Document:

exv10w5

EXHIBIT 10.5

SCHOTTENSTEIN REALTY TRUST, INC.

2011 INCENTIVE COMPENSATION PLAN

LTIP UNIT AWARD AGREEMENT

     THIS AWARD AGREEMENT is made by and between Schottenstein Realty Trust, Inc., a Maryland
corporation (the “Company”), Schottenstein Realty LP, a Delaware limited partnership, (the
“Partnership”) and (the “Grantee”), dated as of the __ day of
____________, 2011.

     WHEREAS, the Company maintains the Schottenstein Realty Trust, Inc. 2011 Incentive
Compensation Plan (the “Plan”);

     WHEREAS, the Committee is authorized under the Plan to grant Other Equity Awards, including
LTIP Units to Eligible Persons;

     WHEREAS, the Grantee is an Eligible Person; and

     WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best
interests of the Company and its stockholders to cause the Partnership to grant LTIP Units to the
Grantee subject to the terms and conditions set forth below and in the Plan.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1. Award of LTIP Units. The Committee hereby causes the Partnership to grant, as of _________________ (the “Date of
Grant”), to the Grantee, _________ LTIP Units (collectively the “LTIP Units”). As a condition to
entering into this Award Agreement, and as a condition to the issuance of any LTIP Units, the
Grantee agrees to be bound by all of the terms and conditions herein and in the Plan and the
Amended and Restated Agreement of Limited Partnership of Schottenstein Realty LP, dated as of March
, 2011, as it may be amended, supplemented or restated from time to time in
accordance with its terms (the “Partnership Agreement”), which are incorporated herein for all
purposes. Unless otherwise provided herein, terms used herein that are defined in the Plan and not
defined herein shall have the meanings attributable thereto in the Plan.

2. Acceptance of Award Agreement. The Grantee shall have no rights with respect to this Award
Agreement unless he or she shall have accepted this Award Agreement prior to the close of business
on the Date of Grant specified above by (i) signing and delivering to the Partnership a copy of
this Award Agreement and (ii) unless the Grantee is already an LTIP Unitholder (as defined below),
signing, as an LTIP Unitholder, and delivering to the Partnership a counterpart signature page to
the Partnership Agreement (attached hereto as Exhibit A). Upon acceptance of this Award
Agreement by the Grantee, the Partnership Agreement shall be amended to reflect the issuance to the
Grantee of the LTIP Units so accepted, effective as of the Date of Grant.

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Thereupon, the Grantee shall have all the rights of an LTIP Unitholder of the Partnership with
respect to the number of LTIP Units specified above, as set forth in the Partnership Agreement,
subject, however, to the terms and conditions specified herein.

3. Vesting of LTIP Units.

     (a) General Vesting.
The LTIP Units shall become Vested LTIP Units (and the Conversion Percentage (as that term is
defined in the Partnership Agreement, “Conversion Percentage”) shall be 100% with respect to such
Vested LTIP Units) in the following amounts, at the following times (each a “Vesting Date”),
subject to the terms and conditions herein and in the Plan, provided that the Continuous Service of
the Grantee continues through and on the applicable Vesting Date:

	 	 	 

	Number of LTIP Units That Become	 	 
	Vested LTIP Units
	 	Vesting Date
	 
	 	 

     Except as otherwise provided in Sections 3(b), 3(c), 3(d), and 3(e) hereof, there shall be no
proportionate or partial vesting of LTIP Units in or during the months, days or periods prior to
the Vesting Date, and all vesting of LTIP Units shall occur only on the Vesting Date.

     (b) Acceleration of Vesting Upon Change in Control.

          (i)
In the event that a Change in Control of the Company occurs during the Grantee’s Continuous
Service, all of the LTIP Units subject to this Award Agreement shall become Vested LTIP Units as of
the date of the Change in Control (the Conversion Percentage shall be 100% with respect to such
Vested LTIP Units). Except as otherwise provided below or in Section 3(b)(ii) or 3(b)(iii), if
the Change in Control results in a consolidation or merger or sale of all or substantially all of
the assets of the Company in which outstanding shares of common stock are exchanged for securities,
cash, or other property of an unrelated corporation or business entity or in the event of a
liquidation of the Company (in each case, a “Transaction”), then the Vested LTIP Units also
automatically shall be converted (pursuant to Section 4.07 of the Partnership Agreement,
“Conversion”) to Common Units and shall receive the same kind and amount of consideration as other
holders of Common Units in connection with the consummation of the Transaction. Notwithstanding
the foregoing, the Grantee may elect to forego the Conversion because the Target Balance (as that
term is defined in the Partnership Agreement, “Target Balance”) has not been achieved pursuant to
Section 6.02(c) of the Partnership Agreement with respect to such Vested LTIP Units.

