UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )

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[ ]		Soliciting Material Pursuant to §240.14a-12

	KIMCO REALTY CORPORATION
	(Name of Registrant as Specified In Its Charter)


	(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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NOTICE OF ANNUAL MEETINGOF STOCKHOLDERS

Dear Stockholder:

We cordially invite you to attend the ~~2018~~2021 annual stockholders’ meeting of Kimco Realty Corporation, a Maryland corporation (the “Company”).

date:	April ~~24, 2018~~
	27, 2021
time:	10:00 a.m. ~~(local time)~~
	(Eastern Time)
place:	~~Grand Hyatt New York~~Online only at:
	~~109 East 42nd Street~~
	~~New York, NY 10017~~
	www.virtualshareholdermeeting.com/KIM2021
record date:	The close of business on ~~February 28, 2018~~March 2, 2021

At the ~~2018~~2021 annual meeting, stockholders as of the close of business on the record date will be asked to consider and vote upon the following matters, as more fully described in the Proxy Statement:

1	2	3	4	2	3	4
Election of nine directors to serve for a term ending at the 2019 annual meeting of stockholders and until their successors are duly elected and qualify	Advisory resolution to approve the Company’s executive compensation (“Say-on-Pay”) as described in the Proxy Statement	Ratification of the appointment of Pricewaterhouse Coopers LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2018	Such other business as may properly come before the meeting or any postponement(s) or adjournment(s) thereof
Election of eight directors to serve for a term ending at the 2022 annual meeting of stockholders and until their successors are duly elected and qualify				Advisory resolution to approve the Company’s executive compensation (“Say-on-Pay”) as described in the Proxy Statement	Ratification of the appointment of Pricewaterhouse Coopers LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2021	Such other business as may properly come before the meeting or any postponement(s) or adjournment(s) thereof

All stockholders are cordially invited to attend the 2021 annual meeting, which will be conducted via a live webcast. The Company is excited to again embrace the environmentally-friendly virtual meeting format, which it believes will enable increased stockholder attendance and participation. During this virtual meeting, you may ask questions, and you will be able to vote your shares electronically. You may also submit questions in advance of the 2021 annual meeting by visiting www.virtualshareholdermeeting.com/KIM2021. The Company will respond to as many inquiries at the 2021 annual meeting as time allows.

If you plan to attend the 2021 annual meeting online, you will need the 16-digit control number included in your Notice, on your proxy card or on the instructions that accompany your proxy materials. The 2021 annual meeting will begin promptly at 10:00 a.m. (Eastern Time). Online check-in will begin at 9:30 a.m. (Eastern Time), and you should allow ample time for the online check-in procedures.

YOUR VOTE IS IMPORTANT TO US.Whether or not you plan to attend the 2021 annual meeting, please authorize a proxy to vote your shares as soon as possible to ensure that your shares will be represented at the ~~2018~~2021 annual meeting.

By Order of the Board of Directors,

~~Bruce M. Rubenstein~~

~~Executive Vice President, General Counsel and Secretary~~

~~March 15, 2018~~

Bruce M. Rubenstein
Executive Vice President, General Counsel and Secretary
March 17, 2021

Important Notice Regarding Internet Availability of Proxy Materials

We are pleased to take advantage of the Securities and Exchange Commission rules allowing companies to furnish proxy materials to their stockholders over the Internet. We believe that this e-proxy process will expedite stockholders’ receipt of proxy materials, lower the costs, and reduce the environmental impact of our ~~2018~~2021 annual meeting. We will send a full set of proxy materials or a Notice of Internet Availability of Proxy Materials (the “Notice of Internet Availability”) on or about March ~~15, 2018,~~17, 2021 and provide access to our proxy materials over the Internet, beginning on March ~~15, 2018,~~17, 2021, for the holders of record and beneficial owners of our Common Stock as of the close of business on the record date. The Notice of Internet Availability instructs you on how to access and review the Proxy Statement and our annual report. The Notice of Internet Availability also instructs you on how you may authorize a proxy to vote your shares over the Internet.

~~3333 New Hyde Park Road~~

500 North Broadway, Suite 201
~~New Hyde Park,~~Jericho, NY ~~11042-0020~~11753-2128

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~~2018~~2021 PROXY STATEMENTAT A GLANCE

The following executive summary is intended to provide a broad overview of the items that you will find elsewhere in this Proxy Statement. As this is only a summary, we encourage you to read the entire Proxy Statement for more information about these topics prior to voting.

Annual Meeting of ~~Shareholders:~~Stockholders:		PROPOSAL	BOARD’S VOTING RECOMMENDATION	PAGE REFERENCES (for more detail)
date: time: place: record date:	April ~~24, 2018~~27, 2021	10:00 a.m. (Eastern time) Online only at: www.virtualshareholdermeeting. com/KIM2021 The close of business on March 2, 2021	Election of Directors	FOR EACH NOMINEE	1718
	~~time:~~		~~10:00 a.m. (local time)~~		Advisory Resolution to Approve Executive Compensation	FOR	5354
	~~place:~~		~~Grand Hyatt New York~~ ~~109 East 42nd Street~~ ~~New York, NY 10017~~		Ratification of Independent Accountants	FOR	5556

~~record date:~~

~~The close of business~~
~~on February 28, 2018~~

PARTICIPATE IN THE ANNUAL MEETING

Due to the potential travel and community gathering impacts of COVID-19, the Company will again be utilizing an online format for the 2021 annual meeting. You can access the virtual annual meeting at www.virtualshareholdermeeting.com/KIM2021. By hosting the 2021 annual meeting online, the Company is able to communicate more effectively with its stockholders, enable increased attendance and participation from locations around the world, reduce costs and increase overall safety for both the Company and its stockholders. This approach also aligns with the Company’s broader sustainability goals. The virtual meeting has been designed to provide the same rights to participate as you would have at an in-person meeting.

6Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT

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DIRECTOR NOMINEES(PROPOSAL 1)

Committee Experience

Milton
Cooper 89 1991
Philip E.
Coviello 74 2008
Richard G.
Dooley 88 1991
Conor C.
Flynn 37 2016
Joe Grills 82 1997
Frank
Lourenso 77 1991
Colombe M.
Nicholas 73 2011
Mary Hogan
Preusse 49 2017
Richard B.
Saltzman 61 2003

We are requesting that the stockholders elect the nominees for director listed below to serve until the 2022 annual meeting of stockholders and until their successors are duly elected and qualify. The Board of Directors recommends a vote FOR each nominee.

			Committee	Experience

Milton Cooper	92	1991
Philip E. Coviello	77	2008
Conor C. Flynn	40	2016
Frank Lourenso	80	1991
Henry Moniz	56	2021
Mary Hogan Preusse	52	2017
Valerie Richardson	62	2018
Richard B. Saltzman	64	2003

Member

Chair

Attendance:During ~~2017,~~2020, each director attended 100% of the aggregate of the total meetings of the Board and of the committees of the Board on which such director ~~serves. Ms. Hogan Preusse~~served, except Colombe M. Nicholas, a current member of the Board of Directors who is not standing for re-election, who attended ~~100% of all Board and committee meetings after her election~~79%. Mr. Moniz was elected to the Board of Directors on January 12, 2021 and did not attend any Board or committee meetings in ~~February 2017.~~2020.

Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT7

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BOARDCOMPOSITION

The following charts show the composition of the ~~nine members of the Board~~eight director nominees by age, tenure, gender and ~~gender.~~racial or ethnic diversity. More information about our process for evaluating the composition of the Board and the role of diversity in recommending candidates for a director position can be found on page ~~26.~~27.

Age		Tenure		Gender	Race / Ethnicity

CORPORATE GOVERNANCEHIGHLIGHTS

INDEPENDENCE

We have an Executive Compensation Committee that is 100% independent. The Executive Compensation Committee engages its own compensation consultant and affirms each year that the consultant has no conflicts of interest and is independent.

NO HEDGING OR PLEDGING TRANSACTIONS

We have a policy prohibiting all directors and named executive officers (“NEOs”) from engaging in any hedging transactions with respect to equity securities of the Company held by them, which includes the purchase of any financial instrument (including prepaid variable forward contracts, equity swaps, and collars) designed to hedge or offset any decrease in the market value of our equity securities. We also have a policy that prohibits directors and NEOs from using ~~the Company’s~~ shares of our common stock, par value $0.01 per share (“Common ~~Stock~~Stock”), in any pledging transactions.

COMPENSATION CLAWBACK POLICY

We may seek repayment of cash and equity incentive compensation paid to NEOs in the event of a material misstatement of the Company’s financial results where an NEO engaged in actual fraud or willful unlawful misconduct that materially contributed to the need to restate the Company’s financial results.

STOCK OWNERSHIP GUIDELINES

We have stock ownership guidelines for our directors and ~~executive officers.~~NEOs and a stock retention requirement for directors and NEOs who have not achieved the applicable stock ownership

level. As of December 31, ~~2017,~~2020, each of the directors and ~~executive officers~~NEOs (other than ~~Ms. Hogan Preusse)~~Mr. Moniz) satisfied his or her individual stock ownership

requirement. ~~Ms. Hogan Preusse~~Mr. Moniz became a director of the Company on ~~February 1, 2017~~January 12, 2021 and has until ~~February 1, 2022~~January 12, 2026 to meet ~~her~~the required ownership levels under ~~our~~the current stock ownership guidelines. See page 2324 for a detailed discussion of our stock ownership guidelines.

~~CHANGE OF CONTROL PAYMENTS~~
EXECUTIVE SEVERANCE PLAN

We maintain an executive severance plan with a “double trigger” change in control arrangement that covers certain of our NEOs. The executive severance plan does not provide for any gross-up payments for taxes.

STOCKHOLDER ENGAGEMENT

The Board of Directors believes that accountability to stockholders is a mark of good corporate governance and is critical to the Company’s success. The Company regularly communicates with its stockholders throughout the year to better understand their views on a range of topics and to provide perspective on the Company’s corporate governance policies and practices.

During ~~2017,~~2020, the Company met with ~~more than half~~approximately 54% of ~~our~~its top 2550 stockholders (representing approximately ~~43%~~34% of the outstanding shares of our Common Stock). Topics discussed included our strategy and performance, board composition and structure, diversity, equality and inclusion initiatives, executive compensation program and sustainability initiatives. We solicited feedback from stockholders on these subjects and ~~reported~~shared their responses towith our Board of Directors.

8Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT

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~~ADVISORY RESOLUTIONTO APPROVE EXECUTIVE~~
~~COMPENSATION (PROPOSAL 2)~~

We are requesting that the stockholders approve, on a non-binding, advisory basis, the compensation of the NEOs as described in this Proxy Statement. The Board of Directors recommends a vote FOR Proposal 2 as it believes that the 2017 compensation decisions are consistent with key objectives of Kimco’s executive compensation program: to promote long-term performance through emphasis on the individual performances and achievements of our executive officers, commensurate with our business results, and to successfully execute our strategy to be the premier owner and operator of open-air shopping centers through investments primarily in the U.S. This proposal was supported by over 94% of the votes cast (which excludes abstentions and broker non-votes) in 2017 and 2016. Please see the Compensation Discussion and Analysis, Summary Compensation Table and other compensation tables and disclosures beginning on page 30 of this Proxy Statement for a full discussion of our executive compensation.

