exv10w1






Exhibit 10.1




SEPARATION AGREEMENT AND RELEASE 




     This Separation Agreement and Release (“Agreement”) is made and entered into this 28th day of
July, 2009, by and between TIM BRUCE (“YOU” or “YOUR”) and DEVELOPERS DIVERSIFIED REALTY
CORPORATION (“DDR”). This Agreement also will be binding on YOUR heirs, successors and assigns.



     DDR and YOU have agreed that YOUR employment with DDR will terminate on October 27, 2009
(“Separation Date”). Pursuant to the terms of YOUR Amended and Restated Employment Agreement
(attached at Exhibit A), this will be designated a termination without cause and YOU acknowledge
that DDR has provided you with ninety-days’ notice. YOU will be deemed to have resigned from all
offices and directorships with DDR as of the Separation Date.



     Under the terms of this Agreement, DDR and YOU further agree as follows:




	1.	 	Based upon the consideration set forth in this Agreement (as described in Paragraph 5), YOU
agree to release DDR, its successors, owners, assigns, divisions, affiliates, Board, officers,
trustees, shareholders, directors, and employees (hereinafter collectively termed the “DDR
Released Parties”) from any claims that have arisen or may arise out of YOUR employment with
and separation from DDR, whether now known or unknown, including, but not limited to, all
claims for wrongful discharge; constructive discharge; all claims of breach of express or
implied contract, or promissory estoppel; all claims for damages resulting from injuries,
harassment, mental anguish and emotional distress;




 









 












	 	 	any claim of discrimination on any basis including race, color, national origin, religion, sex,
age or disability arising under any federal, state or local statute, ordinance, order or law;
all claims of breach of public policy or tort; all claims of defamation; and all other claims
under Ohio or federal law, including, but not limited to, age discrimination under the federal
Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Ohio R.C. Chapter 4112, and/or
discrimination under Title VII of the 1964 Civil Rights Act, as amended by the Civil Rights Act
of 1991, 42 U.S.C. § 1981, and 42 U.S.C. § 1983. While YOU acknowledge and understand that by
this Agreement YOU release, among other things, any and all past and present rights to recover
money damages arising out of YOUR employment and termination, the parties agree that this
Agreement shall not preclude YOU from filing any charge with the EEOC (or other governmental
agency) or from in any way participating in any investigation, hearing, or proceeding of the
EEOC (or other governmental agency).
	 
	2.	 	DDR’s officers, directors and executives and YOU agree not to defame, disparage or otherwise
attempt to damage, or encourage any third party to defame, disparage or otherwise attempt to
damage, YOUR name or YOUR reputation, as well as that of DDR, its shareholders, directors,
officers, or employees.
	 
	3.	 	DDR agrees that in the event any prospective employer inquires of DDR as to a reference for
YOU, DDR will, unless otherwise directed by YOU in writing, disclose only the dates of YOUR
employment, the positions YOU held, and the base salary YOU were




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	 	 	earning at the time of YOUR separation. All reference requests will be directed to Human
Resources.
	 
	4.	 	DDR agrees that it will not contest any claim for unemployment compensation made by YOU.
However, DDR will truthfully respond to any inquiry from the Ohio unemployment commission.
	 
	5.	 	YOUR final day of employment is the Separation Date, and any benefits provided to YOU
pursuant to YOUR employment with DDR ceases as of the Separation Date unless otherwise
specifically provided at law or under this Agreement. As consideration for this Agreement, YOU
shall receive severance pay equal to two times YOUR current base salary and two times YOUR
maximum bonus opportunity for 2009 (which YOU and DDR agree equals a total gross amount of
$1,278,000), which will be payable in a lump sum payment, less all applicable deductions, on
the 15th day of the first calendar month following the Six Month Date (as such term
is defined in YOUR Amended and Restated Employment Agreement (Exhibit A)) following the
conclusion of the Revocation Period (as described in Paragraph 6) without YOUR revoking this
Agreement. DDR also will continue YOUR health and dental benefits for YOU and YOUR eligible
dependents (as defined by the applicable plan or plans) for a period of two years beginning
with the Separation Date, unless and until YOU are eligible to receive from a subsequent
employer alternative health and dental benefits which are substantially equivalent or greater
than the health and dental benefits provided under this Agreement. The health




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	 	 	and dental coverage that YOU and YOUR family will receive is the same coverage YOU now receive
as an active employee and will be provided under the same terms granted to active employees.
DDR also will provide you with one year of outplacement services to be determined and arranged
to the mutual satisfaction of YOU and DDR. YOU acknowledge (a) the sufficiency of the
consideration described above for YOUR promises and the general release detailed in this
Agreement and (b) that the payments, benefits and services described in this Paragraph 5 include
(i) all amounts to which you would be entitled under YOUR Amended and Restated Employment
Agreement (Exhibit A), subject to your execution and non-revocation of this Agreement, and (ii)
additional payments, benefits and services substantially in excess of the amounts to which you
would be entitled under YOUR Amended and Restated Employment Agreement (Exhibit A).
	 
	6.	 	YOU acknowledge that DDR has advised YOU that the release contained in this Agreement does
not apply to any rights or claims that may arise after the execution date of this Agreement.
YOU further acknowledge that DDR has advised you to consult with an attorney before signing
this Agreement. YOU also acknowledge that YOU were offered up to twenty-one (21) days to
consider this Agreement. For seven (7) days after this Agreement is executed (the “Revocation
Period”), YOU have the right to revoke the Agreement. This Agreement shall not become
effective or enforceable, and YOU shall not receive the benefits of Paragraph 5 above, until
such revocation period has expired.




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	 	 	YOUR written notice of the revocation of this Release shall be delivered by certified or
registered mail (first class postage pre-paid), guaranteed overnight delivery or personal
delivery to the following address: Senior Vice President of Human Resources, Developers
Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122.
	 
	7.	 	You acknowledge that the promises referred to in Paragraph 5 are solely in exchange for the
promises in this Agreement and are not normally available to DDR’s employees. YOU further
acknowledge that DDR’s agreement to pay and provide the amounts described in Paragraph 5 does
not constitute an admission by the DDR Released Parties of liability or of violation of any
applicable law or regulation. DDR states that payment has been made solely for the purpose of
compromising any and all claims without the cost and burden of litigation and in light of YOUR
service as an employee and the parties’ desire to accomplish a mutually amicable separation.
	 