          (ii) If some or all of the LTIP Units awarded to the Grantee hereunder are not, as of the time
of the Transaction, eligible for Conversion or redemption (as determined under Section 8.06 of the
Partnership Agreement, “Redemption”), or the Grantee elects to forego the

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Conversion as described above, and the acquiring or succeeding entity is itself, or has a
subsidiary which is organized as a partnership or limited liability company (consisting of a
so-called “UPREIT,” “UP-C” or other structure substantially similar in purpose or effect to that of
the Company and the Partnership), then the Board, or the board of directors of any corporation
assuming the obligations of the Company (the “Acquiror”), must cause the Partnership to provide
that such Vested LTIP Units shall be assumed or equivalent awards shall be substituted, by the
acquiring or succeeding corporation (or an affiliate thereof) with respect to all Vested LTIP Units
subject to this Award which are not eligible for Conversion or Redemption, or with respect to which
the Grantee elects to forego the Conversion as described above, at the time, whereby all such
Vested LTIP Units covered by this Award Agreement shall be assumed by the acquiring or succeeding
entity, or equivalent awards shall be substituted by the acquiring or succeeding entity, and the
acquiring or succeeding entity shall preserve with respect to the assumed LTIP Units or any
securities to be substituted for such LTIP Units, as far as reasonably possible under the
circumstances, the distribution, special allocation, Conversion, Redemption and other rights set
forth in the Partnership Agreement for the benefit of the holders of LTIP Units; and

          (iii) If some or all of the LTIP Units awarded to the Grantee hereunder are not, as of the
time of the Transaction, so eligible for Conversion or Redemption, or with respect to which the
Grantee elects to forego the Conversion as described above, and after exercise of reasonable
commercial efforts the Company or the Acquiror is unable to treat the Vested LTIP Units in
accordance with Section 3(b)(ii) above, then the Company or the Acquiror must, upon prior written
notice to the LTIP Unitholders of not less than thirty (30) days, provide that such Vested LTIP
Units shall terminate immediately prior to the consummation of the Transaction, in which case such
action shall be subject to a provision that the settlement of the terminated award of Vested LTIP
Units which are not eligible for Conversion or Redemption requires a payment of the same kind and
amount of consideration payable in connection with the Transaction to a holder of the number of
Common Units into which the Vested LTIP Units to be terminated could be converted on the Redemption
(including the right to make elections as to the type of consideration) if the Transaction were of
a nature that permitted a revaluation of the Grantee’s Capital Account balance under the terms of
the Partnership Agreement and such revaluation resulted in the Target Balance being achieved for
all of such Vested LTIP Units pursuant to Section 6.02(c) of the Partnership Agreement, as
determined by the Committee in good faith in accordance with the Plan.

     (c) Acceleration of Vesting Upon Termination of Service.
Notwithstanding any other term or provision of this Award Agreement, in the event that the
Grantee’s Continuous Service is terminated either by the Company without Cause or by the Grantee
for Good Reason, the LTIP Units subject to this Award Agreement shall become immediately vested as
of the date of the termination of the Grantee’s Continuous Service and the Conversion Percentage
shall be 100% with respect to such LTIP Units under the Partnership Agreement.

     (d) Acceleration of Vesting Upon Death or Disability.
Notwithstanding any other term or provision of this Award Agreement, in the event that the
Grantee’s Continuous Service terminates by reason of the Grantee’s Disability or death, all of the
LTIP Units subject to this Award Agreement shall become immediately vested as of the date of such
Disability or death, whichever is applicable, and shall be delivered, subject to any requirements
under this Award

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Agreement, to the Grantee, in the event of his or her Disability, or in the event of the
Grantee’s death, to the Beneficiary or Beneficiaries designated by the Grantee and the Conversion
Percentage shall be 100% with respect to such LTIP Units under the Partnership Agreement.

     (e) Acceleration of Vesting at Company Discretion.
Notwithstanding any other term or provision of this Award Agreement, the Board or the
Committee shall be authorized, in its sole discretion, based upon its review and evaluation of the
performance of the Grantee and of the Company, to accelerate the vesting of any LTIP Units under
this Award Agreement, at such times and upon such terms and conditions as the Board or the
Committee shall deem advisable, and to increase the Conversion Percentage to any amount up to 100%
under the Partnership Agreement with respect to any or all of such LTIP Units.

     (f) Definitions.
For purposes of this Award Agreement, the following terms shall have the meanings indicated:

          (i) “Capital Account” shall have the meaning set forth in the Partnership Agreement.

          (ii) “LTIP Unitholder” shall have the meaning set forth in the Partnership Agreement.

          (iii) “Non-Vested LTIP Units” means any portion of the LTIP Units subject to this Award
Agreement that has not become vested pursuant to this Section 3.

          (iv) “Vested LTIP Units” means any portion of the LTIP Units subject to this Award Agreement
that is and has become vested pursuant to this Section 3 and therefore, the Conversion Percentage
with respect to such LTIP Units shall be 100%.

4. Forfeiture of Non-Vested LTIP Units. If the Grantee’s Continuous Service with the Company or
its Subsidiaries is terminated for any reason, any LTIP Units that are not Vested LTIP Units, and
that do not become Vested LTIP Units pursuant to Section 3 hereof as a result of such termination,
shall be forfeited by the Grantee or the Grantee’s legal representative, unless otherwise
determined by the Committee. The Partnership must exercise such right of forfeiture by written
notice to the Grantee or the Grantee’s legal representative not later than ninety (90) days
following the termination of the Grantee’s Continuous Service. The parties agree that any
forfeited Non-Vested LTIP Units shall represent liquidated damages resulting from the event causing
the forfeiture.

