Document:

Exhibit 10.16  

DATED MARCH 1, 2004  

	(1)
	SIMON
PROPERTY GROUP

ADMINISTRATIVE SERVICES

PARTNERSHIP, L.P.

	(2)
	EUROPEAN
RETAIL ENTERPRISES B.V./S.à.r.l.

	(3)
	HANS
C. MAUTNER 

	 	
SECONDMENT AGREEMENT
	 

THIS AGREEMENT ("Agreement") is made the 1st day of March 2004 

BETWEEN:

	(1)
	SIMON PROPERTY GROUP ADMINISTRATIVE SERVICES PARTNERSHIP, L.P., a Delaware limited partnership with its principal office at National
City Center, 115 West Washington Street, Indianapolis, Indiana 46204, U.S.A. (the "Employer");

	(2)
	EUROPEAN RETAIL ENTERPRISES B.V./S.à.r.l., a limited liability company registered as European Retail Enterprises B.V.
where the company has its statutory seat (in Amsterdam, the Netherlands n° of registration 24285800) and as European Retail Enterprises S.à.r.l. where the company has its
principal establishment (in Luxembourg, 23 rue Philippe II—L-2340, n° of registration B 88 938) (the "Host Company"); and

	(3)
	Hans Conrad Mautner, a US citizen residing at 8 Cadogan Square, London SW1X OJU (England), and having the status of non domiciled
resident for UK tax purposes (the "Secondee"). 

WHEREAS the Secondee was appointed as non-remunerated member of the Board of Directors (the "Board") on
July 19, 2000 by the meeting of shareholders of the Host Company. 

WHEREAS the Board of Directors of the Host Company approved on March 26, 2003 the appointment of the Secondee as non-remunerated Chairman of the
Board. These duties have resulted in Mr. Mautner devoting more and more of his time to the Company, supervising the way the decisions made by the Board are implemented, following the progress
of the projects under development and the possible new projects, gathering key information for the Board to allow the latter to make its decisions whether to study new projects and possibly develop
them, and making recommendations to the Board for its consideration. 

WHEREAS in view of this situation, the Board of the Host Company approved on November 19, 2003 the principle of the Secondee's secondment in the
Host Company as Chief Executive Officer and gave full power to the Compensation Committee to determine the remuneration of the Secondee in the context thereof. The Compensation Committee of the Host
Company approved on the date hereof the financial terms and conditions of this Secondment Agreement, a copy of such approval being attached hereto as  Annex 3. 

WHEREAS the Secondee is employed by the Employer and has agreed to be seconded to the Host Company for a specified period of time pursuant to the terms
and conditions hereof to act as Chief Executive Officer. 

NOW IT IS HEREBY AGREED as follows: 

	1
	 DEFINITIONS

	1.1
	In
this Agreement: 

"Affiliate" means any Person that directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a party to this Agreement; each of the words "control", "controlling", or "controlled" as used in this Clause 1.1. shall mean ownership of any such party which is not less than 50% plus one
share, or the right to elect the majority of the Board of Directors or such other similar governing body; 

"Authorised Representative" means the Board of Directors or the shareholders of the Host Company; 

"Commencement Date" means the Signature Date hereof; 

"Employment Contract" means the contract of employment between the Employer and the Secondee dated 23 September 1998, as amended; 

"Person" means an individual, firm, trust, partnership, joint venture, association, company, unincorporated organisation, governmental body or authority
(in any form) or any other entity. 

	1.2
	References
in this Agreement to statutes shall include any statute modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted or extended by the
same or pursuant to which the same is made.

	1.3
	Clause
headings are in this Agreement for ease of reference only and shall not be taken into account in construing this Agreement.

