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and MICHAEL A. WARD ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates. C. Executive is one of the five principals of Ramco Management (the "Ramco Principals"). The Trust wishes to employ Executive and the other Ramco Principals, and Executive wishes to be employed by the Trust, on the terms and conditions set forth below. THEREFORE, the parties agree as follows: 1. EMPLOYMENT DUTIES. During the Term (as defined in paragraph 2 below), the Trust will employ Executive as its Executive Vice President and Chief Operating Officer. Except as permitted by Executive's Noncompetition Agreement with the Trust, Executive will devote substantially all of his business time and attention to the performance of his duties under this Agreement. Executive initially shall have the duties, rights and responsibilities normally associated with his position with the Trust consistent with the Amended and Restated Declaration of Trust of the Trust, as amended, together with such other reasonable duties relating to the operation of the business of the Trust and its affiliates as may be assigned to him from time to time by the Board of Trustees of the Trust (the "Board") or may otherwise be provided for in such Bylaws. If the Trust shall so request, Executive shall become and shall, at any time during the term of this Agreement as the Trust shall so request, act as a trustee of the Trust and/or as an officer and/or director of any of the Subsidiaries of the Trust as they may now exist or may be established by the Trust in the future without any compensation other than that provided for in paragraph 3.

2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual

2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary by an amount which the Committee deems appropriate in light of the Trust's and Executive's performance during the period covered by such review; provided, however, that the Base Salary will not be reduced below $100,000 per annum. The Base Salary will be payable to Executive in accordance with the Trust's standard payroll practices. b. Bonus. In addition to the Base Salary, the Trust will pay to Executive performance-based bonus compensation for each fiscal year of the Trust, not later than 60 days following the end of each fiscal year or the expiration of the Term as a result of the nonextension thereof or as otherwise specified in paragraph 6 below, as the case may be, prorated on a per diem basis for partial fiscal years, as determined by the Committee but not less than that determined and calculated in accordance with the formula set forth on Exhibit "A" hereto. 4. FRINGE BENEFITS. In addition to the other compensation payable pursuant to this Agreement, during the Term: a. Standard Benefits. Executive will be entitled to receive such fringe benefits and perquisites, including medical, dental, disability and life insurance, as are generally made available from time to time to management employees and Executives of the Trust and as was provided to Executive by Ramco Management on December 31, 1995, and to participate in any pension, profit-sharing, stock option or similar plan or program established from time to time by the Trust for the benefit of its employees. b. Vacation and Sick Leave. Executive will be entitled to such periods of paid vacation and sick leave allowance each year (not less than four weeks) that are consistent with the Trust's vacation and sick leave policy for senior management. c. Business Expenses. The Trust will pay or reimburse Executive for all business-related expenses incurred by Executive in the course of his performance of duties under this Agreement, subject to the procedures established by the Trust from time to time with respect 2

to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the

to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the "Registrable Securities"). The Trust shall use commercially reasonable efforts to maintain the effectiveness of such registration statement under the Securities Act until the earlier of (i) the date the Registrable Securities are no longer eligible for registration on Form S-8 or (ii) the date the Registrable Securities are permitted to be disposed of pursuant to Rule 144(k) (or any successor rule) under the Securities Act. 5. TERMINATION OF EMPLOYMENT. a. Death and Disability. Executive's employment under this Agreement will terminate immediately upon his death and upon 30 days' prior written notice given by the Trust in the event Executive is determined to be "permanently disabled" (as defined below). b. For Cause. The Trust may terminate Executive's employment under this Agreement for "Cause" (as defined below), upon providing Executive 30 days' prior written notice of termination, which notice will describe in detail the basis of such termination and will become effective on the 30th day after Executive's receipt thereof unless Executive (i) cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period or (ii) sends, within such 30-day notice period, written notice to the Board of Trustees of the Trust disputing in good faith the existence of Cause and requesting arbitration of such dispute pursuant to paragraph 8 below. During the pendency of the arbitration, Executive will continue to receive all compensation and benefits to which he is entitled hereunder. If the Trust is not successful in obtaining a determination by the arbitrators that there was Cause for termination, the Trust will pay Executive's reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, in connection with such dispute resolution. c. For Good Reason. Executive may terminate his employment under this Agreement for "Good Reason" (as defined below) upon providing the Trust 30 days' prior written 3

notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental

notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the provisions of this Agreement or of the Noncompetition Agreement, as the case may be, with respect to which he was in such breach; (B) action by Executive constituting willful malfeasance or gross negligence, having a material adverse effect on the Trust; (C) an act of fraud, misappropriation of funds or embezzlement by Executive in connection with his employment hereunder; or (D) Executive is convicted of, pleads guilty to or confesses to any felony. (iii) "Good Reason" means the occurrence of any of the following, without the prior written consent of Executive: (A) any substantial diminution of duties, responsibilities or status, or other imposition by the Trust of unreasonable requirements or working conditions on Executive, which are not withdrawn or corrected within a 30-day period following notice by Executive to the Trust of such diminution or imposition; (B) a material breach by the Trust of any of its material obligations under this Agreement, but only if (x) after expiration of the 30-day notice period provided in subparagraph (c) above, the Trust fails to cure such breach or (y) notwithstanding such cure, the Trust willfully and repeatedly breaches its obligations under this Agreement; (C) a relocation of the Trust's principal executive offices or of Executive's principal place of employment to a location more than 25 miles from Southfield, Michigan; (D) if, after any election of Trustees, at least two Ramco Principals are not members of the Board or the Ramco Principals would constitute less than 20% of the members of the Board (provided that at least two of the Ramco Principals are ready, willing and able to serve on the Board); or (E) a "change of control" as defined below. 4

Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this

Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this Agreement as the "Severance Period"). In the event of a termination upon Executive's permanent disability, Executive will also remain entitled to receive, during the Severance Period, those fringe benefits specified in paragraph 4 above, including coverage under all insurance programs and plans. The payment of such Base Salary and bonus will be made during the Severance Period at the same times as such amounts would have been paid pursuant to paragraph 3 above had Executive's employment not have been terminated and had the Term expired at the end of the Severance Period. b. Termination with Cause or Resignation. Upon termination of Executive's employment by the Trust pursuant to paragraph 5(b) above or a voluntary resignation by Executive (other than for Good Reason pursuant to paragraph 5(c) above), the Trust will remain obligated to pay Executive only the unpaid portion of his Base Salary, bonus and benefits (including the value of any untaken vacation time to the extent Executive has, during the year in which such termination occurs, taken less vacation time than permitted to him hereunder), to the extent accrued through the effective date of termination. Any amount due under this subparagraph will be payable within 30 days after the date of termination. c. Termination without Cause or for Good Reason. Upon termination of Executive's employment (x) by the Trust other than for Cause or upon Executive's death or 5

permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b) (3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was

permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b) (3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was so employed, determined by analyzing any compensation (other than non-recurring items) includable in Executive's gross income for any partial calendar year and then adding such non-recurring items to such annualized compensation. Compensation payable to Executive by the Trust will include every type and form of compensation includable in Executive's gross income in respect of his employment by the Trust, including compensation income recognized as a result of Executive's exercise of stock options or sale of the stock so acquired, except to the extent otherwise provided in Section 280G of the Code and any temporary or final regulations promulgated thereunder; (iii) if in the opinion of tax counsel elected by Executive and reasonably acceptable to the Trust, any portion of any payment made to Executive, including without limitation, the Severance Payment constitutes an excess "parachute payment" within the meaning of Section 280G(b)(1) of the Code, the Trust will pay Executive an additional amount (the "Additional Amount") equal to the sum of (i) all taxes payable by Executive under Section 4999 of the Code with respect to the Severance Payment and the Additional Amount, plus (ii) all federal, state or local income taxes payable by Executive with respect to the Additional Amount; and 6

(iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action,

(iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the event that it shall ultimately be determined that he is not entitled to indemnification by the Trust. Such undertaking shall be accepted without reference to the financial ability of such Executive to make repayment. The Trust shall use commercially reasonable efforts to maintain in effect for the Term of this Agreement a directors' and officers' liability insurance policy, with a policy limit of at least $10,000,000 (which may be spread over a multiple year period), subject to customary exclusions, with respect to claims made against officers and directors of the Trust; provided, however, the Trust shall be relieved of this obligation to maintain directors' and officers' liability insurance if, in the good faith judgment of the Trust, it cannot be obtained at a reasonable cost. 8. ARBITRATION. The parties hereto will endeavor to resolve in good faith any controversy, disagreement or claim arising between them, whether as to the interpretation, performance or operation of this Agreement or any rights or obligations hereunder. If they are unable to do so, any such controversy, disagreement or claim will be submitted to binding arbitration, for final resolution without appeal, by either party giving written notice to the other of the existence of a dispute which it desires to have arbitrated. The arbitration will be conducted in Detroit, Michigan by a panel of three (3) arbitrators and will be held in accordance with the 7

rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement.

rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement. b. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to the extent enforceable in any jurisdiction will remain binding and enforceable. c. The rights and obligations of the Trust under this Agreement inure to the benefit of, and will be binding on, the Trust and its successors and permitted assigns, and the rights and obligations (other than obligations to perform services) of Executive under this Agreement will inure to the benefit of, and will be binding upon, Executive and his heirs, personal representatives and permitted assigns; provided, however, Executive shall not be entitled to assign or delegate any of his rights and obligations under this Agreement without the prior written consent of the Trust; provided, further, that the Trust shall not have the right to assign or delegate any of its rights or obligations under this Agreement except to a corporation, partnership or other business entity that is, directly or indirectly, controlled by the Trust. 8

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ------------------------------------

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -----------------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Michael A. Ward ----------------------------------------Michael A. Ward

9

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid;

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 10% but less than 15% from the Trust's Funds From Operation per outstanding Share for the previous year, then 30% of Executive's Base Salary for the year for which the bonus is to be paid; (e) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase by 15% or more from the Trust's Funds From Operation per outstanding Share for the previous year, then 50% of Executive's Base Salary for the year for which the bonus is to be paid.

EXHIBIT 10.11 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and RICHARD GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates.

