Document:

EX-10.36

Exhibit 10.36

FORM OF

[AMENDED AND RESTATED] CHANGE IN CONTROL AGREEMENT

     THIS [AMENDED AND RESTATED] CHANGE IN CONTROL AGREEMENT (this “Agreement”), is entered into as
of the ___ day of                     , 20___, between Developers Diversified Realty Corporation, an Ohio
corporation (the “Employer”), and                      (“Executive”).

RECITALS

     WHEREAS, Executive is presently employed by Employer [and, as of                     , 20___, will be
employed by employer] as its                                         ;

     WHEREAS, Employer wishes to induce Executive to continue [in its employ, after                     ,
20___,] as its                                          and, accordingly, to provide certain employment security to
Executive in the event of a “Change in Control” (as hereinafter defined);

     WHEREAS, Employer believes that it is in the best interest of its shareholders for Executive
to continue in [his/her] position on an objective and impartial basis and without distraction or
conflict of interest as a result of a possible or actual Change in Control; [and]

     WHEREAS, in consideration of this Agreement Executive is willing to continue [, after
                    , 20___,] as Employer’s                                          [./; and]

     [WHEREAS, Employer and Executive desire for this Amended and Restated Change in Control
Agreement to amend and supersede any and all Change in Control Agreements between Employer and
Executive that were entered into prior to the date hereof (the “Prior Change in Control
Agreements”).]

     NOW THEREFORE, IN CONSIDERATION OF EXECUTIVE CONTINUING [, AFTER                     , 20___,] AS THE
                                         OF EMPLOYER AND OF THE MUTUAL PROMISES HEREIN CONTAINED, EXECUTIVE AND EMPLOYER,
INTENDING TO BE LEGALLY BOUND, HEREBY AGREE AS FOLLOWS:

ARTICLE I

DEFINITIONS

	1.	 	A “Change in Control” for the purpose of this Agreement means the occurrence of any of the
following:

	 	(a)	 	the Board of Directors or shareholders of the Employer approve a consolidation
or merger in which the Employer is not the surviving corporation, the sale of
substantially all of the assets of the Employer, or the liquidation or dissolution of
the Employer;
	 
	 	(b)	 	any person or other entity (other than the Employer or a Subsidiary or any
Employer employee benefit plan (including any trustee of any such plan acting in its
capacity as trustee)) purchases any Shares (or securities convertible into Shares)
pursuant to a tender or exchange offer without the prior consent of the Board of
Directors, or becomes the beneficial owner of securities of the Employer representing
20% or more of the voting power of the Employer’s outstanding securities;

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	 	(c)	 	during any two-year period, individuals who at the beginning of such period
constitute the entire Board of Directors cease to constitute a majority of the Board of
Directors, unless the election or the nomination for election of each new director is
approved by at least two-thirds of the directors then still in office who were
directors at the beginning of that period; or
	 
	 	(d)	 	A record date is established for determining shareholders of Employer entitled
to vote upon (i) a merger or consolidation of Employer with another real estate
investment trust, partnership, corporation or other entity in which Employer is not the
surviving or continuing entity or in which all or a substantial part of the outstanding
 shares are to be converted into or exchanged for cash, securities or other property,
(ii) a sale or other disposition of all or substantially all of the assets of Employer
or (iii) the dissolution of Employer.

	2.	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	3.	 	“Shares” means the Common Shares, without par value, of the Employer.
	 
	4.	 	“Subsidiary” means any corporation (other than the Employer) in an unbroken chain of
corporations beginning with the Employer if each of the corporations (other than the last
corporation in the unbroken chain) owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in that chain.
	 
	5.	 	A “Triggering Event” for the purpose of this Agreement will be deemed to have occurred if:

	 	(a)	 	Within two years from the date on which the Change in Control occurred,
Employer terminates the employment of Executive, other than in the case of a
Termination For Cause, as herein defined;
	 
	 	(b)	 	Within two years from the date on which the Change in Control occurred,
Employer reduces Executive’s title, responsibilities, power or authority in comparison
with Executive’s title, responsibilities, power or authority at the time of the Change
in Control and Executive thereafter terminates Executive’s employment with Employer
within such two year period;
	 
	 	(c)	 	Within two years from the date on which the Change in Control occurred,
Employer assigns Executive duties which are inconsistent with the duties assigned to
Executive on the date on which the Change in Control occurred and which duties Employer
persists in assigning to Executive despite the prior written objection of Executive and
Executive thereafter terminates Executive’s employment with Employer within such two
year period;
	 
	 	(d)	 	Within two years from the date on which the Change in Control occurred,
Employer (i) reduces Executive’s base compensation, [his/her] incentive opportunity
bonus percentages of salary, [his/her] group health, life, disability or other
insurance programs (including any such benefits provided to Executive’s family),
[his/her] pension, retirement or profit-sharing benefits or any benefits provided by
any of Employer’s equity-based award plans, or any substitute therefor, (ii)
establishes criteria and factors to be achieved for the payment of bonus compensation
that are substantially different than the criteria and factors established for other
similar executive officers of the Employer, (iii) fails to pay Executive any bonus
compensation to which Executive is entitled through the achievement of the criteria and
factors established for the payment of such

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	 	 	 	bonus, or (iv) excludes Executive from any plan, program or arrangement in which
similar executive officers of Employer are included and Executive thereafter
terminates Executive’s employment with Employer within such two year period; or
	 
	 	(e)	 	Within two years from the date on which the Change in Control occurred,
Employer requires Executive to be based at or generally work from any location more
than fifty miles from the geographical center of Cleveland, Ohio [or whichever remote
office location has been approved for the Executive at the time of the Change in
Control] and Executive thereafter terminates Executive’s employment with Employer
within such two year period.

