Document:

EX-10.3

 EXHIBIT 10.3 

EMPLOYMENT AGREEMENT 
 This Employment
Agreement (this “Agreement”), dated as of March 2, 2017, is by and between DDR Corp., an Ohio corporation (“DDR” or the “Company”), and Matthew L. Ostrower
(“Executive”). 
 The Board of Directors of DDR (the “Board”), on behalf of the Company, and Executive
desire to enter into this Agreement to reflect the terms pursuant to which Executive will serve DDR (certain capitalized terms used in this Agreement have the meanings ascribed to them in Section 22 of
this Agreement). 
 DDR and Executive agree, effective as of the date first set forth above (the “Effective Date”), as follows: 

1. Employment, Term. DDR will engage and employ Executive to render services in the administration and operation of its affairs as its Chief Financial
Officer, reporting directly to DDR’s Chief Executive Officer (the “CEO”) and performing such duties and having such responsibilities and authority as are customarily incident to the principal financial officers of
companies similar in size to, and in a similar business as, DDR, together with such other duties as, from time to time, may be specified by the CEO, in a manner consistent with Executive’s status as Chief Financial Officer, all in accordance
with the terms and conditions of this Agreement, for a term extending from the Effective Date through March 1, 2021. The period of time from the Effective Date through March 1, 2021 is sometimes referred to herein as the
“Contract Period.” During the Contract Period while executive is employed by DDR, Executive shall report to the Board. 
 2.
Full-Time Services. Throughout the Contract Period while Executive is employed by DDR, Executive will devote substantially all of Executive’s business time and efforts to the service of DDR, except for (a) usual vacation periods and
reasonable periods of illness, (b) reasonable periods of time devoted to Executive’s personal financial affairs, and (c) services as a director or trustee of other corporations or organizations, either for profit or not for profit,
that are not in competition with DDR; provided, however, that in no event shall Executive devote less than 90% of Executive’s business time and efforts to the service of DDR. 

3. Compensation. For all services to be rendered by Executive to DDR under this Agreement during the Contract Period while Executive is
employed by DDR, including services as Chief Financial Officer and any other services specified by the CEO, DDR will pay and provide to Executive the compensation and benefits specified in this
Section 3. 
 3.1 Base Salary. From and after the Effective Date and through the end of
the Contract Period while Executive is employed by DDR, DDR will pay Executive base salary (the “Base Salary”), in equal monthly or more frequent installments, at the rate of not less than Five Hundred Thousand Dollars
($500,000) per year, subject to such increases as the Committee or the Board of Directors of DDR (the “Board”) may approve. Any such increased Base Salary shall constitute “Base Salary” for purposes of this
Agreement. 
 3.2 Annual Bonus. For each calendar year (beginning with 2017) during the Contract Period while Executive is employed by
DDR, subject to achievement of applicable performance criteria, the Company shall make an annual incentive payment to Executive, in cash, for such calendar year (an “Annual Bonus”) between January 1 and March 15 of
the immediately subsequent calendar year, determined and calculated in accordance with the percentages set forth on Exhibit A attached hereto (and rounded to the nearest dollar); provided, however, that for
any 

 
partial calendar year during the Contract Period, the Annual Bonus payout shall be pro-rated based on the number of days Executive is employed by the
Company during such calendar year. The Company’s payment of an Annual Bonus to Executive shall be determined based on the factors and criteria that have been or may be reasonably established from time to time for the calculation of the Annual
Bonus by the Committee after consultation with Executive. For each calendar year in the Contract Period (beginning with 2017) while Executive is employed by DDR, the Board or the Committee will establish, in consultation with Executive, and
thereafter provide Executive with written notice of, the performance metrics and their relative weighting to be used in, and any specific threshold, target and maximum performance targets applicable to, the determination of the Annual Bonus for
Executive for such calendar year not later than March 15 of such year. There is no guaranteed Annual Bonus under this Agreement, and for each applicable year, Executive’s Annual Bonus could be as low as zero or as high as the maximum
percentage set forth on Exhibit A attached hereto. Notwithstanding anything in this Agreement to the contrary, each Annual Bonus shall be on the terms and subject to such conditions as are specified for the particular Company plans or
programs pursuant to which the Annual Bonus is granted. 
 3.3 Specific Equity Awards. The awards described in this
Section 3.3 will at all times be subject to the approval of the Committee and to the terms and conditions of the Company’s 2012 Equity and Incentive Compensation Plan (or its successor(s)), as in
effect from time to time (collectively, the “Equity Plan”), including, without limitation, all authority and powers provided or reserved to such plan’s administrator thereunder, as well as the award agreements for such
awards. As applicable, any awards vesting in installments shall be rounded up to the next nearest share amount divisible by the number of installments. 

(a) Initial Grants. 
 (i)
Service-Based RSUs. On or as soon as practicable after the Effective Date, Executive shall be entitled to receive a grant of service-based restricted share units (“RSUs”) (or substantially similar award) covering a
number of Shares equal to the quotient of (A) $800,000 divided by (B) the average closing price of a Share for the ten trading days immediately preceding the date of grant on the principal stock exchange on which it then trades (the
“Service-Based RSUs”). Such Service-Based RSUs will, in general, vest subject to Executive’s continued employment with the Company in four substantially equal installments on each of the first four anniversaries of the
date of grant, subject to terms and conditions set forth in the applicable award agreement. 
 (ii) Performance-Based Equity. On or
as soon as practicable after the Effective Date, Executive shall be entitled to receive the following: 
  

	 	(A)	a grant of performance shares (or substantially similar award) covering a “target” number of Shares equal to the quotient of (1) $100,000 divided by (2) the average closing price of a Share for the ten
trading days immediately preceding the date of grant on the principal stock exchange on which it then trades (the “One-Year Performance Shares”), subject to a performance period
beginning on March 1, 2017 and ending on February 28, 2018; 

  
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	 	(B)	a grant of performance-based RSUs (or substantially similar award) covering a “target” number of Shares equal to the quotient of (1) $200,000 divided by (2) the average closing price of a Share for
the ten trading days immediately preceding the date of grant on the principal stock exchange on which it then trades (the “Two-Year PRSUs”), subject to a performance period
beginning on March 1, 2017 and ending on February 28, 2019; and 

  

	 	(C)	a grant of performance-based RSUs (or substantially similar award) covering a “target” number of Shares equal to the quotient of (1) $300,000 divided by (2) the average closing price of a Share for
the ten trading days immediately preceding the date of grant on the principal stock exchange on which it then trades (the “Three-Year PRSUs”), subject to a performance period beginning on March 1, 2017 and ending
on February 28, 2020. 

 The One-Year Performance Shares, the Two-Year PRSUs and the Three-Year PRSUs (the “Performance Awards”) will be subject to terms and conditions set forth in the applicable award agreement, and the payout of each of the
Performance Awards will vary in accordance with the percentages set forth on Exhibit A attached hereto based on Company relative total shareholder return performance achievement based upon a peer group established by the Committee, measured
over the applicable performance period, in each case, subject to reduction by 1/3 (rounded to the nearest Share) in the event that the Company’s absolute total shareholder return during the applicable performance period is negative. Each of the
Performance Awards will be payable, if earned, after the expiration of the applicable performance period. 
 (b) Annual Grants. On
each of March 2, 2018, March 2, 2019 and March 2, 2020, provided that Executive is continuously employed by DDR through such date, Executive shall be eligible to receive a grant of performance-based RSUs (or substantially similar
award) covering a “target” number of Shares equal to the quotient of (i) $600,000 divided by (ii) the average closing price of a Share for the ten trading days immediately preceding the date of grant on the principal stock exchange on
which it then trades, the payout of which grant will vary in accordance with the percentages set forth on Exhibit A attached hereto based on Company relative total shareholder return performance achievement based upon a
peer group established by the Committee, measured over a three-year performance period beginning on March 1, 2018, March 1, 2019 or March 1, 2020, respectively, in each case subject to reduction by 1/3 (rounded to the nearest RSU) in
the event that the Company’s absolute total shareholder return during the performance period is negative. Such performance-based RSUs will be payable, if earned, after the expiration of the applicable performance period, and such
performance-based RSUs will be subject to terms and conditions set forth in the applicable award agreement. 
 3.4 Taxes. Executive
shall be solely responsible for taxes imposed on Executive by reason of any compensation and benefits provided under this Agreement, and all such compensation and benefits shall be subject to applicable withholding taxes. 

  
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 4. Benefits. 

4.1 Retirement and Other Benefit Plans Generally. Throughout the Contract Period while Executive is employed by DDR, Executive will be
entitled to participate in all retirement and other benefit plans maintained by DDR that are generally available to its senior executives and with respect to which Executive is eligible pursuant to the terms of the underlying plan or plans,
including, without limitation, the DDR 401(k) plan for its employees and any DDR deferred compensation program. 
 4.2 Insurance,
Generally. Throughout the Contract Period while Executive is employed by DDR, DDR will provide an enrollment opportunity to Executive and Executive’s eligible dependents for health, dental and vision insurance coverage, other insurance
(e.g., life, disability, etc.) and any other health and welfare benefits maintained by DDR from time to time, if any, during the Contract Period that are generally available to its senior executives and with respect to which Executive is eligible
pursuant to the terms of the underlying plan or plans. To the extent that DDR maintains officer insurance coverage, Executive shall be covered by such policy on terms no less favorable than provided to other officers. 

4.3 Paid Time Off. Executive will be entitled to such periods of paid time off during the Contract Period while Executive is employed by
DDR as may be provided from time to time under any DDR paid time off policy for senior executive officers. 
 4.4 Executive Insurance
Policy. During the Contract Period while Executive is employed by DDR, DDR shall promptly (and, in any event, within thirty (30) days following receipt from Executive of written evidence of Executive’s having made expenditures
therefor) reimburse Executive (up to an aggregate maximum of $25,000 in any calendar year) for premiums paid by Executive for life, disability and/or similar insurance policies. Executive acknowledges that such reimbursement is being provided in
lieu of any accelerated or continued vesting of equity awards in connection with his termination of employment due to death or disability. 
 5. Expense
Reimbursements. DDR will reimburse Executive during the Contract Period while Executive is employed by DDR for travel, entertainment, and other expenses reasonably and necessarily incurred by Executive in connection with DDR’s business.
Executive will provide such documentation with respect to expenses to be reimbursed as DDR may reasonably request. 
 6. Termination. 

6.1 Death or Disability. Executive’s employment under this Agreement will terminate immediately upon Executive’s death. DDR
shall terminate Executive’s employment under this Agreement immediately upon giving notice of termination if Executive is Totally Disabled (as that term is defined in Section 9.1 below) for an
aggregate of 120 days in any consecutive 12 calendar months or for 90 consecutive days. 
 6.2 For Cause by DDR. 

(a) During the Contract Period while Executive is employed by DDR, DDR may terminate Executive’s employment under this Agreement for
“Cause” at any time upon the occurrence of any of the following circumstances:  

  
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 (i) willful failure by Executive substantially to perform the lawful instructions of DDR or one
of its Subsidiaries (other than as a result of total or partial incapacity due to physical or mental illness) following written notice by DDR to Executive of such failure and 10 days within which to cure such failure; 

(ii) Executive’s theft or embezzlement of DDR property; 

(iii) Executive’s dishonesty in the performance of Executive’s duties resulting in material harm to DDR; 

(iv) any act by Executive that constitutes (A) a felony under the laws of the United States or any state thereof or, where applicable,
any other equivalent offense (including a crime subject to a custodial sentence) under the laws of the applicable jurisdiction, or (B) any other crime involving moral turpitude; 

(v) willful or gross misconduct by Executive in connection with Executive’s duties to DDR or otherwise which, in the reasonable good
faith judgment of the Board, could reasonably be expected to be materially injurious to the financial condition or business reputation of DDR, its Subsidiaries or affiliates; or 

(vi) breach of the provisions of any restrictive covenants with DDR, its Subsidiaries or affiliates. 

(b) The termination of Executive’s employment under this Agreement shall not be deemed to be for “Cause” pursuant to this
Section 6.2 unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths of the entire membership of the Board
at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel, to be heard before the Board) finding that, in the good faith opinion of the
Board, Executive has committed the conduct described in Sections 6.2(a)(i), (ii), (iii), (iv), (v) or (vi) above, and specifying the particulars thereof in
detail. 
 6.3 For Good Reason by Executive. During the Contract Period while Executive is employed by DDR, Executive may terminate
Executive’s employment under this Agreement for “Good Reason” if any of the following circumstances occur: 
 (a) DDR
materially reduces Executive’s authority, duties or responsibilities from those set forth in Section 1 above; 

(b) DDR materially reduces Executive’s Base Salary, Annual Bonus opportunity, or annual equity grant opportunity from that set forth in
Section 3 above (but only to the extent that such reduction results in a substantial reduction in Executive’s total compensation); 

(c) Executive is required to report to anyone other than the CEO; 

(d) DDR changes Executive’s principal place of employment to a location that is more than 50 miles from the geographical center of New
York, NY, or changes DDR’s principal executive offices to a location that is more than 50 miles from the geographical center of Cleveland, Ohio; or 

  
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 (e) DDR materially breaches any of its obligations under this Agreement. 

Notwithstanding the foregoing, no termination of employment by Executive shall constitute a termination for “Good Reason” unless
(i) Executive gives DDR notice of the existence of an event described in clause (a), (b), (c), (d) or (e) above, within sixty (60) days following the occurrence thereof and (ii) DDR does not remedy such event described in clause
(a), (b), (c), (d) or (e) above, as applicable, within thirty (30) days of receiving the notice described in the preceding clause (i), and (iii) in all cases, Executive terminates employment pursuant to this
Section 6.3 within one year from the date the event described in clause (a), (b), (c), (d) or (e) above initially occurred. 

