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Exhibit 10.3    
    

AMENDMENT TO CREDIT AGREEMENT 

        THIS
AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is made as of October 4, 2007, by and among SIMON PROPERTY GROUP, L.P., a Delaware limited partnership (the
"Borrower"), the LENDERS listed on the signature pages hereof, JPMORGAN CHASE BANK, N.A., as Administrative Agent, DEUTSCHE BANK SECURITIES, INC., as Co-Documentation Agent, THE
BANK OF NOVA SCOTIA, NEW YORK AGENCY, as Co-Documentation Agent, and SUMITOMO MITSUI BANKING CORPORATION, as Co-Documentation Agent, and UBS SECURITIES LLC, as Joint
Syndication Agent, BANK OF AMERICA, N.A., as Joint Syndication Agent, and CITICORP NORTH AMERICA INC., as Joint Syndication Agent. 

WITNESSETH: 

        WHEREAS,
the Borrower and the Lenders have entered into the Credit Agreement, dated as of December 15, 2005 (the "Credit Agreement"); and 

        WHEREAS,
the Borrower has exercised its option pursuant to Section 2.1(d) of the Credit Agreement; and 

        WHEREAS,
the parties desire to modify the Credit Agreement upon the terms and conditions set forth herein. 

        NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 

	1.
	Definitions.    All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement.

	2.
	Amendments to Definitions.
	(a)
	The
definition of "Managing Agents" is hereby amended by adding after T.M. Life Insurance Company", the following: "and Norddeutsche Landesbank Girozentrale, New York Branch, Aareal
Bank AG and Goldman Sachs Bank USA"

	(b)
	The
definition of "Revolving Credit Commitment" is hereby deleted and the following substituted therefor: 

"Revolving Credit Commitment" means, with respect to any Lender, the obligation of such Lender to make Committed Loans and to participate in Letters of
Credit pursuant to the terms and conditions of this Agreement, and which shall not exceed the sum of the principal amount set forth opposite such Lender's name under the heading "Revolving Credit
Commitment" and "Alternative Currency Commitment" on Schedule 1.1 attached to the Amendment to Credit Agreement, dated as of October 4, 2007 or the signature page of the Assignment and
Acceptance by which it became a Lender, as modified from time to time pursuant to the terms of this Agreement or to give effect to any applicable Assignment and Acceptance, and "Revolving Credit
Commitments" means the aggregate principal amount of the Revolving Credit Commitments and Alternative Currency Commitments of all the Lenders, the maximum amount of which shall be $3,500,000,000, as
reduced from time to time pursuant to Section 4.1. 

	3.
	Other Amendments.    Section 2.1(d) and all references thereto are hereby deleted in their entirety.

	4.
	Effective Date.    This Amendment shall become effective upon receipt by the Administrative Agent of (i) counterparts
hereof signed by the Borrower and each existing Lender that has elected to increase its Revolving Credit Commitment and each institution (which shall be an Eligible Assignee) that has elected to
become a Lender, and (ii) payment by Borrower of the agreed upon fees for the account of the Lenders increasing their Revolving Credit Commitments and new institutions becoming Lenders (the
date of such receipt being deemed the "Effective Date"). 

	5.
	Representations and Warranties.    Borrower hereby represents and warrants that as of the Effective Date, all the
representations and warranties set forth in the Credit Agreement, as amended hereby, are true and complete in all material respects.

	6.
	Entire Agreement.    This Amendment constitutes the entire and final agreement among the parties hereto with respect to the
subject matter hereof and there are no other agreements, understandings, undertakings, representations or warranties among the parties hereto with respect to the subject matter hereof except as set
forth herein.

	7.
	Governing Law.    This Amendment shall be governed by, and construed in accordance with, the law of the State of
New York.

	8.
	Counterpart.    This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one
and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.

	9.
	Headings Etc.    Section or other headings contained in this Amendment are for reference purposes only and shall not in any
way affect the meaning or interpretation of this Amendment.

	10.
	No Further Modifications.    Except as modified herein, all of the terms and conditions of the Credit Agreement, as modified
hereby shall remain in full force and effect and, as modified hereby, the Borrower confirms and ratifies all of the terms, covenants and conditions of the Credit Agreement in all respects. 

        IN
WITTIESS WHEREOF, this Amendment has been duly executed as of the date first above written. 

	BORROWER:	SIMON PROPERTY GROUP, L.P.,

a Delaware limited partnership
	

 	

By:	
 	

SIMON PROPERTY GROUP, INC.,

as Managing General Partner
	

 	

By:	
 	

/s/  DAVID SIMON      
Chief Executive Officer

	ADMINISTRATIVE AGENT AND LENDER:	 	JPMORGAN CHASE BANK, N.A.
	

 	
 	

By:	
 	

/s/  MARC COSTANTINO      

	 	 	Name:	 	Marc Costantino
	 	 	Title:	 	Executive Director

	SYNDICATION AGENT AND LENDER:	 	UBS LOAN FINANCE, LLC
	

 	
 	

By:	
 	

/s/  IRJA R. OTSA      

	 	 	Name:	 	Irja R. Otsa
	 	 	Title:	 	Associate Director Banking Products Services, US
	

 	
 	

By:	
 	

/s/  DAVID B. JULIE      

	 	 	Name:	 	David B. Julie
	 	 	Title:	 	Associate Director Banking Products Services, US
	

Revolving Credit Commitment: $106,765,625
	

Alternative Currency Commitment: $43,234,375

	SYNDICATION AGENT AND LENDER:	 	CITICORP NORTH AMERICA, INC.
	