	8.	 	As of July 28, 2009, YOU shall deliver to Human Resources any property of DDR in YOUR control
or possession, including keys, documents, computer software and hardware, manuals, office
equipment, phones and PDAs, credit cards and files.
	 
	9.	 	The applicable provisions of the DDR plans covering equity and incentive awards shall govern
any equity and incentive awards previously granted to YOU.
	 
	10.	 	This Agreement, including without limitation the release provisions, is being presented in
accordance with and shall be deemed to fully satisfy DDR’s obligations and rights




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	 	 	under Section 6 of YOUR Amended and Restated Employment Agreement (Exhibit A). YOUR failure to
execute and return this Agreement relieves DDR of any obligation to make payments to you under
Section 5(d) of YOUR Amended and Restated Employment Agreement (Exhibit A) or otherwise
(including under Paragraph 5 of this Agreement).
	 
	11.	 	YOUR covenants and obligations, as more fully described in Section 7 of YOUR Amended and
Restated Employment Agreement (Exhibit A), remain in full force and effect; provided,
however, that notwithstanding anything in this Agreement to the contrary, YOUR
compliance with YOUR covenant not to compete, as provided for in Section 7(a)(i) of YOUR
Amended and Restated Employment Agreement (Exhibit A), is hereby waived by DDR. Additionally,
your obligations detailed in Section 9(b) of YOUR Amended and Restated Employment Agreement
(Exhibit A) remain in full force and effect, and DDR’s obligations provided for under Section
8 of YOUR Amended and Restated Employment Agreement (Exhibit A) remain in full force and
effect. These obligations shall survive, regardless of any other breach of this Agreement.
	 
	12.	 	YOU also acknowledge that YOU have carefully read and fully understand the terms,
considerations, and consequences of this Agreement, including the release of any of YOUR
potential claims. YOU further acknowledge that YOU have not relied upon any other
representations or statements, whether written or oral, and that this Agreement contains the
entire agreement between YOU and DDR regarding the termination of your




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	 	 	employment with DDR. YOU further acknowledge that the covenants and promises made by YOU in
this Agreement are in consideration of the payments and other promises made hereunder by the
DDR, which YOU acknowledge to be sufficient, just and adequate consideration for YOUR covenants
and promises. YOU acknowledge that but for YOUR execution of this Agreement, YOU would not be
entitled to the amounts being paid to YOU, or on YOUR behalf, hereunder.
	 
	13.	 	In the event that any provision of this Agreement, with the exception of YOUR release of
claims, is found, by any court or governmental agency, to be unlawful or unenforceable, DDR
and YOU have the right to require the other party to continue complying with the remaining
provisions of this Agreement or the Agreement as a whole as may be modified by the court. In
the event of a breach of this Agreement by YOU or DDR, either party may seek relief and/or
enforcement in a court of competent jurisdiction.
	 
	14.	 	The parties agree that: (a) neither this Agreement nor compliance with its terms shall be
construed as an admission by DDR Released Parties as a violation of any statutory,
contractual, quasi-contractual, common law or other right of YOURS; and (b) neither this
Agreement nor the fact of its delivery to YOU shall be admissible in any proceeding as
evidence of unlawful or improper conduct by DDR Released Parties. DDR Released Parties
expressly disclaim any liability to YOU arising out of YOUR employment, separation of
employment and otherwise.




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	15.	 	The Parties agree that this Agreement shall be construed in accordance with Ohio law, that
any action brought by any party hereunder may be instituted and maintained only in the
appropriate court having jurisdiction over Cuyahoga County, Ohio, and that this Agreement
shall be interpreted in accordance with the plain meaning of its terms and not strictly for or
against any party.





	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Timothy J. Bruce

	 	By:
	 	/s/ Nan R. Zieleniec
	 

	 	 	 	 
	Tim Bruce

	 	 	 	Name:  Nan R. Zieleniec
	 

	 	 	 	Title:    Senior Vice President of Human Resources
	 
	 	 	 	 
	 
	 	 	 	 
	Date: 7/28/09	 	Date: 7-28-09







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Exhibit A




AMENDED AND RESTATED EMPLOYMENT AGREEMENT




               THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Employment Agreement”) is entered into
as of the 29th day of December 2008, between Developers Diversified Realty Corporation,
an Ohio corporation (the “Company”), and Timothy J. Bruce (the “Executive”).




WITNESSETH:




               WHEREAS, the Company desires to employ the Executive, and the Executive desires to be employed
by the Company, on the terms and subject to the conditions set forth herein; and




               WHEREAS, the Company and the Executive desire for this Employment Agreement to amend and
supersede any prior employment agreements between the Company and the Executive.




               NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as
follows:





	1.	 	Employment.






	 	(a)	 	The Company hereby employs the Executive as its Executive Vice President of
Development, and the Executive hereby accepts such employment, on the terms and subject
to the conditions hereinafter set forth.
	 
	 	(b)	 	During the term of this Employment Agreement, the Executive shall be and have
the title of Executive Vice President of Development and shall devote all of his
business time and all reasonable efforts to his employment and perform diligently such
duties as are customarily performed by Executive Vice Presidents of Development of
companies similar in size to, and in a similar business as, the Company, together with
such other duties as may be reasonably requested from time to time by the Senior
Executive Vice President, President or Chief Executive Officer of the Company or the
Board of Directors of the Company (the “Board”), which duties shall be consistent with
his positions previously set forth and as provided in Paragraph 2.






	2.	 	Term and Positions.






	 	(a)	 	The period of employment of the Executive by the Company shall, subject to
earlier termination as provided in this Employment Agreement, continue until December
31, 2009, with automatic one year renewals thereafter. Notwithstanding the foregoing,
this Employment Agreement may be terminated by the Company with “cause” (as hereinafter
defined) at any time and without cause upon not less than ninety (90) days prior
written notice to the Executive.
	 