6.4 Without Cause by DDR. During the Contract Period while Executive is employed by DDR, DDR may terminate Executive’s employment
under this Agreement at any time without Cause pursuant to written notice provided to Executive not less than 90 days in advance of such termination upon the affirmative vote of a majority of all of the members of the Board. Any termination under
this Section 6.4 will be effective at such time during the Contract Period while Executive is employed by DDR as may be specified in that written notice, subject to the preceding sentence. 

6.5 Without Good Reason by Executive. During the Contract Period while Executive is employed by DDR, Executive may terminate
Executive’s employment under this Agreement at any time without Good Reason pursuant to written notice provided to DDR not less than 90 days in advance of such termination. Any termination under this
Section 6.5 will be effective at such time during the Contract Period while Executive is employed by DDR as Executive may specify in that written notice, subject to the preceding sentence. 

7. Payments upon Termination. 
 7.1 Upon
Termination For Cause or Without Good Reason. If Executive’s employment under this Agreement is terminated by DDR for Cause or by Executive without Good Reason during the Contract Period, DDR will pay and provide to Executive the
Executive’s Base Salary and any accrued but unused paid time off through the Termination Date in accordance with DDR policy to the extent not already paid and continuing health, dental and vision insurance and other insurance (e.g. life,
disability, etc.) at the levels specified in Section 4.2 through the Termination Date, and, except as may otherwise be required by law, DDR will not pay or provide to Executive any further compensation
or other benefits under this Agreement. DDR will pay any Base Salary referred to in this Section 7.1 to Executive within 30 days of the Termination Date. 

7.2 Upon Termination Without Cause or For Good Reason. If Executive’s employment under this Agreement is terminated by DDR other
than due to Cause, death or disability (pursuant to Section 6.1), or by Executive for Good Reason, during the Contract Period, and Section 7.5 does not
apply, DDR will pay and provide to Executive the amounts and benefits specified in this Section 7.2, except that DDR will not be obligated to pay the lump sum amounts specified in
Section 7.2 (c), (d) and (e) unless either (x) DDR is deemed to have waived its right to present and require a Release as provided in
Section 8.2 or (y) Executive has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this
Section 7.2 are as follows: 

  
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 (a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time
off for the year through the Termination Date, to the extent not already paid in accordance with DDR policy. DDR will pay this amount to Executive within 30 days of the Termination Date. 

(b) A lump sum amount equal to Executive’s Annual Bonus earned for the calendar year immediately preceding the calendar year in which the
Termination Date occurs, to the extent not already paid. DDR will pay this amount to Executive on the same date and in the same amount that the Annual Bonus for such year would have been paid if Executive’s employment had not been terminated,
but in any event not later than March 15 of the calendar year in which the Termination Date occurs. 
 (c) A lump sum amount equal in
value to Executive’s Annual Bonus that would have been earned for the calendar year in which the Termination Date occurs, pro-rated based on the number of days that Executive is employed by DDR during the
applicable performance period, and calculated on the basis of actual performance of the applicable performance objectives for the entire performance period. Subject to Section 13.1, DDR will pay this
amount to Executive on the same date that the Annual Bonus for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year following the calendar year in
which the Termination Date occurs. 
 (d) A lump sum amount equal to the product of (i) the sum of (A) Executive’s annual Base
Salary as of the Termination Date, plus (B) an amount equal to the average of the Annual Bonuses earned by Executive in the three fiscal years ending immediately prior to the fiscal year in which the Termination Date occurs (or, if Executive
has been eligible for fewer than three such Annual Bonuses, the number of fiscal years preceding the year in which the Termination Date occurs for which Executive was eligible for an Annual Bonus) (the “Average Annual Bonus”)
multiplied by (ii) the lesser of (A) 1.5 and (B) 1.5 multiplied by a fraction (not greater than 1), the numerator of which is the number of calendar months remaining in the Contract Period as of the Termination Date, and the
denominator of which is 18. Subject to Section 13.1, DDR will pay this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date. Notwithstanding the
foregoing, in the event that the Termination Date occurs prior to the determination of Annual Bonus payouts with respect to the 2017 calendar year, the Average Annual Bonus will be deemed to be Executive’s “Target” Annual Bonus as in
effect on the Termination Date. 
 (e) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of
(A) the monthly COBRA premium for health, dental and vision benefits but only if Executive timely elects continuation coverage under DDR’s health, dental and vision plans pursuant to COBRA, plus (B) the employer portion of the monthly
premium for other DDR provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Subject to Section 13.1, DDR will
pay this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date. 

  
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 7.3 Upon Termination by Reason of Death. If Executive’s employment under this
Agreement is terminated by reason of Executive’s death during the Contract Period, DDR will pay, or cause to be paid, and provide, or cause to be provided, to Executive’s personal representative and Executive’s eligible dependents, as
appropriate, the amounts and benefits specified in this Section 7.3, except that DDR will not be obligated to pay the lump sum amounts specified in
Section 7.3 (c) and (d) unless either (x) DDR is deemed to have waived its right to present and require a Release as provided in
Section 8.2 or (y) Executive’s personal representative has timely executed a Release as contemplated by Section 8.3. The amounts and benefits
specified in this Section 7.3 are as follows: 
 (a) A lump sum amount equal to
Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with DDR policy. DDR will pay this amount to Executive’s personal representative
within 30 days of the Termination Date. 
 (b) A lump sum amount equal to Executive’s Annual Bonus earned for the calendar year
immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. DDR will pay this amount to Executive’s personal representative on the same date and in the same amount that the Annual Bonus for such
year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs. 

(c) A lump sum amount equal in value to Executive’s Annual Bonus that would have been earned for the calendar year in which the
Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by DDR during the applicable performance period. Subject to
Section 13.1, DDR will pay this amount to Executive’s personal representative as soon as practicable (but no later than 74 days) following the Termination Date. 

(d) A lump sum in cash to Executive’s personal representative as soon as practicable (but no later than 74 days) following
Executive’s death in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly premium for DDR provided health, dental and vision insurance benefits at the levels specified in
Section 4.2 in effect for Executive as of Executive’s death, plus (B) the employer portion of the monthly premium for other DDR provided insurance (e.g. life, disability, etc.) in effect for
Executive as of Executive’s death. 
 7.4 Upon Termination by Reason of Disability. If Executive’s employment under this
Agreement is terminated by DDR pursuant to Section 6.1 during the Contract Period following Executive’s disability, DDR will pay and provide to Executive and Executive’s eligible dependents,
as appropriate, the amounts and benefits specified in this Section 7.4, except that DDR will not be obligated to pay the lump sum amounts specified in
Section 7.4 (c) and (d) unless either (x) DDR is deemed to have waived its right to present and require a Release as provided in
Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by
Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows: 

  
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 (a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time
off for the year through the Termination Date, to the extent not already paid in accordance with DDR policy. DDR will pay this amount to Executive within 30 days of the Termination Date. 

(b) A lump sum amount equal to Executive’s Annual Bonus earned for the calendar year immediately preceding the calendar year in which the
Termination Date occurs, to the extent not already paid. DDR will pay this amount to Executive on the same date and in the same amount that the Annual Bonus for such year would have been paid if Executive’s employment had not been terminated,
but in any event not later than March 15 of the calendar year in which the Termination Date occurs. 
 (c) A lump sum amount equal in
value to Executive’s Annual Bonus that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that
Executive is employed by DDR during the applicable performance period. Subject to Section 13.1, DDR will pay this amount to Executive as soon as practicable (but no later than 74 days) following the
Termination Date. 
 (d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the
monthly COBRA premium for health, dental and vision insurance benefits but only if Executive timely elects continuation coverage under DDR’s health, dental and vision plans pursuant to COBRA, plus (B) the employer portion of the monthly
premium for other DDR provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. DDR will pay this amount to Executive as soon as practicable (but no later than
74 days) following the Termination Date. 
 7.5 Upon Termination In Connection With a Change in Control. Upon the occurrence of a
Triggering Event during the Contract Period while Executive is employed by DDR, DDR will pay and provide to Executive the amounts and benefits specified in this Section 7.5, and DDR will be deemed to
have waived its right to provide a Release as provided in Section 8.2, and the provision of a Release will not be a condition to Executive receiving any payment or benefit from DDR under this
Section 7.5. The amounts and benefits specified in this Section 7.5 are as follows: 

(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date,
to the extent not already paid in accordance with DDR policy. DDR will pay this amount to Executive within 30 days of the Termination Date. 

(b) A lump sum amount equal to Executive’s Annual Bonus earned for the calendar year immediately preceding the calendar year in which the
Termination Date occurs, to the extent not already paid. DDR will pay this amount to Executive on the same date and in the same amount that the Annual Bonus for such year would have been paid if Executive’s employment had not been terminated,
but in any event not later than March 15 of the calendar year in which the Termination Date occurs. 

  
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 (c) A lump sum amount equal in value to Executive’s Annual Bonus that would have been earned
for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by DDR during the applicable performance period.
Subject to Section 13.1, DDR will pay this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date. 

(d) A lump sum amount equal to 2.5 times the sum of (i) Executive’s annual Base Salary as of the Termination Date, plus (ii) an
amount equal to the Average Annual Bonus. Subject to Section 13.1, DDR will pay this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Notwithstanding the foregoing, in the event that the Termination Date occurs prior to the determination of Annual Bonus payouts with respect to the 2017 calendar year, the Average Annual Bonus will be deemed to be Executive’s “Target”
Annual Bonus as in effect on the Termination Date. 
 (e) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by
(ii) the sum of (A) the monthly COBRA premium for health, dental and vision benefits but only if Executive timely elects continuation coverage under DDR’s health, dental and vision plans pursuant to COBRA, plus (B) the employer
portion of the monthly premium for other DDR provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Subject to
Section 13.1, DDR will pay this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date. 

8. Release. This Section 8 will apply only upon termination of Executive’s employment during the
Contract Period (a) by DDR without Cause, (b) by Executive for Good Reason, (c) by reason of Executive’s death or (d) by DDR pursuant to Section 6.1 following Executive’s
disability. 
 8.1 Presentation of Release by DDR. If this Section 8 applies, DDR may
present to Executive (or in the case of Executive’s death or legal incapacity, to Executive’s personal representative), not later than 21 days after the Termination Date, a form of release (a “Release”) of all
current and future claims, known or unknown, arising on or before the date on which the Release is to be executed, that Executive or Executive’s assigns have or may have against DDR or any Subsidiary, and the directors, officers, and affiliates
of any of them, substantially in the form attached hereto as Exhibit B, but subject to such modifications as may be reasonably determined necessary or appropriate by the Committee to reflect changes in applicable law or reasonable changes in
best practices between the Effective Date and the execution of such Release, together with a covering message in which DDR advises Executive (or Executive’s personal representative) that the Release is being presented in accordance with this
Section 8.1 and that a failure by Executive (or Executive’s personal representative) to execute and return the Release as contemplated by Section 8.3
would relieve DDR of the obligation to make payments otherwise due to Executive (or to Executive’s personal representative) under one or more portions of Section 7.2,
Section 7.3 or Section 7.4, as the case may be. 

  
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 8.2 Effect of Failure by DDR to Present Release. If DDR fails to present a Release and
covering message to Executive (or Executive’s personal representative) as contemplated by Section 8.1, DDR will be deemed to have waived the requirement that Executive (or Executive’s personal
representative) execute a Release as a condition to receiving payments under any portion of Section 7.2, Section 7.3 or
Section 7.4, as the case may be. 
 8.3 Execution of Release by Executive or
Executive’s Personal Representative. If DDR does present a Release and covering message to Executive (or Executive’s personal representative) as contemplated by Section 8.1,
Executive (or Executive’s personal representative) will have until 60 days after the Termination Date (i.e., at least 39 days after presentation of the Release to Executive (or Executive’s personal representative)) within which to deliver
an executed copy of the Release to DDR and thereby satisfy the condition to receiving payments under any portion of Section 7.2, Section 7.3 or
Section 7.4, as the case may be, provided that Executive (or Executive’s personal representative) does not revoke the execution of the Release during any applicable revocation period. 

8.4 Effect of Failure to Execute Release or of Revocation of Release. If Executive (or Executive’s personal representative) fails
to deliver an executed copy of the Release to DDR within 60 days after the Termination Date or revokes the execution of the Release during any applicable revocation period, Executive (or Executive’s personal representative) will be deemed to
have waived the right to receive all payments under Section 7.2, Section 7.3 or Section 7.4, as the case may
be, that were conditioned on the Release. 
 9. Disability Definitions; Physical Examination. 

9.1 Definitions. For all purposes of this Agreement: 

(a) Executive’s “Own Occupation” means the regular occupation in which Executive is engaged under this Agreement at the time
Executive becomes disabled. 
 (b) “Total Disability” means that, because of sickness or injury, Executive is not able to perform
the material and substantial duties of Executive’s Own Occupation. 
 (c) “Totally Disabled” means that Executive suffers from
Total Disability (and Executive will be deemed to continue to be Totally Disabled so long as Executive is not able to work in Executive’s Own Occupation even if Executive works in some other capacity). 

