Document:

EX-4.2

 Exhibit 4.2 

SECOND AMENDMENT TO SECOND AMENDED AND 

RESTATED SECURED TERM LOAN AGREEMENT 

This SECOND AMENDMENT TO SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT (the “Amendment”) is made as of this 23rd
day of April, 2015 (the “Effective Date”), by and among DDR Corp. (f/k/a Developers Diversified Realty Corporation), a corporation organized under the laws of the State of Ohio (“DDR”), DDR PR Ventures, LLC, S.E., a Delaware
limited liability company (“DDR PR”; DDR and DDR PR together with any Qualified Borrower that issues a Qualified Borrower Note in accordance with the terms of the Loan Agreement (as hereinafter defined), collectively, the
“Borrower”), KeyBank National Association, and the other several banks, financial institutions and other entities from time to time parties to the Loan Agreement described below, including the existing “Lenders” shown on the
signature pages hereof (the “Lenders”), and KeyBank National Association, not individually, but as “Administrative Agent”, RBC Capital Markets, not individually, but as “Syndication Agent”, and U.S. Bank National
Association, The Bank of Nova Scotia and Citizens, N.A., not individually, but as “Documentation Agents”. 
 R E C I T A L S

 A. Borrower, Administrative Agent, J.P. Morgan Securities LLC, as syndication agent, ING Real Estate Finance (USA) LLC,
Scotiabanc, Inc. and Citizens, N.A. as documentation agents, and certain Lenders entered into that certain Second Amended and Restated Secured Term Loan Agreement dated as of June 28, 2011, as amended by that certain First Amendment to Second
Amended and Restated Secured Term Loan Agreement dated as of January 17, 2013 (collectively, the “Existing Loan Agreement”; the Existing Loan Agreement, as modified and amended by this Amendment, the “Loan Agreement”). All
capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 

B. The Borrower, the Administrative Agent and the Lenders desire to amend the Existing Loan Agreement in order to, among other things
(i) decrease the Aggregate Commitment from $400,000,000.00 to $200,000,000.00; (ii) decrease the Capitalization Rate (as hereinafter defined) from 7.25% to 6.75%; and (iii) amend the provisions of the financial covenants and certain
other provisions of the Existing Loan Agreement. 
 C. Borrower has requested changes to certain terms in the Existing Loan Agreement as set
forth herein and the Lenders have agreed to such changes. 
 NOW, THEREFORE, in consideration of the foregoing Recitals and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

AMENDMENTS 
 1. The
foregoing Recitals to this Amendment are incorporated into and made part of this Amendment. 
 2. As a condition to the effectiveness of
this Amendment, Borrower is making a prepayment of the Loans in the principal amount of $100,000,000.00, such that the outstanding 

  
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principal balance of the Loan shall be $200,000,000.00. From and after the Effective Date, (a) the Aggregate Commitment shall equal Two Hundred Million and No/100 Dollars ($200,000,000.00),
(b) the Lenders shall each have a Commitment in the amount shown next to their respective signatures on the signature pages of this Amendment (such amounts to include the decreases in the Commitments of the Lenders), and (c) the Loans
under the Existing Loan Agreement shall continue to be evidenced by the Notes and the Existing Loan Agreement. By delivery of this Amendment, (a) there shall not be deemed to have occurred, and there has not otherwise occurred, any payment,
satisfaction or novation of the Indebtedness evidenced by the Existing Loan Agreement and the “Notes” described in the Existing Loan Agreement, which Indebtedness is instead allocated among the Lenders as of the date hereof in accordance
with their respective Percentages, and is evidenced by the Loan Agreement and such new or amended and restated Notes, and the Lenders shall as of the date hereof make such adjustments to the outstanding Loans of such Lenders so that such outstanding
Loans are consistent with their respective Percentages of the Aggregate Commitment, (b) there shall not be deemed to have occurred any release, satisfaction or cancellation of any liens granted pursuant to the Security Documents, which liens
are hereby ratified and confirmed in all respects, and (c) there shall not be any impairment or effect on the validity or priority of the liens of the Security Documents. 

3. Section 1.1 of the Existing Loan Agreement is hereby amended as follows: 

(a) By deleting in their entirety the definitions of “Permitted Acquisitions”, “Qualified Jointly-Owned Subsidiary” and
“Unencumbered NOI”; and 
 (b) By deleting in their entirety the definitions of “Aggregate Commitments”, “Assets
Under Development”, “Capitalization Rate”, “Financeable Ground Lease”, “Non-Stabilized Project” and “Unencumbered Assets” and inserting in lieu thereof the following: 

“Aggregate Commitment” means, as of any date, the aggregate of the then-current Commitments of all the Lenders, which
is, as of April 23, 2015, $200,000,000. 
 “Assets Under Development” means, as of any date of determination,
all Projects, expansion areas of existing Projects and redevelopments owned by the Consolidated Group and the Investment Affiliates which are then treated as assets under development under GAAP, plus, at Borrower’s option, assets that
(A) previously had been Assets Under Development and (B) have been placed in service for less than twelve months, to be valued for purposes of this Agreement, for each Asset Under Development as determined individually, for up to twelve
months from the time such asset is no longer treated as an asset under development under GAAP, at either (i) 100% of then-current book value, as determined in accordance with GAAP, (a) for each Asset Under Development owned by members of
the Consolidated Group and (b) multiplied by the applicable Consolidated Group Pro Rata Share for an Asset Under Development owned by an Investment Affiliate; or (ii) 100% of the value of such Asset Under Development determined by dividing
(x) twelve months of income from signed leases by (y) the Capitalization Rate (I) for each Asset Under Development owned by members of the Consolidated Group and (II) multiplied by the applicable Consolidated Group Pro Rata Share for
an Asset Under Development owned by an Investment Affiliate. For purposes of the foregoing, income from signed leases shall be equal to 70% of the revenues payable by the tenant. Once an election of (ii) above is chosen, the asset will continue
to be valued under that method until the asset is no longer an Asset Under Development. 

  
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 “Capitalization Rate” means 6.75%. 

“Financeable Ground Lease” means a ground lease that would constitute a financeable ground lease to a prudent
institutional lender in the business of making commercial real estate loans and, accordingly, provides protections for a potential leasehold mortgagee (“Mortgagee”) including (i) a remaining term, including any optional extension
terms exercisable unilaterally by the tenant, of no less than 20 years from April 23, 2015, (ii) that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure or
complete foreclosure, and has failed to do so, (iii) provision for a new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for any reason, (iv) non-merger of the fee and leasehold estates,
(v) transferability of the tenant’s interest under the ground lease without any requirement for consent of the ground lessor unless based on reasonable objective criteria as to the creditworthiness or line of business of the transferee or
delivery of customary assignment and assumption agreements from the transferor and transferee, and (vi) that insurance proceeds and condemnation awards (from the fee interest as well as the leasehold interest) will be applied pursuant to the
terms of the applicable leasehold mortgage. The Financeable Ground Leases as of April 23, 2015 are listed on Schedule 7 attached hereto and made a part hereof. 

“Non-Stabilized Project” means, as of any date of determination, all Projects owned by the Consolidated Group and the
Investment Affiliates that have a negative Net Operating Income for the most recently ended period of twelve (12) months, but excluding Acquisition Assets and Assets under Development. A Project may continue to be treated as a Non-Stabilized
Project for up to eighteen (18) months from October 20, 2010 or such later date on which such Project becomes a Non-Stabilized Project; thereafter such Project will be valued at zero until such Project generates positive Net Operating
Income. Notwithstanding anything herein to the contrary, DDR’s corporate headquarters complex currently located in Beachwood, Ohio shall constitute a Non-Stabilized Project at all times. 