	1.4
	References
in this Agreement to Clauses are references to those clauses contained in this Agreement.  

 

	2
	 APPOINTMENT AND TERM

	2.1
	The
Employer shall second the Secondee, who accepts, to act initially as Chief Executive Officer of the Host Company or in such other capacity as the Authorized Representative of the
Host Company may with the agreement of the Employer from time to time direct (the "Secondment"). In his role as Chief Executive Officer, the Secondee
will fulfil such duties as are necessary for a Chief Executive Officer's position. The Secondee shall report to the Authorized Representative. As such, the Secondee shall: 

        -       assist
the Board and the shareholders of the Host Company in defining the development strategy of the Host Company and more generally of the Host Company and its
Affiliates, 

        -       ensure
good and long term relationships with major clients, developers and service suppliers, 

        -       supervise
the way the decisions made by the Board are implemented, 

        -       follow
the progress of the projects under development and the possible new projects by visiting as the case maybe such sites and meeting with the relevant persons able to
provide information as to such progress and keep the Board informed, 

        -       gather
key information for the Board to allow the latter to make its decisions whether to study new projects and possibly develop them, 

        -       negotiate
key contracts on behalf of the Host Company and its subsidiaries and Affiliates, under the control of the Authorized Representative, 

        -       supervise
the performance of the agreements entered into by the Host Company or any Affiliate, 

        -       and
more generally do whatever is necessary or useful to implement the decisions made by the Board or the shareholders of the Host Company, including without limitation
visit the sites where projects are being developed or where potential projects could be developed, organize any meeting or take any contact deemed useful or necessary and make any trip in this
respect. 

	2.2
	In
view of the assignments given to the Secondee and because the Host Company has projects being developed principally in France and Poland, subsidiaries in Turkey and Portugal and is
exploring the Russian market (although nothing prevents the Host Company from investing in other countries), the parties acknowledge that there is no reason for the Secondee to carryout any of his
duties hereunder on the Luxembourg territory or within the United Kingdom, his visits to Luxembourg being limited to the Board and shareholders meetings and more generally to the performance of his
non remunerated duties as member of the Board and Chairman of the Board. As a result, the Secondee shall not have to spend time in Luxembourg, the Host Company having no project in that country, and
therefore he should not need any residence or work permit issued by the Luxembourg authorities, and no Luxembourg withholding taxes on his Compensation shall be required.

	2.3
	In
the context of his duties hereunder, the Secondee may be required to hold any title or office as set forth in clause 4.2 below.

	2.4
	Subject
to the terms of this Agreement and in particular to clause 9 below, the Secondment to the Host Company and the terms of this Agreement shall commence on the Commencement Date
and shall continue through 1 October 2004 (the "Term"). The Term may be extended by prior mutual agreement of the Employer, the Secondee and the
Authorized Representative of the Host Company for up to two additional extension periods (each an "Extension Period") of six months each in which case
the Term will be deemed to include the Extension Period.  

 

	3
	 DUTIES AND OBLIGATIONS

	3.1
	The
Secondee agrees with the Host Company that he shall act at all times with the utmost fidelity, honesty and loyalty.

	3.2
	The
Secondee shall use all reasonable endeavours to promote the best interests of the Host Company and any Affiliate.  

 

	4
	 COMMITMENT OF SECONDEE

	4.1
	The
Secondee shall spend such portion of his working time on the affairs of the Host Company as is agreed from time to time between the Employer and the shareholders or the Board of
Directors of the Host Company.

	4.2
	The
Secondee may be required to hold any office with the Host Company and/or any Affiliate as the Authorised Representative may notify him from time to time in writing. The Secondee
shall not be entitled to any director's or other fees from the Employer, the Host Company or any Affiliate or to any fees in respect of any office he may hold as the Affiliate's nominee or
representative.  

 

	5
	 EMPLOYER'S RESPONSIBILITIES AND INDEMNITIES

	5.1
	This
Agreement shall not be construed to take effect as a contract of employment (whether a contract for services or a contract of service) between the Host Company and the Secondee.

	5.2
	The
Employer shall remain responsible for disciplining the Secondee if either the Employer or the Host Company considers or suspects that the Secondee may have committed a
disciplinary offence or may be under-performing. In this respect, the Host Company shall use all reasonable endeavours to inform the Employer of the suspected offence or under-performance and the
surrounding circumstances as soon as reasonably practicable so that the Employer can take appropriate steps in a timely manner. 

	5.3
	At
all times during the continuance of this Agreement the Secondee shall remain solely employed by the Employer and the Employer shall remain solely responsible for all general
regulations, contractual obligations and statutory requirements owed to or in relation to the Secondee save as detailed in Clause 6 below.  

