Document:

exv10w1

EXHIBIT 10.1

SEPARATION AGREEMENT AND RELEASE 

     This Separation Agreement and Release (“Agreement”) is made and entered into this 26th day of
January, 2010, by and between WILLIAM H. SCHAFER (“YOU” or “YOUR”) and DEVELOPERS DIVERSIFIED
REALTY CORPORATION (“DDR”). This Agreement also will be binding on YOUR heirs, successors and
assigns.

     DDR and YOU have agreed that YOUR employment with DDR will terminate on February 15, 2010
(“Separation Date”). Pursuant to the terms of the Amended and Restated Employment Agreement, dated
as of December 29, 2008, between YOU and DDR (the “Employment Agreement”), the termination of YOUR
employment with DDR will be designated a termination without cause (in accordance with Section 2(c)
of the Employment Agreement) and YOU acknowledge that DDR has provided YOU with ninety-days’ notice
or YOU have hereby waived any applicable ninety-days’ notice requirement under the Employment
Agreement. YOU will be deemed to have resigned from all offices and directorships with DDR as of
the Separation Date.

     Under the terms of this Agreement, DDR and YOU further agree as follows:

	1.	 	Based upon the consideration set forth in this Agreement (as described in Paragraph 5), YOU
agree to release DDR, its successors, owners, assigns, divisions, affiliates, Board, officers,
trustees, shareholders, directors, and employees (hereinafter collectively termed the “DDR
Released Parties”) from any claims that have arisen or may arise out of YOUR
employment with and separation from DDR, whether now known or unknown,

 

 

	 	 	including, but not limited to, all claims for wrongful discharge; constructive discharge; all
claims of breach of express or implied contract, or promissory estoppel; all claims for damages
resulting from injuries, harassment, mental anguish and emotional distress; any claim of
discrimination on any basis including race, color, national origin, religion, sex, age or
disability arising under any federal, state or local statute, ordinance, order or law; all
claims of breach of public policy or tort; all claims of defamation; and all other claims under
Ohio or federal law, including, but not limited to, age discrimination under the federal Age
Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Ohio R.C. Chapter 4112, and/or
discrimination under Title VII of the 1964 Civil Rights Act, as amended by the Civil Rights Act
of 1991, 42 U.S.C. § 1981, and 42 U.S.C. § 1983. While YOU acknowledge and understand that by
this Agreement YOU release, among other things, any and all past and present rights to recover
money damages arising out of YOUR employment and termination, the parties agree that this
Agreement shall not preclude YOU from filing any charge with the EEOC (or other governmental
agency) or from in any way participating in any investigation, hearing, or proceeding of the
EEOC (or other governmental agency).
	 
	2.	 	DDR’s officers, directors and executives and YOU agree not to defame, disparage or otherwise
attempt to damage, or encourage any third party to defame, disparage or otherwise attempt to
damage, YOUR name or YOUR reputation, as well as that of DDR, its shareholders, directors,
officers, or employees.

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	3.	 	DDR agrees that in the event any prospective employer inquires of DDR as to a reference for
YOU, DDR will, unless otherwise directed by YOU in writing, disclose only the dates of YOUR
employment, the positions YOU held, and the base salary YOU were earning at the time of YOUR
separation. Upon YOUR direction, a positive reference regarding YOUR service to DDR and YOUR
character will be provided in a form reasonably satisfactory to YOU. All reference requests
will be directed to Human Resources.
	 
	4.	 	DDR agrees that it will not contest any claim for unemployment compensation made by YOU.
However, DDR will truthfully respond to any inquiry from the Ohio unemployment commission.
	 
