X0303 4 2011-05-04 0000912898 GLIMCHER REALTY TRUST GRT 0001494026 Indest Melissa A. 180 EAST BROAD STREET COLUMBUS OH 43215 1 SVP, Finance and Accounting Common Shares of Beneficial Interest 2011-05-04 4 A 0 8030.0000 0.0000 A 15220.0000 D Performance Shares 2011-05-04 4 A 0 4015.0000 0.0000 A Common Shares of Beneficial Interest 4015.0000 4015.0000 D These common shares shall have transfer restrictions that shall lapse in three equal installments over a period of five years commencing on the three-year anniversary of the grant date. Award to Reporting Person under the 2011 Glimcher Long-Term Incentive Compensation Plan adopted in accordance with the terms of the Glimcher Realty Trust (the "Company") Amended and Restated 2004 Incentive Compensation Plan (the "Plan"). The performance shares award provides for payment in the Company's common shares of beneficial interest in an amount ranging from 50% and 200% of the performance shares awarded based upon satisfaction of certain performance criteria over the performance period of January 1, 2011 to December 31, 2013 (unless a change in control of the Company occurs during the performance period, in which case the performance period will conclude on the date of the change of control and the performance criteria will be measured as of such date). Following completion of the performance period, a committee of independent trustees from the Company's Board of Trustees will certify the achievement of the performance criteria and thereafter transfer common shares of beneficial interest to the Reporting Person in accordance with the 2011 Glimcher Long-Term Incentive Compensation Plan. By: Kim A. Rieck, Attorney-in-Fact 2011-05-06