“Unencumbered Asset” means, subject to clauses (a), (b) and (c) below, any Project and any Asset Under
Development located in the United States, Canada, Puerto Rico or an Acceptable Jurisdiction 100% of which is owned in fee simple, in a condominium structure or ground leased by the Borrower or a Wholly-Owned Subsidiary (provided that a Project which
is ground leased shall be included as an Unencumbered Asset only if such ground lease is a Financeable Ground Lease) which, as of any date of determination, is not subject to any Liens, claims, or restrictions on transferability or assignability of
any kind (including any such Lien, claim or restriction imposed by the organizational documents of any Subsidiary) other than Permitted Liens set forth in Sections 6.15(i) through 6.15(iv). 

(a) No Project or Asset Under Development will be an Unencumbered Asset if Borrower, the owner of such Project or Asset Under
Development (an “Unencumbered Asset Ownership Entity”) or any Subsidiary that is in the direct chain of ownership between any Borrower and the Unencumbered Asset Ownership Entity (a “Relevant Subsidiary”) is subject to any
agreement (including (i) any 

  
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agreement governing Indebtedness and (ii) if applicable, the organizational documents of Borrower, any Relevant Subsidiary or Unencumbered Asset Ownership Entity) that prohibits or limits
the ability of the Borrower, the Unencumbered Asset Ownership Entity or any Relevant Subsidiary to create, incur, assume or suffer to exist any Lien upon that Project or Asset Under Development or upon the Capital Stock of the Unencumbered Asset
Ownership Entity, or any Relevant Subsidiary, including, without limitation, any negative pledge or similar covenant or restriction. 

(b) No Project or Asset Under Development will be an Unencumbered Asset if the Unencumbered Asset Ownership Entity or any
Relevant Subsidiary is subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) that entitles any Person to the benefit of any Lien (other than Permitted Liens
set forth in Sections 6.15(i) through 6.15(iv)) on any assets or Capital Stock of the Unencumbered Asset Ownership Entity or any Relevant Subsidiary or would entitle any Person to the benefit of any Lien (other than Permitted Liens set forth in
Sections 6.15(i) through 6.15(iv)) on such assets or Capital Stock upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause), except, in each case, for (x) Liens upon the assets
of a Multi-Property Entity, provided such assets are not Unencumbered Assets, and (y) Liens on the Capital Stock of Subsidiaries of a Multi-Property Entity that do not directly or indirectly own Unencumbered Assets. 

(c) No Project or Asset Under Development will be an Unencumbered Asset unless the Unencumbered Asset Ownership Entity and each
Relevant Subsidiary (to the extent such entity is not a Subsidiary Guarantor) does not have any Indebtedness for borrowed money or any Guarantee Obligations, other than (A) Guarantee Obligations or Indebtedness for which recovery is limited to
a Project or Asset Under Development that is not an Unencumbered Asset or the Capital Stock of an entity that owns a Project or Asset Under Development that is not an Unencumbered Asset, or (B) Guarantee Obligations for nonrecourse carveouts,
completion guarantees or environmental guarantees provided that the obligations described in this clause (B) shall be permitted only if the Unencumbered Asset Ownership Entity or the Relevant Subsidiary that has the Guarantee Obligation is a
Qualified Borrower or has executed a Subsidiary Guaranty. 
 4. Section 1.1 of the Existing Loan Agreement is hereby amended by
inserting the following definitions in the appropriate alphabetical order: 
 “Major Acquisition” means (a) a
single transaction for the purpose of or resulting, directly or indirectly, in the acquisition (including, without limitation, a merger or consolidation or any other combination with another person) by one or more of Borrower and its Subsidiaries of
Properties or assets of a Person for a gross purchase price equal to or in excess of 10% of Consolidated Market Value (without giving effect to such acquisition) or (b) one or more transactions for the purpose of or resulting, directly or
indirectly, in the acquisition (including, without limitation, a merger or consolidation or any other combination with another Person) by one or more of the Borrower and its Subsidiaries of 

  
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Properties or assets of a Person in any two consecutive fiscal quarters for an aggregate gross purchase price equal to or in excess of 10% of Consolidated Market Value (without giving effect to
such acquisitions).” 
 “Wells Fargo Credit Agreement” means that certain Term Loan Agreement dated as of even
date herewith by and among DDR Corp., as borrower, Wells Fargo Bank, National Association, as administrative agent, PNC Bank, National Association, as syndication agent, Capital One, National Association, as documentation agent, and the lenders from
time to time parties thereto, as the same may be modified, increased, amended or restated from time to time. 
 5. Section 1.1
of the Existing Loan Agreement is hereby amended by deleting the period appearing at the end of subparagraph (h) of the definition of “Consolidated Market Value” and inserting in lieu thereof the words “, plus”, and
by inserting the following immediately thereafter: 
 “(i) 100% of the then-current book value, as determined in
accordance with GAAP, of Passive Non-Real Estate Investments (provided that the amount included in Consolidated Market Value pursuant to this clause (i) shall not exceed 10% of the Consolidated Market Value); 

provided that (x) the amount included in Consolidated Market Value that is attributable to Investment Affiliates shall not exceed
30% of Consolidated Market Value and (y) the aggregate amount included in Consolidated Market Value that is attributable to Developable Land, Passive Non-Real Estate Investments, First Mortgage Receivables, Assets Under Development, and
Properties not located in the United States or Puerto Rico shall not exceed 30% of Consolidated Market Value.” 
 6.
Section 2.1 of the Existing Loan Agreement is hereby amended by deleting Section 2.1(c) in its entirety and by inserting in lieu thereof the following new Section 2.1(c): 

(c) Increase of Commitments. The Borrower may, by written notice to the Administrative Agent on up to four
(4) occasions during the period from the Agreement Execution Date to January 17, 2016, request incremental Commitments in an amount not to exceed the aggregate amount of $100,000,000.00 from one or more additional Lenders (which may
include any existing Lender) willing to provide such incremental Commitments in their own discretion. The Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the Borrower, to arrange a
syndicate of Lenders willing to hold the requested incremental Commitments. If Lenders are willing to provide such additional Commitments, the Aggregate Commitment may be increased from time to time by the addition of a new Lender(s) or the increase
of the Commitment of an existing Lender(s) with the consent of only the Borrower, the Administrative Agent, and the new or existing Lender(s) providing such additional Commitment so long as the Aggregate Commitment does not exceed $300,000,000.
Nothing in this Section 2.1(c) shall constitute or be deemed to constitute an agreement by any Lender to increase its Commitment hereunder. Any such increase in the Aggregate Commitment shall be conditioned upon the contemporaneous
addition of Potential Properties as Subject Properties in accordance with Section 2A.2 to effect compliance with all financial covenants set forth in Section 6.18 immediately following the increase of the Aggregate Commitment
and upon satisfaction of 

  
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the requirements for additional Borrowings pursuant to Section 2.9. Such increases shall be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of
Exhibit K attached hereto by the Borrower, the Administrative Agent and the new Lender or existing Lender providing such additional Commitment (the “Increase Notice”), a copy of which shall be forwarded to each Lender by the
Administrative Agent promptly after execution thereof. The amount of the requested increase shall be set forth in the Increase Notice. Notwithstanding the foregoing, (i) no increase in the Aggregate Commitment may occur after January 17,
2016, and (ii) each such increase shall not be less than $25,000,000. On the effective date of each such increase in the Aggregate Commitment, the Borrower and the Administrative Agent shall cause the new or existing Lenders providing such
increase to hold its or their Percentage of all ratable Borrowings outstanding at the close of business on such day, by either funding more than its or their Percentage of new ratable Borrowings made on such date or purchasing shares of outstanding
ratable Loans held by the other Lenders or a combination thereof. The Lenders agree to cooperate in any required sale and purchase of outstanding ratable Borrowings to achieve such result. Borrower agrees to pay all fees associated with the increase
in the Aggregate Commitment including any amounts due under Section 3.4 in connection with any reallocation of Fixed Rate Borrowings. 

