Document:

EX-10.5

 Exhibit 10.5 
 DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT 
 This Director and Officer
Indemnification Agreement, dated as of             , 20     (this “Agreement”), is made by and between Developers Diversified Realty Corporation,
an Ohio corporation (the “Company”), and                      (“Indemnitee”). 

RECITALS: 

A. Section 1701.59 of the ORC provides that the business and affairs of a corporation shall be managed by or under the direction of
its board of directors. 
 B. By virtue of the managerial prerogatives vested in the directors and officers of an Ohio
corporation, directors and officers act as fiduciaries of the corporation and its shareholders. 
 C. Thus, it is critically
important to the Company and its shareholders that the Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Company. 

D. In recognition of the need for corporations to be able to induce capable and responsible persons to accept positions in corporate
management, Ohio law authorizes (and in some instances requires) corporations to indemnify their directors and officers, and further authorizes corporations to purchase and maintain insurance for the benefit of their directors and officers.

 E. Indemnification by a corporation serves the dual policies of (1) allowing corporate officials to resist unjustified
lawsuits, secure in the knowledge that, if vindicated, the corporation will bear the expense of litigation and (2) encouraging capable women and men to serve as corporate directors and officers, secure in the knowledge that the corporation will
absorb the costs of defending their honesty and integrity. 
 F. Lawsuits challenging the judgment and actions of directors and
officers of corporations are frequent, and the high costs of defending those lawsuits, and the related threat to directors’ and officers’ personal assets have made individuals less willing to undertake the responsibilities imposed on
corporate directors and officers. 
 G. Recent federal legislation and rules adopted by the Securities and Exchange Commission
and the national securities exchanges have imposed additional disclosure and corporate governance obligations on directors and officers of public companies and have exposed such directors and officers to new and substantially broadened civil
liabilities. 
 H. These legislative and regulatory initiatives have also exposed directors and officers of public companies to
a significantly greater risk of criminal proceedings, with attendant defense costs and potential criminal fines and penalties. 

I. Under Ohio law, a director’s and officer’s right to be reimbursed for the costs of defense of criminal actions does not
depend upon the merits of the claims asserted against the director or officer and indemnification of the director or officer against criminal fines is permitted if the director or officer satisfies the applicable standard of conduct. 

 J. Indemnitee is a director and officer of the Company and Indemnitee’s willingness to
serve in such capacity is predicated, in substantial part, upon the Company’s willingness to indemnify Indemnitee in accordance with the principles reflected above, to the fullest extent permitted by the laws of the state of Ohio, and upon the
other undertakings set forth in this Agreement. 
 K. Therefore, in recognition of the need to provide Indemnitee with
substantial protection against personal liability, in order to procure Indemnitee’s continued service as a director and officer of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to
provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to any provisions relating to indemnification included in the Constituent Documents, any change in the
composition of the Board or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancement of Expenses to Indemnitee as set forth in
this Agreement and for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies. 
 L. In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their
express terms, to maximize the protections to be provided to Indemnitee hereunder. 
 AGREEMENT: 

NOW, THEREFORE, the parties hereby agree as follows: 
 1. Certain Definitions. In addition to terms defined elsewhere herein, including Section 22, the following terms have the following meanings when used in this Agreement: 

(a) “Board” means the Board of Directors of the Company. 

(b) “Change in Control” means the occurrence of any of the following: 

(i) the Board or shareholders of the Company approve a consolidation or merger in which the Company is not the surviving corporation,
the sale of substantially all of the assets of the Company, or the liquidation or dissolution of the Company; 
 (ii) any
person or other entity (other than the Company or a Subsidiary or any Company employee benefit plan (including any trustee of any such plan acting in its capacity as trustee)) purchases any Shares (or securities convertible into Shares) pursuant to
a tender or exchange offer without the prior consent of the Board, or becomes the beneficial owner of securities of the Company representing 20% or more of the voting power of the Company’s outstanding securities without the prior consent of
the Board; 

  
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 (iii) during any two-year period, individuals who at the beginning of such period
constitute the entire Board cease to constitute a majority of the Board, unless the election or the nomination for election of each new director is approved by at least two-thirds of the directors then still in office who were directors at the
beginning of that period; or 
 (iv) a record date is established for determining shareholders of the Company entitled to vote
upon (A) a merger or consolidation of the Company with another real estate investment trust, partnership, corporation or other entity in which the Company is not the surviving or continuing entity or in which all or a substantial part of the
outstanding shares are to be converted into or exchanged for cash, securities or other property, (B) a sale or other disposition of all or substantially all of the assets of the Company or (C) the dissolution of the Company. 

(c) “Claim” means (i) any threatened, asserted, pending or completed claim, demand, action, suit or
proceeding, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; and (ii) any threatened, pending or completed inquiry or investigation, whether made, instituted
or conducted by the Company or any other person, including any federal, state or other governmental entity, that Indemnitee determines might lead to the institution of any such claim, demand, action, suit or proceeding. 

(d) “Constituent Documents” means the Company’s articles of incorporation and code of regulations.

 (e) “Controlled Affiliate” means any corporation, limited liability company, partnership, joint
venture, trust or other entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company. For purposes of this definition, “control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise; provided that direct or indirect
beneficial ownership of capital stock or other interests in an entity or enterprise entitling the holder to cast 20% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing comparable
functions) of such entity or enterprise shall be deemed to constitute “control” for purposes of this definition. 

(f) “Disinterested Director” means a director of the Company who is not and was not a party to or threatened with
the Claim in respect of which indemnification is sought by Indemnitee. 
 (g) “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended. 
 (h) “Expenses” means attorneys’ and
experts’ fees and expenses and all other costs and expenses paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or
participate in (including on appeal), any Claim. 

