Document:

EX-4.11

 

Exhibit 4.11

DIRECTORS’ DEFERRED COMPENSATION PLAN

(As Amended and Restated on November 8, 2000)

     Developers Diversified Realty Corporation (the “Company”) desires to establish a Directors’
Deferred Compensation Plan (the “Plan”) to assist it in attracting an retaining persons of
competence and stature to serve as outside directors by giving them the option of deferring receipt
of the fees payable to them by the Company for their services as directors.

     Therefore, the Company hereby adopts the Plan as hereinafter set forth:

     1. Effective Date. The Plan shall apply to all elections to defer made after its
adoption and shall be applicable to all directors’ fees payable with respect to periods commencing
with the Company’s fiscal quarter which began April 1, 1994.

     2. Participation. Each director of the Company (a) who is duly elected to the
Company’s Board of Directors and (b) who receives fees for services as a director, may elect to
defer receipt of fees otherwise payable to him, as provided for in the Plan. Each such director
who elects to defer fees shall be a Participant in the Plan.

     3. Administration. The Company’s Board of Directors appoints David M. Jacobstein and
James A. Schoff, directors and officers of the Company who are not eligible to become Participants,
to act as the Administrators of the Plan (“Administrators”). They shall serve at the pleasure of
the Board of Directors and shall administer, construe and interpret the Plan. The Administrators
shall not be liable for any act done or determination made in good faith. The Board of Directors
shall have the power to designate additional or replacement Administrators at its discretion.

     4. Deferrals.

     (a) Deferral Election. Any eligible director may file with the Company, and/or the
Administrators of the Plan, an election in writing to participate in the Plan with respect to fees
for services to be rendered after the date of such election. When a deferral election is filed, no
fees will be paid for services so designated for the year (or portion thereof) and all succeeding
years. If an election has been filed to participate in the Plan and a Participant wishes to
discontinue deferral of future fees, an election to terminate participation in the Plan for any
year must be filed prior to January 1 of that year.

 

 

     (b) Accounting. Appropriate records shall be maintained by the Company (“Deferral
Accounts”) which shall list and reflect each Participant’s credits and valuations. The Company
shall credit to each Participant’s Deferral Account an amount equivalent to the fees that would
have been paid to him if he had not elected to participate in the Plan. The credit shall be made
on the date on which the fee would have been paid absent a deferral election. No funds shall be
segregated into the Deferral Accounts of Participants; said Accounts shall represent general
unsecured obligations of the Company.

     (c) Valuation. Until the first distribution to a Participant, amounts credited to a
Deferral Account of such Participant shall be increased or decreased as measured by the market
value of the Company’s Common Shares plus the value of dividends or other distributions on the
Company’s Common Shares. Each amount credited to a Deferral Account shall be assigned a number of
Share Units (including fractions of a Share) determined by dividing the amount credited to the
Deferral Account, whether in lieu of payment of fees for service as a director or as a dividend or
other distribution attributable to such Share Units, by the fair market vale of share of the
Company’s Common Shares on the date of credit. Fair market value shall be the mean between the
high and low selling price of a share of the Company’s Common Share on the New York Stock Exchange
on the concerned date or, if no sales occurred on such date, on the most recent preceding date on
which sales occurred. Each Share Unit shall have the value of a Common Share of the Company. The
number of Share Units shall be adjusted to reflect stock splits, stock dividends or other capital
adjustments effected without receipt of consideration by the Company.

     5. Distribution. A Participant shall elect in writing, at the time he makes each
deferral election under subparagraph 4(a), the date on which distribution of the credit to his
Deferral Account to which the deferral election relates shall commence and the method of
distribution, as permitted hereunder. In the event a Participant continues to serve as a director
of the Company on the date two years prior to the date distributions are to commence, such
Participant may elect on or before such date in writing to defer further the commencement of
distributions hereunder. Payment shall commence not earlier than the January 1 following year in
which the Participant attains age 55, and not later than the January 1 following the year in which
the Participant attains age 72. Commencing immediately prior to the first distribution to a
Participant and continuing thereafter, amounts credited to the Deferral Account of such Participant
shall be credited with interest, compounded quarterly, calculated at a rate per annum equal to the
prime rate of interest as published in The Wall Street Journal in effect on the first day
of each fiscal quarter of the Company. Payment may be made in one lump sum, or five or ten equal
annual installments of the Deferral Account balance allocated to each installment payments
determined as of the December 31 immediately preceding commencement of distribution, with each
payment accompanied by any interest credited during the period proceeding payment of the
installment. The time of and method of distribution of benefits may vary with each separate
election, but except as otherwise provided herein, each election shall be irrevocable. The
Deferral Accounts do not represent rights to acquire the Company’s Common Shares; payment shall
only be made in cash.