7. Section 2.9 of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following new
Section 2.9: 
 “2.9 Method of Selecting Types and Interest Periods for New Borrowings. The Borrower shall select the Type
of Borrowing and, in the case of each Fixed Rate Borrowing, the Interest Period applicable to each Borrowing from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) (i) not later
than 12:00 p.m. Cleveland time on the Borrowing Date of each Floating Rate Borrowing, and (ii) not later than 11:00 a.m. Cleveland time, at least three (3) Business Days before the Borrowing Date for each Fixed Rate Borrowing, specifying:

  

	 	(a)	the Borrowing Date, which shall be a Business Day, of such Borrowing, 

  

	 	(b)	the aggregate amount of such Borrowing, 

  

	 	(c)	the Type of Borrowing selected, and 

  

	 	(d)	in the case of each Fixed Rate Borrowing, the Interest Period applicable thereto. 

Each Lender shall make available its Loan or Loans, in funds immediately available in Cleveland to the Administrative Agent at
its address specified pursuant to Article XIII on each Borrowing Date not later than 2:00 p.m. on the proposed Borrowing Date. The Administrative Agent will promptly make the funds so received from the Lenders available to the Borrower at the
Administrative Agent’s aforesaid address. 
 No Interest Period may end after the Maturity Date and, unless the Lenders
otherwise agree in writing, in no event may there be more than ten (10) different Interest Periods for Fixed Rate Borrowings outstanding at any one time.” 

  
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 8. Section 6.1(iv) of the Existing Loan Agreement is hereby modified by inserting the
following after the word “thereof” at the end of such section: 
 “ provided, however, that solely with respect
to the financial statements for the fiscal quarter ending March 31, 2015, the requirements of this clause (iv) shall be satisfied by Borrower’s delivery of such compliance certificate within 45 days after the close of such fiscal
quarter (regardless of when the quarterly financial statements for the fiscal quarter ending March 31, 2015 are delivered); 
 9.
Section 6.2 of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following new Section 6.2: 

“6.2. Use of Proceeds. The Borrower will, and will cause each of its Subsidiaries to, use the proceeds of the Borrowings for the
general corporate purposes of the Borrower, including, without limitation, working capital needs, the repayment of Indebtedness, financing for property acquisitions of new Projects, the construction of new improvements or expansions of existing
improvements on Projects, the repayment of outstanding Borrowings, the making of investments in First Mortgage Receivables, the making of Mezzanine Debt Investments and the making of Passive Non-Real Estate Investments. The Borrower will not, nor
will it permit any Subsidiary to, use any of the proceeds of the Borrowings to purchase or carry any “margin stock” (as defined in Regulation U) if such usage could constitute a violation of Regulation U by any Lender.” 

10. Section 6.4 of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following new
Section 6.4: 
 “6.4. Conduct of Business. The Borrower will do, and will cause each of its Subsidiaries to do, all things
necessary to remain duly incorporated or duly qualified, validly existing and in good standing as a real estate investment trust, corporation, general partnership, limited partnership, or limited liability company, as the case may be, in its
jurisdiction of incorporation/formation (except with respect to mergers permitted pursuant to Section 6.12) and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and to carry on and
conduct their businesses in substantially the same manner as they are presently conducted where the failure to do so could reasonably be expected to have a Material Adverse Effect and, specifically, neither the Borrower nor its Subsidiaries may
undertake any business other than the acquisition, development, ownership, management, operation and leasing of retail, office or industrial properties, ancillary businesses specifically related to such types of properties and any other investments
permitted by Section 6.2.” 
 11. Section 6.11 of the Existing Loan Agreement is hereby deleted and replaced with the
following new Section 6.11: 
 “6.11 Restricted Payments. If a Default has occurred and is
continuing, the Borrower will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment other than (a) dividends with respect to its Capital Stock payable solely in additional shares of its Capital Stock,
(b) Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower or its Subsidiaries in the ordinary course, or (c) dividends and distributions by

  
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the Borrower to its shareholders in an amount not to exceed the minimum amount necessary for the Borrower to maintain its tax status as a real estate investment trust, as reasonably determined by
the Borrower.” 
 12. Section 6.12 of the Existing Loan Agreement is hereby amended by deleting the words “Permitted
Acquisitions” from Section 6.12(a) thereof and by inserting in lieu thereof the words not “not prohibited by this Agreement”. 

13. Section 6.14 of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following new
Section 6.14: 
 “6.14 [Intentionally Omitted.].” 

14. Section 6.18 of the Existing Loan Agreement is hereby amended by deleting clauses (i) through (viii) of
Section 6.18 in their entirety, and by inserting in lieu thereof the following new clauses (i) through (viii): 

“(i) the sum of (x) Consolidated Outstanding Indebtedness minus (y) the amount of restricted cash and Cash
Equivalents held as collateral or in escrow in a bank account by a lender, creditor, or counterparty (“Restricted Cash Collateral”) with respect to any Consolidated Outstanding Indebtedness to exceed sixty percent (60%) of
Consolidated Market Value; provided that such ratio may exceed sixty percent (60%) but shall not exceed sixty-five percent (65%) for up to four (4) consecutive fiscal quarters following a Major Acquisition; 

(ii) the sum of (x) Consolidated Secured Indebtedness minus (y) Restricted Cash Collateral with respect to
Consolidated Secured Indebtedness to exceed thirty-five percent (35%) of Consolidated Market Value; provided that such ratio may exceed thirty-five percent (35%) but shall not exceed forty percent (40%) for up to four
(4) consecutive fiscal quarters following a Major Acquisition; 
 (iii) the Value of Unencumbered Assets to be less than
1.67 times the sum of (x) Consolidated Unsecured Indebtedness minus (y) Restricted Cash Collateral with respect to Consolidated Unsecured Indebtedness; provided that such ratio may be less than 1.67 to 1 but shall not be less than 1.55 to
1 for up to four (4) consecutive fiscal quarters following a Major Acquisition; 
 (iv) Consolidated Cash Flow to be
less than 1.5 times Fixed Charges, based on the most recent four (4) fiscal quarters; 
 (v) [Intentionally Omitted];

 (vi) [Intentionally Omitted]; 

(vii) [Intentionally Omitted]; 

(viii) the aggregate principal amount of Recourse Indebtedness that is secured by a Lien on partnership or other equity
interests or by any other Lien which is not a mortgage Lien on real property shall not exceed $300,000,000 (which amount shall include the outstanding Indebtedness under the Loan Documents);” 

