Document:

EX-4.2

ELEVENTH AMENDMENT AND RESTATEMENT OF NOTE

	 	 	 
	U.S. $10,000,000.00

	 	Columbus, Ohio

June 15, 2006

FOR VALUE RECEIVED, BANCINSURANCE CORPORATION, an Ohio corporation, having an office at 250
East Broad Street, Columbus, Ohio 43215 (“Borrower”), promises to pay to the order of FIFTH THIRD
BANK, an Ohio banking corporation, having an office at 21 East State Street, Columbus, Ohio 43215
(the “Bank”, which term shall include any subsequent holder hereof), at the Bank’s office
aforesaid, or at such other place as the Bank may designate, the principal sum of Ten Million And
00/Dollars ($10,000,000.00), or so much thereof as may be advanced to the undersigned, together
with interest on the unrepaid advances of said principal sum from date of disbursement by the Bank
and with all other charges herein provided, payable in cash, at the rates and in the manner
hereinafter set forth. This Note amends and restates that certain note dated January 25, 1993 as
modified by the First Amendment and Restatement dated November 5, 1993; as modified by the Second
Amendment and Restatement dated October 19, 1994; as modified by the Third Amendment and
Restatement dated July 19, 1995; as modified by the Fourth Amendment and Restatement dated June 4,
1996; as modified by the Fifth Amendment and Restatement dated July 17, 1997; as modified by the
Sixth Amendment and Restatement dated September 1, 1998; as modified by the Seventh Amendment and
Restatement dated November 24, 1999; as modified by the Eighth Amendment and Restatement dated
December 11, 2000; as modified by the Ninth Amendment and Restatement dated July 1, 2002; and as
modified b the Tenth Amendment and Restatement dated October 20, 2003.

This Note represents loans made pursuant to the Bank’s commitment under the Credit Agreement
and the terms and conditions set forth in the Credit Agreement shall be considered a part hereof to
the same extent as if written herein. Capitalized terms used but not defined in this Note shall
have the respective meanings assigned to them in the Credit Agreement.

This Note is a revolving credit subject to the terms, conditions and limitations hereof, of
the Credit Agreement and until maturity (whether on the Stated Maturity Date or accelerated
maturity), Borrower may borrow and re-borrow from the Bank and the Bank may lend and re-lend to
Borrower under this Note and otherwise in accordance with the Credit Agreement such amounts not to
exceed $10,000,000.00, as Borrower may at any time and from time to time request upon satisfactory
notice to the Bank.

ARTICLE I.

DEFINITIONS

The following terms wherever used in this Note shall have the following meanings:

1.1 “Credit Agreement” shall mean that certain Amended and Restated Credit Agreement of even
date herewith by and between Borrower and the Bank. The Credit Agreement was originally dated
January 25, 1993; as modified by the First Amendment to Credit Agreement made and entered into to
be effective November 5, 1993, as further modified by the Second Amendment to Credit Agreement made
and entered into to be effective October 19, 1994, as further modified by the Third Amendment to
Credit Agreement made and entered into to be effective November 24, 1999, as further modified by
the Fourth Amendment to Credit Agreement made and entered into to be effective December 11, 2000,
as further modified by the Fifth Amendment to Credit Agreement made and entered into to be
effective July 1, 2002, as further modified by the Sixth Amendment to Credit Agreement made and
entered into to be effective October 20, 2003, and amended and restated on the date hereof.

1.2 “Default Rate of Interest” shall mean an interest rate equal to the sum of three percent
(3%) per annum plus the applicable rate of interest being charged under the Note prior to default.

1.3 “Event of Default” shall have the meaning set forth in Section 5 of this Note.

1.4 “Indebtedness” means (a) all items (except items of capital stock, of capital surplus, of
general contingency reserves or of retained earnings, deferred income taxes, and amount
attributable to minority interests, if any) which in accordance with generally accepted accounting
principles would be included in determining total liabilities on a consolidated basis as shown on
the liability side of a balance sheet as at the date as of which Indebtedness is to be determined,
(b) all indebtedness secured by any mortgage, pledge, lien or conditional sale or other title
retention agreement to which any property or asset owned or held is subject, whether or not the
indebtedness secured thereby will have been assumed (excluding non-capitalized leases which may
amount to title retention agreements but including capitalized leases), and (c) all indebtedness of
others which Borrower or any Subsidiary has directly or indirectly guaranteed, endorsed (otherwise
than for collection or deposit in the ordinary course of business), discounted or sold with
recourse or agreed (contingently or otherwise) to purchase or repurchase or otherwise acquire, or
in respect of which Borrower or any Subsidiary has agreed to apply or advance funds (whether by way
of loan, stock purchase, capital contribution or otherwise) or otherwise to become directly or
indirectly liable.

