Document:

Exhibit 10.14  

        DATED MARCH 1, 2004  

 SIMON GLOBAL LIMITED  

 and  

 HANS. C. MAUTNER  

 EMPLOYMENT AGREEMENT  

Jones Day Gouldens

Bucklersbury House

3 Queen Victoria Street

London 

 
EMPLOYMENT AGREEMENT 

        THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into this 1st day of March, 2004, by and between SIMON
GLOBAL LIMITED (the "Company") and HANS C. MAUTNER (the "Executive"). 

RECITALS  

        The Executive is currently employed by Simon Property Group, L.P., a Delaware limited partnership ("SPG LP") as President—International Division and
an advisory member of the Board of Simon Property Group, Inc., a Delaware corporation ("SPG") pursuant to an employment agreement ("Employment Agreement") dated September 23, 1998
between the Executive and Corporate Property Investors, Inc. a Delaware corporation ("CPI"), as amended. The Employment Agreement was entered into as a consequence of the merger of CPI and
Simon DeBartolo Group, Inc., a Maryland corporation ("Simon"), pursuant to the terms of an Agreement and Plan of Merger dated as of February 18, 1998 among CPI, Simon and Corporate
Realty Consultants, Inc., a Delaware corporation (the "Merger") for the purpose of retaining the Executive as an officer of SPG following the Merger, and was assigned to SPG LP by SPG as
successor in business to CPI. 

        The
Company has been incorporated in the United Kingdom as a subsidiary of SPG and wishes to retain the Executive on a temporary assignment as its Chief Executive Officer to manage its
operations from within the United Kingdom under the terms of this Agreement. 

        NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

        1.    Employment. Term and Duties    

        1.1    Employment.    The Company hereby employs the Executive and the Executive hereby accepts employment by the
Company on the terms and conditions set forth in this Agreement. 

        1.2    Term.    The Executive's employment with the Company shall be deemed to have commenced on 1 November, 1999 (the
"Effective Date") and shall automatically terminate on 1 October 2005 (the "Termination Date") unless terminated earlier as provided in Section 4 below (the "Term"), or otherwise renewed
by mutual agreement of the Company and the Executive. 

        1.3    Positions and Duties.    During the Term, the Executive shall serve as Chief Executive Officer of the Company.
During the Term, the Executive shall report directly to the board of directors of the Company (the "Board") and/or to such other person as the Board may determine from time to time. The Executive
shall abide by such lawful instructions given by the Board or under its authority. The Executive's principal focus shall be to assist in the operation of the Company at its most senior level in a
manner determined from time to time by the Board. The Executive shall be and serve as a director of the Company. Save as aforesaid the Executive shall not, in the United Kingdom, engage on any
business on his own account, nor take other employment, nor represent any person's interests other than the Company (or any of its affiliates), nor do or omit to do anything which may prejudice the
Executive's continued residence in the United Kingdom on such terms as may be specified by or under the authority of the government of the United Kingdom from time to time. Notwithstanding the
foregoing, the Executive may engage in the following activities outside the United Kingdom (or in the United Kingdom in circumstances which do not prejudice the Executive's continued residence in the
United Kingdom as mentioned above) (and shall be entitled to retain all economic benefits thereof including fees paid in connection therewith) as long as they do not (without the approval of the
Company) substantially interfere with the performance of the Executive's duties and responsibilities hereunder: (i) serve on corporate, civic, religious, educational and/or charitable boards or
committees, (ii) deliver lectures, fulfill speaking engagements or teach on a part-time basis at 

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educational
institutions and (iii) make investments in businesses or enterprises and manage his personal investments in accordance with the business and ethics policy adopted from time to time
by the Company or SPG, (iv) participate (and continue to participate) as a director of the commercial corporations listed on Schedule I attached hereto. Notwithstanding the above, the
Executive shall not be required to perform any duties and responsibilities which would be likely to result in a non-compliance with or violation of any applicable law. 

        1.4    Commitment of Employee.    The Executive shall carry out his duties on such days and during such hours as shall
be reasonably determined by the Board having regard to the needs of the Company's business. Regulation 4(1) of The Working Time Regulations 1998 (the "Regulations") provides that an employee's
average working time, including overtime, in any applicable reference period (generally a period of 17 weeks) shall not exceed 48 hours for each seven day period. The Regulations allow
individuals to contract out of Regulation 4(1). By entering into this Agreement the Executive agrees with the Company, that for the duration of the Executive's employment,
Regulation 4(1) or any successor provision shall not apply, unless and until the expiry of three month's prior written notice given by the Executive to the Company to end such agreement.
Whether or not Regulation 4(1) shall apply to the Executive's employment hereunder, the Executive agrees that the 17 week reference period referred to above shall consist of fixed 17 week
periods, such 17 week periods shall be deemed to have commenced on October 1, 1999. 