  
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 15. Section 7.7 of the Existing Loan Agreement is hereby deleted in its entirety and
replaced with the following new Section 7.7: 
 “7.7 The Borrower, any Assignor, any other direct or indirect owner of a Subject
Property, or any Subject Property Owner, or any other Subsidiary having more than $50,000,000 of Equity Value (or in the case of a Subsidiary that is not a Wholly-Owned Subsidiary, a Subsidiary for which the Borrower’s proportionate share of
the Equity Value of such Subsidiary exceeds $50,000,000), shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors,
(iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an
order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or
its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate
action to authorize or effect any of the foregoing actions set forth in this Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in Section 7.8 or (vii) admit in writing its inability to pay
its debts generally as they become due.” 
 16. Section 7.8 of the Existing Loan Agreement is hereby deleted in its
entirety and replaced with the following new Section 7.8: 
 “7.8 A receiver, trustee, examiner, liquidator or similar official
shall be appointed for the Borrower, any Assignor, any other direct or indirect owner of a Subject Property, or any Subject Property Owner, or any Subsidiary having more than $50,000,000 of Equity Value (or in the case of a Subsidiary that is not a
Wholly-Owned Subsidiary, a Subsidiary for which the Borrower’s proportionate share of the Equity Value of such Subsidiary exceeds $50,000,000), or for any Substantial Portion of the Property of the Borrower or such Subsidiary, or for any of the
Collateral, the Subject Properties or Borrower’s direct or indirect interests therein, or a proceeding described in Section 7.7(iv) shall be instituted against the Borrower or any such Subsidiary and such appointment continues undischarged
or such proceeding continues undismissed or unstayed for a period of ninety (90) consecutive days.” 
 17. Section 7.9
of the Existing Loan Agreement is hereby amended by deleting the amount “$20,000,000” from the fourth line thereof and by inserting in lieu thereof the amount “$50,000,000”. 

18. Section 7.10 of the Existing Loan Agreement is hereby amended by deleting the amount “$1,000,000” from the fifth
line thereof and by inserting in lieu thereof the amount “$10,000,000”. 

  
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 19. Section 7.10 of the Existing Loan Agreement is hereby amended by deleting the
amount “$500,000” from the sixth line thereof and by inserting in lieu thereof the amount “$5,000,000”. 
 20.
Section 7.11 of the Existing Loan Agreement is hereby amended by deleting the amount “$500,000” from the ninth line thereof and by inserting in lieu thereof the amount “$5,000,000”. 

21. Section 7.12 of the Existing Loan Agreement is hereby amended by deleting the amount “$20,000,000” from the sixth
line thereof and by inserting in lieu thereof the amount “$50,000,000”. 
 22. The following new Section 7.19 is hereby
inserted into the Existing Loan Agreement: 
 “7.19 There shall occur a “Default” under and as defined in the Wells Fargo
Credit Agreement.” 
 23. Section 8.2 of the Existing Loan Agreement is hereby amended by deleting the amount
“$500,000,000” from Section 8.2(iv) thereof and by inserting in lieu thereof the amount “$300,000,000”. 
 24.
Exhibits “F” and “K” to the Existing Loan Agreement are hereby amended by deleting therefrom the references to the amounts “$400,000,000.00” and “$500,000,000.00”, and by inserting in lieu thereof the amounts
“$200,000,000.00” and “$300,000,000.00” respectively. 
 25. Schedule 7 to the Existing Loan Agreement is hereby deleted
in its entirety and replaced with the revised Schedule 7 attached as Annex I to this Amendment. 
 26. Borrower, Administrative Agent and
the Lenders hereby acknowledge and agree that the Compliance Certificate (and the calculations of the financial covenants set forth in such Compliance Certificate) of Borrower and its Subsidiaries required to be delivered to the Administrative Agent
and the Lenders at the closing of this Amendment referred to in Section 30 hereof (the “Proforma Compliance Certificate”) and for the fiscal quarter and year ended December 31, 2014, shall be based on the terms and provisions of
the Existing Loan Agreement, as modified and amended by this Amendment (including, without limitation, the reduction of the Aggregate Commitment to $200,000,000.00), notwithstanding the fact that the effective date of such modified financial
covenants and such reduction in Aggregate Commitment occurs after the date of such reporting period. 
 27. Borrower hereby represents and
warrants that: 
 (a) no Default or Unmatured Default exists; 

(b) the Loan Documents are in full force and effect and neither Borrower nor any Assignor has defenses or offsets to, or claims or
counterclaims relating to, its obligations under the Loan Documents; 
 (c) there has been no material adverse change in the financial
condition of Borrower and its Subsidiaries from that shown in its December 31, 2014 financial statements; 

  
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 (d) each of Borrower and the Assignors has full corporate power and authority to execute, and has
duly authorized the execution of, this Amendment and the other documents executed in connection herewith and no consents are required for such execution other than any consents which have already been obtained; and 

(e) all representations and warranties contained in Article V of the Loan Agreement and in the other Loan Documents are true and correct in
all material respects as of the date hereof; provided that any representation or warranty that is qualified as to “materiality”, Material Adverse Effect or similar language is true and correct in all respects as of the date hereof and any
such representations or warranties that relate to an earlier specified date are true and correct on and as of such date. 
 28. Except as
specifically modified hereby or in any agreement executed in connection herewith, the Loan Agreement and the other Loan Documents are and remain unmodified and in full force and effect and the obligations of Borrower, Lenders and Administrative
Agent under the Loan Agreement are hereby ratified and confirmed. All references in the Loan Documents to the Existing Loan Agreement henceforth shall be deemed to refer to the Existing Loan Agreement as amended by this Amendment. 

29. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the
parties hereto may execute this Amendment by signing any such counterpart. This Amendment shall be construed and enforced in accordance with the laws of the State of Ohio (excluding the laws applicable to conflicts or choice of law). This Amendment
shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Loan Agreement. 

30. This Amendment shall become effective when (i) this Amendment has been executed by Borrower, Administrative Agent and the Required
Lenders, (ii) the Administrative Agent has received and approved the Proforma Compliance Certificate for the period ended December 31, 2014 (but subject to the provisions of Section 26 hereof and subject to other customary and
reasonable adjustments to reflect transactions that occurred between December 31, 2014 and the date of this Amendment), (iii) Administrative Agent shall have received for the benefit of the Lenders in accordance with the Percentages of the
Lenders a prepayment of the principal of the Loans in the amount of $100,000,000.00 together with all accrued but unpaid interest on such principal amount prepaid, (iv) the Administrative Agent has received and approved a fully executed and
effective Wells Fargo Credit Agreement evidencing a term loan facility in the amount of $400,000,000.00, which may be increased up to $600,000,000.00, and (v) the Administrative Agent has received and approved a fully executed and effective
amendment and restatement to the Unsecured Credit Agreement which reflects modifications thereto that conform to the modifications being made pursuant to this Amendment, as applicable. 

[Signatures Commence on Following Page] 

  
 11 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date first
above written. 
  