5. Rights with Respect to LTIP Units.

     (a) General.
Except as otherwise provided in this Award Agreement, the Grantee shall have, with respect to
all of the Grantee’s LTIP Units, whether Vested LTIP Units or Non-Vested LTIP Units, all of the
rights of an LTIP Unitholder, including without limitation (i) the right to distributions on the
LTIP Units to be paid currently to the Grantee in accordance with the terms of the Partnership
Agreement, and (ii) the rights available to all LTIP Unitholders upon any merger, consolidation,
reorganization, liquidation or dissolution, stock split-up, stock dividend or recapitalization
undertaken by the Company; provided, however, that all of such

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rights shall be subject to the terms, provisions, conditions and restrictions set forth in
this Award Agreement (including without limitation conditions under which all such rights shall be
forfeited).

     (b) No Restrictions on Certain Transactions.
Notwithstanding any term or provision of this Award Agreement to the contrary, the existence
of this Award Agreement, or of any outstanding LTIP Units awarded hereunder, shall not affect in
any manner the right, power or authority of the Company or any Subsidiary to make, authorize or
consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes in the
capital structure or business of the Company or any Subsidiary; (ii) any merger, consolidation or
similar transaction by or of the Company or any Subsidiary; (iii) any offer, issue or sale by the
Company or any Subsidiary of any equity interests of the Company or any Subsidiary, including any
equity or debt securities, or preferred or preference stock that would rank prior to or on parity
with the LTIP Units and/or that would include, have or possess other rights, benefits and/or
preferences superior to those that the LTIP Units; (iv) the dissolution or liquidation of the
Company or any Subsidiary; (v) any sale, transfer or assignment of all or any part of the equity
interests, assets or business of the Company or any Subsidiary; (vi) any other corporate
transaction, act or proceeding (whether of a similar character or otherwise), or (vii) the payment
of any ordinary or extraordinary dividends or making any other distribution by the Company or any
Subsidiary.

     (c) Transferability. Unless otherwise determined by the Committee, the LTIP Units are not transferable unless and
until they become Vested LTIP Units in accordance with this Award Agreement, and shall be subject
to all of the applicable restrictions on transferability under the Partnership Agreement and this
Award Agreement.

     (d) Legend. The records of the Partnership evidencing the LTIP Units granted herein shall
bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect
that such LTIP Units are subject to restrictions as set forth herein and in the Partnership
Agreement.

     (e) Conversion Rights. No conversion of any Vested LTIP Units shall be effective unless,
after taking into account any allocations described under Section 6.02(c) of the Partnership
Agreement in connection with such conversion, the Target Balance is achieved with respect to such
Vested LTIP Unit pursuant to Section 6.02(c) of the Partnership Agreement.

6. Covenants. The Grantee hereby covenants as follows:

     (a) So long as the Grantee holds any LTIP Units, the Grantee shall disclose to the Partnership
in writing such information as may be reasonably requested with respect to ownership of LTIP Units
as the Partnership may deem reasonably necessary to ascertain and to establish compliance with
provisions of the Code, applicable to the Partnership or to comply with requirements of any other
appropriate taxing authority.

     (b) The Grantee hereby agrees to make an election under Section 83(b) of the Code with respect
to the LTIP Units awarded hereunder, and has delivered with this Award Agreement a completed,
executed copy of the election form attached hereto as Exhibit B. The Grantee agrees to file
the election (or to permit the Partnership to file such election on the Grantee’s

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behalf) within thirty (30) days after the Date of Grant with the IRS Service Center at which
such Grantee files his or her personal income tax returns, and to file a copy of such election with
the Grantee’s U.S. federal income tax return for the taxable year in which the LTIP Units are
awarded to the Grantee.

     (c) The Grantee hereby agrees not to dispose of the LTIP Units subject to this Award Agreement
(including by Redemption of any Common Units into which such LTIP Units have been converted) within
two years of receipt of such LTIP Units. The Partnership and the Grantee hereby agree to treat the
Grantee as the owner of the LTIP Units and a limited partner in the Partnership from the Date of
Grant for all purposes. The Grantee hereby agrees to take into account the distributive share of
Partnership income, gain, loss, deduction, and credit associated with the LTIP Units in computing
the Grantee’s income tax liability for the entire period during which the Grantee has the LTIP
Units.

     (d) The Grantee hereby recognizes that the IRS has proposed regulations under Sections 83 and
704 of the Internal Revenue Code that may affect the proper treatment of the LTIP Units for federal
tax purposes. In the event that those proposed regulations are finalized, the Grantee hereby agrees
to cooperate with the Partnership in amending this Award Agreement and the Partnership Agreement,
and to take such other action as may be required, to conform to such regulations.

     (e) Grantee has read the Partnership Agreement, and has had his or her tax advisors review it
or has waived the right to do so.