 

	6
	 REMUNERATION AND FEES

	6.1
	In
consideration for the secondment of the Secondee to the Host Company by the Employer, the Host Company agrees to pay directly to the Secondee a gross compensation of Euro 250,000
per annum (the "Compensation") to be paid in equal monthly instalments in arrears on or about the last day of each calendar month by credit transfer
with no compulsory 20% withholding pursuant to Luxembourg tax laws as a result of the commitment set forth in Section 2.2 above. For the avoidance of doubt, the Compensation shall be made into the
following bank account located in the USA: 

	Bank:	National City Bank, Indianapolis, IN
	SWIFT Code:	NATCUS34
	Acct. Name:	Simon Property Group Administrative Services Partnership
	Acct #:	501-774-602
	Reference:	Salary Reimbursement—Mautner, notify Hannah Brown (317) 685-7316.

In
this respect, the Secondee represents that he is a US citizen and a non domiciled resident in the United Kingdom, and that as a result the Compensation shall be subject to taxes in the USA as part
of his worldwide income. 

	6.2
	The
Employer shall continue to provide the Secondee with the benefits detailed in Sections 2.4 and 2.5 of the Employment Contract as described in Annex
1, and the Host Company shall reimburse the Employer on a monthly basis for 35.7% of such cost, or approximately 35.7% of Euro 33,245 per annum. In the event the Employer
increases such benefits, the Host Company shall in no event be obligated to pay more thanEuro 11,880 per annum.

	6.3
	The
Compensation is exclusive of VAT and the Host Company shall be wholly responsible for the payment of any applicable taxes if any or, to the extent applicable, social security
contributions, payable in Luxembourg, on the Compensation or on any bonus or in relation to the Secondee's services to the Host Company generally if any, and the Host Company shall indemnify and keep
indemnified the Employer and the Secondee against any such charges and any fines, penalties or interest associated with them. It is however recalled that the Secondee shall not perform his duties
hereunder on the Luxembourg territory. Moreover, the Employer and the Secondee represents and warrants that the Secondee is and shall remain insured under the USA social security system and exempted
from contribution of social security charges in the UK, avoiding thereby that the Secondee be insured under the Luxembourg social security system. In this respect, an original of a certificate issued
by the relevant US social security authorities has been delivered to the Host Company, certifying that the Secondee is still and shall remain insured by the US social security system, a copy of which
is attached hereto as Annex 2.  

 

	7
	 EXPENSES

The
Host Company shall be responsible for reimbursing directly to the Secondee the amount of all reasonable travel, entertainment and other expenses wholly and properly incurred by the Secondee in the
performance of his Secondment duties, subject to the prior production to the Host Company of such supporting vouchers and documents in respect of the actual payment of such costs and expenses by the
Secondee. 

	8
	 VACATION

The
Secondee shall be entitled to a total of 5 weeks of vacation per calendar year which shall be taken by the Secondee concurrently with, but not in addition to, the vacation days to which the
Secondee is entitled under any other employment contract, including but not limited to under the Employment Contract The Secondee shall not be permitted to accumulate and carry over unused vacation
time or pay from year to year except to the extent permitted in accordance with the Host Company's vacation policy for senior executives. The Secondee's entitlement to vacation shall accrue during
each calendar year pro rata to the number of completed calendar months of continuous service by the Secondee during such year. If on termination of the Secondee's secondment, he has taken holiday in
excess of his entitlement, then a sum calculated adopting the same method may be deducted from any salary or other payments due to the Secondee. 