 	
 	

By:	
 	

/s/  RICARDO JAMES      

	 	 	Name:	 	Ricardo James
	 	 	Title:	 	SCO 2 Real Estate Estate Industry Specialist
	

Revolving Credit Commitment: $106,765,625
	

Alternative Currency Commitment: $43,234,375

	CO-DOCUMENTATION AGENT AND LENDER:	 	DEUTSCHE BANK AG, NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/  BRENDA CASEY      

	 	 	Name:	 	Brenda Casey
	 	 	Title:	 	Director
	

 	
 	

By:	
 	

/s/  J.T. JOHNSTON COE      

	 	 	Name:	 	J.T. Johnston Coe
	 	 	Title:	 	Managing Director
	

Revolving Credit Commitment: $103,015,625
	

Alternative Currency Commitment: $41,984,375

	CO-DOCUMENTATION AGENT AND LENDER:	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY
	

 	
 	

By:	
 	

/s/  ROBERT BOESE      

	 	 	Name:	 	Robert Boese
	 	 	Title:	 	Managing Director
	

Revolving Credit Commitment: $95,515,625
	

Alternative Currency Commitment: $39,484,375

	CO-DOCUMENTATION AGENT AND LENDER:	 	SUMITOMO MITSUI BANKING CORPORATION
	

 	
 	

By:	
 	

/s/  WILLIAM M. GINN      

	 	 	Name:	 	William M. Ginn
	 	 	Title:	 	General Manager
	

Revolving Credit Commitment: $99,265,625
	

Alternative Currency Commitment: $40,734,375

	SENIOR EXECUTIVE MANAGING AGENT AND LENDER:	 	THE ROYAL BANK OF SCOTLAND PLC
	

 	
 	

By:	
 	

/s/  BRETT THOMPSON      

	 	 	Name:	 	Brett Thompson
	 	 	Title:	 	Vice President
	

Revolving Credit Commitment: $92,265,625
	

Alternative Currency Commitment: $37,734,375

	SENIOR EXECUTIVE MANAGING AGENT AND LENDER:	 	CALYON NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/  WILLIAM J. ROGERS      

	 	 	Name:	 	William J. Rogers
	 	 	Title:	 	Managing Director
	

 	
 	

By:	
 	

/s/  PAUL T. RAGUSIN      

	 	 	Name:	 	Paul T. Ragusin
	 	 	Title:	 	Director
	

Revolving Credit Commitment: $84,765,625
	

Alternative Currency Commitment: $35,234,375

	SENIOR EXECUTIVE MANAGING AGENT AND LENDER:	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	

 	
 	

By:	
 	

/s/  CASSANDRA DROOGAN      

	 	 	Name:	 	Cassandra Droogan
	 	 	Title:	 	Vice President
	

 	
 	

By:	
 	

/s/  SHAHEEN MALIK      

	 	 	Name:	 	Shaheen Malik
	 	 	Title:	 	Associate
	

Revolving Credit Commitment: $88,515,625
	

Alternative Currency Commitment: $36,484,375

	SENIOR EXECUTIVE MANAGING AGENT AND LENDER:	 	MERRILL LYNCH BANK USA
	

 	
 	

By:	
 	

/s/  LOUIS ALDER      

	 	 	Name:	 	Louis Alder
	 	 	Title:	 	Director
	

Revolving Credit Commitment: $88,515,625
	

Alternative Currency Commitment: $36,484,375

	SENIOR EXECUTIVE MANAGING AGENT AND LENDER:	 	MORGAN STANLEY BANK
	

 	
 	

By:	
 	

/s/  DANIEL TWENGE      

	 	 	Name:	 	Daniel Twenge
	 	 	Title:	 	Authorized Signatory
	

Revolving Credit Commitment: $88,515,625
	

Alternative Currency Commitment: $36,484,375

	SENIOR EXECUTIVE MANAGING AGENT AND LENDER:	 	PNC BANK, NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

/s/  TERRI A. WYDA      

	 	 	Name:	 	Terri A. Wyda
	 	 	Title:	 	Vice President
	

Revolving Credit Commitment: $77,265,625
	

Alternative Currency Commitment: $32,734,375

	SENIOR MANAGING AGENT AND LENDER:	 	NATIONAL CITY BANK
	

 	
 	

By:	
 	

/s/  JOHN J. THULLEN      

	 	 	Name:	 	John J. Thullen
	 	 	Title:	 	Senior Vice President
	

Revolving Credit Commitment: $75,000,000
	

Alternative Currency Commitment: $25,000,000

	SENIOR MANAGING AGENT AND LENDER:	 	SUNTRUST BANK
	

 	
 	

By:	
 	

/s/  NANCY B. RICHARDS      

	 	 	Name:	 	Nancy B. Richards
	 	 	Title:	 	Senior Vice Prcsident
	

Revolving Credit Commitment: $60,000,000
	

Alternative Currency Commitment: $20,000,000

	MANAGING AGENT AND LENDER:	 	KBC BANK N.V.
	

 	
 	

By:	
 	

/s/  FRANCIS X. PAYNE      

	 	 	Name:	 	Francis X. Payne
	 	 	Title:	 	Vice President
	

 	
 	

By:	
 	

/s/  THOMAS R. LALLI      

	 	 	Name:	 	Thomas R. Lalli
	 	 	Title:	 	First Vice President
	

Revolving Credit Commitment: $45,000,000
	

Alternative Currency Commitment: $15,000,000

	MANAGING AGENT AND LENDER:	 	UNION BANK OF CALIFORNIA, N.A
	

 	
 	

By:	
 	

/s/  DAVID B. MURPHY      

	 	 	Name:	 	David B. Murphy
	 	 	Title:	 	SVP/Regional Mgr.
	

