AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Employment
Agreement”) is entered into as of the 29th day of December, 2008, between Developers Diversified Realty
Corporation, an Ohio corporation (the “Company”), and David M. Jacobstein (the “Executive”).
WHEREAS, the Company desires to employ the Executive, and the Executive desires to be employed
by the Company, on the terms and subject to the conditions set forth herein; and
WHEREAS, the Company and the Executive desire for this Employment Agreement to amend and
supersede any prior employment agreements between the Company and the Executive.
NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as
(a) The Company hereby employs the Executive, and the Executive hereby accepts such employment, on
the terms and subject to the conditions hereinafter set forth.
(b) During the term of this Employment Agreement, the Executive shall be and have the titles given to him
from time to time by the Chief Executive Officer of the Company and shall devote such part of his
business time as may be reasonably necessary to perform diligently such duties as may be reasonably
requested from time to time by the Chief Executive Officer or the Board of Directors of the Company
(the “Board”); provided, however, that in no event shall the Executive be required to devote more than
20 hours per month to the performance of such duties.
2. Term and Positions.
(a) The period of employment of the Executive by the Company shall be deemed to have commenced on
May 8, 2007 (the “Effective Date”) and shall, subject to earlier termination as provided in this
Employment Agreement, continue until December 31, 2010. Notwithstanding the foregoing, this
Employment Agreement may be terminated by the Company with “cause” (as hereinafter defined) at a