~~2017 PERFORMANCEHIGHLIGHTS~~

~~+12.0%~~	~~+10M~~SF	~~+11.5%~~	~~+60~~	~~Basis~~ ~~Points~~
~~NET INCOME AVAILABLE~~ ~~TO THE COMPANY’S~~ ~~COMMON SHAREHOLDERS~~	~~TOTAL PRO RATA LEASING~~ ~~SQUARE FOOTAGE~~ ~~VOLUME~~	~~U.S. PRO-RATA~~ ~~CASH-BASIS RENTAL~~ ~~RATE LEASING SPREADS~~	~~TOTAL~~ ~~PRO-RATA~~ ~~OCCUPANCY~~

The increase in U.S. pro-rata cash-basis rental rate leasing spreads represents the difference between new rent and prior rent for the same spaces on all renewals, options, or new leases executed during 2017, subject to certain exclusions. Total pro-rata occupancy refers to our proportional ownership percentage being applied against properties in which we own less than a 100% interest.

~~We were able to deliver improved financial results and make progress on our business development strategies. Highlights of the 2017 fiscal year included:~~
●Increased net income available to the Company’s common shareholders to $372.5 million for the year ended December 31, 2017, representing a 12.0% increase from $332.6 million for the year ended December 31, 2016. ●Achieved funds from operations available to the Company’s common shareholders (“FFO”) as adjusted (non-GAAP) of $1.52 per diluted share for the full year 2017, representing a 1.3% increase over 2016 FFO as adjusted of $1.50 per diluted share. See Annex A starting on page 58 for the definition of FFO as adjusted and a reconciliation of net income to FFO as adjusted.		●Executed a total of 1,597 leases totaling over 10 million square feet in 2017, representing the highest leasing volume in the past 10 years. Achieved pro-rata rental rate leasing spreads of 11.5% with rental rates for the new leases up 22.9% and renewals/options increasing 8.9%. ●Total pro-rata occupancy reached 96.0% as of December 31, 2017, representing an increase of 60 basis points from the 2016 year-end level of 95.4% and only 20 basis points less than the Company’s historic record of 96.2%.

		~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~ 9

~~Table of Contents~~

~~ANNUAL DIVIDEND HISTORY:2013-2018 (per common share)~~

* Estimated full year 2018 dividend based on quarterly dividend paid January 16, 2018.

~~6.5%~~

~~average dividend~~
~~growth over the~~
~~past five years~~

~~consecutive years~~
~~of dividend~~
~~growth~~


●Acquired interests in three shopping centers and 10 separate parcels adjacent to existing properties totaling 2.0 million square feet for an aggregate gross purchase price of $382.1 million including $43.0 million of debt, with the Company’s share of the purchase price totaling $377.4 million. ●Disposed of ownership interests in 41 properties totaling 4.4 million square feet for an aggregate gross sales price of $565.7 million. The dispositions completed in 2017 resulted in the Company’s exit from the states of Rhode Island and Kansas, further concentrating the portfolio in core metropolitan markets. ●~~Issued $1.25 billion of new unsecured notes ($350 million 30-year at 4.45%, $400 million 10-year at 3.8% and $500 million 7-year at 3.3%), having a weighted average effective yield of 3.82%.~~		Additionally, obtained a new $2.25 billion unsecured revolving credit facility, with borrowings at LIBOR plus 87.5 basis points. Repaid, with the proceeds from the new unsecured notes, $781.0 million of maturing debt and $250 million of the Company’s term loan, extending the Company’s weighted average debt maturity profile to one of the longest in the industry at 10.7 years. ●Completed a partial redemption of $225 million of the Company’s 6.000% Class I Cumulative Redeemable Preferred Stock. Issued $225 million of 5.125% Class L Cumulative Redeemable Preferred Stock and $264.5 million of 5.25% Class M Cumulative Redeemable Preferred Stock, which includes $34.5 million from the exercise of an over-allotment in January 2018.

10 ~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~

~~Table of Contents~~

~~2017 COMPENSATIONPAID~~

~~The table below summarizes the 2017 total compensation paid to each NEO (see pages 30 through 49 of this Proxy Statement for further detail).~~

NAME SALARY
($) STOCK
AWARDS
($) NON-EQUITY
INCENTIVE PLAN
COMPENSATION
($) ALL OTHER
COMPENSATION
($) TOTAL
($)
Milton Cooper 750,000 1,341,158 976,000 27,395 3,094,553
Conor C. Flynn 1,000,000 2,387,507 2,135,000 41,284 5,563,791
Ross Cooper* 450,000 487,278 500,000 21,030 1,458,308
Glenn G. Cohen 675,000 1,337,000 793,000 24,094 2,829,094
David Jamieson* 425,000 487,278 500,000 17,443 1,429,721

*Ross Cooper and David Jamieson became executive officers as of February 27, 2017.

~~SIGNIFICANT PORTION OF PAY IS PERFORMANCE-BASED~~& AT RISK*

Consistent with our executive compensation program, the significant majority of the total compensation during 2017 for our CEO, Mr. Flynn, and all other NEOs was incentive-based, commensurate with business results, and at risk unless such business results were achieved, as illustrated below. See page 33 for a discussion of the components of our executive compensation program.

* Amounts are based on the Summary Compensation Table on page41.

~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~ 11

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BEST PRACTICECORPORATE GOVERNANCE FEATURES

~~WHAT WE DO~~

WHAT WE DO

✓DO maintain majority voting for the election of directors ~~(uncontested elections)~~in uncontested elections

✓DO provide for annual election of ~~the entire Board~~all directors

✓DO align pay and performance ~~by linking~~with a significant ~~portion~~majority of total compensation linked to the achievement of a balanced mix of Company and individual performance criteria tied to operational and strategic objectives established at the beginning of the performance period by the Executive Compensation Committee ~~and the Board~~

✓DO deliver a substantial portion of the value of equity awards in performance shares—if our total stockholder return for a performance period is less than the minimum ~~target~~threshold level, no ~~performance~~ shares are earned or issued with respect to the performance period

✓DO maintain rigorous stock ownership guidelines for directors and NEOs

✓DO maintain a clawback policy

✓DO conduct annual assessments of compensation at risk

✓DO provide stockholders the right to amend the Bylaws

✓DO have an Executive Compensation Committee comprised solely of independent directors

✓DO retain an independent compensation consultant that reports directly to the Executive Compensation Committee and performs no other services for the Company

✓DO provide caps onwithin annual and long-term incentive plan awards

✓DO provide continuing education for our Board

✓DO have an annual offsite strategic review by the Board with management

✓DO have an Environmental, Social and Governance (“ESG”) Steering Committee comprised of employee representatives throughout the Company to plan and coordinate the execution of the Company’s ESG program

✓DO have Nominating and Corporate Governance Committee that reviews and monitors the development and implementation of goals established for the ESG program

~~WHAT WE DON’T DO~~

WHAT WE DON’T DO

✗NO compensation or incentives that encourage ~~risks~~risk-taking reasonably likely to have a material adverse effect on the Company

✗NO tax ~~gross ups~~gross-ups for any executive officers

✗NO “single-trigger” change in control cash or equity payments

✗NO re-pricing or buyouts of underwater stock options

✗NO hedging or pledging transactions involving our securities

✗NO guarantees of cash incentive compensation or of equity grants

✗NO ~~long-term~~ employment contracts with executive officers

✗NO supermajority voting requirements

✗NO stockholder rights plan (i.e., no “poison pill”)

✗NO contributions of Company funds, services or assets for political purposes

12 Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT9

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~~CORPORATE RESPONSIBILITY~~ADVISORY RESOLUTION TO APPROVE EXECUTIVE COMPENSATION (PROPOSAL 2)

We are requesting that the stockholders approve, on a non-binding, advisory basis, the compensation of the NEOs as described in this Proxy Statement. The Board of Directors recommends a vote FOR Proposal 2 as it believes that the 2020 compensation decisions are consistent with key objectives of Kimco’s executive compensation program: to promote long-term performance through emphasis on the individual performances and achievements of our executive officers, commensurate with our business results, and to successfully execute our strategy to be the premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets in the U.S. This proposal was supported by over 96% of the votes cast (which excludes abstentions and broker non-votes) in 2020. Please see the Compensation Discussion and Analysis, Summary Compensation Table for 2020 and other compensation tables and disclosures beginning on page 31 of this Proxy Statement for a full discussion of our executive compensation.

2020 PERFORMANCE HIGHLIGHTS AND RESPONSE TO COVID-19

$975.4M	$2.3B	$700M
NET INCOME AVAILABLE TO THE COMPANY’S COMMON SHAREHOLDERS	TOTAL IMMEDIATE LIQUIDITY, INCLUDING FULL $2.0B AVAILABLE ON UNSECURED REVOLVING CREDIT FACILITY	REMAINING OWNERSHIP INTEREST IN ALBERTSONS (NYSE: ACI)

+6.2M SF	+8.1%	300+	Sites
TOTAL PRO-RATA LEASING SQUARE FOOTAGE VOLUME	U.S. PRO-RATA CASH- BASIS RENTAL RATE LEASING SPREADS	FURNISHED WITH DEDICATED CURBSIDE PICKUP SPOTS TO HELP TENANTS THRIVE AND MEET CONSUMER NEEDS DURING COVID-19 PANDEMIC

Ownership interest in Albertsons Companies Inc. (“Albertsons”) (NYSE: ACI), based upon closing price of ACI stock on December 31, 2020 at $17.58 per share. The increase in U.S. pro-rata cash-basis rental rate leasing spreads represents the difference between new rent and prior rent for the same spaces on all renewals, options, or new leases executed during 2020, subject to certain exclusions.

10Kimco Realty Corporation 2021 PROXY STATEMENT

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2020 fiscal year highlights; a vision made reality:

		2020 HIGHLIGHTS: ●~~SUSTAINABILITY INITIATIVES~~During the COVID-19 pandemic, all of the Company’s shopping centers remained open and operating. As of December 31, 2020, 97% of our tenants, based on annualized base rent (ABR), were open, including those operating on a limited basis. ●Collected 92% of total pro-rata base rents billed in the fourth quarter of 2020. ●Achieved total pro-rata occupancy of 93.9% as of December 31, 2020, which exceeded the peer group average of 92.4%, despite several retailer bankruptcies and store closures caused by the COVID-19 pandemic. ●As of December 31, 2020, 78% of the Company’s pro-rata ABR came from grocery-anchored shopping centers. Grocery and other essential retail tenants were the most profitable businesses during the COVID-19 pandemic. ●As of December 31, 2020, 85% of the Company’s pro-rata ABR came from shopping centers located in the first ring suburbs of top major metropolitan markets. During the pandemic, many urban residents moved out of high-population cities, to the first ring suburbs where our assets are located. ●Executed 1,035 leases totaling over 6.2 million square feet in the Company’s consolidated and joint venture operating portfolios during 2020. Achieved pro-rata rental rate leasing spreads of 8.1% with rental rates for new leases up 10.0% and renewals / options up 7.8%. ●Launched several innovative COVID-19 response initiatives including Curbside Pickup®, common area use for outdoor business activity and the Tenant Assistance Program (TAP), which helped tenants apply for government sponsored COVID-19 financial aid.