        1.5    Data Protection.    The Executive understands that for purposes connected with his employment by the Company
and for providing other benefits connected with his employment, the Company will be processing personal data and sensitive personal data concerning him (the terms "processing", "personal data" and
"sensitive personal data" having the meanings given to them in the Data Protection Act 1998). This information will only be processed for the legitimate human resources purposes of the Company. The
Executive also understands that the Company may need to transmit this information to affiliates of Simon Property Group and to the providers of benefits made available to him in
connection with his employment by the Company. Finally, the Executive understands that this information may need to be transmitted by the Company to the United States of America. The Executive agrees
to the processing, disclosing and transmitting of such information, as described above. 

        2.    Compensation and Other Benefits.    

        2.1    Base Compensation.    As compensation for services rendered during the Term, the Company shall pay to the
Executive a base salary (the "Base Salary") initially at an annual rate equal to $            such Base Salary to be subject to increase from time to time by the Board. The Base Salary and
the
housing subsidy referred to in 2.7 below shall be calculated in US dollars and be paid to the Executive in pounds sterling applying the average of the daily spot US dollar to sterling exchange rates
for the calendar month preceding the month in which any such payments are to be made. In any event, the Board shall review the Executive's annual Base Salary no less frequently than annually to
determine whether any increase should be made. The Base Salary shall be payable in accordance with the payroll policies of the Company as from time to time in effect, less such amounts as shall be
required to be deducted or withheld therefrom by applicable law and regulations. 

        2.2    General Business Expenses.    The Company shall pay or reimburse the Executive for all expenses that are
consistent with the Company's policy and reasonably and necessarily incurred by the Executive during the Term in the performance of the Executive's duties under this Agreement. Such expenses shall
include all Company-related business expenses arising out of activities at clubs at which the Executive is a member. Such payment shall be made upon presentation of such 

4

 

documentation
as the Company may reasonably require of its senior executive employees prior to making such payments or reimbursements. 

        2.3    Expenses.    The Company will reimburse the Executive for the cost of airfare and other miscellaneous
out-of-pocket expenses incurred by the Executive and his spouse for not more than three (3) personal round trips annually between the United States and the United
Kingdom. 

        2.4    Vacation.    During the Term, the Executive shall be entitled to a total of five (5) weeks of vacation
per calendar year which shall be taken by the Executive concurrently with, but not in addition to, the vacation days to which the Executive is entitled under his Employment Agreement, as amended and
under the Secondment Agreements between SPG LP, Groupe BEG SARL and the Executive and between SPG LP, European Retail Enterprises B.V./SARL and the Executive dated the date hereof. The Executive 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 Company's vacation policy for senior executives. The
Executive's entitlement to vacation shall accrue during each calendar year pro rata to the number of completed calendar months continuous service by the Executive during such year. 

        2.5    Unused Vacation.    On the termination of the Executive's employment, the Executive will be entitled to pay in
lieu of any untaken vacation entitlement calculated on the basis of 1/260 of Base Salary for each day's holiday entitlement. If on termination of the Executive's employment 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 Executive. 

        2.6    Location, Office and Support Staff.    During the Term the Executive shall be entitled to administrative
assistance of a type and extent, and to an office or offices (with furnishings and other appointments) of a type and size as may be agreed between the Executive and the Company from time to time. The
Executive will be based at the Company's premises in London although, the Executive may regularly on a day to day basis be required to travel and carry out his duties at other places within the United
Kingdom as the needs of the Company's business may require. The Executive shall not be required to, and shall not, undertake any duties for the Company outside the United Kingdom. 

        2.7    Housing Subsidy.    During the Term the Company shall provide the Executive with a housing subsidy at a maximum
rate of 2,240 pounds sterling per week to defray liabilities for rent and associated costs incurred by the Executive in securing residential accommodation for himself in London during the Term. The
housing subsidy shall be payable following production by the Executive of such documentation as the Company may reasonably require evidencing the Executive's liability for such housing costs. The
housing subsidy shall be paid at such times as shall be agreed between the Executive and the Company and shall, at the Company's option, be paid directly to the person or entity providing the
Executive's residential accommodation. 

        3.    Non-Competition.    

        3.1    Covenants Against Competition.    The Executive acknowledges that as of the execution of this Employment
Agreement (i) the Company is engaged in providing Business Services to such one or more of its affiliates as the Company may from time to time agree; (ii) his employment with the Company
will have given him access to confidential information; and (iii) the agreements and covenants contained in this Agreement are essential to protect the business and goodwill of the Company and
its affiliates. Accordingly, the Executive covenants and agrees as follows: 

        (a)    Non-Compete.    Without the prior written consent of the Board of the Company, the Executive shall
not anywhere in the world directly or indirectly (except in the Executive' s capacity as an officer of the Company or any of its affiliates), during the Restricted Period (as defined below):
(i) engage or participate in any activity falling within the definition of 

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Business
Services; (ii) enter the employ of, or render any services (whether or not for a fee or other compensation) to, any person engaged in any activity falling within the definition of
Business Services; or (iii) acquire an equity interest in any such person in any capacity; provided, that during the Restricted Period the Executive may own, directly or indirectly, solely as a
passive investment, securities of any company traded on any national securities exchange or on the National Association of Securities Dealers Automated Quotation System. As used herein, "Business
Services" means the research, analysis and development of business relationships and opportunities relating to the acquisition, ownership, financing, leasing, operation and development of shopping
centres and other retail projects in Europe, the Far East and Latin America and the "Restricted Period" shall mean the period commencing with the Effective Date and ending on the first anniversary of
the date that the Executive's employment hereunder is lawfully terminated by either the Executive, the Company, or both. 

