Common use of Background & Purpose Clause in Contracts

Background & Purpose. The Company maintains the Developers Diversified Realty Corporation Equity-Based Award Plan (as amended, modified or supplemented from time to time, the “Plan”). Among the forms of compensation contemplated by the Plan are grants of common shares and performance awards. This Agreement is adopted in furtherance of the authority to make such grants and provides for grants of common shares (each, an “Award”) to certain senior executives of the Company based on the achievement of certain goals over a specified period of time. The Award shall be subject to the terms and conditions set forth herein and in the Plan and shall be evidenced by this Agreement.

Background & Purpose. The Company maintains the Developers Diversified Realty Corporation 2004 Equity-Based Award Plan (as amended, modified or supplemented from time to time, the “Plan”). Among the forms of compensation contemplated by the Plan are grants of common shares and performance awards. This Agreement is adopted in furtherance of the authority to make such grants and provides for grants of common shares (each, an “Award”) to certain senior executives of the Company based on the achievement of certain goals over a specified period of time. The Award shall be subject to the terms and conditions set forth herein and in the Plan and shall be evidenced by this Agreement.