EXHIBIT 10.11 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and RICHARD GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates. C. Executive is one of the five principals of Ramco Management (the "Ramco Principals"). The Trust wishes to employ Executive and the other Ramco Principals, and Executive wishes to be employed by the Trust, on the terms and conditions set forth below. THEREFORE, the parties agree as follows: 1. EMPLOYMENT DUTIES. During the Term (as defined in paragraph 2 below), the Trust will employ Executive as its Executive Vice President and Secretary. Except as permitted by Executive's Noncompetition Agreement with the Trust, Executive will devote substantially all of his business time and attention to the performance of his duties under this Agreement. Executive initially shall have the duties, rights and responsibilities normally associated with his position with the Trust consistent with the Amended and Restated Declaration of Trust of the Trust, as amended, together with such other reasonable duties relating to the operation of the business of the Trust and its affiliates as may be assigned to him from time to time by the Board of Trustees of the Trust (the "Board") or may otherwise be provided for in such Bylaws. If the

Trust shall so request, Executive shall become and shall, at any time during the term of this Agreement as the Trust shall so request, act as a trustee of the Trust and/or as an officer and/or director of any of the Subsidiaries of the Trust as they may now exist or may be established by the Trust in the future without any compensation other than that provided for in paragraph 3. 2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation

Trust shall so request, Executive shall become and shall, at any time during the term of this Agreement as the Trust shall so request, act as a trustee of the Trust and/or as an officer and/or director of any of the Subsidiaries of the Trust as they may now exist or may be established by the Trust in the future without any compensation other than that provided for in paragraph 3. 2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary by an amount which the Committee deems appropriate in light of the Trust's and Executive's performance during the period covered by such review; provided, however, that the Base Salary will not be reduced below $100,000 per annum. The Base Salary will be payable to Executive in accordance with the Trust's standard payroll practices. b. Bonus. In addition to the Base Salary, the Trust will pay to Executive performance-based bonus compensation for each fiscal year of the Trust, not later than 60 days following the end of each fiscal year or the expiration of the Term as a result of the nonextension thereof or as otherwise specified in paragraph 6 below, as the case may be, prorated on a per diem basis for partial fiscal years, as determined by the Committee but not less than that determined and calculated in accordance with the formula set forth on Exhibit "A" hereto. 4. FRINGE BENEFITS. In addition to the other compensation payable pursuant to this Agreement, during the Term: a. Standard Benefits. Executive will be entitled to receive such fringe benefits and perquisites, including medical, dental, disability and life insurance, as are generally made available from time to time to management employees and Executives of the Trust and as was provided to Executive by Ramco Management on December 31, 1995, and to participate in any pension, profit-sharing, stock option or similar plan or program established from time to time by the Trust for the benefit of its employees. 2

b. Vacation and Sick Leave. Executive will be entitled to such periods of paid vacation and sick leave allowance each year (not less than four weeks) that are consistent with the Trust's vacation and sick leave policy for senior management. c. Business Expenses. The Trust will pay or reimburse Executive for all business-related expenses incurred by Executive in the course of his performance of duties under this Agreement, subject to the procedures established by the Trust from time to time with respect to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be

b. Vacation and Sick Leave. Executive will be entitled to such periods of paid vacation and sick leave allowance each year (not less than four weeks) that are consistent with the Trust's vacation and sick leave policy for senior management. c. Business Expenses. The Trust will pay or reimburse Executive for all business-related expenses incurred by Executive in the course of his performance of duties under this Agreement, subject to the procedures established by the Trust from time to time with respect to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the "Registrable Securities"). The Trust shall use commercially reasonable efforts to maintain the effectiveness of such registration statement under the Securities Act until the earlier of (i) the date the Registrable Securities are no longer eligible for registration on Form S-8 or (ii) the date the Registrable Securities are permitted to be disposed of pursuant to Rule 144(k) (or any successor rule) under the Securities Act. 5. TERMINATION OF EMPLOYMENT. a. Death and Disability. Executive's employment under this Agreement will terminate immediately upon his death and upon 30 days' prior written notice given by the Trust in the event Executive is determined to be "permanently disabled" (as defined below). b. For Cause. The Trust may terminate Executive's employment under this Agreement for "Cause" (as defined below), upon providing Executive 30 days' prior written notice of termination, which notice will describe in detail the basis of such termination and will become effective on the 30th day after Executive's receipt thereof unless Executive (i) cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period or (ii) sends, within such 30-day notice period, written notice to the Board of Trustees of the Trust disputing in good faith the existence of Cause and requesting arbitration of such dispute pursuant to paragraph 8 below. During the pendency of the arbitration, Executive 3

will continue to receive all compensation and benefits to which he is entitled hereunder. If the Trust is not successful in obtaining a determination by the arbitrators that there was Cause for termination, the Trust will pay Executive's reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, in connection with such dispute resolution. c. For Good Reason. Executive may terminate his employment under this Agreement for "Good Reason" (as defined below) upon providing the Trust 30 days' prior written notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental

will continue to receive all compensation and benefits to which he is entitled hereunder. If the Trust is not successful in obtaining a determination by the arbitrators that there was Cause for termination, the Trust will pay Executive's reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, in connection with such dispute resolution. c. For Good Reason. Executive may terminate his employment under this Agreement for "Good Reason" (as defined below) upon providing the Trust 30 days' prior written notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the provisions of this Agreement or of the Noncompetition Agreement, as the case may be, with respect to which he was in such breach; (B) action by Executive constituting willful malfeasance or gross negligence, having a material adverse effect on the Trust; (C) an act of fraud, misappropriation of funds or embezzlement by Executive in connection with his employment hereunder; or (D) Executive is convicted of, pleads guilty to or confesses to any felony. (iii) "Good Reason" means the occurrence of any of the following, without the prior written consent of Executive: (A) any substantial diminution of duties, responsibilities or status, or other imposition by the Trust of unreasonable requirements or working conditions on Executive, which are not withdrawn or corrected within a 30-day period following notice by Executive to the Trust of such diminution or imposition; (B) a material breach by the Trust of any of its material obligations under this Agreement, but only if (x) after expiration of the 30-day notice period provided in subparagraph (c) above, the Trust fails to cure such breach or (y) notwithstanding such cure, the Trust willfully and repeatedly 4

breaches its obligations under this Agreement; (C) a relocation of the Trust's principal executive offices or of Executive's principal place of employment to a location more than 25 miles from Southfield, Michigan; (D) if, after any election of Trustees, at least two Ramco Principals are not members of the Board or the Ramco Principals would constitute less than 20% of the members of the Board (provided that at least two of the Ramco Principals are ready, willing and able to serve on the Board); or (E) a "change of control" as defined below. Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust.

breaches its obligations under this Agreement; (C) a relocation of the Trust's principal executive offices or of Executive's principal place of employment to a location more than 25 miles from Southfield, Michigan; (D) if, after any election of Trustees, at least two Ramco Principals are not members of the Board or the Ramco Principals would constitute less than 20% of the members of the Board (provided that at least two of the Ramco Principals are ready, willing and able to serve on the Board); or (E) a "change of control" as defined below. Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this Agreement as the "Severance Period"). In the event of a termination upon Executive's permanent disability, Executive will also remain entitled to receive, during the Severance Period, those fringe benefits specified in paragraph 4 above, including coverage under all insurance programs and plans. The payment of such Base Salary and bonus will be made during the Severance Period at the same times as such amounts would have been paid pursuant to paragraph 3 above had Executive's employment not have been terminated and had the Term expired at the end of the Severance Period. b. Termination with Cause or Resignation. Upon termination of Executive's employment by the Trust pursuant to paragraph 5(b) above or a voluntary resignation by Executive (other than for Good Reason pursuant to paragraph 5(c) above), the Trust will remain obligated to pay Executive only the unpaid portion of his Base Salary, bonus and benefits (including the value of any untaken vacation time to the extent Executive has, during the year 5

in which such termination occurs, taken less vacation time than permitted to him hereunder), to the extent accrued through the effective date of termination. Any amount due under this subparagraph will be payable within 30 days after the date of termination. c. Termination without Cause or for Good Reason. Upon termination of Executive's employment (x) by the Trust other than for Cause or upon Executive's death or permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b)(3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations

in which such termination occurs, taken less vacation time than permitted to him hereunder), to the extent accrued through the effective date of termination. Any amount due under this subparagraph will be payable within 30 days after the date of termination. c. Termination without Cause or for Good Reason. Upon termination of Executive's employment (x) by the Trust other than for Cause or upon Executive's death or permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b)(3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was so employed, determined by analyzing any compensation (other than non-recurring items) includable in Executive's gross income for any partial calendar year and then adding such non-recurring items to such annualized compensation. Compensation payable to Executive by the Trust will include every type and form of compensation includable in Executive's gross income in respect of his employment by the Trust, including compensation income recognized as a result of Executive's exercise of stock options or sale of the stock so acquired, except to the extent otherwise provided in Section 280G of the Code and any temporary or final regulations promulgated thereunder; (iii) if in the opinion of tax counsel elected by Executive and reasonably acceptable to the Trust, any portion of any payment made to Executive, including without limitation, the Severance Payment constitutes an excess "parachute payment" within the meaning of Section 280G(b)(1) of the Code, the Trust will pay Executive an additional amount (the "Additional Amount") equal to the sum 6

of (i) all taxes payable by Executive under Section 4999 of the Code with respect to the Severance Payment and the Additional Amount, plus (ii) all federal, state or local income taxes payable by Executive with respect to the Additional Amount; and (iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against

of (i) all taxes payable by Executive under Section 4999 of the Code with respect to the Severance Payment and the Additional Amount, plus (ii) all federal, state or local income taxes payable by Executive with respect to the Additional Amount; and (iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the event that it shall ultimately be determined that he is not entitled to indemnification by the Trust. Such undertaking shall be accepted without reference to the financial ability of such Executive to make repayment. The Trust shall use commercially reasonable efforts to maintain in effect for the Term of this Agreement a directors' and officers' liability insurance policy, with a policy limit of at least $10,000,000 (which may be spread over a multiple year period), subject to customary exclusions, with respect to claims made against officers and directors of the Trust; provided, however, the Trust shall be relieved of this obligation to maintain directors' and officers' liability insurance if, in the good faith judgment of the Trust, it cannot be obtained at a reasonable cost. 8. ARBITRATION. The parties hereto will endeavor to resolve in good faith any controversy, disagreement or claim arising between them, whether as to the interpretation, 7

performance or operation of this Agreement or any rights or obligations hereunder. If they are unable to do so, any such controversy, disagreement or claim will be submitted to binding arbitration, for final resolution without appeal, by either party giving written notice to the other of the existence of a dispute which it desires to have arbitrated. The arbitration will be conducted in Detroit, Michigan by a panel of three (3) arbitrators and will be held in accordance with the rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due.

performance or operation of this Agreement or any rights or obligations hereunder. If they are unable to do so, any such controversy, disagreement or claim will be submitted to binding arbitration, for final resolution without appeal, by either party giving written notice to the other of the existence of a dispute which it desires to have arbitrated. The arbitration will be conducted in Detroit, Michigan by a panel of three (3) arbitrators and will be held in accordance with the rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement. b. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to the extent enforceable in any jurisdiction will remain binding and enforceable. c. The rights and obligations of the Trust under this Agreement inure to the benefit of, and will be binding on, the Trust and its successors and permitted assigns, and the rights and obligations (other than obligations to perform services) of Executive under this Agreement will inure to the benefit of, and will be binding upon, Executive and his heirs, personal representatives and permitted assigns; provided, however, Executive shall not be entitled to assign or delegate any of his rights and obligations under this Agreement without the prior written consent of the Trust; provided, further, that the Trust shall not have the right to assign or delegate any of its rights or obligations under this Agreement except to a corporation, partnership or other business entity that is, directly or indirectly, controlled by the Trust. 8

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above.

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Richard Gershenson ---------------------------------Richard Gershenson

9

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Common Share, on an annualized basis, for the year for which the bonus is to be paid increase less than 5% from the Company's Funds From Operation per outstanding Common Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid;

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Common Share, on an annualized basis, for the year for which the bonus is to be paid increase less than 5% from the Company's Funds From Operation per outstanding Common Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 10% but less than 15% from the Trust's Funds From Operation per outstanding Share for the previous year, then 30% of Executive's Base Salary for the year for which the bonus is to be paid; (e) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase by 15% or more from the Trust's Funds From Operation per outstanding Share for the previous year, then 50%; of Executive's Base Salary for the year for which the bonus is to be paid.