	 	(b)	 	During the term of this Employment Agreement, the Executive shall be entitled
to serve as the Executive Vice President of Development of the Company. For service as
an officer and employee of the Company, the Executive shall be entitled to the full
protection of the applicable indemnification provisions of the articles of
incorporation and code of regulations of the Company, as the same may be amended from
time to time,




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	 	 	 	and any Indemnification Agreement between the Company and the Executive that was in
effect as of December 28, 2008 and as the same may be amended from time to time
thereafter (the “Indemnification Agreement”).
	 
	 	(c)	 	If:






	 	(i)	 	the Company materially changes the Executive’s duties and
responsibilities as set forth in Paragraphs 1(b) and 2(b) without his consent;
	 
	 	(ii)	 	the Executive’s place of employment or the principal executive
offices of the Company are located more than fifty (50) miles from the
geographical center of Cleveland, Ohio; or
	 
	 	(iii)	 	there occurs a material breach by the Company of any of its
obligations under this Employment Agreement, which breach has not been cured in
all material respects within thirty (30) days after the Executive gives notice
thereof to the Company;






	 	 	 	then in any such event the Executive shall have the right to terminate his
employment with the Company, but such termination shall not be considered a
voluntary resignation or termination of such employment or of this Employment
Agreement by the Executive but rather a discharge of the Executive by the Company
without “cause” (as defined in Paragraph 5(a)(ii)).
	 
	 	(d)	 	The Executive shall be deemed not to have consented to any written proposal
calling for a material change in his duties and responsibilities unless the Executive
shall give written notice of his consent thereto to the Board within fifteen (15) days
after receipt of such written proposal. If the Executive shall not have given such
consent, the Company shall have the opportunity to withdraw such proposed material
change by written notice to the Executive given within ten (10) days after the end of
said fifteen (15) day period.
	 
	 	(e)	 	Notwithstanding anything in this Employment Agreement to the contrary, if there
shall occur a “Change in Control” and a “Triggering Event” (as those terms are defined
in the Amended and Restated Change in Control Agreement, dated December 29, 2008,
between the Company and the Executive (the “Change in Control Agreement”)) under
circumstances entitling the Executive to payments and benefits as specified in
Article II, Paragraph 1 of the Change in Control Agreement, payments to the Executive
will be governed by the Change in Control Agreement and the Executive shall not be
entitled to any additional benefits under this Employment Agreement except as to that
portion of any unpaid salary and other benefits accrued and earned by the Executive
hereunder up to and including the Termination Date (as defined in Paragraph 5(f)).






	3.	 	Compensation.
	 
	 	 	During the term of this Employment Agreement, the Company shall pay or provide, as the case
may be, to the Executive the compensation and other benefits and rights set forth in this
Paragraph 3.






	 	(a)	 	The Company shall pay to the Executive a base salary payable in accordance with
the Company’s usual pay practices (and in any event no less frequently than monthly) of
not less than Three Hundred Fifty-Five Thousand Dollars ($355,000) per annum, subject
to such increases as the Board may approve.




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	 	(b)	 	In addition to an annual base salary, if the Executive achieves the factors and
criteria for bonus payments hereinafter described for any fiscal year of the Company
throughout which the Executive is employed by the Company, then the Company shall pay
to the Executive bonus compensation for such fiscal year, not later than 75 days
following the end of the fiscal year, determined and calculated in accordance with the
percentages set forth on Exhibit A attached hereto. The Company’s award of bonus
compensation to the Executive shall be determined by the factors and criteria,
including the financial performance of the Company and the performance by the Executive
of his duties hereunder, that may be established from time to time for the calculation
of bonus awards by the Executive Compensation Committee (the “Committee”) of the Board.
(Note that in certain circumstances the Executive may be entitled to a pro rata bonus
for a partial fiscal year of the Company as provided in Paragraph 4(a) or 5(d).)
	 
	 	(c)	 	The Company shall provide to the Executive such life, disability, medical,
hospitalization and dental insurance for the Executive, his spouse and eligible family
members as may be determined by the Board to be consistent with industry standards.
	 
	 	(d)	 	The Executive shall participate in all retirement and other benefit plans of
the Company generally available from time to time to employees of the Company and for
which the Executive qualifies under the terms thereof (and nothing in this Employment
Agreement shall or shall be deemed to in any way affect the Executive’s rights and
benefits thereunder except as expressly provided herein).
	 
	 	(e)	 	The Executive shall be entitled to such periods of vacation and sick leave
allowance each year as are determined by the Chief Executive Officer or the President
of the Company in his reasonable and good faith discretion, which in any event shall be
not less than four weeks per year or as otherwise provided under the Company’s vacation
and sick leave policy for executive officers.
	 
	 	(f)	 	The Executive shall be entitled to participate in any equity or other employee
benefit plan that is generally available to senior executive officers, as distinguished
from general management, of the Company. The Executive’s participation in and benefits
under any such plan shall be on the terms and subject to the conditions specified in
the governing documents of the particular plan.
	 
	 	(g)	 	The Company shall reimburse the Executive or provide the Executive with an
expense allowance during the term of this Employment Agreement for travel,
entertainment and other expenses reasonably and necessarily incurred by the Executive
in connection with the Company’s business. The Executive shall furnish such
documentation with respect to reimbursement to be paid hereunder as the Company shall
reasonably request.
	 
	 	(h)	 	So long as the Executive remains in the employment of the Company, the Company
shall pay to the Executive an automobile allowance of $500 per month as may be adjusted
from time to time. All expenses related to all automobiles owned by the Executive shall
be the sole responsibility of the Executive.






	4.	 	Payment in the Event of Death or Disability.






	 	(a)	 	Except as otherwise provided in Paragraph 4(a)(i), in the event of the
Executive’s death or if the Company terminates the Executive’s employment by reason of
the Executive becoming “disabled” (as hereinafter defined) during the term of this
Employment Agreement, the Company shall pay to the Executive (or the successors and
assigns of the




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	 	 	 	Executive in the event of his death) an amount equal to the sum of (x) the
Executive’s then effective per annum rate of salary, as determined under Paragraph
3(a), plus (y) a bonus amount prorated up to and including the Termination Date and
determined as specified in Paragraph 4(a)(ii) (a “Pro Rata Bonus Amount”), and shall
continue the benefits described in Paragraph 3(c) for the Executive (except in the
case of death) and the Executive’s family for a period of one (1) year.






