Exhibit 10.1
    

    
      Ramco-Gershenson Properties Trust
2012
      Executive Incentive Plan


    

    
                For 2012, the CEO and CFO positions will participate in a
      formal short-term incentive program, based on funds from operations
      (FFO) per share, subject to a maximum ratio of Debt to EBITDA.  The CEO
      will have a target short-term incentive opportunity equal to 100% of
      base salary while the CFO will have a target opportunity equal to 60% of
      base salary.  
    

    
                Specific metrics and requirements are as follows:
    

    
      Funds From Operations Per Share:
    

    
                Threshold payout (50% of target incentive), target payout
      (100% of target incentive) and maximum payout (200% of target incentive)
      shall occur at achievement of FFO per share for 2012 (adjusted for any
      equity issued during the year) equal to or greater than targets
      established by the Compensation Committee of the Trust (the
      “Compensation Committee”).
    

    
      Maximum Debt to EBITDA:
    

    
                Payment of any amounts under the short-term incentive program
      is subject to achievement of a ratio of Debt to EBITDA at December 31,
      2012 equal to or less than the maximum ratio established by the
      Compensation Committee.
    

    
      Administration Guidelines
    

    	
        This Plan shall be administered by the Trust’s Compensation Committee,
        which shall be authorized to interpret this Plan, to make, amend and
        rescind rules and regulations relating to this Plan, to make awards
        under this Plan, and to make all other determinations under this Plan
        necessary or advisable for its administration.
      
	
        The performance targets shall be established by the Compensation
        Committee based on the Trust’s approved 2012 budget. Under the
        Compensation Committee’s Charter, it has the discretion to exclude
        from the calculation of annual incentive goals, any non-recurring
        special charges and amounts. Such special charges could generally
        include items such as significant litigation and settlement costs;
        restructuring charges; changes in accounting policies; acquisition and
        divestiture impacts; and material unbudgeted expenses incurred by or
        at the direction of the Board. To that end, the Committee may consider
        any strategic decision or change in the budget made throughout the
        course of 2012 that can have a material impact on FFO per share,
        either positive or negative, that was not accounted for in the budget
        setting process at the beginning of the year. In particular, the
        maximum ratio of Debt to EBITDA shall be subject to adjustment by the
        Compensation Committee in the event of material, unbudgeted capital
        expenditures (such as acquisitions or development projects) that are
        approved by the Board of Trustees during 2012.
      
	
        All determinations, interpretations and constructions made by the
        Compensation Committee shall be final and conclusive.
      


    
      
        

        

      

      
        

        

        
          


        

      

      
        

        

      

    

    	
        Rights under this Plan may not be transferred, assigned or pledged.
      
	
        Nothing in this Plan confers on any participant any right to continued
        employment and this Plan does not interfere with the Trust’s right to
        terminate an employee’s employment.
      
	
        A participant must be a full-time employee in good standing at the
        date of payment of the award in or around March 2013 in order to
        receive any payment under the Plan. No payment will be made to any
        person who leaves the full-time employ of the Trust before such date.
      


    
      Adopted:  January 12, 2012
    

    
      

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