  
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 (i) “Incumbent Directors” means the individuals who, as of the date
hereof, are directors of the Company and any individual becoming a director subsequent to the date hereof whose election, nomination for election by the Company’s shareholders, or appointment, was approved by a vote of at least two-thirds of
the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an
individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board. 
 (j) “Indemnifiable Claim” means any Claim based upon, arising out of or resulting from (i) any actual, alleged or suspected act or failure to act by Indemnitee in his or her
capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or
enterprise, whether or not for profit, as to which Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, (ii) any actual, alleged or suspected act or failure to act by
Indemnitee in respect of any business, transaction, communication, filing, disclosure or other activity of the Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s status as a
current or former director, officer, employee or agent of the Company or as a current or former director, officer, employee, member, manager, trustee or agent of the Company or any other entity or enterprise referred to in clause (i) of this
sentence or any actual, alleged or suspected act or failure to act by Indemnitee in connection with any obligation or restriction imposed upon Indemnitee by reason of such status. In addition to any service at the actual request of the Company, for
purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving
as a director, officer, employee, member, manager, trustee or agent of such entity or enterprise and (i) such entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such entity or enterprise is or at the
time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a Controlled Affiliate directly or indirectly caused or authorized Indemnitee to be
nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity. 
 (k)
“Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable Claim. 
 (l) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has
been, retained to represent: (i) the Company (or any subsidiary) or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other named (or, as to a threatened matter, reasonably likely to be named) party to the Indemnifiable Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. 

  
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 (m) “Losses” means any and all Expenses, damages, losses,
liabilities, judgments, fines, penalties (whether civil, criminal or other) and amounts paid in settlement, including all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing. 

(n) “Notification Date” means the date of receipt by the Company of written notice from Indemnitee advising the
Company of the final disposition of the applicable Indemnifiable Claim or portion thereof to which such Indemnifiable Losses are related, out of which such Indemnifiable Losses arose or from which such Indemnifiable Losses resulted. 

(o) “ORC” means the Ohio Revised Code. 
 (p) “Other Indemnity Provisions” means, collectively, (i) the Constituent Documents, (ii) the substantive laws of Ohio, and (iii) any other contract to which both
Indemnitee and the Company (or a Subsidiary of the Company) are a party. 
 (q) “Shares” means the
Common Shares, par value $0.10 per share, of the Company. 
 (r) “Standard of Conduct Determination”
means a determination of whether Indemnitee has satisfied any applicable standard of conduct under Ohio law that is a legally required condition precedent to indemnification of Indemnitee under this Agreement against Indemnifiable Losses relating
to, arising out of or resulting from an Indemnifiable Claim. 
 (s) “Subsidiary” means any corporation
(other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in that chain. 
 (t) “Undertaking” means a sworn
request for advancement of Expenses substantially in the form of Exhibit A attached hereto, with the blanks therein appropriately completed and the proper selection made for the execution of Part A and Part B therein as set forth in
Section 3(b). 
 2. Indemnification Obligation. Subject to Section 7, the Company shall
indemnify, defend and hold harmless Indemnitee, to the fullest extent permitted or required by the laws of the State of Ohio in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such
permitted indemnification, against any and all Indemnifiable Claims and Indemnifiable Losses; provided, however, that, except as provided in Section 4 and Section 21, Indemnitee shall not be entitled to
indemnification pursuant to this Agreement in connection with any Claim (i) initiated by Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Claim or
(ii) in which judgment is rendered against Indemnitee for an accounting of profits made from the purchase or sale of securities of the Company pursuant to the provisions of Section 16(b) of the Exchange Act. 

  
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 3. Advancement of Expenses Incurred with Respect to Indemnifiable Claims. 

(a) Indemnitee shall have the right to advancement by the Company prior to the final disposition of any Indemnifiable Claim of any and
all Expenses relating to, arising out of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee. Subject to Section 3(b),
Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within five business days after any request by Indemnitee, the Company shall, in
accordance with such request (but without duplication), (i) pay such Expenses on behalf of Indemnitee, (ii) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (iii) reimburse Indemnitee for such Expenses;
provided that Indemnitee shall repay, without interest any amounts actually advanced to Indemnitee that, at the final disposition of the Indemnifiable Claim to which the advance related, were in excess of amounts paid or payable by Indemnitee
in respect of Expenses relating to, arising out of or resulting from such Indemnifiable Claim. For purposes of this Section 3, the determination of when a “final disposition” of any Indemnifiable Claim will be deemed to occur
or have occurred shall be made by the person or entity that has or will make any required Standard of Conduct Determination with respect to such Indemnifiable Claim pursuant to Section 7(b) or Section 7(c). 

(b) For purposes of obtaining payments of Expenses in advance of final disposition of any Indemnifiable Claim, Indemnitee shall submit to
the Company an Undertaking averring that Indemnitee has reasonably incurred or will reasonably incur actual Expenses in defending an Indemnifiable Claim. The Undertaking need not be secured and the Company must accept the Undertaking without
reference to Indemnitee’s ability to repay the Expenses. Unless at the time of Indemnitee’s act or omission at issue, the Constituent Documents prohibit such advances by specific reference to ORC Section l701.13(E)(5)(a) or unless the only
liability asserted against Indemnitee in the subject action, suit or proceeding is pursuant to ORC Section 1701.95, Indemnitee shall be eligible to execute Part A of the Undertaking by which Indemnitee undertakes to: (i) repay such amount
if it is proved by clear and convincing evidence in a court of competent jurisdiction that Indemnitee’s action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the Company or undertaken with
reckless disregard for the best interests of the Company; and (ii) reasonably cooperate with the Company concerning the action, suit, proceeding or claim. In all cases, Indemnitee shall be eligible to execute Part B of the Undertaking by which
Indemnitee undertakes to repay such amount if it ultimately is determined that Indemnitee is not entitled to be indemnified by the Company under this Agreement or otherwise. In the event that Indemnitee is eligible to and does execute both Part A
and Part B of the Undertaking, the Expenses which are paid by the Company pursuant thereto shall be required to be repaid by Indemnitee only if Indemnitee is required to do so under the terms of both Part A and Part B of the Undertaking. In no event
shall Indemnitee’s right to the payment, advancement or reimbursement of Expenses pursuant to this Section 3 be conditioned upon any undertaking that is less favorable to Indemnitee than, or that is in addition to, the undertakings
set forth in Exhibit A. 
 4. Indemnification for Expenses Incurred with Respect to Certain Claims Made by
Indemnitee. Without limiting the generality or effect of the foregoing, the Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse 

