Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

TAX MATTERS AGREEMENT 

BETWEEN 
 DDR CORP.

 AND 
 RETAIL
VALUE INC. 
 DATED AS OF JULY 1, 2018 

 TABLE OF CONTENTS 

 

							
	 Section 1.     Definition of Terms
	  	 	2	 
		
	 Section 2.     Allocation of Tax Liabilities
	  	 	7	 
			
	 Section 2.1
	 	 General Rule
	  	 	7	 
	 Section 2.2
	 	 General Allocation Principles
	  	 	7	 
	 Section 2.3
	 	 Allocation Conventions
	  	 	7	 
	 Section 2.4
	 	 Transfer Taxes
	  	 	8	 
		
	 Section 3.     Preparation and Filing of Tax Returns
	  	 	8	 
			
	 Section 3.1
	 	 DDR Separate Returns and Joint Returns
	  	 	8	 
	 Section 3.2
	 	 RVI Separate Returns
	  	 	8	 
	 Section 3.3
	 	 Tax Reporting Practices
	  	 	8	 
	 Section 3.4
	 	 RVI Carrybacks and Claims for Refund
	  	 	9	 
	 Section 3.5
	 	 Apportionment of Tax Attributes
	  	 	10	 
		
	 Section 4.     Tax Payments
	  	 	10	 
			
	 Section 4.1
	 	 Taxes Shown on Tax Returns
	  	 	10	 
	 Section 4.2
	 	 Adjustments Resulting in Underpayments
	  	 	10	 
	 Section 4.3
	 	 Indemnification Payments
	  	 	11	 
		
	 Section 5.     Tax Benefits
	  	 	11	 
			
	 Section 5.1
	 	 Tax Refunds
	  	 	11	 
	 Section 5.2
	 	 Other Tax Benefits
	  	 	11	 
		
	 Section 6.     REIT Qualification
	  	 	12	 
			
	 Section 6.1
	 	 DDR
	  	 	12	 
	 Section 6.2
	 	 RVI
	  	 	12	 
		
	 Section 7.     Assistance and Cooperation
	  	 	13	 
			
	 Section 7.1
	 	 Assistance and Cooperation
	  	 	13	 
	 Section 7.2
	 	 Tax Return Information
	  	 	13	 
	 Section 7.3
	 	 Reliance by DDR
	  	 	14	 
	 Section 7.4
	 	 Reliance by RVI
	  	 	14	 
		
	 Section 8.     Tax Records
	  	 	14	 
			
	 Section 8.1
	 	 Retention of Tax Records
	  	 	14	 
	 Section 8.2
	 	 Access to Tax Records
	  	 	15	 
	 Section 8.3
	 	 Preservation of Privilege
	  	 	15	 
		
	 Section 9.     Tax Contests
	  	 	15	 
			
	 Section 9.1
	 	 Notice
	  	 	15	 
	 Section 9.2
	 	 Control of Tax Contests
	  	 	16	 

  
 i 

							
	 Section 10.   Survival of Obligations
	  	 	17	 
		
	 Section 11.   Tax Treatment of Payments
	  	 	17	 
			
	 Section 11.1
	 	 General Rule
	  	 	17	 
	 Section 11.2
	 	 Interest
	  	 	18	 
		
	 Section 12.   Indemnification Payment Escrow
	  	 	18	 
			
	 Section 12.1
	 	 Indemnification Payments to RVI
	  	 	18	 
	 Section 12.2
	 	 Indemnification Payments to DDR
	  	 	20	 
		
	 Section 13.   Dispute Resolution
	  	 	21	 
		
	 Section 14.   General Provisions
	  	 	21	 
			
	 Section 14.1
	 	 Amendments and Waivers
	  	 	21	 
	 Section 14.2
	 	 Entire Agreement
	  	 	22	 
	 Section 14.3
	 	 Survival of Agreements
	  	 	22	 
	 Section 14.4
	 	 Third Party Beneficiaries
	  	 	22	 
	 Section 14.5
	 	 Notices
	  	 	22	 
	 Section 14.6
	 	 Counterparts; Electronic Delivery
	  	 	23	 
	 Section 14.7
	 	 Severability
	  	 	23	 
	 Section 14.8
	 	 Assignability; Binding Effect
	  	 	23	 
	 Section 14.9
	 	 Governing Law
	  	 	24	 
	 Section 14.10
	 	 Construction
	  	 	24	 
	 Section 14.11
	 	 Performance
	  	 	24	 
	 Section 14.12
	 	 Title and Headings
	  	 	24	 
	 Section 14.13
	 	 Other Agreements
	  	 	24	 
	 Section 14.14
	 	 Payment Terms
	  	 	24	 
	 Section 14.15
	 	 No Admission of Liability
	  	 	25	 

  
 ii 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of July 1, 2018, by and between DDR Corp., an Ohio
corporation (“DDR”), and Retail Value Inc., an Ohio corporation and a direct, wholly owned subsidiary of DDR immediately prior to the Distribution (“RVI” and together with DDR, the “Parties” and
each a “Party”). 
 RECITALS 

WHEREAS, the board of directors of DDR (the “DDR Board”) has determined that it is in the best interests of DDR and its
shareholders to create a new publicly traded company that shall operate the RVI Business; 
 WHEREAS, in furtherance of the foregoing, the
DDR Board has determined that it is appropriate and desirable to separate the RVI Business from the DDR Business (the “Separation”); 

WHEREAS, to effect the Separation (a) DDR or other DDR Group members have contributed or will contribute their respective interests in
the RVI Assets to a RVI Group member, (b) RVI or another RVI Group member has assumed or will assume the RVI Liabilities, and (c) DDR or another DDR Group member has retained or assumed, or will retain or assume, the DDR Assets and DDR
Liabilities; 
 WHEREAS, pursuant to the terms of the Separation and Distribution Agreement by and among DDR and RVI, dated on or about the
date hereof (the “Separation Agreement”), DDR and RVI intend to effect the Separation by distributing all of the outstanding shares of RVI common stock, par value $0.01 (“RVI Shares”), owned by DDR to the holders of
record of the outstanding shares of DDR common stock, par value $0.10 (“DDR Shares”), as of the Record Date (the “Record Holders”), with such distribution to be made on a pro rata basis, with each Record Holder
entitled to receive one (1) RVI Share for every ten (10) DDR Shares, excluding fractional RVI shares, which will be aggregated and sold by the Agent to fund pro rata cash payments to the beneficial owners of DDR Shares who would otherwise
be entitled to receive fractional RVI Shares (the “Distribution”); 
 WHEREAS, each of DDR and RVI has determined that it
is appropriate and desirable to set forth the principal corporate transactions required to effect the Separation and the Distribution and certain other agreements that will govern certain matters relating to the Separation and the Distribution and
the relationship of DDR, RVI and the members of their respective Groups following the Distribution; 
 WHEREAS, DDR and RVI desire to set
forth their agreement on the rights and obligations of DDR and RVI and the members of the DDR Group and the RVI Group, respectively, with respect to (A) the administration and allocation of federal, state, local, and foreign Taxes incurred in
Tax Periods beginning prior to the Distribution Date, (B) Taxes resulting from the Distribution and transactions effected in connection with the Distribution and (C) various other Tax matters. 

 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth
below and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 

Section 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof), the following
terms have the following meanings: 
 “Adjustment Request” means any formal or informal claim or request filed with any Tax
Authority, or with any administrative agency or court, for the adjustment, refund, or credit of Taxes, including (i) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as previously
adjusted, (ii) any claim for equitable recoupment or other offset, and (iii) any claim for refund or credit of Taxes previously paid. 

“Affiliate” has the meaning set forth in the Separation Agreement. 

“Agent” has the meaning set forth in the Separation Agreement. 

“Agreement” means this Tax Matters Agreement. 

“Ancillary Agreements” has the meaning set forth in the Separation Agreement; provided, however, that
for purposes of this Agreement, this Ancillary Agreements shall include the Management Agreements but this Agreement shall not constitute an Ancillary Agreement. 

“Business Day” means a day other than a Saturday, a Sunday or a day on which banking institutions located in the State of New
York are authorized or obligated by applicable Law or executive order to close. 
 “Code” has the meaning set forth in the
Separation Agreement. 
 “Controlling Party” has the meaning set forth in Section 9.2(c) of this
Agreement. 
 “DDR” has the meaning set forth in the preamble to this Agreement. 

“DDR Assets” has the meaning set forth in the Separation Agreement. 

“DDR Business” has the meaning set forth in the Separation Agreement. 

“DDR Group” has the meaning set forth in the Separation Agreement. 

“DDR Indemnified Party” has the meaning set forth in Section 12 of this Agreement. 

“DDR Indemnity Payment” has the meaning set forth in Section 12 of this Agreement. 

“DDR Liabilities” has the meaning set forth in the Separation Agreement. 

“DDR Separate Return” means any Tax Return of or including any member of the DDR Group (including any
consolidated, combined or unitary return) that does not include any member of the RVI Group. 

  
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 “Dispute” has the meaning set forth in the Separation Agreement. 

“Distribution” has the meaning set forth in the recitals to this Agreement. 

“Distribution Date” has the meaning set forth in the Separation Agreement. 

“Effective Time” has the meaning set forth in the Separation Agreement. 

“Final Allocation” has the meaning set forth in Section 3.5(b) of this Agreement. 

“Governmental Authority” has the meaning set forth in the Separation Agreement. 

“Group” has the meaning set forth in the Separation Agreement. 

“Income Tax” means all U.S. federal, state, local and foreign income, franchise or similar Taxes imposed on (or measured by)
net income or net profits. 
 “Intended Tax Treatment” means the treatment of (i) RVI as a “qualified REIT
subsidiary” as defined in Section 856(i)(2) of the Code until immediately prior to the Distribution, (ii) the formation of RVI as new corporation immediately prior to the Distribution in a transaction to which Section 351 of the
Code will apply, and (iii) the Distribution as a taxable distribution under Section 301 of the Code. 
 “IRS” has
the meaning set forth in the Separation Agreement. 
 “Joint Return” means any Tax Return that includes, by election or
otherwise, one or more members of the DDR Group together with one or more members of the RVI Group. 
 “Law” has the
meaning set forth in the Separation Agreement. 
 “Loss” has the meaning set forth in Section 5.2
of this Agreement. 
 “Non-Controlling Party” has the meaning set forth in
Section 9.2(c) of this Agreement. 
 “Outside Date” means the later of (i) December 31,
2018, (ii) the end of RVI’s taxable year in which the Preferred Shares have been fully redeemed, or (iii) the end of RVI’s taxable year in which DDR transferred the Preferred Shares to any of DDR’s taxable REIT subsidiaries or to
a third party. 
 “Parties” and “Party” have the meaning set forth in the preamble to this Agreement. 

“Past Practices” has the meaning set forth in Section 3.3(a) of this Agreement. 

“Payment Date” means, with respect to a Tax Return, (A) the due date for any required installment of estimated Taxes,
(B) the due date (determined without regard to extensions) for filing such Tax Return, or (C) the date such Tax Return is filed, as the case may be. 

“Payor” has the meaning set forth in Section 4.3(a) of this Agreement. 

  
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 “Person” has the meaning set forth in the Separation Agreement. 

“Post-Distribution Period” means any Tax Period beginning after the Distribution Date and, in the case of any Straddle
Period, the portion of such Tax Period beginning on the day after the Distribution Date. 

“Pre-Distribution Period” means any Tax Period ending on or before the Distribution
Date and, in the case of any Straddle Period, the portion of such Straddle Period ending on and including the Distribution Date. 

“Preferred Shares” means Series A Preferred Shares as described in Division A of the Amended and Restated Articles of
Incorporation of RVI. 
 “Prime Rate” means the “prime rate” as published in The Wall Street Journal,
Eastern Edition. 
 “Prior Group” means any group that filed or was required to file (or will file or be required to file)
a Tax Return, for a Tax Period or portion thereof ending at the close of the Distribution Date, on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that
includes at least one member of the RVI Group. 
 “Privilege” means any privilege that may be asserted under applicable
law, including, any privilege arising under or relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes.

 “Proposed Allocation” shall have the meaning set forth in Section 3.5(b) of this Agreement.

 “Qualifying Income” means income described in Section 856(c)(2)(A) through (I) and 856(c)(3)(A) through
(I) of the Code. 
 “REIT” has the meaning set forth in the Separation Agreement. 

“REIT Guidance” means either a ruling from the IRS or an opinion of Tax counsel selected by the Party who has given the
relevant REIT Savings Notice, which opinion shall be reasonably satisfactory to such Party. 
 “REIT Savings Notice” means
the Notice delivered by RVI or DDR, as the case may be, pursuant to Section 12 of this Agreement. 

“Required Party” has the meaning set forth in Section 4.3(a) of this Agreement. 

“Responsible Party” means, with respect to any Tax Return, the Party having responsibility for preparing and filing such Tax
Return under this Agreement. 
 “Retention Date” has the meaning set forth in Section 8.1 of this
Agreement. 

