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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif"><b><font size="3">UNITED STATES<br>
</font></b></font><font size="3" face="serif"><b>SECURITIES AND EXCHANGE COMMISSION<br>
</b></font><font size="3" face="serif"><b>Washington, D.C. 20549</b></font></p>
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<p align="center"><b><font face="serif" size="5">FORM 8-K</font></b></p>
<p align="center"><font size="3" face="serif"><b>CURRENT REPORT<br>
</b></font><font size="3" face="serif"><b>Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">Date of Report (Date of earliest
    event reported): December 23, 2005</font></p>
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<p align="center"><b><font face="serif" size="6">Feldman Mall Properties, Inc.<br>
</font></b><font size="2" face="serif">(Exact name of registrant as specified
in its charter)</font></p>
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    <td align="left"><div align="center"><font size="2" face="serif">Maryland<br>
      (State or other jurisdiction
          of</font><br>
    <font size="2" face="serif">incorporation)</font></div></td>
    <td width="33%" align="center"><div align="center"><font size="2" face="serif">001-32365<br>
    (Commission File Number) </font></div></td>
    <td width="33%" align="center"><div align="center"><font size="2" face="serif">13-4284187<br>
      (IRS Employer</font><br>
    <font size="2" face="serif">Identification Number)</font></div></td>
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    <td align="left"><div align="center"><font size="2" face="serif">&nbsp;</font></div></td>
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    <td align="left"><div align="center"><font size="2" face="serif">3225 North Central Avenue, Suite
          1205</font><br>
    <font size="2" face="serif">Phoenix, Arizona <br>
    (Address of principal executive offices)    </font></div></td>
    <td align="left"><div align="center"><font size="2" face="serif">&nbsp;</font></div></td>
    <td align="right"><div align="center"><font size="2" face="serif">85012<br>
    (Zip Code)    </font></div></td>
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<p align="center"><font size="2" face="serif">Registrant&#8217;s telephone number,
    including area code: 602-277-5559</font></p>
<p align="center"><font size="2" face="serif">N/A<br>
</font><font size="2" face="serif">(Former name or former address,
if changed since last report.)</font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if
    the Form 8-K filing is intended to simultaneously satisfy the filing obligation
    of the registrant under any of the following provisions (see General Instruction
    A.2. below):</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> &nbsp;Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> &nbsp;Soliciting material pursuant to
    Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> &nbsp;Pre-commencement communications
    pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> &nbsp;Pre-commencement communications
    pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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    <td align="left" width="8%"><font size="2" face="serif"><b>ITEM 1.01</b></font></td>
    <td align="left"><font size="2" face="serif"><b>Entry into a Material Definitive
          Agreement.</b></font></td>
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<p align="left"><font size="2" face="serif">On December 23, 2005, Feldman Mall
    Properties, Inc. (the &#8220;Company&#8221;) entered into an employment agreement
    (the &#8220;Agreement&#8221;) with Lloyd Miller (the &#8220;Executive&#8221;).
    The Agreement provides for a minimum base salary of $225,000 per year (the &#8220;Annual
    Salary&#8221;). In addition to the Annual Salary, the Executive will be eligible
    to receive a bonus on May 1, 2006 in an amount of up to $87,500, on January
    1, 2007 in an amount of up to $102,333, and on each January 1 and July 1
    thereafter in an amount of up to $87,500 (collectively, the &#8220;Bonus&#8221;).
    The amount of the Bonus shall be determined by the Company after reviewing
    the Executive&#8217;s performance, and shall be payable within ten days of
    the aforementioned dates. Concurrently with the execution of the Agreement,
    the Executive has also been granted 77,500 shares of the Company&#8217;s
    restricted stock which vest over five years commencing on June 1, 2006.<b></b>The
    Agreement may be terminated by the Company or the Executive upon not less
    than 30 days advance notice. If the Agreement is terminated by the Company
    for &#8220;cause&#8221; or by the Executive without &#8220;good reason,&#8221; the
    Executive shall receive certain compensation, including the Annual Salary
    and any accrued Bonus through the date of termination. If the Agreement is
    terminated by the Company without &#8220;cause,&#8221; by the Executive for &#8220;good
    reason,&#8221; or due to death or disability of the Executive, the Executive
    shall receive certain compensation, including the Annual Salary and any accrued
    Bonus through the date of termination, in an amount equal to the Bonus that
    would have been payable for the remainder of the bonus period had the termination
    not occurred, continuing coverage under group health plans for a period of
    two years, and full vesting of all outstanding equity-based awards held by
    the Executive. In addition, if the Agreement is terminated by the Company
    without &#8220;cause&#8221; or by the Executive for &#8220;good reason&#8221; prior
    to two years from the date of the Agreement, the Executive shall also be
    entitled to receive a lump sum payment of salary that the Executive would
    have been entitled to receive if the Executive had remained employed for
    the balance of such two-year period. The Agreement also contains certain
    non-competition, confidentiality and non-solicitation provisions.</font></p>
<p align="left"><font size="2" face="serif">The foregoing description of the
    Agreement is qualified in its entirety by reference thereto, a copy of which
    is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
    by reference herein.</font></p>
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    <td width="8%" align="left"><font size="2" face="serif"><b>ITEM 9.01</b></font></td>
    <td align="left"><font size="2" face="serif"><b>Financial Statements
          and Exhibits.</b></font></td>
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    <td align="left"><font size="2" face="serif">(c)</font></td>