Revolving Credit Commitment: $45,000,000
	

Alternative Currency Commitment: $15,000,000

	MANAGING AGENT AND LENDER:	 	LANDESBANK BADEN-WURTTEMBERG

NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/  LEONARD J. CRANN      

	 	 	Name:	 	Leonard J. Crann
	 	 	Title:	 	Head of Real Estate Finance Department
	

 	
 	

By:	
 	

/s/  ROBERT DOWLING      

	 	 	Name:	 	Robert Dowling
	 	 	Title:	 	Vice President

Sr. Marketing Officer
	

Revolving Credit Commitment: $48,750,000
	

Alternative Currency Commitment: $16,250,000

	MANAGING AGENT AND LENDER:	 	BANK OF TOKYO—MITSUBISHI UFJ, LTD.
	

 	
 	

By:	
 	

/s/  JAMES T. TAYLOR      

	 	 	Name:	 	James T. Taylor
	 	 	Title:	 	Vice President
	

Revolving Credit Commitment: $45,000,000
	

Alternative Currency Commitment: $15,000,000

	MANAGING AGENT AND LENDER:	 	AAREAL BANK AG
	

 	
 	

By:	
 	

/s/  MICHAEL GREVE      

	 	 	Name:	 	Michael Greve
	 	 	Title:	 	Manager
	

 	
 	

By:	
 	

/s/  K. PEETERMANS      

	 	 	Name:	 	K. Peetermans
	 	 	Title:	 	Legal Counsel
	

Revolving Credit Commitment: $22,500,000
	

Alternative Currency Commitment: $7,500,000

	MANAGING AGENT AND LENDER:	 	GOLDMAN SACHS BANK USA
	

 	
 	

By:	
 	

/s/  WILLIAM YARBENET      

	 	 	Name:	 	William Yarbenet
	 	 	Title:	 	Vice President
	

Revolving Credit Commitment: $22,500,000
	

Alternative Currency Commitment: $7,500,000

	LENDER:	 	PEOPLE'S UNITED BANK
	

 	
 	

By:	
 	

/s/  MAURICE FRY      

	 	 	Name:	 	Maurice Fry
	 	 	Title:	 	Vice President
	

Revolving Credit Commitment: $25,000,000
	

Alternative Currency Commitment: $0

SCHEDULE 1.1 

	Lender
 
	 	Revolving Credit Commitment
	 	Alternative Currency Commitment

	JPMorgan Chase Bank, N.A. 	 	$	89,765,625	 	$	42,734,375
	Bank of America, N.A. 	 	$	89,765,625	 	$	42,734,375
	Citicorp North America, Inc. 	 	$	106,765,625	 	$	43,234,375
	UBS Loan Finance LLC	 	$	106,765,625	 	$	43,234,375
	Deutsche Bank AG, New York Branch	 	$	103,015,625	 	$	41,984,375
	Sumitomo Mitsui Banking Corporation	 	$	99,265,625	 	$	40,734,375
	The Bank of Nova Scotia, New York Agency	 	$	95,515,625	 	$	39,484,375
	The Royal Bank of Scotland plc	 	$	92,265,625	 	$	37,734,375
	Wachovia Bank, National Association	 	$	92,265,625	 	$	37,734,375
	Credit Suisse, Cayman Islands Branch	 	$	88,515,625	 	$	36,484,375
	Merrill Lynch Bank USA	 	$	88,515,625	 	$	36,484,375
	Morgan Stanley Bank	 	$	88,515,625	 	$	36,484,375
	U.S. Bank National Association	 	$	88,515,625	 	$	36,484,375
	Calyon New York Branch	 	$	84,765,625	 	$	35,234,375
	PNC Bank, National Association	 	$	77,265,625	 	$	32,734,375
	Eurohypo AG, New York Branch	 	$	66,015,625	 	$	28,984,375
	National City Bank of Indiana	 	$	75,000,000	 	$	25,000,000
	Suntrust Bank	 	$	60,000,000	 	$	20,000,000
	Bayerische Landesbank, New York Branch	 	$	56,250,000	 	$	18,750,000
	ING Real Estate Finance (USA) LLC	 	$	56,250,000	 	$	18,750,000
	LaSalle Bank National Association	 	$	56,250,000	 	$	18,750,000
	Landesbank Baden-Wurttemberg New York Branch	 	$	48,750,000	 	$	16,250,000
	Bank of Tokyo-.Mitsubishi UFJ, Ltd. 	 	$	45,000,000	 	$	15,000,000
	Fifth Third Bank	 	$	45,000,000	 	$	15,000,000
	KBCBank N.V. 	 	$	45,000,000	 	$	15,000,000
	Union Bank of California, N.A. 	 	$	45,000,000	 	$	15,000,000
	Hypo Real Estate Capital Corporation	 	$	37,500,000	 	$	12,500,000
	Mizuho Corporate Bank, Ltd. 	 	$	37,500,000	 	$	12,500,000
	Nomura Funding Facility Corporation Ltd. 	 	$	37,500,000	 	$	12,500,000
	Societe Generale	 	$	37,500,000	 	$	12,500,000
	C.M. Life Insurance Company	 	$	3,000,000	 	$	0
	Massachusetts Mutual Life Insurance Company	 	$	47,000,000	 	$	0
	Emigrant Bank	 	$	50,000,000	 	$	0
	Westdeutsche Immobilienbank	 	$	50,000,000	 	$	0
	Norddeutsche Landesbank Girozentrale New York Branch	 	$	30,000,000	 	$	10,000,000
	Aareal Bank AG	 	$	22,500,000	 	$	7,500,000
	Goldman Sachs Bank USA	 	$	22,500,000	 	$	7,500,000
	Banco Popular de Puerto Rico	 	$	25,000,000	 	$	0
	Bank of China	 	$	25,000,000	 	$	0
	Chang Hwa Commercial Bank, Ltd., New York Branch	 	$	25,000,000	 	$	0
	Comerica Bank	 	$	25,000,000	 	$	0
	Malayan Banking Berhad	 	$	25,000,000	 	$	0
	People's United Bank	 	$	25,000,000	 	$	0
	The Governor and Company of the Bank of Ireland	 	$	25,000,000	 	$	0
	Mega International Commercial Bank, New York Branch	 	$	15,000,000	 	$	5,000,000
	First Commercial Bank, Los Angeles Branch	 	$	20,000,000	 	$	0
	The Norinchukin Bank, New York Branch	 	$	15,000,000	 	$	5,000,000
	Bank of Taiwan, New York Agency	 	$	15,000,000	 	$	0
	Chinatrust Commercial Bank, New York Branch	 	$	10,000,000	 	$	0
	Hua Nan Commercial Bank Ltd., New York Agency	 	$	10,000,000	 	$	0
	 	 	