			
	BORROWER:
	
	DDR CORP. (f/k/a Developers Diversified Realty Corporation), an Ohio corporation
		
	By:		 /s/ Luke J. Petherbridge

	Print Name:		Luke J. Petherbridge
	Title:		Chief Financial Officer
	
	 3300 Enterprise Parkway
 Beachwood,
Ohio 44122
 Phone: 216/755-6453
 Facsimile: 216/755-3453

Attention: Chief Financial Officer

	
	with a copy to:
	
	 3300 Enterprise Parkway
 Beachwood,
Ohio 44122
 Phone: 216/755-5650
 Facsimile: 216/755-1560

Attention: General Counsel

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

 
			
	DDR PR VENTURES, LLC, S.E., a Delaware limited liability company
		
	By:		 /s/ Luke J. Petherbridge

	Print Name:		Luke J. Petherbridge
	Title:		Chief Financial Officer
	
	 3300 Enterprise Parkway
 Beachwood,
Ohio 44122

	Phone:		216/755-6453
	Facsimile:		216/755-3453
	Attention:		Chief Financial Officer
	
	with a copy to:
	
	 3300 Enterprise Parkway
 Beachwood,
Ohio 44122

	Phone: 216/755-5650
	Facsimile:		216/755-1560
	Attention:		General Counsel

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
					LENDERS:
			
	$20,000,000				KEYBANK NATIONAL ASSOCIATION,
					Individually and as Administrative Agent
				
					By:		 /s/ Angela Kara

					Print Name:		Angela Kara
					Title:		Assistant Vice President
			
					127 Public Square
					8th Floor
					Cleveland, OH 44114
					Phone: 216/689-7984
					Facsimile: 216/689-5819
					Attention: Jason Weaver
			
					With a copy to:
			
					127 Public Square
					8th Floor
					Cleveland, OH 44114
					Phone: 216/689-4653
					Facsimile: 216/689-5819
					Attention: Angela Kara

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$20,000,000				ROYAL BANK OF CANADA
				
					By:		 /s/ Brian Gross

					Print Name:		Brian Gross
					Title:		Authorized Signatory
			
					Three World Financial Center, 200 Vesey Street
					New York, New York 10281-8098
					Phone: 212/266-4047
					Attention: Brian Gross

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$17,500,000				U.S. BANK NATIONAL ASSOCIATION
				
					By:		 /s/ Curt M. Steiner

					Name:		Curt M. Steiner
					Title:		Senior Vice President
			
					209 S. LaSalle St., Suite 210
					Chicago, IL 60604
					Telephone: 312/325-8756
					Facsimile: 312/325-8852
					Attention: Curt M. Steiner

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$15,000,000				CITIZENS, N.A., Individually and as Documentation Agent
				
					By:		 /s/ Don Woods

					Name:		Don Woods
					Title:		Senior Vice President
			
					1215 Superior Avenue, OHS675
					Cleveland, Ohio 44114
					Telephone: 216-277-0199
					Facsimile: 216-277-4600
					Attention: Don Woods

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$15,000,000				THE BANK OF NOVA SCOTIA,
					Individually and as Documentation Agent
				
					By:		 /s/ Chad Hale

					Print Name:		Chad Hale
					Title:		Director & Execution Head
			
					The Bank of Nova Scotia
					40 King Street West, Floor 55
					Toronto, ON M5H 1H1
					Canada
					Phone: 416-350-1173
					Facsimile: 416-350-1161
					Attention: Mr. Chad Hale

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$12,500,000				CAPITAL ONE, NATIONAL ASSOCIATION
				
					By:		 /s/ Frederick H. Denecke

					Print Name:		Frederick H. Denecke
					Title:		Senior Vice President
			
					1680 Capital One Drive
					McLean, VA 22102
					Phone: 703-720-6760
					Facsimile: 703-720-2023
					Attention: Ashish Tandon
					                 Vice President

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$12,500,000				JPMORGAN CHASE BANK, N.A.
				
					By:		 /s/ Chiara Carter

					Name:		Chiara Carter
					Title:		Vice President
			
					383 Madison Avenue, Floor 24
					New York, New York 10179
					Phone: 212/622-6401
					Facsimile: 212/270-2157
					Attention: Chiara Carter

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$12,500,000				THE BANK OF NEW YORK MELLON
				
					By:		 /s/ Helga Blum

					Print Name:		Helga Blum
					Title:		Managing Director
			
					One Wall Street
					21st Floor
					New York, New York 10286
					Telephone: 212/635-7420
					Facsimile: 212/635-1897
					Attention: Helga Blum

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$10,000,000				PNC BANK, NATIONAL ASSOCIATION,
					Individually
				
					By:		 /s/ John E. Wilgus II

					Print Name:		John E. Wilgus, II
					Title:		Senior Vice President
			
					1900 E. Ninth Street, 22nd Floor
					Cleveland, Ohio 44114
					Phone: 216/222-6032
					Facsimile: 216/222-6070
					Attention: John E. Wilgus, II

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$10,000,000				REGIONS BANK
				
					By:		 /s/ T. Barrett Vawter

					Name:		T. Barrett Vawter
					Title:		Vice President
			
					1717 McKinney Avenue, Suite 1200
					Dallas, TX 75202
					Telephone: 469/608-2787
					Facsimile: 469/608-2842
					Attention: Barrett Vawter

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	 $10,000,000
				SUMITOMO MITSUI BANKING CORPORATION
				
					By:		 /s/ Keith J. Connolly

					Print Name:		Keith J. Connolly
					Title:		Managing Director
			
					277 Park Avenue
					New York, NY 10172
					Phone: 212/224-4058
					Facsimile: 212/224-4887
					Attention: Mr. Justin Kim

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$10,000,000				THE HUNTINGTON NATIONAL BANK
				
					By:		 /s/ Marla S. Bergrin

					Name:		Marla S. Bergrin
					Title:		Vice-President
			
					200 Public Square CM17
					Cleveland, Ohio 44114
					Telephone:		216/515-5647
					Facsimile:		877/834-3517
					Attention:		Marla S. Bergrin

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	 $7,500,000
				 METROPOLITAN LIFE INSURANCE COMPANY

				
					By:		 /s/ Matthew J. McInerny

					 Print Name:
		Matthew J. McInerny
					Title:		Managing Director
			
					10 Park Ave., P. O. Box 1902
					Morristown, New Jersey 07962
					Telephone: 973-355-4033
					Facsimile: 201-215-2328
					Attention: Matt McInerny

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$7,500,000		 		WELLS FARGO BANK, N.A.
				
					By:		 /s/ Brandon Barry

					Name:		Brandon Barry
					Title:		Vice-President
			
					Wells Fargo Bank
					10 South Wacker Drive
					32nd Floor
					Chicago, IL 60606
					Telephone: 312-827-1525
					Facsimile: 312-782-0969
					Attention: Brandon Barry
			
					With a copy to:
			
					Doug Frazer
					Loan Administrator
					Wells Fargo Bank
					310 S. College Street
					4th Floor
					Charlotte, NC 28202
					Phone: (704) 715-5747
					Fax: (704) 715-1289

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$5,000,000				CITICORP NORTH AMERICA, INC.
				
					By:		 /s/ Michael Chlopak

					Print Name:		Michael Chlopak
					Title:		Vice President
			
					388 Greenwich Street, 23rd Floor
					New York, New York 10013
					Phone: 212/723-5899
					Facsimile: 646/291-1632
					Attention: Michael Chlopak

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$5,000,000				FIRST TENNESSEE BANK NATIONAL ASSOCIATION
				
					By:		 /s/ Greg Cullum

					Name:		Greg Cullum
					Title:		Sr. Vice President
			
					First Tennessee Bank
					701 Market Street
					Chattanooga, Tennessee 37402
					Phone: 423/757-4272
					Facsimile: 423/757-4040
					Attention: Greg Cullum

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$5,000,000				THE NORTHERN TRUST COMPANY
				
					By:		 /s/ John Dilegge

					Print Name:		John Dilegge
					Title:		Vice President
			
					50 S. LaSalle St., Floor M-27
					Chicago, Illinois 60603
					Phone: 312/557-1964
					Facsimile: 312/557-1425
					Attention: John Dilegge

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$2,500,000				DEUTSCHE BANK TRUST COMPANY
					AMERICAS, INC.
				