EXHIBIT 10.12 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and BRUCE GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates.

EXHIBIT 10.12 EMPLOYMENT AGREEMENT This Employment Agreement (the "Agreement"), dated as of May 10, 1996, is entered into between RAMCOGERSHENSON PROPERTIES TRUST, formerly known as RPS Realty Trust, a Massachusetts business trust (the "Trust"), and BRUCE GERSHENSON ("Executive"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Amended and Restated Master Agreement, dated as of December 27, 1995, as amended by the First Amendment to Amended and Restated Master Agreement dated March 19, 1996, by and among RPS Realty Trust, a Massachusetts business trust, Ramco-Gershenson, Inc., a Michigan corporation, Joel Gershenson, Dennis Gershenson, Bruce Gershenson, Richard Gershenson, Michael A. Ward, Michael A. Ward, Trustee U/T/A dated 2/22/77, as amended, Ramco-Gershenson Properties, L.P., a Delaware limited partnership and the Ramco Contributing Parties listed on Schedule A attached thereto (as amended, the "Master Agreement"). RECITALS A. The Trust is a business trust intended to be qualified and to operate as a real estate investment trust under the Internal Revenue Code of 1986, as amended. B. The Trust is the general partner of Ramco-Gershenson Properties, L.P., a Delaware limited partnership (the "Operating Partnership"), which has, among other things, acquired various shopping center properties from Subsidiaries of the Trust and partnerships managed and controlled by Ramco-Gershenson, Inc. ("Ramco Management") or its affiliates. C. Executive is one of the five principals of Ramco Management (the "Ramco Principals"). The Trust wishes to employ Executive and the other Ramco Principals, and Executive wishes to be employed by the Trust, on the terms and conditions set forth below. THEREFORE, the parties agree as follows: 1. EMPLOYMENT DUTIES. During the Term (as defined in paragraph 2 below), the Trust will employ Executive as its Executive Vice President and Treasurer. Except as permitted by Executive's Noncompetition Agreement with the Trust, Executive will devote substantially all of his business time and attention to the performance of his duties under this Agreement. Executive initially shall have the duties, rights and responsibilities normally associated with his position with the Trust consistent with the Amended and Restated Declaration of Trust of the Trust, as amended, together with such other reasonable duties relating to the operation of the business of the Trust and its affiliates as may be assigned to him from time to time by the Board of Trustees of the Trust (the "Board") or may otherwise be provided for in such Bylaws. If the Trust shall so request, Executive shall become and shall, at any time during the term of this Agreement as the Trust shall so request, act as a trustee of the Trust and/or as an officer and/or director of any of the Subsidiaries of the Trust as they may now exist or may be established by the Trust in the future without any compensation other than that provided for in paragraph 3.

2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary

2. TERM. The term of Executive's employment under this Agreement (the "Term") will begin on the date of this Agreement and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of the date hereof; provided that, if the Board has considered whether or not to extend the Term at a meeting held not more than 90 days or less than 30 days prior to the expiration of the Term, the Term will automatically be extended for one year unless either the Trust or Executive gives written notice of non-extension to the other at least 20 days prior to the expiration of the Term. 3. SALARY AND BONUS. a. Salary. During each year of the Term, Executive will receive a salary at the annual rate of $100,000, which salary will be subject to increase as set forth below (as so increased, the "Base Salary"). The Compensation Committee of the Trust's Board of Trustees (the "Committee") will review Executive's Base Salary on an annual basis, and the Committee, upon such review and in its sole discretion, may increase or decrease the Base Salary by an amount which the Committee deems appropriate in light of the Trust's and Executive's performance during the period covered by such review; provided, however, that the Base Salary will not be reduced below $100,000 per annum. The Base Salary will be payable to Executive in accordance with the Trust's standard payroll practices. b. Bonus. In addition to the Base Salary, the Trust will pay to Executive performance-based bonus compensation for each fiscal year of the Trust, not later than 60 days following the end of each fiscal year or the expiration of the Term as a result of the nonextension thereof or as otherwise specified in paragraph 6 below, as the case may be, prorated on a per diem basis for partial fiscal years, as determined by the Committee but not less than that determined and calculated in accordance with the formula set forth on Exhibit "A" hereto. 4. FRINGE BENEFITS. In addition to the other compensation payable pursuant to this Agreement, during the Term: a. Standard Benefits. Executive will be entitled to receive such fringe benefits and perquisites, including medical, dental, disability and life insurance, as are generally made available from time to time to management employees and Executives of the Trust and as was provided to Executive by Ramco Management on December 31, 1995, and to participate in any pension, profit-sharing, stock option or similar plan or program established from time to time by the Trust for the benefit of its employees. b. Vacation and Sick Leave. Executive will be entitled to such periods of paid vacation and sick leave allowance each year (not less than four weeks) that are consistent with the Trust's vacation and sick leave policy for senior management. c. Business Expenses. The Trust will pay or reimburse Executive for all business-related expenses incurred by Executive in the course of his performance of duties under this Agreement, subject to the procedures established by the Trust from time to time with respect 2

to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the

to incurrence, substantiation, reasonableness and approval. The business-related expenses to be paid for or reimbursed by the Trust hereunder will include those expenses paid for or reimbursed by Ramco Management for the benefit of Executive for the year ending December 31, 1995, including professional licensing and association fees and dues, professional journal subscriptions and errors and omissions insurance coverage. d. Stock Options. Executive shall be entitled to participate in employee stock option plans from time to time established for the benefit of employees of the Trust in accordance with the terms and conditions of such plans. On the date hereof, Executive shall receive a grant of 24,000 stock options pursuant to the Trust's 1996 Share Option Plan, which options shall vest in three equal annual installments on the first, second and third anniversaries of the date hereof. The option exercise price with respect to the stock options granted on the date hereof shall be equal to $16.00 per share. None of the terms of any such option shall be modified without Executive's consent. Within 60 days after the date hereof, the Trust shall file a registration statement on Form S-8 registering under the Securities Act of 1933, as amended (the "Securities Act") the shares of beneficial interest of the Trust sold to Executive upon the exercise of the options granted to Executive pursuant to this paragraph 4(d) (collectively, the "Registrable Securities"). The Trust shall use commercially reasonable efforts to maintain the effectiveness of such registration statement under the Securities Act until the earlier of (i) the date the Registrable Securities are no longer eligible for registration on Form S-8 or (ii) the date the Registrable Securities are permitted to be disposed of pursuant to Rule 144(k) (or any successor rule) under the Securities Act. 5. TERMINATION OF EMPLOYMENT. a. Death and Disability. Executive's employment under this Agreement will terminate immediately upon his death and upon 30 days' prior written notice given by the Trust in the event Executive is determined to be "permanently disabled" (as defined below). b. For Cause. The Trust may terminate Executive's employment under this Agreement for "Cause" (as defined below), upon providing Executive 30 days' prior written notice of termination, which notice will describe in detail the basis of such termination and will become effective on the 30th day after Executive's receipt thereof unless Executive (i) cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period or (ii) sends, within such 30-day notice period, written notice to the Board of Trustees of the Trust disputing in good faith the existence of Cause and requesting arbitration of such dispute pursuant to paragraph 8 below. During the pendency of the arbitration, Executive will continue to receive all compensation and benefits to which he is entitled hereunder. If the Trust is not successful in obtaining a determination by the arbitrators that there was Cause for termination, the Trust will pay Executive's reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, in connection with such dispute resolution. c. For Good Reason. Executive may terminate his employment under this Agreement for "Good Reason" (as defined below) upon providing the Trust 30 days' prior written 3

notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the

notice of termination, which notice will detail the basis of such termination and will become effective on the 30th day after the Trust's receipt thereof unless the Trust cures the alleged violation or other circumstance which was the basis of such termination within such 30-day notice period. d. Definitions. For purposes of this Agreement: (i) Executive will be deemed "permanently disabled" if he becomes unable to discharge his normal duties as contemplated under this Agreement for more than six consecutive months as a result of incapacity due to mental or physical illness by a physician acceptable to Executive and the Trust and paid by the Trust, whose determination will be final and binding. If Executive and the Trust are unable to agree on a physician, Executive and the Trust will each choose one physician who will mutually choose the third physician, whose determination will be final and binding. (ii) "Cause" means either (A) a material breach by Executive of any material provisions of this Agreement or of the Noncompetition Agreement, but only if, after notice provided in subparagraph (b) above, Executive fails to cure such breach or, if such breach is not subject to cure, fails on an on-going basis thereafter to comply with the provisions of this Agreement or of the Noncompetition Agreement, as the case may be, with respect to which he was in such breach; (B) action by Executive constituting willful malfeasance or gross negligence, having a material adverse effect on the Trust; (C) an act of fraud, misappropriation of funds or embezzlement by Executive in connection with his employment hereunder; or (D) Executive is convicted of, pleads guilty to or confesses to any felony. (iii) "Good Reason" means the occurrence of any of the following, without the prior written consent of Executive: (A) any substantial diminution of duties, responsibilities or status, or other imposition by the Trust of unreasonable requirements or working conditions on Executive, which are not withdrawn or corrected within a 30-day period following notice by Executive to the Trust of such diminution or imposition; (B) a material breach by the Trust of any of its material obligations under this Agreement, but only if (x) after expiration of the 30-day notice period provided in subparagraph (c) above, the Trust fails to cure such breach or (y) notwithstanding such cure, the Trust willfully and repeatedly breaches its obligations under this Agreement; (C) a relocation of the Trust's principal executive offices or of Executive's principal place of employment to a location more than 25 miles from Southfield, Michigan; (D) if, after any election of Trustees, at least two Ramco Principals are not members of the Board or the Ramco Principals would constitute less than 20% of the members of the Board (provided that at least two of the Ramco Principals are ready, willing and able to serve on the Board); or (E) a "change of control" as defined below. 4

Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this

Notwithstanding the foregoing, if at any time after the date of this Agreement the Ramco Principals own shares or OP Units convertible into less than 15% of the issued and outstanding Shares of the Trust, clause (D) shall be inapplicable and shall not be deemed "good reason" for termination of employment. Executive will be deemed not to have consented to any proposal resulting in any of the foregoing changes unless he will have given written notice of his consent thereto to the Board of Trustees of the Trust within fifteen (15) days after receipt of a written proposal describing the change. If Executive will not give such consent, the Trust will have the opportunity to withdraw such proposed change by written notice to Executive given within 15 days after expiration of the foregoing 15-day period. (iv) A "change in control" shall occur if any person or group of commonly controlled persons, other than the Ramco Principals or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Trust, or of securities convertible into or exchangeable for capital stock of the Trust. 6. BENEFITS UPON TERMINATION. a. Termination upon Death or Permanent Disability. Upon termination of Executive's employment under this Agreement resulting from his death or permanent disability, the Trust will remain obligated to pay to Executive or his legal representatives his Base Salary and bonus, as provided in paragraph 3 above, for an additional period equal to 12 months from the effective date of termination (such additional period being referred to in this Agreement as the "Severance Period"). In the event of a termination upon Executive's permanent disability, Executive will also remain entitled to receive, during the Severance Period, those fringe benefits specified in paragraph 4 above, including coverage under all insurance programs and plans. The payment of such Base Salary and bonus will be made during the Severance Period at the same times as such amounts would have been paid pursuant to paragraph 3 above had Executive's employment not have been terminated and had the Term expired at the end of the Severance Period. b. Termination with Cause or Resignation. Upon termination of Executive's employment by the Trust pursuant to paragraph 5(b) above or a voluntary resignation by Executive (other than for Good Reason pursuant to paragraph 5(c) above), the Trust will remain obligated to pay Executive only the unpaid portion of his Base Salary, bonus and benefits (including the value of any untaken vacation time to the extent Executive has, during the year in which such termination occurs, taken less vacation time than permitted to him hereunder), to the extent accrued through the effective date of termination. Any amount due under this subparagraph will be payable within 30 days after the date of termination. c. Termination without Cause or for Good Reason. Upon termination of Executive's employment (x) by the Trust other than for Cause or upon Executive's death or 5

permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b)(3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period

permanent disability or (y) by Executive for Good Reason, Executive will be entitled to the benefits provided below: (i) the Trust will pay Executive his Base Salary through the date of termination; (ii) the Trust will pay as severance pay to Executive, not later than the 30th day following the date of termination, a lump sum severance payment (the "Severance Payment") equal to the greater of (x) the aggregate of all compensation due to Executive hereunder during the balance of the Term, assuming that the annual bonuses payable to Executive during such period will equal the average of the annual bonuses paid to Executive under this Agreement prior to termination of employment, or (y) 2.99 times (or, after the second anniversary of the date of this Agreement, 1.99 times) the "base amount" within the meaning of Sections 280G(b)(3) and 280G(d) of the Internal Revenue Code of 1986, as amended (the "Code"), and any applicable temporary or final regulations promulgated thereunder, or its equivalent as provided in any successor statute or regulation. If Section 280G of the Code (and any successor provisions thereto) is repealed or otherwise inapplicable, then the Severance Payment will equal 2.99 (or, after the second anniversary of this agreement, 1.99 times) times the average of Executive's annual compensation for both complete and partial calendar years during so much of the five calendar year period preceding the calendar year in which the termination occurs during which Executive was so employed, determined by analyzing any compensation (other than non-recurring items) includable in Executive's gross income for any partial calendar year and then adding such non-recurring items to such annualized compensation. Compensation payable to Executive by the Trust will include every type and form of compensation includable in Executive's gross income in respect of his employment by the Trust, including compensation income recognized as a result of Executive's exercise of stock options or sale of the stock so acquired, except to the extent otherwise provided in Section 280G of the Code and any temporary or final regulations promulgated thereunder; (iii) if in the opinion of tax counsel elected by Executive and reasonably acceptable to the Trust, any portion of any payment made to Executive, including without limitation, the Severance Payment constitutes an excess "parachute payment" within the meaning of Section 280G(b)(1) of the Code, the Trust will pay Executive an additional amount (the "Additional Amount") equal to the sum of (i) all taxes payable by Executive under Section 4999 of the Code with respect to the Severance Payment and the Additional Amount, plus (ii) all federal, state or local income taxes payable by Executive with respect to the Additional Amount; and 6

(iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the

(iv) for the duration of the Term, those fringe benefits specified in paragraph 4(a) above, including coverage under all insurance programs and plans. d. No Mitigation. Executive will not be required to mitigate the amount of any payment provided for in this paragraph 6 by seeking other employment or otherwise, nor will the amount of any payment or benefit provided for in this paragraph 6 be reduced by any compensation earned by him as the result of employment by another employer or by retirement benefits after the date of termination, or otherwise. e. Expiration of this Agreement. In the event the Term of this Agreement expires without having otherwise been previously terminated pursuant to paragraph 5 above or by the Trust without cause, Executive will not be entitled to any severance compensation whatsoever under this paragraph 6. 7. INDEMNIFICATION. To the full extent permitted by applicable law, Executive shall be indemnified and held harmless for any action or failure to act in his capacity as a director, trustee, officer or employee of the Trust. In furtherance of the foregoing and not by way of limitation, if Executive is a party or is threatened to be made a party to any suit because he is a director, trustee, officer or employee of the Trust, he shall be indemnified against expenses, including attorney's fees, judgments, fines and amounts paid in settlement if he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the Trust, and with respect to any criminal action or proceeding, he had no reasonable cause to believe his conduct was unlawful. Indemnification under this Section shall be in addition to any other indemnification by the Trust of its officers and trustees. Expenses incurred by the Executive in defending an action, suit or proceeding for which he claims the right to be indemnified pursuant to this Section shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount in the event that it shall ultimately be determined that he is not entitled to indemnification by the Trust. Such undertaking shall be accepted without reference to the financial ability of such Executive to make repayment. The Trust shall use commercially reasonable efforts to maintain in effect for the Term of this Agreement a directors' and officers' liability insurance policy, with a policy limit of at least $10,000,000 (which may be spread over a multiple year period), subject to customary exclusions, with respect to claims made against officers and directors of the Trust; provided, however, the Trust shall be relieved of this obligation to maintain directors' and officers' liability insurance if, in the good faith judgment of the Trust, it cannot be obtained at a reasonable cost. 8. ARBITRATION. The parties hereto will endeavor to resolve in good faith any controversy, disagreement or claim arising between them, whether as to the interpretation, performance or operation of this Agreement or any rights or obligations hereunder. If they are unable to do so, any such controversy, disagreement or claim will be submitted to binding arbitration, for final resolution without appeal, by either party giving written notice to the other of the existence of a dispute which it desires to have arbitrated. The arbitration will be conducted in Detroit, Michigan by a panel of three (3) arbitrators and will be held in accordance with the 7

rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement.

rules of the American Arbitration Association. Of the three arbitrators, one will be selected by the Trust, one will be selected by Executive and the third will be selected by the two arbitrators so selected. Each party will notify the other party of the arbitrator selected by him or it within fifteen (15) days after the giving of the written notice referred to in this paragraph 8. The decision and award of the arbitrators must be in writing and will be final and binding upon the parties hereto, with the same effect as an arbitration pursuant to Michigan Compiled Laws Annotated Section 600.5001. Judgment upon the award may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of arbitration will be borne in accordance with the determination of the arbitrators with respect thereto, except as otherwise specified in paragraph 5(b) above. Pending a decision by the arbitrators with respect to the dispute or difference undergoing arbitration, all other obligations of the parties will continue as stipulated herein, and all monies not directly involved in such dispute or difference will be paid when due. 9. MISCELLANEOUS. a. Executive represents and warrants that he is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit him from undertaking or performing employment in accordance with the terms and conditions of this Agreement. b. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to the extent enforceable in any jurisdiction will remain binding and enforceable. c. The rights and obligations of the Trust under this Agreement inure to the benefit of, and will be binding on, the Trust and its successors and permitted assigns, and the rights and obligations (other than obligations to perform services) of Executive under this Agreement will inure to the benefit of, and will be binding upon, Executive and his heirs, personal representatives and permitted assigns; provided, however, Executive shall not be entitled to assign or delegate any of his rights and obligations under this Agreement without the prior written consent of the Trust; provided, further, that the Trust shall not have the right to assign or delegate any of its rights or obligations under this Agreement except to a corporation, partnership or other business entity that is, directly or indirectly, controlled by the Trust. 8

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -----------------------------

d. Any notice to be given under this Agreement will be personally delivered in writing or will have been deemed duly given when received after it is posted in the United States mail, postage prepaid, registered or certified, return receipt requested, and if mailed to the Trust, will be addressed to its principal place of business, attention: Secretary, and if mailed to Executive, will be addressed to him at his home address last known on the records of the Trust or at such other address or addresses as either the Trust or Executive may hereafter designate in writing to the other. e. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. f. This Agreement will be governed by and construed according to the laws of the State of Michigan. g. Captions and paragraph headings used herein are for convenience and are not a part of this Agreement and will not be used in construing it. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Bruce Gershenson ---------------------------------Bruce Gershenson

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with

EXHIBIT A Bonus Calculation The bonus compensation payable to Executive pursuant to paragraph 3(b), for each year of the Agreement, will equal the following: (a) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase less than 5% from the Company's Funds From Operation per outstanding Share for the previous year, then 0%; (b) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 5% but less than 7% from the Trust's Funds From Operation per outstanding Share for the previous year, then 15% of Executive's Base Salary for the year for which the bonus is to be paid; (c) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 7% but less than 10% from the Trust's Funds From Operation per outstanding Share for the previous year, then 22.5% of Executive's Base Salary for the year for which the bonus is to be paid; (d) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase at least 10% but less than 15% from the Trust's Funds From Operation per outstanding Share for the previous year, then 30% of Executive's Base Salary for the year for which the bonus is to be paid; (e) if the Trust's Funds From Operation per outstanding Share, on an annualized basis for any partial year, with respect to the year for which the bonus relates increase by 15% or more from the Trust's Funds From Operation per outstanding Share for the previous year, then 50% of Executive's Base Salary for the year for which the bonus is to be paid.

EXHIBIT 10.13 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Joel Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows: 1. Definitions. Capitalized terms used herein shall have the meanings set forth below: "AFFILIATE" means (i) any entity directly or indirectly controlling (including without limitation an entity for which Executive serves as an officer, director, employee, consultant or other agent), controlled by, or under common

EXHIBIT 10.13 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Joel Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows: 1. Definitions. Capitalized terms used herein shall have the meanings set forth below: "AFFILIATE" means (i) any entity directly or indirectly controlling (including without limitation an entity for which Executive serves as an officer, director, employee, consultant or other agent), controlled by, or under common control with Executive, and (ii) each other entity in which Executive, directly or indirectly, owns any controlling interest or of which Executive serves as a general partner. "AGREEMENT" shall have the meaning set forth in the heading of this Agreement. "COMPANY" means (i) Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, (ii) RamcoGershenson, Inc., a Michigan corporation, (iii) any corporation, partnership or other business entity that is, directly or indirectly, controlled by or under common control with Ramco-Gershenson Properties Trust and (iv) their respective successors. "COMPANY PROJECT" means any properties, development land and development out parcels that the Company owns, operates or manages as of the date of Executive's termination of employment with the Company or that the Company has in any manner taken steps to acquire, develop, construct, operate, manage or lease (including without limitation making market surveys of a site, talking to the owner or his agent concerning the purchase or joint venture of a site, optioning or contracting to buy a site or discussions with the owner or his agent regarding managing or leasing

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) one year after Executive is no longer an officer or trustee of the Company and (ii) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive.