  
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 “RVI” has the meaning provided in the preamble to this Agreement. 

“RVI Assets” has the meaning set forth in the Separation Agreement. 

“RVI Business” has the meaning set forth in the Separation Agreement. 

“RVI Carryback” means any net operating loss, net capital loss, excess Tax credit, or other similar Tax item of any member of
the RVI Group which may or must be carried from one Tax Period to another prior Tax Period under the Code or other applicable Tax Law. 

“RVI Group” has the meaning set forth in the Separation Agreement. 

“RVI Indemnified Party” has the meaning set forth in Section 12 of this Agreement. 

“RVI Indemnity Payment” has the meaning set forth in Section 12 of this Agreement. 

“RVI Liabilities” has the meaning set forth in the Separation Agreement. 

“RVI Separate Return” means any Tax Return of or including any member of the RVI Group (including any
consolidated, combined or unitary return) that does not include any member of the DDR Group. 
 “Separation Agreement” has
the meaning set forth in the recitals to this Agreement. 
 “Specified REIT Requirements” means the requirements of
Sections 856(c)(2) and (3) of the Code. 
 “Straddle Period” means any Tax Period that begins before and ends after
the Distribution Date. 
 “Subsidiary” has the meaning set forth in the Separation Agreement. 

“Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital stock, franchise,
withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, escheat, alternative
minimum, universal service fund, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax), imposed by any Governmental Authority or political subdivision thereof, and any interest, penalty,
additions to tax or additional amounts in respect of the foregoing. 
 “Tax Advisor” means a Tax counsel or accountant, in
each case of recognized national standing. 
 “Tax Attribute” means a net operating loss, net capital loss, unused
investment credit, unused foreign Tax credit (including credits of a foreign company under Section 902 of the Code), excess charitable contribution, general business credit, research and development credit, earnings and profits, basis, or any
other Tax Item that could reduce a Tax or create a Tax Benefit. 

  
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 “Tax Authority” means, with respect to any Tax, the Governmental Authority or
political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 

“Tax Benefit” means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes. 

“Tax Contest” means an audit, review, examination, contest, litigation, investigation or any other administrative or judicial
proceeding with the purpose or effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 

“Tax Item” means, with respect to any Income Tax, any item of income, gain, loss, deduction, or credit. 

“Tax Law” means the Law of any Governmental Authority or political subdivision thereof relating to any Tax. 

“Tax Opinion” means an opinion from a Tax Advisor regarding the qualification of DDR as a REIT (including but not limited to
customary legal opinions concerning DDR’s qualification and taxation as a REIT issued in connection with the issuance by DDR of any security or in connection with any registration statement), or regarding the Tax treatment of all or any part of
the Transactions. 
 “Tax Period” means, with respect to any Tax, the period for which the Tax is reported as provided
under the Code or other applicable Tax Law. 
 “Tax Records” means any (i) Tax Returns, (ii) Tax Return
workpapers, (iii) documentation relating to any Tax Contests, and (iv) any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other
medium) maintained or required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority, in each case filed or required to be filed with respect to or otherwise relating to Taxes.

 “Tax Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to
Taxes, or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or other materials submitted with any of the foregoing,
and including any amendments or supplements to any of the foregoing. 
 “Transactions” means the Separation, Distribution
and any other transactions contemplated by the Separation Agreement or any Ancillary Agreement. 
 “Transfer Taxes” means
all sales, use, transfer, real property transfer, intangible, recordation, registration, documentary, stamp or similar Taxes imposed in connection with the Transactions (excluding in each case, for the avoidance of doubt, any Income Taxes). 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax
Period. 

  
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 Section 2. Allocation of Tax Liabilities. 

Section 2.1    General Rule. 

(a)    DDR Liability. Except with respect to Taxes described in Section 2.1(b) of this
Agreement, DDR shall be liable for, and shall indemnify and hold harmless the RVI Group from and against any liability for: 

(i)    Taxes that are allocated to DDR under this Section 2; 

(ii)    any Tax resulting from a breach of any of DDR’s representations or covenants in this
Agreement, the Separation Agreement or any Ancillary Agreement; and 
 (iii)    Taxes imposed on RVI or
any member of the RVI Group pursuant to the provisions of Treasury Regulations § 1.1502-6 (or similar provisions of state, local, or foreign Tax Law) as a result of any such member being or having been a
member of a Prior Group. 
 (b)    RVI Liability. RVI shall be liable for, and shall indemnify and hold harmless
the DDR Group from and against any liability for: 
 (i)    Taxes that are allocated to RVI under this
Section 2; and 
 (ii)    any Tax resulting from a breach of any of RVI’s
representations or covenants in this Agreement, the Separation Agreement or any Ancillary Agreement. 

Section 2.2    General Allocation Principles. Except as otherwise provided in this
Section 2, all Taxes shall be allocated as follows: 
 (a)    Allocation of Taxes for
Joint Returns. DDR shall be responsible for all Taxes reported, or required to be reported, on any Joint Return that any member of the DDR Group files or is required to file under the Code or other applicable Tax Law; provided,
however, that to the extent any such Joint Return includes any Tax Item attributable to the operations or assets of any member of the RVI Group for any Post-Distribution Period, RVI shall be responsible for all Taxes attributable to such Tax
Items, computed in a manner reasonably determined by DDR. 
 (b)    Allocation of Taxes for Separate Returns.

 (i)    DDR shall be responsible for all Taxes reported, or required to be reported, on (x) a DDR
Separate Return or (y) an RVI Separate Return with respect to a Pre-Distribution Period. 

(ii)    RVI shall be responsible for all Taxes reported, or required to be reported, on an RVI Separate
Return with respect to a Post-Distribution Period. 
 Section 2.3    Allocation Conventions. 

  
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 (a)    All Taxes allocated pursuant to Section 2.2
of this Agreement shall be apportioned between portions of a Tax Period based on a closing of the books and records on the close of the Distribution Date (in the event that the Distribution Date is not the last day of the Tax Period, as if the
Distribution Date were the last day of the Tax Period), subject to adjustment for items accrued on the Distribution Date that are properly allocable to the Tax Period following the Distribution, as jointly determined by DDR and RVI; provided that
any items not susceptible to such apportionment shall be apportioned on the basis of elapsed days during the relevant portion of the Tax Period.1 

(b)    Any Tax Item of RVI or any member of the RVI Group arising from a transaction engaged in outside of the ordinary
course of business on the Distribution Date after the Effective Time shall be properly allocable to RVI and any such transaction by or with respect to RVI or any member of the RVI Group occurring after the Effective Time shall be treated for all Tax
purposes (to the extent permitted by applicable Tax Law) as occurring at the beginning of the day following the Distribution Date in accordance with the principles of Treasury Regulation § 1.1502-76(b) or
any similar provisions of state, local or foreign Law. 
 Section 2.4    Transfer Taxes. Any Transfer Taxes
shall be allocated solely to DDR. 
 Section 3. Preparation and Filing of Tax Returns. 

Section 3.1    Section 3.1 DDR Separate Returns and Joint Returns. 

(a)    DDR shall prepare and file, or cause to be prepared and filed, all DDR Separate Returns and Joint Returns, and each
member of the RVI Group to which any such Joint Return relates shall execute and file such consents, elections and other documents as DDR may determine, after consulting with RVI in good faith, are required or appropriate, or otherwise requested by
DDR in connection with the filing of such Joint Return. RVI will elect and join, and will cause its respective Affiliates to elect and join, in filing any Joint Returns that DDR determines are required to be filed or that DDR elects to file, in each
case pursuant to this Section 3.1(a). 
 (b)    The Parties and their respective Affiliates
shall elect to close the Tax Period of each RVI Group member on the Distribution Date, to the extent permitted by applicable Tax Law. 

Section 3.2    RVI Separate Returns. RVI shall prepare and file (or cause to be prepared and filed) all RVI
Separate Returns. 
 Section 3.3    Tax Reporting Practices. 

(a)    General Rule. Except as provided in Section 3.3(b) of this Agreement, DDR shall
prepare any Straddle Period Joint Return in accordance with past practices, 
  

	1 	Property taxes to be discussed in connection with section 8.2 of the Separation Agreement. Will the balance in the Tax Escrow exceed DDR’s portion of property taxes? If yes, will only the excess be paid over to
DDR? 

  
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permissible accounting methods, elections or conventions (“Past Practices”) used by the members of the DDR Group and the members of the RVI Group prior to the Distribution Date
with respect to such Tax Return, and to the extent any items, methods or positions are not covered by Past Practices, then DDR shall prepare such Tax Return in accordance with reasonable Tax accounting practices selected by DDR. With respect to any
Tax Return that RVI has the obligation and right to prepare, or cause to be prepared, under this Section 3, to the extent such Tax Return could affect DDR, such Tax Return shall be prepared in accordance with Past Practices
used by the members of the DDR Group and the members of the RVI Group prior to the Distribution Date with respect to such Tax Return, and to the extent any items, methods or positions are not covered by Past Practices, such Tax Return shall be
prepared in accordance with reasonable Tax accounting practices selected by RVI, subject to the consent of DDR (which consent may not be unreasonably withheld, conditioned or delayed). 

(b)    Consistency with Intended Tax Treatment. Notwithstanding anything contrary in this Agreement, the
Separation Agreement, or any Ancillary Agreement, except as otherwise agreed by the Parties, the Parties shall prepare all Tax Returns consistent with the Intended Tax Treatment unless, and then only to the extent, an alternative position is
required pursuant to a determination by a Tax Authority; provided, however, that neither Party shall be required to litigate before any court any challenge to the Intended Tax Treatment by a Tax Authority. 

Section 3.4    RVI Carrybacks and Claims for Refund. 

(a)    RVI hereby agrees that, unless DDR consents in writing (which consent may not be unreasonably withheld, conditioned
or delayed) or as required by Law, (i) no member of the RVI Group (nor its successors) shall file any Adjustment Request with respect to any Tax Return that could affect any Joint Return or any other Tax Return reflecting Taxes that are
allocated to DDR under Section 2 and (ii) any available elections to waive the right to claim any RVI Carryback in any Joint Return or any other Tax Return reflecting Taxes that are allocated to DDR under
Section 2 shall be made, and no affirmative election shall be made to claim any such RVI Carryback. In the event that RVI (or the appropriate member of the RVI Group) is prohibited by applicable Law from waiving or
otherwise forgoing an RVI Carryback or DDR consents to an RVI Carryback (which consent may not be unreasonably withheld, conditioned or delayed), DDR shall cooperate with RVI, at RVI’s expense, in seeking from the appropriate Tax Authority such
Tax Benefit as reasonably would result from such RVI Carryback, to the extent that such Tax Benefit is directly attributable to such RVI Carryback, and shall pay over to RVI the amount of such Tax Benefit within ten (10) days after such Tax
Benefit is recognized by the DDR Group; provided, however, that RVI shall indemnify and hold the members of the DDR Group harmless from and against any and all collateral Tax consequences resulting from or caused by any such RVI
Carryback, including, without limitation, the loss or postponement of any benefit from the use of Tax Attributes generated by a member of the DDR Group if (i) such Tax Attributes expire unused, but would have been utilized but for such RVI
Carryback, or (ii) the use of such Tax Attributes is postponed to a later Tax Period than the Tax Period in which such Tax Attributes would have been used but for such RVI Carryback. 

  
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 (b)    DDR hereby agrees that, unless RVI consents in writing (which consent
may not be unreasonably withheld, conditioned or delayed) or as required by Law, no member of the DDR Group shall file any Adjustment Request with respect to any RVI Separate Return. 

Section 3.5    Apportionment of Tax Attributes. 

(a)    Tax Attributes arising in a Pre-Distribution Period will be allocated to
(and the benefits and burdens of such Tax Attributes will inure to) the members of the DDR Group and the members of the RVI Group in accordance with the Code, Treasury Regulations, and any other applicable Tax Law, and, in the absence of controlling
legal authority or unless otherwise provided under this Agreement, Tax Attributes shall be allocated to the taxpayer that created such Tax Attributes. 

(b)    On or before the first anniversary of the Distribution Date, DDR shall deliver to RVI its determination in writing
of the portion, if any, of any earnings and profits, Tax Attributes, overall foreign loss or other affiliated, consolidated, combined, unitary, fiscal unity or other group basis Tax Attribute which is allocated or apportioned to the members of the
RVI Group under applicable Tax Law and this Agreement (“Proposed Allocation”). RVI shall have sixty (60) days to review the Proposed Allocation and provide DDR any comments with respect thereto. DDR shall accept any such
comments that are reasonable, and such resulting determination will become final (“Final Allocation”). All members of the DDR Group and RVI Group shall prepare all Tax Returns in accordance the Final Allocation. In the event of an
adjustment to the earnings and profits, any Tax Attributes or other affiliated, consolidated, combined, unitary, fiscal unity or other group basis attribute, DDR shall promptly notify RVI in writing of such adjustment. For the avoidance of doubt,
DDR shall not be liable to any member of the RVI Group for any failure of any determination under this Section 3.5(b) to be accurate under applicable Tax Law; provided such determination was made in good faith. 

