Document:

EX-10.11

 Exhibit 10.11 

2018 DIRECTORS’ GRANT 
 RETAIL
VALUE INC. 
 Form of Restricted Share Units Agreement 

This RESTRICTED SHARE UNITS AGREEMENT (this “Agreement”) is made as of
            , 20    , by and between Retail Value Inc., an Ohio corporation (the “Company”), and
             (the “Grantee”). 
 1. Certain
Definitions. Capitalized terms used but not otherwise defined in this Agreement have the meanings given to such terms in the Retail Value Inc. 2018 Equity and Incentive Compensation Plan (the “Plan”). 

2. Grants of RSUs. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan,
pursuant to authorization under a resolution of the Committee or the Board, as applicable, that was duly adopted on                  , 20    , the
Company has granted to the Grantee (a) as of                  , 20     (the “First Date of Grant”)
             Restricted Share Units (such grant, the “Initial RSUs”), and (b) as of             
    , 20     (the “Second Date of Grant”)              Restricted Share Units (such grant, the “Secondary
RSUs” and, together with the Initial RSUs, the “RSUs”). Each RSU shall represent the right of the Grantee to receive one Common Share subject to and upon the terms and conditions of this Agreement. 

3. Restrictions on Transfer of RSUs. Subject to Section 15 of the Plan, neither the RSUs evidenced hereby nor any interest
therein or in the Common Shares underlying such RSUs shall be transferable prior to payment to the Grantee pursuant to Section 5 hereof other than by will or pursuant to the laws of descent and
distribution. 
 4. Vesting of RSUs. 
  

	 	(a)	The RSUs covered by this Agreement shall become nonforfeitable and payable to the Grantee pursuant to Section 5 hereof (“Vested,” or similar terms)
as follows:              Initial RSUs and              Secondary RSUs shall Vest on
                 , 20    ,              Initial RSUs and
             Secondary RSUs shall Vest on                  , 20    , and the balance of
the Initial RSUs and the Secondary RSUs shall Vest on                  , 20    , in each case conditioned upon the Grantee’s continuous service
on the Board through such date (the period from the First Date of Grant or the Second Date of Grant, as applicable, until                  , 20    ,
the “Vesting Period”). Any RSUs that do not so become Vested will be forfeited, including, except as provided in Section 4(b) or
Section 4(c) below, if the Grantee ceases to continuously serve on the Board prior to the end of the Vesting Period. 

 

	 	(b)	Notwithstanding Section 4(a) above, the RSUs shall become Vested if the Grantee should die or become Disabled prior to the end of the Vesting Period while the Grantee is
continuously serving on the Board (to the extent the RSUs have not previously become Vested). 

	 	(c)	Notwithstanding Section 4(a) above, the RSUs shall become Vested if a Change in Control occurs prior to the end of the Vesting Period while the Grantee is continuously
serving on the Board (to the extent the RSUs have not previously become Vested). 

  

	 	(d)	For purposes of this Agreement, “Disabled” shall mean that the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

5. Form and Time of Payment of RSUs. 
  

	 	(a)	Payment for the RSUs, after and to the extent they have become Vested, shall be made in the form of Common Shares. Except as provided in Section 5(b), payment shall be made
as soon as administratively practicable following (but no later than thirty (30) days following) the date that the RSUs become Vested pursuant to Section 4 hereof. 

 

	 	(b)	If the RSUs become payable on the Grantee’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code and the Grantee is a
“specified employee” as determined pursuant to procedures adopted by the Company in compliance with Section 409A of the Code, then, to the extent necessary to comply with Section 409A of the Code, payment for the RSUs shall be
made on the earlier of the first day of the seventh month after the date of the Grantee’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code or the
Grantee’s death. 

  

	 	(c)	Except to the extent provided by Section 409A of the Code and permitted by the Committee or the Board, as applicable, no Common Shares may be issued to the Grantee at a time earlier than otherwise expressly
provided in this Agreement. 

  

	 	(d)	The Company’s obligations to the Grantee with respect to the RSUs will be satisfied in full upon the issuance of Common Shares corresponding to such RSUs. 