        (b)    Confidential Information; Personal Relationship.    The Executive acknowledges that the 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 Executive agrees that, during and after the Restricted Period, without the prior written consent of the Board, the Executive shall keep secret and retain in
strictest confidence, and shall not knowingly use for the benefit of himself or others all confidential matters relating to the Company's Business 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 Executive heretofore or hereafter (such
information shall be referred to herein collectively as "Confidential Information"); provided, however, that nothing in this Agreement shall prohibit the Executive 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 Company, or (D) in connection with the defense or settlement of
any claim, suit or action brought or threatened against the Executive by or in the right of the 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 Executive 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 Executive). Moreover, the Executive 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 Executive. 

        (c)    Employee of the Company and its Affiliates.    During the Restricted Period, without the prior written consent
of the Board, the Executive shall not, directly or indirectly, hire or solicit, or cause others to hire or solicit, for employment by any person other than the Company or any affiliate or successor
thereof, any employee of, or person employed within the two years preceding the Executive's hiring or solicitation of such person by, the 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 involuntarily by the Company (or any predecessor of the Company) shall be excluded from those persons protected by this Section 3.1(c) for the benefit of the Company. 

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

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        3.2    Rights and Remedies Upon Breach.    If the Executive breaches, or threatens to commit a breach of, any of the
provisions contained in Section 3.1 of this Agreement (the "Restrictive Covenants"), the Company shall have the rights and remedies set out in (a) to (c) below, each of which
rights and remedies shall be independent of the others and severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to the Company under
law or in equity. 

        (a)    Specific Performance.    The right and remedy to have the Restrictive Covenants specifically enforced by any
court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not
provide an adequate remedy to the Company. 

        (b)    Accounting.    The right and remedy to require the Executive to account for and pay over to the Company all
compensation, profits, monies, accruals, increments or other benefits derived or received by the Executive as the result of any action constituting a breach of Restrictive Covenants. 

        (c)    Severability of Covenants.    The Executive acknowledges and agrees that the Restrictive Covenants are
reasonable and valid in duration and geographical scope and in all other respects. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the
remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect without regard to the invalid portions. 

        4.    Termination.    

        4.1    Termination by the Company for Cause.    The Company may terminate the Executive's employment hereunder for
Cause (as defined below) as provided in this Section 4.1. If the Company terminates the Executive's employment hereunder for Cause, the Executive shall be entitled to: 

        (a)   Base
Salary at the rate in effect (as provided for by Section 2.1 of this Agreement) at the time of such termination through to the Date of Termination; 

        (b)   any
accrued vacation pay; 

        (c)   reimbursement
for expenses incurred, but not yet paid prior to the Date of Termination; and 

        (d)   any
other compensation and benefits, including deferred compensation, as may be provided in accordance with the terms and provisions of any applicable plans and programs
of the Company through to the Date of Termination. 

        In
any case described in this Section 4.1, the Executive shall be given written notice authorized by a vote of at least a majority of the members of the Board that the Company
intends to terminate the Executive's employment for Cause. Such written notice shall specify the particular act or acts, or failure to act, which is or are the basis for the decision to so terminate
the Executive's employment for Cause. The Executive shall be given the opportunity within 30 calendar days of the receipt of such notice to meet with the Board to defend such act or acts, or failure
to act, and the Executive shall be given 15 business days after such meeting to correct such act or failure to act. Upon failure of the Executive, within such latter 15 day period, to correct
such act or failure to act, the Executive's employment by the Company may be immediately terminated for Cause by summary written notice from the Company to the Executive. Anything herein to the
contrary notwithstanding, if, following a termination of the Executive's employment by the Company for Cause based upon the conviction of the Executive for a felony involving actual dishonesty as
against the Company, such conviction is overturned on appeal, the Executive shall be entitled to the payments and the economic equivalent of the benefits that the 

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Executive
would have received as a result of a termination of the Executive's employment by the Company Without Cause. 

        For
purposes of this Section 4.1, "Cause" means (a) the Executive is convicted of a felony involving actual dishonesty as against the Company, or (b) the Executive,
in carrying out his duties and responsibilities under this Agreement, voluntarily engages in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise, unless such
act, or failure to act, was believed by the Executive in good faith to be in the best interests of the Company. 