	 	(i)	 	The Company will not be obligated to pay or provide any of the
amounts or benefits specified in Paragraph 4(a) unless either (A) the Company
is deemed to have waived the obligation to provide a Release as provided in
Paragraph 6(b) or (B) the Executive or the Executive’s personal representative
has timely executed a Release as contemplated by Paragraph 6(c) and has not
revoked such Release during any applicable revocation period.
	 
	 	(ii)	 	The Pro Rata Bonus Amount shall be determined by first
calculating a pro forma full year annual bonus amount for the Executive for the
entire fiscal year in which the termination occurs in the manner specified in
the last sentence of this Paragraph 4(a)(ii) and then multiplying the amount of
the pro forma full year annual bonus amount (so calculated) by a fraction, the
numerator of which is the number of days in that portion of the fiscal year
ending on the Termination Date and the denominator of which is the number of
days in the entire fiscal year. The pro forma full year annual bonus amount
shall be calculated on the same date and in the same manner as if the
Executive’s employment had continued throughout the end of the fiscal year,
using actual results for the entire fiscal year, and, insofar as the
Executive’s individual performance may be a factor, assuming that the Executive
had performed throughout the fiscal year at the same level at which the
Executive actually performed during the fiscal year up to the Termination Date.






	 	(b)	 	The Company will pay the amount equal to one year of salary pursuant to
Paragraph 4(a)(x) (i) in the event of the Executive’s death, as soon as practicable
following the Executive’s death, but in no event later than March 15 of the year after
the year in which the Executive’s death occurs (provided that neither the Executive nor
the Executive’s estate may designate the taxable year of payment), and (ii) in the
event of the Company’s termination of the Executive’s employment by reason of the
Executive’s becoming disabled, except as otherwise provided in Section B.2 of the Tax
Provision Exhibit attached to this Employment Agreement as Exhibit B, during the
Seventh Month after the Termination Date (as defined in Section B.1 of the Tax
Provision Exhibit). The Company will pay the Pro Rata Bonus Amount pursuant to
Paragraph 4(a)(y) on the date on which the Company generally pays bonuses for the
fiscal year during which the termination of employment occurred (but not later than
March 15 of the immediately following year). To assure compliance with Section 409A of
the Internal Revenue Code, the timing of the provision of the benefits described in
Paragraph 3(c) will be subject to Sections B.1 and B.3 of the Tax Provision Exhibit if
and to the extent either of those sections is applicable according to its terms.
	 
	 	(c)	 	For purposes of this Employment Agreement, the Executive shall become
“disabled” only in the event of a permanent disability. Executive’s “disability” shall
be deemed to have occurred after one hundred twenty (120) days in the aggregate during
any consecutive twelve (12) month period, or after ninety (90) consecutive days, during
which one hundred twenty (120) or ninety (90) days, as the case may be, the Executive,




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	 	 	 	by reason of his physical or mental disability or illness, shall have been unable to
discharge his duties under this Employment Agreement. The date of disability shall
be such one hundred twentieth (120th ) or ninetieth (90th ) day, as the case may be.
In the event either the Company or the Executive, after receipt of notice of the
Executive’s disability from the other, dispute that the Executive’s permanent
disability shall have occurred, the Executive shall promptly submit to a physical
examination by the chief of medicine of any major accredited hospital in the
Cleveland, Ohio, area and, unless such physician shall issue a written statement to
the effect that in the physician’s opinion, based on the physician’s diagnosis, the
Executive is capable of resuming his employment and devoting full time and energy to
discharging his duties within thirty (30) days after the date of such statement,
such permanent disability shall be deemed to have occurred.






	5.	 	Termination.






	 	(a)	 	The employment of the Executive under this Employment Agreement, and the terms
hereof, may be terminated by the Company:






	 	(i)	 	on the death of the Executive or if the Executive becomes
disabled (as previously defined);
	 
	 	(ii)	 	for cause at any time by action of the Board. For purposes
hereof, the term “cause” shall mean:






	 	(A)	 	The Executive’s fraud, commission of a felony
or of an act or series of acts which result in material injury to the
business reputation of the Company, commission of an act or series of
repeated acts of dishonesty which are materially inimical to the best
interests of the Company, or the Executive’s willful and repeated
failure to perform his duties under this Employment Agreement, which
failure has not been cured within fifteen (15) days after the Company
gives notice thereof to the Executive; or
	 
	 	(B)	 	The Executive’s material breach of any
provision of this Employment Agreement, which breach has not been cured
in all substantial respects within ten (10) days after the Company
gives notice thereof to the Executive; or






	 	(iii)	 	without cause pursuant to written notice provided to the
Executive not less than ninety (90) days in advance of the Termination Date.






	 	 	 	The exercise by the Company of its rights of termination under this Paragraph 5
shall be the Company’s sole remedy if such right to terminate arises. Upon any
termination of this Employment Agreement, the Executive shall be deemed to have
resigned from all offices and directorships held by the Executive in the Company.
	 
	 	(b)	 	In the event of a termination claim by the Company to be for “cause” pursuant
to Paragraph 5(a)(ii), the Executive shall have the right to have the justification for
said termination determined by arbitration in Cleveland, Ohio. In order to exercise
such right, the Executive shall serve on the Company within thirty (30) days after
termination a written request for arbitration. The Company immediately shall request
the appointment of an arbitrator by the American Arbitration Association and thereafter
the question of “cause” shall be determined under the rules of the American Arbitration
Association, and the decision of the arbitrator shall be final and binding upon both
parties. The parties




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	 	 	 	shall use all reasonable efforts to facilitate and expedite the arbitration and
shall act to cause the arbitration to be completed as promptly as possible. During
the pendency of the arbitration, the Executive shall continue to receive all
compensation and benefits to which the Executive is entitled hereunder, and if at
any time during the pendency of such arbitration the Company fails to pay and
provide all compensation and benefits to the Executive in a timely manner the
Company shall be deemed to have automatically waived whatever rights it then may
have had to terminate the Executive’s employment for cause. Expenses of the
arbitration shall be borne equally by the parties except as otherwise determined by
the arbitrator.
	 
	 	(c)	 	In the event of termination for any of the reasons set forth in subparagraph
(a) of this Paragraph 5, except as otherwise provided in Paragraphs 3(d), 4(a) and
5(d), the Executive shall be entitled to no further compensation or other benefits
under this Employment Agreement, except as to that portion of any unpaid salary and
other benefits accrued and earned by the Executive hereunder up to and including the
Termination Date.
	 