	6.	 	A “Termination For Cause” for the purposes of this Agreement will be deemed to have occurred
if, and only if, Executive has committed a felony under the laws of the United States of
America, or of any state or territory thereof, and has been convicted of that felony, or has
pled guilty or nolo contendere with respect to that felony, and the commission of that felony
resulted in, or was intended to result in, a loss (monetary or otherwise) to Employer or its
clients, customers, directors, officers or employees.
	 
	7.	 	“Executive’s Annual Bonus” means Executive’s annual bonus at the time of a Triggering Event
or on the date on which the Change in Control occurred, whichever is higher, calculated on the
basis of the maximum bonus available to Executive and the assumption that all performance
goals have been or will be achieved by Employer and Executive in the year in which such
Triggering Event or such Change in Control, as the case may be, occurred.
	 
	8.	 	“Executive’s Annual Salary” means Executive’s annual base salary at the time of a Triggering
Event or on the date on which the Change in Control occurred, whichever is higher.
	 
	9.	 	“Termination Date” means the date on which Executive’s employment with Employer terminates.

ARTICLE II

SEVERANCE PAYMENT

	1.	 	Upon the occurrence of a Triggering Event, Employer shall pay to Executive a lump sum
severance benefit which will be in addition to any other compensation or remuneration to which
Executive is, or becomes, entitled to receive from Employer in an amount equal to the sum of
(i) two times Executive’s Annual Bonus plus (ii) two times Executive’s Annual Salary. In
addition, Employer shall, at its expense, provide Executive, and Executive’s family, with
life, [disability, medical, hospitalization, vision, dental/health, disability] and accidental
death and dismemberment insurance in an amount not less than that provided at the time of the
Triggering Event or, if greater, on the date on which the Change in Control occurred, until
the earlier of (x) in the event that Executive shall become employed by another employer after
a Triggering Event, the date on which Executive shall be eligible to receive benefits from
such employer which are substantially equivalent to or greater than the benefits Executive and
Executive’s family received from Employer or (y) the second anniversary of the date of the
Triggering Event.

	 	(a)	 	Except as otherwise provided in Section B.2 of the Tax Provision Exhibit
attached to this Agreement as Exhibit A, Employer will pay the lump sum severance
benefit pursuant to Article II, Paragraph 1 to Executive in immediately available funds
during the Seventh Month after the Termination Date (as defined in Section B.1 of the
Tax Provision Exhibit). To assure compliance with Section 409A of the Code, the timing
of the provision of the insurance benefits described in Article II, Paragraph 1 will be
subject to

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	 	 	 	Sections B.1 and B.3 of the Tax Provision Exhibit if and to the extent either of
those sections is applicable according to its terms.

	 	2.	 	Employer shall provide Executive, at Employer’s expense, with outplacement services and
support, the scope and provider of which will be selected by Executive, for a period of one
year following the date of the Triggering Event. To assure compliance with Section 409A of
the Code, the timing of the provision of outplacement services described in this Article II,
Paragraph 2 will be subject to Sections B.1 and B.3 of the Tax Provision Exhibit if and to the
extent either of those sections is applicable according to its terms.

ARTICLE III

TAX PROVISION EXHIBIT

     All of the terms of the Tax Provision Exhibit attached to this Agreement as Exhibit A are
hereby incorporated in this Agreement as fully as if those terms were included in the main text of
this Agreement.

ARTICLE IV

SETOFF

     No amounts otherwise due or payable under this Agreement will be subject to setoff or
counterclaim by either party hereto.

ARTICLE V

ATTORNEY’S FEES

     All attorney’s fees and related expenses incurred by Executive at any time from the date of
this Agreement through the fifth anniversary of Executive’s death in connection with or relating to
the enforcement by [him/her] of [his/her] rights under this Agreement will be paid for by Employer.
To assure compliance with Section 409A of the Code, the timing of the provision of payment of fees
and expenses described in this Article V will be subject to Sections B.1 and B.3 of the Tax
Provision Exhibit if and to the extent either of those sections is applicable according to its
terms.

ARTICLE VI

SUCCESSORS AND PARTIES IN INTEREST

     This Agreement will be binding upon and will inure to the benefit of Employer and its
successors and assigns, including, without limitation, any corporation which acquires, directly or
indirectly, by purchase, merger, consolidation or otherwise, all or substantially all of the
business or assets of Employer. Without limitation of the foregoing, Employer will require any such
successor, by agreement in form and substance satisfactory to Executive, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that it is required to be
performed by Employer. This Agreement will be binding upon and will inure to the benefit of
Executive, [his/her] heirs at law and [his/her] personal representatives.

ARTICLE VII

ATTACHMENT

Page 4

 

     Neither this Agreement nor any benefits payable hereunder will be subject to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge or to execution, attachment,
levy or similar process at law, whether voluntary or involuntary.

