RPT Realty
EXHIBIT 10.3
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<DESCRIPTION>EXHIBIT 10.3
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      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">Exhibit 10.3</div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">RPT REALTY</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">AMENDMENT NO. 1</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">TO</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">THE OFFER LETTER</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">This Amendment No. 1 (this &#8220;Amendment&#8221;) to the Offer Letter (the &#8220;Offer Letter&#8221;), dated July 9, 2019, between Raymond Merk (&#8220;you&#8221;) and
      RPT Realty, a Maryland real estate investment trust (the &#8220;Trust&#8221;) is effective as of December 29, 2023.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">WHEREAS</font>, you and the Trust desire
      to amend certain provisions of the Offer Letter.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOW, THEREFORE</font>, in consideration
      of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby amend the Offer Letter as follows:</div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The section entitled &#8220;Change of Control*&#8221; is hereby deleted in its entirety and replaced with the following:</font></div>
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>&#8220;Change of Control*</u>:&#160; </font>Per the terms of the Trust&#8217;s current approved Change in Control Policy, as amended from time to time (the &#8220;Change in Control Policy&#8221;).</div>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, notwithstanding anything to the contrary in the Change in Control Policy, in the event that Mr. Merk&#8217;s employment is terminated within one year following a Change
        in Control Date (as defined in the Change in Control Policy) (x) by the Trust other than for Cause (as defined in the Change in Control Policy) or upon Mr. Merk&#8217;s death or permanent disability or (y) by Mr. Merk for Good Reason (as defined in the
        Change in Control Policy), the Trust will reimburse Mr. Merk for any remaining term on his existing apartment lease (which expires June 30, 2024) as of the date of termination and provide Mr. Merk with a one-time reimbursement of moving expenses
        for personal items to be shipped back to Cleveland, OH in an amount of up to $10,000.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as so amended, the Offer Letter is in all other respects in full force and effect and is hereby confirmed.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Amendment, together with the Offer Letter, constitutes the entire understanding and agreement of the parties with respect to the transactions contemplated herein and
        supersedes all prior and contemporaneous understandings and agreements, whether written or oral, with respect to such transactions.</font></div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Signature Page Follows.</font>]</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date set forth above.</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">/s/ Raymond Merk</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Raymond Merk</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">RPT Realty</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">By:</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">/s/ Brian L. Harper</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Name:</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Brian L. Harper</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Title:</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">President and Chief Executive Officer</div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Signature Page to Offer Letter Amendment</div>
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