(c)    Except as otherwise provided herein, to the extent that the amount of any Tax Attribute is later reduced or
increased by a Tax Authority or Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to Section 3.5(a) of this Agreement, as agreed by the Parties.

 Section 4. Tax Payments. 

Section 4.1    Taxes Shown on Tax Returns. DDR shall pay (or cause to be paid) to the proper Tax Authority the
Tax shown as due on any Tax Return that a member of the DDR Group is responsible for preparing under Section 3 of this Agreement, and RVI shall pay (or cause to be paid) to the proper Tax Authority the Tax shown as due on
any Tax Return that a member of the RVI Group is responsible for preparing under Section 3 of this Agreement. At least seven (7) Business Days prior to any Payment Date for any Straddle Period Joint Return, RVI shall
pay to DDR the amount RVI is responsible for under the provisions of Section 2 as calculated pursuant to this Agreement. 

Section 4.2    Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a final
determination by a Tax Authority respect to any Tax, the Party to which such 

  
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Tax is allocated pursuant to this Agreement shall pay to the applicable Tax Authority when due any additional Tax required to be paid as a result of such adjustment. 

Section 4.3    Indemnification Payments. 

(a)    Except as provided in the last sentence of Section 4.1 of this Agreement, if any Party
(the “Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another Party (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor within
twenty (20) Business Days of delivery by the Payor to the Required Party of an invoice for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating
thereto. The reimbursement shall include interest on the Tax payment computed at the Prime Rate based on the number of days from the date of the Payor’s payment to the Tax Authority to the date of reimbursement by the Required Party under this
Section 4.3. The Required Party shall also pay to the Payor any reasonable costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses) within five (5) days after the
Payor’s written demand therefor. 
 (b)    All indemnification payments under this Agreement shall be made by DDR
directly to RVI and by RVI directly to DDR; provided, however, that if the Parties mutually agree for administrative convenience with respect to any such indemnification payment, any member of the DDR Group, on the one hand, may make
such indemnification payment to any member of the RVI Group, on the other hand, and vice versa. 
 Section 5. Tax Benefits. 

Section 5.1    Tax Refunds. DDR shall be entitled (subject to the limitations provided in
Section 3.4 of this Agreement) to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes for which DDR is liable hereunder, and RVI shall be entitled (subject to the limitations provided
in Section 3.4 of this Agreement) to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes for which RVI is liable hereunder. A Party receiving a refund to which another Party is entitled
hereunder shall pay over such refund to such other Party within twenty (20) Business Days after such refund is received (together with interest computed at the Prime Rate based on the number of days from the date the refund was received to the
date the refund was paid over). 
 Section 5.2    Other Tax Benefits. 

(a)    If (i) a member of the RVI Group actually realizes any Tax Benefit as a result of any liability, obligation,
loss or payment (each, a “Loss”) for which a member of the DDR Group is required to indemnify any member of the RVI Group pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement (in each case, without
duplication of any amounts payable or taken into account under this Agreement, the Separation Agreement or any Ancillary Agreement), or (ii) if a member of the DDR Group actually realizes any Tax Benefit as a result of any Loss for which a
member of the RVI Group is required to indemnify any member of the DDR Group pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement (in each case, without duplication of any amounts payable or taken into account

  
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under this Agreement, the Separation Agreement or any Ancillary Agreement), and, in each case, such Tax Benefit would not have arisen but for such adjustment or Loss (determined on a “with
and without” basis), RVI (in the case of the foregoing clause (i)) or DDR (in the case of the foregoing clause (ii)), as the case may be, shall make a payment to the other Party in an amount equal to the amount of such actually realized Tax
Benefit in cash within ten (10) Business Days of actually realizing such Tax Benefit. To the extent that any Tax Benefit (or portion thereof) in respect of which any amounts were paid over pursuant to the foregoing provisions of this
Section 5.2(a) is subsequently disallowed by the applicable Tax Authority, the Party that received such amounts shall promptly repay such amounts (together with any penalties, interest or other charges imposed by the
relevant Tax Authority) to the other Party. 
 (b)    No later than ten (10) Business Days after a Tax Benefit
described in Section 5.2(a) is actually realized by a member of the DDR Group or a member of the RVI Group, DDR or RVI, as the case may be, shall provide the other Party with a written calculation of the amount payable to
such other Party pursuant to Section 5.2(a). In the event that DDR or RVI, as the case may be, disagrees with any such calculation described in this Section 5.2(b), such Party shall so notify the
other Party in writing within twenty (20) Business Days of receiving such written calculation. The Parties shall endeavor in good faith to resolve such disagreement, and, failing that, the amount payable under this
Section 5.2 shall be determined in accordance with Section 13 of this Agreement. 
 Section 6.
REIT Qualification. 
 Section 6.1    DDR. DDR represents that commencing with its taxable year ended
December 31, 1993, through its taxable year ending December 31, 2017, DDR was organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code. DDR covenants that it will qualify as a REIT
under the Code for its taxable year ending December 31, 2018, unless DDR obtains an opinion from a nationally recognized tax counsel or a private letter ruling from the IRS to the effect that DDR’s failure to maintain its REIT status will
not cause RVI to fail to qualify as a REIT. 
 Section 6.2    RVI. RVI covenants that it will (i) be
organized and operate so that it will qualify as a REIT under the Code for its initial taxable year ending December 31, 2018, (ii) elect to be taxable as a REIT commencing with its initial taxable year ending December 31, 2018, and
(iii) be taxable as a REIT through the Outside Date. RVI and each member of the RVI Group further covenants that RVI and each member of the RVI Group shall cooperate and take any and all actions reasonably requested by DDR necessary to enable
DDR to obtain Tax Opinions including, but not limited to, providing (Y) information and representations to DDR and DDR’s tax counsel with respect to the composition of RVI’s income and assets, the composition of the holders of common
stock of RVI, and RVI’s organization, operation and qualification as a REIT and (Z) at such times as reasonably requested by DDR (in connection with offerings of DDR’s equity or debt securities or the filing of any registration
statement by DDR or otherwise) an opinion from nationally recognized tax counsel on which DDR (and its tax counsel Jones Day) can rely, to the effect that RVI was organization and operated in conformity with the requirements for qualification and
taxation as a REIT under the Code during the period commencing with its initial taxable year through December 31 of the taxable year immediately preceding the taxable year in which the opinion letter is provided, and that RVI’s current and

  
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proposed method of operation will enable RVI to continue to meet the requirements for qualification and taxation as a REIT under the Code for that taxable year ending on December 31 of the
year of such opinion letter and future years. 
 Section 7. Assistance and Cooperation. 

Section 7.1    Assistance and Cooperation. 

(a)    The Parties shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each
other’s agents, including accounting firms and legal counsel, in connection with Tax matters relating to the Parties and their Affiliates, including (i) preparation and filing of Tax Returns, (ii) determining the liability for and
amount of any Taxes due (including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be
assessed. Such cooperation shall include making all information and documents in their possession relating to any other Party and its Affiliates reasonably available to such other Party as provided in Section 8 of this
Agreement. Each of the Parties shall also make available to any other Party, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Parties or their respective Affiliates) responsible for
preparing, maintaining, and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings
relating to Taxes. 
 (b)    Prior to the Outside Date, RVI, and each member of the RVI Group, shall, upon request of
DDR, provide DDR with quarterly information regarding RVI’s qualification as a REIT (including but not limited to quarterly information regarding the composition of RVI’s income and assets). 

(c)    Upon RVI’s reasonable determination that RVI may longer qualify to be taxable as a REIT for any period ending
on or before the Outside Date, RVI will give written notice of such determination to DDR within two (2) Business Days. 

(d)    Any information or documents provided under this Agreement shall be kept confidential by the Party receiving the
information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. In addition, in the event that DDR determines that the
provision of any information or documents to RVI or any of its Affiliates, or RVI determines that the provision of any information or documents to DDR or any DDR Affiliate, could be commercially detrimental, violate any Law or agreement or waive any
Privilege, the Parties shall use commercially reasonable efforts to permit each other’s compliance with its obligations under this Section 7 in a manner that avoids any such harm or consequence. 

Section 7.2    Tax Return Information. Each of DDR and RVI, and each member of their respective Groups,
acknowledges that time is of the essence in relation to any request for information, assistance or cooperation made pursuant to Section 7.1 of this Agreement or this 

  
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Section 7.2. Each of DDR and RVI, and each member of their respective Groups, acknowledges that failure to conform to the reasonable deadlines set by the Party making
such request could cause irreparable harm. Each Party shall provide to the other Party information and documents relating to its Group reasonably required by the other Party to prepare Tax Returns, including any pro forma returns required by the
Responsible Party for purposes of preparing such Tax Returns. Any information or documents the Responsible Party requires to prepare such Tax Returns shall be provided in such form as the Responsible Party reasonably requests and at or prior to the
time reasonably specified by the Responsible Party so as to enable the Responsible Party to file such Tax Returns on a timely basis. 

Section 7.3    Reliance by DDR. If any member of the RVI Group supplies information to a member of the DDR
Group in connection with a Tax liability and an officer of a member of the DDR Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of
the DDR Group identifying the information being so relied upon, an applicable officer of RVI shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees or manager) the information so supplied is
accurate and complete. 
 Section 7.4    Reliance by RVI. If any member of the DDR Group supplies
information to a member of the RVI Group in connection with a Tax liability and an officer of a member of the RVI Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the
written request of such member of the RVI Group identifying the information being so relied upon, the chief financial officer of DDR (or any officer of RVI as designated by the chief financial officer of DDR) shall certify in writing that to his or
her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 
 Section 8. Tax Records.

 Section 8.1    Retention of Tax Records. Each of DDR and RVI shall preserve and keep all Tax Records
exclusively relating to the assets and activities of its Group for Pre-Distribution Periods, and DDR shall preserve and keep all other Tax Records relating to Taxes of the DDR and RVI Groups for Pre-Distribution Periods, for so long as the contents thereof may be or become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of
(i) the expiration of any applicable statutes of limitations, or (ii) seven (7) years after the Distribution Date (such later date, the “Retention Date”). After the Retention Date, each of DDR and RVI may dispose of such
Tax Records upon sixty (60) Business Days’ prior written notice to the other Party. If, prior to the Retention Date, (a) DDR or RVI reasonably determines that any Tax Records which it would otherwise be required to preserve and keep
under this Section 8 are no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Party agrees, then such first Party may dispose of such Tax Records upon sixty
(60) Business Days’ prior notice to the other Party. Any notice of an intent to dispose given pursuant to this Section 8.1 shall include a list of the Tax Records to be disposed of describing in reasonable detail
each file, book, or other record accumulation being disposed. The notified Parties shall have the opportunity, at their cost and expense, to copy or remove, within such sixty (60) Business Day period, all or any part of such Tax Records. If, at
any time prior to the Retention Date, a Party or any of its Affiliates 

  
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determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then such program or system may be
decommissioned or discontinued upon ninety (90) Business Days’ prior notice to the other Party and the other Party shall have the opportunity, at its cost and expense, to copy, within such ninety (90) Business Day period, all or any
part of the underlying data relating to the Tax Records accessed by or stored on such program or system. 

Section 8.2    Access to Tax Records. The Parties and their respective Affiliates shall make available to each
other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer program or information technology system) in
their possession pertaining to (i) in the case of any Tax Return of the DDR Group, the portion of such return that relates to Taxes for which the RVI Group may be liable pursuant to this Agreement or (ii) in the case of any Tax Return of
the RVI Group, the portion of such return that relates to Taxes for which the DDR Group may be liable pursuant to this Agreement, and shall permit the other Party and its Affiliates, authorized agents and representatives and any representative of a
Tax Authority or other Tax auditor direct access, at the cost and expense of the requesting Party, during normal business hours upon reasonable notice to any computer program or information technology system used to access or store any Tax Records,
in each case to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. 

Section 8.3    Preservation of Privilege. The Parties and their respective Affiliates shall not provide access
to, copies of, or otherwise disclose to any Person any documentation relating to Taxes existing prior to the Distribution Date to which Privilege may reasonably be asserted without the prior written consent of the other Party, such consent not to be
unreasonably withheld, conditioned or delayed. 
 Section 9. Tax Contests. 

Section 9.1    Notice. Each Party shall provide prompt notice to the other Party of any written communication
from a Tax Authority regarding any pending Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware (i) related to Taxes for Tax Periods for which it is indemnified by the other Party hereunder or for which it may be
required to indemnify the other Party hereunder or (ii) otherwise relating to the Intended Tax Treatment or the Transactions (including the resolution of any Tax Contest relating thereto). Such notice shall attach copies of the pertinent
portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received
from any Tax Authority in respect of any such matters. If an indemnified Party has knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder and such Party fails to give the indemnifying Party prompt
notice of such asserted Tax liability and the indemnifying Party is entitled under this Agreement to contest the asserted Tax liability, then (x) to the extent the indemnifying Party is precluded from contesting the asserted Tax liability in
any forum as a result of the failure to give prompt notice, the indemnifying Party shall have no obligation to indemnify the indemnified Party for any Taxes arising out of such asserted Tax liability, and (y) to the extent the indemnifying
Party is not precluded from 

  
 - 15 - 

 
contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary detriment to the indemnifying Party, then any amount which the
indemnifying Party is otherwise required to pay the indemnified Party pursuant to this Agreement shall be reduced by the amount of such detriment. 