 

 

     6. Death or Disability.

     (a) In the event a Participant’s service is terminated by reason of death or disability prior
to the distribution of any portion of his benefits, the Company shall, within ninety (90) days of
the date of service termination, commence distribution of benefits to the Participant (or to the
beneficiary or beneficiaries in the event of death). Distribution shall be made in accordance with
the method of distribution elected by the Participant pursuant to paragraph 5 hereof. In the event
a Participant’s death or disability occurs after distribution of benefits hereunder has begun, the
Company shall continue to make distributions to the Participant (or to the beneficiary or
beneficiaries in the event of death) in accordance with the methods of distribution elected by the
Participant pursuant to paragraph 5 hereof.

     (b) Each Participant shall have the right to designate one or more beneficiaries to receive
distributions in the event of the Participant’s death by filing with the Company a beneficiary
designation on a form provided. The designated beneficiary or beneficiaries may be changed by a
Participant at any time prior to his death by the delivery to the Company of a new beneficiary
designation form. If no beneficiary shall have been designated, or if no designated beneficiary
shall survive the Participant, distribution pursuant to this provision shall be made to the
Participant’s estate.

     7. Assignment and Alienation of Benefits. The right of the each Participant to any
account, benefit or payment hereunder shall not, to the extent permitted by law, be subject in any
manner to attachment or other legal process for the debts of such Participant; and no account,
benefit or payment shall be subject to anticipation, alienation, sale, transfer, assignment or
encumbrance.

     8. Amendment or Termination. The Board of Directors of the Company may amend or
terminate this Plan at any time and from time to time. Any amendment or termination of this Plan
shall not affect the rights of a Participant accrued prior thereto without his written consent.

     9. Taxes. The Company shall not be responsible for the tax consequences under federal,
state or local law of any lection made by any Participant under the Plan. All payments under the
Plan shall be subject to withholding and reporting requirements to the extent permitted by
applicable law.

     10. Applicable Law. This plan shall be interpreted under the laws of the State of
Ohio.

..

     IN WITNESS WHEREOF, the Company has caused this Plan, as amended and restated, to be executed
by its President this 12th day of December, 2000.

	 	 	 	 	 
	 	DEVELOPERS DIVERSIFIED

REALTY CORPORATION

 	 
	 	By:  	/s/ David M. Jacobstein
 	 
	 	 	David M. Jacobstein, President  	 
	 	 	and Chief Operating Officer 	 
	 

 

 

FIRST AMENDMENT

TO THE

DEVELOPERS DIVERSIFIED REALTY CORPORATION

DIRECTORS’ DEFERRED COMPENSATION PLAN

     WHEREAS, Developers Diversified Realty Corporation (the “Company”) adopted the Developers
Diversified Realty Corporation Directors’ Deferred Compensation Plan (the “Plan”), most recently
amended and restated effective November 8, 2000;

     WHEREAS, the Company desires to amend such Plan;

     NOW, THEREFORE, pursuant to the power reserved to the Company in Section 8 of the Plan, the
Company hereby amends the Plan in the following particulars:

     1. Effective as of January 1, 2004, by substituting the phrase “one year” for the phrase “two
years” in the second sentence of Section 5 of the Plan.

     2. Effective as of January 1, 2005, by adding the following Supplement A to the Plan
immediately following Section 10 thereof;

“Supplement A

Deferral Elections Designed to Comply with Transition Guidance under the

American Jobs Creation Act of 2004

A-1. Introduction. The Company maintains the Plan, under which
Participants made deferrals of directors’ fees payable prior to
January 1, 2005. Effective as of January 1, 2005, the Company will
establish a new 2005 Directors’ Deferred Compensation Plan (the ‘2005
Plan’) to allow eligible participants to make deferrals of directors’
fees payable on and after January 1, 2005. The 2005 Plan is designed
to comply with the provisions of the American Jobs Creation Act of
2004 (the ‘Jobs Act’) and Section 409A of the Internal Revenue Code
(the ‘Code’) and the regulations thereunder. However, except as
provided in this Supplement A, this Plan is not subject to the Jobs
Act and Section 409A of the Code.