        4.2    Termination Other Than For Cause.    The Company and the Executive may terminate the Executive's employment
hereunder upon the expiry of 30 days prior written notice to be given by each party to the
other at any time. If the Executive's employment is terminated pursuant to this clause 4.2 then the Executive shall be entitled to: 

        (a)   any
Base Salary accrued as of the Date of Termination; 

        (b)   keep
any computer and/or software provided to the Executive by the Company for home or travel use for no consideration provided that any Confidential Information shall
first be deleted therefrom by and to the satisfaction of the Company; 

        (c)   any
accrued vacation pay; 

        (d)   reimbursement
for expenses incurred, but not paid prior to such termination of employment; and 

        (e)   any
other compensation and benefits, including deferred compensation, as may be provided through to the Date of Termination in accordance with the terms and provisions
of any applicable plans or programs of the Company (including, but not limited to, those plans described in Section 2). 

        4.3    Resignation from Offices on Termination.    Upon termination of the Executive's employment for whatever reason
or at the election of the Board or upon either party hereto giving notice to terminate the Executive's employment the Executive shall upon the request of the Board resign forthwith without claim for
compensation (but without prejudice to any claim he may have for damages for breach of this agreement) from any, and all, offices he may hold as a director of the Company or in any other capacity with
any person as the Company's nominee. Should the Executive fail to resign from his offices and all of them as required under this clause 4.3 the Company is hereby irrevocably authorized by the
Executive to appoint some person in his name and on his behalf to execute any such documents and do all such things requisite to effect such resignations by the Executive. 

        4.4    Date of Termination.    For purposes of this Section 4, "Date of Termination" shall mean the date on
which the Executive's employment with the Company shall terminate for any reason. 

        5.    Indemnification.    Contemporaneously herewith, the Company and the Executive shall execute an indemnification
agreement which, by its terms, shall indemnify the Executive to the fullest extent permitted by applicable law and by the Company's certification of incorporation and by-laws. Such
indemnification agreement shall contain terms no less favourable to the Executive than the terms of any other indemnification agreement provided to any other senior officer of the Company. 

        6.    Other Provisions.    

        6.1    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 

8

 

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 Company to: 

Simon
Global Limited

HQ Business Centres

33 St. James' Square

Office Number 2-12 and 2-13

London SW1Y 4JS England 

With
a copy to: 

Simon
Property Group, Inc.

115 West Washington Street

Indianapolis, Indiana 46204

Attn: Chief Executive Officer 

        If
to the Executive, to: 

Mr. Hans
C. Mautner

8 Cadogan Square

London SW1 England 

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

        6.2    Entire Agreement; Prior Agreements.    This Agreement, including the attached Schedules which are a part hereof
for all purposes, contains the entire agreement and understanding between the parties with respect to the subject matter hereof. As of the Effective Date, this Agreement shall supersede all prior
employment and severance agreements between the Company (or its predecessors) and the Executive, it being understood, however, that this Agreement shall not supersede the Employment Agreement (or any
amendments thereto). 

        6.3    Governing Law.    This Agreement shall be governed and construed in accordance with the laws of the State of
New York. 

        6.4    Assignment.    The obligations of the Executive hereunder are personal and may not be assigned or delegated by
him or transferred in any manner whatsoever, nor are such obligations subject to involuntary alienation, assignment or transfer. The Company 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 the Company, so long as the obligations
of the Company under this Agreement remain the obligations of the Company, provided, that the Company 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 Company, by agreement in form and substance reasonably acceptable to the Executive, to assume expressly and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

        7.    Resolution of Disputes.    

        7.1    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 Executive and an executive officer of the Company 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 Executive and an executive officer of the Company shall meet at a mutually
acceptable time and place within the New York City metropolitan area, and 

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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 negotiator 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 Section 7.1 shall be treated as compromise and settlement negotiations for the purposes of the federal and state rules of evidence and procedure. 

        7.2    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 Section 7.1 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 other to participate in a
non-binding procedure and the other 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 other under this Agreement. 

        7.3    Expenses.    The Company shall promptly pay or reimburse the Executive for all costs and expenses, including,
without limitation, court or arbitration costs and attorneys' and accountants' fees and disbursements incurred by the Executive as a result of any claim, action or proceeding (including, without
limitation, a claim, action or proceeding by the Executive against the Company) 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. 

        8.    Successors.    This Agreement shall be binding upon and inure to the benefit of the Executive and his heirs,
executors, administrators and legal representatives. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns. 

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

        10.    Beneficiaries/References.    The Executive shall be entitled to select (and change) a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder following the Executive's death, and may change such election, in either case by giving the Company written notice thereof. In
the event of the Executive's death or a judicial determination of his incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary(ies),
estate or other legal representative(s), as the case may be. 

        11.    Representation.    The Company represents and warrants that it is fully authorized and empowered to enter into
this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between the Company and any other person, firm or organization or any applicable laws or
regulations. 

        12.    Survivorship.    The respective rights and obligations of the parties hereunder shall survive any termination
of this Agreement or the Executive's employment hereunder to the extent necessary to the intended preservation of such rights and obligations. 