1.5 “Loan Documents” means the Credit Agreement, this Note and every other document or
agreement executed by any party evidencing, guarantying or securing any of the Obligations; and
“Loan Document” means any one of the Loan Documents.

1.6 “Note” shall mean this Note and any and all renewals, amendments, modifications,
reductions and extensions hereof and substitutions herefor.

1.7 “Obligation(s)” means all loans, advances, indebtedness and other obligations of Borrower
owed to the Bank and/or its Affiliates of every kind and description whether now existing or
hereafter arising including without limitation those owed by Borrower to others and acquired by the
Bank by purchase, assignment or otherwise) and whether direct or indirect, primary or as guarantor
or surety, absolute or contingent, liquidated or unliquidated, matured or unmatured, whether or not
secured by additional collateral, and including without limitation all liabilities obligations and
indebtedness arising under this Agreement, the Note and the other Loan Documents. Obligations to
perform or forbear from performing acts, all amounts represented by letters of credit now or
hereafter issued by the Bank for the benefit of or at the request of Borrower, and all expenses and
attorney’s fees incurred by the Bank under this Agreement or any other document or instrument
related thereto.

1.8 “Prime Rate” shall mean the interest rate established from time to time by the Fifth Third
Bank as its Prime Rate, based upon its consideration of economic, money market, business and
competitive factors, and not necessarily the most favorable rate of the Fifth Third Bank. If for
any reason, Fifth Third Bank ceases to establish a Prime Rate, then the interest rate calculations
required herein shall be determined based upon a comparable rate in Columbus, Ohio, selected by the
Bank.

1.9 “Stated Maturity Date” shall mean June 30, 2009.

1.10 “Variable Rate” shall mean a variable rate of interest, which shall equal the Prime Rate
minus three quarters percent (P-.75%). The Variable Rate shall be adjusted each time there is a
change in the Prime Rate.

ARTICLE II.

PAYMENTS OF PRINCIPAL AND INTEREST

2.1 The unrepaid advances of the principal sum shall bear interest at the Variable Rate.
Installments of interest shall be due and payable monthly commencing on the first day of July, 2006
and continuing on the first day of each month thereafter. Principal and interest payments shall be
initiated by the Bank in accordance with the terms of this Note from Borrower’s account through
BillPayer 2000. Borrower authorizes the Bank to initiate such payments from Borrower’s account
located at Fifth Third Bank, routing number 044002161 account no. 75920442. Borrower acknowledges
and agrees that use of BillPayer 2000 shall be governed by the BillPayer 2000 Terms and Conditions,
a copy of which Borrower acknowledges receipt. Borrower further acknowledges and agrees to
maintain payments hereunder through BillPayer 2000 throughout the term of this Note. Each payment
hereunder shall be applied first to advanced costs, charges and fees, then to accrued interest, and
then principal, which will be repaid in inverse chronological order of maturity.

2.2 All interest payable in accordance with the Note shall be calculated on the unrepaid
advances of the principal sum on the basis of the actual number of calendar days elapsed and a year
of three hundred sixty (360) days.

2.3 The Indebtedness shall be due and payable in full on the Stated Maturity Date.

2.4 The Bank may apply and allocate any payment against any portion of the Indebtedness then
due as the Bank, in its sole discretion, may elect.

ARTICLE III.

LATE CHARGES

3.1 If any payment of principal or interest or both is not paid in full on or before the tenth
(10th) day of the calendar month in which it is due, then, in addition to the amount of said
payment, there shall be due and payable a late charge for each such payment in the amount of five
percent (5%) of such payment, which Borrower agrees is a fair and reasonable charge for costs
incurred by the Bank in processing such late payment and is not a penalty.

ARTICLE IV.

