Document:

EX-10.1

 Exhibit 10.1 

CHANGE IN CONTROL AGREEMENT 

This Change in Control Agreement (this “Agreement”) is by and among McDermott International, Inc. (the “Company”),
[●] (the “Employer”), and Samik Mukherjee (“Executive”). 
 The Company and the Employer consider it essential to
the interests of the Company’s stockholders to secure the continued employment of key management personnel. The Board of Directors of the Company recognizes that the possibility of a Change in Control (as defined in Exhibit A)
exists and that the uncertainty this raises may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. In order to encourage the continued attention and dedication of key management
personnel, this Agreement is being entered into by the Company, the Employer and Executive. 
 The Company, the Employer and Executive agree
as follows: 
  

	1.	DEFINITIONS. Capitalized terms used but not otherwise defined herein are defined in Exhibit A hereto. 

 

	2.	SEVERANCE BENEFITS. 

  

	 	(a)	Entitlement to Benefits If Executive experiences a Covered Termination and executes a Waiver and Release in accordance with Section 2(b) below that is no longer subject to rescission, Executive will
be entitled to the following: 

  

	 	(i)	Accrued Benefits. The Accrued Benefits, payable on the 60th day after the Covered Termination Date, or such earlier date as may be required by applicable law. 

 

	 	(ii)	EDCP. As of the Covered Termination Date, a fully vested and non-forfeitable interest in Executive’s account balance in the EDCP, payable in accordance with the
terms of the EDCP. 

  

	 	(iii)	Unvested Equity-Based Awards. As of the Covered Termination Date, unless otherwise settled in accordance with the provisions of Section 3 of this Agreement and the plans and agreements referred to
therein, a fully vested and non-forfeitable interest in any outstanding unvested equity-based awards, and to the extent applicable, payable on the 60th day after the Covered Termination Date; provided
that no such award that is subject to Code Section 409A will be paid on a date earlier than is provided in the applicable plan and award agreement. 

  

	 	(iv)	Severance Payment Based on Salary. An amount equal to two (2) times the sum of (i) the Salary, and (ii) Executive’s target award under the EICP for the year in which the Covered Termination
Date occurs, in a lump sum in cash on the 60th day after the Covered Termination Date. 

  
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	 	(v)	Severance Payment Based on Bonus. 

  

	 	(1)	Current Performance Year. An amount equal to the product of (A) the Salary and (B) the Target Bonus Percentage, with the product of (A) and (B) prorated based on the number of days Executive was
employed during the bonus year in which Executive’s Covered Termination Date occurs, in a lump sum in cash on the 60th day after the Covered Termination Date. 

 

	 	(2)	Prior Performance Year. If a bonus is paid under the EICP after Executive’s Covered Termination Date occurs for the immediately preceding calendar year, then Executive will be entitled to an amount
equal to the product of (A) the Salary and (B) the Target Bonus Percentage (or, if greater, the actual amount of the bonus determined under the EICP for such prior calendar year), in a lump sum in cash at the later of (i) the
60th day after the Covered Termination Date and (ii) the time such bonus is paid to other EICP participants. 

  

	 	(vi)	Other Compensation. The Other Compensation payable or provided in the manner and time specified in applicable documents governing such amounts. 

 

	 	(b)	Waiver and Release. Notwithstanding any provision of this Agreement to the contrary, in order to receive the severance benefits payable under any provision of Section 2(a)(ii), (iii), (iv) and (v) of
this Agreement, Executive must first execute an appropriate waiver and release agreement in a form acceptable to the Company (a currently acceptable form is attached hereto as Exhibit B (the “Waiver and
Release”)), whereby Executive shall agree to release and waive, in return for such severance benefits, any claims that Executive may have against the Company and the Employer and their respective Affiliates, directors, officers and other
customary persons from any claim or liability arising out of or related to Executive’s employment with or termination of employment from the Employer and any of its Affiliates (except for amounts to which Executive is legally entitled pursuant
to employee benefit plans and rights to indemnification); provided, however, such Waiver and Release shall not release any claim or cause of action by or on behalf of Executive for any payment or vested benefit that is due under either this
Agreement or any employee benefit plan or program of the Company or the Employer until fully paid prior to the receipt thereof. Executive shall have 21 days after receipt of the Waiver and Release to consider and timely execute and return it to
the Company. After return, Executive shall have an additional seven days in which Executive can revoke the Waiver and Release; thereafter, the Waiver and Release shall be irrevocable. The Company or the Employer shall provide the Waiver and Release
to Executive no later than five days after his Termination Date. If the Waiver and Release is not timely executed and returned, or it is revoked within the seven-day revocation period, no benefits shall be
paid under this Agreement except those to which the Executive has a vested interest without regard to Section 2(a) of this Agreement. 