	 	

	TOTAL	 	$	2,625,000,000	 	$	875,000,000
	 	 	
	 	

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Exhibit 10.12    
    

EMPLOYMENT AGREEMENT  

        This Employment Agreement is made and entered into by and among SIMON PROPERTY GROUP, Inc., a Delaware
corporation (the "Parent"), SIMON PROPERTY GROUP ADMINISTRATIVE SERVICES PARTNERSHIP, L.P., an indirect subsidiary of the Parent (the "Company") and RICHARD S. SOKOLOV (the "Executive"), as of
January 1, 2007. 

        WHEREAS,
Executive serves as President and Chief Operating Officer of Parent and its subsidiaries; 

        WHEREAS,
Parent, Company and Executive are parties to a certain Employment Agreement dated March 26, 1996 and effective as of August 9, 1996, as the same has been amended
and supplemented ("Prior Agreement"); 

        WHEREAS,
each of the Parent and the Company considers it essential to its best interests and the best interests of Parent's stockholders to foster the continued employment of Executive
by the Parent and the Company; 

        WHEREAS,
Executive is willing so to continue his employment on the terms hereinafter set forth in this agreement (the "Agreement"); and 

        WHEREAS,
Executive has agreed that from and after the date hereof, this Agreement shall supersede in all respects the Prior Agreement and any other agreements, arrangements or
understandings relating to the subject matter hereof. 

        NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 

ARTICLE I 

EXECUTIVE
REPRESENTATIONS 

	1.1
	Executive Representations and Agreement

	(a)
	Executive
agrees and acknowledges that as of the date hereof (i) this Agreement shall supersede the Prior Agreement in all respects and (ii) except as otherwise
expressly provided in this Agreement, neither the Executive nor the Parent, the Company or their affiliates shall have any further rights, claims or obligations under any provisions of the Prior
Agreement or any other existing agreements, arrangements or understandings relating to the subject matter hereof.

	(b)
	Executive
represents and warrants to the Parent and the Company, that to the best of his knowledge, neither the execution nor delivery of this Agreement nor the performance of his
duties hereunder violates or will violate the provisions of any other agreement to which he is a party or by which he is bound. 

ARTICLE II 

EMPLOYMENT,
DUTIES AND RESPONSIBILITIES 

	2.1
	Employment.    During the term of Executive's employment hereunder, Executive shall serve as the President and Chief
Operating Officer of the Parent and agrees to serve, if elected, for no additional compensation as a trustee or director of the Parent and/or in the position of officer, trustee or director of any
subsidiary or affiliate of the Parent. Executive hereby accepts such employment. Executive agrees to devote his full time and efforts to promote the interests of the 

1

 

Parent
and its affiliates. In addition, during the term of Executive's employment hereunder, the Parent shall use its best efforts to nominate Executive for election to, and to cause Executive to be
elected to, the Board of Directors of Parent (the "Board") and to the Executive Committee of the Board and shall nominate Executive for re-election to the Board at each annual meeting of
the Parent's shareholders at which directors of the Parent are to be elected. 

	2.2
	Duties and Responsibilities.    During the term of Executive's employment hereunder, Executive shall perform such duties and
exercise such supervision and authority over and with regard to the business of the Parent as are similar in nature to those duties and services customarily associated with the position of President
and Chief Operating Officer, including authority, subject to the oversight of the Chief Executive Officer of the Parent and the Board, with respect to the day-to-day operations
of the Parent, and development and implementation of business strategies. In exercising such authority the Executive shall routinely consult with, and report directly and only to, the Chief Executive
Officer of the Parent and the Board.

	2.3
	Base of Operation.    Executive's principal base of operation for the performance of his duties and responsibilities under
this Agreement shall initially be in Youngstown, Ohio; provided, however, that Executive shall perform
such duties and responsibilities not involving a permanent transfer of his base of operation outside of Youngstown, Ohio at such other places as shall from time to time be reasonably necessary to
fulfill his obligations hereunder and shall devote at least a majority of his business time to duties performed by Executive at the Parent's corporate offices in Indianapolis, Indiana. 