	 	(d)	 	Except as provided in Paragraph 5(d)(i), in the event of the termination by the
Company of the Executive without “cause” (other than as described in Paragraph 2(e)),
or in the event of a termination by the Executive for reasons set forth in Paragraph
2(c), the Company shall pay to the Executive an amount equal to the sum of (x) the
Executive’s then effective per annum rate of salary, as determined under Paragraph
3(a), plus, (y) a Pro Rata Bonus Amount (determined in the same manner as provided in
Paragraph 4(a) in the event of termination due to death or disability), and shall
continue the benefits described in Paragraph 3(c) for a period of one (1) year.






	 	(i)	 	The Company will not be obligated to pay or provide any of the
amounts or benefits specified in Paragraph 5(d) unless either (A) the Company
is deemed to have waived the obligation to provide a Release as provided in
Paragraph 6(b) or (B) the Executive has timely executed a Release as
contemplated by Paragraph 6(c) and has not revoked such Release during any
applicable revocation period.






	 	(e)	 	Except as otherwise provided in Section B.2 of the Tax Provision Exhibit, (i)
the Company will pay the amount equal to one year of salary pursuant to Paragraph
5(d)(x) during the Seventh Month after the Termination Date. The Company will pay the
Pro Rata Bonus Amount pursuant to Paragraph 5(d)(y) on the date on which the Company
generally pays bonuses for the fiscal year during which the termination of employment
occurred (but not later than March 15 of the immediately following year). To assure
compliance with Section 409A of the Internal Revenue Code, the timing of the provision
of the benefits described in Paragraph 3(c) will be subject to Sections B.1 and B.3 of
the Tax Provision Exhibit if and to the extent either of those sections is applicable
according to its terms.
	 
	 	(f)	 	For all purposes of this Employment Agreement, the term “Termination Date”
means the date on which the Executive’s employment with the Company terminates.






	6.	 	Release. This Paragraph 6 will apply only upon termination of the Executive’s
employment (x) by reason of death or disability (as contemplated by Paragraph 4) or (y) by the
Company without “cause” or by the Executive for reasons set forth in Paragraph 2(c) (as
contemplated by Paragraph 5(d)).




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	 	(a)	 	Presentation of Release by the Company. If this Paragraph 6 applies,
the Company may present to the Executive (or in the case of the Executive’s death or
legal incapacity, to the Executive’s personal representative), not later than 21 days
after the Termination Date, a form of release (a “Release”) of all current and future
claims, known or unknown, arising on or before the date on which the Release is to be
executed, that the Executive or the Executive’s assigns have or may have against the
Company or any subsidiary, and the directors, officers, and affiliates of any of them,
in such form as may reasonably be presented by the Company together with a covering
message in which the Company advises the Executive (or the Executive’s personal
representative) that the Release is being presented in accordance with this Paragraph 6
and that a failure by the Executive (or the Executive’s personal representative) to
execute and return the Release as contemplated by Paragraph 6(c) would relieve the
Company of the obligation to make payments otherwise due to the Executive (or to the
Executive’s personal representative) under one or more portions of either of
Paragraph 4(a) or Paragraph 5(d), as the case may be.
	 
	 	(b)	 	Effect of Failure by the Company to Present Release. If the Company
fails to present a Release and covering message to the Executive (or the Executive’s
personal representative) as contemplated by Paragraph 6(a) within 21 days of the
Termination Date, the Company will be deemed to have waived the requirement that the
Executive (or the Executive’s personal representative) execute a Release as a condition
to receiving payments under any portion of either of Paragraph 4(a) or Paragraph 5(d),
as the case may be.
	 
	 	(c)	 	Execution of Release by the Executive or the Executive’s Personal
Representative. If the Company does present a Release and covering message to the
Executive (or the Executive’s personal representative) as contemplated by Paragraph
6(a) within 21 days of the Termination Date, the Executive (or the Executive’s personal
representative) will have until 50 days after the Termination Date (i.e., at least 29
days after presentation of the Release to the Executive (or the Executive’s personal
representative)) within which to deliver an executed copy of the Release to the Company
and thereby satisfy the condition to receiving payments under any portion of either of
Paragraph 4(a) or Paragraph 5(d), as the case may be, provided that the Executive (or
the Executive’s personal representative) does not revoke the execution of the Release
during any applicable revocation period.
	 
	 	(d)	 	Effect of Failure to Execute Release or of Revocation of Release. If
the Executive (or the Executive’s personal representative) fails to deliver an executed
copy of the Release to the Company within 50 days after the Termination Date or revokes
the execution of the Release during any applicable revocation period, the Executive (or
the Executive’s personal representative) will be deemed to have waived the right to
receive all payments under either of Paragraph 4(a) or Paragraph 5(d), as the case may
be, that were conditioned on the Release.






	7.	 	Covenants and Confidential Information.






	 	(a)	 	The Executive acknowledges the Company’s reliance and expectation of the
Executive’s continued commitment to performance of the Executive’s duties and
responsibilities during the term of this Employment Agreement. In light of such
reliance and expectation on the part of the Company, during the term of this Employment
Agreement and for a period of one (1) year thereafter (and, as to clause (ii) of this
subparagraph (a), at any time




Page 7 









 






	 	 	 	during and after the term of this Employment Agreement), the Executive shall not,
directly or indirectly do or suffer either of the following:






	 	(i)	 	own, manage, control or participate in the ownership,
management or control of, or be employed or engaged by or otherwise affiliated
or associated as a consultant, independent contractor or otherwise with, any
other corporation, partnership, proprietorship, firm, association or other
business entity engaged in the business of, or otherwise engage in the business
of, acquiring, owning, developing or managing commercial shopping centers;
provided, however, that the ownership of not more than one percent (1%) of any
class of publicly traded securities of any entity shall not be deemed a
violation of this covenant; or
	 
	 	(ii)	 	disclose, divulge, discuss, copy or otherwise use or suffer to
be used in any manner, in competition with, or contrary to the interests of,
the Company, any confidential information relating to the Company’s operations,
properties or otherwise to its particular business or other trade secrets of
the Company, it being acknowledged by the Executive that all such information
regarding the business of the Company compiled or obtained by, or furnished to,
the Executive while the Executive shall have been employed by or associated
with the Company is confidential information and the Company’s exclusive
property; provided, however, that the foregoing restrictions shall not apply to
the extent that such information (A) is clearly obtainable in the public
domain, (B) becomes obtainable in the public domain, except by reason of the
breach by the Executive of the terms hereof, (C) was not acquired by the
Executive in connection with the Executive’s employment or affiliation with the
Company, (D) was not acquired by the Executive from the Company or its
representatives or (E) is required to be disclosed by rule of law or by order
of a court or governmental body or agency.