  
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Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all Expenses paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be
paid or incurred by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee for (a) indemnification or payment, advancement or reimbursement of Expenses by the Company under any provision of this Agreement, or under
any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company,
regardless in each case of whether Indemnitee ultimately is determined to be entitled to such indemnification, reimbursement, advance or insurance recovery, as the case may be; provided, however, that Indemnitee shall return, without
interest, any such advance of Expenses (or portion thereof) which remains unspent at the final disposition of the Claim to which the advance related. 
 5. Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Indemnifiable Loss, but not for the total amount
thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 
 6.
Procedure for Notification. To obtain indemnification under this Agreement in respect of an Indemnifiable Claim or Indemnifiable Loss, Indemnitee shall submit to the Company a written request, including a brief description (based upon
information then available to Indemnitee) of such Indemnifiable Claim or Indemnifiable Loss. If, at the time of the receipt of such request, the Company has directors’ and officers’ liability insurance in effect under which coverage for
such Indemnifiable Claim or Indemnifiable Loss is potentially available, the Company shall give prompt written notice of such Indemnifiable Claim or Indemnifiable Loss to the applicable insurers in accordance with the procedures set forth in the
applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Indemnifiable Claim or
Indemnifiable Loss, in each case substantially concurrently with the delivery or receipt thereof by the Company. The failure by Indemnitee to timely notify the Company of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company
from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim or Indemnifiable Loss and such failure results in forfeiture by the Company of substantial defenses, rights or
insurance coverage. 
 7. Determination of Right to Indemnification. 

(a) Circumstances in Which No Standard of Conduct Determination is Required. To the extent that Indemnitee shall have been
successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Indemnifiable Losses
relating to, arising out of or resulting from such Indemnifiable Claim in accordance with Section 2 and no Standard of Conduct Determination shall be required. 
 (b) Standard of Conduct Determination Prior to a Change in Control. To the extent that (i) the provisions of Section 7(a) are inapplicable to an Indemnifiable Claim that shall have
been finally disposed of and (ii) a Change in Control shall not have occurred, or a Change 

  
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in Control shall have occurred but Indemnitee shall have requested that the Standard of Conduct Determination be made pursuant to this Section 7(b), any Standard of Conduct
Determination shall be made (A) by a majority vote of a quorum consisting of the Disinterested Directors, (B) if the Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors designated by a majority
vote of all Disinterested Directors, or (C) if such quorum of Disinterested Directors is not available or if a majority of such a quorum so directs, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be
delivered to Indemnitee. 
 (c) Standard of Conduct Determination Following a Change in Control. To the extent that
(i) the provisions of Section 7(a) are inapplicable to an Indemnifiable Claim that shall have been finally disposed of and (ii) a Change in Control shall have occurred and Indemnitee shall not have requested that the Standard
of Conduct Determination be made pursuant to Section 7(b), the Standard of Conduct Determination shall be made by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

 (d) Cooperation by Indemnitee. Indemnitee will cooperate with the person or persons making such Standard of Conduct
Determination pursuant to Section 7(b) or Section 7(c), including providing to such person or persons, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Standard of Conduct Determination. The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse
Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so cooperating with the person or persons
making such Standard of Conduct Determination. 
 (e) Timing of Standard of Conduct Determination. The Company shall use
its reasonable best efforts to cause any Standard of Conduct Determination required under Section 7(b) or Section 7(c) to be made as promptly as practicable. If (i) the person or persons empowered or selected under
Section 7(b) or Section 7(c) to make the Standard of Conduct Determination shall not have made a determination within 30 days after the later of (A) the Notification Date and (B) the selection of an Independent
Counsel, if such determination is to be made by Independent Counsel, that is permitted under the provisions of Section 7(g) to make such determination and (ii) Indemnitee shall have fulfilled his/her obligations set forth in the
first sentence of Section 7(d), then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if
the person or persons making such Standard of Conduct Determination in good faith requires such additional time for the obtaining or evaluation or documentation and/or information relating thereto. 

(f) Timing of Payment. If (i) Indemnitee shall be entitled to indemnification hereunder against any Indemnifiable Losses
pursuant to Section 7(a), (ii) no determination of whether Indemnitee has satisfied any applicable standard of conduct under Ohio law is a legally required condition precedent to indemnification of Indemnitee hereunder against any
Indemnifiable Losses, or (iii) Indemnitee has been determined or deemed pursuant to Section 7(b), 

  
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Section 7(c) or Section 7(e) to have satisfied any applicable standard of conduct under Ohio law which is a legally required condition precedent to indemnification of
Indemnitee hereunder against any Indemnifiable Losses, then the Company shall pay to Indemnitee, within five business days after the later of (x) the Notification Date and (y) the earliest date on which the applicable criterion specified
in clause (i), (ii) or (iii) of this Section 7(f) shall have been satisfied, an amount equal to the amount of such Indemnifiable Losses. 
 (g) Selection of Independent Counsel. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 7(b), the Independent Counsel shall be selected by
the Board of Directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to
Section 7(c), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company,
as applicable, may, within five business days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” set forth in Section 1(l), and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give
written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences and clause (i) of this sentence shall apply
to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing
provisions of this Section 7(g) to make the Standard of Conduct Determination shall have been selected within 30 days after the Company gives its initial notice pursuant to the first sentence of this Section 7(g) or
Indemnitee gives its initial notice pursuant to the second sentence of this Section 7(g), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall
have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person or firm selected by the court or by such other person as the court shall designate, and
the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel
incurred in connection with the Independent Counsel’s determination pursuant to Section 7(b) or Section 7(c). 
 8. Presumption of Entitlement. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard
of conduct, and the Company may overcome such presumption only by its adducing clear and convincing evidence to the contrary. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the

  
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state or federal courts in Ohio. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct shall
be a defense to any Claim by Indemnitee for indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct. 

9. No Other Presumption. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or that indemnification hereunder is otherwise not
permitted. 
 10. Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee
may have under any Other Indemnity Provisions; provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to
have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will
be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement
or any Other Indemnity Provision. 
 11. Liability Insurance and Funding. For the duration of Indemnitee’s service
as a director and/or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Company shall use commercially reasonable efforts (taking into account the scope and amount of
coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Company that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance. The Company shall provide Indemnitee with a copy of all directors’ and officers’ liability
insurance policies in effect from time to time. Without limiting the generality or effect of the two immediately preceding sentences, the Company shall not discontinue or significantly reduce the scope or amount of coverage from one policy period to
the next (i) without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or (ii) if at the time that any such discontinuation or significant reduction in the scope or amount of coverage is
proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed). In all policies of directors’ and officers’ liability insurance obtained by the
Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors and officers most favorably insured by such
policy. The Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify
and advance expenses pursuant to this Agreement. 