ARTICLE VIII

EMPLOYMENT CONTRACT

     This Agreement will not in any way constitute an employment agreement between Employer and
Executive and it will not oblige Executive to continue in the employ of Employer, nor will it
oblige Employer to continue to employ Executive, but it will merely require Employer to pay
severance benefits to Executive under certain circumstances, as aforesaid. In addition, this
Agreement will be considered terminated, and of no further force and effect, if Executive ceases to
be a Board-elected officer or an appointed officer or a key employee (as determined by the Board of
Directors of Employer in its sole discretion and reflected in the minutes of Board of Directors
after notice to such Executive) of Employer prior to a Change in Control of Employer.

ARTICLE IX

RIGHTS UNDER OTHER PLANS AND AGREEMENTS

     [Except as provided in the [Amended and Restated] Employment Agreement between the Employer
and Executive, the/The] severance benefits herein provided will be in addition to, and are not
intended to reduce, restrict or eliminate, any benefit to which Executive may otherwise be entitled
by virtue of [his/her] termination of employment or otherwise.

ARTICLE X

NOTICES

     All notices and other communications required to be given hereunder shall be in writing and
will be deemed to have been delivered or made when mailed, by certified mail, return receipt
requested, if to Executive, to the last address which Executive shall provide to Employer, in
writing, for this purpose, but if Executive has not then provided such an address, then to the last
address of Executive then on file with Employer; and if to Employer, then to the last address which
Employer shall provide to Executive, in writing, for this purpose, but if Employer has not then
provided Executive with such an address, then to:

Corporate Secretary

Developers Diversified Realty Corporation

[CURRENT ADDRESS]

ARTICLE XI

GOVERNING LAW AND JURISDICTION

     This Agreement will be governed by, and construed in accordance with, the laws of the State of
Ohio, except for the laws governing conflict of laws. If either party institutes a suit or other
legal proceedings, whether in law or equity, Executive and Employer hereby irrevocably consent to
the jurisdiction of the Common Pleas Court of the State of Ohio (Cuyahoga County) or the United
States District Court for the Northern District of Ohio.

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ARTICLE XII

ENTIRE AGREEMENT

     This Agreement constitutes the entire understanding between Employer and Executive concerning
the subject matter hereof and supersedes all prior written or oral agreements or understandings
between the parties hereto [, including, without limitation, the Prior Change in Control
Agreements]. No term or provision of this Agreement may be changed, waived, amended or terminated
except by a written instrument.

     IN WITNESS WHEREOF, and as conclusive evidence of the adoption of this Agreement, the parties
have hereunto set their hands as of the date and year first above written.

	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	[EXECUTIVE’S NAME]	 	 

Page 6

 

EXHIBIT A

Tax Provision Exhibit

280G Gross-Up and Compliance with Section 409A

	A.	 	Gross-Up of Payments Deemed to be Excess Parachute Payments.

	 	A.1	 	 Acknowledgement; Determination by Accounting Firm. Employer and Executive
acknowledge that, following a Change in Ownership or Control, one or more payments or
distributions to be made by Employer or an affiliated entity to or for the benefit of
Executive under this Agreement or Executive’s [[Amended and Restated] Employment
Agreement/employment] (including, without limitation, the issuance of common shares of
Employer; the granting or vesting of restricted shares; and the granting, vesting,
exercise or termination of options) (a “Payment”) may be determined to be an “excess
parachute payment” that is not deductible by Employer or its affiliated entity for
Federal income tax purposes and with respect to which Executive will be subject to an
excise tax because of Sections 280G and 4999, respectively, of the Code. If a Change in
Ownership or Control occurs, either Executive or Employer may direct the Accounting Firm,
which, subject to any inconsistent position asserted by the Internal Revenue Service,
will make all determinations required to be made under this Section A.1, to determine
whether any Payment will be an excess parachute payment and to communicate its
determination, together with detailed supporting calculations, to Employer and to
Executive within 30 days after its receipt of the direction from Executive or Employer,
as the case may be. Employer and Executive will cooperate with each other and the
Accounting Firm and will provide necessary information so that the Accounting Firm may
make all such determinations.
	 
	 	A.2	 	 Gross-Up Payments. If the Accounting Firm determines that any Payment
gives rise, directly or indirectly, to liability on the part of Executive for excise tax
under Section 4999 (and/or any penalties and/or interest with respect to any such excise
tax), Employer will make additional cash payments (each, a “Gross-Up Payment”) to
Executive, from time to time in such amounts as are necessary to put Executive in the
same position, after payment of all federal, state, and local taxes (whether income
taxes, excise taxes under Section 4999 or otherwise, or other taxes) and any and all
penalties and interest with respect to any such excise tax, as Executive would have been
in after payment of all federal, state, and local income taxes if the Payments (other
than in respect of or regarding any units or awards granted or vested pursuant to any
Performance Unit Agreement between Executive and Employer, or any equity awards granted
or issued pursuant to any outperformance award plans (including the Outperformance
Long-Term Incentive Plan) or supplemental equity award plans (including the 2007
Supplemental Equity Plan) of Employer) had not given rise to an excise tax under
Section 4999 and no such penalties or interest had been imposed. Employer’s obligation
to make Gross-Up Payments under this Section A is not contingent on termination of
Executive’s employment with Employer. Employer will make each Gross-Up Payment to
Executive within 30 days of the time that the related Payment constituting an excess
parachute payment is paid or provided to Executive.
	 