7. Amendment, Modification & Assignment. This Award Agreement only may be modified or amended in a writing signed by the parties hereto.
No promises, assurances, commitments, agreements, undertakings or representations, whether oral,
written, electronic or otherwise, and whether express or implied, with respect to the subject
matter hereof, have been made by either party which are not set forth expressly in this Award
Agreement. Unless otherwise consented to in writing by the Company, in its sole discretion, this
Award Agreement (and Grantee’s rights hereunder) may not be assigned, and the obligations of
Grantee hereunder may not be delegated, in whole or in part. The rights and obligations created
hereunder shall be binding on the Grantee and his heirs and legal representatives and on the
successors and assigns of the Company.

8. Complete Agreement. This Award Agreement (together with the Plan, the Partnership Agreement and any other agreements
and documents expressly referred to herein, for the purposes referred to herein) embody the
complete and entire agreement and understanding between the parties with respect to the subject
matter hereof, and supersede any and all prior promises, assurances, commitments, agreements,
undertakings or representations, whether oral, written, electronic or otherwise, and whether
express or implied, which may relate to the subject matter hereof in any way.

9. Miscellaneous.

     (a) No Right to (Continued) Employment or Service. This Award Agreement and the grant of LTIP Units hereunder shall not confer, or be
construed to confer, upon the Grantee

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any right to employment or service, or continued employment or service, with the Company or
its Subsidiaries.

     (b) No Limit on Other Compensation Arrangements. Nothing contained in this Award Agreement shall preclude the Company or its Subsidiaries
from adopting or continuing in effect other or additional compensation plans, agreements or
arrangements, and any such plans, agreements and arrangements may be either generally applicable or
applicable only in specific cases or to specific persons.

     (c) Severability. If any term or provision of this Award Agreement is or becomes or is deemed to be invalid,
illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then
such provision shall be construed or deemed amended to conform to applicable law (or if such
provision cannot be so construed or deemed amended without materially altering the purpose or
intent of this Award Agreement and the grant of LTIP Units hereunder, such provision shall be
stricken as to such jurisdiction and the remainder of this Award Agreement and the award hereunder
shall remain in full force and effect).

     (d) No Trust or Fund Created. Neither this Award Agreement nor the grant of LTIP Units hereunder shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or its Subsidiaries or the Partnership and the Grantee or any other person. To the extent
that the Grantee or any other person acquires a right to receive payments from the Company or its
Subsidiaries pursuant to this Award Agreement, such right shall be no greater than the right of any
unsecured general creditor of the Company or its Subsidiaries.

     (e) Law Governing. This Award Agreement shall be governed by and construed and enforced in accordance with the
internal laws of the State of Delaware (without reference to the conflict of laws rules or
principles thereof).

     (f) Interpretation. The Grantee accepts the LTIP Units subject to all of the terms, provisions and restrictions
of this Award Agreement, the Partnership Agreement and the Plan. The undersigned Grantee hereby
accepts as binding, conclusive and final all decisions or interpretations of the Board or the
Committee upon any questions arising under this Award Agreement, the Partnership Agreement or the
Plan.

     (g) Headings. Section, paragraph and other headings and captions are provided solely as a convenience to
facilitate reference. Such headings and captions shall not be deemed in any way material or
relevant to the construction, meaning or interpretation of this Award Agreement or any term or
provision hereof.

     (h) Notices. Any notice under this Award Agreement shall be in writing and shall be deemed to have been
duly given when delivered personally or when deposited in the United States mail, registered,
postage prepaid, and addressed, in the case of the Company or the Partnership, to the Compensation
Committee at Schottenstein Realty Trust, Inc., 4300 East Fifth Avenue, Columbus, Ohio 43219, or if
the Company or the Partnership should move its principal office, to such principal office, and, in
the case of the Grantee, to the Grantee’s last permanent

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address as shown on the Company’s records, subject to the right of either party to designate
some other address at any time hereafter in a notice satisfying the requirements of this Section.

     (i) Section 409A.

          (i) It is intended that the LTIP Units awarded pursuant to this Award Agreement be exempt from
Section 409A of the Code (“Section 409A”) because it is believed that this Award Agreement does not
provide for a deferral of compensation and accordingly that this Award Agreement does not
constitute a nonqualified deferred compensation plan within the meaning of Section 409A. The
provisions of this Award Agreement shall be interpreted in a manner consistent with this intention,
and the provisions of this Award Agreement may not be amended, adjusted, assumed or substituted
for, converted or otherwise modified without the Grantee’s prior written consent if and to the
extent that such amendment, adjustment, assumption or substitution, conversion or modification
would cause the award to violate the requirements of Section 409A.

          (ii) In the event that either the Company or the Grantee believes, at any time, that any
benefit or right under this Award Agreement is subject to Section 409A, and does not comply with
the requirements of Section 409A, it shall promptly advise the other and the Company, the
Partnership, and the Grantee shall negotiate reasonably and in good faith to amend the terms of
such benefits and rights, if such an amendment may be made in a commercially reasonable manner,
such that they comply with Section 409A with the most limited possible economic affect on the
Grantee and on the Company.