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        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 SIMON GLOBAL LIMITED
	

 	

By:	
 	

/s/ Herber Simon

	 	Herbert Simon, Director
	

 	

By:	
 	

/s/ James M. Barkley

	 	James M. Barkley, Secretary
	

 	

/s/ Hans C. Mautner
 Hans C. Mautner

11

 
Schedule I 

Directorships  

Blackwell
Land Company

Capital & Regional plc

Dreyfus California Tax Exempt Money Market Fund, Inc.

Dreyfus Insured Municipal Bond Fund, Inc.

Dreyfus New Leaders Fund, Inc.

Dreyfus Strategic Municipals, Inc.

Dreyfus Strategic Municipal Bond Fund, Inc.

Dreyfus Municipal Bond Fund, Inc.

Dreyfus Municipal Money Market Fund, Inc.

Dreyfus Premier Stock Funds

Mezzanine Lending Associates Advisory Board

Advisory Board of Mezzacappa Partners 

12Exhibit 10.15  

        DATED AS OF MARCH 1, 2004 

SIMON PROPERTY GROUP ADMINISTRATIVE  

 SERVICES PARTNERSHIP, L.P.  

-and- 

HANS C. MAUTNER  

 SECOND AMENDMENT TO EMPLOYMENT  

 AGREEMENT DATED SEPTEMBER 23, 1998  

Jones Day Gouldens

Bucklersbury House

3 Queen Victoria Street

London

EC4N 8NA 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT  

        This Second Amendment to Employment Agreement (this "Second Amendment") is entered into as of this 1st day of March, 2004, by and between  SIMON
PROPERTY GROUP ADMINISTRATIVE SERVICES PARTNERSHIP, L.P., a Delaware limited partnership (the "Partnership") and HANS C.
MAUTNER (the "Executive"). 

RECITALS

        The
Executive was employed as Vice Chairman and a member of the Board of Directors of Simon Property Group, Inc ("SPG Inc.") and was a member of the Executive Committee of such
Board pursuant to an employment agreement ("Employment Agreement" dated September 23, 1998 between the Executive and Corporate Property Investors, Inc. ("CPI"), as amended by the First
Amendment to the Employment Agreement dated 30 December 1999 (the "First Amendment"). The Employment Agreement was entered into as a consequence of the merger of CPI and Simon DeBartolo
Group, Inc., a Maryland corporation ("Simon"), pursuant to the terms of an Agreement and Plan of Merger dated as of February 18, 1998 among CPI, Simon and Corporate Realty
Consultants, Inc., a Delaware corporation (the "Merger"), for the purpose of retaining the Executive as an officer of SPG Inc. following the Merger. The Employment Agreement was assigned
to the Partnership as of 1 January 2000. 

        The
Partnership and the Executive wish to restate and supersede in its entirety the First Amendment and amend the terms of the Employment Agreement to reflect certain agreements between
the Executive and the Partnership as a consequence of the Executive continuing to undertake certain part-time duties for Simon Global Limited ("Simon Global"), a company incorporated under
the laws of England and Wales (the "UK Employment Agreement") and an affiliate of SPG Inc., and agreeing to provide services by way of part-time secondment to Groupe BEG SARL
("BEG"), a company incorporated under the laws of France (the "French Secondment Agreement"), and to European Retail Enterprises BV/SARL ("ERE"), a company incorporated under the laws of Luxembourg
and the Netherlands (the "Luxembourg Secondment Agreement") (collectively, the "Secondment Agreements"). 

        NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree to restate and supersede in its
entirety the First Amendment and amend the Employment Agreement as follows: 

        1.    Definitions.    Capitalised terms under herein and not otherwise defined shall have the meanings given to them
in the Employment Agreement. 

 

        2.    Employment, Term and Duties.    All of Section 1 of the Employment Agreement is hereby deleted, and the
following clauses are hereby inserted in its place: 

        1.1    Employment.    The Company has employed the Executive and the Executive has accepted employment by the Company
on the terms and conditions set forth in the Employment Agreement and this Second Amendment. 

        1.2    Term.    The Executive's employment under the Employment Agreement commenced on September 24, 1998 (the
"Effective Date") and shall terminate on October 1, 2005 (the "Termination Date"), unless earlier terminated as provided in Section 4 of the Employment Agreement, as modified by this
Second Amendment (the "Term"). 