ARTICLE III 

TERM,
EFFECTIVENESS 

	3.1
	Term.    Unless earlier terminated pursuant to Article VI below, the term of this Agreement (the "Term") shall
commence as of the date hereof and shall continue for a period of three (3) years and one month thereafter (January 31, 2010); provided,  however,
that the Term shall be automatically renewed for two (2) successive twelve month periods unless either party hereto gives at least
90 days prior written notice to the other of its election not to so renew the Term. 

ARTICLE IV 

COMPENSATION
AND EXPENSES 

	4.1
	Salary, Bonuses and Benefits.    As compensation and consideration for the performance by Executive of his obligations under
this Agreement, Executive shall be entitled to the following (subject, in each case, to the provisions of ARTICLE VI hereof):

	(a)
	Base Salary.    The Company shall pay Executive a base salary during the Term, payable in accordance with the normal payment
procedures of the Company, at the rate of $782,000 per annum. The Parent and the Company agree to review such compensation not less frequently than annually during the Term, which shall in any event
be subject to review and approval by the Compensation Committee of the Board (the "Committee").

	(b)
	Retirement, Welfare and Other Benefits.    Executive shall participate during the Term in such pension, savings, profit
sharing, life insurance, health, disability and major medical insurance plans, and in such other employee benefit plans and programs, for the benefit of the employees of the Parent and its affiliates,
as may be maintained from time to time during the Term, in each case to the extent and in the manner available to other officers of the Parent and subject to the terms and provisions of such plans or
programs. In addition, Executive will be afforded the same indemnity provisions regarding directors and officers liability that the Parent provides to its other senior executive officers and directors
and Executive will be 

2

 

covered
by any directors and officers liability policy generally in force for the Parent's senior executive officers and directors. 

	(c)
	Equity Arrangements.

	(i)
	Executive
shall participate during each calendar year during the Term commencing with fiscal year 2007, in the Parent's stock and performance incentive plans (or such
plans of the Parent's affiliates maintained for the benefit of other officers of Parent) on the same basis as is made available to other executives of the Parent and approved by the Committee. As of
the date hereof, 423,599 shares of restricted stock have been earned and awarded to Executive pursuant to the 1998 Incentive Stock Plan of Simon Property Group, L.P., as amended from time to
time (the "Plan") but which remain subject to the vesting requirements of the Plan. Of that amount, 41,769 have not yet vested.

	(d)
	Bonus Opportunity.    Executive shall participate during the Term in the Parent's (or its affiliates') annual cash bonus plan
for senior executives of the Parent as in effect from time to time, with a target annual bonus for each year during the Term equal to at least 75%, and a maximum bonus of not more than 150%, of
Executive's base salary, and with the amount of any cash bonus to be approved by the Committee.

	(e)
	Vacation.    Executive shall be entitled to a reasonable paid vacation period (but not necessarily consecutive vacation
weeks) during the Term.

	(f)
	Use of Aircraft.    To the extent reasonably practicable and feasible, the Company shall make available to the Executive the
use of a chartered aircraft to transport to Executive to and from the Executive's home in Youngstown, Ohio and the Company's corporate offices in Indianapolis, Indiana, and for other incidental
business related travel for Executive, all for the purpose of facilitating the performance of Executive's duties hereunder.

	4.2
	Expenses.    The Parent will reimburse, or will cause the Company to reimburse, Executive for reasonable business-related
expenses incurred by him in connection with the performance of his duties hereunder during the Term, subject, however, to the Parent's and the Company's policies relating to business-related expenses
as in effect from time to time during the Term. Executive shall be responsible for any of Executive's housing expenses incurred in connection with the performance of Executive's duties in
Indianapolis, Indiana. 

ARTICLE V 

EXCLUSIVITY,
ETC. 

	5.1
	Exclusivity.    Executive agrees to perform his duties, responsibilities and obligations hereunder efficiently and to the
best of his ability. Executive agrees that he will devote his entire working time, care and attention and best efforts to such duties, responsibilities and obligations throughout the Term. Executive
also agrees that he will not engage in any other business activities, whether charitable or pursued for gain, profit, other pecuniary advantage or otherwise, that are competitive with the activities
of the Parent or its affiliates or that would adversely effect Executive's ability to perform his duties hereunder. Executive agrees that all of his activities as an employee and/or trustee or
director of the Parent or its affiliates shall be in conformity with all present and future policies, rules and regulations and directions of the Parent and its affiliates not inconsistent with this
Agreement.

	5.2
	Other Employment Business Ventures.    Executive agrees that for so long as he is employed by the Parent, and for a period of
one (1) year thereafter, he will not, directly or indirectly, become an employee, shareholder, partner, owner, officer, agent, director of, or otherwise associate with, any firm, person,
business enterprise or other entity which is engaged in or competitive with, any 

3

 

business
engaged in by the Parent or its affiliates. Notwithstanding the foregoing, Executive may own, directly or indirectly, up to 5% of the outstanding capital stock of any business having a class
of capital stock which is traded on any national stock exchange or in the over-the-counter market. 