          (iii) Notwithstanding the foregoing, neither the Company nor the Partnership makes any
representation to the Grantee that the LTIP Units awarded pursuant to this Award Agreement are
exempt from, or satisfies, the requirements of Section 409A, and; the Company shall have no
liability or other obligation to indemnify or hold harmless the Grantee or any Beneficiary for any
tax, additional tax, interest or penalties that the Grantee or any Beneficiary may incur in the
event that any provision of this Award Agreement, or any amendment or modification thereof or any
other action taken with respect thereto is deemed to violate any of the requirements of Section
409A.

     (j) Non-Waiver of Breach. The waiver by any party hereto of the other party’s prompt and complete performance, or
breach or violation, of any term or provision of this Award Agreement shall be effected solely in a
writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent
breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or
it may possess shall not operate nor be construed as the waiver of such right or remedy by such
party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of
any subsequent breach or violation.

     (k) Counterparts. This Award Agreement may be executed in two or more separate counterparts, each of which
shall be an original, and all of which together shall constitute one and the same agreement.

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     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this
Award Agreement as of the date first written above.

	 	 	 	 	 	 	 

	 	 	SCHOTTENSTEIN REALTY TRUST, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	SCHOTTENSTEIN REALTY LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Schottenstein Realty Trust, Inc., its
general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	Date:	 	 

Agreed and Accepted:

GRANTEE:

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 

	 	 

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EXHIBIT A

FORM OF LTIP UNITHOLDER SIGNATURE PAGE

     The Grantee, desiring to become one of the LTIP Unitholders of Schottenstein Realty LP, hereby
becomes a party to the Amended and Restated Agreement of Limited Partnership of Schottenstein
Realty LP, dated as of March , 2011, as it may be amended, supplemented or restated
from time to time in accordance with its terms (the “Partnership Agreement”). The Grantee agrees
that this signature page may be attached to any counterpart of the Partnership Agreement.

	 	 	 	 	 	 	 

	 	 	Signature Line for LTIP Unitholder	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	Address:	 	 	 	 

Effective Date: _________________

A-1

 

EXHIBIT B

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF

TRANSFER OF PROPERTY PURSUANT TO SECTION 83(b)

OF THE INTERNAL REVENUE CODE

     The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue
Code with respect to the property described below and supplies the following information in
accordance with the regulations promulgated thereunder:

	 	1.	 	The name, address and taxpayer identification number of the undersigned are:

	 	 	 	 	 

	Name:

	 	 
	 	(the “Taxpayer”) 
	Address:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	Social Security No./Taxpayer Identification No.:______________
	 
	 	2.	 	Description of the property with respect to which the election is being made:
	 
	 	 	 	The election is being made with respect to ______ LTIP Units (the “Profits
Interests”) in Schottenstein Realty LP (the “Partnership”). The LTIP Units
represent an interest in future profits of the Partnership received for services
rendered or to be rendered to or for the benefit of the Partnership in a partner
capacity.
	 
	 	3.	 	The date on which the Profits Interests were transferred is _______, 20[     ].
The taxable year to which this election relates is calendar year 20[ ].
	 
	 	4.	 	Nature of restrictions to which the Profits Interests are subject:

	 	(a)	 	Until the Profits Interests vest, the Taxpayer may not transfer
in any manner any portion of the Profits Interests, and the Taxpayer may not
dispose of the Profits Interests within two years of receipt of such Profits
Interests.
	 
	 	(b)	 	The Profits Interests are subject to time-based vesting with [     ] vesting on each of ___________ 20[     ], 20[     ], and 20[     ], provided
that the Taxpayer remains an employee of Schottenstein Realty Trust, Inc. (the
“Company”) or its subsidiaries through such dates, subject to acceleration in
the event of certain extraordinary transactions or circumstances. Unvested
Profits Interests are subject to forfeiture in the event of failure to vest
based on the passage of time and continued employment with the Company or its
subsidiaries.

	 	5.	 	The fair market value at the time of transfer (determined without regard to any
restrictions other than restrictions which by their terms will never lapse) of the
Profits Interests was zero pursuant to the liquidation value method of IRS Notice

B-1

 

	 	 	 	2005-43. This profits interest is a “Safe Harbor” partnership interest as defined in
IRS Notice 2005-43.
	 
	 	6.	 	The amount paid by the Taxpayer for the Profits Interests was zero.
	 
	 	7.	 	A copy of this statement has been furnished to the Partnership and to its
general partner, Schottenstein Realty Trust, Inc.

Dated: ______________, 20[     ]

	 	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	Name:	 	 	 	 

B-2exv10w7

EXHIBIT 10.7

SCHOTTENSTEIN REALTY TRUST, INC.

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the _____ day of
__________, 2011, by and between Schottenstein Realty Trust, Inc., a Maryland corporation (the
“Company”), and ________________________ (“Indemnitee”).