        1.3    Positions and Duties.    During the remainder of the Term, the Executive shall serve as
President—International Division of SPG Inc., and its affiliates and shall report directly to the Co-Chairmen of the Board or the Chief Executive Officer ("CEO") of
SPG Inc. In connection therewith, the Executive's principal focus shall be to assist, and be primarily responsible for, the Company's efforts to acquire, operate, finance, supervise and monitor
one or more investments of SPG Inc. and its affiliates in companies or assets located outside of the United States, and to otherwise assist in the operation of SPG Inc. and its
affiliates in a manner determined from time-to-time by the CEO or the Board of Directors of SPG Inc. In addition, the Executive has been appointed, and shall continue to
serve, as an "Advisory Director" of that Board of Directors for the remainder of the Term, subject to the By-Laws of SPG Inc. Notwithstanding the foregoing, the Executive may engage
in the following activities (and shall be entitled to retain all economic benefits thereof including fees paid in connection therewith) as long as they do not (without the approval of SPG Inc.)
substantially interfere with the performance of the Executive's duties and responsibilities hereunder: (i) serve on corporate, civic, religious, educational and/or charitable boards or
committees, (ii) deliver lectures, fulfil speaking engagements or teach on a
part-time basis at educational institutions and (iii) make investments in businesses or enterprises and manage his personal investments in accordance with SPG Inc.'s Code of
Business Conduct and Ethics Policy. The parties acknowledge that the Executive's participation (and continuing participation) as a director of the commercial corporations listed on Schedule I
attached hereto (as modified by the terms of Paragraphs 10 and 11 below) have been approved by SPG Inc. Notwithstanding the above, the Executive shall not be required to perform any duties and
responsibilities which would be likely to result in a non-compliance with or violation of any applicable law or regulation. 

        1.4    Scope of Duties.    During the continuance of the Employment Agreement the Executive shall not carry out any of
his duties for the Partnership within the United Kingdom or France nor shall the Executive have the authority of the Partnership to, and the Executive shall not, enter into any legally binding
obligation on behalf of the Partnership or any of its subsidiaries or affiliates within the United Kingdom or France except in the proper performance of his duties to Simon Global, BEG or ERE
respectively. 

        3.    Compensation and Other Benefits.    Sections 2.1 and 2.2 of the Employment Agreement are hereby deleted, and the
following clauses are hereby inserted in their place: 

        2.1    Base Compensation.    For purposes of the Employment Agreement, upon commencement of the Employee's employment
with Simon Global and his secondment to BEG, the Employee's Base Salary for purposes of the Employment Agreement shall be $204,702 per annum, provided that (a) upon the termination of the
Executive's employment with Simon Global and/or his secondment to BEG and/or ERE, the sum of Executive's base salary thereafter payable in connection with his continued employment by Simon Global or
secondment to BEG or ERE, plus his Base Salary for purposes of the Employment Agreement, shall be $762,000 per annum, such Base Salary (as so much thereof payable by the Partnership) to be subject to
increase from time to time by the Compensation Committee of the Board of SPG, Inc. (the "Compensation 

2

 

Committee")
and (b) upon the termination of the Executive's secondment to BEG and ERE alone, the Base Salary shall be reapportioned appropriately between the Employment Agreement (as hereby
amended) and the UK Employment Agreement, in such amounts as the parties agree. The Compensation Committee shall review the Executive's annual Base Salary no less frequently than annually to determine
whether any such increase should be made. The Base Salary shall be payable in accordance with the payroll policies of the Partnership as from time to time in effect, less such amounts as shall be
required to be deducted or withheld therefrom by applicable law and regulations. 

        2.2    Annual Bonus.    For each calendar year or portion thereof occurring during the Term, the Executive shall be
eligible for such discretionary bonus as may be determined by the Compensation Committee from time to time for work performed by the Executive on behalf of SPG Inc., Simon Global and (if
Executive does not participate in any bonus program at BEG or ERE) for work performed by the Executive on behalf of BEG and/or ERE, subject always to the rules of the relevant bonus scheme as
determined by the Compensation Committee in its absolute discretion The Annual Bonus shall be paid to the Executive less such amounts as shall be required to be deducted or withheld therefrom by
applicable law and regulations, at such time or times as is in accordance with the then prevailing policy of the Partnership relating to incentive compensation programs. 

        4.    General Business Expenses.    During the period that the Executive is employed by Simon Global and/or seconded
to BEG and/or ERE, the Partnership shall no longer be required to provide the Executive with a car and driver as contemplated by Section 2.5 of the Employment Agreement or to receive executive
secretarial and other administrative assistance as contemplated by Section 2.8 of the Employment Agreement, provided that upon termination of the Executive's employment with Simon Global and
the Executive's secondment to BEG and ERE, the Executive shall be provided with executive secretarial or other administrative assistance as contemplated by Section 2.8 of the Employment
Agreement. 

        5.    Fringe Benefits.    The Executive and the Partnership acknowledge that the Partnership does not have an aircraft
for purposes of Section 2.8 of the Employment Agreement. Therefore all references to the Executive's entitlement to use of an aircraft in such Section 2.8 shall be deleted. Should the
Partnership at some subsequent date acquire an aircraft for use by its executive officers generally, then the Executive shall be afforded an opportunity to use such aircraft (subject to availability)
for the purpose of carrying out his duties hereunder. During the Term, the Executive shall be entitled to five (5) weeks of vacation per calendar year which shall be taken by the Executive
concurrently with, but not in addition to, the vacation days to which the Executive is entitled under his employment arrangement with Simon Global and under the Secondment Agreements. 