PREPAYMENT

4.1 Borrower shall have the right to prepay the unrepaid advances of the principal sum, in
whole or in part, from time to time, without premium or penalty.

4.2 Partial prepayments shall not postpone regular payments of interest or principal.

ARTICLE V.

DEFAULT

5.1 The term “Event of Default” shall mean:

(a) any representation or warranty made by Borrower herein or in any of the Loan Documents is
incorrect when made or reaffirmed; or

(b) Borrower defaults in the payment of any principal or interest on any Obligation when due
and payable, by acceleration or otherwise; or

(c) Borrower fails to observe or perform any covenant, condition or agreement in the Credit
Agreement and the failure or inability of Borrower to cure such default within 30 days of the
occurrence thereof, provided that such 30 day grace period will not apply to (i) a breach of any
covenant which in the Bank’s good faith judgment is incapable of cure, (ii) any failure permit
inspection of the books and records of Borrower, (iii) any breach in any negative covenant set
forth in Section 5 hereof, or (iv) any breach of any covenant which has already occurred; or

(d) a court enters a decree or order for relief with respect to Borrower in an involuntary
case under any applicable bankruptcy, insolvency or other similar law then in effect, or appoints a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) for
Borrower or for any substantial part of its property, or orders the wind-up or liquidation of the
affairs of Borrower; or a petition initiating an involuntary case under any such bankruptcy,
insolvency or similar law is filed and is pending for thirty (30) days without dismissal; or

(e) Borrower commences a voluntary case under any applicable bankruptcy, insolvency or other
similar law in effect, or makes any general assignment for the benefit of creditors, or fails
generally to pay its debts as such debts become due, or takes corporate action in furtherance of
any of the foregoing; or

(f) Borrower defaults under the terms of any Indebtedness or lease involving payment
obligations of Borrower and such default gives any creditor or lessor the right to accelerate the
maturity of any such indebtedness or lease payments which right is not contested by Borrower or is
determined by any court of competent jurisdiction to be valid; or

(g) final judgment of the payment of money in excess of $25,000 is rendered against Borrower
and remains undischarged for 10 days during which execution is not effectively stayed; or

(h) any event occurs which might, in the Bank’s opinion, have a material adverse effect on
Borrower’s financial condition, operations, assets or prospects, or on any other property securing
the repayment of the Obligations;

(i) a Reportable Event (as defined in ERISA) occurs with respect to any employee benefit plan
maintained by Borrower for its employees other than a Reportable Event caused solely by a decrease
in employment; or a trustee is appointed by a United States District Court to administer any
employee benefit plan; or the Pension Benefit Guaranty Corporation institutes proceedings to
terminate any of Borrower’s employee benefit plans.

Upon the occurrence of any Event of Default, the entire Indebtedness shall thereupon bear
interest at the Default Rate of Interest, and at the option of the Bank, all the Indebtedness
together with interest thereon at the Default Rate of Interest shall immediately become due and
payable, without regard to the Stated Maturity Date, without demand made therefor, and without
notice to any person, notice of the exercise of said option being hereby expressly waived, and the
Bank shall have all remedies under law and equity to enforce the payment of all of the
Indebtedness, time being of the essence in this Note. The Default Rate of Interest shall be
charged to Borrower upon the occurrence of any Event of Default notwithstanding any invoices or
billing statements sent by the Bank to Borrower indicating an interest rate to the contrary. In
addition, any waiver of the Bank’s right to charge the Default Rate of Interest or to declare the
Indebtedness immediately due and payable must be made in writing and cannot be waived by oral
representation or the submission to Borrower of monthly billing statements.

ARTICLE VI.

MISCELLANEOUS

6.1 The failure of the Bank to exercise any option herein provided upon the occurrence of any
Event of Default shall not constitute a waiver of the right to exercise such option in the event of
any continuing or subsequent Event of Default. Borrower hereby agrees that the maturity of all or
any part of the Indebtedness may be postponed or extended and that any covenants and conditions
contained in the Note or in any of the other Loan Documents may be waived or modified without
prejudice to the liability of Borrower on the Note or other Loan Documents.