	 	(b)	 	The Executive will not directly or indirectly during the term of this
Employment Agreement and for a period of one (1) year after the expiration of this
Employment Agreement or the termination of Executive’s employment for any reason,
solicit or induce or attempt to solicit or induce any employee(s) of the Company and/or
any subsidiary, affiliated or related companies to terminate their employment with the
Company and/or any subsidiary, affiliated or related companies.
	 
	 	(c)	 	The Executive agrees and understands that the remedy at law for any breach by
the Executive of this Paragraph 7 will be inadequate and that the damages following
from such breach are not readily susceptible to being measured in monetary terms.
Accordingly, it is acknowledged that, upon adequate proof of the Executive’s violation
of any legally enforceable provision of this Paragraph 7, the Company shall be entitled
to immediate injunctive relief and may obtain a temporary order restraining any
threatened or further breach. Nothing in this Paragraph 7 shall be deemed to limit the
Company’s remedies at law or in equity for any breach by the Executive of any of the
provisions of this Paragraph 7 which may be pursued or availed of by the Company.
	 
	 	(d)	 	The Executive has carefully considered the nature and extent of the
restrictions upon him and the rights and remedies conferred upon the Company under this
Paragraph 7, and hereby acknowledges and agrees that the same are reasonable in time
and territory, are designed to eliminate competition which otherwise would be unfair to
the Company, do not stifle the inherent skill and experience of the Executive, would
not operate as a bar to the Executive’s sole means of support, are fully required to
protect the legitimate interests




Page 8 









 






	 	 	 	of the Company and do not confer a benefit upon the Company disproportionate to the
detriment to the Executive.






	8.	 	Tax Provision Exhibit.
	 
	 	 	All of the terms of the Tax Provision Exhibit attached to this Employment Agreement as
Exhibit B are hereby incorporated in this Employment Agreement as fully as if those terms
were included in the main text of this Employment Agreement.
	 
	9.	 	Miscellaneous.






	 	(a)	 	The Executive represents and warrants that the Executive is not a party to any
agreement, contract or understanding, whether employment or otherwise, which would
restrict or prohibit the Executive from undertaking or performing employment in
accordance with the terms and conditions of this Employment Agreement.
	 
	 	(b)	 	During the term of this Employment Agreement and thereafter, the Executive will
provide reasonable assistance to the Company in litigation and regulatory matters that
relate to events that occurred during the Executive’s period of employment with the
Company and its predecessors, and will provide reasonable assistance to the Company
with matters relating to its corporate history from the period of the Executive’s
employment with it or its predecessors. The Executive will be entitled to reimbursement
of reasonable out-of-pocket travel or related costs and expenses relating to any such
cooperation or assistance that occurs following the term of employment.
	 
	 	(c)	 	The provisions of this Employment Agreement are severable and if any one or
more provision may be determined to be illegal or otherwise unenforceable, in whole or
in part, the remaining provision and any partially unenforceable provision to the
extent enforceable in any jurisdiction nevertheless shall be binding and enforceable.
	 
	 	(d)	 	The rights and obligations of the Company under this Employment Agreement shall
inure to the benefit of, and shall be binding on, the Company and its successors and
assigns, and the rights and obligations (other than obligations to perform services) of
the Executive under this Employment Agreement shall inure to the benefit of, and shall
be binding upon, the Executive and his heirs, personal representatives and assigns.
	 
	 	(e)	 	Any controversy or claim arising out of or relating to this Employment
Agreement, or the breach thereof, shall be settled by arbitration in accordance with
the Rules of the American Arbitration Association then pertaining in the City of
Cleveland, Ohio, and judgment upon the award rendered by the arbitrator or arbitrators
may be entered in any court having jurisdiction thereof. The arbitrator or arbitrators
shall be deemed to possess the powers to issue mandatory orders and restraining orders
in connection with such arbitration; provided, however, that nothing in this Paragraph
9(e) shall be construed so as to deny the Company the right and power to seek and
obtain injunctive relief in a court of equity for any breach or threatened breach by
the Executive of any of the covenants contained in Paragraph 7 hereof.
	 
	 	(f)	 	Any notice to be given under this Employment Agreement shall be personally
delivered in writing or shall 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 Company, shall be addressed to its principal
place of business, attention: President, and if mailed to the Executive, shall be
addressed to the Executive at his home




Page 9 









 






	 	 	 	address last known on the records of the Company, or at such other address or
addresses as either the Company or the Executive may hereafter designate in writing
to the other.
	 
	 	(g)	 	The failure of either party to enforce any provision or provisions of this
Employment Agreement shall 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 Employment Agreement.
The rights granted the parties herein are cumulative and the waiver of any single
remedy shall not constitute a waiver of such party’s right to assert all other legal
remedies available to it under the circumstances.
	 
	 	(h)	 	This Employment Agreement supersedes all prior agreements and understandings
between the parties and may not be modified or terminated orally. No modification,
termination or attempted waiver shall be valid unless in writing and signed by the
party against whom the same is sought to be enforced.
	 
	 	(i)	 	This Employment Agreement shall be governed by and construed according to the
laws of the State of Ohio.
	 
	 	(j)	 	Captions and paragraph headings used herein are for convenience and are not a
part of this Employment Agreement and shall not be used in construing it.
	 
	 	(k)	 	Where necessary or appropriate to the meaning hereof, the singular and plural
shall be deemed to include each other, and the masculine, feminine and neuter shall be
deemed to include each other.





               IN WITNESS WHEREOF, the parties have executed this Amended and Restated Employment Agreement
on the day and year first set forth herein.