		2020 HIGHLIGHTS: ●Produced net income available to the Company’s common shareholders of $975.4 million, or $2.25 per diluted share, for the year ended December 31, 2020 compared to $340.0 million, or $0.80 per diluted share, for the year ended December 31, 2019. ●Achieved funds from operations available to the Company’s common shareholders (“NAREIT FFO”) (non-GAAP) of $1.17 per diluted share for the year ended December 31, 2020, compared to $1.44 per diluted share for the year ended December 31, 2019. ●$2.3 billion in immediate liquidity, including full $2.0 billion available on the Company’s unsecured revolving credit facility. ●Received $227.4 million in proceeds, which included $190.8 million of gains, from the partial monetization of our investment in Albertsons. As of December 31, 2020, the Company held $700 million of Albertsons’ common stock. ●Redeemed $485 million of Kimco’s 3.20% senior notes due 2021. ●Issued $400.0 million of 1.90% notes due 2028. ●Issued the Company’s first green bond - $500.0 million of 2.70% notes due 2030. ●As of December 31, 2020, the Company maintains one of the longest weighted average debt maturity profiles in the REIT industry at 10.9 years.

		2020 HIGHLIGHTS: ●Completed The Boulevard, the Signature Series^®redevelopment located in Staten Island, NY. Additionally, completed nine redevelopment projects during 2020. All 10 projects totaled $295.1 million with a blended return of 6.3% ●Obtained entitlements for future mixed-use projects. As of December 31, 2020, the Company has approximately 5,000 entitlements for apartment units, 600 for hotel keys and 1.4 million square feet for office space.

Kimco Realty Corporation 2021 PROXY STATEMENT11

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2020 COMPENSATION AWARDED

The table below summarizes the total compensation awarded to each NEO (see pages 31 through 51 of this Proxy Statement for further detail) with respect to 2020.

NAME	SALARY ($)	STOCK AWARDS ($)	NON-EQUITY INCENTIVE PLAN COMPENSATION ($)	ALL OTHER COMPENSATION ($)	TOTAL ($)
Milton Cooper	750,000	1,605,517	832,000	10,470	3,197,987
Conor C. Flynn	1,000,000	4,866,760	1,820,000	26,748	7,713,508
Ross Cooper	700,000	1,508,739	702,000	25,837	2,936,576
Glenn G. Cohen	675,000	1,508,739	676,000	26,594	2,886,333
David Jamieson	675,000	1,508,739	676,000	16,759	2,876,498

SIGNIFICANT PORTION OF PAY IS PERFORMANCE-BASED & AT RISK*

Consistent with our executive compensation program, the significant majority of the total compensation awarded with respect to 2020 for our CEO, Mr. Flynn, and all other NEOs was performance-based, commensurate with business results, and “at risk” unless such business results were achieved, as illustrated below. See page 34 for a discussion of the components of our executive compensation program.

* Amounts are based on the Summary Compensation Table on page 43, excluding the portion of Mr. Milton Cooper’s 2019 bonus that was awarded in 2020 in the form of a stock award.

12Kimco Realty Corporation 2021 PROXY STATEMENT

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE PROGRAM

The Company is focused on building a thriving and ~~sustainable~~viable business, one that succeeds by delivering long-term value for our stockholders. ~~We take pride in how we conduct our~~The Company’s ESG program is aligned with its core business ~~including the positive contributions we make~~strategy of creating destinations for everyday living that inspire a sense of community and deliver value to our communities and our initiatives to safeguard the environment. Our key corporate responsibility priorities include openly engaging key stakeholders, leading by example in our operations, positively influencing our tenants and partners and enhancing our communities. In addition, during 2017 we invested approximately $11 million in sustainable improvement projects, including LED lighting retrofits, gateway lighting controls, utility sub-metering and irrigation controls.many stakeholders.

The ~~Company~~Nominating and Corporate Governance Committee is ~~committed~~responsible for reviewing and monitoring (i) the development and implementation of goals established for the ESG program, (ii) the development of metrics to ~~providing~~gauge progress toward the achievement of those goals, and (iii) the Company’s progress against those goals. David Jamieson, the Company’s Executive Vice President and Chief Operating Officer, is responsible for overseeing the implementation of program initiatives on a daily basis, and Conor Flynn, the Company’s CEO, receives regular ~~reporting~~updates on ~~its corporate responsibility efforts, including both quantitative~~program progress and ~~qualitative information about impacts~~oversees the implementation of all enterprise initiatives in this area. The individual component of each of Mr. Jamieson’s and ~~initiatives. Since 2011,~~Mr. Flynn’s 2020 annual bonus includes an assessment of his individual contributions towards the ESG program. Additionally, the Company has ~~responded annually to both the Carbon Disclosure Project (“CDP”)~~established an ESG Steering Committee, a cross-functional and ~~Global Real Estate Sustainability Benchmark (“GRESB”), and each year,~~diverse committee comprised of employee representatives throughout the Company, ~~has increased its relative standing in scoring published by both CDP~~that plans and ~~GRESB. In addition~~coordinates the execution of the ESG program. The ESG Steering Committee meets monthly and is responsible for recommending strategic priorities and goals to ~~these annual investor responses,~~management and the ~~Company annually publishes~~Board of Directors on a ~~comprehensive~~quarterly basis.

The Company’s Corporate Responsibility Report ~~based on~~identifies the ~~Global Reporting Initiative framework,~~following five pillars of our ESG program, which were enhanced in ~~order to reach a broad audience~~February of ~~stakeholders.~~2021 with sixteen newly defined goals and commitments:

~~RECENTAWARDS~~

Communicate Openly with Our Stakeholders: Maintain regular engagement with key stakeholder audiences, reporting accurate information on issues of relevance to those audiences.		●Regularly engage with key stakeholders and annually report relevant ESG Information in alignment with leading disclosure standards

Embrace the Future of Retail: Foster a sense of place at our shopping centers, creating people-centered properties that are more convenient and accessible.		●Construct or entitle at least 10,000 residential units by 2025, as part of our effort to create quality mixed-use live-work-play environments ●Establish Curbside Pickup infrastructure at 100% of Kimco-controlled parking areas by 2025 ●Establish dedicated space for the activation of outside common areas at 20% of properties by 2030 ●Establish low-carbon transportation infrastructure at 25% of properties by 2025

~~DOW JONES SUSTAINABILITY NORTH AMERICA INDEX~~ Engage Our Tenants and Communities: Hel~~Selected based on economic, environmental~~p our tenants succeed and ~~social performance~~be a positive presence in the communities where we operate and live.		~~2017 GRESB GREEN STAR COMPANY~~ ●~~Highest designation~~Maintain an average tenant satisfaction rate of at least 80% ●Give $1.0 million annually in cash and in-kind contributions to support small businesses and charitable causes in the communities in which we operate

Lead in Operations and Resiliency: Maximize efficiency of operations and protect our assets from disruption by climate, security and other disruptions.		●Invest $500.0 million in eligible Green Bond projects by 2030 ●Reduce Scope 1 and 2 GHG emissions by 30% from 2018 to 2030 and achieve net zero by 2050 Partner with tenants to quantify and reduce emissions, establishing a Scope 3 goal by 2025 ●Improve common area water efficiency at properties by 20% by 2025 ●Achieve 50% waste diversion rate for waste-to-landfill in our corporate offices by 2025 ●Establish a comprehensive Vendor Business Practices Policy and expand supply chain reporting

Foster an Engaged, Inclusive and Ethical Team: Cultivate high levels of employee satisfaction and improve all levels of the organization.		●Maintain an average employee satisfaction rate of at least 90% ●Increase the proportion of diverse employees in management to 60% by 2030, by developing programs to recruit, develop and retain diverse talent and promoting a culture of inclusion ●Provide 100% of employees with individual development opportunities and maintain a voluntary turnover rate below 10% annually ●Achieve 75% participation in employee well-being programs annually

Kimco Realty Corporation 2021 PROXY STATEMENT13

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE PROGRAM

2020 ESG HIGHLIGHTS

●	Recognized by the Global Real Estate Sustainability Benchmark, ~~(GRESB) respondents~~earning the distinguished Green Star designation for the seventh consecutive year.
●	Included in the Dow Jones Sustainability Index for the sixth consecutive year.
●	Included in the Russel “FTSE4Good” Index Series
●	Received one of the leading ESG scores for the real estate industry from Institutional Shareholder Services (ISS)
●	Became the first North American retail owner named to the Dow Jones Sustainability World Index
●	Awarded three years consecutively the “Great Place to Work” certification, honoring the culture the Company provides to employees on a daily basis
●	Launched a Diversity, Equity & Inclusion (DE&I) Committee to promote a true “open door” environment in which all feedback and suggestions are welcome. The DE&I Committee meets monthly and reports to management and the Nominating and Corporate Governance Committee.
●	Conducted regular interactive trainings, so employees have clarity with respect to our values and culture.
●	Acquired feedback from our associates through third-party, anonymous survey tools to learn how we can be even better, and several of our programs today are a result of the valuable input they have offered.

	ESG Disclosure Roadmap
	The Company is committed to best-in-class ESG disclosure and has aligned its annual reporting with standards from the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD). ESG information of relevance to stakeholders including program governance, goals and performance can be found in three primary locations:
		~~2017 GREEN LEASE LEADER~~Annual Report/10-K Summarizes ESG program priorities and material risk disclosures.	Proxy Statement Summarizes corporate governance practices, including how the Board and management are engaged in ESG program strategy, governance and accountability.	Corporate Responsibility Report Based on the Global Reporting Initiative (GRI) standard, summarizes environmental and social performance.
~~2017 CDP AWARD~~ ~~Achieved A- rating for overall sustainability performance~~
		~~2017 GRESB PUBLIC DISCLOSURE RECOGNITION~~ ~~Achieved A rating for quality of sustainability disclosure~~

We are providing you with this Proxy Statement in connection with the solicitation of proxies to be exercised at the ~~2018~~2021 Annual Meeting of Stockholders (the “Meeting”) of Kimco Realty Corporation, a Maryland corporation. ~~The Meeting will be held~~Due to the potential travel and community gathering impacts of COVID-19, the Company is again utilizing an online format for the 2021 annual meeting. You can access the virtual annual meeting at the ~~Grand Hyatt New York, 109 East 42nd Street, New York, NY 10017,~~meeting time at www.virtualshareholdermeeting.com/KIM2021. By hosting the Meeting online, the Company is able to communicate more effectively with its stockholders, enable increased attendance and participation from locations around the world, reduce costs and increase overall safety for both the Company and its stockholders. This approach also aligns with the Company’s broader sustainability goals. The virtual meeting has been designed to provide the same rights to participate as you would have at an in-person meeting. If you plan to attend the Meeting online, you will need the 16-digit control number included in your Notice, on ~~Tuesday, April 24, 2018,~~your proxy card or on the instructions that accompany your proxy materials. The 2021 annual meeting will begin promptly at 10:00 a.m. ~~(local time)~~(Eastern Time). Online check-in will begin at 9:30 a.m. (Eastern Time), and you should allow ample time for the ~~purposes set forth in the Notice of Annual Meeting of Stockholders.~~online check-in procedures. This Proxy Statement contains important information regarding the Meeting, the proposals on which you are being asked to consider and vote upon, information you may find useful in determining how to vote, and information about voting procedures. As used in this Proxy

Statement, “we,” “us,” “our,” “Kimco” or the “Company” refers to Kimco Realty ~~Corporation, a Maryland corporation.~~

Corporation.