  
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 12. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitee’s successors), including any entity or enterprise referred to in clause (i) of the
definition of “Indemnifiable Claim” in Section 1(j). Indemnitee shall execute all papers reasonably required to evidence such rights (all of Indemnitee’s reasonable Expenses, including attorneys’ fees and charges,
related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company). 
 13. No Duplication of
Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Indemnifiable Losses to the extent Indemnitee has otherwise actually received payment (net of Expenses incurred in connection
therewith) under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise (including from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in
Section 1(j)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder. 
 14. Defense of
Claims. The Company shall be entitled to participate in the defense of any Indemnifiable Claim or to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided that if Indemnitee believes, after consultation
with counsel selected by Indemnitee, that (a) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict, (b) the named parties in any such Indemnifiable Claim
(including any impleaded parties) include both the Company and Indemnitee and Indemnitee shall conclude that there may be one or more legal defenses available to Indemnitee that are different from or in addition to those available to the Company, or
(c) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if
applicable, local counsel in respect of any particular Indemnifiable Claim) at the Company’s expense. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending
Indemnifiable Claim effected without the Company’s prior written consent. The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any threatened or pending Indemnifiable Claim to which Indemnitee is, or
could have been, a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim. Neither
the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee.

 15. Successors and Binding Agreement. (a) The Company shall require any successor (whether direct or indirect, by
purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree
to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the
Company, including any person acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed
the “Company” for purposes of this Agreement), but shall not otherwise be assignable or delegatable by the Company. 

  
 11 

 (b) This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s
personal or legal representatives, executors, administrators, heirs, distributees, legatees and other successors. 
 (c) This
Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Section 15(a) and
Section 15(b). Without limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a
transfer by Indemnitee’s will or by the laws of descent and distribution, and, in the event of any attempted assignment or transfer contrary to this Section 15(c), the Company shall have no liability to pay any amount so attempted
to be assigned or transferred. 
 16. Notices. For all purposes of this Agreement, all communications, including notices,
consents, requests or approvals, required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally
confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next day delivery by a nationally recognized overnight
courier service, addressed to the Company (to the attention of the Secretary of the Company) and to Indemnitee at the applicable address shown on the signature page hereto, or to such other address as any party may have furnished to the other in
writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt. 
 17.
Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by and construed in accordance with the substantive laws of the State of Ohio, without giving effect to the principles of conflict of
laws of such State. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the state and federal courts in Ohio for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement
and agree that any action instituted under this Agreement shall be brought only in the state or federal courts in Ohio. 

18. Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held
invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal
shall be reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal. In the event that any court or other adjudicative body shall decline to reform any provision of this Agreement held to be invalid,
unenforceable or otherwise illegal as contemplated by the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or otherwise
illegal with one or more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal. 

  
 12 

 19. Prior Agreements. This Agreement shall supersede any and all prior
indemnification agreements between the Company and Indemnitee. 
 20. Miscellaneous. No provision of this Agreement may
be waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. 
 21. Legal Fees and Expenses. It is the intent of the Company that Indemnitee not be required to incur legal fees and or other Expenses associated with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder. Accordingly, without limiting the generality
or effect of any other provision hereof, if it should appear to Indemnitee that the Company has failed to comply with any of its obligations under this Agreement (including its obligations under Section 3) or in the event that the
Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or
intended to be provided to Indemnitee hereunder, the Company irrevocably authorizes Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the expense of the Company as hereafter provided, to advise and represent Indemnitee
in connection with any such interpretation, enforcement or defense, including the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, shareholder or other person affiliated with
the Company, in any jurisdiction. Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to Indemnitee’s entering into an attorney-client relationship with such
counsel, and in that connection the Company and Indemnitee agree that a confidential relationship shall exist between Indemnitee and such counsel. Without respect to whether Indemnitee prevails, in whole or in part, in connection with any of the
foregoing, the Company will pay and be solely financially responsible for any and all attorneys’ and related fees and expenses incurred by Indemnitee in connection with any of the foregoing. 

22. Certain Interpretive Matters. Unless the context of this Agreement otherwise requires, (a) “it” or
“its” or words of any gender include each other gender, (b) words using the singular or plural number also include the plural or singular number, respectively, (c) the terms “hereof,” “herein,”
“hereby” and derivative or similar words refer to this entire Agreement, (d) the terms “Article,” “Section,” “Annex” or “Exhibit” refer to the specified Article, Section, Annex or Exhibit of or
to this Agreement, (e) the terms “include,” “includes” and “including” will be deemed to be followed by the words “without limitation” (whether or not so expressed), (f) the word “or” is
disjunctive but not exclusive, and (g) descriptive headings of the Sections 

  
 13 

 
and subsections of this Agreement are inserted for convenience only and will not control or affect the meaning or construction of any of the provisions of this Agreement. Whenever this Agreement
refers to a number of days, such number will refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of
time or by a particular date that ends or occurs on a non-business day, then such period or date will be extended until the immediately following business day. As used herein, “business day” means any day other than Saturday, Sunday or a
United States federal holiday. 
 23. Counterparts. This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original but all of which together shall constitute one and the same agreement. 
 [Signatures
Appear On Following Page] 

  
 14 

 IN WITNESS WHEREOF, Indemnitee has executed, and the Company has caused its duly authorized
representative to execute, this Agreement as of the date first above written. 
  

			
	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	 3300 Enterprise Parkway
 Beachwood, Ohio 44122

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [INDEMNITEE]

[Address]

	
	  

	[Indemnitee]

  
 15 

 EXHIBIT A 
 UNDERTAKING 
  

					
	STATE OF OHIO	  	)	  	
		  	)	  	        SS
	COUNTY OF                     	  	)	  	

 I,
                                        , being
first duly sworn, do depose and say as follows: 
 1. This Undertaking is submitted pursuant to the Director and Officer
Indemnification Agreement, dated             , 2011, between Developers Diversified Realty Corporation, an Ohio corporation (the “Company”) and the undersigned.

