Document:

EX-4.22

 Exhibit 4.22 
 FIFTEENTH SUPPLEMENTAL INDENTURE 
 THIS FIFTEENTH SUPPLEMENTAL INDENTURE is
entered into as of November 27, 2012, by and between DDR Corp., an Ohio corporation (the “Company”), and U.S. Bank National Association (the “Trustee”), a national banking association organized and existing under the laws of
the United States, as successor trustee to U.S. Bank Trust National Association, as successor to National City Bank. 
 WHEREAS,
the Company and the Trustee entered into the Indenture dated as of May 1, 1994 (as supplemented by a First Supplemental Indenture dated as of May 10, 1995, by a Second Supplemental Indenture dated as of July 18, 2003, by a Third
Supplemental Indenture dated as of January 23, 2004, by a Fourth Supplemental Indenture dated as of April 22, 2004, by a Fifth Supplemental Indenture dated as of April 28, 2005, by a Sixth Supplemental Indenture dated as of
October 7, 2005, by a Seventh Supplemental Indenture dated as of August 28, 2006, by an Eighth Supplemental Indenture dated as of March 13, 2007, by a Ninth Supplemental Indenture dated as of September 30, 2009, by a Tenth
Supplemental Indenture dated as of March 19, 2010, by an Eleventh Supplemental Indenture dated as of August 12, 2010, by a Twelfth Supplemental Indenture dated as of November 5, 2010, by a Thirteenth Supplemental Indenture dated as of
March 7, 2011 and by a Fourteenth Supplemental Indenture dated as of June 22, 2012 (the “Fourteenth Supplemental Indenture”), the “Indenture”), relating to the Company’s senior debt securities; 

WHEREAS, the Company previously issued $300,000,000 initial aggregate principal amount of the Company’s 4.625% Notes due 2022 (the
“Notes”), the specific terms and form of which were established by the Fourteenth Supplemental Indenture; 
 WHEREAS,
Section 301 of the Indenture provides that all Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities
of such series; 
 WHEREAS, Section 4 of the Fourteenth Supplemental Indenture provides that the Company may, without the
consent of the Holders, create and issue additional Securities ranking pari passu with the Notes in all respects and so that such additional Notes shall be consolidated and form a single series having the same terms as to status, redemption or
otherwise as the Notes initially issued; 
 WHEREAS, the Company now desires to issue an additional $150,000,000 aggregate
principal amount of the Notes and has made a request to the Trustee that the Trustee join with it, in accordance with Section 901 of the Indenture, in the execution of this Fifteenth Supplemental Indenture to include such additional aggregate
principal amount of the Notes in the definition of Designated Securities such that the covenant in Section 1015 of the Indenture will inure to their benefit; and 
 WHEREAS, the Company and the Trustee are authorized to enter into this Fifteenth Supplemental Indenture. 

 NOW, THEREFORE, the Company and the Trustee agree as follows: 

Section 1. Relation to Indenture. This Fifteenth Supplemental Indenture supplements the Indenture and shall be
a part and subject to all the terms thereof. Except as supplemented hereby, the Indenture and the Securities issued thereunder shall continue in full force and effect. 

Section 2. Capitalized Terms. Capitalized terms used herein and not otherwise defined herein are used as
defined in the Indenture. 
 Section 3. Definitions. 

The definition of “Designated Securities” is hereby amended in its entirety as follows: 

“Designated Securities” means the Company’s $300,000,000 principal amount of 4.625% Notes Due 2010, the
Company’s $275,000,000 principal amount of 3.875% Notes Due 2009, the Company’s $250,000,000 principal amount of 5.25% Notes Due 2011, the Company’s $200,000,000 principal amount of 5.0% Notes Due 2010, the Company’s $200,000,000
principal amount of 5.5% Notes Due 2015, the Company’s $350,000,000 principal amount of 5.375% Notes Due 2012, the Company’s $300,000,000 principal amount of 9.625% Notes Due 2016, the Company’s $300,000,000 principal amount of 7.50%
Notes Due 2017, the Company’s $300,000,000 principal amount of 7.875% Notes Due 2020, the Company’s $300,000,000 principal amount of 4.75% Notes due 2018 and the Company’s $450,000,000 principal amount of 4.625% Notes due 2022.

 Section 4. Aggregate Principal Amount. 

The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture, as amended
hereby, shall be $450,000,000. The Company may, without the consent of the Holders, create and issue additional Securities ranking pari passu with the Notes in all respects and so that such additional Notes shall be consolidated and form a single
series having the same terms as to status, redemption or otherwise as the Notes previously issued. 

Section 5. Counterparts. This Fifteenth Supplemental Indenture may be executed in counterparts, each of which
shall be deemed an original, but all of which shall together constitute one and the same instrument. 

Section 6. Governing Law. THIS FIFTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF OHIO (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF). 

  
 2 

 Section 7. Concerning the Trustee. The Trustee shall not be
responsible for any recital herein (other than the sixth recital as it appears as it applies to the Trustee) as such recitals shall be taken as statements of the Company, or the validity of the execution by the Company of this Fifteenth Supplemental
Indenture. The Trustee makes no representations as to the validity or sufficiency of this Fifteenth Supplemental Indenture. 