	 	A.3	 	 Further Gross-Up Payments as Determined by the IRS. If the Internal
Revenue Service determines that any Payment gives rise, directly or indirectly, to
liability on the part of Executive for excise tax under Section 4999 (and/or any
penalties and/or interest with respect to any such excise tax) in excess of the amount,
if any, previously determined by the Accounting Firm, Employer will make further Goss-Up
Payments to Executive in cash and in

Exhibit A — Page 1 of 4

 

 

	 	 	 	such amounts as are necessary to put Executive in the same position, after payment of all
federal, state, and local taxes (whether income taxes, excise taxes under Section 4999 or
otherwise, or other taxes) and any and all penalties and interest with respect to any
such excise tax, as Executive would have been in after payment of all federal, state, and
local income taxes if the Payments (other than in respect of or regarding any units or
awards granted or vested pursuant to any Performance Unit Agreement between Executive and
Employer, or any equity awards granted or issued pursuant to any outperformance award
plans (including the Outperformance Long-Term Incentive Plan) or supplemental equity
award plans (including the 2007 Supplemental Equity Plan) of Employer) had not given rise
to an excise tax under Section 4999 and no such penalties or interest had been imposed.
Employer will make any additional Gross-Up Payments required by this Section A.3 not
later than the due date of any payment indicated by the Internal Revenue Service with
respect to the underlying matters to which the additional Gross-Up relates.
	 
	 	A.4	 	 Contest of IRS Determination by Employer. If Employer desires to contest
any determination by the Internal Revenue Service with respect to the amount of excise
tax under Section 4999, Executive will, upon receipt from Employer of an unconditional
written undertaking to indemnify and hold Executive harmless (on an after tax basis) from
any and all adverse consequences that might arise from the contesting of that
determination, cooperate with Employer in that contest at Employer’s sole expense.
Nothing in this Section A will require Executive to incur any expense other than expenses
with respect to which Employer has paid to Executive sufficient sums so that after the
payment of the expense by Executive and taking into account the payment by Employer with
respect to that expense and any and all taxes that may be imposed upon Executive as a
result of Executive’s receipt of that payment, the net effect is no cost to Executive.
Nothing in this Section A will require Executive to extend the statute of limitations
with respect to any item or issue in Executive’s tax returns other than, exclusively, the
excise tax under Section 4999. If, as the result of the contest of any assertion by the
Internal Revenue Service with respect to excise tax under Section 4999, Executive
receives a refund of a Section 4999 excise tax previously paid and/or any interest with
respect thereto, Executive will promptly pay to Employer such amount as will leave
Executive, net of the repayment and all tax effects, in the same position, after all
taxes and interest, that Executive would have been in if the refunded excise tax had
never been paid. To assure compliance with Section 409A, Employer will make payments to
Executive with respect to expenses as contemplated in this Section A.4 subject to and as
provided in Sections B.1 and B.3.
	 
	 	A.5	 	 Accounting Firm Fees and Expenses. Employer will bear and pay all fees and
expenses of the Accounting Firm for services performed pursuant to this Section A
(“Applicable Fees and Expenses”). To assure compliance with Section 409A, Employer will
pay any Applicable Fees and Expenses subject to and as provided in Sections B.1 and B.3.

	B.	 	Compliance with Section 409A.

	 	B.1	 	 Six Month Delay on Certain Payments, Benefits, and Reimbursements. If
Executive is a “specified employee” for purposes of Section 409A, as determined under
Employer’s policy for determining specified employees on the Termination Date, each
payment, benefit, or reimbursement paid or provided under this Agreement that constitutes
a “deferral of compensation” within the meaning of Section 409A, that is to be paid or
provided as a result of a “separation from service” within the meaning of Section 409A,
and that would otherwise be paid or provided at any time (a “Scheduled Time”) that is on
or before the date (the “Six Month Date”) that is exactly six months after the
Termination Date (other than payments,

Exhibit A — Page 2 of 4

 

 

	 	 	 	benefits, or reimbursements that are treated as separation pay under Section
1.409A-1(b)(9)(v) of the Treasury Regulations) will not be paid or provided at the
Scheduled Time but will be accumulated (together with interest at the applicable federal
rate under Section 7872(f)(2)(A) of the Code in effect on the Termination Date) through
the Six Month Date and paid or provided during the period of 30 consecutive days
beginning on the first business day after the Six Month Date (that period of 30
consecutive days, the “Seventh Month after the Termination Date”), except that if
Executive dies before the Six Month Date, the payments, benefits, or reimbursements will
be accumulated only through the date of Executive’s death and thereafter paid or provided
not later than 30 days after the date of death.
	 
	 	B.2	 	 Earlier Payment if Not a Specified Employee. If Executive is not a
“specified employee” for purposes of Section 409A, as determined under Employer’s policy
for determining specified employees on the Termination Date, any lump sum severance
benefit payable pursuant to Article II, Paragraph 1 will be made by Employer to Executive
during the 30-day period that begins exactly 60 days after the Termination Date rather
than during the Seventh Month after the Termination Date.
	 