 2. I am requesting payment of Expenses that I have reasonably incurred or will reasonably incur in defending an Indemnifiable
Claim referred to in the aforesaid Director and Officer Indemnification Agreement. 
 3. The Expenses for which payment is
requested are, in general, all expenses related to
                                        .

 4. Part Ai 
 I hereby
undertake to (a) repay the amounts paid pursuant hereto if and to the extent it is proved by clear and convincing evidence in a court of competent jurisdiction that my action or failure to act which is the subject of the matter described herein
involved an act or omission undertaken with deliberate intent to cause injury to the Company or undertaken with reckless disregard for the best interests of the Company and (b) reasonably cooperate with the Company concerning the action, suit,
proceeding or claim. 
  

	
	  

	[Indemnitee Name]

 5. Part B 
 I hereby undertake to repay the amounts paid pursuant hereto if and to the extent it ultimately is determined that I am not entitled to be indemnified by the Company for all or part of such amounts under
the aforesaid Director and Officer Indemnification Agreement or otherwise. 
  

	i 	 Indemnitee shall not be eligible to execute Part A of this Undertaking if, at the time of Indemnitee’s act or omission at issue, the Articles or
the Regulations of the Company prohibit such advances by specific reference to the ORC Section 1701.13(E)(5)(a), or if the only liability asserted against Indemnitee is in an action, suit, or proceeding on the Company’s behalf pursuant to
ORC Section 1701.95. In the event that Indemnitee is eligible to and does execute both Part A and Part B hereof, the costs, charges, and expenses which are paid by the Company pursuant hereto shall be required to be repaid by Indemnitee only if
Indemnitee is required to do so under the terms of both Part A and Part B. 

 
	
	  

	[Indemnitee Name]

 Subscribed and sworn to before me, a Notary Public in and for said County and State, this
     day of             ,         . 
 [Seal] 
 My commission expires the      day of
            ,         . 

  
 2EX-10.6

 Exhibit 10.6 
 RELEASE AGREEMENT 
 This Release Agreement
(“Agreement”) is made and entered into this 11th day of April 2011 (the “Effective Date”), by and between SCOTT A. WOLSTEIN, his heirs, executors, successors and administrators
(“YOU,” “YOUR” or “YOURSELF”), and DEVELOPERS DIVERSIFIED REALTY CORPORATION (“DDR”). (YOU and DDR are each sometimes referred to herein as a
“Party” or collectively as the “Parties”). 
 Under the terms of this Agreement,
DDR and YOU further agree as follows: 
 1. Separation.     YOUR employment with DDR will terminate
on July 1, 2011 (the “Separation Date”). Pursuant to the terms of the Amended and Restated Employment Agreement, dated as of July 29, 2009, between YOU and DDR (the “Employment Agreement”),
the termination of YOUR employment with DDR will be designated a termination without Cause by the Board of Directors of DDR (the “Board”) in accordance with Section 7.4 of the Employment Agreement that is effective as of
the Separation Date, and YOU acknowledge and agree that YOU have received all applicable notices required under the Employment Agreement in connection with the termination of YOUR employment with DDR in a timely manner. The Separation Date will be
YOUR “Termination Date” as defined in the Employment Agreement. Notwithstanding the Separation Date, YOU hereby resign from the Board and all offices, other directorships and committee positions (and similar positions) with DDR and any and
all subsidiaries or affiliates of DDR, including as Executive Chairman of the Board, effective as of the Effective Date. YOU acknowledge and agree that neither the Board nor DDR has an obligation to nominate YOU for election as a director of DDR or
to use any effort to cause YOU to be elected as a director of DDR at the 2011 Annual Meeting 

 
of Shareholders of DDR or any time thereafter, and that YOU will not be nominated for election as a director of DDR at the 2011 Annual Meeting of Shareholders of DDR. From the Effective Date
until the Separation Date, YOU will remain a non-officer employee of DDR, but YOU will perform only those duties expressly directed to YOU by the Chief Executive Officer of DDR. YOUR final day of employment with DDR is the Separation Date, and any
benefits provided to YOU pursuant to YOUR employment with DDR shall cease as of the Separation Date unless otherwise specifically provided at law or under this Agreement or the Employment Agreement, or under any other DDR plan or agreement that
provides for benefits to be provided to YOU following termination of YOUR employment. 
 2.
Release.     In consideration of the payments and benefits provided to YOU pursuant to the Employment Agreement and this Agreement, by signing this Agreement, YOU agree to release DDR, its predecessors, current and former
subsidiaries, divisions, related entities and affiliates and all of their current and former boards, owners, officers, trustees, directors, members, shareholders, agents, representatives, employees, employee benefit plans, insurers, attorneys and
their successors and assigns (collectively referred to hereafter as the “DDR Released Parties”) from any and all claims that have arisen or may arise out of YOUR employment with or separation from DDR, up to the date of this
Agreement, whether now known or unknown, including, but not limited to, all claims for compensation and fringe benefits; all claims of wrongful discharge or constructive discharge; all claims of breach of express or implied contract or promissory
estoppel; all claims of breach of public policy or tort; all claims of defamation or emotional distress; and all other claims under Ohio or federal law, 

  
 2 

 
including without limitation any and all claims of discrimination, harassment or retaliation arising under the Age Discrimination in Employment Act of 1967, as amended, or any other law, statute,
code or ordinance or under the common law (“Release”). YOU hereby agree to execute an updated Release as of the Separation Date, if requested by DDR, covering the matters addressed in this Section 2.