	9
	 TERMINATION

	9.1
	The
Employer or the Authorized Representative of the Host Company respectively (but not the Secondee) may terminate this Agreement by registered letter with return receipt requested,
no other formality being necessary, with immediate effect for serious cause, that is in the event:

	(a)
	the
Secondee is convicted of a felony involving actual dishonesty as against the Employer or the Host Company or their respective Affiliates; or

	(b)
	the
Secondee, in carrying out his duties and responsibilities under this Agreement, voluntarily engages in conduct which is demonstrably and materially injurious to the Employer or
the Host Company or their respective Affiliates, monetarily or otherwise, unless such act, or failure to act was believed by the Secondee in good faith to be in the best interests of respectively the
Employer or Host Company or their respective Affiliates; or

	(c)
	the
Secondee, in carrying out his duties and responsibilities under this Agreement, commits other gross negligence or wilful misconduct that those described on (a) and (b) above; or

	(d)
	the
Secondee is no longer a Board member of the Host Company due to his resignation or removal from office by the meeting of the shareholders or the Board of the Host Company; or

	(e)
	of
death, permanent disability (meaning physical or mental illness for a period of three consecutive full months or more) or legal incapacity of the Secondee.

	9.2
	If
this Agreement is terminated in accordance with clause 9.1 above, the Host Company will pay directly to the Secondee:

	(a)
	any
Compensation and bonus earned but not yet paid as at the date of termination of this Agreement; and

	(b)
	reimbursement
for expenses incurred but not paid prior to the termination of this Agreement. 

Moreover,
the Employer shall cause the Secondee, who commits not to claim or require any other indemnity, payment or damages from the Host Company as a result of such early termination made in
compliance with Section 9.1. This payment shall constitute full indemnification for all claims or damages that the Secondee could make or incur as a result of the performance of this Secondment
Agreement or its termination. 

	9.3
	If
the Authorized Representative of the Host Company terminates this Agreement other than in accordance with clause 9.1 (above), the Host Company will pay directly to the Employer the
amounts referred to in Section 9.2 above, but also a severance payment equivalent to the 

Compensation
that would have been payable had this Agreement continued for the shorter of 3 months or the outstanding portion of the Term (the "Severance
Payment"). 

This
payment shall constitute liquidated damages for the termination of the Secondment. Moreover, the Employer shall cause the Secondee, who commits not to claim for any other indemnity, payment,
indemnification or damages from the Host Company as a result of such early termination made in compliance with Section 9.2. This payment shall constitute full indemnification for all claims or
damages that the Secondee could make or incur as a result of the performance of this Secondment Agreement or its termination. 

	10
	 OBLIGATIONS ON TERMINATION AND COVENANTS

	10.1
	The
Secondee hereby agrees that he will not at any time after the termination of this Agreement either personally or by his agent, directly or indirectly represent himself as being
in any way still connected with or interested in the business of the Host Company or any Affiliate (excluding the Employer or Simon Global Limited), except if he exercises other duties in the Host
Company.

	10.2
	The
Host Company, the Employer and the Secondee acknowledge that (i) the Host Company and its Affiliates are engaged in the business of shopping center development and other
retail project acquisition, ownership, financing, leasing, operation and development (the "Business"); (ii) the Host Company's Business is
conducted in various markets in France, Poland, Turkey, Russia, Portugal and Eastern Europe (the "Markets"); (iii) pursuant to this Secondment
Agreement, the Secondee will have been given access to confidential information concerning the Host Company and its Affiliates and the Business; (iv) the agreements and covenants contained in
this Agreement are essential to protect the business and goodwill of the Host Company and its Affiliates; and (v) nothing in this Clause 10.2 shall prevent or prejudice the Secondee's ability
to conduct the Business in the Markets or elsewhere on behalf of the Employer or Simon Global Limited in accordance with his duties under the Employment Contract or his employment agreement with Simon
Global Limited, whether before, during or after the Restricted Period (as defined below). Accordingly, the Secondee covenants and agrees as follows:

	(a)
	Non-Compete.  Without the prior written consent of the Authorised Representative, the Secondee shall not directly (except
in the proper performance of the Secondee's Secondment duties) during the Restricted Period (as defined below) within the Markets or any metropolitan area in which the Host Company or any of its
Affiliates is engaged directly or indirectly in the Business: (i) engage or participate in the Business; (ii) enter in the employ of, or render any services (whether or not for a fee or
other compensation) to, any person engaged in the Business; or (iii) acquire an equity interest in any such person in any capacity; provided, that the foregoing restrictions shall not apply at
any time if this Agreement is terminated during the Term by the Host Company other than in accordance with Clause 9.1 above; provided, further, that during the Restricted Period, the Secondee may own,
directly or indirectly, solely as a passive investment, securities of any company traded on any national or international securities exchange, including the National Association of Securities Dealers
Automated Quotation System. As used herein, the "Restricted Period" shall mean the period commencing on the date of termination of this Agreement and
ending on the first anniversary of such termination date.