  
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	 	(c)	Reduction to Avoid Parachute Taxes. Exhibit C hereto sets forth the manner of reduction to be applied to avoid parachute taxes. 

In no event shall the payments or benefits provided for in Sections 2(a)(i), 2(a)(iii), 2(a)(iv) and 2(a)(v) above that are not subject to
Code Section 409A be paid later than March 15th of the calendar year immediately following the calendar year in which Executive’s Covered Termination Date occurs. 

 

	3.	CHANGE IN CONTROL EQUITY-BASED BENEFITS. If a Change in Control occurs, any benefits Executive may be entitled to with
respect to any equity-based compensation shall be determined in accordance with the applicable plans and award agreements. In the event of any conflict between the terms of any such plan or award agreement and Section 2(a)(iii) of this
Agreement, the terms of such plan or award agreement shall control. 

  

	4.	INTERNAL REVENUE CODE SECTION 409A. 

 

	 	(a)	Compliance. It is the intent of the parties that the provisions of this Agreement either comply with Code Section 409A and the Treasury regulations and guidance issued thereunder or that one or more
elements of compensation or benefits be exempt from Code Section 409A. Accordingly, the parties intend that this Agreement be interpreted and operated in a manner consistent with such requirements in order to avoid the application of penalty
taxes under Code Section 409A to the extent reasonably practicable. The Company and the Employer shall neither cause nor permit: (i) any payment, benefit or consideration to be substituted for a benefit that is payable under this Agreement
if such action would result in the failure of any amount that is subject to Code Section 409A to comply with the applicable requirements of Code Section 409A; or (ii) any adjustments to any equity interest to be made in a manner that
would result in the equity interest’s becoming subject to Code Section 409A unless, after such adjustment, the equity interest is in compliance with the requirements of Code Section 409A to the extent applicable. A Covered Termination
is an “involuntary separation from service” for purposes of Code Section 409A. 

  

	 	(b)	Waiting Period for Specified Employees. Notwithstanding any provision of this Agreement to the contrary, if Executive is a “Specified Employee” (as that term is defined in Code Section 409A)
as of Executive’s Covered Termination Date, then any amounts or benefits which are payable under this Agreement upon Executive’s “Separation from Service” (within the meaning of Code Section 409A), which are subject to the
provisions of Code Section 409A and not otherwise excluded under Code Section 409A, and would otherwise be payable during the first six-month period following such Separation from Service, shall be
paid on the first business day that (i) is at least six months after the date after Executive’s Covered Termination Date or (ii) follows Executive’s date of death, if earlier. 

  
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	5.	CONFIDENTIALITY AND NON-DISCLOSURE. Executive acknowledges that, pursuant to this
Agreement, the Company and the Employer agree to provide Executive with Confidential Information regarding the Company and the Employer and their respective businesses and have previously provided Executive other such Confidential Information. In
return for this and other consideration provided under this Agreement, Executive agrees that Executive will not, while employed by the Employer or any of its Affiliates and thereafter, disclose or make available to any other person or entity, or use
for Executive’s own personal gain, any Confidential Information, except for such disclosures as required in the performance of Executive’s duties hereunder as may otherwise be required by applicable law or legal process (in which case
Executive shall notify the Company and the Employer of such legal or judicial proceeding as soon as practicable following Executive’s receipt of notice of such a proceeding, and permit the Company and the Employer to seek to protect its
interests and information). For purposes of this Agreement, “Confidential Information” shall mean any and all information, data and knowledge that has been created, discovered, developed or otherwise become known to the Company, the
Employer or any of their respective Affiliates or ventures or in which property rights have been assigned or otherwise conveyed to the Company, the Employer or any of their respective Affiliates or ventures, which information, data or knowledge has
commercial value in the business in which the Company, the Employer or any of their respective affiliates is engaged, except such information, data or knowledge as is or becomes known to the public without Executive’s violation of any of the
terms of this Section 5. By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s and the Employer’s plans and strategies, nonpublic information concerning
material market opportunities, technical trade secrets, processes, formulas, know-how, improvements, discoveries, developments, designs, inventions, techniques, marketing plans, manuals, records of research,
reports, memoranda, computer software, strategies, forecasts, new products, unpublished financial information, projections, licenses, prices, costs, and employee, customer and supplier lists or parts thereof. 

 

	6.	RETURN OF PROPERTY. Executive agrees that at the time of Executive’s leaving employ with the Employer or any of its Affiliates, Executive will deliver to the
Employer (and will not keep in his possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints,
sketches, materials, equipment, customer or client lists or information, or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company, the Employer or any of their respective Affiliates,
regardless of whether such items were prepared by Executive. 