A-2. Deferral Elections Designed to Comply with the Jobs Act. In
accordance with Q&A-21 of IRS Notice 2005-1, Plan Participants shall
have the right to file deferral elections relating to 2005 directors’
fees that are not yet payable (‘Transition Deferral Elections’)
prior to March 15,

 

 

2005. Any amounts deferred pursuant to a Transition Deferral Election shall be
subject to the requirements and restrictions of the Jobs Act and Section 409A of the
Code.

A-3. Separate Accounting of Contributions. Beginning January 1, 2005, the
Company shall separately account for all amounts under the Plan that
are subject to the Jobs Act and Section 409A of the Code. Such
amounts shall be kept separate from all amounts that are not subject
to said requirements.

A-4. Revocation and Modification of 2005 Deferral Elections. In accordance
with Q&A-20 of IRS Notice 2005-1 and the IRS proposed regulations
under Section 409A of the Code, Plan Participants shall have the
right to cancel a deferral election or reduce the amount of
directors’ fees deferred for the 2005 calendar year at any time
during 2005.

A-5. Modification of Distribution Elections Applicable to Jobs Act
Accounts. In accordance with Q&A-19(c) of IRS Notice 2005-1 and the
IRS proposed regulations under Section 409A of the Code, during 2005
and 2006, Plan Participants shall have the right to modify their
elections with respect to the form and timing of payment of their
Jobs Act Accounts, notwithstanding any restrictions of the Jobs Act
and Section 409A of the Code that generally become applicable
effective January 1, 2005. A modification made during 2006 pursuant
to this paragraph A-5 shall only apply to amounts that would not
otherwise be payable in 2006 and may not cause an amount to be paid
in 2006 that otherwise would not be payable in such year.

A-6. Use of Terms. Terms used in this Supplement A with respect to the
Plan shall, unless defined in this Supplement A, have the meanings of
those terms as defined in the Plan.”

     IN WITNESS WHEREOF, the undersigned duly authorized officer of the Company has executed this
instrument this 19th day of December, 2005.

	 	 	 	 	 
	 	DEVELOPERS DIVERSIFIED REALTY

CORPORATION

 	 
	 	By:  	/s/ Joan U. Allgood
 	 
	 	 	Joan U. Allgood 	 
	 	 	Title:  	Executive Vice President 	 
	 

 

 

SECOND AMENDMENT

TO

DEVELOPERS DIVERSIFIED REALTY CORPORATION

DIRECTORS’ DEFERRED COMPENSATION PLAN

          WHEREAS, Developers Diversified Realty Corporation (the “Company”) maintains the Developers
Diversified Realty Corporation Directors’ Deferred Compensation Plan (the “Plan”), under an
instrument amended and restated effective November 8, 2000, as amended on one subsequent occasion;
and

          WHEREAS, the Company desires further to amend such Plan, but not in any manner constituting a
material modification for purposes of Section 409A of the Internal Revenue Code;

          NOW, THEREFORE, pursuant to the power reserved to the Company in paragraph 8 of the Plan, the
Company hereby amends the Plan in the following particulars:

     1. Effective as of May 8, 2007, by replacing the Administrators named in paragraph 3 of the
Plan with Joan U. Allgood and Nan R. Zieleniec.

     2. Effective as if originally set forth in the Plan, by restating the third sentence of
subparagraph 4(c) to provide as follows:

Fair market value shall be the closing price of a share of the Company’s
Common Shares on the New York Stock Exchange on the day preceding the
concerned date or, if no sales occurred on such preceding date, on the most
recent preceding date on which sales occurred.

     3. Effective as if originally set forth in the Plan, by restating the fourth sentence of
paragraph 5 to provide as follows:

Commencing immediately prior to the first distribution to a Participant and
continuing thereafter, amounts credited to the Deferral Account of such
Participant shall be credited with earnings equal to the value of dividends
or other distributions on the Company’s Common Shares as if each Share Unit
were a Common Share, and such earnings amount shall be assigned the
appropriate number of additional Share Units as described in paragraph 4.

          IN WITNESS WHEREOF, the undersigned duly authorized officer of the Company has executed this
instrument this 7th day of November, 2007.