	(b)
	Confidential Information; Personal Relationships.  The Secondee acknowledges that the Host Company has a legitimate and
continuing proprietary interest in the protection of its confidential information and has invested substantial sums and will continue to invest substantial sums to develop, maintain and protect
confidential information. The Secondee agrees that, during and after the Restricted Period, without the prior written consent of the Authorised Representative, the Secondee shall keep secret and
retain in strictest confidence, and shall not knowingly use for the benefit of himself or others all trade secrets and confidential matters relating to the Host Company's Business or the Host 

Company
or Affiliates including, without limitation, operational methods, marketing or development plans or strategies, business acquisition plans, joint venture proposals or plans, and new personnel
acquisition plans, learned by the Secondee heretofore or hereafter (such information shall be referred to herein collectively as "Confidential
Information"); provided, however, that nothing in this Agreement shall prohibit the Secondee from disclosing or using any Confidential Information (A) in the performance
of his duties hereunder, (B) as required by applicable law, regulatory authority, recognized subpoena power or any court of competent jurisdiction, (C) in connection with the enforcement
of his rights under this Agreement or any other agreement with the Host Company, or (D) in connection with the defense or settlement of any claim, suit or action brought or threatened against
the Secondee by or in the right of the Host Company. Notwithstanding any provision contained herein to the contrary, the term "Confidential Information"
shall not be deemed to include any general knowledge, skills or experience acquired by the Secondee or any knowledge or information known or available to the public in general (other than as a result
of a breach of this provision by the Secondee). Moreover, the Secondee shall be permitted to retain copies of, or have access to, all such Confidential Information relating to any disagreement,
dispute or litigation (pending or threatened) involving the Secondee solely for use in connection with such disagreement, dispute or litigation (pending or threatened). 

	(c)
	Employee of the Host Company and its Affiliates.  During the Restricted Period, without the prior written consent of the
Board, the Secondee shall not, directly or indirectly, hire or solicit, or cause others to hire or solicit, for employment by any person other than the Host Company or any Affiliate or successor
thereof, any employee of, or person employed within the two years preceding the Secondee's hiring or solicitation of such person by, the Host Company and its Affiliates or successors or encourage any
such employee to leave his employment. For this purpose, any person whose employment has been terminated by the Host Company or any Affiliate or successor thereof (or any predecessor of the Host
Company) shall be excluded from those persons protected by this Clause 10.2(c) for the benefit of the Host Company.

	(d)
	Business Relationship.  During the Restricted Period, the Secondee shall not, directly or indirectly, request or advise a
person that has a business relationship with the Host Company or any Affiliate or successor thereof to curtail or cancel such person's business relationship with such Host Company.

	10.3
	The
termination of this Agreement shall not operate to terminate the provisions of this clause which, after such termination, shall remain in full force and effect and binding on the
Secondee.  

 

	11
	 NOTICES

Any
notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally, telegraphed, telexed or sent by facsimile transmission or, if mailed, on the date of
actual receipt thereof as follows: 

If
to the Employer to: 

Simon
Property Group Administrative Services Partnership, L.P.

National City Center

115 West Washington Street

Indianapolis

Indiana 46204

USA

(Attn: John Rulli) 

If
to the Host Company, to: 

European
Retail Enterprises B.V./S.à.r.l.

23, rue Philippe II

L-2340 Luxembourg city

Grand Duchy of Luxembourg

(Attn: The Board of Directors) 

with
copy to: 

Groupe
BEG

Washington Plaza—Immeuble Artois

44 rue Washington

75408 Paris Cedex 08

(Attn: the General Counsel and the Chief Financial Officer) 

If
to the Secondee, to: 

Hans
C. Mautner

33 St James's Square,

London SW1Y 4JS England

Any party may change its address for notice hereunder by written notice to the other parties hereto. 