    <td align="left"><font size="2" face="serif"><i>Exhibits.</i></font></td>
    <td align="left">&nbsp;</td>
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    <td align="left"><font size="2" face="serif">Exhibit 10.1</font></td>
    <td align="left"><font size="2" face="serif">Employment Agreement dated December
    23, 2005, by and between Feldman Mall Properties, Inc. and Lloyd Miller.</font></td>
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<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the
    Securities Exchange Act of 1934, the registrant has duly caused this report
    to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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    <td colspan="2"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">FELDMAN MALL PROPERTIES, INC.</font></td>
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    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">By:</font></td>
    <td align="left"><font size="2" face="serif"><u>&nbsp;&nbsp;/s/ Larry
    Feldman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left"><font size="2" face="serif">Name: Larry Feldman<br>
    Title: Chairman and Chief Executive Officer    </font></td>
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<p align="left"><font size="2" face="serif">Date: December 30, 2005</font></p>
<p align="center"><font face="serif" size="2">4</font></p>
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    <td width="8%" align="left"><font size="2" face="serif"><b>ITEM 9.01</b></font></td>
    <td align="left"><font size="2" face="serif"><b>Financial Statements and
          Exhibits.</b></font></td>
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    <td align="left">&nbsp;</td>
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    <td align="left"><font size="2" face="serif">(c)</font></td>
    <td align="left"><font size="2" face="serif"><i>Exhibits.</i></font></td>
    <td align="left">&nbsp;</td>
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    <td align="left"><font size="2" face="serif">Exhibit 10.1</font></td>
    <td align="left"><font size="2" face="serif">Employment Agreement dated December
        23, 2005, by and between Feldman Mall Properties, Inc. and Lloyd Miller.</font></td>
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Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest
    event reported): December 23, 2005
Feldman Mall Properties, Inc.
(Exact name of registrant as specified
in its charter)
Maryland
(State or other jurisdiction
          of
incorporation)
001-32365
(Commission File Number)
13-4284187
(IRS Employer
Identification Number)
3225 North Central Avenue, Suite
          1205
Phoenix, Arizona
(Address of principal executive offices)
85012
(Zip Code)
Registrant's telephone number,
    including area code: 602-277-5559
N/A
(Former name or former address,
if changed since last report.)
Check the appropriate box below if
    the Form 8-K filing is intended to simultaneously satisfy the filing obligation
    of the registrant under any of the following provisions (see General Instruction
    A.2. below):
Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to
    Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications
    pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications
    pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01
Entry into a Material Definitive
          Agreement.
On December 23, 2005, Feldman Mall
    Properties, Inc. (the "Company") entered into an employment agreement
    (the "Agreement") with Lloyd Miller (the "Executive").
    The Agreement provides for a minimum base salary of $225,000 per year (the "Annual
    Salary"). In addition to the Annual Salary, the Executive will be eligible
    to receive a bonus on May 1, 2006 in an amount of up to $87,500, on January
    1, 2007 in an amount of up to $102,333, and on each January 1 and July 1
    thereafter in an amount of up to $87,500 (collectively, the "Bonus").
    The amount of the Bonus shall be determined by the Company after reviewing
    the Executive's performance, and shall be payable within ten days of
    the aforementioned dates. Concurrently with the execution of the Agreement,
    the Executive has also been granted 77,500 shares of the Company's
    restricted stock which vest over five years commencing on June 1, 2006.
The
    Agreement may be terminated by the Company or the Executive upon not less
    than 30 days advance notice. If the Agreement is terminated by the Company
    for "cause" or by the Executive without "good reason," the
    Executive shall receive certain compensation, including the Annual Salary
    and any accrued Bonus through the date of termination. If the Agreement is
    terminated by the Company without "cause," by the Executive for "good
    reason," or due to death or disability of the Executive, the Executive
    shall receive certain compensation, including the Annual Salary and any accrued
    Bonus through the date of termination, in an amount equal to the Bonus that
    would have been payable for the remainder of the bonus period had the termination
    not occurred, continuing coverage under group health plans for a period of
    two years, and full vesting of all outstanding equity-based awards held by
    the Executive. In addition, if the Agreement is terminated by the Company
    without "cause" or by the Executive for "good reason" prior
    to two years from the date of the Agreement, the Executive shall also be
    entitled to receive a lump sum payment of salary that the Executive would
    have been entitled to receive if the Executive had remained employed for
    the balance of such two-year period. The Agreement also contains certain
    non-competition, confidentiality and non-solicitation provisions.
The foregoing description of the
    Agreement is qualified in its entirety by reference thereto, a copy of which
    is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
    by reference herein.
2
ITEM 9.01
Financial Statements
          and Exhibits.
(c)
Exhibits.
Exhibit 10.1
Employment Agreement dated December
    23, 2005, by and between Feldman Mall Properties, Inc. and Lloyd Miller.
3
SIGNATURES
Pursuant to the requirements of the
    Securities Exchange Act of 1934, the registrant has duly caused this report
    to be signed on its behalf by the undersigned hereunto duly authorized.
FELDMAN MALL PROPERTIES, INC.
By:
/s/ Larry
    Feldman
Name: Larry Feldman
Title: Chairman and Chief Executive Officer
Date: December 30, 2005
4
ITEM 9.01
Financial Statements and
          Exhibits.
(c)
Exhibits.
Exhibit 10.1
Employment Agreement dated December
        23, 2005, by and between Feldman Mall Properties, Inc. and Lloyd Miller.
5