9.2 Physical Examination. If either DDR or Executive, at any time or from time to time after receipt of notice of Executive’s Total
Disability from the other, desires to contend that Executive is not Totally Disabled, Executive will promptly submit to a physical examination by the chief of medicine of any major accredited hospital in the New York, New York or Cleveland, Ohio
areas (at DDR’s reasonable cost) and, unless that physician issues his or her written statement to the effect that, in his or her opinion, based on his or her diagnosis, Executive is capable of resuming Executive’s Own Occupation and
discharging the duties of Executive’s Own Occupation in accordance with the terms of this Agreement, Executive will be deemed to be and to continue to be Totally Disabled for all purposes of this Agreement. 

  
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 10. No Set-Off; No Obligation to Seek Other Employment
or to Otherwise Mitigate Damages; No Effect Upon Other Plans. DDR’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment, defense, or other claim whatsoever that DDR or any Subsidiary or affiliate may have against Executive, except that the prohibition on
set-off, counterclaim, recoupment, defense, or other claim contained in this sentence will not apply if Executive’s employment is terminated by DDR for Cause. Executive will not be required to mitigate
damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise. The amount of any payment provided for under this Agreement will not be reduced by any compensation or benefits earned by Executive as
the result of employment by another employer or otherwise after the Termination Date. Neither the provisions of this Agreement nor the making of any payment provided for under this Agreement, nor the termination of DDR’s obligations under this
Agreement, will reduce any amounts otherwise payable, or in any way diminish Executive’s rights, under any incentive compensation plan, stock option or stock appreciation rights plan, restricted stock plan or agreement, deferred compensation,
retirement, or supplemental retirement plan, stock purchase and savings plan, disability or insurance plan, or other similar contract, plan, or arrangement of DDR or any Subsidiary, all of which will be governed by their respective terms. 

11. Payments Are in Lieu of Severance Payments. If Executive becomes entitled to receive payments under this Agreement as a result of
termination of Executive’s employment, those payments will be in lieu of any and all other claims or rights that Executive may have against DDR for severance, separation, and/or salary continuation pay upon that termination of Executive’s
employment. 
 12. Covenants and Confidential Information. Executive acknowledges DDR’s reliance on and expectation of Executive’s continued
commitment to performance of Executive’s duties and responsibilities during the Contract Period while Executive is employed by DDR and Executive assumes the obligations set out in this Section 12
in light of that reliance and expectation on the part of DDR. 
 12.1 Noncompetition. During the Contract Period while Executive is
employed by DDR, and for a period of 12 months thereafter, Executive will not, directly or indirectly, own, manage, control, or participate in the ownership, management, or control of, or be employed or engaged by or otherwise affiliated or
associated as a consultant, independent contractor, or otherwise with, any entity that has been designated as being part of DDR’s peer group, as determined by the Committee and set forth in the most recent proxy statement filed by DDR;
provided, however, that the ownership by Executive of not more than three percent of any class of publicly traded securities of any entity will not be deemed a violation of this
Section 12.1. 
 12.2 Confidentiality. Throughout and after the Contract Period,
Executive will not disclose, divulge, discuss, copy, or otherwise use or suffer to be used in any manner, in competition with, or contrary to the interests of, DDR, any confidential information relating to DDR’s operations, properties, or
otherwise to its particular business or other trade secrets of DDR, it being acknowledged by Executive that all such information regarding the business of DDR compiled or obtained by, or furnished to, Executive during Executive’s
employment by or association with DDR is confidential information and DDR’s exclusive property. The restrictions in this Section 12.2 will not apply to any information to the extent that it
(a) is clearly obtainable in the public domain, (b) becomes obtainable in the public domain, except by reason of the breach by Executive of Executive’s obligations under this
Section 12.2, (c) was not acquired by Executive in connection with Executive’s employment or affiliation with DDR, (d) was not acquired by Executive from DDR or its representatives, or
(e) is required to be disclosed by rule of law or by 

  
 12 

 
order of a court or governmental body or agency. However, nothing herein is intended to interfere with or discourage the disclosure of a suspected violation of the law to any governmental entity,
or to discourage Executive from participating in an investigation by a governmental entity regarding a suspected violation of the law. 

12.3 Non-Disparagement. 

(a) Throughout and after the Contract Period, outside the ordinary course of business on behalf of the Company, Executive will not make or
issue, or procure any person, firm, or entity to make or issue, any statement in any form, including written, oral and electronic communications of any kind, which conveys negative or adverse information concerning DDR or its Subsidiaries or
affiliates, or any of their legal predecessors, successors, assigns, parents, subsidiaries, divisions or other affiliates, or any of the foregoing’s respective past, present or future directors, officers, employees or representatives
(collectively, the “Non-Disparagement Parties”), or any Non-Disparagement Party’s business, or its actions, to any person or entity,
regardless of the truth or falsity of such statement. 
 (b) Throughout and after the Contract Period, DDR will reasonably direct the
executive officers and directors of DDR not to make or issue, or procure any person, firm, or entity to make or issue, any statement in any form, including written, oral and electronic communications of any kind, which conveys negative or adverse
information concerning Executive or any of Executive’s legal successors, assigns, or other affiliates, or any of the foregoing’s respective past, present or future directors, officers, employees or representatives (collectively, the
“Executive Non-Disparagement Parties”), or any Executive Non-Disparagement Party’s business, or its actions, to any person or
entity, regardless of the truth or falsity of such statement. 
 (c) This Section 12.3 does
not apply to truthful testimony or disclosure compelled or required by applicable law or legal process. Notwithstanding anything in this Agreement to the contrary, Executive is not prohibited from providing information voluntarily to the Securities
and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. 
 12.4 Nonsolicitation. During
the Contract Period while Executive is employed by DDR, and for a period of 12 months thereafter, Executive will not directly or indirectly solicit or induce or attempt to solicit or induce any employee of DDR and/or of any Subsidiary or affiliate
to terminate his or her employment with DDR and/or any Subsidiary. 
 12.5 Remedies. Executive acknowledges that the remedy at law for
any breach by Executive of this Section 12 may be inadequate and that the damages following from any such breach may not be readily susceptible to being measured in monetary terms. Accordingly,
Executive agrees that, upon adequate proof of Executive’s violation of any legally enforceable provision of this Section 12, DDR will be entitled to immediate injunctive relief and may obtain a
temporary order restraining any threatened or further breach. Nothing in this Section 12 will be deemed to limit DDR’s remedies at law or in equity for any breach by Executive of any of the
provisions of this Section 12 that may be pursued or availed of by DDR. 

  
 13 

 12.6 Acknowledgement. Executive has carefully considered the nature and extent of the
restrictions upon Executive and the rights and remedies conferred upon DDR under this Section 12, and hereby acknowledges and agrees that the same are reasonable in time and territory, are designed to
eliminate competition that otherwise would be unfair to DDR, do not stifle the inherent skill and experience of Executive, would not operate as a bar to Executive’s sole means of support, are fully required to protect the legitimate interests
of DDR, and do not confer a benefit upon DDR disproportionate to the detriment to Executive. 
 13. Compliance with Section 409A. 

13.1 Six Month Delay on Certain Payments, Benefits, and Reimbursements. If Executive is a “specified employee” for purposes of
Section 409A, as determined under DDR’s policy for determining specified employees on the Termination Date, each payment, benefit, or reimbursement paid or provided under this Agreement that constitutes a “deferral of
compensation” within the meaning of Section 409A, that is to be paid or provided as a result of a “separation from service” within the meaning of Section 409A, and that would otherwise be paid or provided at any time (a
“Scheduled Time”) that is on or before the date (the “Six Month Date”) that is exactly six months after the Termination Date (other than payments, benefits, or reimbursements that are treated as
separation pay under Section 1.409A-1(b)(9)(v) of the Treasury Regulations) will not be paid or provided at the Scheduled Time but will be accumulated (together with interest at the applicable federal rate
under Section 7872(f)(2)(A) of the Internal Revenue Code in effect on the Termination Date) through the Six Month Date and paid or provided during the period of 30 consecutive days beginning on the first business day after the Six Month Date (that
period of 30 consecutive days, the “Seventh Month after the Termination Date”), except that if Executive dies before the Six Month Date, the payments, benefits, or reimbursements will be accumulated only through the date of
Executive’s death and thereafter paid or provided not later than 30 days after the date of death. 
 13.2 Additional Limitations on
Reimbursements and In-Kind Benefits. The reimbursement of expenses or in-kind benefits provided under Section 7 or
under any other section of this Agreement that are taxable benefits (and that are not disability pay or death benefit plans within the meaning of Section 409A) are intended to comply, to the maximum extent possible, with the exception to Section
409A set forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations. To the extent that any reimbursement of expenses or in-kind benefits provided under
Section 7 or under any other section of this Agreement do not qualify for that exception and are otherwise deferred compensation subject to Section 409A , then they will be subject to the following
additional rules: (i) any reimbursement of eligible expenses will be paid within 30 days following Executive’s written request for reimbursement; provided, however, that Executive provides written notice no later than 60 days
before the last day of the calendar year following the calendar year in which the expense was incurred so that DDR can make the reimbursement within the time periods required by Section 409A; (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during any calendar year will not affect the amount of expenses eligible for reimbursement, or in-kind benefits to be
provided, during any other calendar year; and (iii) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for any other benefit. 

  
 14 

 13.3 Compliance Generally. Each payment or reimbursement and the provision of each benefit
under this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Section 409A. DDR and Executive intend that the payments and benefits provided under this Agreement will either be exempt from the
application of, or comply with, the requirements of Section 409A. This Agreement is to be construed, administered, and governed in a manner that effects that intent and DDR will not take any action that is inconsistent with that intent. Without
limiting the foregoing, the payments and benefits provided under this Agreement may not be deferred, accelerated, extended, paid out, or modified in a manner that would result in the imposition of an additional tax under Section 409A upon Executive.
Notwithstanding any provision of Section 7 to the contrary, if the period commencing on the Termination Date begins in one taxable year of Executive and the 74th day following the Termination Date is in
a subsequent taxable year, any amounts payable under Section 7 which are considered deferred compensation under Section 409A shall be paid in such subsequent taxable year. 

13.4 Termination of Employment to Constitute a Separation from Service. The parties intend that the phrase “termination of
employment” and words and phrases of similar import mean a “separation from service” with DDR within the meaning of Section 409A. Executive and DDR will take all steps necessary (including taking into account this
Section 13.4 when considering any further agreement regarding provision of services by Executive to DDR after the Termination Date) to ensure that (a) any termination of employment under this
Agreement constitutes a “separation from service” within the meaning of Section 409A, and (b) the Termination Date is the date on which Executive experiences a “separation from service” within the meaning of Section 409A.

 14. Indemnification. DDR will indemnify Executive, to the full extent permitted or authorized by the Ohio General Corporation
Law as it may from time to time be amended, if Executive is made or threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact
that Executive is or was a director, officer, or employee of DDR and/or of any Subsidiary, or is or was serving at the request of DDR and/or of any Subsidiary as a director, trustee, officer, or employee of a corporation, partnership, joint venture,
trust, or other enterprise. The indemnification provided by this Section 14 will not be deemed exclusive of any other rights to which Executive may be entitled under the articles of incorporation or the
regulations of DDR and/or of any Subsidiary, or any agreement, vote of shareholders or disinterested directors, or otherwise, both as to action in Executive’s official capacity and as to action in another capacity while holding such office, and
will continue as to Executive after Executive has ceased to be a director, trustee, officer, or employee and will inure to the benefit of Executive’s heirs, executors, and administrators. In particular, Executive will continue to be entitled to
the full benefit of the indemnification agreement dated as of the Effective Date between Executive and DDR (the “Indemnification Agreement”) for so long as that Indemnification Agreement remains in effect according to its
terms. In the event of any conflict or inconsistency between the provisions of this Section 14 and the provisions of the Indemnification Agreement, the provisions of the Indemnification Agreement shall
control. 
 15. Adjustment of Certain Payments and Benefits. Notwithstanding any provision of this Agreement to the contrary, if any payment or
benefit to be paid or provided hereunder or under any other plan or agreement would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Internal Revenue Code, or any successor provision thereto, but for the
application of this sentence, then the payments and benefits to be paid or provided hereunder shall be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced,
constitutes an Excess Parachute Payment; provided, however, that the foregoing reduction shall be made 

  
 15 

 
only if and to the extent that such reduction would result in an increase in the aggregate payments and benefits to be provided, determined on an after-tax
basis (taking into account the excise tax imposed pursuant to Section 4999 of the Internal Revenue Code, or any successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local
income taxes). The determination of whether any reduction in such payments or benefits to be provided hereunder is required pursuant to the preceding sentence shall be made at the expense of the Company, if requested by Executive or the Company, by
the Company’s independent accountants or a nationally recognized law firm chosen by the Company. The fact that Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section shall not of
itself limit or otherwise affect any other rights of Executive under this Agreement. In the event that any payment or benefit intended to be provided hereunder is required to be reduced pursuant to this Section, then the reduction shall occur in the
following order: (a) reduction of the lump sum amount set forth in Section 7.5(d); (b) reduction of the lump sum amount set forth in Section 7.5(c); and (c) reduction, on a pro-rata basis, of any other “Excess Parachute Payments” payable under any plan or arrangement. 
 16. Certain
Expenses. This Section 16 will apply only to expenses that (a) are otherwise described in one or more of its subsections and (b) are incurred at any time from the Effective Date through
the fifth anniversary of Executive’s death. 
 16.1 Reimbursement of Certain Expenses. DDR will pay, as incurred, all expenses,
including the reasonable fees of counsel engaged by Executive, of Executive in (a) prosecuting any action to compel DDR to comply with the terms of this Agreement upon receipt from Executive of an undertaking to repay DDR for such expenses if
it is ultimately determined by a court of competent jurisdiction that Executive had no reasonable grounds for bringing such action or (b) defending any action brought by a party other than Executive or Executive’s personal representative
to have this Agreement declared invalid or unenforceable. 
 16.2 Advancement of Certain Expenses. Expenses (including the reasonable
fees of counsel engaged by Executive) incurred by Executive in defending any action, suit, or proceeding commenced or threatened against Executive for any action or failure to act as an employee, officer or director of DDR and/or of any Subsidiary
will be paid by DDR, as they are incurred, in advance of final disposition of the action, suit, or proceeding upon receipt of an undertaking by or on behalf of Executive in which Executive agrees to reasonably cooperate with DDR and/or the
Subsidiary, as the case may be, concerning the action, suit, or proceeding, and (a) if the action, suit, or proceeding is commenced or threatened against Executive for any action or failure to act as a director, to repay the amount if it is
proved by clear and convincing evidence in a court of competent jurisdiction that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to DDR or a Subsidiary or with reckless disregard for the
best interests of DDR or a Subsidiary, or (b) if the action, suit, or proceeding is commenced or threatened against Executive for any action or failure to act as an officer or employee, to repay the amount if it is ultimately determined that
Executive is not entitled to be indemnified. The obligation of DDR to advance expenses provided for in this Section 16.2 will not be deemed exclusive of any other rights to which Executive may be
entitled under the articles of incorporation or the regulations of DDR or of any Subsidiary, or any agreement, vote of shareholders or disinterested directors, or otherwise. 