 Subject to applicable law, by signing this Agreement, YOU also warrant that YOU have not filed any action against or sued the
DDR Released Parties, and will not sue or file any actions against the DDR Released Parties, with respect to claims covered by this Agreement. 
 YOU recognize and understand that, by signing this Agreement, YOU are giving up the opportunity to obtain compensation, damages, and other forms of relief for YOURSELF. This Agreement, however, is not
intended to and does not interfere with the right of any governmental agency to enforce laws or to seek relief that may benefit the general public, or YOUR right to assist with or participate in that process. By signing this Agreement, however, YOU
waive any right to personally recover against the DDR Released Parties, and YOU give up the opportunity to obtain compensation, damages or other forms of relief for YOURSELF other than that provided in this Agreement. YOU are not, by this Release,
waiving any rights: (a) to continuing coverage as an insured under DDR’s directors and officers liability insurance for acts or omissions during the period YOU were employed by or served as a director of DDR; (b) to indemnification to
the extent provided under YOUR Officer Indemnification Agreement, dated April 3, 2009; or (c) to the payments and benefits expressly set forth or referenced in this Agreement or the Employment Agreement; and this Release does

  
 3 

 
not prohibit YOU and shall not be interpreted as prohibiting YOU from taking any action to enforce such rights. 
 YOU also recognize, understand and agree that DDR’s provision of the payments and benefits described in Sections 3(c), 4, 5(a) and 5(c) of this
Agreement are contingent on YOUR timely execution of this Agreement and YOUR not revoking this Agreement pursuant to Section 9 of this Agreement, and that in the event that YOU revoke this Agreement pursuant to
Section 9 of this Agreement (x) YOU will be obligated to restore and repay to DDR any and all payments and benefits described in Sections 3(c), 5(a) and 5(c) of this Agreement that
have previously been provided to YOU by DDR and (y) the vesting and acceleration of the Accelerated Award Shares described in Section 4 of this Agreement shall be null and void. 

3. Payments Under Employment Agreement.     Pursuant to the terms of the Employment Agreement, YOU shall be
provided with the following payments and benefits. YOU hereby agree that the payments and benefits set forth in this Section 3, in conjunction with the payments and benefits provided for under Sections 4 and
5 of this Agreement, will fully and completely satisfy any and all of DDR’s obligations to YOU under Sections 8.2 and 9 of the Employment Agreement: 
 (a) In accordance with the terms of Section 8.2(a) of the Employment Agreement, DDR will continue to pay YOU YOUR base salary at the annual rate of $875,000 through the Separation Date in accordance
with DDR’s current payroll practices; 
 (b) In accordance with the terms of Section 8.2(b) of the Employment
Agreement, YOU and DDR acknowledge and agree that DDR has already paid YOU 

  
 4 

 
YOUR Annual Cash Bonus (as defined in the Employment Agreement) earned for 2010, and no lump sum amount will be paid by DDR to YOU pursuant to Section 8.2(b) of the Employment Agreement;

 (c) In accordance with the terms of Section 8.2(c) of the Employment Agreement, subject to the other terms of this
Agreement, DDR will pay to YOU a lump sum amount equal to $7,871,719 (consisting of $1,309,219 as payment of YOUR base salary for the period after the Separation Date through December 31, 2012 plus $6,562,500 as payment of an amount measured by
and equal to two times YOUR Annual Cash Bonus (as defined in the Employment Agreement) for 2011 at the “Target” level described in the Employment Agreement), which payment, plus interest at the short-term applicable federal rate under
Section 7872(f)(2)(A) of the Internal Revenue Code in effect on the Separation Date through the payment date, will be made by DDR as soon as administratively practicable after January 1, 2012, but no later than January 15, 2012; and

 (d) In accordance with the terms of Section 8.2(d) of the Employment Agreement, DDR will provide YOU and YOUR eligible
dependents with continuing medical, hospitalization, vision, and dental insurance through July 1, 2012 under the plans with respect to which YOU are eligible at the same levels maintained by DDR from time to time between the date of this
Agreement and July 1, 2012 for DDR’s employees in the following manner: YOU shall timely elect continuation coverage under DDR’s health and dental plans for YOU and YOUR eligible dependents pursuant to COBRA, and DDR shall pay the
COBRA premiums for YOU through July 1, 2012. Such payments will be taxable to YOU. 

  
 5 

 4. Accelerated Vesting of Shares.     Pursuant to the Amended and
Restated 2008 Developers Diversified Realty Corporation Equity-Based Award Plan (Amended and Restated as of June 25, 2009) (the “2008 Equity Plan”) and applicable award agreements under the 2008 Equity Plan, the
Executive Compensation Committee of the Board has determined that, in connection with the termination of YOUR employment with DDR, an aggregate of 94,387 Award Shares (as such term is defined in DDR’s Value Sharing Equity Program
(“VSEP”), the “Award Shares”) that have been earned by YOU but have not vested as of immediately prior to the Separation Date — consisting specifically of 40,364 Award Shares scheduled to vest on
January 31, 2015, 48,747 Award Shares scheduled to vest on July 31, 2014 and 5,276 Award Shares scheduled to vest on January 31, 2014 — will accelerate and vest in full as of the Separation Date (such 94,387 Award Shares, the
“Accelerated Award Shares”) and will be delivered to YOU in YOUR name. 
 5.
Cash Payments; Forfeiture of Certain Award Shares. 
 (a) Pursuant to the terms of Section 8.2(e) of the Employment
Agreement, the Board has determined that, in connection with the termination of YOUR employment with DDR, DDR shall pay YOU: 

(i) an aggregate lump sum amount in cash equal to the product of (A) 100,000 restricted DDR Common Shares awarded to YOU under a
2009 Retention Award Agreement with DDR that have not vested as of immediately prior to the Separation Date (the “Retention Shares”) — consisting specifically of 100,000 Retention Shares scheduled to vest on
December 31, 2012 — (such 100,000 Retention Shares, the “Cashed Out Retention Shares”), multiplied by (B) Fair Market Value (as

  
 6 

 
such term is defined in the Employment Agreement, “Fair Market Value”) as of the Separation Date, and the Cashed Out Retention Shares will thereby be forfeited by YOU,
which amount will be paid by DDR to YOU as soon as administratively practicable after the Separation Date, but no later than July 15, 2011; PLUS 
 (ii) an aggregate lump sum amount in cash equal to the product of (A) 133,429 Award Shares that have been earned by YOU through and including January 31, 2011 under the VSEP that have not vested
as of immediately prior to the Separation Date — consisting specifically of 35,088 Award Shares scheduled to vest on January 31, 2014, 48,747 Award Shares scheduled to vest on July 31, 2013, 40,364 Award Shares scheduled to vest on
January 31, 2013 and 9,230 Award Shares scheduled to vest on July 31, 2012 — (such 133,429 Award Shares, the “Cashed Out VSEP Shares”), multiplied by (B) Fair Market Value as of the Separation Date, and
the Cashed Out VSEP Shares will thereby be forfeited by YOU, which amount will be paid by DDR to YOU as soon as administratively practicable after the Separation Date, but no later than July 15, 2011; PLUS 