        6.    Covenants, Non-Competition.    Section 3.1 of the Employment Agreement is hereby deleted, and
the following clause is hereby inserted in its place: 

        3.1    Covenants Against Competition.    The Executive acknowledges that (i) the Partnership and its
subsidiaries and affiliates are engaged in the business of shopping center and other retail project acquisition, ownership, financing, leasing, operation and development in the United States, Europe,
the Far East and Latin America (the "Business"); (ii) the Partnership's Business is conducted by the Partnership and its subsidiaries and affiliates in various markets throughout the United
States, Europe, the Far East and Latin America; (iii) his employment with the Partnership will have given him access to confidential information concerning the Partnership and its subsidiaries
and affiliates and the Business; and (iv) the agreements and covenants contained in 

3

 

this
Agreement are essential to protect the business and goodwill of the Partnership and its subsidiaries and affiliates. Accordingly, the Executive covenants and agrees as follows: 

        (a)    Non-Compete.    Without the prior written consent of the Board, the Executive shall not directly
(except in the Executive's capacity as an officer of the Partnership or any of its subsidiaries or affiliates), during the Restricted Period (as defined below) within any metropolitan area in which
the Partnership, its parent, subsidiaries or affiliates is engaged directly or indirectly in the Business: (i) engage or participate in the Business; (ii) enter 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 the Executive's employment is terminated during the Term by the Executive for Good Reason (as defined below) or by the Partnership without Cause
(as defined below); provided, further, that during the Restricted Period the Executive 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 Executive acknowledges that the Partnership 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 Executive agrees that, during and after the Restricted Period, without the prior written consent of the Board of Directors of the Partnership the Executive shall
keep secret and retain in strictest confidence, and shall not knowingly use for the benefit of himself or others all confidential matters relating to the Partnership's Business or the Partnership, its
subsidiaries 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 Executive heretofore or hereafter (such information shall be referred to herein collectively as "Confidential Information"); provided, however, that nothing
in this Agreement shall prohibit the Executive 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
Partnership, or (D) in connection with the defence or settlement of any claim, suit or action brought or threatened against the Executive by or in the right of the Partnership. 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 Executive 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 Executive). Moreover, the Executive 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 Executive. 

        (c)    Employee of the Partnership and its Affiliates.    During the Restricted Period, without the prior written
consent of the Board of Directors of the Partnership, the Executive shall not, directly or indirectly, hire or solicit, or cause others to hire or solicit, for employment by any person other than the
Partnership or any subsidiary or affiliate or successor thereof, any employee of, or person employed within the two years preceding the Executive's hiring or solicitation of such person by, the
Partnership and its subsidiaries or affiliates or successors or 

4

 

encourage
any such employee to leave his employment. For this purpose, any person whose employment has been terminated involuntarily by the Partnership or any subsidiary or affiliate or successor
thereof (or any predecessor of the Partnership) shall be excluded from those persons protected by this Section 4.1(c) for the benefit of the Partnership. 

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

        7.    Section 4.3
of the Employment Agreement is hereby deleted and the following clause is hereby inserted in its place: 

        4.3    Termination Without Cause or Termination for Good Reason.    The Partnership may terminate the Executive's
employment under the Employment Agreement and this Second Amendment without Cause (as defined in Section 4.2 of the Employment Agreement save that references in that Section to "the Company"
shall be deemed hereafter to refer to the "Partnership, Simon Global, ERE or BEG") and the Executive may terminate his employment hereunder for Good Reason. If the Partnership terminates the
Executive's employment under the Employment Agreement and Second Amendment without Cause other than due to death or Disability (as defined in the Employment Agreement), or if the Executive terminates
his employment for Good Reason, the Executive shall be entitled to receive from the Partnership any Base Salary and bonus earned but not yet paid as at the date of termination of employment, any
accrued vacation pay, reimbursement for reimbursable expenses incurred but not paid prior to such termination of employment and also a severance payment equivalent to his Base Salary and
pro-rated discretionary bonus from the date of termination of employment through 31 October 2005 (the "Severance Payment") provided that: 

        (a)   The
Severance Payment shall not be less than the Executive would have received if he was terminated without Cause under the Partnership's applicable severance policy at
that time and taking into account his years of service with CPI, SPG Inc. and the Partnership; and 

        (b)   The
Base Salary and bonus referred to in this Section 4.3 comprises the total Base Salary together with the sum of the most recent bonuses paid for the preceding
bonus year to the Executive prior to
the termination of his employment as determined under the Employment Agreement, this Second Amendment, the UK Agreement and the Secondment Agreements, but the Severance Payment from the Partnership
will be reduced proportionately by any amounts received or due to be received by the Executive in respect of his overall severance payment entitlements under the UK Employment Agreement and/or the
French Secondment Agreement and/or the Luxembourg Secondment Agreement; and 

        (c)   The
Severance Payment shall be paid after deduction of any applicable tax and social security payments. 

        (d)   In
addition, the Director shall be entitled to: 

	(i)
	All
outstanding options granted to Executive to purchase common stock under the Partnership's or SPG Inc.'s options plans shall remain exercisable until the end
of the original term of such options without regard to Executive's termination of employment; and

	(ii)
	At
the date of termination, SPG Inc. shall distribute the split dollar life insurance policy (if any) in effect on the life of the Executive without requiring
the Executive to repay any premium paid by the Partnership, SPG Inc. or its predecessor company; and 

5

 

	(iii)
	The
Executive shall be entitled to keep any computer and/or software provided to the Executive by the Partnership or SPG Inc., for home or travel use for no
consideration. 