Section 9.2    Control of Tax Contests. 

(a)    DDR Control. Notwithstanding anything in this Agreement to the contrary, DDR shall have the right to control
any Tax Contest with respect to any Tax matters relating to (i) a Joint Return, (ii) an DDR Separate Return and (iii) Transfer Taxes. Subject to Section 9.2(c) and Section 9.2(d) of
this Agreement, DDR shall have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any such Tax Contest. 

(b)    RVI Control. Except as otherwise provided in this Section 9.2, RVI shall have the
right to control any Tax Contest with respect to any Tax matters relating to an RVI Separate Return. Subject to Section 9.2(c) and Section 9.2(d) of this Agreement, RVI shall have reasonable
discretion, after consultation with DDR, with respect to any decisions to be made, or the nature of any action to be taken, with respect to any such Tax Contest relating to an RVI Separate Return for a
Pre-Distribution Period or Straddle Period, and absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any other such Tax Contest. 

(c)    Settlement Rights. The Controlling Party shall have the sole right to contest, litigate, compromise and
settle any Tax Contest without obtaining the prior consent of the Non-Controlling Party; provided, that to the extent any such Tax Contest (i) could give rise to a claim for indemnity by the
Controlling Party or its Affiliates against the Non-Controlling Party or its Affiliates under this Agreement, or (ii) is with respect to an RVI Separate Return for a
Pre-Distribution Period or Straddle Period, then the Controlling Party shall not settle any such Tax Contest without the Non-Controlling Party’s prior written
consent (which consent may not be unreasonably withheld, conditioned or delayed and must take into account the reasonable likelihood of success of such Tax Contest on its merits without regard to the ability of RVI to pay). Subject to
Section 9.2(e) of this Agreement, and unless waived by the Parties in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment the
Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (I) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (II) the Controlling Party
shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; (III) the Controlling Party shall
timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such potential adjustment in such Tax Contest;
(IV) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting
any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest; and (V) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to

  
 - 16 - 

 
take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the
Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling
Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. In the case of
any Tax Contest described in this Section 9, “Controlling Party” means the Party entitled to control the Tax Contest under such Section and “Non-Controlling
Party” means (x) DDR if RVI is the Controlling Party and (y) RVI if DDR is the Controlling Party. 

(d)    Tax Contest Participation. Subject to Section 9.2(e) of this Agreement, and
unless waived by the Parties in writing, the Controlling Party shall provide the Non-Controlling Party with written notice reasonably in advance of, and the
Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment
in a Tax Contest pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement. The failure of the
Controlling Party to provide any notice specified in this Section 9.2(d) to the Non-Controlling Party shall not relieve the Non-Controlling
Party of any liability or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event
shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

(e)    Joint Returns. Notwithstanding anything in this Section 9 to the contrary, in the
case of a Tax Contest related to a Joint Return, the rights of RVI and its Affiliates under Section 9.2(c) and Section 9.2(d) of this Agreement shall be limited in scope to the portion of such Tax
Contest relating to Taxes for which RVI may reasonably expected to become liable to make any indemnification payment to DDR under this Agreement. 

(f)    Power of Attorney. Each member of the RVI Group shall execute and deliver to DDR (or such member of the DDR
Group as DDR shall designate) any power of attorney or other similar document reasonably requested by DDR (or such designee) in connection with any Tax Contest (as to which DDR is the Controlling Party) described in this
Section 9. Each member of the DDR Group shall execute and deliver to RVI (or such member of the RVI Group as RVI shall designate) any power of attorney or other similar document requested by RVI (or such designee) in
connection with any Tax Contest (as to which RVI is the Controlling Party) described in this Section 9. 

Section 10. Survival of Obligations. The representations, warranties, covenants and agreements set forth in this
Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time. 
 Section 11. Tax Treatment of Payments.

 Section 11.1    General Rule. Except as otherwise required by applicable Law or as otherwise agreed to
by the Parties, any payment (other than interest thereon) made by DDR or any member of the DDR Group to RVI or any member of the RVI Group, or by RVI or any 

  
 - 17 - 

 
member of the RVI Group to DDR or any member of the DDR Group, pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement that relates to Taxable periods (or portions
thereof) ending on or before the Distribution Date shall be treated by the Parties for all Tax purposes as a distribution by RVI to DDR, or a capital contribution from DDR to RVI, as the case may be, occurring immediately before the Distribution;
provided, however, that any such payment that is made or received by a Person other than DDR or RVI, as the case may be, shall be treated as if made or received by the payor or the recipient as agent for DDR or RVI, in each case as appropriate. No
Party shall take any position inconsistent with the treatment described in the preceding sentence, and in the event that a Tax Authority asserts that a Party’s treatment of a payment pursuant to this Agreement should be other than as set forth
in the preceding sentence, such Party shall use its commercially reasonable efforts to contest such challenge. 

Section 11.2    Interest. Anything herein or in the Separation Agreement to the contrary notwithstanding, to
the extent one Party makes a payment of interest to the other Party under this Agreement with respect to the period from the date that the Party receiving the interest payment made a payment of Tax to a Tax Authority to the date that the Party
making the interest payment reimbursed the Party receiving the interest payment for such Tax payment, the interest payment shall be treated as interest expense to the Party making such payment (deductible to the extent provided by Law) and as
interest income by the Party receiving such payment (includible in income to the extent provided by Law). The amount of the payment shall not be adjusted to take into account any associated Tax Benefit to the Party making such payment or increase in
Tax to the Party receiving such payment. 
 Section 12. Indemnification Payment Escrow. 

Section 12.1    Indemnification Payments to RVI. 

(a)    With respect to any period in which RVI qualifies to be taxed as a REIT, notwithstanding any other provisions in
this Agreement, the Separation Agreement or any Ancillary Agreement, any indemnification payments (a “RVI Indemnity Payment”) to be made to any member of the RVI Group pursuant to this Agreement, the Separation Agreement or any
Ancillary Agreement (a “RVI Indemnified Party”) for any calendar year, upon receipt of a REIT Savings Notice from RVI at least fifteen (15) business days before the date on which such RVI Indemnity Payment is due, shall not
exceed the sum of 
 (i)    the amount that is determined (x) will not be gross income of RVI or
(y) will be Qualifying Income of RVI, in each case for purposes of the Specified REIT Requirements and for any period in which RVI has made any election to be taxed as a REIT, with such determination to be set forth in REIT Guidance, 

plus 

(ii)    such additional amount that is estimated can be paid to RVI in such taxable year without causing
RVI to fail to meet the requirements of Sections 856(c)(2) and (3) of the Code, determined (x) as if the payment of such amount did not constitute Qualifying Income and (y) by taking into account any other payments to RVI (and any

  
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other relevant member of the RVI Group) during such taxable year that do not constitute Qualifying Income, which determination shall be (xx) made by independent tax accountants to RVI, and
(yy) submitted to and approved by RVI’s outside tax counsel. 
 (b)    DDR shall place (or cause to be placed) the
full amount of any RVI Indemnity Payments otherwise required to be made in a mutually agreed escrow account upon mutually acceptable terms, which shall provide that 

(i)    the amount in the escrow account shall be treated as the property of DDR or the applicable member
of the DDR Group, unless it is released from such escrow account to any RVI Indemnified Party, 

(ii)    all income earned upon the amount in the escrow account shall be treated as the property of DDR or
the applicable member of the DDR Group and reported, as and to the extent required by applicable Law, by the escrow agent to the IRS, or any other taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as income earned by DDR or the
applicable member of the DDR Group whether or not said income has been distributed during such taxable year, 

(iii)    the amount in the escrow account shall be invested only as determined by DDR in its sole
discretion in an interest bearing segregated account, and 
 (iv)    any portion thereof shall not be
released to any RVI Indemnified Party unless and until DDR receives any of the following: (x) a letter from RVI’s independent tax accountants indicating the amount that it is estimated can be paid at that time to the RVI Indemnified
Parties without causing RVI to fail to meet the Specified REIT Requirements for the taxable year in which the payment would be made, which determination shall be made by such independent tax accountants or (y) an opinion of outside tax counsel
selected by RVI, such opinion to be reasonably satisfactory to RVI, to the effect that, based upon a change in applicable Law after the date on which payment was first deferred hereunder, receipt of the additional amount of RVI Indemnification
Payments otherwise required to be paid either would be excluded from gross income of RVI for purposes of the Specified REIT Requirements or would constitute Qualifying Income, in either of which events amounts shall be released from the escrow
account to the applicable RVI Indemnified Parties in an amount equal to the lesser of the unpaid RVI Indemnification Payments due and owing (determined without regard to this Section 12.1 or the maximum amount stated in the
letter referred to in clause (iv)(x) above. 
 (c)    Any amount held in escrow pursuant to
Section 12.1(b) for ten (10) years shall be released from such escrow to be used as determined by DDR in its sole and absolute discretion. 

(d)    RVI shall bear all costs and expenses with respect to the escrow. 

(e)    DDR shall cooperate in good faith with RVI (including amending this Section 12.1 at the
reasonable request of RVI) in order to (1) maximize the portion of the payments that may be made to the RVI Indemnified Parties hereunder without causing RVI to fail to meet the Specified REIT Requirements, (2) improve RVI’s chances
of securing a 

  
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favorable ruling described in this Section 12.1 or (3) assist RVI in obtaining a favorable opinion from its outside tax counsel or determination from its tax
accountants as described in this Section 12.1. Such cooperation shall include, for example, agreeing to make payments hereunder to a taxable REIT subsidiary of RVI or an affiliate or designee of RVI. RVI shall reimburse DDR
for all reasonable costs and expenses of such cooperation. 
 Section 12.2    Indemnification Payments to DDR. 

(a)    With respect to any period in which DDR qualifies to be taxed as a REIT, notwithstanding any other provisions in
this Agreement or any Ancillary Agreement, any indemnification payments (a “DDR Indemnity Payment”) to be made to any member of the DDR Group (“DDR Indemnified Party”) pursuant to this Agreement, the Separation
Agreement, or any Ancillary Agreement for any calendar year, upon receipt of a REIT Savings Notice from DDR at least fifteen (15) business days before the date on which such DDR Indemnity Payment is due, shall not exceed the sum of 

(i)    the amount that is determined (x) will not be gross income of DDR or (y) will be
Qualifying Income of DDR, in each case for purposes of the Specified REIT Requirements and for any period in which DDR has made any election to be taxed as a REIT, with such determination to be set forth in REIT Guidance, 

plus 

(ii)    such additional amount that is estimated can be paid to DDR in such taxable year without causing
DDR to fail to meet the requirements of Sections 856(c)(2) and (3) of the Code, determined (x) as if the payment of such amount did not constitute Qualifying Income and (y) by taking into account any other payments to DDR (and any
other relevant member of the DDR Group) during such taxable year that do not constitute Qualifying Income, which determination shall be (xx) made by independent tax accountants to DDR, and (yy) submitted to and approved by DDR’s outside
tax counsel. 
 (b)    RVI shall place (or cause to be placed) the full amount of any DDR Indemnity Payments otherwise
required to be made in a mutually agreed escrow account upon mutually acceptable terms, which shall provide that 

(i)    the amount in the escrow account shall be treated as the property of RVI or the applicable member
of the RVI Group, unless it is released from such escrow account to any DDR Indemnified Party, 

(ii)    all income earned upon the amount in the escrow account shall be treated as the property of RVI or
the applicable member of the RVI Group and reported, as and to the extent required by applicable Law, by the escrow agent to the IRS, or any other taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as income earned by RVI or the
applicable member of the RVI Group whether or not said income has been distributed during such taxable year, 

(iii)    the amount in the escrow account shall be invested only as determined by RVI in its sole
discretion in an interest bearing segregated account, and 

  
 - 20 - 

 (iv)    any portion thereof shall not be released to any DDR
Indemnified Party unless and until RVI receives any of the following: (x) a letter from DDR’s independent tax accountants indicating the amount that it is estimated can be paid at that time to the DDR Indemnified Parties without causing
DDR to fail to meet the Specified REIT Requirements for the taxable year in which the payment would be made, which determination shall be made by such independent tax accountants or (y) an opinion of outside tax counsel selected by DDR, such
opinion to be reasonably satisfactory to DDR, to the effect that, based upon a change in applicable Law after the date on which payment was first deferred hereunder, receipt of the additional amount of DDR Indemnity Payments otherwise required to be
paid either would be excluded from gross income of DDR for purposes of the Specified REIT Requirements or would constitute Qualifying Income, in either of which events amounts shall be released from the escrow account to the applicable DDR
Indemnified Parties in an amount equal to the lesser of the unpaid DDR Indemnity Payments due and owing (determined without regard to this Section 12.2 or the maximum amount stated in the letter referred to in clause
(iv)(x) above. 
 (c)    Any amount held in escrow pursuant to Section 12.2(b) for ten
(10) years shall be released from such escrow to be used as determined by RVI in its sole and absolute discretion. 