6.2 Borrower hereby authorizes the Bank, in its sole discretion, upon the occurrence of an
Event of Default and the expiration of any notice or cure period, to apply all or any portion of
the balance of any account maintained by Borrower with the Bank to the payment or reduction, in
whole or in part, of any and all the Indebtedness then due, whether by acceleration or otherwise.
Upon the occurrence of any Event of Default, the Bank shall have the right to set off all
obligations of Borrower to the Bank hereunder, whether matured or unmatured, against all amounts
owing to Borrower by the Bank, whether or not then due and payable, and all other funds or property
of Borrower on deposit with or otherwise held in the custody of the Bank, all without notice to or
demand on Borrower, such notice and demand being hereby waived.

6.3 Presentment for payment, notice of dishonor, protest, notice of protest and diligence in
bringing suit against any party hereto are hereby waived by Borrower.

6.4 Borrower hereby waives all relief from any and all appraisement or exemption laws now in
force or hereafter enacted.

6.5 The obligations evidenced or created by this Note, as well as all waivers of rights by
Borrower contained herein shall effectively bind and be the obligations and waivers of any and all
others who may at any time become liable for the payment of all or any part of this Note,
including, without limitation, all endorsers and guarantors.

6.6 Nothing herein contained, nor contained in any of the other Loan Documents, shall be
construed or so operate as to require Borrower, or any person liable for the payment of the
Indebtedness, to pay interest in an amount or at a rate greater than the highest rate permissible
under applicable law. Should any interest or other charges paid by Borrower, or any parties liable
for the payment of the Indebtedness, result in the computation or earning of interest in excess of
the highest rate permissible under applicable law, then any and all such excess shall be and the
same is hereby waived by the Bank, and all such excess shall be automatically credited against and
in reduction of the unrepaid advances of the principal sum, and any portion of said excess which
exceeds the unrepaid advances of the principal sum shall be paid by the Bank to Borrower and any
parties liable for the payment of the Indebtedness, it being the intent of the parties hereto that
under no circumstances shall Borrower or any parties liable for the payment of the Indebtedness, be
required to pay interest in excess of the highest rate permissible under applicable law. All
interest paid or agreed to be paid to the Bank shall, to the extent permitted under applicable law,
be amortized, prorated, allocated and spread throughout the full period until payment in full of
the Indebtedness, including the period of any renewal or extensions thereof, so that interest
thereon for such full period shall not exceed the maximum amount permitted by applicable law.

Notwithstanding anything to the contrary herein contained, in the event that the interest rate
to be charged hereunder ever exceeds the highest rate permissible under applicable law, thereby
causing the interest accruing on the Indebtedness to be limited to such rate, then any subsequent
reduction in the interest rate to which Borrower would otherwise be entitled shall be held in
abeyance until the total amount of interest accrued on the Indebtedness equals the amount of
interest which would have accrued on the Indebtedness had the interest rate not been limited to the
highest rate permissible under applicable law.

6.7 If any provision or any part of any provision contained in the Note shall for any reason
be held or deemed to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision or remaining part of the
affected provision of the Note, and the Note shall be construed as if such invalid, illegal or
unenforceable provision or part thereof had never been contained herein and the remaining
provisions of the Note shall remain in full force and effect.

6.8 Borrower hereby authorizes any attorney-at-law to appear in any court of record in the
State of Ohio or in any other state or territory of the United States at any time after this Note
becomes due, whether by acceleration or otherwise, to waive the issuing and service of process, and
to confess judgment against Borrower in favor of the Bank for the amount due together with
interest, expenses, the costs of suit and reasonable counsel fees, and thereupon to release and
waive all errors, rights of appeal and stays of execution. Such authority shall not be exhausted
by one exercise, but judgment may be confessed from time to time as any sums and/or costs, expenses
or reasonable counsel fees shall be due, by filing an original or a photostatic copy of the Note.
The attorney-at-law authorized hereby to appear for Borrower may be an attorney-at-law representing
the Bank, and Borrower hereby expressly waives any conflict of interest that may exist because of
such representation.

6.9 Borrower hereby agrees to pay to the Bank all costs of collecting and securing, and of
attempting to collect and to secure the Note, including, without limitation, reasonable attorneys’
fees, appraisers’ fees, court costs, and notice charges, whether such attempt be made by suit, in
bankruptcy, or otherwise, and said costs and any other sums due the Bank by virtue of the Loan
Documents may be included in any judgment or decree rendered.