					By:		 /s/ James Rolison

					Print Name:		James Rolison
					Title:		Managing Director
				
					By:		/s/ J.T. Johnston Coe
					Print Name:		J.T. Johnston Coe
					Title:		Managing Director
			
					200 Crescent Court #550
					Dallas, Texas 75201
					Phone: 214/740-7906
					Facsimile: 214/740-7910
					Attention: Justin Shull

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 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

							
	$2,500,000				GOLDMAN SACHS BANK USA
				
					By:		 /s/ Jamie Minieri

					Print Name:		Jamie Minieri
					Title:		Authorized Signatory
			
					c/o Goldman Sachs & Co.
					30 Hudson Street, 4th Floor
					Jersey City, New Jersey 07302
					Phone: 212/934-3921
					Facsimile: 917/977-3966
					Attention: Michelle Latzoni

  
 [SIGNATURE PAGE TO THE
SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT] 

 ANNEX I 

Schedule 7 

Financeable Ground Leases 
  

			
	 SITE
	 	 LOCATION

	 Morris Corners
	 	Springfield, MO
		
	 1000 Van Ness
	 	San Francisco, CA
		
	 Kmart Shopping Center
	 	Brandon, FL
		
	 The Pike at Rainbow Harbor
	 	Long Beach, CA
		
	 Johnson City Marketplace
	 	Johnson City, TN
		
	 River Oaks SC (MRV)
	 	Valencia, CA
		
	 Flatacres Market Center
	 	Parker, CO
		
	 Delaware Consumer Square (2670 Delaware Ave.)
	 	Buffalo, NY
		
	 Burlington Plaza
	 	Austell, GA
		
	 Crossroads Center
	 	Gulfport, MS

 ANNEX I – SCHEDULE 710.1      Form of Performance Share Award Agreement (2)

Exhibit 10.1
OWENS & MINOR, INC.
          PERFORMANCE SHARE AWARD AGREEMENT

THIS PERFORMANCE SHARE AWARD AGREEMENT (“Agreement”) dated as of ____________, 20__ between Owens & Minor, Inc., a Virginia corporation (the “Company”), and _______________ (“Participant”) is made pursuant to and subject to the provisions of the Company's 2005 Stock Incentive Plan (the “Plan”).  All capitalized terms used in this Agreement that are not otherwise defined shall have the same meanings given to them in the Plan.

1.    Grant of Performance Share Award.  In accordance with the Plan, on ________, 20__ (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and the terms and conditions set forth in this Agreement, _______ Performance Shares, subject to adjustment as provided in Section 2  (the “Performance Shares”).  The Participant will earn the Performance Shares to the extent that the requirements of Section 2 are satisfied.  The Company will issue shares of Common Stock in accordance with Section 3 in settlement of the Performance Shares, if any, that the Participant earns in accordance with Section 2, which shares of Common Stock (the “Restricted Stock”) will be further subject to the vesting and forfeiture provisions described in Section 4 (except as otherwise specifically provided in Section 3(b)).

2.    Earning Performance Shares.  This Section 2 determines the number of Performance Shares that the Participant may earn under this Agreement. 

		
	(a)
	The Participant will earn Performance Shares based on achievement by the Company of the Performance Metrics (defined below) for fiscal years 20__ and 20__.  The number of Performance Shares earned by the Participant will be determined based upon the following formula, the terms of which are further defined below:

(Weighted Performance Multiple) x (Target Shares)

The Weighted Performance Multiple will be determined based on the following Performance Metrics and the definitions below:

	
					
	Performance Metrics 
	Weight
	Threshold
	Target
	Maximum

	ROAA
	__%
	___%
	___%
	___%

	Company Adjusted Diluted EPS
	__%
	$____
	$____
	$____

Definitions:
 
          “Company Return on Average Assets” shall mean Company Net Income divided by the Company’s average total assets (calculated by averaging the Company’s total assets as of each month-end during the Performance Period).  

           “Company Adjusted Diluted EPS” shall mean, for the Performance Period, the Company's net income per diluted common share as presented in the Company's consolidated audited income statement for the Performance Period, adjusted to eliminate or exclude the after-tax effects of unusual or non-

recurring items, including but not limited to, the effect of accounting and/or tax changes;  tangible and intangible asset impairment charges; fees, expenses and charges associated with debt and/or equity financing transactions,, merger and acquisition activity (including the purchase or sale of a business unit or its assets) and exit and realignment activities; gains/losses from asset sales not made in the ordinary course of business; retirement plan gains/losses; and gains/losses or charges associated with material litigation, regulatory, tax or insurance settlements.  Adjustments to the Company’s net income per diluted common share for purposes of determining any Award earned hereunder shall be taken into account only to the extent that they are separately identified or quantified in the Company’s consolidated audited financial statements, the notes to the consolidated financial statements, “Management’s Discussion and Analysis” in the Company’s Annual Report on Form 10-K or in other Company filings with the Securities and Exchange Commission.  

 “Metric Target” means, with respect to any Performance Metric, the applicable Metric Target specified in the table above.

 “Performance Metric” means each of (i) ROAA; and (ii) Company Adjusted Diluted EPS.  

“Target Shares” means ________ shares.

“Weight” means, with respect to any Performance Metric, the applicable Weight specified in the table above.

“Weighted Performance Multiple” means the weighted average of the Performance Multiples for each Performance Metric (based on the Weight for each such metric in the table above), the maximum of which shall be capped at two (2) and the minimum of which shall be zero.  

(b)    Effect of Termination Prior to Issuance of Restricted Stock.  Except as provided in subparagraphs (c), (d) and (e), no Performance Shares will be earned if the Participant’s employment with, and service to, the Company and its Affiliates terminates or is terminated before January 1, 20__ or the date on which Restricted Stock is issued as provided in Section 3(b).

(c)    Death or Disability.  This subparagraph (c) applies if the Participant’s employment with, and service to, the Company and its Affiliates terminates before____________, 20__ or the date on which Restricted Stock is issued as provided in Section 3(b), on account of the Participant’s death or permanent and total disability (as defined in Section 22(e)(3) of the Code).  In the event of the Participant’s death prior to___________, 20__ or the date on which Restricted Stock is issued as provided in Section 3(b), the number of Performance Shares earned by the Participant shall equal the number determined in accordance with subparagraph (a).  In the event the Participant’s employment terminates before ___________, 20__ or the date on which Restricted Stock is issued as provided in Section 3(b) due to permanent and total disability, the number of Performance Shares earned by the Participant shall equal the number determined in accordance with subparagraph (a) multiplied by a fraction.  The numerator of the fraction shall be the number of whole months that the Participant was employed by, or providing services to, the Company or an Affiliate during the 24-month period beginning __________, 20__ and ending ___________, 20__ (including any period that the Participant was absent from work for illness, injury or short term disability prior to termination of employment) and the denominator shall be 24.  
    