  

	7.	NON-SOLICITATION. 

  

	 	(a)	 For consideration provided under this Agreement, including but not limited to the agreement of the Company and
the Employer to provide Executive with Confidential Information (as defined in Section 5 above) regarding the Company, the Employer and their respective businesses, Executive agrees that while employed by the Employer or any of its Affiliates
and for twelve months following a Covered Termination Executive shall not, without the prior written consent of the Company and the Employer, directly or indirectly, (i) hire or induce, entice or

  
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solicit (or attempt to induce, entice or solicit) any employee of the Company, the Employer or any of their respective Affiliates or ventures to leave the employment of the Company, the Employer
or any of their respective Affiliates or ventures or (ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company, the Employer or any of their respective Affiliates or ventures with whom Executive had
any actual contact while employed at the Employer. 

  

	 	(b)	Executive acknowledges that these restrictive covenants under this Agreement, for which Executive received valuable consideration from the Company and the Employer as provided in this Agreement, including, but not
limited to the agreement of the Company and the Employer to provide Executive with Confidential Information regarding the Company, the Employer and their respective businesses are ancillary to otherwise enforceable provisions of this Agreement that
the consideration provided by the Company and the Employer gives rise to the interest of each of the Company and the Employer in restraining Executive and that the restrictive covenants are designed to enforce Executive’s consideration or
return promises under this Agreement. Additionally, Executive acknowledges that these restrictive covenants contain limitations as to time and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is
necessary to protect the goodwill or other legitimate business interests of the Company and the Employer, including, but not limited to, the Company’s and the Employer’s need to protect their Confidential Information. 

 

	8.	NOTICES. For purposes of this Agreement, notices and all other communications must be in writing and will be deemed to have been given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

  

			
	If to the Company or the Employer:	  	 757 N. Eldridge Parkway
 Houston, TX 77079

Attn: Steve Allen
 Senior Vice President, Chief Human Resources
Officer

	If to Executive:	  	  
  

 

 or to such other address as either party may furnish to the other in writing in accordance with this Section.

  

	9.	APPLICABLE LAW. The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the State of
Texas, but without giving effect to any principles of conflict of laws thereunder which would result in the application of the laws of any other jurisdiction. 

  
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	10.	SEVERABILITY. If any provision of this Agreement is determined to be invalid or unenforceable, then the invalidity or unenforceability of that provision will not affect the validity or
enforceability of any other provision of this Agreement and all other provisions shall remain in full force and effect. 

  

	11.	WITHHOLDING OF TAXES. The Company or the Employer, as applicable, may withhold from any payments under this Agreement all federal, state, local or other taxes as may
be required pursuant to any applicable law or governmental regulation or ruling. 

  

	12.	NO ASSIGNMENT; SUCCESSORS. Executive’s right to receive payments or benefits under this Agreement shall not be assignable or transferable, whether by pledge,
creation of a security interest or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or distribution, and in the event of any attempted assignment or transfer
contrary to this Section 12 the Company or Employer will have no liability to pay any amount so attempted to be assigned or transferred. This Agreement inures to the benefit of and is enforceable by Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 This Agreement is
binding upon and inures to the benefit of the Company and the Employer and their respective successors and assigns (including, without limitation, any company into or with which the Company may merge or consolidate). 

 

	13.	NUMBER AND GENDER. Wherever appropriate herein, words used in the singular will include the plural, the plural will include the singular, and the masculine gender will
include the feminine gender. 

  

	14.	CONFLICTS. This Agreement constitutes the entire understanding of the parties with respect to its subject matter and supersedes any other agreement or other understanding, whether oral or written,
express or implied, between them concerning, related to or otherwise in connection with, the subject matter hereof. 

  

	15.	AMENDMENT AND WAIVER. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and
signed by Executive and such officer as may be specifically designated by the Board. No written waiver by any party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this
Agreement to be performed by any other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time (unless specifically provided in such written waiver). 

 

	16.	COUNTERPARTS. This Agreement may be executed in several counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.

  
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	17.	TERM. This Agreement is effective August 14, 2017 and shall expire on March 15, 2019 (“Term”), unless a Change in Control has occurred during the Term in which event the
Agreement shall expire on the later of March 15, 2019 or one year after the Change in Control; provided that terms of this Agreement which must survive the expiration of the Term of this Agreement in order to be effectuated (including the
provisions of Sections 5, 6 and 7 and the related definitional provisions) will survive. 

 [Intentionally Left Blank]

  
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	McDERMOTT INTERNATIONAL, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	Date:	 	 

  

			
	[●]
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	Date:	 	 

  

			
	EXECUTIVE
		
	By:	 	 
	Name:	 	 
		
	Date:	 	 

  
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 EXHIBIT A 

DEFINITIONS 
 The following
terms have the meanings set forth below. 
 “Accrued Benefits” means 

 

	(i)	any portion of Executive’s Salary earned through the Covered Termination Date and not yet paid; 

  

	(ii)	reimbursement for any and all amounts advanced in connection with Executive’s employment for reasonable and necessary expenses incurred by Executive through the date of Covered Termination in accordance with the
Company’s policies and procedures on reimbursement of expenses; and 

  

	(iii)	any earned vacation pay not theretofore used or paid in accordance with the Company’s policy for payment of earned and unused vacation time. 