	5.3
	Confidentiality; Non-solicitation.

	(a)
	Executive
agrees that he will not, at any time during or after the Term, make use of or divulge to any other person, firm, business enterprise or other entity, any trade or business
secret, process, method or means, or any other confidential information concerning the business or policies of the Parent or its affiliates including, without limitation, any information, data, or
other confidential information relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes,
financing methods, plans or the business and affairs of the Parent or its affiliates generally; provided that the foregoing shall not apply to
information which is not unique to the Parent or its affiliates or which is generally known to the industry or the public other than as a result of the Executive's breach of this covenant. Executive
agrees not to remove from the premises of the Parent or its affiliates, except as an employee of the Parent or its affiliates in pursuit of the business of the Parent or its affiliates or except as
specifically permitted in writing by the Parent, any document or other object containing or reflecting any such confidential information. Executive recognizes that all such documents and objects,
whether developed by him or by someone else, will be the sole exclusive property of the Parent and its affiliates. Upon termination of his employment hereunder, Executive shall forthwith deliver to
the Parent all such confidential information, including without limitation all lists of customers, correspondence, accounts, records and any other documents or property made or held by him or under
his control in relation to the business or affairs of the Parent or its affiliates, and no copy of any such confidential information shall be retained by him.

	(b)
	Executive
agrees that for so long as he is employed by the Parent and for a period of one (1) year thereafter. Executive shall not, directly or indirectly, whether as an
employee, consultant, independent contractor, partner, joint venturer or otherwise, (A) solicit or induce, or in any manner attempt to solicit or induce, any person employed by, or as agent of,
the Parent or its affiliates to terminate such person's contract of employment or agency, as the case may be, with the Parent or its affiliates, (B) employ or offer employment to any person who
was employed by the Parent or its affiliates in other than a purely administrative capacity unless such person shall have ceased to be employed by the Parent or its affiliates for a period of at least
12 months, or (C) divert, or attempt to divert, any person, concern, or entity from doing business with the Parent or its affiliates, nor will he attempt to induce any such person,
concern or entity to cease being a customer or supplier of the Parent or its affiliates.

	(c)
	Executive
agrees that, at any time and from time to time during and after the Term, he will execute any and all documents which the Parent may deem reasonably necessary or appropriate
to effectuate the provisions of this Section 5.3.

	5.4
	Specific Performance.    Executive acknowledges and agrees that the Parent's remedies at law for a breach or threatened
breach of any of the provisions of this Article V would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breath, in addition to
any remedies at law, the Parent, without posting any bond, shall be entitled to seek equitable relief in the form of specific performances temporary restraining order, temporary or permanent
injunction or any other equitable remedy which may then be available. 

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ARTICLE VI 

TERMINATION

	6.1
	Termination by the Parent.    The Parent shall have the right to terminate this Agreement and Executive's employment
hereunder at any time during the Term with or without Cause. For purposes of this Agreement, "Cause" shall mean (i) a substantial and continued failure by Executive to perform his duties
hereunder or (ii) Executive's conviction of a felony; provided that no termination for Cause as a result of any of the events described in
clause (i) shall be deemed effective unless and until the Parent shall have provided Executive with written notice specifying in detail the action(s) or event(s) allegedly constituting grounds
for the Cause termination and the Executive shall have failed to cure such action(s) or event(s) within 10 days of receipt of such notice. Any such termination without cause or due to
Executive's conviction of a felony shall be effective upon the giving of notice thereof to Executive in accordance with Section 8.3 hereof, and any termination which is based on any of the
action(s) or event(s) described in clause (i) shall be effective as of the 10th day following Executive's receipt of such notice if Executive shall have failed to cure the applicable
action(s) or event(s).

	6.2
	Death.    In the event Executive dies during the Term, this Agreement shall automatically terminate, such termination to be
effective on the date of Executive's death.

	6.3
	Disability.    In the event that Executive shall suffer a disability during the Term which shall have prevented him from
performing satisfactorily his obligations hereunder for a period of at least 90 consecutive days, the Parent shall have the right to terminate this Agreement and Executive's employment hereunder, such
termination to be effective upon the giving of notice thereof to Executive in accordance with Section 8.3 hereof.

	6.4
	Termination by Executive for Good Reason.    This Agreement and Executive's employment hereunder may be terminated during the
Term by Executive with or without Good Reason, by giving 30 days advance written notice to the Parent in accordance with Section 8.3. For purposes of this Agreement, the following
circumstances shall constitute "Good Reason":

	(a)
	the
assignment to Executive of any duties inconsistent in any material respect with Executive's position (including status, offices, titles and reporting requirements). or with his
authority, duties or responsibilities as contemplated by Sections 2.1 and 2.2 of this Agreement or any other action by the Parent or its successor which results in a material diminution or
material adverse change in Executive's titles, position, status, authority, duties or responsibilities (including, without limitation, removal of Executive from, or failure to secure the Executive's
election or appointment to, the Board or the Executive Committee of the Board without the Executive's written consent during any period when the number of directors constituting the entire Board
equals or exceeds 13, other than as a result of Executive's death or (excluding advisor directors) disability);

	(b)
	any
material breach by the Parent or its successor of the provisions of this Agreement;

	(c)
	any
failure by the Parent to comply with and satisfy Section 8.2(b) of this Agreement; or

	(d)
	a
relocation of Executive's principal base of operation to any location other than Youngstown, Ohio during the term of Executive's employment hereunder;  provided that the requirement that Executive devote
at least a majority of his business time to duties performed at the Parent's corporate offices in
Indianapolis, Indiana shall not constitute a relocation of Executive's principal base of operation for purposes of this Agreement; provided that no
termination by Executive for Good Reason shall be deemed effective unless and until the Executive shall have provided the Parent with written notice specifying in detail the action(s) 

5

 

or
event(s) allegedly constituting grounds for the Good Reason termination and the Parent shall have failed to cure such action(s) or event(s) within 10 days of receipt of such notice. 