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) one year after Executive is no longer an officer or trustee of the Company and (ii) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive. "EXECUTIVE" shall have the meaning set forth in the heading of this Agreement. "OPERATING PARTNERSHIP" shall have the meaning set forth in Recital A. "RAMCO" shall have the meaning set forth in Recital A. "RAMCO TRANSACTION" shall have the meaning set forth in Recital A. "PROPERTY" means any real property on which shopping center or retail use (or any combination of the foregoing) development has been constructed or is now or hereafter proposed to be constructed or any other type of real property which hereafter the Company may acquire, develop, own, construct, manage or may disclose or authorize any intention, plan or arrangement to acquire, develop, own, construct or manage. 2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not 2

represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on Schedule 1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course.

represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on Schedule 1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course. 3. Executive's Obligations Following Termination of Employment with the Company. (a) Anti-Pirating of Employees. During the Covenant Period, Executive agrees not to hire, directly or indirectly, or entice or participate in any efforts to entice to leave the Company's employ, any person who was or is a "key employee" (as hereinafter defined) of the Company at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. For purposes of this Agreement, "key employee" means an employee who has an annualized rate of base salary equaling or exceeding sixty thousand dollars ($60,000). (b) Anti-Pirating of Company Projects. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer of, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. 3

(d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information"

(d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information" as used in this Agreement means any secret, confidential or proprietary information of the Company and Ramco not otherwise included in the definition of "Trade Secret" above. The term "Confidential and Proprietary Information" does not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right of the Company. (e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in 4

substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this

substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this Agreement to violate any fiduciary or contractual duty he owes as a director or officer of a corporation, as a partner of a partnership or as a trustee of a trust, which position he holds not in violation of this Agreement or the Employment Agreement. 8. Miscellaneous Provisions. (a) Binding Effect. Subject to any provisions hereof restricting assignment, all covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. 5

(e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received,

(e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received, which shall be deemed to be no later than the next business day if sent by overnight courier or after five business days if sent by mail. Notice to the Company shall be made at 27600 Northwestern Highway, Suite 200, Southhold, Michigan 48034; Attn: Chairman. Notice to Executive shall be made at the address set forth on the books of the Company. 6

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -------------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Joel Gershenson -------------------------------------Joel Gershenson

7

Schedule 1
River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Waterford, Michigan Livonia, Michigan Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties - GGJ Associates

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -------------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Joel Gershenson -------------------------------------Joel Gershenson

7

Schedule 1
River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Waterford, Michigan Livonia, Michigan Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates

Southfield, Michigan

Schedule 1
River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Waterford, Michigan Livonia, Michigan Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates

Southfield, Michigan

EXHIBIT 10.14 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Dennis Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests.

EXHIBIT 10.14 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Dennis Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows: 1. Definitions. Capitalized terms used herein shall have the meanings set forth below: "AFFILIATE" means (i) any entity directly or indirectly controlling (including without limitation an entity for which Executive serves as an officer, director, employee, consultant or other agent), controlled by, or under common control with Executive, and (ii) each other entity in which Executive, directly or indirectly, owns any controlling interest or of which Executive serves as a general partner. "AGREEMENT" shall have the meaning set forth in the heading of this Agreement. "COMPANY" means (i) Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, (ii) RamcoGershenson, Inc., a Michigan corporation, (iii) any corporation, partnership or other business entity that is, directly or indirectly, controlled by or under common control with Ramco-Gershenson Properties Trust and (iv) their respective successors. "COMPANY PROJECT" means any properties, development land and development out parcels that the Company owns, operates or manages as of the date of Executive's termination of employment with the Company or that the Company has in any manner taken steps to acquire, develop, construct, operate, manage or lease (including without limitation making market surveys of a site, talking to the owner or his agent concerning the purchase or joint venture of a site, optioning or contracting to buy a site or discussions with the owner or his agent regarding managing or leasing

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) one year after Executive is no longer an officer or trustee of the Company and (ii) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive.

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) one year after Executive is no longer an officer or trustee of the Company and (ii) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive. "EXECUTIVE" shall have the meaning set forth in the heading of this Agreement. "OPERATING PARTNERSHIP" shall have the meaning set forth in Recital A. "RAMCO" shall have the meaning set forth in Recital A. "RAMCO TRANSACTION" shall have the meaning set forth in Recital A. "PROPERTY" means any real property on which shopping center or retail use (or any combination of the foregoing) development has been constructed or is now or hereafter proposed to be constructed or any other type of real property which hereafter the Company may acquire, develop, own, construct, manage or may disclose or authorize any intention, plan or arrangement to acquire, develop, own, construct or manage. 2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not 2

represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on Schedule 1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course.

represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on Schedule 1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course. 3. Executive's Obligations Following Termination of Employment with the Company. (a) Anti-Pirating of Employees. During the Covenant Period, Executive agrees not to hire, directly or indirectly, or entice or participate in any efforts to entice to leave the Company's employ, any person who was or is a "key employee" (as hereinafter defined) of the Company at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. For purposes of this Agreement, "key employee" means an employee who has an annualized rate of base salary equaling or exceeding sixty thousand dollars ($60,000). (b) Anti-Pirating of Company Projects. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer of, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. 3

(d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information"

(d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information" as used in this Agreement means any secret, confidential or proprietary information of the Company and Ramco not otherwise included in the definition of "Trade Secret" above. The term "Confidential and Proprietary Information" does not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right of the Company. (e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in 4

substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this

substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this Agreement to violate any fiduciary or contractual duty he owes as a director or officer of a corporation, as a partner of a partnership or as a trustee of a trust, which position he holds not in violation of this Agreement or the Employment Agreement. 8. Miscellaneous Provisions. (a) Binding Effect. Subject to any provisions hereof restricting assignment, all covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. 5

(e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received,

(e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received, which shall be deemed to be no later than the next business day if sent by overnight courier or after five business days if sent by mail. Notice to the Company shall be made at 27600 Northwestern Highway, Suite 200, Southhold, Michigan 48034; Attn: Chairman. Notice to Executive shall be made at the address set forth on the books of the Company. 6

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Joel Gershenson -------------------------------Name: Joel Gershenson Title: Treasurer

/s/ Dennis Gershenson ------------------------------------------Dennis Gershenson

7

Schedule 1
River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties - GGJ Associates

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Joel Gershenson -------------------------------Name: Joel Gershenson Title: Treasurer

/s/ Dennis Gershenson ------------------------------------------Dennis Gershenson

7

Schedule 1
River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

Schedule 1
River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.15 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Michael A. Ward ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests.

EXHIBIT 10.15 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Michael A. Ward ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows: 1. Definitions. Capitalized terms used herein shall have the meanings set forth below: "AFFILIATE" means (i) any entity directly or indirectly controlling (including without limitation an entity for which Executive serves as an officer, director, employee, consultant or other agent), controlled by, or under common control with Executive, and (ii) each other entity in which Executive, directly or indirectly, owns any controlling interest or of which Executive serves as a general partner. "AGREEMENT" shall have the meaning set forth in the heading of this Agreement. "COMPANY" means (i) Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, (ii) RamcoGershenson, Inc., a Michigan corporation, (iii) any corporation, partnership or other business entity that is, directly or indirectly, controlled by or under common control with Ramco-Gershenson Properties Trust and (iv) their respective successors. "COMPANY PROJECT" means any properties, development land and development out parcels that the Company owns, operates or manages as of the date of Executive's termination of employment with the Company or that the Company has in any manner taken steps to acquire, develop, construct, operate, manage or lease (including without limitation making market surveys of a site, talking to the owner or his agent concerning the purchase or joint venture of a site, optioning or contracting to buy a site or discussions with the owner or his agent regarding managing or leasing

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) the date Executive is no longer an officer or trustee of the Company and (ii) three (3) years following the Effective Date; provided, that if at any time during Covenant Period Executive becomes Chairman, Vice Chairman, President or Chief Executive Officer of the Company (or holds any other office in the Company that is vested with powers and duties substantially similar to those powers and duties typically vested by corporations or business trusts in the office of Chairman and President, the Covenant Period shall expire on the later of the following:

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) the date Executive is no longer an officer or trustee of the Company and (ii) three (3) years following the Effective Date; provided, that if at any time during Covenant Period Executive becomes Chairman, Vice Chairman, President or Chief Executive Officer of the Company (or holds any other office in the Company that is vested with powers and duties substantially similar to those powers and duties typically vested by corporations or business trusts in the office of Chairman and President, the Covenant Period shall expire on the later of the following: (x) one year after the date Executive is no longer an officer or trustee of the Company and (y) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive. "EXECUTIVE" shall have the meaning set forth in the heading of this Agreement. "OPERATING PARTNERSHIP" shall have the meaning set forth in Recital A. "RAMCO" shall have the meaning set forth in Recital A. "RAMCO TRANSACTION" shall have the meaning set forth in RecitalEA. "PROPERTY" means any real property on which shopping center or retail use (or any combination of the foregoing) development has been constructed or is now or hereafter proposed to be constructed or any other type of real property which hereafter the Company may acquire, develop, own, construct, manage or may disclose or authorize any intention, plan or arrangement to acquire, develop, own, construct or manage. 2

2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity.

2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on ScheduleE1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course. 3. Executive's Obligations Following Termination of Employment with the Company. (a) Anti-Pirating of Employees. During the Covenant Period, Executive agrees not to hire, directly or indirectly, or entice or participate in any efforts to entice to leave the Company's employ, any person who was or is a "key employee" (as hereinafter defined) of the Company at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. For purposes of this Agreement, "key employee" means an employee who has an annualized rate of base salary equaling or exceeding sixty thousand dollars ($60,000). (b) Anti-Pirating of Company Projects. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer of, director, employee or owner of, or a consultant to, or 3

otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. (d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean

otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. (d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information" as used in this Agreement means any secret, confidential or proprietary information of the Company and Ramco not otherwise included in the definition of "Trade Secret" above. The term "Confidential and Proprietary Information" does not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right of the Company. 4

(e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific

(e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this Agreement to violate any fiduciary or contractual duty he owes as a director or officer of a corporation, as a partner of a partnership or as a trustee of a trust, which position he holds not in violation of this Agreement or the Employment Agreement. 8. Miscellaneous Provisions. (a) Binding Effect. Subject to any provisions hereof restricting assignment, all covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind 5

and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. (e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of

and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. (e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received, which shall be deemed to be no later than the next business day if sent by overnight courier or after five business days if sent by mail. Notice to the Company shall be made at 27600 Northwestern Highway, Suite 200, Southhold, Michigan 48034; Attn: Chairman. Notice to Executive shall be made at the address set forth on the books of the Company. 6

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -------------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Michael A. Ward ------------------------------------------Michael A. Ward

7
Schedule 1

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson -------------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Michael A. Ward ------------------------------------------Michael A. Ward

7
Schedule 1 River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.16

Schedule 1 River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.16 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Richard Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows:

EXHIBIT 10.16 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Richard Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows: 1. Definitions. Capitalized terms used herein shall have the meanings set forth below: "AFFILIATE" means (i) any entity directly or indirectly controlling (including without limitation an entity for which Executive serves as an officer, director, employee, consultant or other agent), controlled by, or under common control with Executive, and (ii) each other entity in which Executive, directly or indirectly, owns any controlling interest or of which Executive serves as a general partner. "AGREEMENT" shall have the meaning set forth in the heading of this Agreement. "COMPANY" means (i) Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, (ii) RamcoGershenson, Inc., a Michigan corporation, (iii) any corporation, partnership or other business entity that is, directly or indirectly, controlled by or under common control with Ramco-Gershenson Properties Trust and (iv) their respective successors. "COMPANY PROJECT" means any properties, development land and development out parcels that the Company owns, operates or manages as of the date of Executive's termination of employment with the Company or that the Company has in any manner taken steps to acquire, develop, construct, operate, manage or lease (including without limitation making market surveys of a site, talking to the owner or his agent concerning the purchase or joint venture of a site, optioning or contracting to buy a site or discussions with the owner or his agent regarding managing or leasing