     WHEREAS, at the request of the Company, Indemnitee currently serves as [a director] [and] [an
officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising as
a result of [his][her] service; and

     WHEREAS, as an inducement to Indemnitee to serve or continue to serve as [a director] [and]
[an officer], the Company has agreed to indemnify and to advance expenses and costs incurred by
Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent
permitted by law; and

     WHEREAS, the parties by this Agreement desire to set forth their agreement regarding
indemnification and advance of expenses;

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

     Section 1. Definitions. For purposes of this Agreement:

     (a) “Change in Control” means a change in control of the Company occurring after the Effective
Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the
Company is then subject to such reporting requirement; provided, however, that, without limitation,
such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 15% or more of the combined voting power of all of the
Company’s then-outstanding securities entitled to vote generally in the election of directors
without the prior approval of at least two-thirds of the members of the Board of Directors in
office immediately prior to such person’s attaining such percentage interest; (ii) there occurs a
proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of
liquidation or other reorganization not approved by at least two-thirds of the members of the Board
of Directors then in office, as a consequence of which members of the Board of Directors in office
immediately prior to such transaction or event constitute less than a majority of the Board of
Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are
not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board
of Directors or nomination for election by the Company’s stockholders was approved by the
affirmative vote of at least two-thirds of the

 

 

directors then in office who were directors as of the Effective Date or whose election for
nomination for election was previously so approved.

     (b) “Corporate Status” means the status of a person as a present or former director, trustee,
officer, employee or agent of the Company or as a director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise for which such person is or was serving in such capacity at the request of the Company,
regardless of the manner in which such person becomes a party to any Proceeding.

     (c) “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification and/or advance of Expenses is sought by
Indemnitee.

     (d) “Effective Date” means the date set forth in the first paragraph of this Agreement.

     (e) “Expenses” shall include any and all reasonable and out-of-pocket attorneys’ fees and
costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, ERISA excise taxes and penalties and any and all
other disbursements or expenses incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, or being or preparing to be a witness in or otherwise
participating in a Proceeding. Expenses shall also include Expenses incurred in connection with
any appeal resulting from any Proceeding including, without limitation, the premium, security for
and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

     (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
the subject matter of the Proceeding and neither is, nor in the past five years has been, retained
to represent: (i) the Company 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 party to or participant or witness in
the Proceeding giving rise to a claim for indemnification or advance of Expenses 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.

     (g) “MGCL” means the Maryland General Corporation Law.

     (h) “Proceeding” includes any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation (including an internal investigation),
inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the
Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative (formal or informal) nature, including any appeal
therefrom, except one pending or completed on or before the Effective

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Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If
Indemnitee reasonably believes that a given situation may lead to or culminate in the institution
of a Proceeding, such situation shall also be considered a Proceeding.

     Section 2. Services by Indemnitee. Indemnitee [will serve][serves] as [a director]
[and] [an officer] of the Company. However, this Agreement shall not impose any obligation on
Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall
not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

     Section 3. General. The Company shall indemnify, and advance Expenses to, Indemnitee
(a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law
in effect on the Effective Date and as amended from time to time; provided, however, that no change
in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder
based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in
this Section 3 shall include, without limitation, the rights set forth in the other sections of
this Agreement, including any additional indemnification permitted by Section 2-418(g) of the MGCL.

     Section 4. Standard for Indemnification. If, by reason of Indemnitee’s Corporate
Status, Indemnitee is, or is threatened to be, made a party or a witness to any Proceeding, the
Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in
settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with any such Proceeding unless it is established that (a) the act or omission
of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad
faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received
an improper personal benefit in money, property or services or (c) in the case of any criminal
Proceeding, Indemnitee had reasonable cause to believe that [his][her] conduct was unlawful.

     Section 5. Certain Limits on Indemnification. Notwithstanding any other
provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

     (a) indemnification hereunder if the Proceeding was one by or in the right of the Company and
Indemnitee is adjudged to be liable to the Company;

     (b) indemnification hereunder if Indemnitee is adjudged to be liable on the basis that
personal benefit was improperly received in any Proceeding charging improper personal benefit to
Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or

     (c) indemnification or advance of Expenses hereunder if the Proceeding was brought by
Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement,
and then only to the extent in accordance with and as authorized by Section 12 of this Agreement,
or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote
generally in the election of directors or of the Board of Directors or an agreement approved by the
Board of Directors to which the Company is a party expressly provide otherwise.

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     Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this
Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as
the court shall require, may order indemnification of Indemnitee by the Company in the following
circumstances:

     (a) if such court determines that Indemnitee is entitled to reimbursement under Section
2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be
entitled to recover the Expenses of securing such reimbursement; or

     (b) if such court determines that Indemnitee is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met
the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable
for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order
such indemnification as the court shall deem proper. However, indemnification with respect to any
Proceeding by or in the right of the Company or in which liability shall have been adjudged in the
circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

     Section 7. Indemnification for Expenses of an Indemnitee Who is Wholly or Partially
Successful. Notwithstanding any other provision of this Agreement, and without limiting any
such provision, to the extent that Indemnitee was or is, by reason of [his][her] Corporate Status,
made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the
merits or otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all judgments,
penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter in
which Indemnitee is successful, allocated on a reasonable and proportionate basis. For purposes of
this Section 7 and, without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to
such claim, issue or matter.