(d)    Retirement.  This subparagraph (d) applies if the Participant’s employment with, and service to, the Company and its Affiliates terminates before _________, 20__ or the date on 

which Restricted Stock is issued as provided in Section 3(b), on account of the Participant’s retirement (defined below).  In the event of the Participant’s retirement before __________, 20__ or the date on which Restricted Stock is issued as provided in Section 3(b), the number of Performance Shares earned by the Participant shall equal the number determined in accordance with subparagraph (a) multiplied by a fraction.  The numerator of the fraction shall be the number of whole months that the Participant was employed by, or providing services to, the Company or an Affiliate during the 24-month period beginning _________, 20__ and ending __________, 20__ and the denominator shall be 24.  For purposes of this Section 2(d), retirement shall mean severance from the employment of the Company and its Affiliates (i) at or after the attainment of age 55 and after completing a number of years of service (the total years of service credited to Participant for purposes of determining vested or nontransferable interest in a defined benefit pension plan maintained by the Company or an Affiliate which satisfies the requirements of Section 401(a) of the Code) that, when added to Participant’s age at the time of severance from employment, equals at least 65 or (ii) at or after the attainment of age 65.
        
(e)    Change in Control.  The Participant will earn the number of Performance Shares equal to Target Shares if there is a Change in Control before _________, 20__ or the date on which Restricted Stock is issued as provided in Section 3(b).

3.    Settlement of Performance Shares.  The Performance Shares will be settled in accordance with this Section 3.

(a)    Committee Certification.  As soon as practicable after ___________, 20__ (but no later than _________, 20__), the Committee will determine the number of Performance Shares that are earned under the provisions of Section 2.  The Committee’s determination shall be set forth in writing, as part of the minutes of a meeting of the Committee, by unanimous consent or otherwise.  Notwithstanding the preceding sentences, a written determination of the Committee shall not be required in the case of Performance Shares that are earned pursuant to the provisions of Section 2(e).

(b)    Issuance of Restricted Stock.  As soon as practicable after the Committee’s certification under subparagraph (a) (but no later than March 15, 20__), the Committee shall issue shares of Restricted Stock under the Plan in settlement of the Performance Shares earned by the Participant.  The number of shares of Restricted Stock issued shall equal the number of Performance Shares earned by the Participant.  Notwithstanding the preceding sentences, (i) if the Performance Shares are earned pursuant to the provisions of Section 2(c) or 2(d), such Performance Shares shall be settled in shares of Common Stock that are not subject to the restrictions set forth in Section 4 and (ii) if the Performance Shares are earned pursuant to the provisions of Section 2(e), the number of shares of Restricted Stock indicated in Section 2(e) shall be issued to the Participant on the Control Change Date, and such shares of Restricted Stock shall otherwise be treated as provided in Section 4(c)(vi).

(c)    Registration, etc.  Shares of Restricted Stock issued in settlement of the Performance Shares shall be registered in the name of the Participant on the stock transfer books of the Company but shall be held by the Company (or its transfer agent) during the Restricted Period (defined below).  The Company’s Secretary and its General Counsel shall serve as attorney-in-fact for Participant during the Restricted Period with full power and authority in Participant’s name to assign and convey to the Company any shares of Restricted Stock that Participant forfeits under Section 4(c) or that are recovered under Section 5.  Each certificate representing shares of Restricted Stock may bear a legend referring to the risk of forfeiture of the shares and stating that 

such shares are nontransferable until all restrictions have been satisfied and the legend has been removed.

(d)    Dividends.  Upon issuance of shares of Restricted Stock in settlement of the Performance Shares earned by the Participant, the Company shall pay Participant in cash the amount of any dividends that would have been paid on the Performance Shares prior to settlement if the Performance Shares had been actual shares of Restricted Stock outstanding during the period from _________, 20__ through _________, 20__.  No dividends will be paid on the Performance Shares if Restricted Stock is not earned and issued hereunder.

4.    Terms of Restricted Stock.  The shares of Restricted Stock issued in settlement of the Performance Shares are subject to the following terms and conditions:

(a)    Restricted Period.  Until __________, 20__ (the “Restricted Period”) or the lapse of restrictions as provided in subparagraph (c) hereof, the Restricted Stock shall be subject to the following restrictions:
 
(i) Participant shall not be entitled to receive the certificate or certificates                 evidencing the Restricted Stock;

(ii) Shares of Restricted Stock may not be sold, transferred, assigned, pledged,             conveyed, hypothecated or otherwise disposed of; and

(iii) Shares of Restricted Stock may be forfeited immediately as provided in             subparagraph (c) hereof.

(b)    Distribution of Restricted Stock.  If Participant remains in the continuous             employment of the Company or an Affiliate during the entire Restricted Period             and otherwise does not forfeit such shares pursuant to subparagraph (c) hereof, all         restrictions applicable to the shares of Restricted Stock shall lapse upon expiration         of the Restricted Period and a certificate or certificates representing the shares of             Common Stock that were granted to Participant in the form of shares of Restricted         Stock shall be delivered to Participant.

(c)      Lapse of Restrictions or Forfeiture.
      
		
	(i)
	Death.  If Participant’s employment with the Company and its Affiliates is terminated before the expiration of the Restricted Period by reason of Participant’s death, all restrictions applicable to the shares of Restricted Stock shall immediately lapse on the date of Participant’s death and the certificate or certificates representing the shares of Common Stock shall be delivered to Participant’s estate.  

		
	(ii)
	Disability.  If Participant’s employment with the Company and its Affiliates is terminated before the expiration of the Restricted Period by reason of “total and permanent disability” (as such term is defined in Section 22(e)(3) of the Code), all restrictions on a pro rata number of shares of Restricted Stock shall lapse.  The “pro rata number” shall be the number of shares of Restricted Stock multiplied by a fraction, the numerator of which is the number of months (including a fractional month) of Participant’s employment after the Date of Grant and the denominator of which is 36.  The certificate or certificates representing the shares of Common Stock upon which the restrictions have lapsed shall be delivered to Participant.

		
	(iii)
	Retirement.  If Participant’s employment with the Company and its Affiliates is terminated before the expiration of the Restricted Period by reason of retirement (defined below), all shares of Restricted Stock shall be forfeited immediately and all rights of Participant to such shares shall terminate immediately without further obligation on the part of the Company.  Notwithstanding the foregoing, if Participant’s service to the Company or an Affiliate continues from and after the date of retirement through (i) membership on the Board, (ii) a written consulting services arrangement with the Company or an Affiliate or (iii) at the Company’s discretion, a written confidentiality and non-solicitation agreement with the Company (“Post-Retirement Service”), shares of Restricted Stock shall not be forfeited but shall continue to be held by the Company until the earlier of (i) the end of the Restricted Period at which time such shares shall be delivered to the Participant or (ii) the date Participant ceases to provide Post-Retirement Service at which time such shares shall be forfeited.  For purposes of this subparagraph 4(c)(iii), retirement shall mean severance from the employment of the Company and its Affiliates (i) at or after the attainment of age 55 and after completing a number of years of service (the total years of service credited to Participant for purposes of determining vested or nontransferable interest in a defined benefit pension plan maintained by the Company or an Affiliate which satisfies the requirements of Section 401(a) of the Code) that, when added to Participant’s age at the time of severance from employment, equals at least 65 or (ii) at or after the attainment of age 65.

		
	(iv)
	Termination of Employment by Company or Affiliate.