(d)    DDR shall bear all costs and expenses with respect to the escrow. 

(e)    RVI shall cooperate in good faith with DDR (including amending this Section 12.2 at the
reasonable request of DDR) in order to (1) maximize the portion of the payments that may be made to the DDR Indemnified Parties hereunder without causing DDR to fail to meet the Specified REIT Requirements, (2) improve DDR’s chances
of securing a favorable ruling described in this Section 12.2, or (3) assist DDR in obtaining a favorable opinion from its outside tax counsel or determination from its tax accountants as described in this
Section 12.2. Such cooperation shall include, for example, agreeing to make payments hereunder to a taxable REIT subsidiary of DDR or an affiliate or designee of DDR. DDR shall reimburse RVI for all reasonable costs and
expenses of such cooperation. 
 Section 13. Dispute Resolution. Any and all Disputes arising hereunder shall be resolved
through the procedures provided in Article VII of the Separation Agreement. 
 Section 14. General Provisions. 

Section 14.1    Amendments and Waivers. 

(a)    Subject to Section 9.1 of the Separation Agreement, this Agreement may not be amended except by an agreement
in writing signed by both Parties. 
 (b)    Any term or provision of this Agreement may be waived, or the time for its
performance may be extended, by the Party entitled to the benefit thereof and any such waiver shall be validly and sufficiently given for the purposes of this Agreement if it is in writing signed by an authorized representative of such Party. No
delay or failure in exercising any right, power or remedy hereunder shall affect or operate as a waiver thereof; nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or

  
 - 21 - 

 
remedy preclude any further exercise thereof or of any other right, power or remedy. The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that either Party
would otherwise have. 
 Section 14.2    Entire Agreement. This Agreement, the Ancillary Agreements, and the
Exhibits and Schedules referenced herein and therein and attached hereto or thereto, constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior negotiations, agreements,
commitments, writings, courses of dealing and understandings with respect to the subject matter hereof; for the avoidance of doubt, the preceding clause shall apply to all other agreements, whether or not written, in respect of any Tax between or
among any member or members of the DDR Group, on the one hand, and any member or members of the RVI Group, on the other hand, which agreements shall be of no further effect between the parties thereto and any rights or obligations existing
thereunder shall be fully and finally settled, calculated as of the date hereof. Except as expressly set forth in the Separation Agreement or any Ancillary Agreement: (i) all matters relating to Taxes and Tax Returns of the Parties and their
respective Subsidiaries, to the extent such matters are the subject of this Agreement, shall be governed exclusively by this Agreement; and (ii) for the avoidance of doubt, in the event of any conflict between the Separation Agreement or any
Ancillary Agreement, on the one hand, and this Agreement, on the other hand, with respect to such matters, the terms and conditions of this Agreement shall govern. 

Section 14.3    Survival of Agreements. Except as otherwise expressly contemplated by this Agreement, all
covenants and agreements of the Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 14.4    Third Party Beneficiaries. Except as specifically provided herein, this Agreement is solely
for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

Section 14.5    Notices. All notices, requests, permissions, waivers and other communications hereunder shall
be in writing and shall be deemed to have been duly given (a) five (5) Business Days following sending by registered or certified mail, postage prepaid, (b) when sent, if sent by facsimile, (c) when delivered, if delivered personally
to the intended recipient, and (d) one (1) Business Day following sending by overnight delivery via a national courier service and, in each case, addressed to a Party at the following address for such Party. 

(a)    If to DDR: 

DDR Corp. 
 3300 Enterprise
Parkway 
 Beachwood, OH 44112 

Attention: General Counsel 
 e-mail: akitlowski@ddr.com 
 with a copy (which shall not constitute Notice) to: 

  
 - 22 - 

 Jones Day 

901 Lakeside Avenue 
 Cleveland,
OH 44114 
 Attention: James P. Dougherty 

(b)    If to RVI: 

Retail Value Inc. 
 3300
Enterprise Parkway 
 Beachwood, OH 44112 

Attention: General Counsel 
 e-mail: akitlowski@ddr.com 
 Section 14.6    Counterparts; Electronic
Delivery. This Agreement may be executed in multiple counterparts, each of which when executed shall be deemed to be an original, but all of which together shall constitute one and the same agreement. Execution and delivery of this Agreement or
any other documents pursuant to this Agreement by facsimile or other electronic means shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in person. 

Section 14.7    Severability. If any term or other provision of this Agreement or the Exhibits and Schedules
attached hereto or thereto is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to either Party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end
that the Transactions are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable. 

Section 14.8    Assignability; Binding Effect. This Agreement shall be binding upon and inure to the benefit
of the Parties and their successors and permitted assigns; provided, however, that the rights and obligations of each Party under this Agreement shall not be assignable, in whole or in part, directly or indirectly, whether by operation of law or
otherwise, by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed) and any attempt to assign any rights or obligations under this Agreement without such consent shall
be null and void. Notwithstanding the foregoing, either Party may assign its rights and obligations under this Agreement to any of their respective Affiliates provided that no such assignment shall release such assigning Party from any liability or
obligation under this Agreement. 

  
 - 23 - 

 Section 14.9    Governing Law. This Agreement shall be governed
by, and construed and enforced in accordance with, the substantive laws of the State of New York, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction. 

Section 14.10    Construction. This Agreement shall be construed as if jointly drafted by the Parties and no
rule of construction or strict interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The Parties have relied upon
their own knowledge and judgment. The Parties have had access to independent legal advice, have conducted such investigations they thought appropriate, and have consulted with such other independent advisors as they deemed appropriate regarding this
Agreement and their rights and asserted rights in connection therewith. The Parties are not relying upon any representations or statements made by the other Party, or such other Party’s employees, agents, representatives or attorneys, regarding
this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The Parties are not relying upon a legal duty, if one exists, on the part of the other Party (or such other Party’s employees,
agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or their preparation, it being expressly understood that neither Party shall ever assert any failure to disclose information on the
part of the other Party as a ground for challenging this Agreement. 
 Section 14.11    Performance. Each
Party shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party. 

Section 14.12    Title and Headings. Titles and headings to Sections and Articles are inserted for the
convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 14.13    Other Agreements. Except as expressly set forth herein, this Agreement is not intended to
address, and should not be interpreted to address, the matters specifically and expressly covered by the Separation Agreement or the Ancillary Agreements. 

Section 14.14    Payment Terms. 

(a)    Except as otherwise expressly provided to the contrary in this Agreement, any amount to be paid or reimbursed by a
Party (where applicable, or a member of such Party’s Group) to the other Party (where applicable, or a member of such other Party’s Group) under this Agreement shall be paid or reimbursed hereunder within sixty (60) days after
presentation of an invoice or a written demand therefor, in either case setting forth, or accompanied by, reasonable documentation or other reasonable explanation supporting such amount. 

(b)    Except as expressly provided to the contrary in this Agreement, any amount not paid when due pursuant to this
Agreement (and any amount billed or otherwise invoiced or demanded and properly payable that is not paid within sixty (60) days of such bill, invoice or other demand) shall bear interest at a rate per annum equal to the Prime Rate, from time to
time in effect, plus two percent (2%), calculated for the actual number of days elapsed, 

  
 - 24 - 

 
accrued from the date on which such payment was due up to the date of the actual receipt of payment. 

(c)    Without the consent of the Party receiving any payment under this Agreement specifying otherwise, all payments to
be made by either DDR or RVI under this Agreement shall be made in U.S. dollars. Except as expressly provided herein, any amount which is not expressed in U.S. dollars shall be converted into U.S. dollars by using the exchange rate published on
Bloomberg at 5:00 pm, Eastern time, on the day before the relevant date, or in The Wall Street Journal on such date if not so published on Bloomberg. Except as expressly provided herein, in the event that any Tax indemnity payment required to
be made hereunder may be denominated in a currency other than U.S. dollars, the amount of such payment shall be converted into U.S. dollars on the date in which notice of the claim is given to the indemnifying Party. 

Section 14.15    No Admission of Liability. The allocation of assets and liabilities herein is solely for the
purpose of allocating such assets and liabilities between DDR and RVI and is not intended as an admission of liability or responsibility for any alleged liabilities
vis-à-vis any third party, including with respect to the liabilities of any non-wholly owned subsidiary of DDR or RVI.

 [Signature Page Follows] 

  
 - 25 - 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective
officers as of the date first set forth above. 
  

			
	DDR CORP.
		
	By:	 	 /s/ David R. Lukes

		 	Name: David R. Lukes
		 	Title: President and Chief Executive Officer
	
	RETAIL VALUE INC.
		
	By:	 	 /s/ David R. Lukes

		 	Name: David R. Lukes
		 	Title: President and Chief Executive Officer

 [Signature Page to Tax Matters Agreement] 

  
 - 26 -EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

EXTERNAL MANAGEMENT AGREEMENT 

by and between 
 RETAIL
VALUE INC. 
 and 

DDR ASSET MANAGEMENT LLC 

Dated July 1, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 2.
	 	 APPOINTMENT
	  	 	4	 
			
	 3.
	 	 DUTIES OF SERVICE PROVIDER
	  	 	4	 
			
	 4.
	 	 AUTHORITY OF SERVICE PROVIDER
	  	 	6	 
			
	 5.
	 	 FEES
	  	 	7	 
			
	 6.
	 	 EXPENSES
	  	 	9	 
			
	 7.
	 	 DISCLAIMER
	  	 	10	 
			
	 8.
	 	 NO PARTNERSHIP OR JOINT VENTURE
	  	 	10	 
			
	 9.
	 	 BANK ACCOUNTS
	  	 	10	 
			
	 10.
	 	 RECORDS; ACCESS
	  	 	10	 
			
	 11.
	 	 LIMITATIONS ON ACTIVITIES
	  	 	11	 
			
	 12.
	 	 OTHER SERVICES
	  	 	11	 
			
	 13.
	 	 ACTIVITIES OF SERVICE PROVIDER
	  	 	11	 
			
	 14.
	 	 CONFLICTS
	  	 	12	 
			
	 15.
	 	 RESTRICTIVE COVENANT
	  	 	12	 
			
	 16.
	 	 BUDGETS
	  	 	12	 
			
	 17.
	 	 TERM OF AGREEMENT
	  	 	13	 
			
	 18.
	 	 TERMINATION BY THE PARTIES
	  	 	14	 
			
	 19.
	 	 ASSIGNMENT
	  	 	14	 
			
	 20.
	 	 PAYMENTS TO AND DUTIES OF SERVICE PROVIDER UPON TERMINATION
	  	 	14	 
			
	 21.
	 	 LIMITATION OF LIABILITY AND INDEMNIFICATION
	  	 	15	 
			
	 22.
	 	 NOTICES
	  	 	16	 
			
	 23.
	 	 MODIFICATION
	  	 	17	 
			
	 24.
	 	 SEVERABILITY
	  	 	17	 
			
	 25.
	 	 GOVERNING LAW
	  	 	17	 
			
	 26.
	 	 ENTIRE AGREEMENT
	  	 	17	 
			
	 27.
	 	 NO WAIVER
	  	 	17	 
			
	 28.
	 	 CERTAIN INTERPRETATIVE MATTERS
	  	 	17	 
			
	 29.
	 	 HEADINGS
	  	 	18	 
			
	 30.
	 	 EXECUTION IN COUNTERPARTS
	  	 	18	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

 Exhibits 
  

			
	 Exhibit A:
	 	 Puerto Rico Properties

		
	 Exhibit B:
	 	 Gross Asset Values

  
 ii 

 EXTERNAL MANAGEMENT AGREEMENT 

THIS EXTERNAL MANAGEMENT AGREEMENT, dated July 1, 2018 (this “Agreement”), is by and between RETAIL VALUE
INC., an Ohio corporation (together with its subsidiaries, the “Company”) and DDR ASSET MANAGEMENT LLC, a Delaware limited liability company (“Service Provider”). 