This solicitation is made by the Company on behalf of the Board of Directors of the Company (the “Board of Directors” or the “Board”). Costs of this solicitation will be borne by the Company. Directors, officers, employees and agents of the Company and its affiliates may also solicit proxies by telephone, fax, e-mail, or personal interview. The Company will reimburse banks, brokerage firms and other custodians, nominees and fiduciaries for reasonable expenses incurred by them in sending proxy materials to stockholders. The Company will pay fees of approximately ~~$10,500~~$12,500 to Alliance Advisors, L.L.C. for soliciting proxies on behalf of the Company.

Holders of our ~~common stock, par value $0.01 per share (“~~Common ~~Stock”),~~Stock at the close of business on ~~February 28, 2018,~~March 2, 2021, the record date, may (virtually) attend and vote at the Meeting. We refer to the holders of our Common Stock as “stockholders” throughout

this Proxy Statement. Each stockholder is entitled to one vote for each share of Common Stock held as of the close of business on the record date. At the close of business on the record date there were ~~424,900,374~~433,441,222 shares of Common Stock issued and outstanding. The presence at the Meeting, in person (virtually) or by proxy, of holders of a majority of the issued and outstanding shares of Common Stock entitled to be voted at the Meeting will constitute a quorum for the transaction of business at the Meeting.

VOTING INSTRUCTIONS

If you received your proxy materials by mail, you should have received a proxy card enclosed with the Proxy Statement. Stockholders can vote in person (virtually) at the Meeting or by authorizing a proxy. There are three ways to authorize a proxy to vote your shares:

BY TELEPHONE- Stockholders located in the United States that received proxy materials by mail can authorize a proxy by telephone by calling 1-800-690-6903 and following the instructions on the enclosed proxy card;

BY INTERNET- Stockholders can authorize a proxy over the Internet at www.proxyvote.comby following the instructions on the enclosed proxy card or Notice of Internet Availability (as defined on the next page); or

BY MAIL- Stockholders that received proxy materials by mail can authorize a proxy by mail by signing, dating, and mailing the enclosed proxy card.

Telephone and Internet authorization methods for stockholders of record will be available 24 hours a day and will close at 11:59 p.m. ~~(local time)~~(Eastern Time) on April ~~23, 2018.~~

~~VOTINGINSTRUCTIONS~~

26, 2021.

If your shares are held in the name of a bank, broker, or other holder of record (in “street name”), you will receive instructions from the holder of record. You must follow the instructions of the holder of record in order for your shares to be voted. Telephone and Internet proxy authorization also will be offered to stockholders owning shares through certain banks and brokers. If your shares are not registered in your own name and you plan to vote your shares in person at the Meeting, you should contact your broker or agent to obtain a legal proxy or broker’s proxy card and bring it to the Meeting in order to vote.

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If you authorize a proxy to vote your shares, the individuals named on the proxy card or authorized by you by telephone or Internet (your “proxies”) will vote your shares in the manner you indicate. If you sign and return the proxy card or authorize your proxies by telephone or Internet without indicating your instructions, your shares will be voted as follows:

FORthe election of all nominees for director (see Proposal 1);FORthe resolution to approve, on a non-binding, advisory basis, the Company’s executive compensation (see Proposal 2);FORthe ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for ~~2018~~the year ending December 31, 2021 (see Proposal 3); and in the discretion of the proxy holder on any other matter that may properly come before the Meeting.

To be voted, proxies must be filed with the Secretary of the Company prior to the Meeting. Proxies may be revoked at any time before exercise at the Meeting (i) by filing a notice of such revocation with the Secretary of the Company, (ii) by filing a later-dated proxy with the Secretary of the Company or (iii) by voting in person (virtually) at the Meeting.

~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~ 15

~~Table of Contents~~ Virtual attendance at the Meeting alone will not be sufficient to revoke a previously authorized proxy.

If you own shares through a broker or other nominee in street name, you may instruct your broker or other nominee as to how to vote your shares. A “broker non-vote” occurs when you fail to provide a broker or other nominee with voting instructions and a broker or other nominee does not have the discretionary authority to vote your shares on a particular matter because the matter is not a routine matter under the New York Stock Exchange (“NYSE”) rules. Broker non-votes and abstentions will be counted for purposes of calculating whether a quorum is present at the Meeting. The vote required for each proposal is listed below:

	PROPOSAL	VOTE REQUIRED	BROKER DISCRETIONARY VOTING ALLOWED
PROPOSAL 1	Election of ~~nine~~eight directors	Majority of the votes cast with respect to a nominee	No
PROPOSAL 2	Resolution to approve, on a non-binding, advisory basis, the Company’s executive compensation	Majority of the votes cast on the ~~Proposal~~proposal	No
PROPOSAL 3	Ratification of the appointment of the Company’s auditor for ~~fiscal~~the year ~~2018~~ending December 31, 2021	Majority of the votes cast on the ~~Proposal~~proposal	Yes

With respect to Proposal 1, you may vote FOR, AGAINST or ABSTAIN for each nominee. ~~If you ABSTAIN from voting on Proposal 1, the abstention will have no effect because it will not be a vote cast.~~ The nominees receiving a majority of the votes cast will be elected as directors (i.e., the number of votes cast for a nominee must exceed the number of votes against that nominee). Abstentions and broker non-votes are not votes cast and will have no effect on the result of the vote for Proposal 1.

With respect to Proposals 2 and 3, you may vote FOR, AGAINST or ABSTAIN. ~~If you ABSTAIN from voting on Proposal 2 or Proposal 3, the abstention~~Abstentions and broker non-votes, if any, are not votes cast and will have no effect ~~because it will not be a~~on the result of the vote ~~cast.~~for Proposals 2 and 3.

The U.S. Securities and Exchange Commission’s rules permit us to deliver a single Notice of Internet Availability of Proxy Materials (the “Notice of Internet Availability”) or single set of ~~Meeting~~proxy materials to one address shared by two or more of our stockholders. We have delivered only one Notice of Internet Availability, Proxy Statement, or annual report, as applicable,

to multiple stockholders who share an address, unless we received contrary instructions from any of the impacted stockholders prior to the mailing date. We will promptly deliver, upon written or oral request, a separate copy of the Notice of Internet Availability, Proxy Statement, or annual report, as applicable, to any stockholder at a shared address to which a single copy of those documents was delivered. In the future, if you prefer to receive separate copies of the Notice of Internet Availability, Proxy Statement or annual report, as applicable, contact Broadridge Financial Solutions, Inc. at 1-866-540-7095 or in writing at 51 Mercedes Way, Edgewood, NY 11717, Attention: Householding Department. If you are currently a stockholder sharing an address with another stockholder and are receiving more than one Notice of Internet Availability, Proxy Statement or annual report, as applicable, and wish to receive only one copy of future Notices of Internet Availability, proxy statements or annual reports, as applicable, for your household, please contact Broadridge at the above phone number or address.

16 Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT17

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PROPOSAL 1
ELECTION OF DIRECTORS

The Company’s Bylaws (the “Bylaws”), provide that all directors be elected at each annual meeting of stockholders. Our Board of Directors is currently comprised of nine ~~directors.~~directors, eight of whom are standing for election at the Meeting. The size of the Board of Directors will be reduced to eight directors at the conclusion of the Meeting. If authorized, and unless otherwise noted by the authorizing stockholder, the persons named as proxies in the accompanying form of proxy intend to vote in favor of the election of each of the ~~nine~~eight nominees for director designated below, with each to serve until the next annual meeting of stockholders and until their respective successors are duly elected and qualify. It is expected that each of these recommended nominees will be able to serve, but if any such nominee is unable to serve, the proxies may vote for another person recommended by the Nominating and Corporate Governance Committee and nominated by the Board of Directors or the Board of Directors may reduce the number of directors to be elected at the Meeting.

INFORMATIONREGARDING NOMINEES

The members of our Board of Directors provide ~~the Board with~~ a broad combination of experience and backgrounds that enable the Board to lead and advise Kimco on its most crucial matters. Each of our directors has a distinguished record of leadership positions and decades of experience exercising responsible, prudent judgment in highly competitive businesses. We believe that each of our Board members offers ~~broad~~comprehensive, strategic insights into Kimco’s competitive position based on their individual backgrounds, ~~enabling~~which enables them to provide input on central issues of strategy and to oversee its execution by management. This includes directors with longstanding institutional experience with Kimco and in the REIT ~~industry~~and retail industries as well as directors who have joined our Board more recently and who bring new perspectives. The members of our Board individually have a proven record of collaboration in successfully implementing business practices, and the Board collectively represents a diversity of intellectual and experiential backgrounds, with complementary skills and professional training.

MILTON COOPER
Co-Founder, Executive Chairman

Age:8992
Director Since:1991

Milton Cooper is the Executive Chairman of the Board of Directors ~~for~~of the Company. Mr. Cooper served as the Chairman of the Board of Directors and CEO of the Company from November 1991 to December 2009. In addition, Mr. Cooper was Director and President of the Company for more than five years prior to November 1991. In 1960, Mr. Cooper, along with a partner, founded the Company’s predecessor. Mr. Cooper led the Company through its initial public offering and growth over the past five decades. In addition, Mr. Cooper received a National Association of Real Estate Investment Trusts (“NAREIT”) Industry Leadership Award for his significant and lasting contributions to the REIT industry. Mr. Cooper is also a Director at Getty Realty Corporation. Mr. Cooper ~~graduated~~holds degrees from City College in New York and Brooklyn Law School.

Key experience and qualifications to serve on the Board of Directors include:

~~Key experience and qualifications to serve on the Board of Directors include:~~
●	Mr. Cooper co-founded the Company and helps maintain the Company’s continuing commitment to its core values of integrity, creativity, and stability. Mr. Cooper’s service on the Board of Directors allows the Company to preserve its distinctive culture and history.
●	Mr. Cooper’s reputation within the NAREIT community and among the Company’s business partners contributes significantly to the Company’s continued leadership in the REIT industry.
●	Mr. Cooper’s ability to communicate, encourage and foster diverse discussions of the Company’s business, together with his five decades of executive leadership experience, make Mr. Cooper a highly effective Executive Chairman of the Board of Directors.

18Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT17

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PHILIP E. COVIELLO
Director (Non-Management),
Chair of Audit Committee

Age:7477
Director Since:2008

Philip E. Coviello has been a Director of the Company since May ~~2008, is~~2008. Mr. Coviello serves as the Chair of the Audit Committee and as a member of the Executive Compensation and Nominating and Corporate Governance Committees. Mr. Coviello was a partner at Latham & Watkins LLP, an international law firm, until his retirement from that firm in 2003. In addition, since 1996, Mr. Coviello has been a Director of Getty Realty Corporation, where he serves as Chair of the Audit Committee and is a member of its Compensation and Nominating/Corporate Governance ~~and Nominating~~ Committees. Mr. Coviello holds an A.B. from Princeton University, an L.L.B. from the Columbia University School of Law and an M.B.A. from the Columbia University School of Business.