	 	B.3	 	 Additional Limitations on Reimbursements and In-Kind Benefits. The
reimbursement of expenses or in-kind benefits pursuant to any of Article II, Paragraph 1;
Article II, Paragraph 2; Article V; or any other section of this Agreement that are
taxable benefits (and that are not disability pay or death benefit plans within the
meaning of Section 409A of the Code) are intended to comply, to the maximum extent
possible, with the exception to Section 409A set forth in Section 1.409A-1(b)(9)(v) of
the Treasury Regulations. To the extent that any reimbursement of expenses or in-kind
benefits provided pursuant to any of Article II, Paragraph 1; Article II, Paragraph 2;
Article V; or any other section of this Agreement either do not qualify for that
exception, or are provided beyond the applicable time periods set forth in Section
1.409A-1(b)(9)(v) of the Treasury Regulations, then they will be subject to the following
additional rules: (a) any reimbursement of eligible expenses will be paid within 30 days
following Executive’s written request for reimbursement; provided that Executive
provides written notice no later than 60 days before the last day of the calendar year
following the calendar year in which the expense was incurred so that Employer can make
the reimbursement within the time periods required by Section 409A; (b) the amount of
expenses eligible for reimbursement, or in-kind benefits provided, during any calendar
year will not affect the amount of expenses eligible for reimbursement, or in-kind
benefits to be provided, during any other calendar year; and (c) the right to
reimbursement or in-kind benefits will not be subject to liquidation or exchange for any
other benefit.
	 
	 	B.4	 	 Compliance Generally. Each payment or reimbursement and the provision of
each benefit under this Agreement shall be considered a separate payment and not one of a
series of payments for purposes of Section 409A. Employer and Executive intend that the
payments and benefits provided under this Agreement will either be exempt from the
application of, or comply with, the requirements of Section 409A. This Agreement is to
be construed, administered, and governed in a manner that effects that intent and
Employer will not take any action that is inconsistent with that intent. Without
limiting the foregoing, the payments and benefits provided under this Agreement may not
be deferred, accelerated, extended, paid out, or modified in a manner that would result
in the imposition of an additional tax under Section 409A upon Executive.
	 
	 	B.5	 	 Termination of Employment to Constitute a Separation from Service. The
parties intend that the phrase “termination of employment” and words and phrases of
similar import mean a “separation from service” with Employer within the meaning of
Section 409A. Executive and

Exhibit A — Page 3 of 4

 

 

	 	 	 	Employer will take all steps necessary (including taking into account this Section B.5
when considering any further agreement regarding provision of services by Executive to
Employer after the Termination Date) to ensure that (a) any termination of employment
under this Agreement constitutes a “separation from service” within the meaning of
Section 409A, and (b) the Termination Date is the date on which Executive experiences a
“separation from service” within the meaning of Section 409A.

	C.	 	Definitions.

	 	C.1	 	 Accounting Firm. The term “Accounting Firm” means the independent auditors
of Employer for the fiscal year immediately preceding the earlier of (a) the year in
which the Termination Date occurred, or (b) the year, if any, in which occurred the first
Change of Control occurring after the date of this Agreement, and that firm’s successor
or successors; unless that firm is unable or unwilling to serve and perform in the
capacity contemplated by this Agreement, in which case Employer must select another
accounting firm that (x) is of recognized regional or national standing and (y) is not
then the independent auditors for Employer or any affiliated corporation.
	 
	 	C.2	 	 Change in Ownership or Control. The term “Change in Ownership or Control”
has the meaning given to that term (without initial caps) in the Treasury Regulations
published under Section 280G.
	 
	 	C.3	 	 Sections 280G, 409A, and 4999. Each of the terms “Section 280G,” “Section
409A,” and “Section 4999,” respectively, means that numbered section of the Internal
Revenue Code. References in this Agreement to any of these sections are intended to
include any proposed, temporary, or final regulations, or any other guidance, promulgated
with respect to that specific section by the U.S. Department of Treasury or the Internal
Revenue Service.

Exhibit A — Page 4 of 4exv10w1

    Exhibit 10.1

 

    INDEMNIFICATION
    AGREEMENT

 

    This Indemnification Agreement (“Agreement”) is made
    as of
    the          
    day
    of          ,          
    by and between Viad Corp (the “Corporation”), a
    Delaware corporation,
    and          ,
    a Director of the Corporation (the “Director”).

 

    Recitals

 

    A. The Director has been elected to serve as a director of
    the Corporation and the Corporation desires the Director to
    continue in such capacity.

 

    B. In addition to the indemnification to which the Director
    is entitled under the Restated Certificate of Incorporation of
    the Corporation (the “Articles”), the Corporation at
    its sole expense maintains insurance protecting its officers and
    directors against certain losses arising out of actual or
    threatened actions, suits or proceedings to which such persons
    may be made or threatened to be made parties
    (“D & O Insurance”). However, the coverage
    of the Corporation’s D & O Insurance has
    decreased in recent years and the Corporation and the Director
    cannot be sure that insurance coverage will continue to be
    available in the future or, if available, that it will not be
    unreasonably expensive to purchase and maintain.

 

    C. The Articles and the Delaware General Corporation Law
    specifically provide that they are not exclusive, and thereby
    contemplate that contracts may be entered into between the
    Corporation and the members of its Board of Directors with
    respect to indemnification of such directors.

 

    Agreement

 

    In order to induce the Director to continue to serve in the
    Director’s capacity as a director and in consideration of
    the Director’s valuable services for the Corporation, the
    Corporation and the Director agree as follows:

 

    1. Continued Service.  Director
    will continue to serve at the will of the Corporation, or in
    accordance with separate contract to the extent that such a
    contract is in effect at the time in question, as a director of
    the Corporation so long as the Director is duly elected and
    qualified in accordance with the Articles and the Bylaws of the
    Corporation (“Bylaws”) or until the Director resigns
    in accordance with applicable law.