     Section 8. Advance of Expenses for Indemnitee. If, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the
Company shall, without requiring a preliminary determination of Indemnitee’s entitlement to
indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee
in connection with such Proceeding to which Indemnitee is, or is threatened to be, made a party or
witness, within ten days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written
affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Company as authorized by law and by this Agreement has been met and a
written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as
Exhibit A or in such form as may be required under

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applicable law as in effect at the time of the execution thereof, to reimburse the portion of
any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to
which it shall ultimately be established that the standard of conduct has not been met by
Indemnitee and which have not been successfully resolved as described in Section 7 of this
Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim,
issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and
proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s
financial ability to repay such advanced Expenses and without any requirement to post security
therefor.

     Section 9. Indemnification and Advance of Expenses as a Witness or Other Participant.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be,
by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any
Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a
party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith
within ten days after the receipt by the Company of a statement or statements requesting any such
advance or indemnification from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee.

     Section 10. Procedure for Determination of Entitlement to Indemnification.

     (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a
written request, including therein or therewith such documentation and information as is reasonably
necessary to determine whether and to what extent Indemnitee is entitled to indemnification and is
reasonably available to Indemnitee. Indemnitee may submit one or more such requests from time to
time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The
officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of
such a request for indemnification, advise the Board of Directors in writing that Indemnitee has
requested indemnification.

     (b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a
determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto
shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by
Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved
by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval
shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by
the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if
such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the
Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent
Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of
the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld, by
Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee or (C) if so directed by a

-5-

 

majority of the members of the Board of Directors, by the stockholders of the Company. If it
is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be
made within ten days after such determination. Indemnitee shall cooperate with the person, persons
or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity 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 determination in the
discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B)
of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify
and hold Indemnitee harmless therefrom.

     (c) The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is
appointed.

     Section 11. Presumptions and Effect of Certain Proceedings.

     (a) In making any determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making of any determination contrary to that
presumption.

     (b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an
order of probation prior to judgment, does not create a presumption that Indemnitee did not meet
the requisite standard of conduct described herein for indemnification.

     (c) The knowledge and/or actions, or failure to act, of any other director, officer, employee
or agent of the Company or any other director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise shall not be
imputed to Indemnitee for purposes of determining any other right to indemnification under this
Agreement.

     Section 12. Remedies of Indemnitee.

     (a) If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely
made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days
after receipt by the Company of the request for indemnification, (iv) payment of indemnification is
not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Company
of a written request therefor, or (v) payment of indemnification pursuant to any other section of
this Agreement or the charter or Bylaws of the Company is not made

-6-

 

within ten days after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in
the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement
to such indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee’s option,
may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. Indemnitee shall commence a proceeding
seeking an adjudication or an award in arbitration within 180 days following the date on which
Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a);
provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee
to enforce [his][her] rights under Section 7 of this Agreement. Except as set forth herein, the
provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such
arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or
award in arbitration.

     (b) In any judicial proceeding or arbitration commenced pursuant to this Section 12,
Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case
may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is
not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee
commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be
required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a
final determination is made with respect to Indemnitee’s entitlement to indemnification (as to
which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest
extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all of the provisions of this Agreement.

     (c) If a determination shall have been made pursuant to Section 10(b) of this Agreement that
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

     (d) In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a
judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to
recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the
Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably
incurred by him in such judicial adjudication or arbitration. If it shall be determined in such
judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the
indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection
with such judicial adjudication or arbitration shall be appropriately prorated.

     (e) Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be
charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of
Maryland for amounts which the Company pays or is obligated to pay for the period (i)

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commencing with either the tenth day after the date on which the Company was requested to
advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day
after the date on which the Company was requested to make the determination of entitlement to
indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date
such payment is made to Indemnitee by the Company.

     Section 13. Defense of the Underlying Proceeding.

     (a) Indemnitee shall notify the Company promptly in writing upon being served with or
receiving any summons, citation, subpoena, complaint, indictment, information notice, request or
other document relating to any Proceeding which may result in the right to indemnification or the
advance of Expenses hereunder and shall include with such notice a description of the nature of the
Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such
notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the
Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is
materially and adversely prejudiced thereby, and then only to the extent the Company is thereby
actually so prejudiced.

     (b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c)
below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise
to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any
such decision to defend within 15 calendar days following receipt of notice of any such Proceeding
under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee,
which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of
Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance
reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or
limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee
under Section 12 of this Agreement.

     (c) Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which
Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably
concludes, based upon an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with
respect to any issue which may not be consistent with other defendants in such Proceeding, (ii)
Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or
potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company
fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to
be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of
the Company, which approval shall not be unreasonably withheld, at the expense of the Company. In
addition, if the Company fails to comply with any of its obligations under this Agreement or in the
event that the Company or any other person takes any action to declare this Agreement void or
unenforceable, or institutes any

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Proceeding to deny or to recover from Indemnitee the benefits
intended to be provided to
Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably
withheld, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent
Indemnitee in connection with any such matter.

     Section 14. Non-Exclusivity; Survival of Rights; Subrogation.