RECITALS: 

WHEREAS, Service Provider is experienced in all aspects of publicly traded REIT management and operations; 

WHEREAS, on the date immediately prior to the date hereof, the Company was a wholly-owned subsidiary of DDR Corp., an Ohio
corporation (“DDR”), and on the date hereof, DDR has completed a spin-off of the Company into an independent publicly traded REIT by way of a distribution of shares of the Company (the
“Spin-off”); 
 WHEREAS, in connection with the Spin-off, the Company wishes to appoint Service Provider to perform the services described herein on the terms and subject to the conditions set forth in this Agreement; and 

WHEREAS, Service Provider wishes to accept such appointment subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties
hereto, intending to be legally bound, hereby agree as follows: 
 1.       DEFINITIONS. As
used in this Agreement, the following terms have the definitions set forth below. 
 “Affiliate” or
“Affiliated” means with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person. For purposes of this definition, the terms “controls,” “is
controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights, by
contract or otherwise. Notwithstanding anything to the contrary in this Agreement and for the avoidance of doubt, with respect to Service Provider and its Affiliates, “Affiliate” will not include the Company and its Affiliates, and with
respect to the Company and its Affiliates, “Affiliate” will not include Service Provider and its Affiliates. 

“Agreement” has the meaning set forth in the preamble to this Agreement, and such term shall include any
amendment hereto from time to time. 
 “Approved Budget” has the meaning set forth in
Section 16(a). 
 “Articles of Incorporation” means the articles of incorporation
of the Company filed with the Ohio Secretary of State, as the same may be amended from time to time. 

 “Assets” means, collectively, the Properties, personal property
(whether tangible or intangible), accounts, cash and any investments owned by the Company, directly or indirectly through one or more of its Affiliates. 

“Asset Management Fee” means the fee payable to Service Provider and its Affiliates pursuant to
Section 5(a). 
 “Automatic Renewal Term” has the meaning set forth in
Section 17. 
 “Board” means the Board of Directors of the Company. 

“Budget” has the meaning set forth in Section 16(a). 

“Change of Control” means any “person” (as used within the meaning of Section 13(d) of the
Exchange Act, as enacted and in force on the date hereof), in a single transaction or in a related series of transactions, whether by way of purchase, acquisition, tender, exchange or other similar offer or recapitalization, reclassification,
consolidation, merger, share exchange, scheme of arrangement or other business combination transaction, becoming the “beneficial owner” (as that term is defined in Rule 13d-3, as enacted and in force
on the date hereof, under the Exchange Act) of securities of the Company representing a majority of the combined voting power of the Company’s securities then outstanding (a “Change of Control Transaction”). 

“Change of Control Transaction” has the meaning set forth in the definition of “Change of Control.”

 “Change of Control Transaction Fee” has the meaning set forth in
Section 5(c)(i). 
 “CMBS Loan” means that certain loan, as may be securitized
through a commercial mortgage-backed securities issuance, in the original principal amount of $1,350,000,000 made pursuant to that certain Loan Agreement, dated February 14, 2018, by and among the Lender, the Borrower and the Additional Obligor
(as such terms are defined therein), as such agreement may be amended from time to time. 
 “Code of
Regulations” means the Company’s Code of Regulations, dated June 28, 2018, as the same may be amended from time to time. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Consideration” has the meaning set forth in Section 5(c)(i). 

“Continuing Director” means a Director who either (a) was a Director as of the date hereof, or
(b) is an individual whose election, or nomination for election, as a Director was approved by a vote of at least a majority of the Directors then in office who were Continuing Directors. 

“Corporate Budget” has the meaning set forth in Section 16(a). 

“DDR” has the meaning set forth in the recitals to this Agreement. 

  
 2 

 “Determination Date” means the date hereof and thereafter June 30 and
December 31 of each year. 
 “Director” means a director of the Company. 

“Disinterested Director” means an Independent Director who, with respect to the relevant action to be taken under this
Agreement, is a “disinterested director” (as such term is used in Section 1701.60 of the Ohio Revised Code). 

“Distributions” means any distributions of money or other property by the Company to Company shareholders,
including distributions that may constitute a return of capital for U.S. federal income tax purposes. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto. 

“Financing Fee” has the meaning set forth in Section 5(b). 

“Gross Asset Value” means the total value of the Properties as described on Exhibit B that are still
owned by a direct or indirect subsidiary of the Company as of the applicable Determination Date, which values are based upon the appraised values of the Properties obtained in connection with the CMBS Loan and which values may be updated in
accordance with provisions described on Exhibit B. 
 “Group” has the meaning set forth in
Section 4(b). 
 “Indebtedness” has the meaning set forth in
Section 5(c)(i). 
 “Indemnitee” has the meaning set forth in
Section 21(a). 
 “Independent Director” means a Director who qualifies as
“independent” under Rules 303A.01 and 303A.02 of the New York Stock Exchange Listed Company Manual. 

“Initial Term” has the meaning set forth in Section 17. 

“Notice” has the meaning set forth in Section 22. 

“Non-Requesting Party” has the meaning set forth in Exhibit B.

 “Operating Account” has the meaning set forth in Section 9. 

“Person” means any individual, sole proprietorship, partnership, corporation, limited liability company,
unincorporated association, trust or other entity. 
 “Prime Rate” means the prime rate of interest as
published from time to time in the Wall Street Journal. 

  
 3 

 “Property” or “Properties” means, as the
context requires, any, or all, respectively, of the Real Property owned by the Company, directly or indirectly through one or more of its Affiliates or through joint venture arrangements or other partnership or investment interests. 

“Property Management Agreements” means, collectively, (i) that certain Amended and Restated Management
and Leasing Agreement by and among Service Provider and the Owners (as defined therein) dated as of February 14, 2018; (ii) that certain Amended and Restated Management and Leasing Agreement by and among Service Provider and the Owners (as
defined therein) dated as of February 14, 2018; and (iii) that certain Amended and Restated Management and Leasing Agreement by and among Service Provider, DDR PR Ventures II LLC and the Owners (as defined therein) dated as of
February 14, 2018, as each such agreement may be amended from time to time. 
 “Property Roll-Up Budget” has the meaning set forth in Section 16(a). 

“Puerto Rico Properties” means, collectively, the Properties set forth on Exhibit A. 

“Real Property” means land, rights in land (including leasehold interests), and any buildings, structures,
improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

“REIT” means “real estate investment trust” within the meaning of Section 856 of the U.S.
Internal Revenue Code. 
 “Requesting Party” has the meaning set forth in Exhibit B. 

“SEC” means the United States Securities and Exchange Commission. 

“Separation and Distribution Agreement” means that certain Separation and Distribution Agreement by and between DDR and the
Company dated as of the date hereof. 
 “Service Provider” has the meaning set forth in the preamble to this Agreement.

 “Services” means, collectively, the services described in Section 3. 

“Spin-off” has the meaning set forth in the recitals to this Agreement. 

“Tail Period” has the meaning set forth in Section 15. 

“Termination Date” means the date of termination of this Agreement. 

2.       APPOINTMENT. The Company, at the direction of the Board, hereby
appoints Service Provider to perform the Services set forth herein on the terms and subject to the conditions set forth in this Agreement. 

3.       DUTIES OF SERVICE PROVIDER. Service Provider shall use commercially
reasonable efforts in a manner consistent with the standard of services provided by similarly situated external managers to, consistent with the objectives and policies of the Company 

  
 4 

 
established from time to time by the Board and subject to the supervision and direction of the Board and Section 4 and consistent with the provisions of the Articles of
Incorporation and the Code of Regulations: 
 (a)      provide the daily management for the
Company and perform and supervise the various administrative functions necessary for the day-to-day management of the operations of the Company and its Affiliates; 

(b)      make dispositions of the Properties subject to the approval of, and within the
discretionary limits and authority as granted by, the Board; 
 (c)      investigate, select
and, on behalf of the Company, engage and conduct business with and supervise the performance of such Persons as Service Provider deems necessary to the proper performance of its obligations hereunder (including consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real
estate management companies, real estate operating companies, securities investment advisors, mortgagors, the registrar and the transfer agent and any and all agents for any of the foregoing), including Affiliates of Service Provider and Persons
acting in any other capacity deemed by Service Provider necessary or desirable for the performance of any of the foregoing services (including entering into contracts in the name of the Company with any of the foregoing), in each case on competitive
terms that, in the reasonable judgment of Service Provider, are fair and reasonable to the Company; 

(d)      consult with the officers and Directors of the Company and assist the Directors in the
formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of dispositions consistent with the objectives and policies of the Company and
in connection with any borrowings proposed to be undertaken by the Company; 
 (e)      (i)
participate in formulating a Property disposition strategy and Asset allocation framework; (ii) locate, analyze and select potential Property disposition opportunities; (iii); research, identify, review and recommend to the Board
dispositions of the Properties; (iv) subject to Section 3(f) below, arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest or distribute the proceeds
from the sale of, or otherwise deal with, dispositions of the Properties; (v) actively oversee and manage the Assets for purposes of meeting the Company’s Property disposition objectives and review and analyze financial information for
each of the Properties and the overall Asset portfolio; (vi) if applicable, recommend joint venture partners, structure corresponding agreements and oversee and monitor these relationships; (vii) oversee, supervise and evaluate the
Affiliated and non-Affiliated Persons with whom Service Provider contracts to perform certain of the services required to be performed under this Agreement; (ix) manage accounting and other record-keeping
functions for the Company; (x) perform or coordinate audits and internal audits of the Company’s financial statements and financial reporting as may be reasonably necessary; (xi) generate the Corporate Budget and Property Roll-Up Budget for the Company in the manner set forth in Section 16(a); and (xii) recommend various liquidity events to the Board when appropriate; 

  
 5 

 (f)      negotiate on behalf of the Company, as
directed by the Board, with banks or other lenders for loans to be made to the Company or any of its subsidiaries (including any new loans in connection with or refinancings of the CMBS Loan), and negotiate with investment banking firms and
broker-dealers on behalf of the Company or any of its subsidiaries, or obtain loans for the Company or any of its subsidiaries, all within the discretionary limits and authority as granted by the Board, but in no event in such a manner that Service
Provider shall be acting as broker-dealer or underwriter; 
 (g)      from time to time, or at
any time reasonably requested by the Board, make reports to the Board on the operations of the Company, including reports with respect to potential conflicts of interest involving Service Provider or any of its Affiliates, in the manner described in
Section 14, and cooperate in good faith to eliminate or minimize any such conflicts; 

(h)      as requested by the Board, provide the Company with all necessary cash management
services; 
 (i)      monitor compliance of the Company and the owners of the Properties with
all aspects of the CMBS Loan (or any new loans in connection with or refinancings of the CMBS Loan); 

(j)      perform investor relations and shareholder communications functions for the Company and
assist with logistics related to meetings of the Board; 
 (k)      as requested by the Board,
maintain the Company’s accounting, tax, audit, regulatory and other records and assist the Company in filing all reports required to be filed by it with the SEC, the Internal Revenue Service and other regulatory agencies and any applicable
stock exchange; and 
 (l)      render such other services as may be reasonably determined by
the Board consistent with the terms and conditions herein. 
 Notwithstanding the foregoing or anything else that may be to
the contrary in this Agreement, (i) Service Provider may delegate any of the foregoing duties to any Person so long as Service Provider or its Affiliate remains responsible for the performance of the duties set forth in this
Section 3 (and subject to the Company’s reimbursement obligations in Section 6); and (ii) Service Provider shall only be required to perform the foregoing services to the extent the
Company has provided adequate funds to Service Provider for the provision of services and payment of the fees set forth in Section 5 and the expenses set forth in Section 6. 

4.       AUTHORITY OF SERVICE PROVIDER. 

(a)      Pursuant to the terms of this Agreement (including the limitations included in
Section 3, this Section 4, Section 13 and Section 14), and subject to the continuing and exclusive authority of the Board over the supervision of
the Company, the Company, acting on the unanimous authority of the Board, hereby delegates to Service Provider the authority to perform the Services described in Section 3. 

  
 6 

 (b)      If a transaction requires approval by the
Board, any particular Directors specified by the Board or any committee of the Board specified by the Board (each, a “Group”), as the case may be, Service Provider shall deliver to the Board or Group all documents and other
information reasonably required by them to evaluate the proposed transaction. 
 (c)      The
Board may, at any time upon the giving of Notice to Service Provider, modify or revoke the authority set forth in Section 3 or this Section 4; provided, however, that such
modification or revocation shall be effective upon receipt by Service Provider. 

5.       FEES 

(a)    Asset Management Fee. The Company shall pay monthly to Service Provider (on a cash
basis of accounting) an asset management fee as compensation for Services rendered by Service Provider and its Affiliates in connection with the management of the Company in an aggregate amount (as determined by Service Provider from time to time)
no greater than one-half percent (0.5%) per annum of Gross Asset Value (the “Asset Management Fee”). The Asset Management Fee payable hereunder shall be paid in monthly installments each month
in advance on the first (1st) business day of each month based upon the Gross Asset Value as determined on the most recent Determination Date. The Asset Management Fee shall be determined on each
Determination Date for the subsequent six (6) calendar months. 

(b)      Financing Fee. In connection with any debt financing or refinancing
(including the refinancing of all or a portion of the CMBS Loan) entered into by the Company or any of its Affiliates, the Company shall pay a financing fee in an amount equal to 0.2% of the principal amount of such financing or refinancing amount
(a “Financing Fee”). Any Financing Fee shall be payable at the closing of the financing or refinancing to which such Financing Fee relates. 