	6.5
	Effect of Termination.

	(a)
	In
the event of termination of this Agreement during the Term by either party for any reason, or by reason of the Executive's death, the Company shall pay to Executive (or his
beneficiary in the event of his death) any base salary earned but not paid to Executive prior to the effective date of such termination, together with any other earned and currently payable, but then
unpaid, compensation.

	(b)
	In
the event of the termination of this Agreement during the Term (i) by the Parent without Cause (other than due to Executive's death or disability), or (ii) by
Executive for Good Reason (each, a "Wrongful Termination"), the Company shall pay to Executive, in addition to the amounts described in Section 6.5(a) hereof, an amount equal to
one-year's then current base salary and bonus, in twelve equal monthly installments following the date of such termination (the "Cash Severance"). For this purpose, Executive's then
current bonus shall be Executive's maximum target bonus for the Parent's fiscal year within which such termination occurs.

	(c)
	In
the event of the termination of this Agreement during the Term for any of the reasons specified in (b) above, or a termination by Parent due to Executive's disability, then
Executive shall continue to vest in any restricted stock grants deemed earned and awarded by the Committee due to the attainment of prescribed goals and objectives, provided that at the time of any
such termination, Executive executes a release in favor of the Company in form and content reasonably acceptable to Executive and the Company, and provided, further, that Executive complies with the
provisions of Sections 5.2 and 5.3(b) above.

	(d)
	Unless
otherwise agreed among the parties in writing, in the event of the termination of Executive's employment upon the expiration of the Term whether as the result of either the
Company or the Executive providing notice electing not to renew the Term pursuant to Section 3.1 or otherwise, Executive shall be entitled to no further benefits hereunder, other than those
described in Sections 6.5(a), and any continuation of Executive's employment with the Parent beyond the expiration of the Term shall be deemed an employment at will and shall not be deemed to
extend any of the provisions of this Agreement, and Executive's employment may thereafter be terminated at will by Executive or the Parent.

	(e)
	In
the event of Executive's termination of employment by Parent as a result of Executive's death, in addition to Executive's entitlement to the amounts described in
Section 6.5(a), the deferred stock deemed earned and awarded as described in Section 6.5(c) above shall be accelerated and shall be deemed fully vested as of the date of Executive's
Death.

	(f)
	Except
as expressly provided in this Article VI, the Parent shall have no further obligations to Executive under this Agreement following Executive's termination of employment
with the Parent. Any other benefits due Executive following Executive's termination of employment with the Parent shall be determined in accordance with the plans, policies and practices of the
Parent; provided that any severance benefits otherwise payable to Executive in connection with Executive's termination of employment under any plan or
policy of the Parent or its affiliates shall be reduced by the aggregate amount payable to Executive pursuant to Section 6.5(b).

	(g)
	Upon
the termination of Executive's employment with the Parent for any reason, Executive agrees to promptly resign, effective as of the date of such termination of employment, from
the Board (and any committee thereof) and as an officer of Parent, as well as from participation as a member of the Board of Directors or trustee or committee member or 

6

 

officer
of any of the Parent's affiliates and subsidiaries, and will take all action reasonably requested by the Parent in order to evidence such resignation. 

ARTICLE VII 

SECTION 409A
COMPLIANCE 

	7.1
	Key Employee.    If as of the date his employment terminates, Executive is a "key employee" within the meaning of the
Internal Revenue Code (the "Code") Section 416(i), without regard to paragraph 416(i)(5) thereof, and if the Company has stock that is publicly traded on an established securities market
or otherwise, any deferred compensation payments otherwise payable to Executive because of his termination of service (for reasons other than death or disability) will be suspended until, and will be
paid to the Executive on, the first day of the seventh month following the month in which the Executive's last day of employment occurs. For purposes of this Agreement, "deferred compensation" means
compensation provided under a nonqualified deferred compensation plan as defined in, and subject to, Code Section 409A.

	7.2
	Adjustments.    This Agreement and any amendments hereto shall be interpreted and applied in a manner consistent with the
applicable standards for nonqualified deferred compensation plans established by Code Section 409A and its interpretive regulations and other regulatory guidance. To the extent that any terms
of this Agreement would subject Executive to gross income inclusion, interest, or additional tax pursuant to Code Section 409A, those terms are to that extent superseded by, and shall be
adjusted to the minimum extent necessary to satisfy, the applicable Code Section 409A standards. 

ARTICLE VIII 

MISCELLANEOUS

	8.1
	Life Insurance.    Executive agrees that the Parent and/or its affiliates may apply for and secure and own insurance on
Executive's life (in amounts determined by the Parent or its affiliates). Executive agrees to cooperate fully in the application for and securing of such insurance, including the submission by
Executive to such physical and other examinations, and the answering of such questions and furnishing of such information by Executive, as may be required by the carrier(s) of such insurance.
notwithstanding anything to the contrary contained herein, the Parent and its affiliates shall not be required to obtain any insurance for or on behalf of Executive, except as provided in
Section 4.1(b) hereof.

	8.2
	Benefit of Agreement; Assignment; Beneficiary.

	(a)
	This
Agreement shall inure to the benefit of and be binding upon the Parent, the Company and its successors and assigns, including without limitation, any corporation or person which
may acquire all or substantially all of the Parent's assets or business, or with or into which the Parent may be consolidated or merged. This Agreement shall also inure to the benefit of, and be
enforceable by, the Executive and his personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amount
would still be payable to the Executive pursuant to Section 6.5(a), all such amounts shall be paid in accordance with the terms of this Agreement to the Executive's beneficiary, devisee,
legatee or other designee, or if there is no such designee, to the Executive's estate.