Key experience and qualifications to serve on the Board of Directors include:

●	Over 35 years of experience counseling boards of directors and senior management as a corporate lawyer on a wide range of corporate governance, regulatory compliance and other issues that affect public companies.
●	Decades of experience as both issuers’ and underwriters’ counsel in capital markets transactions and heavy involvement in the presentation and analysis of hundreds of audited financial statements, pro forma financial statements, and SEC filings, including representing the Company in its initial public offering.
●	Mr. Coviello’s contributions to the Company’s Audit Committee are bolstered by his service as Chair of the Audit Committee of Getty Realty Corporation.

~~RICHARD G. DOOLEY~~
~~Lead Director (Non-Management),~~
~~Chair of Nominating & Corporate Governance Committee~~

~~Age:~~88
~~Director Since:1991~~

Richard G. Dooley has been a Director of the Company since December 1991. Mr. Dooley currently serves as the Lead Independent Director, the Chair of the Nominating and Corporate Governance Committee and a member of the Audit and Executive Compensation Committees. From 1993 to 2003, Mr. Dooley was a consultant to, and from 1978 to 1993 served as the Executive Vice President and Chief Investment Officer of, the Massachusetts Mutual Life Insurance Company. Mr. Dooley is a Director, Chair of the Compensation Committee and member of the Audit and Corporate Governance Committees of Jefferies LLC (formerly Jefferies Group, Inc.), a subsidiary of Leucadia National Corporation (“Leucadia”) (NYSE: LUK) pursuant to a merger between Leucadia and Jefferies Group, Inc. effective March 1, 2013. Mr. Dooley formerly served as a Director and member of the Compensation Committee of Leucadia. Mr. Dooley holds a B.S. degree from Northeastern University and an M.B.A. from the Wharton School of the University of Pennsylvania.

~~Key experience and qualifications to serve on the Board of Directors include:~~

●	~~Expertise in corporate strategy development, organizational development and operational and corporate governance issues arising in complex organizations.~~
●	~~Familiarity with Sarbanes-Oxley compliance, internal auditing and financial controls issues and extensive financial expertise and experience with public accounting matters for global organizations.~~
●	Responsibility for portfolio investing in a wide variety of real estate properties and developments as Executive Vice President and Chief Investment Officer of the Massachusetts Mutual Life Insurance Company, bringing to the Company both executive leadership and real estate investment experience.
●	~~Expertise as a Chartered Financial Analyst and investment professional with decades of experience in analyzing and evaluating financial statements.~~

18 ~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~

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CONOR C. FLYNN
Chief Executive Officer and Director

Age:3740
Director Since:2016

Conor C. Flynn has been the CEO of the Company since January 2016. Mr. Flynn joined the Company in 2003 as an asset manager and has held a variety of senior leadership roles with the organization including President, Chief Operating Officer, Chief Investment Officer and President, Western Region. Mr. Flynn ~~received~~holds a B.A. ~~degree~~ from Yale University and a Master’s ~~degree~~ in Real Estate Development from Columbia University. Mr. Flynn is a licensed real estate broker in California and a member of NAREIT, the Real Estate Roundtable, the Urban Land Institute (“ULI”) and the International Council of Shopping ~~Centers (“ICSC”).~~Centers.

Key experience and qualifications to serve on the Board of Directors include:

●	Mr. Flynn’s leadership roles during his 1518 years at the Company, including as President, Chief Operating Officer, Chief Investment Officer, President of the Western Region and as a member of the corporate leadership team and Investment Committee, provides Mr. Flynn with extensive knowledge and understanding of the Company and current industry and market trends.
●	Mr. Flynn’s role as Chief Executive Officer, together with his broad leadership experience and successful team-building efforts at the Company, provide unique insights into strategic and operational issues that the Company faces.
●	Mr. Flynn’s extensive operational background, together with his vision and demonstrated leadership results, aligns with the Company’s long-term objectives to ~~continue~~adapt to ~~transform~~ the ~~Company’s real estate portfolio.~~

~~JOE GRILLS~~
~~Director (Non-Management)~~
~~Chair~~retail landscape of ~~Executive Compensation Committee~~

~~Age:~~82
~~Director Since:1997~~

today through the redevelopment of assets to their highest and best use, in major metropolitan markets.

Joe Grills has been a Director of the Company since January 1997 and is the Chair of the Executive Compensation Committee and a member of the Audit and Nominating and Corporate Governance Committees. Mr. Grills was employed by IBM from 1961 to 1993 and held various positions in financial management in both IBM’s domestic and international businesses. Mr. Grills served as a director (1994-2007) and Co-Chairman of the Board of Directors (2002-2007) of a cluster of BlackRock (Merrill Lynch) Mutual Funds. He was a Director, was Vice Chairman (2000-2006), was Chairman (2006-2011) and is currently Chairman Emeritus of the Montpelier Foundation. He was on the Investment Advisory Committee of the Virginia Retirement System (1998-2016) and previously served as Vice Chairman (2002-2005) and Chairman (2005-2009). Mr. Grills was a Trustee, was Chairman and is currently a member of the Investment Committee of the Woodberry Forest School. In addition, Mr. Grills is a Trustee and is currently a Member (Chairman 2007-2011; 2014-2015) of the Investment Committee of the National Trust for Historic Preservation (also on Finance and Trustee/Governance Committees) and is a Trustee, a member of the Audit Committee and Chairman of the Development Committee of National Main Street Center, Inc., a subsidiary of National Trust for Historic Preservation. Mr. Grills was on the Individual Investor Advisory Committee of the NYSE from 2001 to 2014. He is a former Chairman and member of the Committee on Investment of Employee Benefit Assets of the Association of Financial Professionals. Mr. Grills holds a B.A. from Duke University and an M.B.A. from the University of Chicago.

~~Key experience and qualifications to serve on the Board of Directors include:~~

●	Experience as IBM’s Chief Investment Officer of the IBM Retirement Funds with wide-ranging expertise in domestic and international financial matters and strategic deliberations and substantial involvement in managing real estate investments.
●	~~Extensive experience with internal audit and business controls while at IBM and on other audit committees.~~
●	Extensive service on boards of directors and memberships on board committees in diverse corporate and nonprofit organizations with broad and deep familiarity with corporate governance and executive oversight matters.
●	~~Experience in compensation matters through exposure to executive compensation trends.~~

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FRANK LOURENSO
Director (Non-Management)
Chair of Executive Compensation Committee

Age:7780
Director Since:1991

Frank Lourenso has been a Director of the Company since December 1991. Mr. Lourenso ~~is currently~~serves as the Chair of the Executive Compensation Committee and as a member of the Audit ~~Executive Compensation~~ and Nominating and Corporate Governance Committees. Mr. Lourenso was an Executive Vice President of JPMorgan Chase & Co. (“J.P. Morgan,” and successor by merger to The Chase Manhattan Bank and Chemical Bank, N.A.) from 1990 until his retirement in June 2013. Mr. Lourenso was a Senior Vice President of J.P. Morgan for more than five years prior to 1990. Mr. Lourenso holds a B.B.A. and an M.B.A. from Baruch College.

Key experience and qualifications to serve on the Board of Directors include:

●	Executive Vice President of J.P. Morgan, one of the world’s leading financial services firms with global scale and reach, bringing to the Board of Directors the perspective of a financial executive with exposure to a wide array of economic, social, and corporate governance issues.
●	Extensive experience with capital markets matters in the real estate industry and a key contributor to the Board of Directors’ strategic liquidity and capital discussions.
●	Expertise in management oversight and financial matters relating to complex global organizations.

~~COLOMBE M. NICHOLAS~~HENRY MONIZ
Director (Non-Management)

Age:7356
Director Since:~~2011~~2021

~~Colombe M. Nicholas~~Henry Moniz has been a Director of the Company since ~~May 2011. Ms. Nicholas~~January 2021. Mr. Moniz is currently a member of the Audit, Executive Compensation and Nominating and Corporate Governance Committees. ~~From 2002~~Mr. Moniz recently joined Facebook as Chief Compliance Officer. Prior to ~~January 2018, Ms. Nicholas served as a consultant~~his move to ~~Financo Global Consulting,~~Facebook in February of 2021, Mr. Moniz was the international consulting division of Financo, Inc., where she focused on identifying expansion opportunities and providing growth advice to companies. Ms. Nicholas’ retail experience includes Bonwit Teller, Bloomingdale’s and R.H. Macy. From the 1980s to 2000, Ms. Nicholas has served as President and CEO of Anne Klein Group, President and CEO of the Orr Felt Company,Executive Vice President and Chief ~~Operating~~Compliance Officer ~~of Giorgio Armani Fashion Corporation and President and CEO of Christian Dior New York. While~~ at ~~Christian Dior New York, Ms. Nicholas led sales growth~~ViacomCBS Inc., where he also served as Chief Audit Executive. Mr. Moniz was at ViacomCBS from ~~$125 million to $425 million. Ms. Nicholas has~~2004 - 2021, where he previously served as Chairman of the Privacy/IT Security Council; Vice President, Associate General Counsel; and Chairman of the Compliance Committee. Prior to joining ViacomCBS, Mr. Moniz was a Partner at Bingham McCutchen (now part of Morgan Lewis), served as Minority Counsel to the U.S. House Judiciary Committee for the Impeachment Inquiry on President Clinton, and as a federal prosecutor in the Boston and Miami United States Attorney’s Offices for the U.S. Department of Justice. Mr. Moniz currently serves on the Advisory Board of ~~Directors~~the Center on the Legal Profession at Harvard Law School. Mr. Moniz previously served through January 2021 on the Advisory Board for Acritas, the legal market data firm that is now part of ~~Oakley, Inc., The Mills Corporation, Tandy Brands and Herbalife International. Ms. Nicholas has a B.A. from the University of Dayton,~~Thomson Reuters. He holds a J.D. from the University of ~~Cincinnati College of~~Pennsylvania Law School and an ~~honorary doctorate in business administration~~A.B. from ~~Bryant College of Rhode Island.~~Bowdoin College.

Key experience and qualifications to serve on the Board of Directors include:

●	Over 1530 years of experience ~~in the retail industry in various executive positions provides familiarity and a broad understanding of the operation of retail shopping centers.~~
●	Experience as President and CEO at major licensing, apparel and accessory manufacturing corporations provides insight into management’s day to day actions and responsibilities related to sales of those products.
●	~~Experience through service on other public company~~counseling boards of directors and ~~knowledge of~~senior management on legal and regulatory compliance, ethics, corporate governance ~~best practices in publicly-traded companies in today’s business environment.~~and enterprise risk management.
●	Extensive risk management experience on cybersecurity and information technology controls.
●	Broad legal expertise developed during his career as a federal prosecutor and Minority Counsel to the U.S. House Judiciary Committee, a partner at a major law firm and in-house roles at ViacomCBS and Facebook.