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) the date Executive is no longer an officer or trustee of the Company and (ii) three (3) years following the Effective Date; provided, that if at any time during Covenant Period Executive becomes Chairman, Vice Chairman, President or Chief Executive Officer of the Company (or holds any other office in the Company that is vested with powers and duties substantially similar to those powers and duties typically vested by corporations or business trusts in the office of Chairman and President, the Covenant Period shall expire on the later of the following:

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) the date Executive is no longer an officer or trustee of the Company and (ii) three (3) years following the Effective Date; provided, that if at any time during Covenant Period Executive becomes Chairman, Vice Chairman, President or Chief Executive Officer of the Company (or holds any other office in the Company that is vested with powers and duties substantially similar to those powers and duties typically vested by corporations or business trusts in the office of Chairman and President, the Covenant Period shall expire on the later of the following: (x) one year after the date Executive is no longer an officer or trustee of the Company and (y) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive. "EXECUTIVE" shall have the meaning set forth in the heading of this Agreement. "OPERATING PARTNERSHIP" shall have the meaning set forth in Recital A. "RAMCO" shall have the meaning set forth in Recital A. "RAMCO TRANSACTION" shall have the meaning set forth in RecitalEA. "PROPERTY" means any real property on which shopping center or retail use (or any combination of the foregoing) development has been constructed or is now or hereafter proposed to be constructed or any other type of real property which hereafter the Company may acquire, develop, own, construct, manage or may disclose or authorize any intention, plan or arrangement to acquire, develop, own, construct or manage. 2

2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director

2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on ScheduleE1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course. 3. Executive's Obligations Following Termination of Employment with the Company. (a) Anti-Pirating of Employees. During the Covenant Period, Executive agrees not to hire, directly or indirectly, or entice or participate in any efforts to entice to leave the Company's employ, any person who was or is a "key employee" (as hereinafter defined) of the Company at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. For purposes of this Agreement, "key employee" means an employee who has an annualized rate of base salary equaling or exceeding sixty thousand dollars ($60,000). (b) Anti-Pirating of Company Projects. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer of, director, employee or owner of, or a consultant to, or 3

otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. (d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean

otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. (d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information" as used in this Agreement means any secret, confidential or proprietary information of the Company and Ramco not otherwise included in the definition of "Trade Secret" above. The term "Confidential and Proprietary Information" does not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right of the Company. 4

(e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific

(e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this Agreement to violate any fiduciary or contractual duty he owes as a director or officer of a corporation, as a partner of a partnership or as a trustee of a trust, which position he holds not in violation of this Agreement or the Employment Agreement. 8. Miscellaneous Provisions. (a) Binding Effect. Subject to any provisions hereof restricting assignment, all covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind 5

and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. (e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of

and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. (e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received, which shall be deemed to be no later than the next business day if sent by overnight courier or after five business days if sent by mail. Notice to the Company shall be made at 27600 Northwestern Highway, Suite 200, Southhold, Michigan 48034; Attn: Chairman. Notice to Executive shall be made at the address set forth on the books of the Company. 6

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Richard Gershenson ------------------------------------------Richard Gershenson

7
Schedule 1

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Richard Gershenson ------------------------------------------Richard Gershenson

7
Schedule 1 River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.17

Schedule 1 River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.17 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Bruce Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows:

EXHIBIT 10.17 NONCOMPETITION AGREEMENT This NONCOMPETITION AGREEMENT (this "AGREEMENT") is entered into as of May 10, 1996 by and between Bruce Gershenson ("EXECUTIVE") and Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, a Massachusetts business trust (the "TRUST"). RECITALS: A. On the date hereof, the Company (as defined below) and Ramco-Gershenson, Inc. and its affiliates (collectively "RAMCO") have consummated a transaction (the "RAMCO TRANSACTION") pursuant to which the Company and Ramco have contributed cash and properties to Ramco-Gershenson Properties, L.P., a Delaware limited partnership. B. It was a condition to the consummation of the Ramco Transaction that the Trust and Executive enter into an agreement restricting the activities of Executive that would eliminate potential conflicts of interest that may arise in the future and would otherwise protect the Company's legitimate business interests. Accordingly, the parties hereto hereby agree as follows: 1. Definitions. Capitalized terms used herein shall have the meanings set forth below: "AFFILIATE" means (i) any entity directly or indirectly controlling (including without limitation an entity for which Executive serves as an officer, director, employee, consultant or other agent), controlled by, or under common control with Executive, and (ii) each other entity in which Executive, directly or indirectly, owns any controlling interest or of which Executive serves as a general partner. "AGREEMENT" shall have the meaning set forth in the heading of this Agreement. "COMPANY" means (i) Ramco-Gershenson Properties Trust, formerly known as RPS Realty Trust, (ii) RamcoGershenson, Inc., a Michigan corporation, (iii) any corporation, partnership or other business entity that is, directly or indirectly, controlled by or under common control with Ramco-Gershenson Properties Trust and (iv) their respective successors. "COMPANY PROJECT" means any properties, development land and development out parcels that the Company owns, operates or manages as of the date of Executive's termination of employment with the Company or that the Company has in any manner taken steps to acquire, develop, construct, operate, manage or lease (including without limitation making market surveys of a site, talking to the owner or his agent concerning the purchase or joint venture of a site, optioning or contracting to buy a site or discussions with the owner or his agent regarding managing or leasing

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) the date Executive is no longer an officer or trustee of the Company and (ii) three (3) years following the Effective Date; provided, that if at any time during Covenant Period Executive becomes Chairman, Vice Chairman, President or Chief Executive Officer of the Company (or holds any other office in the Company that is vested with powers and duties substantially similar to those powers and duties typically vested by corporations or business trusts in the office of Chairman and President, the Covenant Period shall expire on the later of the following:

a property) during the twelve (12) month period immediately preceding Executive's termination of employment with the Company. "COVENANT PERIOD" means the period commencing on the Effective Date and ending on the later of the following: (i) the date Executive is no longer an officer or trustee of the Company and (ii) three (3) years following the Effective Date; provided, that if at any time during Covenant Period Executive becomes Chairman, Vice Chairman, President or Chief Executive Officer of the Company (or holds any other office in the Company that is vested with powers and duties substantially similar to those powers and duties typically vested by corporations or business trusts in the office of Chairman and President, the Covenant Period shall expire on the later of the following: (x) one year after the date Executive is no longer an officer or trustee of the Company and (y) four years following the Effective Date. "EFFECTIVE DATE" means the date of the closing of the Ramco Transaction. "EMPLOYMENT AGREEMENT" shall mean the Employment Agreement dated the date hereof between the Trust and Executive. "EXECUTIVE" shall have the meaning set forth in the heading of this Agreement. "OPERATING PARTNERSHIP" shall have the meaning set forth in Recital A. "RAMCO" shall have the meaning set forth in Recital A. "RAMCO TRANSACTION" shall have the meaning set forth in RecitalEA. "PROPERTY" means any real property on which shopping center or retail use (or any combination of the foregoing) development has been constructed or is now or hereafter proposed to be constructed or any other type of real property which hereafter the Company may acquire, develop, own, construct, manage or may disclose or authorize any intention, plan or arrangement to acquire, develop, own, construct or manage. 2

2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director

2. Executive's Obligations While Employed by the Company. (a) Sole Employment. Subject to the provisions of paragraph 2(b) below, Executive agrees to devote substantially his full time during the customary business hours of the Company and give his best efforts to the business of the Company and, during the period of his employment by the Company, Executive shall not engage in any manner, whether as an officer, employee, owner, partner, stockholder, trustee, director, consultant or otherwise, directly or indirectly, in any business other than on behalf of the Company without the prior written approval of the Board of Trustees of the Company, and Executive shall not accept any other employment whatsoever from any other person, firm, corporation or entity. (b) Exceptions. Notwithstanding the provisions of paragraph 2(a) above and of paragraph 3, Executive may during the term of his employment by the Company and at any time thereafter (i) acquire an interest in any corporation, partnership, venture or other business entity so long as (A) any such interest is a passive investment of Executive, provided such interest does not represent a direct or indirect interest in any Property, (B) such interest does not afford Executive the power to influence in any material fashion the decision making processes of the entity in which such interest is held and (C) Executive is not the sponsor, promoter or similar initiator of such entity, (ii) continue (W) to serve as a general or limited partner of each of the partnerships which own the Properties identified on Schedule 1, attached hereto and incorporated by this reference, as an officer, director and shareholder of each of the corporations identified on such Schedule 1, and as a beneficiary of the estate properties listed on ScheduleE1, (X) to discharge Executive's fiduciary and contractual duties and obligations with respect thereto, even though such limited partnerships and corporations (or any partnership of which any such limited partnership or corporation is a general or limited partner) may directly compete with the Company, (Y) to serve on not more than three (3) Boards of Directors of publicly traded entities and (Z) to serve on the Board of Directors of any charitable institution, and (iii) continue to engage in Executive's existing video arcade and fast food businesses, as those businesses may be expanded in the ordinary course. 3. Executive's Obligations Following Termination of Employment with the Company. (a) Anti-Pirating of Employees. During the Covenant Period, Executive agrees not to hire, directly or indirectly, or entice or participate in any efforts to entice to leave the Company's employ, any person who was or is a "key employee" (as hereinafter defined) of the Company at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. For purposes of this Agreement, "key employee" means an employee who has an annualized rate of base salary equaling or exceeding sixty thousand dollars ($60,000). (b) Anti-Pirating of Company Projects. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer of, director, employee or owner of, or a consultant to, or 3

otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. (d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean

otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which engages or attempts to engage, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of any Company Project, other than on behalf of the Company. (c) Noncompetition. During the Covenant Period, Executive agrees not to, directly or indirectly, own, manage, join or control, or participate in the ownership, operation or control of, or be an officer, director, employee or owner of, or a consultant to, or otherwise authorize the use of his name by, or be connected in any manner with, any business, firm or corporation which at the time or at any time during the Covenant Period is involved in the acquisition, development, construction, operation, management or leasing of any Property within a 200 mile radius of any Company Project that existed at any time during the twelve (12) month period immediately preceding the termination date of Executive's employment with the Company. (d) Trade Secrets and Confidential Information. Executive hereby agrees that he will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret (as hereinafter defined), that Executive may have acquired during the term of his employment by the Company for so long as such information remains a Trade Secret. The term "Trade Secret" as used in this Agreement shall mean information including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which: derives economic value, actual or potential from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of reasonable efforts by the Company to maintain its secrecy. In addition to the foregoing and not in limitation thereof, Executive agrees that during the period of his employment by the Company and the Covenant Period, he will hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose, any Confidential or Proprietary Information (as hereinafter defined), that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such Information) during the term of, in the course of or as a result of his employment by the Company and Ramco. The term "Confidential or Proprietary Information" as used in this Agreement means any secret, confidential or proprietary information of the Company and Ramco not otherwise included in the definition of "Trade Secret" above. The term "Confidential and Proprietary Information" does not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right of the Company. 4