	 	 	 	 	 
	 	DEVELOPERS DIVERSIFIED REALTY

CORPORATION

 	 
	 	By:  	/s/ Joan U. Allgood
 	 
	 	 	Joan U. Allgood, Executive Vice PresidentEX-4.12

 

Exhibit 4.12

DEVELOPERS DIVERSIFIED REALTY CORPORATION

2005 DIRECTORS’ DEFERRED COMPENSATION PLAN

(November 1, 2007 Restatement)

     Developers Diversified Realty Corporation (the “Company”) previously established the
Developers Diversified Realty Corporation Directors’ Deferred Compensation Plan (the “Original
Plan”) to assist it in attracting and retaining persons of competence and stature to serve as
outside directors by giving them the option of deferring receipt of the cash component of the fees
payable to them by the Company for their services as directors. As a result of the new rules
provided under the American Jobs Creation Act of 2004 (the “Act”) and Section 409A of the Internal
Revenue Code (the “Code”), the Company froze deferrals under the Original Plan effective December
31, 2004, and established a new plan to accept deferrals of the cash component of fees paid for
directors’ services rendered on or after January 1, 2005 (the “Plan”). Final Treasury Regulations
have been published under Section 409A of the Code, and the Company desires to amend and restate
the Plan for the purpose of reflecting those Treasury Regulations and for other purposes.

     The Plan, which is intended to be a “nonqualified deferred compensation plan” that satisfies
the requirements of the Act and Section 409A of the Code, or any successor provision, shall be
interpreted and administered by the Administrators to the extent possible in a manner consistent
with that intent. The provisions of the Developers Diversified Realty Corporation 2005 Directors’
Deferred Compensation Plan (November 1, 2007 Restatement) are effective generally as of November 1,
2007, except as otherwise provided herein, and are hereinafter set forth. For the period prior to
November 1, 2007, the Plan shall operate based

 

 

upon IRS Notice 2005-1, additional notices published by the Treasury Department and the
Internal Revenue Service providing transition guidance, and a good faith, reasonable interpretation
of Section 409A of the Code.

     1. Effective Date. The Plan shall apply to the cash component of directors’
fees payable with respect to periods commencing with the Company’s fiscal quarter beginning
January 1, 2005.

     2. Participation. Each director of the Company who is duly elected to the
Company’s Board of Directors and who receives fees for services as a director may elect to
defer receipt of all or part of the cash component of the fees otherwise payable to him, as
provided for in the Plan. Each such director who elects to defer fees shall be a
“Participant” in the Plan. No employee of the Company shall be eligible to make an election
under the Plan.

     3. Administration. The Company’s Board of Directors appoints Joan U. Allgood
and Nan R. Zieleniec, officers of the Company who are not eligible to become Participants,
to act as the Administrators of the Plan (the “Administrators”), effective May 8, 2007. The
Administrators shall serve at the pleasure of the Board of Directors and shall administer,
construe, and interpret the Plan. The Administrators shall not be liable for any act done
or determination made in good faith. The Board of Directors shall have the power to
designate additional or replacement Administrators at its discretion.

     4. Deferrals.

     (a) Deferral Election. Any eligible director may file with the
Company, and/or the Administrators of the Plan, an election in writing to
participate in the Plan with respect to the cash component of fees for services to

-2-

 

be rendered after the date of such election. Any such election must be made no
later than December 31 prior to the year in which the services attributable to such
fees are rendered. When a deferral election is filed, only the portion of fees not
deferred will be paid to the Participant for services for the year (or portion
thereof). No election made prior to November 1, 2007, with respect to a year
beginning prior to that date shall continue to be effective after December 31, 2007;
a new deferral election shall be required prior to the beginning of each year with
respect to fees for services otherwise payable in that year which are to be
deferred. Notwithstanding the foregoing, in accordance with Q&A-20 of IRS Notice
2005-1, until December 31, 2005, a Participant may elect to terminate participation
in the Plan or reduce the amount of or revoke a deferral election for 2005
directors’ fees without causing the Plan to fail to conform to the requirements of
Section 409A of the Code. Moreover, after January 1, 2007, and on or before
December 31, 2007, and to the extent permitted by the Company, a Participant may
make a change in a payment election as described in IRS Notice 2006-79, provided
that with respect to an election to change a time and form of payment made after
January 1, 2007 and on or before December 31, 2007, the election may apply only to
amounts that would not otherwise be payable in 2007 and may not cause an amount to
be paid in 2007 that would not otherwise be payable in 2007. Moreover, after
January 1, 2008, and on or before December 31, 2008, and to the extent permitted by
the Company, a Participant may make a change in a payment election as described in
IRS Notice 2007-86, provided that with respect to an election to change a time and
form of payment made after

-3-

 

January 1, 2008 and on or before December 31, 2008, the election may apply only
to amounts that would not otherwise be payable in 2008 and may not cause an amount
to be paid in 2008 that would not otherwise be payable in 2008.