	12
	 SEVERABILITY AND WAIVER

	12.1
	If
any clause or provision in this Agreement is found by a court of competent jurisdiction or other competent authority to be invalid, unlawful or unenforceable then such clause or
provision shall be severed from the remainder of the Agreement or clause and that remainder shall continue to be valid and enforceable to the fullest extent permitted by law. In this event, the
parties shall negotiate in good faith to replace any invalid, unlawful or unenforceable clause or provision with a suitable substitute clause or provision which maintains as far as possible the
purpose and effect of this Agreement.

	12.2
	No
waiver of any breach of this Agreement shall constitute a waiver of any other breach of the same or other provisions of this Agreement and no waiver shall be effective unless made
in writing.  

 

	13
	 OTHER AGREEMENTS

The
parties acknowledge and warrant that there are no agreements or arrangements whether written, oral or implied between the Employer, the Host Company or any Affiliate and the Secondee relating to
the Secondment of the Secondee other than those expressly set out or referred to in this Agreement (which expressly supersede all previous arrangements between the Employer, the Host Company or
Affiliate and the Secondee as to the Secondment of the Secondee) and that no party is entering into this Agreement in reliance upon any representation not expressly set out in this Agreement. 

	14
	 ASSIGNMENT

The
obligations of the Host Company and the Secondee hereunder are personal and may not be assigned or delegated by it or him or transferred in any manner whatsoever, nor are such obligations subject
to involuntary alienation, assignment or transfer. The Employer shall have the right to assign this Agreement and to delegate all rights, duties and obligations hereunder, either in whole or in part,
to any parent, affiliate, successor or subsidiary organization or company of Employer, so long as the obligations of the Employer under this Agreement remain the obligations of the Employer, provided,
that the Employer will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Employer, by
agreement in form and substance reasonably acceptable to the Secondee, to assume expressly and agree to perform 

this
Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession had taken place. 

	15
	 RESOLUTION OF DISPUTES

 
	15.1
	Negotiation.  The parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement
promptly by negotiations between the Secondee and an executive officer of each of the Host Company and of the Employer who has authority to settle the controversy. Any party may give the other party
written notice of any dispute not resolved in the normal course of business. Within 10 days after the effective date of such notice, the Secondee and an executive officer of each of the Host Company
and the Employer shall meet at a mutually acceptable time and place within the New York City metropolitan area, and thereafter as often as they reasonably deem necessary, to exchange relevant
information and to attempt to resolve the dispute. If the matter has not been resolved within 30 days of the disputing party's notice, or if the parties fail to meet within 10 days, either party may
initiate arbitration of the controversy or claim as provided hereinafter. If a negotiator intends to be accompanied at a meeting by an attorney, the other negotiators shall be given at least three
business days' notice of such intention and may also be accompanied by an attorney. All negotiations pursuant to this Clause 15.1 shall be treated as compromise and settlement negotiations for the
purposes of the federal and state rules of evidence and procedure.

	15.2
	Arbitration.  Any dispute arising out of or relating to this Agreement or the breach, termination or validity thereof,
which has not been resolved by nonbinding means as provided in Clause 15.1 within 60 days of the initiation of such procedure, shall be finally settled by arbitration conducted expeditiously in New
York City, New York in accordance with the Centre for Public Resources, Inc. ("CPR") Rules for Non-Administered Arbitration of Business Disputes by
three independent and impartial arbitrators, of whom each party shall appoint one, provided that if one party has requested the others to participate in a non-binding procedure and one or more of the
others has failed to participate, the requesting party may initiate arbitration before the expiration of such period. Any such party shall be appointed from the CPR Panels of Neutrals. The arbitration
shall be governed by the United States Arbitration Act and any judgment upon the award decided upon the arbitrators may be entered by any court having jurisdiction thereof. The arbitrators are not
empowered to award damages in excess of compensatory damages and each party hereby irrevocably waives any damages in excess of compensatory damages. Each party hereby acknowledges that compensatory
damages include (without limitation) any benefit or right of indemnification given by one party to the others under this Agreement.