	5.	 	YOUR final day of employment is the Separation Date, and any benefits provided to YOU
pursuant to YOUR employment with DDR cease as of the Separation Date unless otherwise
specifically provided at law or under this Agreement, or under any other DDR agreement that
provides for benefits to be provided to YOU following termination of YOUR employment. As
consideration for this Agreement, YOU shall receive severance pay equal to the aggregate sum
of (a) one year of YOUR base salary of $305,000 that was in effect at the end of 2009, plus
(b) an amount equivalent to YOUR maximum bonus opportunity of $244,000 for 2009 (as set forth
on Exhibit A to the Employment Agreement), plus (c) an amount equal to $1,221,000 (which
aggregate sum YOU and DDR agree equals a total gross amount of $1,770,000 (“Severance Pay”)).
Following

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	 	 	the conclusion of the Revocation Period (as described in Paragraph 6) without YOUR revoking this
Agreement, $1,221,000 of Severance Pay will be payable in a lump sum payment, less all
applicable deductions, within 10 business days, and $549,000 of Severance Pay will be payable in
a lump sum payment, less all applicable deductions, on the first business day of the first
calendar month following the Six Month Date (as such term is defined in the Employment
Agreement). DDR also will continue YOUR health and dental benefits for YOU and YOUR eligible
dependents (as defined by the applicable plan or plans) for a period of two years beginning with
the Separation Date, unless and until YOU are eligible to receive from a subsequent employer
alternative health and dental benefits which are substantially equivalent or greater than the
health and dental benefits provided under this Agreement. The health and dental coverage that
YOU and YOUR family will receive is the same coverage YOU receive as an active employee as of
the Separation Date and will be provided under the same terms as those applicable to DDR’s
active employees. DDR also will provide YOU, at DDR’s expense, with one year of outplacement
services, and YOU and DDR acknowledge that both parties have previously agreed to the identity
of the provider and nature of such outplacement services, with such services to be utilized to a
reasonable extent by YOU. Further, DDR will pay the reasonable fees of counsel engaged by YOU
to review this Agreement and to provide advice to YOU in connection with the execution of and
receipt by YOU of payments under this Agreement; provided, however, that: (v)
any

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	 	 	reimbursement of eligible expenses will be paid within 30 days following YOUR written request
for reimbursement, provided that YOU provide such written notice no later than 60 days before
the last day of the calendar year following the calendar year in which the expenses were
incurred so that DDR can make the reimbursement within the time periods required by Section 409A
of the Internal Revenue Code of 1986, as amended; (w) the amount of expenses eligible for
reimbursement during any calendar year will not affect the amount of expenses eligible for
reimbursement during any other calendar year; and (x) the right to reimbursement will not be
subject to liquidation or exchange for any other benefit. YOU acknowledge (y) the sufficiency
of the consideration described above for YOUR promises and the general release detailed in this
Agreement and (z) that the payments, benefits and services described in this Paragraph 5 include
(i) all amounts to which YOU would be entitled under the Employment Agreement, subject to YOUR
execution and non-revocation of this Agreement, and (ii) additional payments, benefits or
services substantially in excess of the amounts to which YOU would be entitled under the
Employment Agreement.
	 
	6.	 	YOU acknowledge that DDR has advised YOU that the release contained in this Agreement does
not apply to any rights or claims that may arise after the execution date of this Agreement.
YOU further acknowledge that DDR has advised YOU to consult with an attorney before signing
this Agreement. YOU also acknowledge that YOU were offered up to twenty-one (21) days to
consider this Agreement. For seven (7) days after

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	 	 	this Agreement is executed (the “Revocation Period”), YOU have the right to revoke the
Agreement. This Agreement shall not become effective or enforceable, and YOU shall not receive
the payments, benefits and services described in Paragraph 5 above, until such Revocation Period
has expired. YOUR written notice of the revocation of this Release shall be delivered by
certified or registered mail (first class postage pre-paid), guaranteed overnight delivery or
personal delivery to the following address: Senior Vice President of Human Resources,
Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122.
	 
	7.	 	YOU acknowledge that the promises referred to in Paragraph 5 and the waiver by DDR of YOUR
covenant not to compete referred to in Paragraph 11 are solely in exchange for the promises in
this Agreement and are not normally available to DDR’s employees. YOU further acknowledge
that DDR’s agreement to pay and provide the amounts described in Paragraph 5 and the waiver by
DDR of YOUR covenant not to compete referred to in Paragraph 11 do not constitute an admission
by the DDR Released Parties of liability or of violation of any applicable law or regulation.
DDR states that payment and its waiver of YOUR covenant not to compete referred to in
Paragraph 11 has been provided solely for the purpose of compromising any and all claims
without the cost and burden of litigation and in light of YOUR service as an employee and the
parties’ desire to accomplish a mutually amicable separation.