 

    2. Indemnity of Director.  The
    Corporation shall hold harmless and indemnify Director to the
    full extent authorized or permitted by the provisions of the
    Delaware General Corporation Law or by any amendment thereof or
    other statutory provisions authorizing or permitting such
    indemnification which is adopted after the date hereof.

 

    3. Maintenance of Insurance and Self
    Insurance.

 

    (a) Subject only to the provisions of Section 3(b)
    hereof, so long as Director shall continue to serve as a
    director of the Corporation (or shall continue at the request of
    the Corporation to serve as a director of another corporation,
    partnership, joint venture, trust or other enterprise) and
    thereafter so long as Director shall be subject to any possible
    claim or threatened, pending or completed action, suit or
    proceeding, whether civil, criminal, administrative or
    investigative by reason of the fact that Director was a director
    of the Corporation or served in any of said other capacities,
    the Corporation will purchase and maintain in effect for the
    benefit of Director one or more valid, binding and enforceable
    policies of D & O Insurance providing, in all
    respects, coverage at least comparable to that presently
    provided.

 

    (b) The Corporation shall not be required to maintain said
    policies of D & O Insurance in effect if said
    insurance is not reasonably available or if, in the reasonable
    business judgment of the then directors of the Corporation,
    either (i) the premium cost for such insurance is
    substantially disproportionate to the amount of coverage or
    (ii) the coverage provided by such insurance is so limited
    by exclusions that there is insufficient benefit from such
    insurance.

 

    (c) In the event the Corporation does not purchase and
    maintain in effect said policies of D & O Insurance
    pursuant to the provisions of Section 3(b) hereof, the
    Corporation shall hold harmless and indemnify Director to the
    full extent of the coverage which would otherwise have been
    provided for the benefit of Director pursuant to such
    D & O Insurance.

 

    4. Additional Indemnity.  Subject
    only to the exclusions set forth in Section 5 hereof, and
    without limiting any right which Director may have now or in the
    future pursuant to the Delaware General Corporation Law, the
    Articles, the Bylaws, any other

 

    agreement, any resolution, any policy of insurance or otherwise,
    the Corporation hereby further agrees to hold harmless and
    indemnify Director:

 

    Against any and all expenses (including attorneys’ fees),
    judgments, fines and amounts paid in settlement actually and
    reasonably incurred by Director in connection with any
    threatened, pending or completed action, suit or proceeding,
    whether civil, criminal, administrative or investigative,
    whether by third parties or by or in the right of the
    Corporation to which Director at any time becomes a party, or is
    threatened to be made a party, by reason of the fact that
    Director is or was a director of the Corporation, or is or was
    serving or at any time serves at the request of the Corporation
    as a director of another corporation, partnership, joint
    venture, trust or other enterprise.

 

    5. Limitations on Additional
    Indemnity.  No indemnity pursuant to
    Section 4 hereof shall be paid by the Corporation:

 

    (a) for which and to the extent that payment is actually
    made to Director under a valid and collectible insurance policy;

 

    (b) for which and to the extent that Director is
    indemnified or receives a recovery otherwise than pursuant to
    Section 4;

 

    (c) on account of any suit in which judgment is rendered
    against Director for an accounting of profits made from the
    purchase or sale by Director of securities of the Corporation
    pursuant to the provisions of Section 16(b) of the
    Securities Exchange Act of 1934 and amendments thereto or
    similar provisions of any federal, state or local statutory law;

 

    (d) with respect to acts or omissions which are not in good
    faith or which constitute intentional misconduct or a knowing
    violation of law;

 

    (e) with respect to authorization by Director of the
    unlawful payment of a dividend or other distribution on the
    Corporation’s capital stock or the unlawful purchase of its
    capital stock;

 

    (f) with respect to any transaction from which Director
    derived an improper personal benefit; or

 

    (g) if a final decision by a Court having jurisdiction in
    the matter shall determine that such indemnification is not
    lawful.

 

    6. Notification and Defense of
    Claim.  Promptly after receipt by Director of
    notice of the commencement of any action, suit or proceeding,
    Director will, if a claim in respect thereof is to be made
    against the Corporation under this Agreement, notify the
    Corporation of the commencement thereof; but the omission so to
    notify the Corporation will not relieve it from any liability
    which it may have to Director otherwise than under this
    Agreement or from any liability which is not directly related to
    the failure of Director promptly to so notify the Corporation.
    With respect to any such action, suit or proceeding as to which
    Director notifies the Corporation of the commencement thereof:

 

    (a) The Corporation will be entitled to participate therein
    at its own expense; and,

 

    (b) Except as otherwise provided below, to the extent that
    it may wish, the Corporation jointly with any other indemnifying
    party similarly notified will be entitled to assume the defense
    thereof, with counsel satisfactory to Director. After notice
    from the Corporation to Director of its election so to assume
    the defense thereof, the Corporation will not be liable to
    Director under this Agreement for any legal or other expenses
    subsequently incurred by Director in connection with the defense
    thereof other than reasonable costs of investigation or as
    otherwise provided below. Director shall have the right to
    employ the Director’s counsel in such action, suit or
    proceeding, but the fees and expenses of such counsel incurred
    after notice from the Corporation of its assumption of the
    defense thereof shall be at the expense of Director unless
    (i) the employment of counsel by Director has been
    authorized by the Corporation (ii) Director shall have
    reasonably concluded that there may be a conflict of interest
    between the Corporation and Director in the conduct of the
    defense of such action or (iii) the Corporation shall not
    in fact have employed counsel to assume the defense of such
    action, in each of which cases the fees and expenses of counsel
    shall be at the expense of the Corporation. The Corporation
    shall not be entitled to continue the defense of any action,
    suit or proceeding properly brought by or on behalf of the
    Corporation or as to which Director shall have made the
    conclusion provided for in (ii) above.