6. Dividend Equivalents; Voting and Other Rights. 
  

	 	(a)	The Grantee shall have no rights of ownership in the Common Shares underlying the RSUs and no right to vote the Common Shares underlying the RSUs until the date on which the Common Shares underlying the RSUs are issued
or transferred to the Grantee pursuant to Section 5 above. 

  

	 	(b)	 From and after the Date of Grant and until the earlier of (i) the time when the RSUs Vest and are paid in
accordance with Section 5 hereof or (ii) the time when the Grantee’s right to receive Common Shares in payment of the RSUs is forfeited in accordance with
Section 4 hereof, on the record date for the Company paying a cash dividend (if any) to holders of Common Shares generally, the Grantee shall become entitled to a cash payment equal to the value of the
product of (x) the dollar 

  
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amount of the cash dividend paid per Common Share on such date and (y) the total number of unpaid RSUs covered by this Agreement. Such dividend equivalents (if any) shall be paid in cash to
the Grantee on the date that the Company pays a cash dividend (if any) to holders of Common Shares generally. 

  

	 	(c)	The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Common Shares in the future, and the rights of the Grantee will be no greater than
that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement. 

7. Adjustments. The number of Common Shares issuable for each RSU and the other terms and conditions of the grant evidenced by
this Agreement are subject to adjustment as provided in Section 11 of the Plan. 
 8. Taxes. The Grantee will be solely
responsible for the payment of all taxes that arise with respect to the granting and payment of the RSUs, including the payment of any Common Shares. 

9. Compliance With Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities
laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any Common Shares pursuant to this Agreement if the issuance thereof would result in a violation
of any such law. 
 10. Compliance With Section 409A of the Code. To the extent applicable,
it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement
or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and
may be made by the Company without the consent of the Grantee). 
 11. Interpretation. Any reference in this Agreement to
Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. Except as expressly
provided in this Agreement, capitalized terms used herein will have the meaning ascribed to such terms in the Plan. 
 12. No Right to
Future Awards or Board Membership. The grant of the RSUs under this Agreement to the Grantee is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment
to make any future awards. Nothing contained in this Agreement shall confer upon the Grantee any right to continued service as a member of the Board. 

13. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment
is applicable hereto; provided, however, that (a) no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s written consent, and (b) the Grantee’s consent shall not be
required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code.  

  
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 14. Severability. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully
enforceable. 
 15. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any
inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee or the Board, as applicable, acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise
herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement. 
 16. Electronic
Delivery. The Company may, in its sole discretion, deliver any documents related to the RSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the
Grantee’s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an
on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

17. Governing Law. This Agreement shall be governed by and construed with the internal substantive laws of the State of
Ohio, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction. 
 18.
Successors and Assigns. Without limiting Section 3 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal
representatives and assigns of the Grantee, and the successors and assigns of the Company. 
 19. Acknowledgement. The Grantee
acknowledges that the Grantee (a) has received a copy of the Plan, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and
(d) agrees to such terms and conditions. 
 20. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together will constitute one and the same agreement. 
 [SIGNATURES ON
FOLLOWING PAGE] 

  
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	RETAIL VALUE INC.

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 
			
	
	Grantee Acknowledgment and Acceptance

 
			
		
	By:	 	  

 
			
	Name:
	Title:

  
 -5-EX-10.12

 Exhibit 10.12 

FORM OF DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT 

This Director and Officer Indemnification Agreement, dated as of
,             20     (this “Agreement”), is made by and between Retail Value Inc., 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; 
 (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. 

(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. 

 (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. 

 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 

 
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 

 
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), 

 
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 

 
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. 

 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. 

 (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. 

 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 

 
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] 

 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. 
  

			
	 RETAIL VALUE INC.
 3300
Enterprise Parkway
 Beachwood, Ohio 44122

		
	By	 	  

		 	Name:
		 	Title:
	
	[INDEMNITEE]
	[Address]
	
	  

	[Indemnitee]

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