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	8.	 	No later than the 15th day following the Separation Date (or such other date to
which YOU and DDR mutually agree), YOU shall deliver to Human Resources any property of DDR in
YOUR control or possession, including keys, documents, computer software and hardware (except
as provided below), manuals, office equipment, phones and PDAs, credit cards and files. DDR
and YOU agree that YOU will retain possession of the laptop computer previously provided to
YOU by DDR.
	 
	9.	 	The applicable provisions of the DDR plans covering equity and incentive awards shall govern
any equity and incentive awards previously granted to YOU or to which YOU are entitled. In
particular, YOU and DDR acknowledge that:

	 	a.	 	YOU were granted 40,000 restricted DDR Common Shares under a 2009 Retention
Award Agreement with DDR (the “Restricted Shares”) and 10,000 of the Restricted Shares
fully vested on December 31, 2009. All vested and unvested Restricted Shares will not
be forfeited by YOU as a result of the Separation Date, but instead any unvested
Restricted Shares will remain outstanding and will continue to vest according to the
vesting schedule described in the 2009 Retention Award Agreement;
	 
	 	b.	 	Pursuant to the terms of DDR’s Value Sharing Equity Program (“VSEP”), YOU may
earn and receive, on the date or dates provided for in the VSEP, Award Shares (as
defined in the VSEP, the “VSEP Award Shares”), in accordance with the provisions of the
VSEP. Under the VSEP, any vested or unvested VSEP

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	 	 	 	Award Shares earned, held by YOU or that YOU are entitled to receive under the VSEP will
not be forfeited as a result of the Separation Date, but instead unvested VSEP Award
Shares will be issued as provided in the VSEP and/or will remain outstanding and will
continue to vest according to the vesting schedule described in the VSEP;
	 
	 	c.	 	YOU have previously been granted options with respect to 96,273 DDR Common
Shares pursuant to DDR’s equity-based award plans (the “Stock Options”), which Stock
Options are fully vested as of the date of this Agreement. YOU shall have the
applicable time periods provided for under the applicable equity-based award plans and
award agreements, as communicated to YOU by DDR, to exercise the Stock Options;
	 
	 	d.	 	YOU are entitled to all rights to any amounts deferred pursuant to the DDR
Elective Deferred Compensation Plan (Amended and Restated as of January 1, 2004) (the
“Nonqualified Plan”), including the right to take distributions in accordance with the
provisions of the Nonqualified Plan;
	 
	 	e.	 	YOU are a party to an Outperformance Long-Term Incentive Plan Agreement with
DDR (the “Outperformance Agreement”), and YOUR right to receive a payment, if any,
under the Outperformance Agreement is not subject to forfeiture based on your
Separation Date. YOU shall be entitled to receive payment, if any, under the terms and
provisions of the Outperformance Agreement; and

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	 	f.	 	YOU shall be entitled to receive, to the extent not already paid, a lump sum
amount equal to YOUR bonus compensation actually earned by YOU for the 2009 fiscal year
in a lump sum payment, less all applicable deductions, on the same date as it would
have been paid if the Separation Date had not occurred, but in any event not later than
March 15, 2010, which bonus compensation will be not less than the target amount to
which you are entitled under the Employment Agreement.

	10.	 	This Agreement, including without limitation the release provisions, is being presented in
accordance with and shall be deemed to fully satisfy DDR’s obligations and rights under the
Employment Agreement, including Section 6 of the Employment Agreement. YOUR failure to
execute and return this Agreement within a reasonable period of time relieves DDR of any
obligation to make payments to YOU under the Employment Agreement or otherwise (including
under Paragraph 5 of this Agreement) or to waive YOUR covenant not to compete as described in
Paragraph 11 of this Agreement.
	 
