Exhibit 10.2
    

    
      


    

    
      Ramco-Gershenson Properties Trust
2010
      Executive Incentive Plan
    

    
                For 2010, the CEO and CFO positions will participate in a
      formal short-term incentive program, the components of which are 40%
      funds from operations (FFO) per share, 30% balance sheet improvement,
      and the remaining 30% on individual/strategic goals.  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 goals are as follows:
    

    
      Funds From Operations Per Share:
    

    
                Threshold payout (50% of target incentive for this category),
      target payout (100% of target incentive for this category) and maximum
      payout (200% of target incentive for this category) shall occur at
      achievement of FFO per share for 2010 (adjusted for any equity issued
      during the year) equal to or greater than targets established by the
      Compensation Committee of the Trust (the “Committee”).
    

    
      Balance Sheet Improvement:
    

    
                Threshold payout (50% of target incentive for this category),
      target payout (100% of target incentive for this category) and maximum
      payout (200% of target incentive for this category) shall occur at
      achievement of a ratio of Debt to EBITDA at December 31, 2010 equal to
      or less than targets established by the Compensation Committee
    

    
      Individual/Strategic Goals
    

    
                Threshold payout (50% of target incentive for this category),
      target payout (100% of target incentive for this category) and maximum
      payout (200% of target incentive for this category) shall occur as
      determined by the Committee based on its assessment of the achievement
      of individual and strategic goals established by the 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.
      
	
        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 major unbudgeted material
        expenses incurred by or at the direction of the Board. To that end,
        the Committee may consider any strategic decisions made throughout the
        course of 2010 that can have a material impact on FFO per share that
        was not accounted for in the budget setting process at the beginning
        of the year.
      
	
        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 any participant any right to continued
        employment and 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 end
        of the 2010 year 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 December 31, 2010.
      


    
      

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