	(b)
	The
Parent shall require any successor (whether direct or indirect, by operation of law, by purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Parent to expressly assume and agree to perform this Agreement in the same 

7

 

manner
and to the saint extent that the Parent would be required to perform it if no such succession had taken place. 

	8.3
	Notices.    Any notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally
delivered or if sent by telegram or telex or by registered or certified mail, postage prepaid, with return receipt requested, addressed: (a) in the case of the Parent to its principal corporate
offices in Indianapolis, Indiana, Attention: General Counsel, or to such other address and/or to the attention of such other person as the Parent shall
designate by written notice to Executive; and (b) in the case of Executive, to the then most current address of the Executive as recorded in the personnel records of the Parent, or to such
other address as Executive shall designate by written notice to the Parent. Any notice given hereunder shall be deemed to have been given at the time of receipt thereof by the person to whom such
notice is given.

	8.4
	Entire Agreement; Amendment.

	(a)
	As
of the Effective Date, this Agreement shall constitute the entire agreement of the parties hereto with respect to the terms and conditions of Executive's employment during the Term
and supersedes any and all prior agreements and understandings, whether written or oral, between the parties hereof with respect to compensation due for services rendered hereunder. Executive, the
Parent and the Company further hereby expressly agree that from and after the Effective Date, (i) this Agreement shall supersede the Prior Agreement in all respects, (ii) Executive's
rights with respect to the vesting and payment of awards under any stock incentive plan of the Company shall be limited to those expressly provided in Section 4.1(c) and Section 6.5(c)
and (e), and (iii) neither the Executive nor the Parent or its affiliates shall have any further rights, claims or obligations under any provisions of the Prior Agreement or any then existing
agreements, arrangements or understandings relating to the subject matter hereof.

	(b)
	This
Agreement may not be changed or modified except by an instrument in writing signed by both of the parties hereto.

	8.5
	Waiver.    The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a
continuing waiver or as a consent to or waiver of any subsequent breath hereof.

	8.6
	Headings.    The Article and Section headings herein are for convenience of reference only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions hereof.

	8.7
	Governing Law.    This Agreement shall be governed by, and construed and interpreted in accordance with, the internal laws of
the State of Indiana without reference to the principles of conflict in laws.

	8.8
	Agreement to Take Actions.    Each party hereto shall execute and deliver such documents, certificates, agreements and other
instruments, and shall take such other actions, as may be reasonably necessary or desirable in order to perform his or its obligations under this Agreement or to effectuate the purposes hereof.

	8.9
	Arbitration.    Except for disputes with respect to Article V hereof, any dispute between the parties hereto
respecting the meaning and intent of this Agreement or any of its terms and provisions shall be submitted to arbitration in Indianapolis, Indiana in accordance with the Commercial Rules of the
American Arbitration Association then in effect, and the arbitration determination resulting from any such submission shall be final and binding upon the parties hereto. Judgment upon any arbitration
award may be entered in any court of competent jurisdiction. 

8

 
	8.10
	Attorneys' Fees.    In the event of any arbitration or legal proceeding between the parties hereto arising out of the
subject matter of this Agreement, including any such proceeding to enforce any right or provision hereunder, which proceeding shall result in the rendering by an arbitration panel or court of a
decision in favor of Executive, the Parent shall pay to Executive all costs and expenses incurred therein by Executive, including, without limitation, reasonable attorneys' fees, which costs, expenses
and attorneys' fees shall be included in and as a part of any award or judgment rendered in such arbitration or legal proceeding.

	8.11
	Notification Requirement.    During the term of Executive's employment hereunder and for the one (1) year period
following Executive's termination of employment with the Parent for any reason, the Executive shall give notice to the Parent of any change in the Executive's address and of each new employment that
the Executive plans to undertake, at least seven (7) days prior to beginning any such new employment. Such notice shall state the nature of the new employment, the name and address of the
person for whom such new employment is undertaken and the Executive shall provide the Parent with such other pertinent information concerning such new employment as the Parent may reasonably request
in order to determine the Executive's continued compliance with the Executive's obligations under Article V.

	8.12
	Withholding Taxes.    The Parent and its affiliates may withhold from any amounts payable under this Agreement such Federal,
state and local taxes as are required to be withheld pursuant to any applicable law or regulation and the Parent and its affiliates shall be authorized to take such action as may be necessary in the
opinion of the Parent's counsel (including, without limitation, withholding amounts from any compensation or other amount owing from the Parent (or its affiliates) to the Executive) to satisfy all
obligations for the payment.

	8.13
	Survival.    The respective tights and obligations of the parties hereunder shall survive any termination of this Agreement
to the extent necessary to the intended preservation of such rights and obligations.

	8.14
	Validity.    The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the
validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect.

	8.15
	Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument. 

9

 

        IN
WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of this 1st day of January, 2007. 

	 	SIMON PROPERTY GROUP, INC., A DELAWARE CORPORATION
	

 	

By:	
 	

/s/  DAVID SIMON      
 David Simon
 Chairman and Chief Executive Officer
	

 	
SIMON PROPERTY GROUP ADMINISTRATIVE

SERVICES PARTNERSHIP, L.P., A DELAWARE LIMITED PARTNERSHIP
	

 	

By its General Partner:
	

 	

M.S. MANAGEMENT ASSOCIATES, INC.,

a Delaware corporation
	

 	

By:	
 	

/s/  DAVID SIMON      
 David Simon
 Chairman and Chief Executive Officer
	

 	

/s/  RICHARD S. SOKOLOV      
 RICHARD S. SOKOLOV

10

QuickLinks

Exhibit 10.12

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