(c)      Change of Control Fee. 

(i)      In the event of a Change of Control Transaction during the Initial Term,
any Automatic Renewal Term or the period from and including the Termination Date until the date that is the three (3) month anniversary of the Termination Date, the Company shall pay a fee in an amount equal to one percent (1.0%) of the
aggregate Consideration in connection with the Change of Control Transaction (the “Change of Control Transaction Fee”). Any Change of Control Transaction Fee shall be payable at the closing of the Change of Control Transaction to
which such Change of Control Transaction Fee relates. The term “Consideration” shall mean the total amount of cash and the fair market value of other property paid or payable (including amounts paid into escrow) to the Company, its
subsidiaries and/or their respective shareholders in connection with the Change of Control Transaction, including amounts paid or payable to acquire unexercised or unconverted warrants, convertible securities, options or similar rights, whether or
not vested, which shall be deemed to include the value of any options, warrants or convertible securities of the Company which are assumed by the acquiror or amended to provide that they are exercisable for or convertible into capital stock of the
acquiror, plus, without duplication, the principal amount of all indebtedness for borrowed money or similar non-trade related liabilities (including on balance sheet pension deficits and any other quantified
liabilities incurred or accrued in relation to pension obligations, 

  
 7 

 
guarantees or capitalized leases) (collectively, “Indebtedness”) of the Company and its subsidiaries outstanding immediately prior to consummation of the Change of Control
Transaction or, in the case of a sale of assets, all Indebtedness of the Company and its subsidiaries assumed or refinanced by the acquiror. If a Change of Control Transaction, other than a sale of assets, results in a majority (but less than all)
of the stock of the Company having been acquired, the Consideration shall be calculated pursuant to this Section 5(c)(i) as an acquisition of stock in which all of the stock of the Company had been acquired at a price equal
to the highest price per share paid by the acquiror for any shares it acquired at the time of the Change of Control Transaction. 

(ii)       If the Consideration is subject to increase by contingent payments
related to future events, the portion of the Change of Control Transaction Fee relating thereto shall be calculated and paid as and when such payments are made, regardless of the date on which made, except that amounts held in escrow shall be deemed
paid at the closing of the Change of Control Transaction. If all or any portion of the Consideration is of a determined amount but is to be paid over time, then the portion of the Change of Control Transaction Fee attributable thereto shall be
payable upon the closing of the Change of Control Transaction. For purposes of determining the fair market value of any non-cash Consideration, such determination shall be made on the business day preceding
the closing of the Change of Control Transaction, except that if any part of the Consideration consists of marketable securities, for purposes of determining the amount of the Consideration the value of those securities shall be determined by using
the average of the last sale prices for those securities on the ten (10) trading days ending the last business day preceding the closing of the Change of Control Transaction. 

(d)      Guaranty of Property Management Fees. The Company hereby unconditionally
and irrevocably guarantees the punctual payment when due of all fees, expenses and other obligations of each Owner under the Property Management Agreements (including any and all expenses (including counsel fees and expenses) incurred by Service
Provider in enforcing the guarantee obligations under this Section 5(d)). 

(e)      Fees for Internalized Services. If the Board elects to internalize any
Services provided by Service Provider, the Company shall not pay any compensation or other remuneration to Service Provider or its Affiliates in connection with such internalization of Services; provided, however, that nothing in this
Section 5(e) shall create any right to (i) reduce or otherwise revise the Asset Management Fee, the Financing Fee or the Change of Control Transaction Fee; (ii) any assets, intellectual property, personnel or
pipeline of assets of Service Provider or its Affiliates, (iii) terminate the Agreement other than as set forth in Section 18, or (iv) cause Service Provider to provide any services to the Company in respect of
less than all of the duties set forth in Section 3 and/or with respect to less than all of the Assets (except with respect to those Services internalized pursuant to the Board’s election). 

(f)      Payment of Fees. Service Provider shall be permitted to pay the fees that
the Company is required to pay Service Provider under this Section 5 from the funds contained in the applicable Operating Accounts, as and when such fees are required to be paid hereunder, including any fees outstanding as
of the Termination Date. To the extent any fees are not paid as and when such fees are required to be paid hereunder, such unpaid sum shall accrue interest at a 

  
 8 

 
rate equal to the Prime Rate plus five percent (5%) per annum calculated from the date such payment was due (without regard to any grace or cure periods contained herein) until the date on which
the Company pays such unpaid sum. 
 6.       EXPENSES. 

(a)      Expenses. In addition to the compensation paid to Service Provider
pursuant to Section 5, the Company shall pay directly or reimburse Service Provider for all expenses paid or incurred by Service Provider or its Affiliates, including those set forth below, in connection with the Services
it provides to the Company to the extent such expenses are reasonable and documented out-of-pocket expenses (and to the extent such expenses have been approved by the
Company to the extent explicitly required by Section 16(c)): 

(i)    expenses in connection with an approved disposition (including all closing costs);

 (ii)    the actual cost of goods and services used by the Company and obtained from
entities not Affiliated with Service Provider; 
 (iii)    fees and costs (including
interest costs) payable to third parties incurred by Service Provider in connection with (A) loans to be made to the Company or any of its subsidiaries, including the fees and costs paid by Service Provider or an Affiliate of Service Provider
prior to the date of this Agreement in connection with the CMBS Loan, (B) negotiations with investment banking firms and broker-dealers on behalf of the Company or any of its subsidiaries, or (C) loans obtained for the Company or any of
its subsidiaries; 
 (iv)    taxes and assessments on income of the Company or the
Assets; 
 (v)    costs associated with insurance required in connection with the
business of the Company or by the Board; 
 (vi)    expenses of managing and operating
the Assets owned by the Company, other than those payable to Service Provider or an Affiliate of Service Provider; 

(vii)    expenses in connection with payments to the Directors for attending meetings of
the Board and Company shareholders, if applicable; 
 (viii)    expenses connected with
payments of Distributions; 
 (ix)    expenses of organizing, converting, modifying,
terminating or dissolving the Company or any subsidiary thereof or revising, amending, modifying or terminating the Articles of Incorporation, Code of Regulations or governing documents of any subsidiary of the Company; 

(x)    expenses of maintaining communications with Company shareholders and of maintaining
compliance with applicable laws, including the cost of preparation, 

  
 9 

 
printing, and mailing of annual reports and other shareholder reports, proxy statements and other reports required by governmental entities; 

(xi)    audit, accounting, legal and other professional advisors fees; and 
 (xii)    expenses in connection
with any travel incurred primarily in connection with providing the Services. 

(b)      Payment of Expenses. Expenses incurred by Service Provider on behalf of
the Company and payable pursuant to this Section 6 shall be reimbursed no less than monthly to Service Provider (subject to the Company’s prior consent to the extent explicitly required by
Section 16(c)). Service Provider shall be permitted to pay the expenses that it is entitled to receive under this Section 6 from the funds contained in the applicable Operating Accounts, as and
when such expenses are required to be paid hereunder, including any expenses outstanding as of the Termination Date. For the avoidance of doubt, it is expressly understood that Service Provider may but is not required to advance its own funds to pay
for any expense incurred by Service Provider on behalf of the Company, and may instead require the Company to pay all such expenses directly from the funds contained in the applicable Operating Accounts. To the extent any expenses are not paid or
reimbursed as and when such expenses are required to be paid hereunder, such unpaid sum shall accrue interest at a rate equal to the Prime Rate plus five percent (5%) per annum calculated from the date such payment was due (without regard to any
grace or cure periods contained herein) until the date on which the Company pays such unpaid sum. 

7.       DISCLAIMER. Service Provider makes no representations or warranties,
express or implied, in respect of the Services to be provided by it hereunder. Service Provider shall have no obligations to the Company other than as set forth this Agreement and in Separation and Distribution Agreement and any Ancillary Agreement
(as such term is defined in the Separation and Distribution Agreement). 

8.       NO PARTNERSHIP OR JOINT VENTURE. The parties to this Agreement are
not partners or joint venturers with each other and nothing herein shall be construed to make them partners or joint venturers or impose any liability as such on either of them. 

9.       BANK ACCOUNTS. Subject to the requirements and limitations of the
CMBS Loan, Service Provider shall establish and maintain one or more bank accounts in the name of the Company (any such account, an “Operating Account,” and, collectively, the “Operating Accounts”) and may collect
and deposit into any such Operating Account or Operating Accounts, and disburse from any such Operating Account or Operating Accounts any money on behalf of the Company, under such terms and conditions as the Board may approve; provided,
however, that no funds shall be commingled with the funds of Service Provider; and, from time to time upon reasonable request, Service Provider shall render appropriate accountings of such collections and payments to the Board and to the
auditors of the Company. 
 10.       RECORDS; ACCESS. Service Provider
shall maintain appropriate records of all its activities hereunder and make such records available for inspection by representatives of 

  
 10 

 
the Company upon reasonable Notice during ordinary business hours. The Company shall make its books and records available to Service Provider at all times. 

11.       LIMITATIONS ON ACTIVITIES. 

(a)      Notwithstanding anything herein to the contrary, Service Provider shall refrain from
taking any action which, in its sole judgment made in good faith, would (i) not comply with investment policies or guidelines set forth by the Board, (ii) (A) adversely affect the status of the Company as a REIT, unless the Board has determined
that REIT qualification is not in the best interests of the Company and its shareholders, or (B) adversely affect the status of DDR as a REIT, (iii) subject the Company to regulation under the Investment Company Act of 1940, as amended,
(iv) violate in any material respect any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, or (v) otherwise not be permitted by the Articles of Incorporation or Code of
Regulations, except, in all such cases of clauses (i), (ii)(A), (iii) and (v) above, if such action shall be ordered by the Board, in which case Service Provider shall notify the Board promptly of Service Provider’s judgment of the
potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, Service Provider shall have no liability for acting in accordance with the specific
instructions of the Board so given. 
 (b)    Service Provider shall not, and shall cause its Affiliates
not to, acquire or offer to acquire any Property or other Asset from the Company or any of its subsidiaries unless otherwise consented to by a majority of the Disinterested Directors. 

12.       OTHER SERVICES. Should the Board request that Service Provider or
any Affiliate thereof or any of their respective officers or employees render services for the Company other than those set forth in Section 3, such services shall be separately compensated at such customary rates and in
such customary amounts as are agreed upon by Service Provider and the Board, including a majority of the Disinterested Directors, subject to the limitations contained in this Agreement and the Articles of Incorporation, and shall not be deemed to be
Services pursuant to the terms of this Agreement. 
 13.       ACTIVITIES OF SERVICE
PROVIDER. The Company recognizes that it is not entitled to preferential treatment vis-à-vis Service Provider’s own business activities conducted on its
own account and benefit. Nothing contained herein shall prevent Service Provider or any of its Affiliates, or any director, officer, member, partner, employee or shareholder of Service Provider or any of its Affiliates, (a) from rendering
services identical or similar to those required by Service Provider hereunder to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by Service Provider or its Affiliates or (b) from taking
such actions with respect to (i) Service Provider’s or any of its Affiliates’ equity interests in the Company (if any) or (ii) any guarantee or other credit support agreement, arrangement, commitment or understanding for the
benefit of the Company or any of its Affiliates by Service Provider or any of its Affiliates as may be in the sole interest of Service Provider or any of its Affiliates. Further, and for the avoidance of doubt, such Persons may themselves engage in
the investment, acquisition, disposition, development, leasing, including such disposition and leasing activities that compete with the Company, and financing of Real Property for their own account and benefit or for others and without any
accountability or 

  
 11 

 
liability whatsoever to the Company even though such services or business activities compete with or are enhanced by the business activity of the Company; provided, however, that
Service Provider must devote sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement. 

14.       CONFLICTS. 

(a)      If the Company shall propose to enter into any transaction in which Service Provider or
any Affiliate thereof has a material interest, then such transaction shall be (i) approved by a majority of the Independent Directors not otherwise interested in such transaction and (ii) on terms and conditions not less favorable to the
Company than those available to the Company from unaffiliated third parties. 

(b)      Service Provider shall report to the Board the existence of, or change in, any
condition or circumstance of which it has actual knowledge, which creates or would reasonably be expected to create a material conflict of interest between Service Provider’s obligations to the Company and its obligations to itself or any of
its Affiliates, including any business relationship with any Director or any lender to the Company or its subsidiaries or with respect to any Property. 

(c)      For purposes of this Section 14, the following shall be
deemed not to create or give rise to a material conflict of interest: (i) transactions such as dispositions, leasing and financing whose consummation impacts the fees received by Service Provider and its Affiliates pursuant to this Agreement or
any Property Management Agreement, (ii) Service Provider’s and its Affiliates’ interests in such other matters as may arise in the ordinary course of business in relation to the relationship between Service Provider and its
Affiliates, on the one hand, and the Company and its Affiliates, on the other hand, as contemplated by this Agreement and any Property Management Agreements, including and without limiting the generality of the foregoing and for the avoidance of
doubt, tenant leasing and development matters arising in the ordinary course of business, (iii) the fact that Service Provider or any of its Affiliates may hold any equity interest in the Company, or (iv) the fact that Service Provider or
any of its Affiliates may guarantee any obligation of or otherwise provide credit support to the Company or any of its Affiliates. 