[Signatures follow.] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifteenth Supplemental Indenture to
be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

							
	Attest:	 		 	DDR CORP.
				
	 /s/ David E. Weiss
	 		 	By:	 	 /s/ David J. Oakes

	Name: David E. Weiss	 		 		 	Name: David J. Oakes
	Title: Executive Vice President,	 		 		 	Title: Senior Executive Vice President and
	          General Counsel and Secretary	 		 		 	          Chief Financial Officer
			
	Attest:	 		 	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

				
	 /s/ Elizabeth C. Hammer
	 		 	By:	 	 /s/ Michael M. Hopkins

	Name: Elizabeth C. Hammer	 		 		 	Name: Michael M. Hopkins
	Title: Vice President	 		 		 	Title: Vice President

 [Fifteenth Supplemental Indenture] 

  
 4EX-10.3

 Exhibit 10.3 
 FIRST AMENDMENT 
 TO 

DDR CORP. 

2005 DIRECTORS’ DEFERRED COMPENSATION PLAN 
 (January 1, 2012 Restatement) 
 This First Amendment to DDR Corp. 2005
Directors’ Deferred Compensation Plan (January 1, 2012 Restatement) (the “First Amendment”) is effective as of November 30, 2012 (the “Effective Date”). 

WHEREAS, DDR Corp. (the “Company”) maintains the DDR Corp. 2005 Directors’ Deferred Compensation Plan (the
“Plan”), under an instrument amended and restated effective as of January 1, 2012; and 
 WHEREAS, the
Company desires to amend the Plan. 
 NOW, THEREFORE, pursuant to the power reserved to the Company in paragraph 8 of the
Plan, the Company hereby amends the Plan in the respects hereinafter set forth. 
 1. As of the Effective Date, the first two
sentences of subparagraph 5(a) of the Plan are hereby deleted and replaced with the following: 
 “A Participant shall
elect in writing, at the time such Participant makes each deferral election under subparagraph 4(a), the date on which distribution of the credits to his/her Deferral Account to which the deferral election relates shall commence (the
“Commencement Date”) and the method of distribution, as permitted hereunder. Such election shall specify one of the following Commencement Dates: 
  

	 	(i)	the first day of the seventh month after a Termination of Service; or 

  

	 	(ii)	a specified date that is no later than January 1 following the year in which the Participant attains age 75; or 

 

	 	(iii)	the earlier of the two dates specified in clauses (i) and (ii) above. 

 A “Termination of Service” shall mean a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h).” 

2. As of the Effective Date, the Plan is hereby amended by inserting the following new paragraph 14 immediately after paragraph 13:

 “14. Code Section 409A. Notwithstanding any provision of this Plan to the contrary, if
a Participant is a “specified employee” (within the meaning of Section 409A of the Code and determined pursuant to policies adopted by the Company) on the date of the Participant’s “separation from service” (within the

 
meaning of Treasury Regulation section 1.409A-1(h)) and if any portion of the payments or benefits to be received by the Participant upon his separation from service would constitute a
“deferral of compensation” subject to Section 409A of the Code, then to the extent necessary to comply with Section 409A of the Code, amounts that would otherwise be payable to the Participant pursuant to this Plan during the
six-month period immediately following the Participant’s separation from service will instead be paid or made available on the first day of the seventh month after the date of the Participant’s separation from service.” 

[End of Page] 

 IN WITNESS WHEREOF, the undersigned duly authorized officer of the Company has
executed this instrument effective this 30th day of November, 2012. 
  

			
	DDR CORP.
		
	By:	 	 /s/ Daniel B. Hurwitz

 
			
	Title:	 	C.E.O.EX-10.23

 Exhibit 10.23 

 
 

 
 VALUE SHARING EQUITY PROGRAM AWARD SHARES AGREEMENT 

DDR Corp., an Ohio corporation (the “Company”), has granted to
                     (the “Holder”),
                     (                    ) of
the Company’s Common Shares, $0.10 par value per share (the “Award Shares”). The Award Shares have been granted pursuant to the Company’s
                     Plan (the “Plan”) and the Company’s Value Sharing Equity Program (the “Program”), and the Award Shares
are subject to all provisions of the Plan and the Program, which are hereby incorporated herein by reference, and to the following provisions of this Value Sharing Equity Program Award Shares Agreement (the “Agreement”) (capitalized terms
not defined herein are used as defined in the Plan): 
 §1. Vesting. The Award Shares will vest in annual 20%
increments with the first
                    (                    ) Award
Shares vesting on                      (each such date a “Vesting Date”). 

§2. Purchase Price. The purchase price of the Award Shares is $0. 