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MARY HOGAN PREUSSE
Lead Director (Non-Management)
Chair of Nominating & Corporate Governance Committee

Age:4952
Director Since:2017

Mary Hogan Preusse has been a Director of the Company since February 2017. Ms. Hogan Preusse is currently serves as the Lead Independent Director, the Chair of the Nominating and Corporate Governance Committee and a member of the Audit and Executive Compensation Committees. In May 2017, Ms. Hogan Preusse founded Sturgis Partners LLC, which provides consulting, investment and ~~Nominating and Corporate Governance Committees.~~advisory services related to the public (listed) real estate industry. Ms. Hogan Preusse retired from APG Asset Management US Inc., a leading manager of pension assets, in May 2017. She joined APG’s predecessor in 2000 as a senior portfolio analyst and portfolio manager, and served from January 2008 to May 2017 as Managing Director and co-head of Americas Real Estate for APG Asset Management US Inc. She also served on the Executive Board of APG Asset Management US Inc. from 2008 until 2017. Prior to joining APG, Ms. Hogan Preusse spent eight years as a sell-side analyst covering the REIT sector and began her career at Merrill Lynch as an investment banking analyst. Ms. Hogan Preusse currently serves on the boards of directors of Digital Realty Trust, Inc., Host Hotels & Resorts, Inc. and VEREIT, Inc. In ~~May 2017, Ms. Hogan Preusse founded Sturgis Partners LLC, which provides consulting, investment, advisory services related to the public (listed) real estate industry. In~~ 2015, she was the recipient of NAREIT’s E. Lawrence Miller Industry Achievement Award for her contributions to the REIT industry. She is also a member of the International Council of Shopping Centers and serves on the Investor Advisory Council and the Dividends Through Diversity and Inclusion Initiative’s Steering Committee for ~~NAREIT, and is a member of the Real Estate Advisory Board for the Carey Business School at Johns Hopkins University.~~NAREIT. Ms. Hogan Preusse ~~graduated~~holds an A.B. in Mathematics from Bowdoin College in Brunswick, Maine ~~with a degree in Mathematics~~ and has served as a member of Bowdoin’s Board of Trustees since 2012.

Key experience and qualifications to serve on the Board of Directors include:

●	Significant experience in the REIT industry, including over 25 years of REIT financial statement analysis and underwriting and as a frequent panelist and speaker at industry conferences.
●	Experience managing all of APG’s public real estate investments in North and South America, with approximately $13 billion in assets under management at the time of her announced departure from APG.
●	Extensive experience interfacing with management and directors of ~~publicly-traded~~publicly traded REITs to discuss matters of governance and compensation during her career in asset management.

VALERIE RICHARDSON
Director (Non-Management)

Age: 62
Director Since: 2018

Valerie Richardson has been a Director of the Company since June 2018. Ms. Richardson is currently a member of the Audit, Executive Compensation and Nominating and Corporate Governance Committees. Ms. Richardson is the Chief Operating Officer of the International Council of Shopping Centers (“ICSC”), a position she has held since February 2021. Ms. Richardson previously served as the Vice President of Real Estate for The Container Store, Inc. from September 2000 until February 2021. Prior to joining The Container Store in the fall of 2000, Ms. Richardson was Senior Vice President – Real Estate and Development for Ann Taylor, Inc., the specialty women’s apparel retailer, where she administered the company’s store expansion strategy for Ann Taylor and Ann Taylor Loft. Before Ann Taylor, Ms. Richardson was Vice President of Real Estate and Development of Barnes & Noble, Inc., the country’s largest bookselling retailer. Prior to Barnes & Noble, Ms. Richardson was a Partner in the Shopping Center Division of the Dallas-based developer, Trammell Crow Company. Since 2004, she has been a member of the Board of Trustees of ICSC. She was elected ICSC Chairman for the 2018-2019 term as the first Chairman associated with a retail company and ICSC Vice-Chairman for the 2017-2018 term. Ms. Richardson previously served on the Board of the ICSC Foundation from 2011 to 2019. Ms. Richardson served as a Trustee at Baylor Scott & White Medical Center – Plano from 2010 to 2016. Ms. Richardson holds an M.B.A. in Real Estate from the University of North Texas and a B.S. in Education from Texas State University.

Key experience and qualifications to serve on the Board of Directors include:

●	Over 35 years of experience in the retail industry in various executive positions provides familiarity and a broad understanding of the operation of retail shopping centers, retail operations and real estate strategy.
●	Involvement in and leadership of the ICSC, a 65,000+ member, professional trade association, provides experience and prospective on industry best practices and public and private retailer and real estate company performance both domestically and internationally.
●	Experience through service as a trustee and head of the Quality Committee at Baylor & White Medical Center – Plano provides corporate governance knowledge and extensive time interfacing with management and directors.

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RICHARD B. SALTZMAN
Director (Non-Management)

Age:6164
Director Since:2003

Richard B. Saltzman has been a Director of the Company since July 2003. Mr. Saltzman is a member of the Audit, Executive Compensation and Nominating and Corporate Governance Committees. Mr. Saltzman currently serves, since March 2019, as Senior Advisor and Advisory Board Member at Ranger Global Real Estate Advisors, an independent SEC-registered investment advisor focused exclusively on the publicly traded global real estate universe. He also currently serves, since October 2019, as Senior Advisor and Advisory Board Member at Peaceable Street Capital, a ~~director, President~~provider of participating preferred equity capital to income producing commercial real estate owners and operators. Mr. Saltzman also serves on the board of directors of RXR Acquisition Corp. Mr. Saltzman previously served as the Chief Executive Officer and President of Colony ~~NorthStar,~~Capital, Inc. (NYSE: ~~CLNS), is~~CLNY) from 2015 to 2018. He also served as Chairman of the Board of NorthStar Realty Europe Corp. ~~(NYSE: NRE)~~until August 2019 and Chairman of the Board of Colony ~~NorthStar~~ Credit Real Estate, Inc. ~~(NYSE: CLNC).~~until May 2020. Prior to joining various predecessors of Colony ~~NorthStar~~Capital in 2003, Mr. Saltzman spent 24 years in the investment banking business, most recently as a Managing Director and Vice Chairman of Merrill Lynch’s investment banking division. Mr. Saltzman ~~has~~holds a B.A. from Swarthmore College and an M.S. from ~~Carnegie-Mellon~~Carnegie Mellon University. ~~Mr. Saltzman previously served on the board of directors of Colony Capital, Inc. until its merger to form Colony NorthStar in January 2017.~~

Key experience and qualifications to serve on the Board of Directors include:

●	More than 3840 years of experience in real estate, including investing as a principal and as an investment manager, capital markets and investment banking.
●	Significant experience with REITs, including initial public offerings, other capital markets products and mergers and acquisitions.
●	~~Nearly~~More than 30 years of direct experience interacting in various capacities with the Company.

VOTE REQUIRED
Nominees for director shall be elected by a majority of the votes cast in person (virtually) or by proxy at the Meeting. A majority of the votes cast means the affirmative vote of a majority of the total votes cast “for” and “against” such nominee. For purposes of the election of directors, abstentions and broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the vote.

THE BOARD OF DIRECTORS ~~OF THE COMPANY~~UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE NOMINEES SET FORTH IN THIS PROXY STATEMENT.

22Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT21

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GENERAL INFORMATIONABOUT THE BOARD OF DIRECTORS

TERM OF OFFICE

All directors of the Company elected at the Meeting will serve terms ending at the ~~2019~~2022 annual meeting of stockholders and until their respective successors are duly elected and qualify.

ATTENDANCE AT BOARD OF DIRECTORS, COMMITTEE MEETINGS AND ~~2017~~2020 ANNUAL MEETING.
The Board of Directors met ~~five~~nine times in person (virtually) or telephonically in ~~2017.~~2020. During ~~2017,~~2020, each director attended 100% of the aggregate of the total meetings of the Board and of the committees of the Board on which such ~~director serves. Ms. Hogan Preusse~~person served, except Colombe M. Nicholas, a current member of the Board of Directors who is not standing for re-election, who attended ~~100% of all Board and committee meetings after her election~~79%. Mr. Moniz was elected to the Board of Directors on January 12, 2021 and did not attend any Board or committee meetings in ~~February 2017.~~2020. The Company encourages directors to attend each annual meeting of stockholders, and all of the directors then serving on the Board of Directors were in attendance at the ~~2017~~2020 Annual Meeting of Stockholders held on April ~~25, 2017.~~28, 2020. Our director attendance policy is included in our Corporate Governance Guidelines, which are available on the Company’s website located at www.kimcorealty.comand are available in print to any stockholder who requests them.

COMMUNICATIONS WITH DIRECTORS

The Audit Committee and the non-management directors welcome anyone who has a concern about the Company’s conduct or policies, or any employee who has a concern about the Company’s accounting, internal accounting controls or auditing matters, to communicate that concern directly to the Board of Directors, the Lead Independent Director, the non-management directors or the Audit Committee. Such communications may be confidential or anonymous, and may be submitted in writing to the Board of Directors, the Lead Independent Director, the non-management directors or the Audit Committee by sending a letter by mail addressed to the Board of Directors, the Lead Independent Director, the non-management directors or the Chair of the Audit Committee, as applicable, c/o Secretary of the Company, Kimco Realty Corporation, ~~3333 New Hyde Park Road,~~500 North Broadway, Suite ~~100, New Hyde Park,~~201, Jericho, NY, ~~11042-0020.~~11753-2128. The Board of Directors has designated ~~Richard G. Dooley as~~ its Lead Independent Director to review these communications and present them to the entire Board of Directors or forward them to the appropriate directors. In addition, the Company maintains an Ethics Helpline, as further discussed in the Company’s Code of Conduct, which allows employees and contractors to submit concerns anonymously via phone or the Internet.

DIRECTORINDEPENDENCE

Our Board of Directors has adopted a formal set of categorical independence standards for directors. These categorical standards specify the criteria by which the independence of our directors will be determined, including guidelines for directors and their immediate families with respect to past employment or affiliation with the Company or its independent registered public accounting firm. These categorical standards meet, and in some areas exceed, the listing standards of the NYSE. The Board of Directors’ categorical standards are available along with our Corporate Governance Guidelines on the Company’s website located at www.kimcorealty.comand are available in print to any stockholder who requests them. In accordance with these categorical standards and the NYSE listing standards, the Board of Directors undertook its annual review of the independence of its directors on January ~~30, 2018.~~26, 2021. During this review, the Board of Directors considered transactions and relationships between each director or members of his or her immediate family and the Company. The Board of Directors also considered whether there were any transactions or relationships between directors or members of their immediate family (or any entity of which a director or an immediate family member is an executive officer, general partner or significant equity holder).

The purpose of this review was to determine whether any such relationships or transactions existed that were inconsistent with a determination that the director is independent.

As a result of this review, the Board of Directors affirmatively determined that the following ~~nominees for director~~directors are independent of the Company and its management under the standards set forth in the categorical standards and the NYSE listing standards:

Philip E. Coviello	~~Colombe M. Nicholas~~
~~Richard G. Dooley~~	Mary Hogan Preusse
~~Joe Grills~~Frank Lourenso	Valerie Richardson
Henry Moniz	Richard B. Saltzman
~~Frank Lourenso~~Colombe M. Nicholas

In making these determinations, the Board of Directors considered the relationships and transactions described under the caption “Certain Relationships and Related Transactions” beginning on page ~~50.~~52.