     (b) Accounting. Appropriate records shall be maintained by the Company
(the “Deferral Accounts”), which shall list and reflect each Participant’s credits
and valuations. The Company shall credit to each Participant’s Deferral Account an
amount equivalent to the fees that would have been paid to him if he had not made a
deferral election under the Plan. The credit shall be made on the date on which the
fee would have been paid absent a deferral election. No funds shall be segregated
into the Deferral Accounts of Participants; said Accounts shall represent general
unsecured obligations of the Company.

     (c) Valuation. Until distributed to a Participant, amounts credited to
a Deferral Account of such Participant shall be increased or decreased as measured
by the market value of the Company’s Common Shares plus the value of dividends or
other distributions on the Company’s Common Shares. Each amount credited to a
Deferral Account shall be assigned a number of Share Units (including fractions of a
Share) determined by dividing the amount credited to the Deferral Account, whether
in lieu of payment of fees for service as a director or as a dividend or other
distribution attributable to such Share Units, by the fair market value of shares of
the Company’s Common Shares on the date of credit. Fair market value shall be the
closing price of a share of the Company’s Common Shares on the New York Stock
Exchange on the day preceding the concerned date or, if no sales occurred on such
preceding date, on the most recent preceding date

-4-

 

on which sales occurred. Each Share Unit shall have the value of a Common
Share of the Company. The number of Share Units shall be adjusted to reflect stock
splits, stock dividends, or other capital adjustments effected without receipt of
consideration by the Company.

     5. Distribution.

     (a) A Participant shall elect in writing, at the time he makes each deferral
election under subparagraph 4(a), the date on which distribution of the credits to
his Deferral Account to which the deferral election relates shall commence and the
method of distribution, as permitted hereunder. Distribution of a Participant’s
Deferral Account shall commence not earlier than the January 1 following the year in
which the Participant attains age 55, and not later than the January 1 following the
year in which the Participant attains age 72. A Participant may elect that payment
be made in one lump sum, or in substantially equal annual installments of the
Deferral Account balance over a period of between one and ten years (as elected by
the Participant), as further described herein. In the event a Deferral Account
balance is to be paid in installments, the number of Share Units to be distributed
in each installment shall equal the quotient obtained by dividing the number of
Share Units represented by the Deferral Account balance as of the day immediately
preceding the distribution date by the number of installment payments remaining to
be paid at the time of the calculation, provided that each installment after the
first shall also include any additional Share Units credited to the Deferral Account
balance during the period preceding payment of that installment (such as by reason
of additional Share

-5-

 

Units being credited for the purpose of reflecting dividends paid on the
Company’s Common Shares subsequent to payment of the most recent prior installment).
The time of and method of distribution of benefits may vary with each separate
election, but each election shall be irrevocable. However, the Participant may
elect as the medium of payment Common Shares, cash, or a combination thereof, as
permitted by the Administrators. If a payment is to be made in the form of the
Company’s Common Shares, each related Share Unit shall be payable by delivery of a
Common Share, with any fractional Share Unit being payable in cash.

     (b) In the event a Participant is continuing to serve as a director of the
Company on the date one year prior to the date distributions are to commence, such
Participant may elect on or before such date in writing to defer further the
commencement of distributions hereunder. Any such election shall become irrevocable
on the date one year prior to the date distribution is otherwise to commence. Any
election to further defer the commencement of distributions hereunder must: (i) be
made at least 12 months prior to the scheduled distribution date; (ii) not take
effect until it has been in place for at least 12 months; and (iii) defer the
scheduled distribution date for at least five years.

     (c) Notwithstanding any Plan provision to the contrary and the restrictions
contained in paragraph (b) above, in accordance with Q&A-19(c) of IRS Notice 2005-1,
until December 31, 2005, a Participant may elect to modify the form and timing of
payment of amounts deferred in 2005 without causing the Plan to fail to conform to
the requirements of Section 409A of the Code.