        For
the purposes of this Section 4.3, "Good Reason" means and shall be deemed to exist if, without the prior express written consent of the Executive, (a) the Executive is
assigned any duties or responsibilities inconsistent in any material respect with the scope of the duties or responsibilities associated with the Executive's titles or positions under the Employment
Agreement as amended by this Second Amendment, the UK Employment Agreement or the Secondment Agreements; (b) the Executive suffers a reduction in the duties, responsibilities or effective
authority associated with his titles and positions, as set forth and described in the Employment Agreement as amended by the Second Amendment, the UK Employment Agreement or the Secondment Agreements;
(c) the Executive is not appointed to, or is removed from, the offices or positions provided for in the Employment Agreement as amended by this Second Amendment, the UK Employment Agreement or
the Secondment Agreements; (d) the
Executive's compensation is decreased by the Partnership, or the Executive's benefits under any employee benefit or health or welfare plans or programs of the Partnership are in the aggregate
materially decreased; (e) the Partnership fails to obtain the full assumption of this Agreement by a successor entity in accordance with Section 6.4 of the Employment Agreement;
(f) the Partnership fails to use its reasonable best efforts to maintain, or cause to be maintained, adequate directors and officers liability insurance coverage for the Executive;
(g) without the Executive's express written consent, the Partnership's requiring the Executive's work location to be other than in the County of New York, New York, or Martin County, Florida,
or in Paris, France in respect of the French Secondment Agreement, or in Luxembourg in respect of the Luxembourg Secondment Agreement, or in London, England in respect of the UK Employment Agreement
or otherwise if mutually agreed in connection with the expansion of the Partnership's or SPG, Inc.'s overseas operations; (h) the Partnership purports to terminate the Executive's
employment for Cause (as defined in Section 4.2 of the Employment Agreement and amended in Section 4.3 of this Second Amendment) and such a purported termination of employment is not
effected in accordance with the requirements of the Employment Agreement as amended by this Second Amendment. 

        8.    Section 4.7
of the Employment Agreement is hereby deleted and shall be of no further force or effect. 

        9.    Notices.    The contact details for purposes of Section 6.1 of the Employment Agreement shall be as
follows: 

        If
to the Partnership, to: 

Simon
Property Group Administrative Services Partnership, L.P.

National City Center

115 West Washington Street

Indianapolis, Indiana 46204

USA 

(Attn:
Chief Administrative Officer) 

If
to the Executive, to:

Hans C. Mautner

8 Cadogan Square

London SW1 England

        10.    The
following directorships are hereby added to Schedule I of the Employment Agreement: 

Blackwell
Land Company 

Capital &
Regional plc 

6

 

Dreyfus
California Tax Exempt Money Market Fund, Inc. 

Dreyfus
Insured Municipal Bond Fund, Inc. 

Dreyfus
New Leaders Fund, Inc. 

Dreyfus
Strategic Municipals, Inc. 

Dreyfus
Strategic Municipal Bond Fund, Inc. 

Dreyfus
Municipal Bond Fund, Inc. 

Dreyfus
Municipal Money Market Fund, Inc. 

Dreyfus
Premier Stock Funds 

Mezzanine
Lending Associates Advisory Board 

Advisory
Board of Mezzacappa Partners 

        11.    The
following directorship is hereby deleted from Schedule I of the Employment Agreement: 

        Bank
Julius Baer & Co. Ltd. U.S. Advisory Board 

        12.    Governing Law.    This Agreement shall be governed and construed in accordance with the laws of the State of
New York. 

        13.    Effect.    Other than as explicitly set forth herein, all provisions of the Employment Agreement shall remain
in full force and effect in accordance with their terms including without limitation, Sections 2.4 and 2.5. This Second Amendment shall supersede in its entirety the First Amendment, which shall cease
forthwith to have any force or effect. 

7

 

        14.    Termination.    On 1 October 2005, or upon the termination of the UK Employment Agreement and the
Secondment Agreements if earlier, both the Employment Agreement and this Second Amendment shall terminate automatically and neither the Partnership nor SPG shall have any further liability or
obligations to the Executive, save for the Severance Payment and any post-termination rights and obligations shall continue in full force and effect to the extent necessary to the intended
preservation of such rights and obligations. 

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

	

 	
 	
SIMON PROPERTY GROUP ADMINISTRATIVE SERVICES PARTNERSHIP, L.P., a Delaware limited partnership
	

 	
 	

By:	
 	

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

 	
 	

 	
 	

By:	
 	

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

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  HERBERT SIMON      
 Herbert Simon

Co-Chairman of the Board
	

 	
 	

 	
 	

 	
 	

 	
 	

/s/  HANS C. MAUTNER      
 Hans C. Mautner

8

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