(iii) a lump sum amount in cash equal to $160,000 (which amount equals the non-employee director fees YOU could have received, based on
DDR’s current Board compensation policy, had YOU served on the Board and certain committees of the Board for the 2011-2012 term), which amount will be paid by DDR to YOU as soon as administratively practicable after the end of the Revocation
Period, but no later than April 30, 2011; PLUS 
 (iv) a lump sum amount in cash equal to $30,000 for the fees of legal and
other advisors incurred by YOU in connection with entering into this Agreement, 

  
 7 

 
which amount will be paid by DDR to YOU as soon as administratively practicable after the end of the Revocation Period, but no later than April 30, 2011; 

provided, that DDR’s payment of the amounts described in Section 5(a) of this Agreement is subject to YOUR timely
execution of this Agreement and YOUR non-revocation of this Agreement as described herein. 
 (b) Pursuant to the terms of
Section 9 of the Employment Agreement, DDR shall pay YOU a lump sum amount in cash equal to $300,000 for Continuing Office Support (as such term is defined in the Employment Agreement), which payment will fully and completely satisfy any and
all of DDR’s obligations to YOU under Section 9 of the Employment Agreement, which amount, plus interest at the short-term applicable federal rate under Section 7872(f)(2)(A) of the Internal Revenue Code in effect on the Separation
Date through the payment date, will be paid by DDR to YOU as soon as administratively practicable after January 1, 2012, but no later than January 15, 2012. 
 (c) Pursuant to the terms of Section 8.2(e) of the Employment Agreement, the Board has determined that, in connection with the termination of YOUR employment with DDR, DDR shall pay YOU, as soon as
administratively practicable after July 31, 2011, but no later than August 15, 2011, an aggregate lump sum amount in cash equal to the product of (i) the Cashed Out Pro Rata VSEP Shares, multiplied by (ii) Fair Market Value as of
July 31, 2011, and the Cashed Out Pro Rata VSEP Shares will thereby be forfeited by YOU. For purposes of this Section 5(c): (1) “Pro Rata VSEP Shares” means the number of pro rata Award Shares
earned by YOU, if any, through and including May 16, 2011 under the VSEP for the Third Measurement Period (as such term is defined in the VSEP, the “Third Measurement Period”) due to the termination

  
 8 

 
of YOUR employment with DDR on the Separation Date; (2) “Cashed Out Pro Rata VSEP Shares” means a number of Pro Rata VSEP Shares (rounded to the nearest whole Pro
Rata VSEP Share) equal to the quotient of (x) the actual dollar amount of YOUR withholding tax obligation for the Pro Rata VSEP Shares divided by (y) Fair Market Value as of July 31, 2011; and (3) the Cashed Out Pro Rata VSEP
Shares shall be deemed to consist of those Pro Rata VSEP Shares that are subject under the terms of the VSEP to the longest vesting period under the Vesting Schedule (as such term is defined in the VSEP). 

(d) Notwithstanding anything in this Agreement or any other agreement to the contrary, YOU hereby agree to forfeit any Award Shares that
YOU may otherwise have been able to earn for the period after May 16, 2011 through and including the Separation Date under the VSEP for the Third Measurement Period due to the termination of YOUR employment with DDR on the Separation Date, and
YOU shall have no right to continuing participation in the VSEP after the Separation Date or to earn additional Award Shares under the VSEP after May 16, 2011 except for the Pro Rata VSEP Shares. 

(e) YOU and DDR hereby acknowledge and agree that the cash amounts provided under Sections 5(a)(i), 5(a)(ii)
and 5(c) of this Agreement are intended to cover YOUR withholding tax obligations with respect to certain restricted DDR Common Shares either awarded to YOU under a 2009 Retention Award Agreement with DDR or earned under the VSEP, and
that such cash amounts will be available to and may be used by DDR in satisfaction of such withholding tax obligations. 

  
 9 

 6. Cooperation.     From and after the Separation Date, YOU agree
to cooperate fully with DDR and with DDR’s counsel in connection with any present and future matters involving regulatory bodies, stock exchanges or independent audits, governmental investigations or reviews, and any actual or threatened
litigation or administrative proceedings involving DDR that relate to events, occurrences or conduct occurring (or claimed to have occurred) during the period of YOUR employment by DDR, or any investigation, charge, proceeding or other action or
potential action by any governmental agency throughout the world involving DDR (collectively, “Legal Matters”). This cooperation by YOU shall include, but not be limited to, the
following to the extent allowed by applicable law: 
  

	 	(a)	making YOURSELF reasonably available for interviews and discussions with DDR’s counsel as well as for depositions and trial testimony regarding Legal Matters;

  

	 	(b)	if depositions or trial testimony regarding Legal Matters are to occur, making YOURSELF reasonably available and cooperating in the preparation for depositions or trial
regarding Legal Matters as and to the extent that DDR or DDR’s counsel reasonably requests; 

  

	 	(c)	refraining from impeding in any way DDR’s prosecution or defense of litigation or administrative proceedings regarding Legal Matters; 

 

	 	(d)	cooperating fully in the development and presentation of DDR’s prosecution or defense of litigation or administrative proceedings regarding Legal Matters;

  
 10 

	 	(e)	promptly notifying DDR’s Chief Executive Officer and DDR’s chief legal officer in the event that YOU are contacted by any governmental authority in connection
with any investigation, charge or proceeding or any other third party in connection with any actual or threatened Legal Matters involving DDR; and 

  

	 	(f)	promptly executing any statements, affidavits, filings, notices or other documents necessary or appropriate to facilitate the obligations contemplated by this
Agreement, including an affidavit substantially in a form previously circulated to YOU regarding the Coventry litigation. 

 YOU shall be reimbursed by DDR for reasonable travel, lodging, telephone and similar expenses incurred in connection with such cooperation. YOU shall not unreasonably withhold YOUR availability for such
cooperation. Upon the Separation Date, YOU shall update DDR as to the status of all pending matters in which YOU were involved. 