     (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the
stockholders entitled to vote generally in the election of directors or of the Board of Directors,
or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any action taken or omitted by such Indemnitee in [his][her] Corporate
Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to
such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No
right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
every other right or remedy shall be cumulative and in addition to every other right or remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of
any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or
employment of any other right or remedy.

     (b) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

     Section 15. Insurance. (a) The Company will use its reasonable best efforts to
acquire and maintain directors and officers liability insurance, on terms and conditions deemed
appropriate by the Board of Directors, with the advice of counsel, that includes coverage for the
Indemnitee or any claim made against Indemnitee by reason of [his][her] Corporate Status and
covering the Company for any indemnification or advance of Expenses made by the Company to
Indemnitee for any claims made against Indemnitee by reason of [his][her] Corporate Status.
Without in any way limiting any other obligation under this Agreement, the Company shall indemnify
Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention
and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and
Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance
referred to in the previous sentence. The purchase, establishment and maintenance of any such
insurance shall not in any way limit or affect the rights or obligations of the Company or
Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery
of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights
or obligations of the Company under any such insurance policies. If, at the time the Company
receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as
a witness or otherwise) the Company has director and officer

-9-

 

liability insurance in effect, the
Company shall give prompt notice of such Proceeding to the insurers in accordance with the
procedures set forth in the respective policies.

     (b) For a period of six (6) years after a Change in Control, the Company shall maintain in
effect a “tail” directors’ and officers’ liability insurance policy with coverage in an amount and
scope at least as favorable as the Company’s existing coverage on the date of such Change in
Control; provided, that, in no event shall the Company be required to expend in the aggregate in
excess of 200% of the annual premium paid by the Company for such insurance in effect on the date
of such Change in Control. In the event that 200% of the annual premium paid by the Company for
such existing insurance is insufficient for such coverage, the Company shall spend up to that
amount to purchase such lesser coverage as may be obtained with such amount.

     Section 16. Coordination of Payments. The Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as
Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

     Section 17. Reports to Stockholders. To the extent required by the MGCL, the Company
shall report in writing to its stockholders the payment of any amounts for indemnification of, or
advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the
right of the Company with the notice of the meeting of stockholders of the Company next following
the date of the payment of any such indemnification or advance of Expenses or prior to such
meeting.

     Section 18. Duration of Agreement; Binding Effect.

     (a) This Agreement shall continue until and terminate on the later of (i) six years after the
date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the
Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee
or agent of any other foreign or domestic corporation, real estate investment trust, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise that
such person is or was serving in such capacity at the request of the Company and (ii) the date that
Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of
appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this
Agreement).

     (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this
Agreement shall be binding upon and be enforceable by the parties hereto and their respective
successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company),
shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of
the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee
or agent of any other foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving
in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and
Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives.

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     (c) The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such succession had taken
place.

     (d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at
some later date, may be inadequate, impracticable and difficult of proof, and further agree that
such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that
Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm and that by seeking
injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or
obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be
entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds
or other undertakings in connection therewith. The Company acknowledges that, in the absence of a
waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby
waives any such requirement of such a bond or undertaking.

     Section 19. Severability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision
held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

     Section 20. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. One such counterpart signed by the party
against whom enforceability is sought shall be sufficient to evidence the existence of this
Agreement.

     Section 21. Headings. The headings of the paragraphs of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     Section 22. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No

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waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

     Section 23. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand
and receipted for by the party to whom said notice or other communication shall have been directed,
on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid,
on the third business day after the date on which it is so mailed:

     (a) If to Indemnitee, to the address set forth on the signature page hereto.

     (b) If to the Company, to:

Schottenstein Realty Trust, Inc.

4300 East Fifth Avenue

Columbus, Ohio 42219

or to such other address as may have been furnished in writing to Indemnitee by the Company or to
the Company by Indemnitee, as the case may be.

     Section 24. Governing Law. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of
laws rules.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 	 	 

	 	 	SCHOTTENSTEIN REALTY TRUST, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Address:	 	 	 	 

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EXHIBIT A

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

To: The Board of Directors of Schottenstein Realty Trust, Inc.

Re: Affirmation and Undertaking

Ladies and Gentlemen:

     This Affirmation and Undertaking is being provided pursuant to that certain Indemnification
Agreement dated the _____ day of ______________, 20____, by and between Schottenstein Realty Trust,
Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description
of Proceeding] (the “Proceeding”).

     Terms used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement.

     I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged
actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all
times, insofar as I was involved as [a director] [an officer] of the Company, in any of the facts
or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate
dishonesty, (2) did not receive any improper personal benefit in money, property or services and
(3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or
omission by me was unlawful.

     In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and
related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I
hereby agree that if, in connection with the Proceeding, it is established that (1) an act or
omission by me was material to the matter giving rise to the Proceeding and (a) was committed in
bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an
improper personal benefit in money, property or services or (3) in the case of any criminal
proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall
promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters
in the Proceeding as to which the foregoing findings have been established.

     IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___ day of
____________________, 20___.

	 	 	 	 	 	 	 

	 

	 	Name:

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