§3. Termination of Employment. Subject to the terms of a Holder’s Individual Agreement, if any, if the
Holder’s employment by the Company or any Subsidiary or Affiliate terminates prior to all of the Award Shares vesting, the Award Shares will vest or be forfeited as follows: 

(a) Termination by Death. If the Holder’s employment with the Company or any Subsidiary or Affiliate terminates by reason
of death, all Award Shares shall vest and any restriction shall lapse. 
 (b) Termination by Reason of Disability. If
the Holder’s employment with the Company or any Subsidiary or Affiliate terminates by reason of Disability, all Award Shares shall vest and any restriction shall lapse. 
 (c) Termination Without Cause After a Change in Control or 409A Change in Control. The provisions of Section
                     of the Plan shall be applicable regarding the Award Shares only if, within two (2) years following a Change in Control or
409A Change in Control, the Holder’s employment with the Company or any Subsidiary or Affiliate is terminated without Cause. 
 (d) Termination Without Cause Other than After a Change in Control or 409A Change in Control. Unless otherwise determined by the Committee, if the Holder’s employment with the Company or any
Subsidiary or Affiliate is terminated without Cause and Section 3(c) above does not apply, all unvested Award Shares shall not be forfeited by the Holder, but instead 

 
such unvested Award Shares shall remain outstanding and shall continue to vest according to the vesting schedule described in Section 1 above. 

(e) Other Termination. Unless otherwise determined by the Committee, if the Holder’s employment with the Company or any
Subsidiary or Affiliate terminates other than in the circumstances described in paragraphs (a), (b), (c) or (d) of this Section 3, any Award Shares which are unvested or subject to restrictions at the time of termination will be
forfeited upon termination. 
 (f) Leave of Absence. If the Holder is granted a leave of absence by the Company or
any Subsidiary or Affiliate, his or her employment will not be considered terminated, and he or she will continue to be deemed an employee of the Company or Subsidiary or Affiliate during such leave of absence or any extension thereof granted by the
Company, Subsidiary or Affiliate for purposes of the Plan. 
 §4. Dividends. All dividends payable on the Award
Shares (whether or not vested) will be payable in the same manner as paid to other shareholders. All cash dividends payable on unvested Award Shares shall be paid in unrestricted cash. In the case of dividends payable on unvested Award Shares in
shares or other property, the shares or other property so payable shall be subject to the same restrictions and other terms and conditions that apply to the Award Shares unless otherwise determined by the Committee or the Board at the time the
dividend is authorized. 
 §5. Taxes. The Holder hereby agrees to pay to the Company, in accordance with the
terms of the Plan and the Program, any federal, state or local taxes of any kind required by law to be withheld and remitted by the Company with respect to the Award Shares. The Holder may satisfy such tax obligation, in whole or in part, by
(a) electing to have the Company withhold a portion of the Shares otherwise to be delivered upon vesting of the Award Shares with a Fair Market Value equal to the amount of such taxes, or (b) delivering to the Company other Shares with a
Fair Market Value equal to the amount of such taxes. The election, if any, must be made on or before the date that the amount of tax to be withheld is determined. If the Holder does not make such payment to the Company, the Company shall have the
right to withhold from any payment of any kind otherwise due to the Holder from the Company, any federal, state or local taxes of any kind required by law to be withheld with respect to the award or vesting of the Award Shares. 

§6. Deferral. The Holder may, in his or her sole discretion, with respect to this award of Award Shares, elect to
participate in any equity deferred compensation plan established by the Company, in which case such plan shall govern amounts deferred. 
 §7. Subject to the Plan. This Agreement is made and the Award Shares evidenced hereby are granted under and pursuant to, and they are expressly made subject to all of the terms and
conditions of, the Plan, notwithstanding anything herein to the contrary. The Holder hereby acknowledges receipt of a copy of the Plan and that the Holder has read and understands the terms and conditions of the Plan. 

 §8. Securities Law Compliance. 

(a) The Holder agrees that the Company may impose such restrictions on the Shares as are deemed advisable by the Company, including,
without limitation, restrictions relating to listing or trading requirements. The Holder further agrees that certificates representing the Shares may bear such legends and statements as the Company shall deem appropriate or advisable to assure,
among other things, compliance with applicable securities laws, rules and regulations. 
 (b) The Holder agrees that any Shares
which the Holder may acquire by virtue of this Agreement may not be transferred, sold, assigned, pledged, hypothecated or otherwise disposed of by the Holder unless (i) a registration statement or post-effective amendment to a registration
statement under the Securities Act of 1933, as amended, with respect to such Shares has become effective so as to permit the sale or other disposition of such Shares by the Holder, or (ii) there is presented to the Company an opinion of counsel
satisfactory to the Company to the effect that the sale or other proposed disposition of such Shares by the Holder may lawfully be made otherwise than pursuant to an effective registration statement or post-effective amendment to a registration
statement relating to such Shares under the Securities Act of 1933, as amended. 
 §9. Rights of the
Holder. The granting of the Award Shares shall in and of itself not confer any right of the Holder to continue in the employ of the Company and shall not interfere in any way with the right of the Company to terminate the Holder’s
employment at any time, subject to the terms of any employment agreement between the Company and the Holder. 
 §10.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, except to the extent otherwise governed by Federal law. 

THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK 

 IN WITNESS WHEREOF, the parties have subscribed their names hereto. 

 

							
		 		 	DDR Corp., an Ohio corporation
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:
	DATE OF GRANT:	 		 		 	
		 		 		 	
	  
	 		 		 	
		 		 	 
		 		 	Holder’s Signature:

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