  
 16 

 17. Survival of Obligations. Except as is otherwise expressly provided in this
Agreement, the respective obligations of DDR and Executive under this Agreement will survive any termination of Executive’s employment under this Agreement. 

18. Notices. Notices and all other communications provided for in this Agreement must be in writing and will be deemed to have been duly
given upon receipt (or rejection) when delivered in person or by overnight delivery (to the chief legal officer of DDR in the case of notices to DDR and to Executive in the case of notices to Executive) or mailed by United States registered mail,
return receipt requested, postage prepaid, and addressed, if to DDR, to its principal place of business, attention: Chief Legal Officer, and, if to Executive, to Executive’s home address last shown on the records of DDR, or to such other
address or addresses as either party may furnish to the other in accordance with this Section 18. 
 19.
Entire Agreement. Except as otherwise set forth below in this Section 19, this Agreement and the agreements specifically referenced herein supersede in their entirety all prior agreements between
the parties, if any, and all understandings between them, if any, with respect to the subject matter of this Agreement. As provided in Section 14, Executive will continue to be entitled to the full
benefit of the Indemnification Agreement for so long as it remains in effect according to its terms. 
 20. Mandatory Arbitration Before a Change in
Control. Section 20.1 will apply if and only if either party notifies the other, in writing, that it is demanding resolution of a then-current controversy or claim by arbitration and the notice is
provided by the notifying party to the other party before any Change in Control has occurred. Nothing in this Section 20 will limit the right of DDR to seek and obtain injunctive relief in a court of
equity for any breach or threatened breach by Executive of any of Executive’s covenants contained in Section 12 above. 

20.1 Scope of Arbitration. If this Section 20.1 applies, any controversy or claim arising
out of or relating to this Agreement or any breach of this Agreement will be settled by binding arbitration to be held before three arbitrators and conducted in accordance with the Employment Arbitration Rules and Mediation Procedures of the
American Arbitration Association in the City of Cleveland, Ohio or New York, New York. The decision of the arbitrators will be final and binding on both parties and judgment on any award rendered by the arbitrators may be entered in any court of
competent jurisdiction. Costs and expenses of any such arbitration will be borne by the parties as may be directed by the arbitrators taking into account the extent to which the positions taken by each of the parties are reasonable. The arbitrators
will have the power to issue mandatory orders and restraining orders in connection with any such arbitration. 
 20.2 Other Disputes.
If Section 20.1 does not apply to any claim or controversy between the parties, the parties may nevertheless, but need not, mutually agree to submit any controversy or claim to arbitration as though
Section 20.1 did apply. Failing any such mutual agreement, either party may bring proceedings against the other with respect to any claim or controversy in any court of competent jurisdiction that
satisfies the venue requirements set forth in Section 21.8. Nothing in this Section 20.2 imposes upon either party any obligation to discuss possible
arbitration of any claim or controversy to which Section 20.1 does not apply before bringing any court proceedings with respect to that claim or controversy. 

21. Miscellaneous. 
 21.1 No
Conflict. Executive represents and warrants that Executive is not a party to any agreement, contract, or understanding, whether employment or otherwise, that would restrict or prohibit Executive from undertaking or performing employment in
accordance with the terms and conditions of this Agreement. 

  
 17 

 21.2 Assistance. During the term of this Agreement and thereafter, Executive will provide
reasonable assistance to DDR in litigation and regulatory matters that relate to events that occurred during Executive’s period of employment with DDR and its predecessors, and will provide reasonable assistance to DDR with matters relating to
its corporate history from the period of Executive’s employment with it or its predecessors. Executive will be entitled to reimbursement of reasonable out-of-pocket
travel or related costs and expenses relating to any such cooperation or assistance that occurs following the Termination Date. 
 21.3
Severability. The provisions of this Agreement are severable and if any one or more provision is determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to
the extent enforceable in any jurisdiction nevertheless will be binding and enforceable. 
 21.4 Benefit of Agreement. The rights and
obligations of DDR under this Agreement will inure to the benefit of, and will be binding on, DDR and its successors and assigns, and the rights and obligations (other than obligations to perform services) of Executive under this Agreement will
inure to the benefit of, and will be binding upon, Executive and Executive’s heirs, personal representatives, and assigns. 
 21.5 No
Waiver. The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party from later
enforcing each and every other provision of this Agreement. The rights granted the parties in this Agreement are cumulative and the waiver of any single remedy will not constitute a waiver of that party’s right to assert all other legal
remedies available to it under the circumstances. 
 21.6 Modification. This Agreement may not be modified or terminated orally. No
modification or termination will be valid unless in writing and signed by the party against which the modification or termination is sought to be enforced. Notwithstanding anything in this Agreement to the contrary, however, Executive acknowledges
and agrees that this Agreement and any compensation described herein are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time specifically to implement Section 10D of the Securities
Exchange Act of 1934, as amended, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Shares may be traded) (the “Compensation
Recovery Policy”), and that applicable sections of this Agreement and any related documents shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date
thereof. 
 21.7 Merger or Transfer of Assets of DDR. During the Contract Period while Executive is employed by DDR, DDR
will not consolidate with or merge into any other corporation, or transfer all or substantially all of its assets to another corporation, unless such other corporation assumes this Agreement in a signed writing and delivers a copy thereof to
Executive, which signed writing may consist of the merger or sale agreement, or similar document. Upon any such assumption, the successor corporation will become obligated to perform the obligations of DDR under this Agreement, and the terms
“DDR” and the “Company,” as used in this Agreement, will be deemed to refer to that successor corporation, and the term “the Board” as used in this Agreement will be deemed to refer to the board of directors of that
successor corporation. 

  
 18 

 21.8 Governing Law and Venue. The provisions of this Agreement will be governed by and
construed in accordance with the laws of the State of Ohio applicable to contracts made in and to be performed exclusively within that State, notwithstanding any conflict of law provision to the contrary. Subject to the mandatory arbitration
provisions of Section 20, the parties consent to venue and personal jurisdiction over them in the courts of the State of Ohio and federal courts sitting in Cleveland, Ohio, for purposes of construing
and enforcing this Agreement. 
 21.9 Termination of Status as Director or Officer. Notwithstanding anything in this Agreement to the
contrary, unless otherwise agreed to by DDR and Executive prior to the Termination Date, Executive shall be deemed to have automatically resigned from all directorships and offices with DDR and its Subsidiaries, and their affiliates (including joint
ventures), as of the Termination Date. 
 22. Definitions. 

22.1 Cause. The term “Cause” has the meaning set forth in Section 6.2. 

22.2 Change in Control. The term “Change in Control” means the occurrence, during the Contract Period while Executive is
employed by DDR, of any of the following: 
 (a) consummation of a consolidation or merger in which DDR is not the surviving corporation, the
sale of substantially all of the assets of DDR, or the liquidation or dissolution of DDR; 
 (b) any person or other entity (other than DDR
or a Subsidiary or any DDR 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 DDR representing 30% or more of the voting power of DDR’s outstanding securities without the prior consent of the Board; or 

(c) 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; provided, that any person becoming a director of DDR during such two-year period whose election, or nomination for election by DDR’s shareholders,
was approved by a vote of at least two-thirds of the directors who at the beginning of such period constituted the entire Board (either by a specific vote or by approval of DDR’s proxy statement in which
such person is named as a nominee of DDR for director), but excluding for this purpose any person whose initial assumption of office as a director of DDR occurs as a result of either an actual or threatened election contest with respect to the
election or removal of directors of DDR or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or person other than the Board, shall be, for
purposes of this Section 22.2(c), considered as though such person was a member of the Board at the beginning of such period. 

  
 19 

 22.3 Committee. The term “Committee” means the Executive Compensation Committee
of the Board or any other committee or subcommittee authorized by the Board to discharge the Board’s responsibilities relating to the compensation of DDR’s executives and directors. 

22.4 Good Reason. The term “Good Reason” has the meaning set forth in
Section 6.3. 
 22.5 Internal Revenue Code. The term “Internal Revenue Code”
means the Internal Revenue Code of 1986, as amended. 
 22.6 Section. References in this Agreement to one or more “Sections”
are to sections of this Agreement, except for references to certain Sections of the Internal Revenue Code. 
 22.7
Section 409A. The term “Section 409A” means Section 409A of the Internal Revenue Code. References in this Agreement to Section 409A are intended to include any proposed, temporary, or final regulations,
or any other guidance, promulgated with respect to Section 409A by the U.S. Department of Treasury or the Internal Revenue Service. 
 22.8
Shares. The term “Shares” means the Common Shares, par value $0.10 per share, of DDR. 
 22.9 Subsidiary. The term
“Subsidiary” means any corporation, partnership, or other entity a majority of the voting control of which is directly or indirectly owned or controlled by DDR. 

22.10 Termination Date. The term “Termination Date” means the date on which Executive’s employment with DDR and its
Subsidiaries terminates. 
 22.11 Triggering Event. A “Triggering Event” for the purpose of this Agreement will be deemed to
have occurred if, during the Contract Period while Executive is employed by DDR: 
 (a) Within two years after the date on which a Change in
Control occurs, DDR terminates the employment of Executive, other than in the case of a termination for Cause, a termination by DDR pursuant to Section 6.1 following Executive’s disability, or a
termination based on death; or 
 (b) Within two years after the date on which a Change in Control occurs, Executive terminates his
employment with DDR for Good Reason. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 20 

 IN WITNESS WHEREOF, DDR and Executive have executed this Agreement, DDR by its duly authorized
officer, as of the date first written above. 
  

					
	DDR CORP.
		
	By:	 	 /s/ David E. Weiss

		 	Name:	 	David E. Weiss
		 	Title:	 	Executive Vice President,
		 		 	General Counsel and Secretary
		
		 	 /s/ Matthew L. Ostrower

		 	MATTHEW L. OSTROWER

  
 21 

 EXHIBIT A 

ANNUAL BONUS OPPORTUNITY 

AS A PERCENTAGE OF YEAR-END BASE SALARY 

 

					
	 Threshold
	  	 Target
	  	 Maximum

	50%	  	100%	  	150%

 PERFORMANCE SHARE AND PRSU AWARD OPPORTUNITIES 

AS A PERCENTAGE OF “TARGET” 
  

					
	 Threshold
	  	 Target
	  	 Maximum

	50%	  	100%	  	200%

 EXHIBIT B 

Form of Release 
 In consideration of
certain benefits provided to                      (“Executive”) and to be received by Executive from DDR Corp. (the
“Company”) as described in the Employment Agreement between the Company and Executive dated                     ,
         (the “Agreement”): 
  

	1.	Claims Released. Executive, for himself and on behalf of anyone claiming through Executive including each and all of Executive’s legal representatives, administrators, executors, heirs, successors and
assigns (collectively, the “Executive Releasors”), does hereby fully, finally and forever release, absolve and discharge the Company and each and all of its legal predecessors, successors, assigns, fiduciaries, parents,
subsidiaries, divisions and other affiliates, and each of the foregoing’s respective past, present and future principals, partners, shareholders, directors, officers, employees, agents, consultants, attorneys, trustees, administrators,
executors and representatives (collectively, the “Company Released Parties”), of, from and for any and all claims, causes of action, lawsuits, controversies, liabilities, losses, damages, costs, expenses and demands of any
nature whatsoever, at law or in equity, whether known or unknown, asserted or unasserted, foreseen or unforeseen, that the Executive Releasors (or any of them) now have, have ever had, or may have against the Company Released Parties (or any of
them) based upon, arising out of, concerning, relating to or resulting from any act, omission, matter, fact, occurrence, transaction, claim, contention, statement or event occurring or existing at any time in the past up to and including the date on
which Executive signs this Release, including, without limitation, (a) all claims arising out of or in any way relating to Executive’s employment with or separation of employment from the Company or its affiliates; (b) all claims for
compensation or benefits, including salary, commissions, bonuses, vacation pay, expense reimbursements, severance pay, fringe benefits, stock options, restricted stock units or any other ownership interests in the Company Released Parties;
(c) all claims for breach of contract, wrongful termination and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, invasion of privacy and emotional distress;
(e) all other common law claims; and (f) all claims (including claims for discrimination, harassment, retaliation, attorneys fees, expenses or otherwise) that were or could have been asserted by Executive or on his behalf in any federal,
state, or local court, commission, or agency, or under any federal, state, local, employment, services or other law, regulation, ordinance, constitutional provision, executive order or other source of law, including without limitation under any of
the following laws, as amended from time to time: the Age Discrimination in Employment Act (the “ADEA”), as amended by the Older Workers’ Benefit Protection Act of 1990 (the “OWBPA”), Title VII of
the Civil Rights Act of 1964, 42 U.S.C. §§ 1981 & 1981a, the Americans with Disabilities Act, the Equal Pay Act, the Employee Retirement Income Security Act, the Lilly Ledbetter Fair Pay Act of 2009, the Family and Medical Leave Act,
Sarbanes-Oxley Act of 2002, the National Labor Relations Act, the Rehabilitation Act of 1973, the WARN Act, Federal Executive Order 11246, and the Genetic Information Nondiscrimination Act. 