	11.	 	YOUR covenants and obligations, as more fully described in Section 7 of the Employment
Agreement, including without limitation YOUR non-solicitation covenant as provided for in
Section 7(b) of the Employment Agreement, remain in full force and effect; provided,
however, that, notwithstanding anything in this Agreement to the contrary, YOUR
compliance with YOUR covenant not to compete, as provided for in Section 7(a)(i) of the
Employment Agreement, is hereby waived by DDR. Additionally,

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	 	 	YOUR obligations detailed in Section 9(b) of the Employment Agreement remain in full force and
effect, and DDR’s obligations provided for under Section 8 of the Employment Agreement remain in
full force and effect. These obligations shall survive, regardless of any other breach of this
Agreement.
	 
	12.	 	If requested by DDR, YOU will sign the management representation letter required by
PricewaterhouseCoopers LLP in connection with their annual audit of DDR’s consolidated
financial statements as of December 31, 2009 and 2008 and for the three years ended December
31, 2009 prior to the filing of DDR’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2009.
	 
	13.	 	YOU also acknowledge that YOU have carefully read and fully understand the terms,
considerations, and consequences of this Agreement, including the release of any of YOUR
potential claims. YOU further acknowledge that YOU have not relied upon any other
representations or statements, whether written or oral, and that this Agreement contains the
entire agreement between YOU and DDR regarding the termination of YOUR employment with DDR.
YOU further acknowledge that the covenants and promises made by YOU in this Agreement are in
consideration of the payments and other promises made hereunder by DDR, which YOU acknowledge
to be sufficient, just and adequate consideration for YOUR covenants and promises. YOU
acknowledge that but for YOUR execution of this Agreement, YOU would not be entitled to all of
the amounts or benefits being paid or provided to YOU hereunder.

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	14.	 	In the event that any provision of this Agreement, with the exception of YOUR release of
claims, is found, by any court or governmental agency, to be unlawful or unenforceable, DDR
and YOU have the right to require the other party to continue complying with the remaining
provisions of this Agreement or the Agreement as a whole as may be modified by the court. In
the event of a breach of this Agreement by YOU or DDR, either party may seek relief and/or
enforcement in a court of competent jurisdiction.
	 
	15.	 	The parties agree that: (a) neither this Agreement nor compliance with its terms shall be
construed as an admission by DDR Released Parties of a violation of any statutory,
contractual, quasi-contractual, common law or other right of YOURS; and (b) neither this
Agreement nor the fact of its delivery to YOU shall be admissible in any proceeding as
evidence of unlawful or improper conduct by DDR Released Parties. DDR Released Parties
expressly disclaim any liability to YOU arising out of YOUR employment, separation of
employment and otherwise.
	 
	16.	 	The Parties agree that this Agreement shall be construed in accordance with Ohio law, that
any action brought by any party hereunder may be instituted and maintained only in the
appropriate court having jurisdiction over Cuyahoga County, Ohio, and that this Agreement
shall be interpreted in accordance with the plain meaning of its terms and not strictly for or
against any party.

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	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION

 	 
	/s/ William H. Schafer	 	By:  	/s/ Daniel B. Hurwitz
 	 
	William H. Schafer 	 	 	Name:  	Daniel B. Hurwitz 	 
	 	 	 	Title:  	President & CEO
	 
	 
	Date:            1/26/10           	 	 	
Date: 1/26/10 	 

12exv10w1

Exhibit 10.1

AMENDMENT TO THE F.N.B. CORPORATION

RESTRICTED STOCK AGREEMENT

DATED JULY 18, 2007

(2001 Incentive Plan)

This Amendment to the Restricted Stock Agreement ( “Amended Agreement”) is made and entered into as
of January 20, 2010 between F.N.B. Corporation, a Florida corporation (the “Company”), and
____________(the “Employee”).

WITNESSETH:

WHEREAS, on July 18, 2007 the Company and Employee entered into a Restricted Stock Agreement (the
“Agreement”) in connection with the grant of _________ shares of the Company’s Common Stock, par
value $.01 per share (the “Shares”) to Employee.

WHEREAS, the terms of the Agreement provided that all of the shares will fully vest on January 16,
2011 (“Vesting Date”) if the Company’s return on average tangible equity performance during the
calendar year beginning on January 1, 2007 and ending on December 31, 2010 (the “Performance
Period”) is within the Top Quartile of the financial performance of certain peer financial
institutions.