	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel B. Hurwitz
 

Daniel B. Hurwitz, President and
	 	     
	 

	 	 	 	Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Timothy J. Bruce	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	TIMOTHY J. BRUCE	 	 







Page 10 









 








EXHIBIT A




INCENTIVE OPPORTUNITY




Bonus As

% of Salary




	 	 	 	 	 
	Threshold
	 	Target
	 	Maximum
	 
	 	 
	 	 
	20%
	 	40%
	 	80%







Exhibits Page 1 of 5









 








EXHIBIT B




Tax Provision Exhibit




280G Gross-Up and Compliance with Section 409A





	A.	 	Gross-Up of Payments Deemed to be Excess Parachute Payments.






	 	A.1	 	Acknowledgement; Determination by Accounting Firm. The Company and the
Executive acknowledge that, following a Change in Ownership or Control, one or more
payments or distributions to be made by the Company or an affiliated entity to or for the
benefit of the Executive under this Employment Agreement or the Change in Control
Agreement (including, without limitation, the issuance of common shares of the Company;
the granting or vesting of restricted shares; and the granting, vesting, exercise or
termination of options) (a “Payment”) may be determined to be an “excess parachute
payment” that is not deductible by the Company or its affiliated entity for Federal
income tax purposes and with respect to which the Executive will be subject to an excise
tax because of Sections 280G and 4999, respectively, of the Internal Revenue Code. If a
Change in Ownership or Control occurs, either the Executive or the Company may direct the
Accounting Firm, which, subject to any inconsistent position asserted by the Internal
Revenue Service, will make all determinations required to be made under this Section A.1,
to determine whether any Payment will be an excess parachute payment and to communicate
its determination, together with detailed supporting calculations, to the Company and to
the Executive within 30 days after its receipt of the direction from the Executive or the
Company, as the case may be. The Company and the Executive will cooperate with each
other and the Accounting Firm and will provide necessary information so that the
Accounting Firm may make all such determinations.
	 
	 	A.2 	 	Gross-Up Payments. If the Accounting Firm determines that any Payment
gives rise, directly or indirectly, to liability on the part of the Executive for excise
tax under Section 4999 (and/or any penalties and/or interest with respect to any such
excise tax), the Company will make additional cash payments (each, a “Gross-Up Payment”)
to the Executive, from time to time in such amounts as are necessary to put the Executive
in the same position, after payment of all federal, state, and local taxes (whether
income taxes, excise taxes under Section 4999 or otherwise, or other taxes) and any and
all penalties and interest with respect to any such excise tax, as the Executive would
have been in after payment of all federal, state, and local income taxes if the Payments
(other than in respect of or regarding any units or awards granted or vested pursuant to
any Performance Unit Agreement between the Executive and the Company, or any equity
awards granted or issued pursuant to any outperformance award plans (including the
Outperformance Long-Term Incentive Plan) or supplemental equity award plans (including
the 2007 Supplemental Equity Plan) of the Company) had not given rise to an excise tax
under Section 4999 and no such penalties or interest had been imposed. The Company’s
obligation to make Gross-Up Payments under this Section A is not contingent on
termination of the Executive’s employment with the Company. The Company will make each
Gross-Up Payment to the Executive within 30 days of the time that the related Payment
constituting an excess parachute payment is paid or provided to the Executive.
	 
	 	A.3 	 	Further Gross-Up Payments as Determined by the IRS. If the Internal
Revenue Service determines that any Payment gives rise, directly or indirectly, to
liability on the part of the Executive for excise tax under Section 4999 (and/or any
penalties and/or interest with respect to any such excise tax) in excess of the amount,
if any, previously determined by the Accounting Firm, the Company will make further
Goss-Up Payments to the Executive in cash and in such amounts as are necessary to put the
Executive in the same position, after payment




Exhibits Page 2 of 5









 






	 	 	 	of all federal, state, and local taxes (whether income taxes, excise taxes under
Section 4999 or otherwise, or other taxes) and any and all penalties and interest with
respect to any such excise tax, as the Executive would have been in after payment of all
federal, state, and local income taxes if the Payments (other than in respect of or
regarding any units or awards granted or vested pursuant to any Performance Unit
Agreement between the Executive and the Company, or any equity awards granted or issued
pursuant to any outperformance award plans (including the Outperformance Long-Term
Incentive Plan) or supplemental equity award plans (including the 2007 Supplemental
Equity Plan) of the Company) had not given rise to an excise tax under Section 4999 and
no such penalties or interest had been imposed. The Company will make any additional
Gross-Up Payments required by this Section A.3 not later than the due date of any payment
indicated by the Internal Revenue Service with respect to the underlying matters to which
the additional Gross-Up relates.
	 
	 	A.4 	 	Contest of IRS Determination by the Company. If the Company desires to
contest any determination by the Internal Revenue Service with respect to the amount of
excise tax under Section 4999, the Executive will, upon receipt from the Company of an
unconditional written undertaking to indemnify and hold the Executive harmless (on an
after tax basis) from any and all adverse consequences that might arise from the
contesting of that determination, cooperate with the Company in that contest at the
Company’s sole expense. Nothing in this Section A will require the Executive to incur
any expense other than expenses with respect to which the Company has paid to the
Executive sufficient sums so that after the payment of the expense by the Executive and
taking into account the payment by the Company with respect to that expense and any and
all taxes that may be imposed upon the Executive as a result of the Executive’s receipt
of that payment, the net effect is no cost to the Executive. Nothing in this Section A
will require the Executive to extend the statute of limitations with respect to any item
or issue in the Executive’s tax returns other than, exclusively, the excise tax under
Section 4999. If, as the result of the contest of any assertion by the Internal Revenue
Service with respect to excise tax under Section 4999, the Executive receives a refund of
a Section 4999 excise tax previously paid and/or any interest with respect thereto, the
Executive will promptly pay to the Company such amount as will leave the Executive, net
of the repayment and all tax effects, in the same position, after all taxes and interest,
that the Executive would have been in if the refunded excise tax had never been paid. To
assure compliance with Section 409A, the Company will make payments to the Executive with
respect to expenses as contemplated in this Section A.4 subject to and as provided in
Sections B.1 and B.3.
	 