 

	2.	 Scope of Release. Nothing in this Release (a) shall release the Company from any of its
obligations set forth in the Agreement or any claim that by law is non-waivable, (b) shall release the Company from any obligation to defend and/or indemnify Executive against any third party claims
arising out of any action or inaction by Executive during the time of his employment and 

	 	
within the scope of his duties with the Company to the extent Executive has any such defense or indemnification right, and to the extent permitted by applicable law and to the extent the claims
are covered by the Company’s director & officer liability insurance or (c) shall affect Executive’s right to file a claim for workers’ compensation or unemployment insurance benefits. 

Executive further acknowledges that by signing this Release, Executive does not waive the right to file a charge against the Company with,
communicate with or participate in any investigation by the EEOC, the Securities and Exchange Commission or any comparable state or local agency. However, Executive waives and releases, to the fullest extent legally permissible, all entitlement to
any form of monetary relief arising from a charge Executive or others may file, including without limitation any costs, expenses or attorneys’ fees. Executive understands that this waiver and release of monetary relief would not affect an
enforcement agency’s ability to investigate a charge or to pursue relief on behalf of others. Notwithstanding the foregoing, Executive will not give up his right to any benefits to which he is entitled under any retirement plan of the Company
that is intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, or his rights, if any, under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (COBRA), or any
monetary award offered by the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. 
  

	3.	Knowing and Voluntary ADEA Waiver. In compliance with the requirements of the OWBPA, Executive acknowledges by his signature below that, with respect to the rights and claims waived and released in this
Release under the ADEA, Executive specifically acknowledges and agrees as follows: (a) Executive has read and understands the terms of this Release; (b) Executive has been advised and hereby is advised, and has had the opportunity, to
consult with an attorney before signing this Release; (c) Executive is releasing the Company and the other Company Released Parties from, among other things, any claims that Executive may have against them pursuant to the ADEA; (d) the
releases contained in this Release do not cover rights or claims that may arise after Executive signs this Release; (e) Executive has been given a period of 21 days in which to consider and execute this Release (although Executive may elect not
to use the full 21-day period at Executive’s option); (f) Executive may revoke this Release during the seven-day period following the date on which Executive signs
this Release, and this Release will not become effective and enforceable until the seven-day revocation period has expired; and (g) any such revocation must be submitted in writing to the Company c/o
David E. Weiss, Executive Vice President, General Counsel and Secretary, DDR Corp., 3300 Enterprise Parkway, Beachwood, Ohio 44122 prior to the expiration of such seven-day revocation period. If Executive
revokes this Release within such seven-day revocation period, it shall be null and void. 

  

	4.	Reaffirmation of Restrictive Covenants. Executive agrees to and reaffirms his obligations as outlined in Section 12 of the Agreement (“Restrictive Covenants”), and acknowledges
that the Restrictive Covenants remain in full force and effect. 

  

	5.	Entire Agreement. This Release, the Agreement, and the documents referenced therein contain the entire agreement between Executive and the Company, and take priority over any other written or oral
understanding or agreement that may have existed in the past. Executive acknowledges that no other promises or agreements have been offered for this Release (other than those described above) and that no other promises or agreements will be binding
unless they are in writing and signed by Executive and the Company. 

 I agree to the terms and conditions set forth in this Release. 

EXECUTIVE 
  

			
	      

		
	Date:Contract

Table of Contents

 BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY 

(A Stock Company) 
 [200 Park Avenue 

New York, NY 10166] 
 NOTICE 

To obtain information about your policy or if you need assistance or need help in resolving a complaint, you may call [(800)-638-7732]. 

Brighthouse Life Insurance Company of NY (referred to as “we”, “us”, “our”, and the “Company”) will make
Income Payments as described in this Contract beginning on the Annuity Date. 
 This Policy is a legal contract between the policyholder and the
Company. 
 FREE LOOK PROVISION - RIGHT TO CANCEL 

This Contract may be returned for any reason within [10] days after you receive it by mailing or delivering the Contract to either us or the agent who
sold it. Return of this Contract by mail is effective on being postmarked, properly addressed and postage prepaid. We will promptly refund your Account Value plus the sum of all fees, taxes, and charges deducted from the Purchase Payment as of the
effective date of the Free Look on the Business Day we receive your Contract. Your Account Value may be more or less than your Purchase Payment. 

Signed for the Company. 
  

			
		
	

	 	

		
	[Secretary]	 	[President]

 INDIVIDUAL SINGLE PREMIUM DEFERRED INDEX-LINKED SEPARATE ACCOUNT ANNUITY CONTRACT 

[This Contract contains Shield Options and a Fixed Account. The initial interest rate for the Fixed Account is guaranteed for one year.] 

NONPARTICIPATING 
 READ YOUR CONTRACT
CAREFULLY. 
 VALUES AND DETERMINATION OF ANNUITY PAYMENTS PROVIDED BY THIS CONTRACT, WHEN BASED ON THE VALUE OF THE SHIELD OPTION(S) SUBJECT
TO THE SHIELD RATE AND THE CAP OR STEP RATE, ARE VARIABLE, MAY INCREASE OR DECREASE, BASED ON WHETHER THE INDEX PERFORMANCE IS POSITIVE, NEGATIVE, OR EQUAL TO ZERO, AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT. INVESTMENT IN THE CONTRACT
INVOLVES INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL. 
 [We reserve the right with 30 days advance written notice to restrict
transfers and allocations into the Fixed Account during the Transfer Period if the declared interest rate that would apply equals the Minimum Guaranteed Interest Rate and the Company is unable to support the Minimum Guaranteed Interest Rate. We
will notify you if these restrictions on transfers and allocations are subsequently lifted.] 

  
 ML-22494 (09/12) 

Table of Contents

			
	 TABLE OF CONTENTS

 

	 	  	PAGE
		
	 CONTRACT SCHEDULE
	  	[3
		
	 DEFINITIONS
	  	4
		
	 GENERAL PROVISIONS
	  	5
		
	 ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS
	  	6
		
	 BENEFICIARY PROVISIONS
	  	7
		
	 PURCHASE PAYMENT PROVISIONS
	  	7
		
	 RENEWAL PROVISIONS
	  	8
		
	 ACCOUNT VALUE PROVISIONS
	  	8
		
	 WITHDRAWAL PROVISIONS
	  	10
		
	 DEATH BENEFIT PROVISIONS
	  	11
		
	 ANNUITY PROVISIONS
	  	12]

  
 ML-22494 (09/12) 

Table of Contents

 DEFINITIONS 

Account Value 
 Is the total of the value of the Shield
Option(s) under this Contract, adjusted for any amounts that may be included by rider during the Accumulation Period. Also referred to as “Contract Value.” 

Accumulation Period 
 The period prior to the Annuity Date.

 Annuity Service Office 
 The office indicated on the
Contract Schedule to which notices and requests must be sent, or as otherwise changed by notice from us. 
 Annuitant 

The natural person listed on the Contract Schedule on whose life Income Payments are based. Any reference to Annuitant shall also include any Joint
Annuitant under an Annuity Option. 
 Annuity Date 
 A date
on which you choose to begin receiving Income Payments. If we agree, you may change the Annuity Date subject to the requirements shown under the Annuity Option Information section on the Contract Schedule. If you do not choose an Annuity
Date, the Annuity Date will be the Annuity Date described on the Contract Schedule. Also referred to as “Maturity Date.” 
 Attained Age 

The age of any Owner, Beneficiary or Annuitant on his/her last birthday. 

Beneficiary 
 The person(s) or entity(ies) you name to receive
a death benefit payable under this Contract upon the death of the Owner or a Joint Owner, or in certain circumstances, an Annuitant. 
 Business Day 

Any day our Annuity Service Office, shown on the Contract Schedule, is open for business. For purposes of administrative requests and transactions, a
Business Day ends at 4:00PM Eastern Standard Time. 
 Code 

The Internal Revenue Code of 1986, as amended. 
 Company 

Brighthouse Life Insurance Company of NY. 
 Contract Anniversary

 An anniversary of the Issue Date of this Contract. 

Contract Year 
 A one-year period starting on the Issue Date
and on each Contract Anniversary thereafter. 
 Income Payments 

A series of payments made by us during an Income Period, which we guarantee as to dollar amount. 

Income Period 
 A period starting on an Annuity Date during
which Income Payments are payable. 
 Investment Amount 

The Investment Amount for each Shield Option is the amount that is allocated to the Shield Option. The Investment Amount will be reduced for any
withdrawal by the same percentage that the withdrawal reduces the Interim Value attributable to that Shield Option. The Investment Amount is adjusted by the Performance Rate at the end of the Term. 

Issue Date 
 The date this Contract was issued. The Issue Date
is shown on the Contract Schedule. 

  

					
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 Joint Owner 
 If
there is more than one Owner, each Owner shall be a Joint Owner of the Contract. 
 Notice 

Any form of communication providing information we need, either in a signed writing or another manner that we approve in advance. All Notices to us must
be sent to our Annuity Service Office and received in good order. To be effective for a Business Day, a Notice must be received in good order prior to the end of that Business Day. 

Owner 
 The person(s) entitled to the ownership rights under
this Contract. If Joint Owners are named, all references to Owner shall mean Joint Owners. (Referred to as “you”, “yours” or “policyholder.”) 

Purchase Payment 
 The amount paid to us under this Contract
as consideration for the benefits it provides. 
 Shield Option 

This is an investment option offered in this product. The option shields the client from a specified amount of investment losses. Each Shield
Option has an associated Index, Term, Shield Rate, and either a Cap Rate or Step Rate. For example, a Shield 10 represents an investment option where if the contract holder holds the investment until the end of the Term, the Company will cover
the first 10% of any losses. 
 GENERAL PROVISIONS 

The Contract 
 The Contract consists of this contract and any
attached riders or endorsements. We may require this Contract to be returned to us prior to the payment of any benefit. It is important to review any riders or endorsements. In case of conflict with any other provision of this Contract, the
provisions of the Rider or Endorsement will control. 
 Non-Participating 

This Contract will not share in any distribution by us of Company dividends. 

Misstatement of Age or Sex 
 We may require proof of the age
or sex of the Annuitant, Owner and/or Beneficiary before making any payments under this Contract that are measured by the Annuitant’s, Owner’s or Beneficiary’s life. If the age or sex of the Annuitant, Owner or Beneficiary has been
misstated, the amount payable will be the amount that the Account Value would have provided at the correct age and sex. 
 Once Income Payments have
begun, the amount of any overpayments or underpayments, with interest at 6% per annum, will be, as appropriate, deducted from or added to the payment or payments made after the adjustment. 

Reports 
 At least once each calendar year we will furnish you
with a report showing the Account Value and any other information as may be required by law. The Report shall provide current information as of a date not more than four months prior to the date of mailing. We will send you confirmations of certain
transactions, the beginning and end dates of the current Report period, the Account Value, if any, at the beginning of the current Report period and at the end of the current Report period, the Withdrawal Value, if any, at the end of the current
Report period, the amounts that have been credited and debited to the Account Value such as Purchase Payment, partial withdrawals, and any applicable Withdrawal Charges and any additional benefit values, if any at the end of the current Report
period, added by Rider to this Contract. Reports and confirmations will be sent to your last known address on our records. 
 Premium and Other Taxes 

Any taxes paid by us to any governmental entity relating to this Contract will be deducted from the Purchase Payments or Account Value when incurred. We
will, at our sole discretion, determine when taxes relate to the Contract, including when they have resulted from: the investment experience of the Separate Account; receipt by us of the Purchase Payments; or commencement of Annuity Payments. We
may, at our sole discretion, pay taxes when due and deduct that amount from the Account Value at a later date. Payment at an earlier date does not waive any right we may have to deduct amounts at a later date. We will deduct any withholding taxes
required by applicable law. 
 Evidence of Survival 
 We may
require proof that any person(s) on whose life Income Payments are based is alive. We reserve the right to discontinue Income Payments until satisfactory proof is received. 

  

					
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 Modification of Contract 

This Contract may be changed by us in order to maintain compliance with applicable state and federal law. This Contract may be changed or altered only in
writing signed by our President, Vice-President, or Secretary. 
 Notwithstanding any provision of this Contract to the contrary, this Contract will
be construed and administered in accordance with applicable sections of the Code. To preserve this Contract’s status as an annuity and comply with applicable sections of the Code and applicable Treasury Regulations, we may, if necessary
amend this Contract. We will notify you of any amendments and, when required by law, we will obtain your approval and the approval of the New York Department of Financial Services. 