“Affiliate” means an Affiliate within the meaning of Rule 12b-2 promulgated under
Section 12 of the Exchange Act. 
 “Board” means the Board of Directors of the Company. 

“Cause” means 
  

	(i)	the continued failure of Executive to perform substantially Executive’s duties with the Company (occasioned by reason other than physical or mental illness or disability of Executive) after a written demand for
substantial performance is delivered to Executive by the Compensation Committee of the Board which specifically identifies the manner in which the Compensation Committee of the Board or the Chief Executive Officer believes that Executive has not
substantially performed Executive’s duties, after which Executive shall have 30 days to defend or remedy such failure to substantially perform Executive’s duties; 

 

	(ii)	the engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or 

  

	(iii)	the conviction of Executive with no further possibility of appeal for, or plea of guilty or nolo contendere by Executive to, any felony. 

The cessation of employment of Executive under subparagraph (i) and (ii) above shall not be deemed to be for “Cause” unless and
until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Compensation Committee of the Board at a meeting of such Committee
called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an 

  
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opportunity, together with counsel, to be heard before such Committee), finding that, in the good faith opinion of such Committee, Executive is guilty of the conduct described in subparagraph
(i) or (ii) above, and specifying the particulars thereof in detail. 
 A “Change in Control” will be deemed to have occurred upon the
occurrence of any of the following: 
  

	 	(a)	30% Ownership Change: Any Person, other than an ERISA-regulated pension plan established by the Company, the Employer, or an Affiliate of either of them, makes an acquisition of Outstanding Voting Stock
and is, immediately thereafter, the beneficial owner of 30% or more of the then Outstanding Voting Stock, unless such acquisition is made directly from the Company in a transaction approved by a majority of the Incumbent Directors; or any group is
formed that is the beneficial owner of 30% or more of the Outstanding Voting Stock; or 

  

	 	(b)	Board Majority Change: Individuals who are Incumbent Directors cease for any reason to constitute a majority of the members of the Board; or 

 

	 	(c)	Major Mergers and Acquisitions: Consummation of a Business Combination unless, immediately following such Business Combination, (i) all or substantially all of the individuals and entities that were
the beneficial owners of the Outstanding Voting Stock immediately before such Business Combination beneficially own, directly or indirectly, at least 50% of the then outstanding shares of voting stock of the parent corporation resulting from such
Business Combination in substantially the same relative proportions as their ownership, immediately before such Business Combination, of the Outstanding Voting Stock, (ii) if the Business Combination involves the issuance or payment by the
Company of consideration to another entity or its shareholders, the total fair market value of such consideration plus the principal amount of the consolidated long-term debt of the entity or business being acquired (in each case, determined as of
the date of consummation of such Business Combination by a majority of the Incumbent Directors) does not exceed 50% of the sum of the fair market value of the Outstanding Voting Stock plus the principal amount of the Company’s consolidated
long-term debt (in each case, determined immediately before such consummation by a majority of the Incumbent Directors), (iii) no Person (other than any corporation resulting from such Business Combination) beneficially owns, directly or indirectly,
30% or more of the then outstanding shares of voting stock of the parent corporation resulting from such Business Combination and (iv) a majority of the members of the board of directors of the parent corporation resulting from such Business
Combination were Incumbent Directors of the Company immediately before consummation of such Business Combination; or 

  
 A-2 

	 	(d)	Major Asset Dispositions: Consummation of a Major Asset Disposition unless, immediately following such Major Asset Disposition, (i) individuals and entities that were beneficial owners of the
Outstanding Voting Stock immediately before such Major Asset Disposition beneficially own, directly or indirectly, at least 50% of the then outstanding shares of voting stock of the Company (if it continues to exist) and of the entity that acquires
the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) and (ii) a majority of the members of the Board (if it continues to exist) and of the entity that acquires
the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) were Incumbent Directors of the Company immediately before consummation of such Major Asset Disposition; or

  

	 	(e)	Other Circumstances: Such other circumstances as may be deemed by the Board in its sole discretion to constitute a change in control of the Company. 