 

    (c) The Corporation shall not be required to indemnify
    Director under this Agreement for any amounts paid in settlement
    of any action or claim effected without its written consent. The
    Corporation shall not settle any action or claim in any manner
    which would impose any penalty or limitation on Director without
    Director’s written consent. Neither the Corporation nor
    Director will unreasonably withhold its consent to any proposed
    settlement.

 

    7. Advance Payments.

 

    (a) Director shall be entitled to receive advance payments
    in the amount of all costs, charges, and expenses, including
    attorney and other fees and expenses, actually and reasonably
    incurred or reasonably to be incurred by Director in defense of
    any action, suit or proceeding as described in Section 4
    hereof.

    

    2

 

    (b) Director agrees that the Director will reimburse the
    Corporation for all costs, charges and reasonable expenses paid
    or advanced by the Corporation in defending any civil, criminal,
    administrative or investigative action, suit or proceeding
    against Director in the event and only to the extent that it
    ultimately shall be determined that Director is not entitled to
    be indemnified by the Corporation for such costs, charges and
    expenses under the provisions of this Agreement.

 

    8. Indemnification Request.

 

    1. Advancement.

 

    (a) Director shall in order to request advanced payments
    according to Section 7 hereof, submit to the Board of
    Directors a sworn statement of request for advancement of
    expenses in the form of Exhibit 1 attached hereto and made
    a part hereof (“the Advancement Request”), stating
    that (i) the Director has incurred or will incur actual
    expenses in defending an action, suit, or proceeding as
    described in Section 4 hereof and (ii) the Director
    undertakes to repay such amount if it shall ultimately be
    determined that the Director is not entitled to be indemnified
    by the Corporation under this Agreement.

 

    (b) Upon receipt of the Advancement Request the Chairman of
    the Board, the President or any Vice President shall authorize
    immediate payment of the expenses stated in the Advancement
    Request within 10 calendar days, whereupon such payments shall
    immediately be made by the Corporation. No security shall be
    required in connection with any Advancement Request and it shall
    be accepted without reference to Director’s ability to make
    repayment.

 

    2. Indemnification.

 

    (a) Director, in order to request indemnification pursuant
    to Section 4 hereof, shall submit to the Board of Directors
    a sworn statement of request for indemnification in the form of
    Exhibit 2 attached hereto and made a part hereof (the
    “Indemnification Request”) stating that Director is
    entitled to indemnification under this Agreement. Such
    Indemnification Request shall contain a summary of the action,
    suit or proceeding and an itemized list of all payments made or
    to be made with respect to which indemnification is requested.

 

    (b) The Board of Directors shall be deemed to have
    determined that Director is entitled to such indemnification
    unless, within 30 days after submission of the
    Indemnification Request, the Board of Directors shall have
    notified Director in writing that it has determined, by a
    majority vote of directors who were not parties to such action,
    suit or proceeding based upon clear and convincing evidence,
    that Director is not entitled to indemnification under this
    Agreement. The evidence shall be disclosed to Director in such
    notice which shall be sworn to by all directors who participated
    in the determination and voted to deny indemnification.

 

    (c) In the event that (i) a majority vote according to
    Section 8.2(b) cannot be obtained or that (ii) there
    is a change in control of the Corporation (other than a change
    in control which has been approved by members of the Board of
    Directors who were directors prior to such change in control),
    the following procedure shall take place:

 

    (aa) Director shall choose subject to Corporation approval
    (which approval shall not be unreasonably withheld) counsel who
    has not performed any services for the Corporation or Director
    within the last five years and who is in good standing
    (“Independent Legal Counsel”).

 

    (bb) Independent Legal Counsel shall then determine within
    (i) thirty (30) days after submission of the
    Indemnification Request, or (ii) the Director’s
    acceptance to act as an Independent Legal Counsel, or (iii) such
    reasonable time as is required under the circumstances,
    whichever comes later, whether Director is entitled to
    indemnification under this Agreement. Indemnification may only
    be denied according to Section 5 hereof and only based upon
    clear and convincing evidence. In the case of a denial,
    Independent Legal Counsel shall submit to the Board of Directors
    and to Director within 10 days after the decision a written
    opinion disclosing the grounds and the evidence upon which such
    decision was based. The decision of Independent Legal Counsel
    shall be final.

 

    (d) The termination of any action, suit or proceeding by
    judgement, order, settlement or conviction, or upon a plea of no
    contest or its equivalent, shall not, of itself, create a
    presumption that Director’s conduct was such that indemnity
    is not available pursuant to Section 5.

 

    9. Continuation of Indemnity.  All
    agreements and obligations of the Corporation contained herein
    shall continue during the period Director is a director of the
    Corporation (including service at the request of the Corporation
    as a director of another corporation, partnership, joint
    venture, trust or other enterprise) and shall continue
    thereafter so long as Director shall be subject to any possible
    claim or threatened, pending or completed action, suit or
    proceeding, whether civil, criminal, administrative or
    investigative, by reason of the fact that Director was a
    director of the Corporation or serving in any other capacity
    referred to herein.