7. Co-Chairman Emeritus Title.     After YOU cease serving as a director of DDR, YOU shall hold the title of
“Co-Chairman Emeritus” of the Board, which will be solely an honorary title (in other words, there will be no compensation or other benefits provided to YOU in connection with such title, and such title shall not entitle YOU to attend
meetings of the Board once YOU no longer serve as an elected director of DDR). 
 8. Application of
Section 409A.     Payments and benefits provided under this Agreement are intended to be exempt from, or comply with, Section 409A of the Internal Revenue Code (“Code Section 409A”).
This Agreement shall be construed, administered, and governed in a manner that effects such intent, and DDR shall not 

  
 11 

 
take any action that would be inconsistent with such intent. Without limiting the foregoing, the payments and benefits provided under this Agreement may not be deferred, accelerated, extended,
paid out or modified in a manner that would result in the imposition of additional tax under Code Section 409A. Although DDR shall use its best efforts to avoid the imposition of taxation, interest and penalties under Code Section 409A,
the treatment of the benefits provided under this Agreement under Code Section 409A is not warranted or guaranteed. DDR shall not be held liable for any taxes, interest, penalties or other monetary amounts owed by YOU or any other taxpayer
under Code Section 409A as a result of this Agreement. YOU hereby acknowledge and agree that, despite the efforts of the Parties to comply with Code Section 409A, notwithstanding anything in this Agreement or the Employment Agreement to
the contrary, YOU have no right to any indemnity, gross-up, reimbursement or similar payment from DDR and expressly waive any and all claims against and release DDR with respect to the imposition, if any, of additional tax, interest or penalties
under Code Section 409A in connection with this Agreement. 
 9. Representations.     YOU
further represent, warrant and agree that: 
 (a) YOU are legally competent to enter into this Agreement and that YOU do so
voluntarily; 
  

	 	(b)	YOU have been and are hereby advised by DDR that YOU should have an attorney of YOUR choice review this Agreement; 

 

	 	(c)	YOU have been advised by DDR, and YOU acknowledge that YOU have had at least twenty-one (21) days from receipt of this Agreement to determine whether to sign it
and to return it; and 

  
 12 

	 	(d)	YOU have been advised by DDR that this Agreement may be revoked by YOU within seven (7) days following YOUR signing it (the “Revocation
Period”), which revocation would render this Agreement null and void. 

 In order to revoke, YOU understand that YOU
must provide written notice of revocation to DDR. YOUR written notice of the revocation of this Agreement shall be delivered by certified or registered mail (first class postage pre-paid), guaranteed overnight delivery or personal delivery to the
following address: Chief Executive Officer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122. This Agreement shall not become enforceable or effective until the Revocation Period has expired. 

10. Non-Disparagement.     YOU agree that YOU will not, directly or indirectly, defame, disparage or otherwise
attempt to damage, or encourage any third party to defame, disparage or otherwise attempt to damage, the name or reputation of DDR, its directors and executive officers (as defined below). YOU further agree that YOU will not provide assistance to or
consult with, directly or indirectly, any former, current or future employee of DDR in connection with any claims or disputes alleged by such employee against DDR, unless otherwise required by law. DDR agrees that it will use its best efforts to
cause its directors and executive officers (i.e., Chief Executive Officer, all Senior Executive Vice Presidents, all Executive Vice Presidents, and all Senior Vice Presidents) to not defame, disparage or otherwise attempt to damage, YOUR name or
reputation, and DDR will not encourage any third party to defame, disparage or otherwise attempt to damage, YOUR name or reputation. 

  
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 11. Entire Agreement.     YOU 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 set forth in Section 2 of this Agreement. 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, except as otherwise expressly provided herein or in the Employment Agreement. YOU further
acknowledge that the covenants and promises made by YOU in this Agreement are in consideration of the payment and other promises made hereunder by 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, except for any amounts legally owed under a DDR benefit plan or as otherwise provided
in the Employment Agreement. 
 12. Treatment of the Employment Agreement.     Notwithstanding
anything herein to the contrary, YOU acknowledge that upon the Separation Date, the Employment Agreement shall immediately terminate and DDR’s and YOUR rights and obligations provided for therein shall cease, except that Sections 5.2, 8.2, 9,
10, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 and 23 (but with respect to Sections 5.2 and 23, only to the extent relevant to the preceding listed sections) shall continue to apply in accordance with their terms (except that YOU have agreed herein
to all amounts owed to YOU by DDR pursuant to the Employment Agreement and YOU have released all rights to bring any claims with respect thereto). 

  
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 13. Enforceability and Successors.     In the event that any
provision of this Agreement is found, by any court or governmental agency, to be unlawful or unenforceable, YOU and DDR have the right to require both Parties to continue complying with the remaining provisions of this Agreement or the Agreement as
a whole as may be modified by the court or governmental agency. In the event of a breach of this Agreement by YOU or DDR, either Party may seek equitable or other relief and/or enforcement in a court of competent jurisdiction in accordance with
Section 15 of this Agreement. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, legal representatives, successors and permitted assigns.

 14. Disclaimer.     YOU acknowledge that (a) neither this Agreement nor compliance with its
terms shall be construed as an admission by DDR of 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. DDR expressly disclaims any liability to YOU arising out of YOUR employment, separation of employment and otherwise, except for DDR’s obligations (x) as provided in the
Employment Agreement and pursuant to any applicable DDR benefit plan if this Agreement is not executed or is revoked during the Revocation Period as expressly permitted herein, or (y) as provided for herein and pursuant to any applicable DDR
benefit plan if this Agreement is executed and not revoked during the Revocation Period as expressly permitted herein. 

  
 15 

 15. Governing Law.     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 a state or federal court in Cuyahoga County, Ohio. 

16. Interpretation.     This Agreement has been drafted with input from counsel for both Parties and shall be
interpreted in accordance with the plain meaning of its terms and not strictly for or against any Party. The Parties agree that if any suit is filed in Cuyahoga County Common Pleas Court regarding the construction or enforcement of this Agreement,
such suit is appropriate for and shall be filed on the commercial docket. 
 [signatures on next page] 

  
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		 		 	 DEVELOPERS DIVERSIFIED REALTY
 CORPORATION
	 	
					
	 /s/ Scott A. Wolstein
	 		 	By:	 	 /s/ Daniel B. Hurwitz        
	 	
	Scott A. Wolstein	 		 	Name:	 	Daniel B. Hurwitz	 	
		 		 	Title:	 	President and Chief Executive Officer	 	
						
	Date:	 	4/11/11	 		 	Date:	 	April 11, 2011

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