Incontestability 
 We will not contest this contract from the
Issue Date. 
 Deferral of Payments 
 After receipt of a
Notice of withdrawal from you, we reserve the right to defer payment for a withdrawal for the period permitted by law, but not for more than six (6) months. 

Interest of Delayed Payments 
 We will pay interest on any
payments of death benefits from the date of death. We will also pay interest on withdrawals paid ten Business Days or later after receipt by us of any Notice to complete the transactions. Interest, in either instance, will be paid in
accordance with laws and regulations in effect in the state of New York. 
 Suspension of Payments or Transfers 

We may be required to suspend or delay the payment ofwithdrawals, and transfers when we cannot obtain an Index Value under the following circumstances: 

 

	 	•	 	the New York Stock Exchange is closed (other than customary weekend and holiday closings); 

  

	 	•	 	trading on the New York Stock Exchange is restricted; 

  

	 	•	 	an emergency exists such that we cannot value Investment Amounts; or 

  

	 	•	 	during any other period when a regulator by order, so permits. 

ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS 

Owner 
 You, as the Owner, have all the interest and rights
under this Contract. The Owner is the person named as such on the Issue Date, unless changed. 
 You may change the Owner at any time. Any change of
Owner request may be refused in a non-discriminatory manner in order to comply with any applicable laws, rules or regulations in effect at the time of the request. A change of Owner will automatically revoke any prior named Owner. A request for
change must be: 
  

	 	1.	by Notice; and 

  

	 	2.	received by us at the Annuity Service Office. 

 The change will become effective as of the date the Notice
is signed by you. Naming a new Owner will not apply to any payment made or action taken by us prior to the time the new naming was received at our Annuity Service Office. 

Joint Owner 
 A Contract may be owned by Joint Owners, both of
whom must be natural persons. Either Joint Owner can exercise all rights under the Contract unless you inform us otherwise or in a Notice to us. Upon the death of either Owner, the surviving Joint Owner will be deemed to be the primary Beneficiary
unless you inform us otherwise. Any other Beneficiary naming will be treated as a contingent Beneficiary unless otherwise indicated on the Contract Schedule or in a Notice to us. 

Annuitant 
 The Annuitant is the person on whose life Annuity
Payments are based. The Annuitant is the person named by you as of the Issue Date, unless changed prior to the Annuity Date. The Annuitant may not be changed in a Contract which is owned by a non-natural person. Any change of Annuitant is
subject to the specified maximum age in effect at the time of the request. 

  

					
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 Assignment 
 You
may assign your rights under this Contract unless restricted by the Internal Revenue Code or other applicable law. For example, in certain tax markets assignment of this Contract is prohibited by the Internal Revenue Code. If your contract is
assigned absolutely, we will treat it as a change of ownership and all rights will be transferred. We are not bound by any assignment unless it is in writing and until it is received at our Annuity Service Office. We are not responsible
for the validity of any assignment. Assignments will be effective as of the date the written notice of assignment was signed subject to all payments made and actions taken by us before a copy of the signed assignment form is received by us at
our Annuity Service Office. 
 BENEFICIARY PROVISIONS 

Beneficiary 
 The Beneficiary is the person(s) outlined on the Contract
Schedule or the surviving Joint Owner, unless changed. Unless you provide otherwise, the death benefit will be paid to or in equal shares as follows: 
  

	 	1.	 to the primary Beneficiary(ies) who survive you (or who survive the Annuitant if the Owner is a non-natural person); or
if there are none, then 

  

	 	2.	 to the contingent Beneficiary(ies) who survive you (or who survive the Annuitant if the Owner is a non-natural person);
or if there are none, then 

  

	 	3.	 to your estate. 

Change of Beneficiary 
 Subject to the rights, including the
written consent, of any irrevocable Beneficiary and any applicable laws or regulations, you may change the primary Beneficiary or contingent Beneficiary. A change may be made by filing a Notice with us. The change will take effect as of the date the
Notice is signed, but we will not be liable for any payment made or action taken before we have received the Notice. 
 
PURCHASE PAYMENT PROVISIONS 
 Separate Account 
 The
Purchase Payment made to this Contract is invested in the Separate Account shown on the Contract Schedule. We have exclusive and absolute ownership and control of the assets of the Separate Account. It is a non-unitized separate account. You do
not share in the investment performance of assets allocated to the Separate Account. All investment income, gains and losses, whether or not realized, from assets allocated to the Separate Account are borne by the Company. The obligations
under this Contract are independent of the investment performance of the Separate Account and are the obligations of the Company. 
 We will maintain
in the Separate Account assets with an aggregate value at least equal to the reserves for all contracts issued on the Separate Account. 
 If the
aggregate value of such assets should fall below such amount, the Company will transfer assets into the Separate Account so that the value of the Separate Account’s assets is at least equal to such amount. Assets supporting reserves for
annuity benefits under such contracts, in the course of payment, shall not be maintained in the Separate Account. 
 Shield Options 

On the Issue Date, you may allocate your Purchase Payment to one or more of the available Shield Options listed on the Contract Schedule. At the end
of each Term, you may transfer the Account Value attributable to the Shield Option(s) to one or more of the available Shield Options subject to the Transfer Requirements and Minimum Allocation shown on the Contract Schedule and the Renewal
Provisions. 
 Each Shield Option has an associated Index, Term, Shield Rate, and either a Cap Rate or a Step Rate as defined below. 

Term 
 The initial Term(s) begin on the Issue Date. A
Term ends and a subsequent Term begins, on the Contract Anniversary coinciding with the term duration of the then current Term for that Shield Option. 
 Index

 There is a specific Index associated with each Shield Option. The Index is the price index of certain securities, excluding dividends, or
commodities. 

  

					
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 Index Value 
 The
Index Value of an Index, on a Business Day, is the published closing value of the Index on that Business Day. We will use consistent sources to obtain Index Values. If these sources are no longer available for specific indices, we will
select an alternative published source(s) for these Index Values. The Index Value on any day that is not a Business Day is the value as of the prior Business Day. 

Index Performance 
 Index Performance is the percentage change
in an Index Value measured from the beginning of a Term to any day, including the last day, within the Term. Index Performance can be positive, negative, or zero. 

Shield Rate 
 The Shield Rate is the amount of any negative
Index Performance that is absorbed by us at the end of the Term. Any negative Index Performance beyond the Shield Rate will reduce the Investment Amount. For example, a -15% Index Performance with a 10% Shield Rate will result in a -5%
Performance Rate; or, a -10% Index Performance with a 25% Shield Rate will result in a 0% Performance Rate. 
 The Shield Rate may vary between Shield
Options, and it is not an annual rate. 
 Cap Rate 
 The Cap
Rate is the maximum rate that may be credited at the end of a Term based on Index Performance. A new Cap Rate is declared for each subsequent Term, and such rate will not be less than the Minimum Guaranteed Cap Rate on the Contract
Schedule.
 The Cap Rate may vary between Shield Options, and it is not an annual rate. 

Step Rate 
 The Step Rate is the rate credited at the end of a
Term if the Index Performance is greater than or equal to zero. A new Step Rate is declared for each subsequent Term, and such rate will not be less than the Minimum Guaranteed Step Rate on the Contract Schedule. 

The Step Rate may vary between Shield Options, and it is not an annual rate. 

RENEWAL PROVISIONS 

For renewals into the same Shield Option, a new Cap Rate or Step Rate, whichever is applicable, will be declared and will go into effect on the Contract
Anniversary that coincides with the beginning of the new Shield Option. 
 Discontinuation or Substantial Change to an Index 

If any Index is discontinued or, we determine that our use of such Index should be discontinued, or if the calculation of an Index is substantially
changed, we may substitute a comparable index. We will send you 30 days advance written notice if we determine that such Index should be discontinued and reasonable written Notice should the Index be discontinued by the Index
provider. Upon substitution of an Index, we will calculate your Index Performance on the existing Index up until the date of substitution and the new Index from the date of substitution to the end of the Term. A substitute Index will not
change the Shield Rate, Cap Rate or Step Rate for an existing Shield Option. 
 Addition or Discontinuance of a Shield Option

We can add or discontinue any Shield Option. When a change is made to the Shield Options or Indices referenced on the Contract Schedule or as
changed subsequent to the Issue Date, we will send notification to you which will describe any changes to the Shield Options then available under the Contract as required by law. This change will take effect upon your Contract as of the next
Contract Anniversary for any allowable transfers into the Shield Option(s). If you are currently invested in a Shield Option which is no longer available, you will remain in that Shield Option until the end of the Term, but that Shield Option
will not be available thereafter. At least one Shield Option will be available at all times. 
 ACCOUNT VALUE
PROVISIONS 
 The Account Value attributable to each Shield Option is as determined below and will be the Interim Value on any day during the Term
and the Investment Amount as adjusted for the Performance Rate at the end of the Term as defined below. 
 Performance Rate 

The Performance Rate is the rate credited at the end of the Term. The Performance Rate at the end of a particular Term is the Index Performance,
adjusted for the applicable Shield Rate, Cap Rate, or Step Rate. The Performance Rate can be positive, negative, or equal to zero. At the end of the Term, any increase or reduction in a particular Shield Option is

  

					
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determined by multiplying the Performance Rate by the Investment Amount of the Shield Option on the last day of the Term. 

The Performance Rate is determined as follows: 
 Shield Options with a Cap Rate:

 If Index Performance is equal to or less than zero, then the Performance Rate will equal the lesser of zero, or the Index Performance increased
by the Shield Rate. (For example: a -15% Index Performance with a 10% Shield Rate will result in a -5% Performance Rate.) The Performance Rate can never be greater than zero if the Index Performance is negative. 

If Index Performance is greater than zero and less than the Cap Rate, then the Performance Rate will equal the Index Performance. 

If Index Performance is greater than zero and equals or exceeds the Cap Rate, then the Performance Rate will equal the Cap Rate. 

Shield Options with a Step Rate: 
 If Index Performance is less
than zero, then the Performance Rate will equal the lesser of zero or the Index Performance increased by the Shield Rate. (For example: a -15%Index Performance with a 10% Shield Rate will result in a -5% Performance Rate.) The Performance
Rate can never be greater than zero if the Index Performance is negative. 
 If Index Performance is equal to or greater than zero, the Performance
Rate will equal the Step Rate. 
 Interim Value 
 The
Interim Value for each Shield Option is the value we assign on any Business Day prior to the end of the Term. During the Transfer Period set forth in the Contract Schedule, the Interim Value of each Shield Option will equal the Investment
Amount in that Shield Option. After the Transfer Period, the Interim Value of that Shield Option is equal to the Investment Amount in the Shield Option, adjusted for the Index Performance of the associated Index and subject to the applicable
Accrued Shield Rate, Accrued Cap Rate, or Accrued Step Rate, as defined below. 
 On the date of a withdrawal from the Shield Option(s), your Interim
Value will be reduced by the amount withdrawn. 
 Accrued Shield Rate 

The Accrued Shield Rate is the portion of the Shield Rate that has accrued from the beginning of a Term to any day within the Term. This is the
amount that will be applied in calculating the Interim Value on any day prior to the end of the Term if Index Performance is less than zero. The Accrued Shield Rate is equal to the Shield Rate multiplied by the number of days elapsed since the
beginning of the Term, divided by the total number of days in the Term. 
 Accrued Cap Rate 

The Accrued Cap Rate is the portion of the Cap Rate that has accrued from the beginning of a Term to any day within the Term. This is the maximum
Index Performance that may be applied in calculating the Interim Value on any day prior to the end of the Term if Index Performance is greater than zero. The Accrued Cap Rate is equal to the Cap Rate multiplied by the number of days elapsed
since the beginning of the Term, divided by the total number of days in the Term. 
 Accrued Step Rate 

The Accrued Step Rate is the portion of the Step Rate that has accrued from the beginning of a Term to any day within the Term. This is the rate
that will be applied in calculating the Interim Value on any day prior to the end of the Term if Index Performance is equal to or greater than zero. The Accrued Step Rate is equal to the Step Rate multiplied by the number of days elapsed since
the beginning of the Term divided by the total number of days in the Term. 
 Performance Rate for Determination of Interim Value

Except as indicated in the Interim Value section above, the Performance Rate during a particular Term is the Index Performance, adjusted for the
applicable Accrued Shield Rate, Accrued Cap Rate, or Accrued Step Rate. 
 For purposes of determining the Accrued Shield Rate, Accrued Cap Rate, and
Accrued Step Rate, the total number of days in each calendar year of a Term is 365. 
 The following are hypothetical examples that show the determination of the
Interim Value when the Index Performance is greater than zero and less than zero. These hypothetical examples are rounded for illustrative purposes: 

  

					
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 Example #1 – Index Performance is positive – Interim Value calculated 306 days into a Term of 3 Years.

  

			
	 Issue Date
	 	 March 1, 2013

		
	 Investment Amount
	 	 $100,000

		
	 Shield Option
	 	 XYZ 10

		
	 Term
	 	 3 Years

		
	 Shield Rate
	 	 10%

		
	 Cap Rate
	 	 25%

		
	 Index Value at Beginning of Term
	 	 1000

		
	 Number of Days in Term
	 	 1095 (3 X 365 = 1095)

		
	 Index Value at close of Business Day on January 1, 2014
	 	 1100

		
	 Index Performance
	 	 10%

		
	 Accrued Days
	 	 306

 The Accrued Cap Rate as of January 1, 2014 is 6.986% 306 days into the 3 year term (25%*(306/1095)). The Index
Performance is calculated at 10% (1100/1000 - 1). Since the Index Performance is positive, the Interim Value is then determined by multiplying the Investment Amount by the lesser of the Index Performance or the Accrued Cap Rate and adding that
amount to the Investment Amount. As of the close of the Business Day January 1, 2014, the Interim Value is $106,986 ($100,000+$100,000 * 6.986%). 
 Example
#2 – Index Performance is negative– Interim Value calculated 306 days into a Term of 3 Years. 
  