In addition, none of the independent directors’ family members serves as an executive officer, as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended, of the Company.

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CORPORATEGOVERNANCE

BOARD LEADERSHIP STRUCTURE

The Board of Directors has separated the roles of the Executive Chairman of the Board of Directors and the CEO in recognition of the differences between the two roles. The CEO is responsible for setting the strategic direction for the Company and the day-to-day leadership and performance of the Company, while the Executive Chairman of the Board of Directors provides guidance to the CEO, establishes the agenda for Board of Directors meetings in consultation with the CEO and presides over meetings of the full Board of Directors. Because Mr. Cooper, the Executive Chairman, is an employee of the Company and is, therefore, not “independent,” the Board of Directors ~~has~~ appointed ~~the Chairman of the Nominating and Corporate Governance Committee, Richard G. Dooley,~~Mary Hogan Preusse, as Lead Independent Director to preside at all executive sessions of “non-management” directors, as defined under the NYSE Listed Company Manual.

LEAD INDEPENDENT DIRECTOR

The Lead Independent Director is elected by the other independent directors and presides at all meetings of the Board of Directors at which the Executive Chairman is not present, including executive sessions of the independent directors which typically occur after each in-person Board meeting. The Lead Independent Director encourages and facilitates active participation of all directors and serves as a liaison between management and the other independent directors. The Lead Independent Director also has the authority to call meetings of the independent directors, monitors and coordinates with management and the Nominating and Corporate Governance Committee on ~~corporate governance~~ESG issues and developments, and approves meeting agendas and the information sent to the Board of Directors, including the quality, quantity and timeliness of such information.

STOCKHOLDER ENGAGEMENT

The Board of Directors believes that accountability to stockholders is a mark of good corporate governance and is critical to the Company’s success. The Company regularly communicates with its stockholders throughout the year to better understand their views on a range of topics and to provide perspective on the Company’s corporate governance policies and practices. In addition, the Company annually publishes a Corporate Responsibility Report to highlight and update the Company’s ESG practices.

During ~~2017,~~2020, the Company met with ~~more than half~~approximately 54% of ~~our~~its top 2550 stockholders (representing approximately ~~43%~~34% of the outstanding shares of our Common Stock). Topics discussed included our strategy and performance, board composition and structure, diversity, equality and inclusion initiatives, executive compensation program and sustainability initiatives. We solicited feedback from stockholders on these subjects and reported their responses to our Board of Directors.

STOCK OWNERSHIP GUIDELINES

The ~~Board of Directors adopted revised~~Company has stock ownership guidelines ~~in July 2012~~ for ~~non-employee~~ directors and ~~executive officers~~NEOs that require each ~~non-employee~~ director and ~~executive officer~~NEO to own shares of our Common Stock. Under the guidelines, all current ~~non-employee~~ directors and NEOs must own shares of our Common Stock with a ~~value equal to five times the annual Board of Directors retainer. Executive officers must own shares of our Common Stock with a value equal~~

value equal to a certain multiple of his or her annual Board of Directors retainer or base salary. ~~Our Executive Chairman must own shares of our Common Stock with a value equal~~Please refer to five times base salary; our CEO must own shares of our Common Stock with a value equal to five times base salary; our President must own shares of our Common Stock with a value equal to three times base salary; our Chief Operating Officer must own shares of our Common Stock with a value equal to three times base salary; and our Chief Financial Officer must own shares of our Common Stock with a value equal to two times base salary.the table below for the applicable multiple. Equity interests that count towards the satisfaction of the ownership guidelines include shares owned outright, shares jointly owned, restricted shares and shares held in a 401(k) ~~retirement~~-retirement plan. Directors and ~~executive officers~~NEOs have five years from the date they become a member of the Board of Directors or begin to serve in an ~~executive~~ officer role listed below to meet the ownership levels.

The Company also has a stock retention requirement for directors and NEOs. Any director or NEO who has not achieved the applicable stock ownership threshold must hold all net-settled shares (after payment of withholding taxes, transaction costs and the exercise price for options, as applicable) until he or she meets the applicable stock ownership threshold. All of our directors and executive officers are currently in compliance with the stock ownership requirements, except for ~~Ms. Hogan Preusse,~~Mr. Henry Moniz, who was elected to the Board of Directors on ~~February 1, 2017~~January 12, 2021 and has until ~~February 1, 2022~~January 12, 2026 to meet the required ownership levels.

COVERED PERSON	MULTIPLE OF SALARY / RETAINER
Executive Chairman	5x
Non-Employee Director	5x
Chief Executive Officer	5x
President	3x
Chief Operating Officer	3x
Chief Financial Officer	2x

DIRECTOR CONTINUING EDUCATION

The Company maintains a ~~formal~~ program of continuing education for directors. In ~~2017,~~2020, directors participated in customized Company-sponsored sessions on business-related topics, corporate governance matters, SEC rule changes, and other current topics such as ~~cyber security,~~ESG, DE&I, ethical conduct and cybersecurity, including issues applicable to particular committees of the Board of Directors. These sessions included detailed presentations on these matters and discussions on each of the covered topics.

CLAWBACK POLICY

The Company may seek repayment of cash and equity incentive compensation paid to NEOs in the event of a material misstatement of the Company’s financial results where an NEO engaged in actual fraud or willful or unlawful misconduct that materially contributed to the need to restate. When the Executive Compensation Committee of the Board of Directors determines that these circumstances exist, the Executive Compensation Committee may direct the Company to recover the after-tax portion of the difference between the compensation actually paid or awarded and the compensation calculated using the restated financial statements, based upon the Executive Compensation Committee’s view of all relevant facts and circumstances and the best interests of the Company.

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RISK OVERSIGHT
Our Board of Directors oversees an enterprise-wide approach to risk management designed to support the achievement of organizational objectives, including strategic objectives, to improve long-term organizational performance and enhance stockholder value. A fundamental part of risk management is not only understanding the risks a company faces and what steps management is taking to manage those risks, but also understanding what level of risk is appropriate for the Company. Management is responsible for establishing our business strategy, identifying and assessing the related risks and establishing appropriate risk management practices. Our Board of Directors reviews our business strategy and management’s assessment of the related risk and discusses with management the appropriate level of risk for the Company.

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Our Board of Directors administers its risk oversight function with respect to our operating risk as a whole and meets with management at least quarterly to receive updates with respect to our operations, business strategies and the monitoring of related risks. The Board of Directors also delegates oversight to the Audit, Executive Compensation and Nominating and Corporate Governance Committees to oversee selected elements of risk:

●

Our Audit Committee selects and engages our independent registered public accounting firm and oversees financial risk exposures, including monitoring the integrity of the financial statements, internal control over financial reporting and the independence of the auditor of the Company. The Audit Committee receives a risk and internal controls assessment report from the Company’s internal auditors on at least an annual basis and more frequently as appropriate, assists the Board of Directors in fulfilling its oversight responsibility with respect to compliance with legal and regulatory matters related to the Company’s financial statements and meets

quarterly with our financial management, independent auditors and legal advisors for updates on risks related to our financial reporting function. The Audit Committee also reviews and monitors our compliance programs, including the whistleblower program and whistleblower helpline with respect to financial reporting and other matters and oversees financial, credit and liquidity risk by working with our treasury function to evaluate elements of financial and credit risk

	and advise on our financial strategy, capital structure and long-term liquidity needs, and the implementation of risk mitigating strategies. Individuals who supervise day-to-day risk in this area have direct access to the Board of Directors, and our Chief Financial Officer meets regularly with our Audit Committee to discuss and advise on elements of risks related to our credit risk. The Audit Committee also oversees risk by working with management to review ~~annually,~~quarterly, or on an as needed basis, cybersecurity risk mitigation policies and initiatives as well as a code of conduct designed to support the highest standards of business ethics.

●	Our Executive Compensation Committee oversees risk management by participating in the creation of compensation structures that create incentives to support an appropriate level of risk-taking behavior consistent with the Company’s business strategy and stockholder interests.

●	Our Nominating and Corporate Governance Committee oversees governance related risks by working with management to establish corporate governance guidelines applicable to the Company, including recommendations regarding director nominees, the determination of director independence, the leadership structure of the Board of Directors ~~leadership structure~~ and membership on committees of the Board of ~~Directors committees.~~ Directors. The Nominating and Corporate Governance Committee also oversees ESG-related risk.

Our Board of Directors and committees’ risk oversight responsibilities are discussed further in “Committees of the Board of Directors” below.

COMMITTEESOF THE BOARD OF DIRECTORS

The following table identifies the current committee chairs and members:

		AUDIT COMMITTEE	EXECUTIVE COMPENSATION COMMITTEE	NOMINATING & CORPORATE GOVERNANCE COMMITTEE
Independent Directors	Philip E. Coviello	C	●	●
Independent Directors	~~Richard G. Dooley~~	●	●	C
~~Joe Grills~~Frank Lourenso	●	C	●
~~Frank Lourenso~~	Henry Moniz	●	●	●
	Colombe M. Nicholas		●	●
	Mary Hogan Preusse	●	●	C
	Valerie Richardson	●	●	●
	Richard B. Saltzman	●	●	●

Management Directors	Milton Cooper
Management Directors	Conor C. Flynn

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AUDIT COMMITTEE
Committee members: ~~Philip E. Coviello,Chair~~ ~~Richard G. Dooley~~ ~~Joe Grills~~ ~~Frank Lourenso~~ ~~Mary Hogan Preusse~~	Number of meetings in fiscal year ~~2017:~~2020: 5
Philip E. Coviello, Chair
Frank Lourenso
Henry Moniz
Mary Hogan Preusse
Valerie Richardson
Richard B. Saltzman

Messrs. Coviello, ~~Dooley, Grills~~Lourenso, Moniz and ~~Lourenso~~Saltzman and ~~Ms.~~Mses. Hogan Preusse and Richardson are each an “audit committee financial expert,” as determined by the Board of Directors in accordance with Item 407(d)(5) of Regulation S-K, and Messrs. Coviello, ~~Dooley, Grills~~Lourenso, Moniz and ~~Lourenso~~Saltzman and ~~Ms.~~Mses. Hogan Preusse and Richardson are each “independent” from the Company as defined by the current listing standards of the NYSE.

The Audit Committee operates under a written charter adopted by the Board of Directors. A copy of the Audit Committee Charter is available on the Company’s website located at www.kimcorealty.com and is available in print to any stockholder who requests it.

The Audit Committee assists the Board of Directors in fulfilling its oversight responsibilities as related to the Company’s risk management processes. The Board of Directors and Audit Committee oversee:

●	the integrity of the Company’s financial statements and financial reporting process and the Company’s systems of internal accounting and financial controls;
●	the performance of the internal audit function;
●	the annual independent integrated audit of the Company’s consolidated financial statements and internal control over financial reporting, including the engagement of the independent registered public accounting firm and the evaluation of the independent registered public accounting firm’s qualifications, independence and performance;
●	policy standards and guidelines for risk assessment and risk ~~management;~~management, including cybersecurity policies and initiatives;
●	the Company’s compliance with legal and regulatory requirements, including the Company’s disclosure controls and procedures; and
●	the fulfillment of the other responsibilities set out in the Audit Committee Charter, as adopted by the Board of Directors.

