The Employee, in consideration of the promises and agreements of the Company herein contained, hereby accepts employment with the Company for a period of one (1) year commencing on the Effective Date. During that period, Employee agrees to serve as an Executive of Forest City Realty Trust, Inc. (“ Forest City ”) and to serve as the Executive Chairman of Forest City Ratner Companies (Forest City, the Company and any of their respective affiliates or subsidiaries are referred to herein collectively as the “ Forest City Group ”). Employee will perform such duties as may be required of him in such capacities by the Company, faithfully, honestly, diligently and to the satisfaction of the Forest City Group. Employee’s employment with the Company shall continue for additional periods of one (1) year each until termination by mutual consent, death, or by either party giving ninety (90) days written notice to either amend or terminate this Employment Agreement to the other party prior to the termination of any such one (1) year period.