15.       RESTRICTIVE COVENANT. During the Initial Term and any Automatic
Renewal Term and until the date that is twelve (12) months after the Termination Date (such period, the “Tail Period”), in no event shall the Company or any of its respective Affiliates solicit for employment, employ or attempt
to employ or divert any director, employee or agent of Service Provider or any of its Affiliates unless otherwise consented to by the Board; provided, however, that the foregoing restrictions shall not apply (i) during the Tail
Period to any director, employee or agent of Service Provider or any of its Affiliates who devotes substantially all of such Person’s time to providing Services to the Puerto Rico Properties and to (ii) (A) such Persons who have not been
employed or engaged by Service Provider or any of its Affiliates for a period of three (3) months prior to such solicitation, employment or attempted employment or (B) solicitations for employment not specifically directed at such Persons.

 16.       BUDGETS. 

  
 12 

 (a)      Contemporaneously with the execution and
delivery of this Agreement, the Board has acknowledged its approval of a consolidated property-level budget (the “Property Roll-Up Budget”) and a consolidated corporate budget (the
“Corporate Budget”) for the year ending December 31, 2018. With respect to each subsequent fiscal year, Service Provider shall prepare and provide a Property Roll-Up Budget and Corporate
Budget to the Board for approval not later than December 1 of the prior fiscal year (until approved pursuant to this Section 16(a), each, a “Budget” and, once approved, an “Approved
Budget”). 
 (b)      If the Board fails to approve a proposed Budget (or a
particular portion thereof) for any fiscal year prior to the first day of such fiscal year, Service Provider shall manage the Company in accordance with the portion of the proposed Budget that was approved by the Board and, in relation to the
portion that was not approved, in accordance with the corresponding portion of the Approved Budget of such Property or the Company, as applicable, for the immediately preceding Fiscal Year, except that the applicable portion of such preceding
Approved Budget shall be adjusted to reflect (i) in relation to expenses not within the reasonable control of the Company, the actual amount of such expenses; and (ii) in relation to expenses within the reasonable control of the Company,
an increase of five percent (5%) over the amount set out in such preceding Approved Budget. 

(c)      Service Provider agrees to manage the Company in accordance with the Approved Budgets;
provided, that Service Provider may vary from the limitations set forth in any Approved Budget (i) in relation to expenditures not reasonably within the control of the Company or expenditures incurred under such circumstances as
Service Provider shall reasonably and in good faith deem to be an emergency necessary for the preservation or safety of the Company or the Properties, in such amounts as are reasonably necessary in Service Provider’s good faith judgment and
(ii) in relation to expenditures reasonably within the control of the Company, to the extent that (A) any expenditure does not cause aggregate expenditures for the relevant line item in such Approved Budget to exceed the aggregate amount
budgeted for such item by more than ten percent (10%) of the amount set forth in such Approved Budget and (B) the aggregate of such controllable expenditures does not exceed one hundred eight percent (108%) of the sum of the line items for
controllable expenditures in the Approved Budget. 
 (d)      During each calendar year,
Service Provider shall, as part of its quarterly reporting to the Board, report line item variances against the applicable Approved Budget and provide a reconciliation of actual expenditures to amounts set forth in the applicable Approved Budget. In
the event that Service Provider proposes to make any expenditures in excess of the amounts permitted in Section 16(c), Service Provider shall prepare and submit to the Board a statement setting forth the details of the
proposed expenditure and the reasons therefor, together with an explanation of the variance as it relates to the applicable Approved Budget. The Board shall be deemed to have approved such expenditure unless it shall have affirmatively disapproved
such expenditure in writing within ten (10) business days after Service Provider shall have delivered such statement to the Board. 

17.       TERM OF AGREEMENT. This Agreement shall be in effect as of the date
hereof and continue in force until December 31, 2019 (the “Initial Term”) and thereafter shall renew automatically for successive six month periods (each, an
“Automatic Renewal Term”) 

  
 13 

 
unless a majority of the Disinterested Directors or Service Provider elect to terminate this Agreement in accordance with Section 18. 

18.       TERMINATION BY THE PARTIES. This Agreement may be terminated at the
expiration of the Initial Term or any Automatic Renewal Term by a majority of the Disinterested Directors or by Service Provider, with or without cause and without penalty, upon written Notice sixty (60) days’ prior to the end of such
term. Notwithstanding the foregoing, this Agreement: 

(a)      may be terminated (i) immediately upon written Notice to the Company by Service
Provider upon a Change of Control, or (ii) by either party, without penalty, upon written Notice ten (10) business days’ prior to the termination from the terminating party to the other party if the other party, its agents or its
assignees breaches any material provision of this Agreement and such material breach shall continue for a period of ten (10) business days after written Notice thereof; 

(b)      may be terminated by Service Provider if (i) there is a material change in the
business strategy of the Company; or (ii) there is a material change or reduction in the duties of Service Provider or the scope of Services authorized by the Board to be performed by Service Provider hereunder (in each case such termination
shall be effective sixty (60) days following the Company’s receipt of written Notice from Service Provider of such material change described in clauses (i) and (ii)); and 

(c)      shall terminate automatically (i) at such time that none of the Property
Management Agreements remain in effect, or (ii) at the effective time of the dissolution of the Company or, if the Assets of the Company are transferred to a liquidating trust, the final disposition of the Assets transferred by the liquidating
trust. 
 (d)      The provisions of Sections 17 through 30 (inclusive) shall
survive any expiration or earlier termination of this Agreement. 

19.       ASSIGNMENT. This Agreement and/or any fees paid to Service Provider
hereunder may be assigned in whole or in part by Service Provider to an Affiliate of DDR. This Agreement shall not be assigned by the Company without the consent of Service Provider. 

20.       PAYMENTS TO AND DUTIES OF SERVICE PROVIDER UPON TERMINATION. 

(a)      Amounts Owed. After the Termination Date, Service Provider shall be
entitled to receive from the Company within thirty (30) days after the Termination Date (i) all amounts then accrued and owing to Service Provider hereunder and (ii) reimbursement of expenses incurred by Service Provider in connection
with facilitating the transition of the Services and the books and records of the Company to the Company or another third party manager (including any out-of-pocket
expenses, including attorneys’ fees and disbursements, incurred by Service Provider following the Termination Date and the salaries of any employees of DDR or an Affiliate thereof based on the amount of time worked by such employees following
the Termination Date in facilitating such transition). 

  
 14 

 (b)      Service Provider’s
Duties. After the Termination Date, Service Provider shall promptly: 

(i)    pay over to the Company all money collected and held for the account of the Company
pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii)    deliver to the Board a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, and all accrued compensation and reimbursement deducted pursuant to Section 20(b)(i), covering the period following the date of the last accounting furnished to the
Board; 
 (iii)    deliver to the Board all assets, including all of the Assets, books
and records, and documents of the Company then in the custody of Service Provider; and 

(iv)    cooperate with the Company and Board in making an orderly transition of the
management function. 
 21.       LIMITATION OF LIABILITY AND
INDEMNIFICATION. 
 (a)      The Company shall reimburse, indemnify and hold harmless
Service Provider and its Affiliates, as well as their respective officers (and persons serving as officers of the Company at the request of Service Provider or the Board), directors, equityholders, members, partners, and employees (collectively, the
“Indemnitees,” and each, an “Indemnitee”), for and from all liability, claims, damages and losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’
fees, except to the extent arising from any act or omission by the applicable Indemnitee that constitutes gross negligence or willful misconduct as determined by a final, non-appealable determination of a
court of competent jurisdiction. In addition, the Company shall promptly advance expenses incurred by Indemnitees for matters referred to in this Section 21(a) upon request for such advancement; provided, that
the Indemnitee provides a written affirmation (i) of the Indemnitee’s good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification by the Company pursuant to this
Section 21(a) and (ii) that the Indemnitee will repay the amount paid or reimbursed by the Company, to the applicable extent, if it is ultimately determined by a final,
non-appealable determination by a court of competent jurisdiction that the Indemnitee did not meet such standard. In addition to the indemnification obligations described in the foregoing sentence, the Company
shall indemnify Service Provider, DDR and their respective Affiliates for any liabilities, claims, damages or losses arising out of any recorded guaranty obligations of DDR and/or its Affiliates relating to the Properties. 

(b)      Service Provider shall indemnify and hold harmless the Company for and from all
liability, claims, damages and losses, and related expenses, including reasonable attorneys’ fees, to the extent that such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance and are incurred by
reason of Service Provider’s gross negligence or willful misconduct as determined by a final, non-appealable determination of a court of competent jurisdiction in connection with its performance of its
duties hereunder; provided, 

  
 15 

 
however, that Service Provider shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by Service Provider. 

(c)      The Indemnitees will not be liable to the Company or any of its Affiliates, or their
respective officers, directors, equityholders, members, partners, or employees, for any liabilities, claims, damages or losses arising in the performance of any Indemnitee’s duties hereunder, except with respect to any act or omission that
constitutes gross negligence or willful misconduct on the part of the applicable Indemnitee as determined by a final, non-appealable determination of a court of competent jurisdiction. Notwithstanding anything
herein to the contrary, including Section 21(b), in no event will any Indemnitee be liable to the Company or any of its Affiliates, or their respective officers directors, equityholders, members, partners, or employees, for
any indirect, special, incidental or consequential damages, including lost profits or savings, whether or not such damages are foreseeable, or in respect of any third-party claims (whether based in contract, tort or otherwise), relating to, in
connection with or arising out of this Agreement, including the Services to be provided by Service Provider or any of its Affiliates hereunder, or for any amount in excess of the fees actually received by Service Provider hereunder. 

22.       NOTICES. Any notice, report or other communication (each a
“Notice”) required or permitted to be given hereunder shall be in writing unless some other method of giving such Notice is required by the Articles of Incorporation or Code of Regulations, and shall be given by being delivered by
hand or by courier or overnight carrier to the addresses set forth below: 
  

			
	 To the Company:
	  	Retail Value Inc.
		  	3300 Enterprise Parkway
		  	Beachwood, Ohio 44112
		  	Attention: Chairman of the Board of Directors
		
		  	with a copy (which shall not constitute Notice) to:
		
		  	Retail Value Inc.
		  	3300 Enterprise Parkway
		  	Beachwood, Ohio 44112
		  	Attention: General Counsel
		
	 To Service Provider:
	  	DDR Corp.
		  	3300 Enterprise Parkway
		  	Beachwood, Ohio 44112
		  	Attention: General Counsel
		
		  	with a copy (which shall not constitute Notice) to:
		
		  	Jones Day
		  	901 Lakeside Avenue
		  	Cleveland, Ohio 44114
		  	Attention:         Lyle G. Ganske
		  	                         James P. Dougherty

  
 16 

 Any party may at any time give Notice in writing to the other parties of a change in its address for the purposes
of this Section 22. 
 23.       MODIFICATION.
This Agreement shall not be amended, supplemented, terminated, modified, discharged or otherwise changed, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or permitted assignees.

 24.       SEVERABILITY. The provisions of this Agreement are independent
of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

25.       GOVERNING LAW. The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the State of Ohio, without regard to the principles of conflicts of laws thereof. 

26.       ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

27.       NO WAIVER. Neither the failure nor any delay on the part of a party
to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

28.       CERTAIN INTERPRETATIVE MATTERS. For the purposes of this Agreement,
(a) whenever the context may require, any pronoun shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa, (b) the words
“include,” “includes” and “including” shall be deemed to be followed by the words “without limitation;” (c) the word “or” is not exclusive, (d) the words “herein,” “hereof,”
“hereby,” “hereto” and “hereunder” refer to this Agreement as a whole, (e) references to any Person include the successors and permitted assigns of that Person, (f) “to the extent” means the degree to
which a subject or other thing extends, and such phrase does not mean simply “if” and (g) unless the context otherwise requires, Sections and Exhibits mean Sections of and Exhibits attached to this Agreement. This Agreement shall be
construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred to herein shall be construed with, and as an
integral part of, this Agreement to the same extent as if they were set forth verbatim herein. 

  
 17 

 29.       HEADINGS. The titles
of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

30.       EXECUTION IN COUNTERPARTS. This Agreement may be executed
(including by facsimile, PDF or other electronic transmission) with counterpart signature pages or in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which
shall together constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

  
 18 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first Written
above. 
  

			
	 RETAIL VALUE INC.

		
	 By:
	 	 /s/ David R. Lukes

		 	 Name: David R. Lukes

		 	 Title: President and Chief Executive Officer

	
	 DDR ASSET MANAGEMENT LLC

		
	 By:
	 	 /s/ David R. Lukes

		 	 Name: David R. Lukes

		 	 Title: President and Chief Executive Officer

  
 [Signature Page to
Agreement]

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