For purposes of the definition of a “Change in Control”, 
  

	 	(1)	“Person” means an individual, entity or group; 

  

	 	(2)	“group” has the same meaning as used in Section 13(d)(3) of the Exchange Act; 

  

	 	(3)	“beneficial owner” is used as it is defined for purposes of Rule 13d-3 under the Exchange Act; 

 

	 	(4)	“Outstanding Voting Stock” means outstanding voting securities of the Company entitled to vote generally in the election of directors; and any specified percentage or portion of the Outstanding Voting
Stock (or of other voting stock) is determined based on the combined voting power of such securities; 

  

	 	(5)	“Incumbent Director” means a director of the Company (x) who was a director of the Company on the effective date of this Agreement or (y) who becomes a director after such date and whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of a majority of the Incumbent Directors at the time of such election or nomination, except that any such director will not be deemed an Incumbent
Director if his or her initial assumption of office occurs as a result of an actual or threatened election contest or other actual or threatened solicitation of proxies by or on behalf of a Person other than the Board; 

 

	 	(6)	“election contest” is used as it is defined for purposes of Rule 14a-11 under the Exchange Act; 

  
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	 	(7)	“Business Combination” means 

  

	 	(x)	a merger or consolidation involving the Company or its stock, or 

  

	 	(y)	an acquisition by the Company, directly or through one or more subsidiaries, of another entity or its stock or assets; 

  

	 	(8)	“parent corporation resulting from a Business Combination” means the Company if its stock is not acquired or converted in the Business Combination and otherwise means the entity which as a result of
such Business Combination owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries; and 

  

	 	(9)	“Major Asset Disposition” means the sale or other disposition in one transaction or a series of related transactions of 50% or more of the assets of the Company and its subsidiaries on a consolidated
basis; and any specified percentage or portion of the assets of the Company will be based on fair market value, as determined by a majority of the Incumbent Directors. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means McDermott International, Inc., and, except for purposes of determining whether a Change in Control has
occurred, any successor thereto. 
 “Confidential Information” means any and all information, data and knowledge that has
been created, discovered, developed or otherwise become known to the Company, the Employer or any of their respective Affiliates or in which property rights have been assigned or otherwise conveyed to the Company, the Employer or any of their
respective Affiliates, which information, data or knowledge has commercial value in the business in which the Company, the Employer or any of their respective Affiliates or ventures is engaged, except such information, data or knowledge as is or
becomes known to the public without violation of the terms of this Agreement. By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s, the Employer’s or any of
their respective Affiliates’ plans and strategies, nonpublic information concerning material market opportunities, technical trade secrets, processes, formulas, know-how, improvements, discoveries,
developments, designs, inventions, techniques, marketing plans, manuals, records of research, reports, memoranda, computer software, strategies, forecasts, new products, unpublished financial information, projections, licenses, prices, costs, and
employee, customer and supplier lists. 
 “Covered Termination” means a termination of Executive’s employment (such
that Executive ceases to be employed by the Employer, the Company or any of their respective Affiliates) that is a “Separation from Service” (as defined in Code Section 409A and the Treasury regulations and guidance issued thereunder)
within the one-year period following a Change in Control during the Term of this Agreement due to: 
  

	 	(a)	an involuntary termination that does not result from any of the following: 

  

	 	(1)	death; 

  
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	 	(2)	Disability; or 

  

	 	(3)	termination for Cause; or 

  

	 	(b)	a termination by Executive for Good Reason. 

 “Covered Termination Date” means
(i) if Executive’s employment is terminated for Cause, the date on which the Company delivers to Executive the requisite resolution, or, with respect to a termination under subparagraph (iii) of the definition of Cause, the date on
which the Employer notifies Executive of such termination, (ii) if Executive’s employment is terminated by the Employer for a reason other than Cause or Executive’s death, the date on which the Employer notifies Executive of such
termination, (iii) if Executive’s employment is terminated by Executive for Good Reason, the date on which Executive notifies the Employer of such termination (after having given the Company notice and a
30-day cure period), or (iv) if Executive’s employment is terminated by reason of death, the date of death of Executive. 

“Disability” means circumstances which would qualify Executive for long-term
disability benefits under the Company’s or the Employer’s long-term disability plan, whether or not Executive is covered under such plan. 

“EDCP” means the McDermott International, Inc. Director and Executive Deferred Compensation Plan, as in effect on the Covered
Termination Date. 
 “EICP” means the McDermott International, Inc. Executive Incentive Compensation Plan, or any successor
plan thereto. 
 “Employer” means McDermott, Inc., and any successor thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Excise Tax” means any excise tax imposed under Code Section 4999. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Good Reason” means any one or more of the following events which occurs following a Change in Control: 

 

	 	(a)	a material diminution in the duties or responsibilities of Executive from those applicable immediately before the date on which a Change in Control occurs; 

 

	 	(b)	a material reduction in Executive’s annual Salary as in effect on the Effective Date of this Agreement or as the same may be increased from time to time; 

  
 A-5 

	 	(c)	the failure by the Company or the Employer to continue in effect any compensation plan in which Executive participates immediately before the Change in Control which is material to Executive’s total compensation,
unless a comparable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company or the Employer to continue Executive’s participation therein (or in such substitute
or alternative plan) on a basis not materially less favorable than existed immediately before the Change in Control, unless the action by the Company or the Employer applies to all similarly situated employees; 