			
	 Issue Date
	 	 March 1, 2013

		
	 Investment Amount
	 	 $100,000

		
	 Shield Option
	 	 XYZ 10

		
	 Term
	 	 3 Years

		
	 Shield Rate
	 	 10%

		
	 Cap Rate
	 	 25%

		
	 Index Value at Beginning of Term
	 	 1000

		
	 Number of Days in Term
	 	 1095 (3 X 365 = 1095)

		
	 Index Value at close of Business Day on January 1, 2014
	 	 950

		
	 Index Performance
	 	 -5%

		
	 Accrued Days
	 	 306

 The Accrued Shield Rate as of January 1, 2014 is 2.795% 306 days into the 3 year term (10% * (306/1095)). The Index
Performance is calculated at -5% (950/1000 - 1). Since the Index Performance is negative, the Interim Value is then determined by multiplying the Investment Amount by the Index Performance plus the Accrued Shield Rate (-5% + 2.795% = -2.205%)
and adding that amount to the Investment Amount. As of the close of Business Day January 1, 2014, the Interim Value is $97,795 ($100,000+$100,000*-2.205%). 

WITHDRAWAL PROVISIONS 

Withdrawals 
 Prior to the Annuity Date, you may, upon Notice
to us, request a full or a partial withdrawal and we will withdraw that amount from the Account Value (“the amount withdrawn”). A withdrawal will result in a reduction to each Shield Option in the ratio that each Shield Option bears
to the total Account Value, as determined under the Account Value Provisions above, unless otherwise directed by you. The amount payable to you will be a net amount equal to the amount withdrawn adjusted for any applicable Withdrawal Charge
shown on the Contract Schedule and Premium and Other Taxes. The Free Withdrawal Amount shown on the Contract Schedule defines the amount You may withdraw free from any Withdrawal Charge. 

The total amount withdrawn from the Account Value must not be less than the Minimum Partial Withdrawal amount shown on the Contract Schedule. If the
withdrawal would result in the remaining Account Value being less than the Minimum 

  

					
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Account Value shown on the Contract Schedule, we will treat the withdrawal request as a request for a full withdrawal. 

If you request a full or partial withdrawal, the amount withdrawn after adjustments for any Withdrawal Charge will result in our paying you a net amount. The net amount
payable to you is equal to (a)-(b)-(c), where: 
  

	 	(a)	is the amount withdrawn from the Account Value, and 

  

	 	(b)	is the Withdrawal Charge, if any, as described on the Contract Schedule, and 

  

	 	(c)	is the Premium and Other Taxes, if any. 

 The amount withdrawn will reduce the Investment Amount, as
defined in the Definitions section, for each Shield Option by the percentage reduction in the Interim Value of such Shield Option. 
 
DEATH BENEFIT PROVISIONS 
 Death of Owner During the Accumulation Period 

During the Accumulation Period, the death benefit will be paid to your Beneficiary(ies) upon your death, or the first death of a Joint Owner. If the
Contract is owned by a non-natural person, the Annuitant will be deemed the Owner for purposes of determining the death benefit.
 Death Benefit Amount During the
Accumulation Period 
 The “Death Benefit Amount” is the Account Value, as defined under the Account Value Provisions above, determined
as of the end of the Business Day on which we have received Notice of both due proof of death and the first acceptable election for the payment method. 
 Death
Benefit Options During the Accumulation Period 
 In the event an Owner (or the Annuitant where the Owner is not an individual) dies during the
Accumulation Period, a Beneficiary must choose payment of the death benefit under one of the options below (unless the Owner has previously chosen an option). The death benefit options available under the Contract include the following and any
other options acceptable to you and us: 
 Option 1 - lump sum payment of the death benefit; or 

Option 2 - the payment of the entire death benefit within five years of the date of death of the Owner or the first Joint Owner to die; or 

Option 3 - payment of the death benefit under an Annuity Option or other periodic payment option acceptable to us in substantially equal periodic
payments (made at least annually) over the lifetime of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary with distribution beginning within one year of the date of death of the Owner or the first Joint
Owner to die. 
 Any portion of the death benefit not applied under Option 3 within one (1) year of the date of the Owner’s or Joint Owner’s
death must be distributed within five years of the date of death. 
 Beneficiary Continuation Options During Accumulation Period 

We offer two types of Beneficiary Continuation Options during the Accumulation Period: the Spousal Continuation and Non-Spousal Beneficiary Continuation
Options described below. We must receive Notice of the election of one of these Beneficiary Continuation Options by the end of the 90th day after we receive Notice of due proof of death. If the surviving spouse qualifies for Spousal Continuation and
has not chosen one of the death benefit options above by the end of the 90 day period, the Spousal Continuation Option will be automatically applied on the 90th day. If a Non-Spousal Beneficiary qualifies for Non-Spousal Beneficiary Continuation and
has not chosen one of the death benefit options above by the end of the 90 day period, the Non-Spousal Beneficiary Continuation Option will be automatically applied on the 90th day. 

Spousal Continuation During Accumulation Period 
 If the Owner
dies during the Accumulation Period and the Beneficiary is his or her spouse, the spouse may choose to continue the Contract in his or her own name and exercise all the Owner’s rights under the Contract. The Death Benefit Amount under the
continued contract payable upon the continuing spouse’s death will be computed as described above in the Death Benefit Amount During the Accumulation Period section. 

Non-Spousal Beneficiary Continuation During Accumulation Period 

A Beneficiary who is not a spouse can choose to continue the Contract until the fifth anniversary of the Owner’s death. The Contract can be
continued by a Beneficiary only if his or her share of the death benefit is at least equal to the Contract Minimum specified on the Contract Schedule. If the Beneficiary continues the Contract under this provision his or her share will not be paid.
It will instead be continued in the Contract on the date we determine the Death Benefit Amount. Such Beneficiary will have the right to make partial and full withdrawals of his/her share of the Contract, not subject to 

  

					
	ML-22494 (09/12)	 	11	 	

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Withdrawal Charges. Such Beneficiary will also have the right to make transfers at the end of a Term as described on the Contract Schedule. 

During the continuation period the Beneficiary can choose to receive his/her share of this Contract in a single lump sum payment or apply it to an
Annuity Option or other option acceptable to us that must be payable for the life of the Beneficiary or for a term no longer than the life expectancy of the Beneficiary starting within one year after the death of the Owner. 

On the fifth anniversary of the Owner’s death any Beneficiary will be paid his/her share of the Account Value that has not been applied to an
Annuity option or other settlement option permissible under the Code, in a single lump sum payment and this Contract will terminate. 
 Death of Annuitant During
Income Period 
 Upon the death of the Annuitant during the Income Period, the remaining Income Payments, if any, will be as specified in the
Annuity Option chosen. Income Payments will be paid at least as rapidly as under the method of distribution in effect at the Annuitant’s death. 
 Death of
Owner During the Income Period 
 If the Owner (or a Joint Owner), is not the Annuitant, and dies during the Income Period, any remaining payments
under the Annuity Option will continue at least as rapidly as under the method of distribution in effect at the time of the Owner’s (or Joint Owner’s) death. Upon the death of the Owner (or a Joint Owner) during the Income Period, the
Beneficiary becomes entitled to exercise the rights of the Owner. If an Owner (or Joint Owner) is the Annuitant and dies during the Income Period, the remaining Income Payments, if any, will be as specified in the Annuity Option chosen and will
continue at least as rapidly as under the method of distribution in effect at the time of the Owner’s (or Joint Owner’s) death. 
 Death of Annuitant
During Accumulation Period 
 Upon the death of an Annuitant, who is not the Owner or Joint Owner, during the Accumulation Period, the Owner (or
Oldest Joint Owner) automatically becomes the Annuitant, unless the Owner, subject to the maximum specified age in effect at the time of request, chooses a new Annuitant. If the Owner is a non-natural person, the death of the Annuitant will be
treated as the death of an Owner (see Death of Owner During the Accumulation Period discussed above). 
 Payment of Death Benefit 

We will require Notice of both due proof of death and an acceptable election for the payment method before any death benefit is paid. Our obligations are
subject to all payments made and actions taken by us before our receipt of Notice of due proof of death. 

ANNUITY PROVISIONS 

Election of Annuity Option 
 The Annuity Option is chosen by
you or your Beneficiary in a form satisfactory to us. We will automatically send you information about Annuity Options before your Annuity Date. If you do not choose an Annuity Option, make a full withdrawal by the Annuity Date, or ask us to
continue the Contract by the Annuity Date, we will automatically pay you under Option 2: Life Annuity with Ten (10) Years of Income Payments Guaranteed. You can make, change, or revoke your Annuity Option choice before the death benefit becomes
payable or the Annuity Date, whichever occurs first. 
 Annuity Options 

You may choose to receive Income Payments monthly, quarterly, semi-annually or annually. The following Annuity Options, or any other options acceptable to you and us,
may be chosen: 
 Option 1: Life Annuity 
 Income
Payments that are paid as long as the Annuitant is living. 
 Option 2: Life Annuity with 10 Years of Income Payments Guaranteed 

Income Payments that continue as long as the Annuitant is living but are guaranteed to be paid for ten years. 

Option 3: Joint and Last Survivor Life Annuity 
 Income
Payments that are paid as long as either of two Annuitants is living. 
 Option 4: Joint and Last Survivor Annuity with 10 Years of Income Payments Guaranteed

 Income Payments that continue as long as either of the two Annuitants are living but are guaranteed to be paid for ten years. 

  

					
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 If, as of the Annuity Date, the then current Annuity rates applicable to this class of contracts provide an
Income Payment greater than the one guaranteed under this Contract for the same Annuity Option, then the greater payment will be made. 
 Income Payments 

Income Payments are based upon the Annuity Option chosen, the Account Value, as defined under the Account Value Provisions above, applied to the Annuity
Option, the Annuitant’s Attained Age and sex, and the appropriate Fixed Annuity Table. 
 Frequency and Amount of Income Payments 

Income Payments will be paid as monthly installments or at any frequency acceptable to you and us. If the amount of the Account Value to be applied under
an Annuity Option is less than $5,000, we reserve the right to make one lump sum payment equal to the then current Account Value in lieu of Income Payments. If the amount of the Income Payment would be less than $100, we may reduce the frequency of
payments to an interval which will result in the payment being at least $100, but with a frequency of no less than annually. 
 Basis of Payments 

The Annuity Tables are based on the tables defined under the Annuity Option Information described in the Contract Schedule. The amount of each Income
Payment is guaranteed by us. 
 Betterment of Rates 
 Annuity
payments will not be less than those that would be provided by the application of the Account Value to purchase a single consideration immediate annuity contract of the same type as the settlement option elected, which is offered by Us or our
affiliates on the Annuity Date to the same class of annuitants.

  

					
	ML-22494 (09/12)	 	13	 	

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 FIXED ANNUITY TABLES 

AMOUNT OF MONTHLY INCOME PAYMENT 
 PER $1000
OF Account Value 
 Annuitant Only 

 

 Option 1: Life Annuity 
  

 
  

					
	 Attained Age

of Annuitant
	  	Male    	  	Female                
	 55
	  	2.74	  	2.59
	 60
	  	3.07	  	2.89
	 65
	  	3.50	  	3.27
	 70
	  	4.07	  	3.77
	 75
	  	4.84	  	4.45
	 80
	  	5.93	  	5.42
	 85
	  	7.50	  	6.86

 

      Option 2: Life Annuity with 10 

     Years of Income Payments Guaranteed 

 

					
	 Attained Age

of Annuitant
	  	Male    	  	Female                
	 55
	  	2.73	  	2.59
	 60
	  	3.05	  	2.88
	 65
	  	3.46	  	3.24
	 70
	  	3.99	  	3.72
	 75
	  	4.66	  	4.34
	 80
	  	5.50	  	5.16
	 85
	  	6.45	  	6.16

 
 

  
 Option 3: Joint and Last Survivor Life Annuity

  

											
	 	 	 	 	 	 	Age of Female Annuitant            
						
	 Attained age

of Male Annuitant
	 	10 Years
Younger	 	 5 Years

Younger
	 	 Same

Age
	 	 5 Years

Older
	 	 10 Years

Older

	 55
	 	2.09	 	2.21	 	2.34	 	2.45	 	2.54
	 60
	 	2.26	 	2.42	 	2.57	 	2.71	 	2.82
	 65
	 	2.48	 	2.67	 	2.86	 	3.04	 	3.19
	 70
	 	2.75	 	3.00	 	3.25	 	3.49	 	3.69
	 75
	 	3.10	 	3.42	 	3.77	 	4.09	 	4.37
	 80
	 	3.55	 	4.00	 	4.48	 	4.95	 	5.33
	 85
	 	4.18	 	4.82	 	5.51	 	6.17	 	6.69

 Option 4: Joint and Last Survivor Annuity with 10 Years of Income Payments Guaranteed 

 