	 	A.5 	 	Accounting Firm Fees and Expenses. The Company will bear and pay all fees
and expenses of the Accounting Firm for services performed pursuant to this Section A
(“Applicable Fees and Expenses”). To assure compliance with Section 409A, the Company
will pay any Applicable Fees and Expenses subject to and as provided in Sections B.1 and
B.3.






	B.	 	Compliance with Section 409A.






	 	B.1 	 	Six Month Delay on Certain Payments, Benefits, and Reimbursements. If the
Executive is a “specified employee” for purposes of Section 409A, as determined under the
Company’s policy for determining specified employees on the Termination Date, each
payment, benefit, or reimbursement paid or provided under this Employment Agreement that
constitutes a “deferral of compensation” within the meaning of Section 409A, that is to
be paid or provided as a result of a “separation from service” within the meaning of
Section 409A, and that would otherwise be paid or provided at any time (a “Scheduled
Time”) that is on or before the date (the “Six Month Date”) that is exactly six months
after the Termination Date (other than




Exhibits Page 3 of 5









 






	 	 	 	payments, benefits, or reimbursements that are treated as separation pay under Section
1.409A-1(b)(9)(v) of the Treasury Regulations) will not be paid or provided at the
Scheduled Time but will be accumulated (together with interest at the applicable federal
rate under Section 7872(f)(2)(A) of the Internal Revenue Code in effect on the
Termination Date) through the Six Month Date and paid or provided during the period of 30
consecutive days beginning on the first business day after the Six Month Date (that
period of 30 consecutive days, the “Seventh Month after the Termination Date”), except
that if the Executive dies before the Six Month Date, the payments, benefits, or
reimbursements will be accumulated only through the date of the Executive’s death and
thereafter paid or provided not later than 30 days after the date of death.
	 
	 	B.2 	 	Earlier Payment if Not a Specified Employee. If the Executive is not a
“specified employee” for purposes of Section 409A, as determined under the Company’s
policy for determining specified employees on the Termination Date, any lump sum payment
based on base salary that is to be made by the Company to the Executive pursuant to
either of Paragraph 4(a) or 5(d) will be made by the Company to the Executive during the
30-day period that begins exactly 60 days after the Termination Date rather than during
the Seventh Month after the Termination Date.
	 
	 	B.3 	 	Additional Limitations on Reimbursements and In-Kind Benefits. The
reimbursement of expenses or in-kind benefits described in Paragraph 3(c) pursuant to
either of Paragraph 4(a) or 5(d) or pursuant to any other section of this Employment
Agreement that are taxable benefits (and that are not disability pay or death benefit
plans within the meaning of Section 409A) are intended to comply, to the maximum extent
possible, with the exception to Section 409A set forth in Section 1.409A-1(b)(9)(v) of
the Treasury Regulations. To the extent that any reimbursement of expenses or in-kind
benefits described in Paragraph 3(c) pursuant to either of Paragraph 4(a) or 5(d) or
pursuant to any other section of this Employment Agreement either do not qualify for that
exception, or are provided beyond the applicable time periods set forth in Section
1.409A-1(b)(9)(v) of the Treasury Regulations, then they will be subject to the following
additional rules: (a) any reimbursement of eligible expenses will be paid within 30 days
following the Executive’s written request for reimbursement; provided that the Executive
provides written notice no later than 60 days before the last day of the calendar year
following the calendar year in which the expense was incurred so that the Company can
make the reimbursement within the time periods required by Section 409A; (b) the amount
of expenses eligible for reimbursement, or in-kind benefits provided, during any calendar
year will not affect the amount of expenses eligible for reimbursement, or in-kind
benefits to be provided, during any other calendar year; and (c) the right to
reimbursement or in-kind benefits will not be subject to liquidation or exchange for any
other benefit.
	 
	 	B.4 	 	Compliance Generally. Each payment or reimbursement and the provision of
each benefit under this Employment Agreement shall be considered a separate payment and
not one of a series of payments for purposes of Section 409A. The Company and the
Executive intend that the payments and benefits provided under this Employment Agreement
will either be exempt from the application of, or comply with, the requirements of
Section 409A. This Employment Agreement is to be construed, administered, and governed
in a manner that effects that intent and the Company will not take any action that is
inconsistent with that intent. Without limiting the foregoing, the payments and benefits
provided under this Employment Agreement may not be deferred, accelerated, extended, paid
out, or modified in a manner that would result in the imposition of an additional tax
under Section 409A upon the Executive.




Exhibits Page 4 of 5









 






	 	B.5 	 	Termination of Employment to Constitute a Separation from Service. The
parties intend that the phrase “termination of employment” and words and phrases of
similar import mean a “separation from service” with the Company within the meaning of
Section 409A. The Executive and the Company will take all steps necessary (including
taking into account this Section B.5 when considering any further agreement regarding
provision of services by the Executive to the Company after the Termination Date) to
ensure that (a) any termination of employment under this Employment Agreement constitutes
a “separation from service” within the meaning of Section 409A, and (b) the Termination
Date is the date on which the Executive experiences a “separation from service” within
the meaning of Section 409A.






	C.	 	Definitions.






	 	C.1 	 	Accounting Firm.  The term “Accounting Firm” means the independent auditors
of the Company for the fiscal year immediately preceding the earlier of (a) the year in
which the Termination Date occurred, or (b) the year, if any, in which occurred the first
Change of Control occurring after the date of this Employment Agreement, and that firm’s
successor or successors; unless that firm is unable or unwilling to serve and perform in
the capacity contemplated by this Employment Agreement, in which case the Company must
select another accounting firm that (x) is of recognized regional or national standing
and (y) is not then the independent auditors for the Company or any affiliated
corporation.
	 
	 	C.2 	 	Change in Ownership or Control. The term “Change in Ownership or Control”
has the meaning given to that term (without initial caps) in the Treasury Regulations
published under Section 280G.
	 
	 	C.3 	 	Sections 280G, 409A, and 4999. Each of the terms “Section 280G,” “Section
409A,” and “Section 4999,” respectively, means that numbered section of the Internal
Revenue Code. References in this Employment Agreement to any of these sections are
intended to include any proposed, temporary, or final regulations, or any other guidance,
promulgated with respect to that specific section by the U.S. Department of Treasury or
the Internal Revenue Service.






Exhibits Page 5 of 5