6.10 Any notice required or permitted to be given hereunder shall be in writing. If mailed by
first class United States mail, postage prepaid, registered or certified with return receipt
requested, then such notice shall be effective upon its deposit in the mails. Notice given in any
other manner shall be effective only if and when received by the addressee. For purposes of
notice, the addresses of Borrower and the Bank shall be as set forth below; provided however, that
either party shall have the right to change such party’s address for notice hereunder to any other
location within the continental United States by the giving of thirty (30) days’ written notice to
the other party.

To Borrower:

Bancinsurance Corporation

250 East Broad Street

Columbus, Ohio 43215

Attention: Matthew C. Nolan, Chief Financial Officer, Treasurer and Secretary

To the Bank:

Fifth Third Bank

21 East State Street

Columbus, Ohio 43215

Attention: William J. Whitley, Vice President

6.11 The Note is a “contract of indebtedness” pursuant to O.R.C. Section 1301.21. The loan
evidenced by the Note is a business loan and is not incurred for purposes that are primarily
“personal, family or household,” as defined in O.R.C. Section 1301.21.

6.12 The Note was executed and delivered by Borrower at Columbus, Franklin County, Ohio and is
to be governed by and construed in accordance with the laws of the State of Ohio. Borrower hereby
consents to, and by execution of the Note submits to, the personal jurisdiction of the Court of
Common Pleas of Franklin County, Ohio and the United States District Court sitting in Columbus,
Ohio, for the purposes of any judicial proceedings which are instituted for the enforcement of this
Note. Borrower agrees that venue is proper in either of said courts.

6.13 IMPORTANT NOTICE ABOUT PROCEDURES REQUIRED BY THE USA PATRIOT ACT:

To help the government fight the funding of terrorism and money laundering activities, Federal
law requires all financial institutions to obtain, verify and record information that identifies
each entity or person who opens an account or establishes a relationship with the Bank.

What this means: When an entity or person opens an account or establishes a relationship with
the Bank, the Bank may ask for the name, address, date of birth, and other information that will
allow the Bank to identify the entity or person who opens an account or establishes a relationship
with the Bank. the Bank may also ask to see identifying documents for the entity or person.

6.14 THE BANK, BY ACCEPTANCE OF THIS NOTE, AND BORROWER HEREBY MUTUALLY, VOLUNTARILY,
IRREVOCABLY AND UNCONDITIONALLY WAIVE FOR THE BENEFIT OF THE OTHER ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT
OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE LOAN DOCUMENTS, THE TRANSACTIONS RELATED
THERETO OR THE RELATIONSHIP ESTABLISHED THEREBY. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE
BANK AND BORROWER TO ENTER INTO THIS TRANSACTION. IT SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT,
AMEND OR MODIFY THE BANK’S ABILITY TO PURSUE ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY
CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN THE LOAN DOCUMENTS.

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WARNING — BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO
NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE

BANCINSURANCE CORPORATION, an Ohio
corporation

By:/s/ Matthew C. Nolan

Name: Matthew C. Nolan

Title: Chief Financial Officer, Treasurer and

Secretary

2EX-10.1

RAMCO-GERSHENSON PROPERTIES TRUST

Restricted Stock Award Agreement

Under 2003 Long-Term Incentive Plan

	 	 	 	 	 
	Participant Name:
	 	 	_________________________	 
	Grant Date:
	 	 	_________________________	 
	Restricted Shares Granted:
	 	 	_________________________	 

This Restricted Stock Award Agreement (the “Award Agreement”), dated as of the Grant Date
specified above, is entered into by and between Ramco-Gershenson Properties Trust, a Maryland real
estate investment trust (the “Trust”), and      (the “Participant”). Capitalized terms
not defined herein have the meanings ascribed to such terms in the 2003 Long-Term Incentive Plan of
the Trust, as amended from time to time (the “Plan”).

1.         The Award. The Trust hereby grants the restricted shares set forth above
(the “Award”) to the Participant, as of the Grant Date, pursuant to and subject to all of the terms
and conditions of this Award Agreement and the Plan, the provisions of which are incorporated
herein. A copy of the Plan is on file in the office of the Trust. If there is any conflict between
the provisions of this Award Agreement and the Plan, the Plan will control.