(e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific

(e) Exceptions. Notwithstanding any provision of paragraph 3(c) to the contrary, Executive shall not be restricted at any time after his termination of employment with the Company from engaging in any activities for which Executive would not be restricted from performing during the term of his employment with the Company as set forth in paragraph 2(b) above. 4. Reasonable and Necessary Restrictions. Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including without limitation the 200-mile radius set forth in paragraph 3(c) and the Covenant Period, are reasonable, fair and equitable in scope, terms and duration, are necessary to protect the legitimate business interests of the Company, and are a material inducement to the Company to enter into the Ramco Transaction. Executive hereby waives, and covenants not to assert in any action or proceeding relating to this Agreement, any claim or defense that there exists an adequate remedy at law for breach of this Agreement. 5. Restrictions In Addition to Employment Agreement. Executive acknowledges that the restrictions, prohibitions and other provisions hereof shall be in addition to and not in substitution of the restrictions, prohibitions and other provisions of the Employment Agreement, as such agreement shall be amended and supplemented from time to time. 6. Specific Performance. Executive acknowledges that the obligations undertaken by him pursuant to this Agreement are unique and that the Company likely will have no adequate remedy at law if Executive shall fail to perform any of his obligations hereunder, and Executive therefore confirms that the Company's right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Company. Accordingly, in addition to any other remedies that the Company may have at law or in equity, the Company shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by Executive, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Michigan for this purpose. 7. Operations of Affiliates. Executive agrees that he will refrain from (i) authorizing any Affiliate to perform or (ii) assisting in any manner any Affiliate in performing any activities that would be prohibited by the terms of this Agreement if they were performed by Executive. Notwithstanding anything to the contrary contained in this paragraph 7 (or in any other paragraph of this Agreement), Executive shall not be required by the terms of this Agreement to violate any fiduciary or contractual duty he owes as a director or officer of a corporation, as a partner of a partnership or as a trustee of a trust, which position he holds not in violation of this Agreement or the Employment Agreement. 8. Miscellaneous Provisions. (a) Binding Effect. Subject to any provisions hereof restricting assignment, all covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind 5

and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. (e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of

and inure to the benefit of the respective successors, assigns, heirs, and personal representatives. None of the parties hereto may assign any of its rights under this Agreement or attempt to have any other person or entity assume any of its obligations hereunder. (b) Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. (c) Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without reference to its rules as to conflicts or choice of laws. (d) Amendment. This Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. (e) Headings. Paragraph and subparagraph headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. (f) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. (h) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. (i) Notices. All notices, requests, demands, consents and other communications required or permitted to be given pursuant to this Agreement shall be in writing and delivered by hand, by overnight courier delivery service or by certified mail, return receipt requested, postage prepaid. Notices shall be deemed given when actually received, which shall be deemed to be no later than the next business day if sent by overnight courier or after five business days if sent by mail. Notice to the Company shall be made at 27600 Northwestern Highway, Suite 200, Southhold, Michigan 48034; Attn: Chairman. Notice to Executive shall be made at the address set forth on the books of the Company. 6

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Bruce Gershenson ------------------------------------------Bruce Gershenson

7
Schedule 1

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement, or caused this Agreement to be duly executed on its behalf, as of the date first set forth above. RAMCO-GERSHENSON PROPERTIES TRUST
By: /s/ Dennis Gershenson ----------------------------Name: Dennis Gershenson Title: Chief Executive Officer

/s/ Bruce Gershenson ------------------------------------------Bruce Gershenson

7
Schedule 1 River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.18

Schedule 1 River's Edge Office Building Summit Complex (Summit Place, Summit Crossing, Summit North) Livonia Towne Square Bay Towne Plaza Builders Square (vacant) Park Place Shopping Center North Towne Commons Saginaw, Michigan Sterling Heights, Michigan Sandusky, Ohio Toledo, Ohio

Estate Properties Land Contracts Southfield Properties Melvindale Plaza Gershenson-Wittbold Mt. Nine Mile & Harper Southfield Properties Southfield Southfield Properties Southfield Properties GGJ Associates Clemens Plymouth/ Van Born Ypsilanti

Partnership Interest in Sale/Leaseback Assets Southfield Properties - Southgate Southfield Properties - Westland Partnership Interest in Real Estate Owned in Fee Southfield Properties - Cedar/Jolly Maple & Livernois Plaza G & R Development G & S Realty Company Southfield Properties - Lansing Mart Gershenson-Wittbold Louisville Michigan Mart Associates Southfield, Michigan Waterford, Michigan Livonia, Michigan

EXHIBIT 10.18 RAMCO-GERSHENSON, INC. 27600 Northwestern Hwy., Suite 200 Southfield, Michigan 48034 April 15, 1996 Mr. Richard Smith 10538 Wellington Boulevard Powell, Ohio 43065 Dear Richard: This letter states our agreement with respect to your employment with Ramco-Gershenson, Inc. (the "Company"). 1. Your Employment Duties and Responsibilities. (a) During the "Term" (as defined in paragraph 2 below), you will be employed by the Company as its Chief

EXHIBIT 10.18 RAMCO-GERSHENSON, INC. 27600 Northwestern Hwy., Suite 200 Southfield, Michigan 48034 April 15, 1996 Mr. Richard Smith 10538 Wellington Boulevard Powell, Ohio 43065 Dear Richard: This letter states our agreement with respect to your employment with Ramco-Gershenson, Inc. (the "Company"). 1. Your Employment Duties and Responsibilities. (a) During the "Term" (as defined in paragraph 2 below), you will be employed by the Company as its Chief Financial Officer and will devote substantially all of your full working time and attention, as well as your best efforts, to such position. You will report to the President and Chief Executive Officer of the Company and will have such authority and responsibilities and perform such duties for the Company as may from time to time be established by the Board of Directors of the Company. (b) It is currently contemplated that, upon consummation of a series of transactions, Ramco-Gershenson Properties L.P., a Delaware limited partnership which will be controlled by Ramco-Gershenson Properties Trust, a Maryland business trust (the "Trust"), will acquire the Company (the "Acquisition"). You hereby consent in such event to the assignment by the Company of this Agreement to the Trust, and agree that, from and after consummation of the Acquisition, (i) all rights and obligations of the Company under this Agreement will be vested in the Trust and (ii) all references in this Agreement to the "Company" will be deemed references to the "Trust". 2. Term. The term of your employment under this Agreement (the "Term") will begin on the date you will commence your employment with Company, which date, subject to the mutual agreement of the parties, is expected to occur approximately May 15, 1996 and will continue, subject to the termination provisions set forth in paragraph 5 below, until the third anniversary of that date.

Mr. Richard Smith April 15, 1996 Page 2 3. Compensation. (a) During each year of the Term, you will receive the following compensation, payable in accordance with the Company's standard payroll procedures: (i) For the portion of the Term ending December 31, 1996, you will receive a base salary at the annual rate of $150,000, plus a bonus of $25,000 prorated for the number of weeks during the Term ending on or prior to December 31, 1996. (ii) For subsequent calendar years of the Company, or portions thereof, during the Term, you will receive a base salary and bonus as will be determined to be appropriate from time to time by the Company's Board of Directors, in its sole discretion; provided that in no event will your base salary be less than $150,000 on an annualized basis nor will your base salary plus bonus for the 1997 calendar year, or for any subsequent year, be

Mr. Richard Smith April 15, 1996 Page 2 3. Compensation. (a) During each year of the Term, you will receive the following compensation, payable in accordance with the Company's standard payroll procedures: (i) For the portion of the Term ending December 31, 1996, you will receive a base salary at the annual rate of $150,000, plus a bonus of $25,000 prorated for the number of weeks during the Term ending on or prior to December 31, 1996. (ii) For subsequent calendar years of the Company, or portions thereof, during the Term, you will receive a base salary and bonus as will be determined to be appropriate from time to time by the Company's Board of Directors, in its sole discretion; provided that in no event will your base salary be less than $150,000 on an annualized basis nor will your base salary plus bonus for the 1997 calendar year, or for any subsequent year, be less than $175,000 on an annualized basis. (b) At the time the Acquisition is consummated, and simultaneously with the closing thereof (the "Grant Date"), you will be granted options, pursuant to a stock option agreement from the Trust, to purchase 25,000 shares of the Trust (the "Options"). The stock option agreement will provide that the Options will vest, subject to paragraph 6(c) below, in two equal installments of 8,333 shares on the first and second anniversaries of the Grant Date and in a single installment of 8,334 shares on the third anniversary of the Grant Date. The Options will be exercisable at the closing price of Trust shares on the New York Stock Exchange on the date of consummation of the Acquisition, and except as otherwise specifically described in this Agreement, the Options will be subject to the same general terms and conditions as other options granted by the Trust. 4. Fringe Benefits. (a) In addition to your other compensation, during the Term, you will be entitled to receive from the Company the same fringe benefits as are generally made available from time to time to other executives of the Company; except (i) you will be entitled to three weeks of vacation for each 12-month period of the Term and (ii) the Company will reimburse you, until you become eligible for the Company's medical and hospitalization coverage, for the cost to you of continuing to purchase your current medical and hospitalization insurance through your current employer pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA").

Mr. Richard Smith April 15, 1996 Page 3 (b) The Company also agrees to pay and/or reimburse you for those moving and living expenses in connection with your relocation to the Metropolitan Detroit area as will be mutually agreeable to you and the Company, including the following: (i) reasonable expenses incurred in moving your home furnishings from Columbus, Ohio to the Metropolitan Detroit area; (ii) reasonable commuting costs between your home in Columbus and the Metropolitan Detroit area prior to your purchase of a new home; (iii) reasonable apartment rental costs (to the extent necessary) in the Metropolitan Detroit area for a period not to exceed six months from the commencement of your employment under this Agreement; and

Mr. Richard Smith April 15, 1996 Page 3 (b) The Company also agrees to pay and/or reimburse you for those moving and living expenses in connection with your relocation to the Metropolitan Detroit area as will be mutually agreeable to you and the Company, including the following: (i) reasonable expenses incurred in moving your home furnishings from Columbus, Ohio to the Metropolitan Detroit area; (ii) reasonable commuting costs between your home in Columbus and the Metropolitan Detroit area prior to your purchase of a new home; (iii) reasonable apartment rental costs (to the extent necessary) in the Metropolitan Detroit area for a period not to exceed six months from the commencement of your employment under this Agreement; and (iv) reasonable and customary realtor fees and closing costs incurred by you in connection with the sale of your current house in Ohio plus any loss incurred by you in connection with the sale of your current house (such loss to be measured by the excess, if any, of (a) the sum of your original acquisition cost of the house over (b) the net sales proceeds you receive for the house), but not to exceed, in the aggregate, $30,000. (c) You will be responsible for accounting for and payment of taxes on benefits provided to you by the Company and you will keep such records regarding usage of these benefits as the Company requires. 5. Termination. (a) Death. This Agreement will terminate immediately upon your death. (b) Disability. This Agreement will terminate immediately upon your Disability. "Disability" means your inability, whether mental or physical, to perform the normal duties of your position for six consecutive months. If the Company and you are unable to agree as to whether you are Disabled, the question will be decided by a physician mutually agreed upon by each of us and paid for by the Company, whose decision will be conclusive and binding. If you and the Company are unable to agree on a physician, you and the Company will each choose one physician who will mutually choose a third physician, whose decision will be conclusive and binding.

