- Additional Proxy Soliciting Materials (definitive) (DEFA14A)
June 12 2009 - 5:09PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934
Filed by the
Registrant
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Filed by a Party other than the Registrant
o
Check the appropriate box:
o
Preliminary
Proxy Statement
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Confidential,
for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
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Definitive
Proxy Statement
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Definitive
Additional Materials
o
Soliciting
Material Pursuant to
Rule 14a-12
DEVELOPERS DIVERSIFIED REALTY CORPORATION
(Name of Registrant as Specified in
Its Charter)
(Name of Person(s) Filing Proxy
Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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No
fee required.
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Fee computed on table below per Exchange Act
Rules 14a-6(i)(1)
and 0-11.
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(1)
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Title of each class of securities to which transaction applies:
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed
pursuant to Exchange Act
Rule 0-11
(set forth the amount on which the filing fee is calculated and
state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by
Exchange Act
Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its
filing.
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(1)
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Amount previously paid:
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Form, Schedule or Registration Statement No.:
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The 2009 Annual Meeting of Shareholders of Developers Diversified Realty Corporation (the
Company) will be held at the Companys corporate headquarters, 3300 Enterprise Parkway,
Beachwood, Ohio 44122, on June 25, 2009 at 9:00 a.m., local time (the Annual Meeting). At the
Annual Meeting, among other items, shareholders will be asked to approve the Amended and Restated
2008 Developers Diversified Realty Corporation Equity-Based Award Plan (the 2008 Plan).
On June 12, 2009, the Board of Directors of the Company approved amendments to the 2008 Plan
and any other existing equity-based award plan pursuant to which equity awards may be granted
(collectively with the 2008 Plan, the Plans) that will, with respect to future grants under the
Plans, revise the definition of the term Change in Control in the Plans to provide that a Change
in Control shall occur upon the acquisition by any individual, entity or group of beneficial
ownership of 30% or more of the voting power of the Companys outstanding securities without the
prior consent of the Board of Directors (which represents an increase from 20% or more).
Additionally, the Board of Directors approved amendments to the Plans to eliminate the automatic
vesting of awards made pursuant to the Plans solely upon the occurrence of a Change in Control or
409A Change in Control (each as defined in each Plan, to the extent applicable). The Board of
Directors also authorized that new award agreements evidencing awards made pursuant to the Plans
(Award Agreements) will provide that accelerated vesting of awards made pursuant to the Plans in
connection with a Change in Control or a 409A Change in Control will only be triggered if, within
two or three years following the Change in Control or 409A Change in Control (as applicable and
consistent with the time periods provided in any employment agreement or change in control
agreement to which the participant is a party), a participants employment with the Company, any
subsidiary or any affiliate entity thereof is terminated without cause or, if the Award Agreement
so provides, the participant resigns for good reason (to be defined in the Award Agreements).
The Board of Directors also authorized the Company to amend the existing employment agreements
and change in control agreements with the Companys Chairman and Chief Executive Officer, Scott A.
Wolstein, and President and Chief Operating Officer, Daniel B. Hurwitz, to eliminate gross-up
payments for any excise taxes, penalties or interest otherwise payable in connection with (a) any
change in control, pursuant to Section 4999 of the Internal Revenue Code of 1986 (the Code) or
otherwise, and (b) any violation of Section 409A of the Code. Each of Mr. Wolstein and Mr. Hurwitz
has agreed to eliminate such gross-up payments from his employment agreement and change in control
agreement. The Company commits not to include gross-up payments for any excise taxes, penalties or
interest payable in connection with any change in control in any future employment agreements or
change in control agreements, or any amendments to any existing employment agreements or change in
control agreements, with executive officers.
The Board of Directors also agreed to consider implementation of a policy regarding the
pledging of the Companys securities by its officers, directors and other individuals who are
subject to the Companys insider trading policy.
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