		
	(a)
	With Cause.  If the Company or an Affiliate terminates Participant’s employment with the Company and its Affiliates with “cause,” all shares of Restricted Stock shall be forfeited immediately and all rights of Participant to such shares shall terminate immediately without further obligation on the part of the Company.  For purposes of this Agreement, “cause” means: (i) misappropriation, theft or embezzlement of funds or property from the Company or an Affiliate or securing or attempting to secure personally any profit in connection with any transaction entered into on behalf of the Company or an Affiliate, (ii) conviction of, or entry of a plea of “nolo contendere” with respect to, a felony which, in the reasonable opinion of the Company, is likely to cause material harm to the Company’s or an Affiliate’s business, customer or supplier relations, financial condition or prospects, (iii) violation of the Company’s Code of Honor or any successor code of conduct; or (iv) failure to substantially perform (other than by reason of illness or temporary disability, regardless of whether such temporary disability is or becomes a total and permanent disability (as defined in subparagraph 4(c)(ii) above), or by reason of approved leave of absence) the duties of Participant’s job.

		
	(b)
	Without Cause.  If Participant’s employment with the Company and its Affiliates is terminated by the Company or an Affiliate without “cause,” all restrictions on a pro rata number of shares of Restricted Stock shall lapse.  The “pro rata number” shall be the number of shares of Restricted Stock multiplied by a fraction, the numerator of which is the number of months (including a fractional month) of Participant’s employment after the Date of Grant and the denominator of which is 36.  The certificate or certificates representing the shares of Common Stock upon which the restrictions have lapsed shall be delivered to Participant.

		
	(v)
	Termination of Employment by Participant.  If Participant resigns from employment with the Company and its Affiliates before the expiration of the Restricted Period, without regard to the reason for such resignation (other than death, disability or retirement as provided in subsections (i), (ii) and (iii) above), all of the shares of Restricted Stock shall be forfeited immediately and all rights of Participant to such shares shall terminate immediately without further obligation on the part of the Company.

		
	(vi)
	Change in Control.  

		
	(a)
	If, upon a Change in Control, (i) the Restricted Stock is assumed by, or a substitute award granted by, the surviving entity (together with its Related Entities, the “Surviving Entity”) in the Change in Control (such assumed or substituted award to be of the same type of award as this Restricted Stock with a value as of the Control Change Date substantially equal to the value of this Restricted Stock) and (ii) within 24 months of the Control Change Date, Participant’s employment with the Surviving Entity is terminated by the Surviving Entity without Cause (defined below) or by Participant for Good Reason (defined below), all restrictions applicable to the shares of Restricted Stock shall immediately lapse on the date of employment termination and the certificate or certificates representing the shares of Common Stock upon which the restrictions have lapsed shall be delivered to Participant.  

		
	(b)
	For purposes of this subsection 4(c)(vi), “Cause” shall mean (i) the willful and continued failure by Participant to substantially perform his or her duties with the Surviving Entity (other than any such failure resulting from Participant’s incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to Participant by the Surviving Entity, which demand specifically identifies the manner in which the Surviving Entity believes that Participant has not substantially performed his or her duties, or (ii) the willful engaging by Participant in conduct which is demonstrably and materially injurious to the Surviving Entity, monetarily or otherwise.  For purposes of this paragraph, no act, or failure to act, on Participant’s part shall be deemed "willful" unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interest of the Surviving Entity.  

		
	(c)
	For purposes of this subparagraph 4(c)(vi), “Good Reason” shall have the meaning given to such term in the Executive Severance Agreement between Participant and the Company effective ___________, 20__, as such agreement from time to time may be amended, modified, extended or replaced by a successor agreement or plan.

		
	(d)
	 If, upon a Change in Control, the Restricted Stock is not assumed by, or a substitute award granted by, the Surviving Entity in the Change in Control as provided in subparagraph 4(c)(vi)(a) above, all restrictions applicable to the shares of Restricted Stock shall immediately lapse on the Control Change Date and the certificate or certificates representing the shares of Common Stock upon which the restrictions have lapsed shall be delivered to Participant.

5.    Recoupment Policy.  Notwithstanding any other provision in this Agreement to the contrary, the Stock Award and underlying Restricted Stock granted under this Agreement are subject to recoupment by the Company in accordance with the Company’s Policy on Recoupment of Executive Incentive 

Compensation in effect on the date of this Agreement, as such policy is interpreted and applied by the Company’s board of directors.  

6.    Nontransferability.  The Performance Shares are nontransferable except by will or by the laws of descent and distribution.  Shares of Restricted Stock issued in settlement of the Performance Shares cannot be transferred before the Restricted Period lapses except by will or by the laws of descent and distribution. 

7.    Shareholder Rights.  Except as otherwise specifically provided herein, the Participant shall not have any rights as a shareholder of the Company with respect to the Performance Shares.  Upon the issuance of shares of Restricted Stock in settlement of the Performance Shares, the Participant shall have all of the rights of a shareholder of the Company with respect to those shares, including the right to vote the shares and to receive, free of all restrictions, ordinary cash dividends.  Stock received as a dividend on, or in connection with a stock split of any shares of Restricted Stock issued in settlement of the Performance Shares shall be subject to the same vesting restrictions as the underlying shares of Restricted Stock.  The Participant’s right to receive any extraordinary dividends or distributions with respect to shares of Restricted Stock issued in settlement of the Performance Shares shall be at the sole discretion of the Committee, but in the event of any such extraordinary event, the Committee shall take action appropriate to preserve the value of, and to prevent the unintended enhancement of value in, such shares of Restricted Stock.

8.    Withholding.  The Participant shall pay the Company any amount of taxes as may be necessary in the opinion of the Company to satisfy tax withholding required under the laws of any country, state, province, city or other jurisdiction, including but not limited to income taxes, capital gains taxes, transfer taxes, and social security contributions.  In lieu thereof, the Company shall have the right to retain, from the shares of Restricted Stock to be issued under Section 3, the number of shares of Restricted Stock with Fair Market Value equal to the minimum amount required to be withheld.  In any event, the Company shall have the right to deduct from all amounts paid to a Participant in cash (whether under the Plan or otherwise) any taxes required to be withheld. The Participant shall promptly notify the Company of any election made pursuant of Section 83(b) of the Code.

9.    No Right to Continued Employment.  The award and settlement of the Performance Shares does not give Participant any right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere in any way with the right of the Company or an Affiliate to terminate his or her employment at any time.

10.    Change in Capital Structure.  The number of Performance Shares and the performance criteria in Section 2 (or, after any settlement of the Performance Shares, the number of shares of Restricted Stock) shall be adjusted as the Committee determines is equitably required in the event the Company effects one or more stock dividends, stock split-ups subdivisions or consolidations of shares, other similar changes in capitalization or such other events as are described in the Plan.

11.    Governing Law.  This Agreement shall be governed by the laws of the Commonwealth of Virginia.

12.    Conflicts.  In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and the provisions of this Agreement, the provisions of the Plan shall govern.  All references herein to the Plan shall mean the plan as in effect on the Date of Grant.

13.    Participant Bound by Plan.  Participant hereby acknowledges that a copy of the Plan has been made available to him or her and he or she agrees to be bound by all the terms and provisions of the Plan.

14.    Binding Effect.  Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon Participant and his or her successors in interest and the successors of the Company.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

            
OWENS & MINOR, INC.
     
    
By:_________________________________
     President & Chief Executive Officer

____________________________________
Participant

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