2.         Restricted Stock and Vesting. Each restricted share granted hereunder
represents the right of the Participant to receive, upon vesting and the satisfaction of any
required tax withholding obligation, one share of common beneficial interest, par value $0.01, of
the Trust (“Common Stock”). As of the date hereof and until the date such restricted shares are
vested, or are terminated or forfeited in accordance with this Award Agreement, the Participant
shall be entitled to all the rights of a holder of Common Stock as if the outstanding restricted
shares were so vested, including the right to vote and to receive dividends. The Participant may
not sell, assign, transfer, pledge, hypothecate, mortgage or otherwise dispose of, by gift or
otherwise, or in anyway encumber any of the restricted shares prior to vesting, except as otherwise
permitted by the Plan.

Prior to vesting, at the Trust’s election, the shares of Common Stock relating to such
restricted shares will either be represented in book-entry form by the transfer agent for the
Common Stock or by a certificate held by the Trust or such transfer agent. Any certificate
relating to the restricted shares shall be registered in the name of the Participant and shall bear
an appropriate legend referring to the applicable terms, conditions and restrictions.

Subject to the terms and conditions set forth herein, the restricted shares shall vest in
three equal installments on each of the first, second and third anniversaries of the Grant Date
(“Vesting Date”). As soon as practicable after vesting, but no later than the date that is 2 1/2
months after the end of the Participant’s tax year in which the Vesting Date occurs, the Trust
shall deliver certificate(s) representing the shares of Common Stock vested as of such period to
the Participant or its designee. Such certificate shall be registered in the name of the
Participant.

3.         Forfeitures. Except as determined by the Compensation Committee of the
Trust’s Board of Trustees (the “Committee”) at any time, upon the failure of the Participant to be
employed by the Trust or any of its affiliates for any reason, all unvested restricted shares shall
be forfeited by the Participant to the Trust without the payment of any consideration by the Trust;
provided, that except as specified in the Plan, in the event of a Participant’s retirement,
permanent disability, other termination of employment or death, or in cases of special
circumstances, the Committee may, in its sole discretion, when it finds that a waiver would be in
the best interests of the Trust, waive in whole or in part any or all remaining restrictions with
respect to such Participant’s restricted shares. Upon forfeiture, the Trust shall cancel, or cause
the transfer agent to cancel, the stock certificate or book-entry relating to the unvested
restricted shares.

4.         Tax Withholding Obligation. The Participant shall pay to the Trust or any
of its affiliates, as directed by the Trust, the statutory minimum tax withholding obligations by
wire transfer, certified check, or other means acceptable to the Trust, or by additional payroll
withholding in the event the Participant fails to pay the withholding amount.

5.         Rights of Participant. The Award does not confer on the Participant any
right to continue in the employ of the Trust or any of its affiliates or interfere in any way with
the right of the Trust or any of its affiliates to determine the terms of the Participant’s
employment.

6.         Registration. The Trust currently has an effective registration statement
on file with the Securities and Exchange Commission with respect to the shares of Common Stock
subject to this Award. The Trust intends to maintain this registration but has no obligation to do
so. If the registration ceases to be effective, the Participant will not be able to transfer or
sell shares issued pursuant to this Award unless exemptions from registration under applicable
securities laws are available. Such exemptions from registration are very limited and might be
unavailable. The Participant agrees that any resale by him or her of the shares of Common Stock
issued pursuant to this Award will comply in all respects with the requirements of all applicable
securities laws, rules, and regulations (including, without limitation, the provisions of the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the
respective rules and regulations promulgated thereunder) and any other law, rule, or regulation
applicable thereto, as such laws, rules, and regulations may be amended from time to time. The
Trust will not be obligated to either issue the shares or permit the resale of any shares if such
issuance or resale would violate any such requirements.

7.         Acknowledgment of Participant. The Participant accepts and agrees to the
terms of the Award as described in this Award Agreement and in the Plan, acknowledges receipt of a
copy of this Award Agreement, the Plan, and any applicable summary of the Plan, and acknowledges
that he or she has read all these documents carefully and understands their contents.

1

IN WITNESS WHEREOF, this Award Agreement is duly authorized as of the date first above
written.

RAMCO-GERSHENSON PROPERTIES TRUST, a Maryland real estate investment trust

By:

Title

PARTICIPANT

By:

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