Mr. Richard Smith April 15, 1996 Page 4 (c) With Cause. The Company will have the right, upon written notice to you, to terminate your employment under this Agreement for Cause. Such termination will be effective immediately upon such written notice. For purposes of this Agreement, termination of your employment for "Cause" means termination for your commission of a felony or crime involving moral turpitude; embezzlement, misappropriation of Company property or other acts of dishonesty or fraud; material breach of this Agreement or any other agreement with the Company (or its successors or assigns) to which you are a party which is not cured within 10 days of your receipt of written notice of such breach; or repeated failure, after written notice, to follow reasonable directions from the President and Chief Executive Officer and/or the Board of Directors of the Company. (d) Change in Control. If your employment is terminated by the Company prior to expiration of the Term and within twelve months after a Change in Control (as defined below), the provisions of paragraph 6(c) below will apply. The term "Change in Control" means the first to occur of the following events: (i) any person or group of commonly controlled persons, other than the existing shareholders of the Company as of the date of this Agreement (the "Ramco Principals") or their affiliates, owns or controls, directly or indirectly,

Mr. Richard Smith April 15, 1996 Page 4 (c) With Cause. The Company will have the right, upon written notice to you, to terminate your employment under this Agreement for Cause. Such termination will be effective immediately upon such written notice. For purposes of this Agreement, termination of your employment for "Cause" means termination for your commission of a felony or crime involving moral turpitude; embezzlement, misappropriation of Company property or other acts of dishonesty or fraud; material breach of this Agreement or any other agreement with the Company (or its successors or assigns) to which you are a party which is not cured within 10 days of your receipt of written notice of such breach; or repeated failure, after written notice, to follow reasonable directions from the President and Chief Executive Officer and/or the Board of Directors of the Company. (d) Change in Control. If your employment is terminated by the Company prior to expiration of the Term and within twelve months after a Change in Control (as defined below), the provisions of paragraph 6(c) below will apply. The term "Change in Control" means the first to occur of the following events: (i) any person or group of commonly controlled persons, other than the existing shareholders of the Company as of the date of this Agreement (the "Ramco Principals") or their affiliates, owns or controls, directly or indirectly, more than twenty-five percent (25%) of the voting control or value of the capital stock of the Company; or (B) the shareholders of the Company approve an agreement to merge or consolidate with another corporation or other entity, other than a corporation or entity controlled by the Ramco Principals or their affiliates, resulting (whether separately or in connection with a series of transactions) in a change in ownership of twenty-five percent (25%) or more of the voting control or value of the capital stock of the Company, or an agreement to sell or otherwise dispose of all or substantially all of the Company's assets (including a plan of liquidation or dissolution), or otherwise approve a fundamental change in the nature of the Company's business. Notwithstanding the foregoing, the Acquisition will not constitute a Change in Control. 6. Termination Benefits. (a) The amounts described in this paragraph 6 will be in lieu of any termination or severance payments required by the Company's policy or applicable law (other than continued medical or disability coverage to which you or your family are entitled under the Company's then existing employment policies covering Company executives or then applicable law), and will constitute your sole and exclusive rights and remedies with respect to the termination of your employment with the Company. All payments under this paragraph 6 will be payable in accordance with the Company's normal payroll procedures, and the Company may withhold from any payments made under this paragraph 6 all federal, state, city or other taxes to the extent such taxes are required to be withheld by applicable law.

Mr. Richard Smith April 15, 1996 Page 5 (b) If your employment is terminated because of your death or Disability or by the Company for Cause, you will receive the pro-rata portion of your salary under paragraph 3(a) above through the date of termination, and no other payment. (c) If your employment is terminated by the Company prior to expiration of the Term and within twelve months after a Change in Control, (i) you will receive the pro-rata portion of your salary under paragraph 3(a) above through the date of termination, (ii) you will also receive an additional amount equal to one year's salary at the rate in effect on the date of termination, payable in accordance with the Company's standard payroll procedures, (iii) the Company will pay you an amount equal to the most recent bonus paid you, under paragraph 3(a) above, prior to your termination, (iv) any Options or other plan benefits, if any, remaining unvested on the date of your termination will immediately vest, and (v) you will be entitled to a continuation of your fringe benefits under paragraph 4(a) above for one year following your termination, and no other payment.

Mr. Richard Smith April 15, 1996 Page 5 (b) If your employment is terminated because of your death or Disability or by the Company for Cause, you will receive the pro-rata portion of your salary under paragraph 3(a) above through the date of termination, and no other payment. (c) If your employment is terminated by the Company prior to expiration of the Term and within twelve months after a Change in Control, (i) you will receive the pro-rata portion of your salary under paragraph 3(a) above through the date of termination, (ii) you will also receive an additional amount equal to one year's salary at the rate in effect on the date of termination, payable in accordance with the Company's standard payroll procedures, (iii) the Company will pay you an amount equal to the most recent bonus paid you, under paragraph 3(a) above, prior to your termination, (iv) any Options or other plan benefits, if any, remaining unvested on the date of your termination will immediately vest, and (v) you will be entitled to a continuation of your fringe benefits under paragraph 4(a) above for one year following your termination, and no other payment. 7. Confidentiality/Nonsolicitation. (a) During your employment with the Company and thereafter, you will not disclose or make accessible to any person or entity or use in any way for your own personal gain or to the Company's detriment any confidential information relating to the business of the Company or its affiliates. Upon termination of your employment with the Company for any reason, you will immediately return to the Company all confidential materials over which you exercise any control. (b) You will not at any time during your employment with the Company, and for a period of one year after the termination of such employment for any reason, directly or indirectly, induce or solicit any employee of the Company to leave the employ of, any independent contractor to terminate any independent contractor relationship with, or any customer, tenant, lender or other party which transacts business with the Company to adversely change any relationship with, the Company. (c) Paragraphs 7(a) and (b) above are intended to protect confidential information of the Company and its affiliates, and relate to matters which are of a special and unique character, and their violation would cause irreparable injury to the Company, the amount of which will be extremely difficult, if not impossible, to determine and cannot be adequately compensated by monetary damages alone. Therefore, if you breach or threaten to breach either of those paragraphs, in addition to any other remedies which may be available to the Company under this Agreement or at law or equity, the Company may obtain an injunction, restraining order, or other equitable relief against you and such other persons and entities as are appropriate.

Mr. Richard Smith April 15, 1996 Page 6 8. Continuation of Employment Beyond Term. There is not, nor will there be, unless in writing signed by both of us, any express or implied agreement as to your continued employment with the Company after the Term. Any continued employment after the Term will be employment at will and your compensation, benefits and termination benefits, if any, will be determined by the Board of Directors of the Company in its sole discretion. 9. Miscellaneous. (a) This Agreement is the complete agreement between us, supersedes any prior agreements between us and may be modified only by written instrument executed by both of us. (b) This Agreement will be governed by and construed in accordance with the laws of the State of Michigan.

Mr. Richard Smith April 15, 1996 Page 6 8. Continuation of Employment Beyond Term. There is not, nor will there be, unless in writing signed by both of us, any express or implied agreement as to your continued employment with the Company after the Term. Any continued employment after the Term will be employment at will and your compensation, benefits and termination benefits, if any, will be determined by the Board of Directors of the Company in its sole discretion. 9. Miscellaneous. (a) This Agreement is the complete agreement between us, supersedes any prior agreements between us and may be modified only by written instrument executed by both of us. (b) This Agreement will be governed by and construed in accordance with the laws of the State of Michigan. (c) The provisions of this Agreement will be deemed severable, and if any part of any provision is held illegal, void or invalid under applicable law, such provision will be changed to the extent reasonably necessary to make the provision, as so changed, legal, valid and binding. If any provision of this Agreement is held illegal, void or invalid in its entirety, the remaining provisions of this Agreement will not in any way be affected or impaired but will remain binding in accordance with their terms. (d) This Agreement will be binding upon and will inure to the benefit of the Company and its successors and assigns (including the Trust) but is personal to you and cannot be sold, assigned or pledged by you without the Company's written consent. (e) We will give notices under this Agreement to you in writing either by personal delivery or certified or registered mail at your address, as listed on our records at the time of the notice, and you will give notices to us in writing in care of the Company's President and Chief Executive Officer. Any such notice will be deemed given when delivered or mailed in accordance with the preceding sentence. (f) You represent and warrant that you have the right to enter into and perform your obligations under this Agreement and that you are not currently and will not during the Term become a party to or bound by any agreement or understanding, written or otherwise, which would in any way restrict or conflict with your performance under this Agreement. (g) The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the

Mr. Richard Smith April 15, 1996 Page 7 waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. If this Agreement correctly expresses our mutual understanding, please sign and date the enclosed copy and return it to us. Very truly yours, RAMCO-GERSHENSON, INC.

Mr. Richard Smith April 15, 1996 Page 7 waiver of any single remedy will not constitute a waiver of such party's right to assert all other legal remedies available to it under the circumstances. If this Agreement correctly expresses our mutual understanding, please sign and date the enclosed copy and return it to us. Very truly yours, RAMCO-GERSHENSON, INC.
By: /s/ Dennis Gershenson ----------------------------Dennis Gershenson Its: President -----------------

The terms of this Agreement are accepted and agreed to on April 30, 1996:
/s/ Richard Smith - ---------------------Richard Smith

ARTICLE 5 MULTIPLIER: 1,000

PERIOD TYPE FISCAL YEAR END PERIOD START PERIOD END CASH SECURITIES RECEIVABLES ALLOWANCES INVENTORY CURRENT ASSETS PP&E DEPRECIATION TOTAL ASSETS CURRENT LIABILITIES BONDS PREFERRED MANDATORY PREFERRED COMMON OTHER SE TOTAL LIABILITY AND EQUITY SALES TOTAL REVENUES CGS TOTAL COSTS OTHER EXPENSES LOSS PROVISION INTEREST EXPENSE INCOME PRETAX

6 MOS DEC 31 1996 JAN 01 1996 JUN 30 1996 3,024 0 2,076 147 0 0 287,788 3,917 301,585 10,487 114,530 0 0 0 121,570 301,585 0 13,812 0 4,207 11,685 147 1,740 (3,820)

ARTICLE 5 MULTIPLIER: 1,000

PERIOD TYPE FISCAL YEAR END PERIOD START PERIOD END CASH SECURITIES RECEIVABLES ALLOWANCES INVENTORY CURRENT ASSETS PP&E DEPRECIATION TOTAL ASSETS CURRENT LIABILITIES BONDS PREFERRED MANDATORY PREFERRED COMMON OTHER SE TOTAL LIABILITY AND EQUITY SALES TOTAL REVENUES CGS TOTAL COSTS OTHER EXPENSES LOSS PROVISION INTEREST EXPENSE INCOME PRETAX INCOME TAX INCOME CONTINUING DISCONTINUED EXTRAORDINARY CHANGES NET INCOME EPS PRIMARY EPS DILUTED

6 MOS DEC 31 1996 JAN 01 1996 JUN 30 1996 3,024 0 2,076 147 0 0 287,788 3,917 301,585 10,487 114,530 0 0 0 121,570 301,585 0 13,812 0 4,207 11,685 147 1,740 (3,820) 0 0 0 0 0 (4,359) (.61) (.61)