											
	 	 	 	 	 	 	Age of Female Annuitant            
						
	 Attained age

of Male Annuitant
	 	10 Years
Younger	 	 5 Years

Younger
	 	 Same

Age
	 	 5 Years

Older
	 	 10 Years

Older

	 55
	 	2.09	 	2.21	 	2.34	 	2.45	 	2.54
	 60
	 	2.26	 	2.42	 	2.57	 	2.71	 	2.82
	 65
	 	2.48	 	2.67	 	2.86	 	3.04	 	3.19
	 70
	 	2.75	 	2.99	 	3.25	 	3.48	 	3.68
	 75
	 	3.09	 	3.42	 	3.76	 	4.08	 	4.34
	 80
	 	3.55	 	3.99	 	4.45	 	4.88	 	5.19
	 85
	 	4.15	 	4.76	 	5.38	 	5.89	 	6.22

 Monthly installments for ages not shown will be furnished on request 

  

					
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 ML-22494 (09/12) 

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INDIVIDUALSINGLE PREMIUM DEFERRED INDEX-LINKED SEPARATE ACCOUNT ANNUITY CONTRACT 

NONPARTICIPATING 
 NO DIVIDENDS 

BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY 
 (A
Stock Company) 
 [200 Park Avenue 
 New York,
NY 10166] 

Table of Contents

 CONTRACT SCHEDULE 
  

					
	 OWNER:  [John Doe]
	    	 SEX:  [M]
	  	         AGE AT ISSUE:  [35]

			
	 JOINT OWNER:  [Jane Doe]
	    	 SEX:  [F]
	  	         AGE AT ISSUE:  [35]

			
	 ANNUITANT:  [John Doe]
	    	 SEX:  [M]
	  	         AGE AT ISSUE:  [35]

		
	 CONTRACT NUMBER:  [12345678]
	    	 ISSUE DATE:  [February 15, 2013]

		
	 PLAN TYPE:  [Non-Qualified]
	    	 ANNUITY DATE:  [February 15, 2068]

 MAXIMUM TERMINAL ILLNESS RIDER ISSUE AGE:  [80] 

MAXIMUM NURSING HOME OR HOSPITAL CONFINEMENT RIDER ISSUE AGE:  [80] 

SINGLE PURCHASE PAYMENT:  [$50,000] 

CONTRACT MINIMUM:  [$2,000] 

Minimum
Allocation:                              [$500] 

SHIELD OPTIONS
 SEPARATE ACCOUNT:
        BRIGHTHOUSE SEPARATE ACCOUNT SA II 
 Shield Options and Indices by Term Available at Issue: 

Each Shield Option will have an associated Cap Rate or a Step Rate. 
  

					
	  

Shield Options
  

	  

Term
  
	  	  
 Index

 
	  	  

Minimum Guaranteed Cap/Step Rate
  

	  

[Shield 15
  

	 [3] Year
Term
	  	 [S&P 500® Index1
 Russell 2000®
Index2
 MSCI EAFE
Index3]
	  	 [3%

 3%
    3%]]

	  

[Shield 10
  

	
[1] Year Term
	  	 [S&P 500® Index
	  	[1%]
	  	 S&P 500® Index Step Rate
	  	[1%]
	  	 Russell 2000® Index
	  	[1%]
	  	 MSCI EAFE Index]
	  	[1%]
	
[3] Year Term
	  	 [S&P 500® Index
	  	[3%]
	  	 Russell 2000® Index
	  	[3%]
	  	 MSCI EAFE Index]
	  	[3%]]

 [Return of Premium Death Benefit Maximum Cap or Step Rate Reduction: [60%] 

Index-linked returns do not include the portion of returns generated by dividends; and the elements used in determining the credited rate from the index
are not guaranteed and can be changed by the Company, subject to any contract guarantees, and any such changes can affect the return.] 

  

					
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 [FIXED ACCOUNT 

Initial Interest Rate*:                   [1.00% annually]

 Interest Rate Term:                     [1
year] 
 Minimum Guaranteed Interest Rate**:
                  [1.00 % annually] 
 Any paid-up annuity,
cash surrender value, or death benefits that are available under this contract will not be less than the minimum benefits required by the statutes of the state in which this contract is delivered.] 

TRANSFER REQUIREMENTS: 
 [TRANSFER PERIOD: 

The [5 Calendar Days] following the Contract Anniversary coinciding with the end of the Term for each applicable Shield Option and/or the end of the
Interest Rate Term for the Fixed Account.] 
 TRANSFERS:

[During the Accumulation Period you may only make a transfer to the Fixed Account and to a new Shield Option(s) during the Transfer Period, subject to
availability. The effective date of such transfer is the first day of the Fixed Account Interest Rate Term and/or Shield Option(s) to which the transfer is made.

At the end of the Term, the Investment Amount will automatically be renewed into the same Shield Option unless you elect to transfer into a different
Shield Option or the Fixed Account Option at that time. If the Shield Option is no longer available at the end of the existing Term, these amounts will automatically transfer into the Fixed Account at the end of the Term unless otherwise
directed by You. If the Fixed Account is not available, these amounts will automatically transfer into the Shield Option with, in order of priority, the shortest Term, the highest Shield Rate, and the lowest Cap Rate from the Shield Options
available at the end of the Term unless otherwise directed by You.
 At the end of the Interest Rate Term, the Fixed Account Value will automatically
be renewed into the Fixed Account unless you elect to transfer into a Shield Option at that time. If the Fixed Account is no longer available at the end of the existing Fixed Account Term, these amounts will automatically transfer into the
Shield Option with, in order of priority, the shortest Term, the highest Shield Rate, and the lowest Cap Rate from the Shield Options available at the end of the Interest Rate Term unless otherwise directed by You.] 

BENEFICIARY: As designated by you as of the Issue Date unless changed in accordance with the Contract provisions. 

WITHDRAWALS: 
 Free Withdrawal
Amount:  Each Contract Year after the first Contract Year, you may withdraw a portion of your Account Value free from any Withdrawal Charge. The Free Withdrawal Amount each Contract Year is equal to [10%] of the Account
Value as of the prior Contract Anniversary less the total amount withdrawn, as described in the Withdrawal Provisions, from the Account Value in the current Contract Year. The Free Withdrawal Amount is non-cumulative and is not carried over to other
Contract Years. 
  
  

[* Initial Interest Rate – the interest rate credited to your initial allocation to the Fixed
Account during the Interest Rate Term beginning on the Issue Date. 
 ** We reserve the right with
30 days advance written notice to restrict transfers and allocations into the Fixed Account during the Transfer Period if the declared interest rate that would apply equals the Minimum Guaranteed Interest Rate. We will provide you notice if
these restrictions on transfers and allocations are subsequently lifted.] 

  

					
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Table of Contents

 Withdrawal Charge: The Withdrawal Charge is a percentage of the amount withdrawn from
the Account Value in a Contract Year in excess of the Free Withdrawal Amount. The Withdrawal Charge is calculated at the time of each withdrawal using the appropriate withdrawal charge percentage from the following schedule: 

 

					
		 	 WITHDRAWAL CHARGE PERCENTAGES

			
	             
	 	 Number of Complete

Contract Years Since Issue    

Date
	  	% Charge
		 	 0
	  	6%    
		 	 1
	  	5%    
		 	 2
	  	5%    
		 	 3 or more
	  	0%    

 In addition to any waiver of Withdrawal Charges set forth in the Contract or Rider(s), no Withdrawal Charge will be
deducted from the Account Value in the event of: 
  

	1.	Maturity of the Contract; or 

	2.	Payment of the Death Benefit; or 

	3.	Application of your Account Value to an Annuity Option; or 

	4.	If the withdrawal is required for you to avoid Federal Income Tax penalties or to satisfy Federal Income Tax rules concerning minimum distribution requirements that apply to this annuity (except for RMDs on a decedent
Roth IRA.) For purposes of this exception, we assume that this annuity is the only contract or funding vehicle from which distributions are required to be taken, and we will ignore all other Account Values; or 

	5.	If you properly “re-characterize” as permitted under Federal Tax Law your traditional IRA deferred annuity or Roth IRA deferred annuity issued by us; or 

	6.	If we agree in writing that none will apply. We may waive the Withdrawal Charge if you directly transfer the amount withdrawn to a Brighthouse Life Insurance Company of NY or Brighthouse Financial affiliate annuity
contract pre-approved by us. 

 Minimum Partial Withdrawal:   [$500.00] 

Minimum Account Value which must remain in the Contract after a Partial Withdrawal: [$2,000.00] 

ANNUITY OPTION INFORMATION: 

	1.	[The Annuity Date must be the first day of a calendar month. Unless otherwise directed by you, the Annuity Date is the first day of the calendar month following the Annuitant’s 90th birthday or 10 years from the Issue Date, whichever is later, or a later date if we agree.] 

	2.	The Annuity Date must not be less than 13 months from the Issue Date.

	3.	For Income Payments, the Fixed Annuity Tables are based on the Annuity 2000 Mortality Table with 15 years of mortality improvement based upon projection Scale AA, a 7 year age setback and interest at 1.00%.

 ANNUITY SERVICE OFFICE: 
 Brighthouse Life
Insurance Company of NY 
 [P.O. Box 10366 
 Des
Moines, IA 50306-0366] 
 [(800) 777-5897] 

  

					
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 ENDORSEMENTS AND RIDERS ATTACHED TO THIS CONTRACT: 

[Fixed Account Rider 
 Death Benefit Rider –
Return of Premium 
 Waiver of Withdrawal Charge for Nursing Home Confinement Rider 

Waiver of Withdrawal Charge for Terminal Illness Rider 

Individual Retirement Annuity Qualification Rider 

Roth Individual Retirement Annuity (“Roth IRA”) Endorsement 

Individual Non-Qualified Annuity Endorsement 

Designated Beneficiary Non-Qualified Endorsement] 

  

					
	ML-22495-1 (07/15)	 	[3D]	 	

Table of Contents

 [1The S&P 500 Index is a product of S&P Dow
Jones Indices LLC (“SPDJI”), and has been licensed for use by affiliates of Brighthouse Financial, Inc. including Brighthouse Services, LLC and Brighthouse Life Insurance Company of NY (collectively, “Brighthouse
Financial”). Standard & Poor’s®, S&P® and S&P 500®
are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow
Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Brighthouse Financial. The product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective
affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the product or any member of the public regarding the advisability of
investing in securities generally or in the product particularly or the ability of the S&P 500 Index to track general market performance. S&P Dow Jones Indices’ only relationship to Brighthouse Financial with respect to the S&P
500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without
regard to Brighthouse Financial or the product. S&P Dow Jones Indices have no obligation to take the needs of Brighthouse Financial or the owners of the product into consideration in determining, composing or calculating the S&P 500
Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the product or the timing of the issuance or sale of the product or in the determination or calculation of the
equation by which the product is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the product. There
is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security
within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue
and/or sponsor financial products unrelated to the product currently being issued by Brighthouse Financial, but which may be similar to and competitive with the product. In addition, CME Group Inc. and its affiliates may trade financial
products which are linked to the performance of the S&P 500 Index.
 S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY,
TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW
JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BRIGHTHOUSE FINANCIAL, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND
BRIGHTHOUSE FINANCIAL, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.]
  

  

					
	ML-22495-1 (07/15)	 	[3E]	 	

Table of Contents

 [2 The product is not sponsored, endorsed, sold or
promoted by Frank Russell Company (“Russell”). Russell makes no representation or warranty, express or implied, to the owners of the product or any member of the public regarding the advisability of investing in securities generally or in
the product particularly or the ability of the Russell 2000® Index to track general stock market performance or a segment of the same. Russell’s publication of the Russell 2000® Index in no way suggests or implies an opinion by Russell as to the advisability of investment in any or all of the securities upon which the Russell 2000® Index is based. Russell’s only relationship to affiliates of Brighthouse Financial, Inc. including Brighthouse Services, LLC and Brighthouse Life Insurance Company of NY (collectively,
“Brighthouse Financial”) is the licensing of certain trademarks and trade names of Russell and of the Russell 2000® Index which is determined, composed and calculated by Russell
without regard to Brighthouse Financial or the product. Russell is not responsible for and has not reviewed the product nor any associated literature or publications and Russell makes no representation or warranty express or implied as to their
accuracy or completeness, or otherwise. Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell 2000® Index. Russell has no
obligation or liability in connection with the administration, marketing or trading of the product. 
 RUSSELL DOES NOT GUARANTEE THE ACCURACY AND/OR
THE COMPLETENESS OF THE RUSSELL 2000® INDEX OR ANY DATA INCLUDED THEREIN AND RUSSELL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. RUSSELL MAKES NO WARRANTY,
EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BRIGHTHOUSE FINANCIAL, INVESTORS, OWNERS OF THE PRODUCT OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RUSSELL 2000® INDEX OR ANY DATA
INCLUDED THEREIN. RUSSELL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RUSSELL
2000® INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL RUSSELL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES
(INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.] 
 [3 THE PRODUCT
IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR
CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE
FOR CERTAIN PURPOSES BY AFFILIATES OF BRIGHTHOUSE FINANCIAL, INC. INCLUDING BRIGHTHOUSE SERVICES, LLC AND BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY (COLLECTIVELY, “BRIGHTHOUSE FINANCIAL”). NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION
OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN PRODUCTS GENERALLY OR IN THIS PRODUCT PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK
CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS PRODUCT
OR THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING,
COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS PRODUCT TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE
EQUATION BY OR THE CONSIDERATION INTO WHICH THIS PRODUCT IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE
ADMINISTRATION, MARKETING OR OFFERING OF THIS PRODUCT. 

  

					
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 ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES
FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE PRODUCT, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS,
OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT,
SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 
 No purchaser,
seller or holder of the product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI’s
permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.] 

  

					
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