    

    3

 

    10. Enforcement.

 

    (a) The Corporation expressly confirms and agrees that it
    has entered into this Agreement and assumes the obligations
    imposed on the Corporation hereby in order to induce Director to
    serve or continue to serve as a director of the Corporation, and
    acknowledges that Director is relying upon this Agreement in
    continuing in such capacity.

 

    (b) In the event Director is required to bring any action
    to enforce rights or to collect moneys due under this Agreement
    and is successful in such action, the Corporation shall
    reimburse Director for all of Director’s reasonable fees
    and expenses in bringing and pursuing such action.

 

    11. Severability.  If any provision
    of this Agreement or the application of any provision hereof to
    any person or circumstance is held invalid, unenforceable or
    otherwise illegal, the remainder of this Agreement and the
    application of such provision to other persons or circumstances
    shall not be affected, and the provision so held to be invalid,
    unenforceable or otherwise illegal shall be reformed to the
    extent (and only to the extent) necessary to make it
    enforceable, valid and legal.

 

    12. Governing Law; Binding Effect; Amendment and
    Termination.

 

    (a) This Agreement shall be interpreted and enforced in
    accordance with the laws of the State of Delaware.

 

    (b) This Agreement shall be binding upon Director and upon
    the Corporation, its successors and assigns, and shall inure to
    the benefit of Director, the Director’s heirs, personal
    representatives and assigns and to the benefit of the
    Corporation, its successors and assigns.

 

    (c) No amendment, modification, termination or cancellation
    of this Agreement shall be effective unless in writing signed by
    both parties hereto.

 

    13. Stockholder Ratification or
    Agreement.  This Agreement is made subject to
    ratification by (or prior approval of the form and execution of
    this Agreement having been granted by) the stockholders of this
    Corporation, provided, however, that Director’s rights
    hereunder shall be effective pending ratification as herein
    provided.

 

    IN WITNESS WHEREOF, the parties hereto have executed this
    Agreement on and as of the day and year first above written.

 

    VIAD CORP

 

			
	 	    By 
	
    

    Paul B. Dykstra, Chairman, President and

    Chief Executive Officer

 

    [DIRECTOR NAME]

 

    Exhibit 1

 

    Advancement Request

 

	 	 	 
	

    State of

	
 
	
    )

	
 
	
 
	
    )

	

    County of

	
 
	
    )

 

    I,
    ­
    ­,
    being first duly sworn, do depose and say as follows:

 

    1. This Advancement Request is submitted pursuant to the
    Indemnification Agreement,
    dated          ,          
    (“Indemnification Agreement”), between Viad Corp (the
    “Corporation”), a Delaware corporation, and the
    undersigned.

 

    2. I am requesting advancement of certain costs, charges
    and expenses which I have incurred or will incur in defending a
    civil, criminal, administrative or investigative action, suit,
    proceeding or claim as described below.

 

    3. I hereby undertake to repay amounts advanced by the
    Corporation if it shall ultimately be determined that I am not
    entitled to be indemnified by the Corporation under the
    aforesaid Indemnification Agreement.

    

    4

 

    4. The costs, charges and expenses for which advance is
    requested have been or will be incurred as follows (summarize
    proceeding and itemize expenses):

 

	 	 	 	 	 	 	 
	
    

	
 
	
 

	
 
	
 
	
 

	
    

	
 
	
 

	
 
	
 
	
 

	
    

	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    
Director
	
 
	
 
	
 

 

    Subscribed and sworn to before me, a Notary Public in and for
    said County and State,
    this          
    day
    of          ,          .

 

    (Seal)

 

 

    My commission expires
    the          
    day
    of          ,          .

 

    Exhibit 2

 

    Indemnification Request

 

	 	 	 
	

    State of

	
 
	
    )

	
 
	
 
	
    )

	

    County of

	
 
	
    )

 

    I,
    ­
    ­,
    being first duly sworn, do depose and say as follows:

 

    1. This Indemnification Request is submitted pursuant to
    the Indemnification Agreement,
    dated          ,          
    (“Indemnification Agreement”), between Viad Corp (the
    “Corporation”), a Delaware corporation, and the
    undersigned.

 

    2. I am requesting indemnification against charges, costs,
    expenses (including attorneys’ fees and expenses),
    judgments, fines and amounts paid in settlement, all of which
    (collectively, “Liabilities”) have been incurred by me
    in connection with any action, suit, proceeding or claim to
    which I was a party.

 

    3. With respect to all matters related to such action,
    suit, proceeding or claim, I am entitled to be indemnified
    pursuant to the aforesaid Indemnification Agreement.

 

    4. Without limiting any other rights which I have or may
    have, I am requesting indemnification against Liabilities which
    have arisen as follows (describe proceedings and itemize
    Liabilities):

 

	 	 	 	 	 	 	 
	
    

	
 
	
 

	
 
	
 
	
 

	
    

	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    
Director
	
 
	
 
	
 

 

    Subscribed and sworn to before me, a Notary Public in and for
    said County and State,
    this          day
    of          ,          .

 

    (Seal)

 

 

    My commission expires
    the          day
    of          ,          .

    

    5

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