 

	 	(d)	the failure by the Company and the Employer to continue to provide Executive with material benefits in the aggregate that are substantially similar to those enjoyed by Executive under any of the Company’s (or the
Employer’s or their respective Affiliates’) pension, savings, life insurance, medical, health and accident, or disability plans in which Executive was participating immediately before the Change in Control if such benefits are material to
Executive’s total compensation, the taking of any other action by the Company or the Employer which would directly or indirectly materially reduce any of such benefits or deprive Executive of any fringe benefit enjoyed by Executive at the time
of the Change in Control if such fringe benefit is material to Executive’s total compensation, unless the action by the Company or the Employer applies to all similarly situated employees; or 

 

	 	(e)	a change in the location of Executive’s principal place of employment with the Employer or the Company by more than 50 miles from the location where Executive was principally employed immediately before the
Change in Control without Executive’s consent. 

 If a Change in Control occurs and any of the events described above
occurs prior to the first anniversary of such Change in Control (an “Event”), Executive shall give the Company written notice (the “Executive Notice”) within 60 days following Executive’s knowledge of an Event that
Executive intends to terminate employment as a result. The Company shall have 30 days following receipt of the Executive Notice in which to cure the Event. If the Company does not take such action within that time, the Event shall constitute
Good Reason. If Executive does not provide the Executive Notice within 60 days as required above then the Event shall not constitute Good Reason, and thereafter, for purposes of determining whether Executive has Good Reason, Executive’s
terms and conditions of employment after the occurrence of the Event shall be substituted for those terms and conditions of Executive’s employment in effect immediately prior to the date of this Agreement. 

  
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 “Other Compensation” shall mean all payments and benefits to which Executive may
be entitled under the terms of any applicable compensation arrangement or benefit plan or program of the Company that do not specify the time of distribution, other than such payments and benefits provided for under Section 2(a)(i) through
Section 2(a)(v) of this Agreement; provided that Other Compensation shall not include any entitlement to severance under any severance policy of the Company generally applicable to the salaried employees of the Company. 

“Salary” means Executive’s annual base salary as in effect immediately before the termination of Executive’s
employment or, if higher, the base salary in effect immediately before the first event or circumstance constituting Good Reason. 

“Target Bonus Percentage” means Executive’s target incentive award opportunity under the EICP in effect immediately
before the termination of Executive’s employment or, if higher, immediately before the first event or circumstance constituting Good Reason. 

  
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 EXHIBIT B 

WAIVER AND RELEASE 

FORM WAIVER AND RELEASE 

Pursuant to the terms of the Change in Control Agreement made as of
                    ,         , by and among McDermott International, Inc. (the
“Company”), McDermott, Inc. (the “Employer”) and me, and in consideration of the payments made to me and other benefits to be received by me pursuant thereto, I,
                                 , do freely and voluntarily enter into this
WAIVER AND RELEASE (the “Release”), which shall become effective and binding on the eighth day following my signing the Release as provided herein (the “Effective Date”). It is my intent to be legally bound, according to the
terms set forth below. 
 In exchange for the payments and other benefits to be provided to me by the Company and the Employer pursuant to Section 2 of
the Change in Control Agreement (the “Separation Payment” and “Separation Benefits”), I hereby agree and state as follows: 
  

	1.	I, individually and on behalf of my heirs, personal representatives, successors, and assigns, release, waive, and discharge the Company and the Employer, their respective predecessors, successors, parents, subsidiaries,
merged entities, operating units, affiliates, divisions, insurers, administrators, trustees, and the agents, representatives, officers, directors, shareholders, employees and attorneys of each of the foregoing (hereinafter “Released
Parties”), from all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs, expenses, damages, actions, and causes of action, whether in law or in equity, whether known or unknown, suspected or unsuspected, arising
from my employment and termination from employment with the Employer and its affiliates, including but not limited to any and all claims pursuant to Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991
(42 U.S.C. § 2000e, et seq.), which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Civil Rights Act of 1866 (42 U.S.C. §§1981, 1983 and 1985), which prohibits
violations of civil rights; the Age Discrimination in Employment Act of 1967, as amended, and as further amended by the Older Workers Benefit Protection Act (29 U.S.C. §621, et seq.), which prohibits age discrimination in
employment; the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. § 1001, et seq. ), which protects certain employee benefits; the Americans with Disabilities Act of 1990, as amended (42 U.S.C.
§ 12101, et seq.), which prohibits discrimination against the disabled; the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601, et seq.), which provides medical and family leave; the Fair Labor Standards
Act (29 U.S.C. § 201, et seq.), including the wage and hour laws relating to payment of wages; and all other federal, state and local laws and regulations prohibiting employment discrimination. This Release also includes, but
is not limited to, a release of any claims for breach of contract, mental pain, suffering and anguish, emotional upset, impairment of economic opportunities, unlawful interference with employment rights, defamation, intentional or negligent
infliction of emotional distress, fraud, wrongful termination, wrongful discharge in violation of public policy, breach of any express or implied covenant of good faith and fair dealing, that the Company, the Employer or any of their respective
Affiliates has dealt with me unfairly or in bad faith, and all other common law contract and tort claims. 