	15.3
	Expenses.  The Host Company or the Employer, as appropriate, shall promptly pay or reimburse the Secondee for all costs
and expenses, including, without limitation, court or arbitration costs and attorneys' and accountants' fees and disbursements incurred by the Secondee as a result of any claim, action or proceeding
(including, without limitation, a claim, action or proceeding by the Secondee against the Host Company or the Employer, as the case may be) arising out of, or challenging the validity or
enforceability of, this Agreement or any provision hereof or any other agreement or entitlement referred to herein; provided, however, that the Secondee will be entitled to reimbursement under this
clause only if the Secondee is the substantially prevailing party in such claim, action or proceeding.  

 

	16
	 SUCCESSORS

This
Agreement shall be binding upon and inure to the benefit of the Secondee and his heirs, executors, administrators and legal representatives. This Agreement shall be binding upon and inure to the
benefit of the Employer and the Host Company and their successors and assigns. 

	17
	 AMENDMENT

This
Agreement may be amended or modified only by an agreement in writing executed by all of the parties hereto. 

	18
	 REPRESENTATION

The
Employer and the Host Company represent and warrant that they are fully authorized and empowered to enter into this Agreement and that the performance of their obligations under this Agreement
will not violate any agreement between the Employer and the Host Company and any other person, firm or organization or any applicable laws or regulations. 

	19
	 SURVIVORSHIP

The
respective rights 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. 

	20
	 GOVERNING LAW

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, subject to the application of the mandatory provisions of Luxembourg law. 

	Annex 1:	 	Description of the Benefits provided by the Employer to the Secondee
	Annex 2:	 	Copy of the certificate issued by the relevant US social security authorities
	Annex 3:	 	Copy of the decisions made by the Compensation Committee of the Host Company

IN
WITNESS WHEREOF, the parties have executed this Agreement effective for all purposes as of the date first above written. 

	For and on behalf of:	 	For and on behalf of:
	

SIMON PROPERTY GROUP

ADMINISTRATIVE SERVICES

PARTNERSHIP, L.P.	
 	

EUROPEAN RETAIL ENTERPRISES

B.V./S.à.r.l.
	

By:  Simon Property Group, L.P., a Delaware limited partnership, general partner	
 	

 
	

By:  Simon Property Group, Inc., a Delaware corporation, general partner	
 	

 

	By:	/s/  MELVIN SIMON      
 Melvin Simon, Director	 	By:	/s/  JOHN MCCARTHY      
 John McCarthy, managing director

 

	 	 	 	THE SECONDEE	 
	 	 	 	 	 
	 	 	By:	/s/  HANS C. MAUTNER      
 Hans C. MautnerExhibit 10.17  

March
1, 2004 

Mr.
Hans C. Mautner

c/o Simon Property Group

Administrative Services Partnership, L.P.

National City Center

115 West Washington Street

Indianapolis

Indiana 46204

USA 

RE:  Employment by Simon Global Limited and Secondment to ERE  

Dear Mr. Mautner: 

        You
and we are parties to a certain employment agreement dated as of September 23, 1998 and assigned as of 1 January 2000 to Simon Property Group Administrative Services
Partnership, L.P. ("SPG LP"), as amended (the "US Employment Agreement"), under which you are retained as President -International Division of Simon Property Group, Inc. ("SPG") and an Advisory
Director of its Board of Directors, upon the terms and conditions set forth in the US Employment Agreement and subsequent amendments. SPG has established an affiliated company in the United Kingdom
known as Simon Global Limited ("Simon Limited") with which you have entered into a further supplemental employment agreement (the "Second UK Employment Agreement"), as amended, in which Simon Limited
has retained you as its Chief Executive Officer and you agree to render certain services for the benefit of Simon Limited and its affiliates and subsidiaries. SPG LP has also entered into an agreement
with European Retail Enterprises B.V./S.A.R.L. ("ERE") under which it will provide your services to ERE by way of part-time secondment (the "Secondment Agreement"). In conjunction with the execution
of the Second UK Employment Agreement and the Secondment Agreement, we are entering into a further amendment to the US Employment Agreement ("Second Amendment") to reflect, among other things, your
continued engagement as an officer and employee of Simon Limited and your new secondment to ERE. 