-6-

 

     6. Death or Disability.

     (a) In the event a Participant’s service is terminated by reason of death or
disability prior to the distribution of any portion of his benefits, the Company
shall, within ninety days of the date of service termination, commence distribution
of benefits to the Participant (or to the beneficiary or beneficiaries in the event
of death). For purposes of the Plan, a Participant will be considered to have a
“disability” if the participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months. Distribution shall be made in accordance with
the method of distribution elected by the Participant pursuant to paragraph 5
hereof. In the event a Participant’s death or disability occurs after distribution
of benefits hereunder has begun, the Company shall continue to make distributions to
the Participant (or to the beneficiary or beneficiaries in the event of death) in
accordance with the methods of distribution elected by the Participant pursuant to
paragraph 5 hereof.

     (b) Each Participant shall have the right to designate one or more
beneficiaries to receive distributions in the event of the Participant’s death by
filing with the Company a beneficiary designation on a form provided. The
designated beneficiary or beneficiaries may be changed by a Participant at any time
prior to his death by the delivery to the Company of a new beneficiary designation
form. If no beneficiary shall have been designated, or if no designated beneficiary shall survive the Participant, distribution pursuant to
this provision shall be made to the Participant’s estate.

-7-

 

     7. Assignment and Alienation of Benefits. The right of each Participant to any
account, benefit, or payment hereunder shall not, to the extent permitted by law, be subject
in any manner to attachment or other legal process for the debts of such Participant; and no
account, benefit, or payment shall be subject to anticipation, alienation, sale, transfer,
assignment, or encumbrance.

     8. Amendment or Termination. The Board of Directors of the Company may amend
or terminate this Plan at any time and time to time. Any amendment or termination of this
Plan shall not affect the rights of a Participant accrued prior thereto without his written
consent; provided, however, that the Company may make any Plan amendments necessary to
conform the Plan with the requirements of Section 409A of the Code.

     9. Taxes. The Company shall not be responsible for the tax consequences under
federal, state, or local law of any election made by any Participant under the Plan. All
payments under the Plan shall be subject to withholding and reporting requirements to the
extent required by applicable law. The Company shall have the right to deduct from any
payment to be made pursuant to this Plan payment by the Participant of any federal, state,
or local taxes required by law to be withheld with respect to any such payment or
distribution to the Participant.

     10. Unsecured Interest. No Participant or party claiming an interest in
amounts deferred by or on behalf of a Participant shall have any interest whatsoever in any
specific asset of the Company. To the extent that any party acquires a right to receive payments under the Plan, such right shall be equivalent to that of an unsecured
general creditor of the Company.

-8-

 

     11. Authorization for Trust. The Company may, but shall not be
required to, establish one or more trusts, with such trustee as the Administrators may
approve, for the purpose of providing for the payment of deferred amounts. Such trust or
trusts may be irrevocable, but the assets thereof shall be subject to the claims of the
creditors of the Company. To the extent any amounts deferred under the Plan are actually
paid from any such trust, the Company shall have no further obligation with respect thereto,
but to the extent not so paid, such deferred amounts shall remain the obligation of, and
shall be paid by, the Company. Any trust established under this Plan will not include
provisions of the type described in Code Section 409A(b)(l) (relating to non-U.S. trusts) or
Code Section 409A(b)(2) (relating to a change in the Company’s financial health). This Plan
is intended to be an unfunded nonqualified deferred compensation plan which is neither an
“employee welfare benefit plan” nor an “employee pension benefit plan” within the meaning of
Section 3(1) or (2) of the Employee Retirement Income Security Act of 1974, as amended, and
shall be interpreted and administered to the extent possible in a manner consistent with
that intent.

     12. Effective Date. This Plan was adopted by the Company’s Board of Directors
effective as of January 1, 2005, and shall remain in effect until terminated pursuant to
paragraph 8.

     13. Applicable Law. This Plan shall be interpreted under the laws of the State
of Ohio.

-9-

 

     IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its Executive Vice
President this 7th day of November, 2007.

	 	 	 	 	 
	 	DEVELOPERS DIVERSIFIED

REALTY CORPORATION

 	 
	 	BY:  	/s/ Joan U. Allgood
 	 
	 	 	Joan U. Allgood, Executive Vice President

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