  
 B-1 

 Notwithstanding the foregoing, I am not waiving any rights or claims that may arise after this
Release is signed by me. Moreover, this Release does not apply to any claims or rights which, by operation of law, cannot be waived, including the right to file an administrative charge or participate in an administrative investigation or
proceeding; however, by signing this Release I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Nothing in this Release shall affect in any way
my rights of indemnification and directors and officers liability insurance coverage provided to me pursuant to the Company’s by-laws and/or pursuant to any agreement in effect prior to the effective date
of my termination, which shall continue in full force and effect, in accordance with their respective terms, following the effective date of this Release. 
  

	2.	I forever waive and relinquish any right or claim to reinstatement to active employment with the Company, the Employer, their respective affiliates, subsidiaries, divisions, parent, and successors. I further acknowledge
that neither the Company nor the Employer has any obligation to rehire or return me to active duty at any time in the future. 

  

	3.	I acknowledge that all agreements applicable to my employment respecting noncompetition, nonsolicitation and the confidential or proprietary information of the Company and the Employer and their respective affiliates
shall continue in full force and effect in accordance with the terms of such agreements. 

  

	4.	I agree that I will refrain from any libel, slander, defamation or other disparaging comments about the Company, the Employer, their respective affiliates, or any current or former officer, director or employee of the
Company, the Employer or any of their respective affiliates; provided, however, that nothing in this paragraph shall apply to or restrict in any way the communication of information by me to any state or federal law enforcement agency or require
notice to the Company, the Employer or any of their respective affiliates thereof, and I will not be in breach of the covenant contained in this paragraph solely by reason of my testimony which is compelled by process of law. 

 

	5.	I hereby acknowledge and affirm as follows: 

  

	 	a.	I have been advised to consult with an attorney prior to signing this Release. 

  

	 	b.	I have been extended a period of 21 days in which to consider this Release. 

  

	 	c.	I understand that for a period of seven days following my execution of this Release, I may revoke the Release by notifying Company and the Employer, in writing, of my desire to do so. I understand that after the seven-day period has elapsed and I have not revoked the Release, it shall then become effective and enforceable. I understand that the Separation Payment will not be made under the Change in Control Agreement and I
will not be entitled to the Severance Benefits made under the Change in Control Agreement until after the seven-day period has elapsed and I have not revoked the Release. 

  
 B-2 

	 	d.	I acknowledge that I have received payment for all wages due at time of my employment termination, including reimbursement for any and all business related expenses. I further acknowledge that the Separation Payment and
the Separation Benefits are consideration to which I am not otherwise entitled under any Company plan, program, or prior agreement. 

  

	 	e.	I certify that I have returned all property of the Company, the Employer and their respective affiliates, including but not limited to, keys, credit and fuel cards, files, lists, and documents of all kinds regardless of
the medium in which they are maintained. 

  

	 	f.	I have carefully read the contents of this Release and I understand its contents. I am executing this Release voluntarily, knowingly, and without any duress or coercion. 

 

	6.	I acknowledge that this Release shall not be construed as an admission by any of the Released Parties of any liability whatsoever, or as an admission by any of the Released Parties of any violation of my rights or of
any other person, or any violation of any order, law, statute, duty or contract. 

  

	7.	I agree that the terms and conditions of this Release are confidential and that I will not, directly or indirectly, disclose the existence of or terms of this Release to anyone other than my attorney or tax advisor,
except to the extent such disclosure may be required for accounting or tax reporting purposes or otherwise be required by law or direction of a court. Nothing in this provision shall be construed to prohibit me from disclosing this Release to the
Equal Employment Opportunity Commission in connection with any complaint or charge submitted to that agency. 

  

	8.	In the event that any provision of this Release should be held void, voidable, or unenforceable, the remaining portions shall remain in full force and effect. 

 

	9.	I hereby declare that this Release constitutes the entire and final settlement between me and the Company and the Employer, superseding any and all prior agreements, and that neither the Company nor the Employer has
made any promise or offered any other agreement, except those expressed in this Release, to induce or persuade me to enter into this Release. 

  
 B-3 

 IN WITNESS WHEREOF, I have signed this Release on the
         day of                     ,
20        . 
  