        In
addition to those terms and conditions set forth in the US Employment Agreement, as amended, and the Second UK Employment Agreement, we have also agreed as follows: 

	1.
	SPG
shall indemnify, defend, and hold you harmless from and against any and all additional income taxes imposed upon you by applicable governmental entities and taxing authorities with
respect to the compensation received by you under the US Employment Agreement and the Second UK Employment Agreement and in relation to the services provided under the Secondment Agreement, to the
extent applicable (collectively, the "Combined Income Tax Liability") in excess of those income taxes which you would pay upon that compensation received by you under the US Employment Agreement
without regard to the Second Amendment ("Existing Income Tax Liability"). For purposes of this indemnification, "Combined Income Tax Liability" shall include the sum of all federal, national, state,
and local taxes actually payable (in each case net of all applicable tax credits) with respect to your compensation to any governmental authority at the federal, national, state and local level in the
United States, and to any governmental authority in the United Kingdom and, to the extent not already paid or indemnified by ERE, in Luxembourg. For purposes of determining the amounts due from the
undersigned to you under this indemnity, if any, the Existing Income Tax Liability shall be determined assuming that (i) all of the compensation received by you under all of the US Employment
Agreement (as amended), the Secondment Agreement and the Second UK Employment Agreement had instead been paid to you under the US Employment Agreement and (ii) you are a resident of Florida, at the
time of the receipt of that compensation. Thereafter, your Combined Income Tax Liability, after taking into account any credits or other deductions to which you may be entitled, and assuming that you
are 

considered
a resident of the United Kingdom, and not a resident of Florida, shall also be determined and to the extent the amount arrived at through that determination exceeds your Existing Income Tax
Liability determined as provided above, such excess shall be paid to you, by the Company. The determination of your income tax liability shall be made annually, within 75 days after the end of each
calendar year, with any payments due you from the Company to be made within 20 days thereafter. Such determination shall be made by an independent certified public accountant reasonably acceptable to
you and the Company, and the determination shall be binding upon both you and the Company. Both the Company and you acknowledge that Ernst & Young LLP is an acceptable independent certified public
accountant for purposes of this determination. 

	2.
	You
will be entitled to no payment under the indemnity set out in paragraph 1 in any period or tax year in which you do not claim a credit under the terms of the US/UK double tax
treaty for all taxes payable in the United Kingdom against your liability to taxes in the United States or under the terms of the US/France double tax treaty for all taxes payable in France or under
the terms of the US/Luxembourg double tax treaty (if applicable) in each case against your liability to taxes in the United States.

	3.
	You
will be entitled to no payment under the indemnity set out in paragraph 1 to the extent that the additional income taxes arise directly as a result of your remittance to the United
Kingdom or France or Luxembourg of income or benefits provided to you under the US Employment Agreement or the Secondment Agreement.

	4.
	You
will be entitled to no payment under the indemnity set out in paragraph 1 to the extent that the additional income taxes arise as a result of the location of the performance of
your duties under the US Employment Agreement, the Secondment Agreement or the Second UK Employment Agreement being otherwise than as provided for in those agreements.

	5.
	SPG
shall, in accordance with its existing relocation policy, pay for, or otherwise reimburse you, for the reasonable third party costs and expenses associated with moving your
furniture, furnishings and other household goods from London to your primary residence in the United States in the event the Second UK Employment Agreement is terminated. 

        The
term of this agreement shall expire in relation to each of the Second UK Employment Agreement and the Secondment Agreement upon the termination of each of the respective agreements
(except for any Income Tax Liability associated with the compensation paid by you under the Second UK Employment Agreement or Secondment Agreement prior to the date of such termination, which
indemnity shall survive the termination of the Second UK Employment Agreement and/or Secondment Agreement and be subject to determination as provided above). 

	 	 	SIMON PROPERTY GROUP, INC.,

a Delaware corporation
	 	 	 
	 	 	By:

/s/  HERBERT SIMON      
 Herbert Simon
	 	 	 
	 	 	

/s/  HANS C. MAUTNER      
 Hans C. Mautner

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]