WHEREAS, the Agreement provides that the Company’s return on average equity for the Performance
Period be within the Top Quartile as measured in comparison to the financial performance of the
Company’s peer group return on average tangible equity performance for the twelve month period
beginning on October 1, 2006 and ending on September 30, 2010.

WHEREAS, in view of significant economic circumstances which have adversely impacted the banking
and financial sectors of the United States economy the Company’s Compensation Committee desires to
modify the Agreement in order to align the Company’s and the peer group Performance Periods and
change the date on which the Shares awarded under the Agreements either vest or lapse.

WHEREAS, the Company’s Compensation Committee desires to amend the Agreement to change the vesting
or lapse date to March 1, 2011 and to align the Performance Period for the Company and the peer
financial institutions so that both Performance Periods begin on January 1, 2007 and end on
December 31, 2010.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
intending to be legally bound hereby, each of the parties covenants and agrees as follows:

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	Section 1(a)	 	Amendment

The Agreement between the Company and the Employee is hereby amended as

set forth below:

Effective February 1, 2010 Section 2(a)(i) and (ii) of the Agreement is amended in
their entirety to read as follows:

	 	2.	 	Terms and Conditions. The award of Shares to the
Employee is subject to the following terms and conditions.

	 	(a)	 	Vesting and Forfeiture

The Employee’s right to the Shares will vest subject to the following terms
and conditions:

	 	(i)	 	Performance Restricted Stock Award
Vesting. The Employee’s right to the Shares will vest (together
with all dividends and/or shares purchased on account of such Shares
under the Company Dividend Reinvestment and Voluntary Stock Purchase
Plan (“DRP”)) and the Shares will become freely transferable on March
1, 2011 (the “Vesting Date”), if during the four (4) year period
beginning on January 1, 2007, and ending on December 31, 2010, (the
“Performance Period”), the Company’s average return on average tangible
equity (“Average ROATE”) is within the Top Quartile of peer financial
institutions as described in Section 2(a)(ii) herein, and the Employee
has remained continuously employed by the Company, the Bank or any of
its non-Bank Affiliates, from the Award Date through the Vesting Date
(the “Vesting Period”), or on an earlier date in the event of a “Change
in Control” or “Termination of Employment” in accordance with Section
2(a)(iii) and Section 2(b) herein, respectively.
	 
	 	(ii)	 	Performance Goal. For purposes of this
Agreement the calculation of the Company’s Average ROATE for the
Performance Period shall be computed by taking the Company’s average
net income during the Performance Period, adjusted for the average
after-tax effect of the amortization of the Company’s acquisition
related intangible assets during the Performance Period, divided by the
Company’s average shareholders’ equity during the Performance Period
minus the Company’s acquisition related average intangible assets
during the Performance Period. Also, for purposes of this Agreement
the term “Top Quartile” shall mean that the Company’s Average ROATE
during the Performance Period meets or exceeds the 75th
percentile of the Average ROATE of surviving financial institutions for
the forty-eight (48) month period beginning on

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	 	 	 	January 1, 2007 and ending on December 31, 2010, from the list of
surviving peer financial institutions and bank holding companies
identified in Schedule 1 attached hereto, as approved by the
Committee at a meeting held on January 24, 2007 (“Average ROATE
Performance Goal”).

			
	Section 2.	 	Miscellaneous

	 	(a)	 	Except as modified by this Amended Agreement, all terms,
conditions, covenants, rights and remedies contained in the Agreement and any
documents executed in connection therewith shall remain in full force and
effect and continue to remain valid and enforceable.
	 
	 	(b)	 	This Amended Agreement represents the entire contract between
the parties and no waiver, change, or modification of any part hereof shall be
binding on either party unless in writing and signed by both parties.

IN WITNESS WHEREOF, the Company has caused this Amendment to the July 18, 2007 F.N.B. Corporation
Restricted Stock Agreement between Employee and Company, to be executed in its name and on its
behalf, effective as of the date provided herein.

	 	 	 	 	 	 	 	 	 
	EMPLOYEE	 	 	 	F.N.B. CORPORATION
	 
	 	 	 	 	 	 	 	 
	Consented to and acknowledged by	 	 	 	BY:	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

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