	
	   

  

	
	
	   

	Printed Name
	
	   

	Social Security Number

  
 B-4 

 EXHIBIT C 

Excise Tax Modified Cutback Provisions 

Anything in this Agreement to the contrary notwithstanding, in the event the Firm (as defined below) shall determine that Executive shall
become entitled to payments and/or benefits provided by this Agreement which would be subject to the excise tax imposed by Code Section 4999 (the “Payments”), the Firm shall determine whether to reduce any of the Payments to
the Reduced Amount (as defined below). The Payments shall be reduced to the Reduced Amount only if the Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate
Payments if the Executive’s Payments were reduced to the Reduced Amount. If such a determination is not made by the Firm, Executive shall receive all Payments to which Executive is entitled under this Agreement. 

If the Firm determines that aggregate Payments should be reduced to the Reduced Amount, the Company shall promptly give Executive notice to
that effect and a copy of the detailed calculation thereof. All determinations made by the Firm under this Exhibit C shall be binding upon the Company and Executive absent manifest error and shall be made as soon as
reasonably practicable and in no event later than 15 business days of the receipt of notice from the Company that there has been a Payment, or such earlier time as is requested by the Company. For purposes of reducing the Payments to the Reduced
Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing, in order, cash payments otherwise due under Sections 2(a)(iv),
2(a)(v)(1) and 2(a)(v)(2) of this Agreement, and then by reducing equity-based compensation otherwise due under Section 2(a)(iii) of this Agreement in chronological order with the most recent equity based compensation awards reduced first. 

As a result of the uncertainty in the application of Code Section 4999 at the time of the initial determination by the Firm hereunder, it
is possible that amounts will have been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement which should not have been so paid or distributed (“Overpayment”) or that additional amounts
which will have not been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the
Reduced Amount hereunder. In the event that the Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Firm believes has a high probability of success determines that an
Overpayment has been made, Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate provided for in Code Section 7872(f)(2); provided, however, that no amount shall be payable by
Executive to the Company if and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Code Sections 1 and 4999 or generate a refund of such taxes. In the event that the Firm, based upon
controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the
Company to or for the benefit of Executive together with interest at the applicable federal rate provided for in Code Section 7872(f)(2). 

  
 C-1 

 For purposes hereof, the following terms have the meanings set forth below: 

“Firm” shall mean an internationally recognized accounting or employee benefits consulting firm selected by
the Company with the input of Executive (but without Executive’s consent) and which shall not, during the one year preceding the date of its selection, have acted in any way on behalf of the Company or its affiliated companies. 

“Net After-Tax Receipt” shall mean the present value (as determined
in accordance with Code Sections 280G(b)(2)(A)(ii) and 280G(d)(4)) of a Payment net of all taxes imposed on Executive with respect thereto under Code Sections 1 and 4999 and under applicable state and local laws, determined by applying the
highest marginal rate under Code Section 1 and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as Executive certifies, in Executive’s sole
discretion, as likely to apply to Executive in the relevant tax year(s). 
 “Reduced Amount” shall mean the
greatest amount of Payments that can be paid that would not result in the imposition of the excise tax under Code Section 4999 if the Firm determines to reduce Payments pursuant to the first paragraph of this Exhibit C. 

  
 C-2EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

EXTERNAL MANAGEMENT AGREEMENT 

by and between 
 RETAIL
VALUE INC. 
 and 

DDR ASSET MANAGEMENT LLC 

Dated July 1, 2018 

 TABLE OF CONTENTS 

 

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

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

 Exhibits 
  

			
	 Exhibit A:
	 	 Puerto Rico Properties

		
	 Exhibit B:
	 	 Gross Asset Values

  
 ii 

 EXTERNAL MANAGEMENT AGREEMENT 

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

RECITALS: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 2 

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

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

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

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

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

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

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

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

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

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

  
 3 

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 4 

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

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

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

  
 5 

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

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

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

4.       AUTHORITY OF SERVICE PROVIDER. 

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

  
 6 

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

5.       FEES 

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

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

(c)      Change of Control Fee. 

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

  
 7 

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

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

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

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

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

  
 8 

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

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

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

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

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

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

  
 9 

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

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

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

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

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

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

  
 10 

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

11.       LIMITATIONS ON ACTIVITIES. 

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

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

  
 11 

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

14.       CONFLICTS. 

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

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

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

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

 16.       BUDGETS. 

  
 12 

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

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

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

  
 13 

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

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

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

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

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

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

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

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

  
 14 

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

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

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

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

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

  
 15 

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

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

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

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

  
 16 

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

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

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

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

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

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

  
 17 

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

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

  
 18 

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

			
	 RETAIL VALUE INC.

		
	 By:
	 	 /s/ David R. Lukes

		 	 Name: David R. Lukes

		 	 Title: President and Chief Executive Officer

	
	 DDR ASSET MANAGEMENT LLC

		
	 By:
	 	 /s/ David R. Lukes

		 	 Name: David R. Lukes

		 	 Title: President and Chief Executive Officer

  
 [Signature Page to
Agreement]

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