The Audit Committee receives regular reports from management regarding the Company’s assessment of risks. In addition, the Audit Committee reports regularly to the Board of Directors. The Board of Directors and Audit Committee focus on the Company’s general risk management strategy, and also ensure that risks undertaken by the Company are consistent with the business strategies approved by the Board of Directors. While the Board of Directors oversees the Company’s risk management, management is responsible for the day-to-day risk management processes and reports directly to both the Board of Directors and Audit Committee on a regular basis and more frequently as appropriate. The Board of Directors believes this division of responsibilities is an

effective approach for addressing the risks facing the Company.

The Audit Committee works with management to adopt and annually ~~reviews~~review a code of conduct designed to support the highest standards of business ethics. The Company’s Code of Business Conduct and Ethics (“Code of Conduct”) is available on the Company’s website located at www.kimcorealty.com and is available in print to any stockholder who requests it.

EXECUTIVE COMPENSATION COMMITTEE
Committee members: ~~Joe Grills,Chair~~ ~~Philip E. Coviello~~ ~~Richard G. Dooley~~ ~~Frank Lourenso~~ ~~Colombe M. Nicholas~~ ~~Mary Hogan Preusse~~ ~~Richard B. Saltzman~~	Number of meetings in fiscal year ~~2017:~~2020: 5
Frank Lourenso, 4Chair
Philip E. Coviello
Henry Moniz
Colombe M. Nicholas
Mary Hogan Preusse
Valerie Richardson
Richard B. Saltzman

The Board of Directors has established an Executive Compensation Committee, comprised solely of independent directors to:

●	evaluate (in consultation with management and the Board of Directors) and recommend to the Board of Directors for approval the compensation plans, policies and programs of the Company, especially those regarding executive compensation; and
●	determine and recommend to the Board of Directors for approval the compensation of the Chief Executive Officer and all other executive officers of the Company.

More specifically, the Executive Compensation Committee annually reviews and approves corporate goals and objectives relevant to the total direct compensation of the CEO and the other NEOs, including changes in base salary, bonus and equity awards. The Executive Compensation Committee also reviews the performance of the CEO and the other NEOs against these goals and objectives and, based on its evaluation, approves their total direct compensation. The details of the processes and procedures involved are described in the Compensation Discussion and Analysis beginning on page ~~30.~~31.

The Executive Compensation Committee operates under a written charter adopted by the Board of Directors. A copy of the Executive Compensation Committee Charter is on the Company’s website located at www.kimcorealty.com and is available in print to any stockholder who requests it.

The Executive Compensation Committee has retained an independent compensation consultant, Pay Governance LLC (“Pay Governance”), which performs no other services for the Company. ~~The Board of Directors~~With input from Pay Governance and management, the Executive Compensation Committee ~~in consultation with Pay Governance and management, have~~ reviewed the design and operation of the Company’s incentive compensation arrangements, including the performance objectives and target levels used in connection with incentive awards, and evaluated the relationship between the Company’s risk management policies and practices and these arrangements. ~~As a result of this review, management has determined,~~

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As a result of this review, the Executive Compensation Committee and the Board of Directors has ~~affirmed management’s determination,~~determined that the Company’s compensation policies and practices are not reasonably likely to have a material adverse effect on the Company because they do not encourage the Company’s employees to take excessive or unnecessary risks. The Executive Compensation Committee believes that the combination of the Company’s (i) balanced approach to compensation, (ii) reliance on a variety of performance measures and (iii) use of both quantitative and qualitative assessments of performance reflected in the Company’s compensation program is consistent with the Company’s objectives and risk profile. Accordingly, the performance objectives in the Company’s annual incentive compensation plan are balanced with those contained in the Company’s long-term incentive compensation plan to ensure that both are aligned and consistent with the Company’s long-term business ~~plan.~~objectives. The Company’s mix of equity-based awards has been allocated to ensure an appropriate combination of incentive and retention objectives, and the Company has established stock ownership guidelines to ensure that the interests of the Company’s executive officers are aligned with the interests of the Company’s stockholders.
In reaching its conclusion that the Company’s compensation policies and practices do not encourage excessive and unnecessary risk taking, the Executive Compensation Committee considered several factors including salaries, bonuses and equity awards. There is an annual performance-based bonus program for employees other than NEOs that provides a discretionary award based on their respective levels in the Company, individual performance and overall Company performance. While the Company’s bonus program for its leasing personnel is tied to ~~personal~~individual production for new lease deals and renewals, management ~~is comfortable~~believes that this ~~bonus opportunity~~ fairly incentivizes leasing personnel without being excessive. In addition, executive bonuses and equity awards are based on certain performance measures (established by the Executive Compensation Committee and management) including, but not limited to, FFO, results from operations, contributions from real estate investment programs, individual performance and enterprise-wide performance. The Company’s long-term equity awards consist of performance shares and restricted stock. These awards are intended to further link ~~recipients’ interests with~~recipient and stockholder interests. The Company’s benefits and retirement plans are not linked to performance. The Company’s Executive Severance Plan ~~with~~provides severance protections to certain of its ~~NEOs and members of management provides severance protections.~~NEOs. Since there are no performance-based aspects of these severance arrangements, and the Company generally retains the ability to terminate an executive “for cause” without triggering ~~severance, the~~severance. The Executive Compensation Committee does not believe these agreements encourage excessive risk taking. The Executive Compensation Committee believes it is not overly reliant on any single measure of performance and assesses actual results against each performance measure and takes into account overall performance compared to targets. In addition to the quantitative performance measures, the Executive Compensation Committee also assesses the broader business environment and relative performance of the Company in order to evaluate individual performance. Finally, the Executive Compensation
Committee considers changes in the business, industry and capital markets environment in determining compensation policies and practices.
NOMINATING & CORPORATE GOVERNANCE COMMITTEE
Committee members:
     ~~Richard G. Dooley,Chair~~
     ~~Philip E. Coviello~~
     ~~Joe Grills~~
     ~~Frank Lourenso~~
     ~~Colombe M. Nicholas~~
     ~~Mary Hogan Preusse~~
     ~~Richard B. Saltzman~~
Number of meetings in
fiscal year ~~2017:~~2020: 5
4Mary Hogan Preusse, Chair
Philip E. Coviello
Frank Lourenso
Henry Moniz
Colombe M. Nicholas
Valerie Richardson
Richard B. Saltzman
All of the members of the Nominating and Corporate Governance Committee are independent directors. The functions of the Nominating and Corporate Governance Committee include recommending candidates for annual election to the Board of Directors and the filling of vacancies on the Board of Directors that may arise from time-to-time and senior management succession. The Nominating and Corporate Governance Committee is not limited to any specific process in identifying candidates and will consider candidates suggested by other members of the Board of Directors, as well as candidates recommended by stockholders. Such recommendations should include the name and address and other pertinent information about the candidate as is required to be included in the Company’s Proxy Statement. Recommendations should be submitted to the Secretary of the Company. In addition, the Nominating and Corporate Governance Committee is authorized to retain search firms and other consultants to assist it in identifying candidates and fulfilling other duties.
As described in the Company’s Corporate Governance Guidelines, consideration is given to assuring that the Board of Directors, as a whole, considers diversity in its broadest sense, including persons diverse in geography, gender and ethnicity as well as representing diverse experiences, skills and backgrounds. We believe a diverse group of directors can best perpetuate the success of the business and represent stockholder interests through the exercise of sound business judgment. The Board of Directors and Nominating and Corporate Governance Committee take into account many factors in recommending candidates for a director position. These factors include, but are not limited to:
●
knowledge of real estate;
●
the ability to make independent analytical inquiries;
●
general understanding of marketing, finance, accounting and other elements relevant to the success of a ~~publicly-traded~~publicly traded company in today’s business environment;
●
understanding of the Company’s business on a technical level;
●
other board service; and
●
educational and professional background.

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In addition, each candidate nominee must possess fundamental qualities of intelligence, honesty, good judgment, high ethics and standards of integrity, fairness and responsibility. The Board of Directors and the Nominating and Corporate Governance Committee evaluate each individual candidate by considering all appropriate factors as a whole. The Company’s approach

Kimco Realty Corporation 2021 PROXY STATEMENT27
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favors active deliberation rather than using rigid formulas to assign relative weights to these factors. Following the end of each fiscal year, the Nominating and Corporate Governance Committee establishes the criteria for and conducts an annual assessment of the performance of each member of the Board of Directors with respect to these factors. Consideration of other corporate governance principles or modifications of such principles may also be discussed at that time.
The Nominating and Corporate Governance Committee is also responsible for ensuring that the Company adheres to good corporate governance principles and developing and implementing the Company’s Corporate Governance Guidelines that apply to all of its directors and management.
The Nominating and Corporate Governance Committee is responsible for reviewing, monitoring, and reporting to the Board of Directors, the progress and implementation of the goals established for the Company’s ESG program. The Nominating and Corporate Governance Committee is also charged with ensuring the Company’s compliance with all NYSE listing requirements. The Nominating and Corporate Governance Committee operates under a written charter adopted by the Board of Directors. Copies of the Nominating and Corporate Governance Committee Charter and the Corporate Governance Guidelines are available on the Company’s website located at www.kimcorealty.com and are available in print to any stockholder who requests either document.

EXECUTIVEOFFICERS
The following table sets forth information with respect to the executive officers of the Company as of March ~~15, 2018.~~17, 2021.
NAME AGE POSITION JOINED KIMCO AGE POSITION JOINED KIMCO
Milton Cooper 89 Executive Chairman of the Board of Directors Co-Founder 92 Executive Chairman of the Board of Directors Co-Founder
Conor C. Flynn 37 Chief Executive Officer 2003 40 Chief Executive Officer 2003
Ross Cooper 35 President and Chief Investment Officer 2006 38 President and Chief Investment Officer 2006
Glenn G. Cohen 54 Executive Vice President,
Chief Financial Officer and Treasurer 1995 57 Executive Vice President, Chief Financial Officer and Treasurer 1995
David Jamieson 37 Executive Vice President and Chief Operating Officer 2007 40 Executive Vice President and Chief Operating Officer 2007
The executive officers of the Company serve in their respective capacities for approximately one-year terms and are subject to election by the Board of Directors, generally at the ~~time of the annual~~ meeting of the Board of Directors following the ~~2018~~2021 Annual Meeting of Stockholders.
Please see Proposal 1 – Election of Directors – Information Regarding Nominees starting on page 1718 for information regarding Milton Cooper and Conor C. Flynn.
ROSS COOPERwas elected President and Chief Investment Officer in February 2017 and prior to that had served as Executive Vice President and Chief Investment Officer since May 2015, where he was responsible for leading the development and implementation of the Company’s acquisition and disposition strategy. Previously, he also served as Vice President of Acquisitions, Dispositions and Asset Management for the Southern Region from 2012 to 2014 and as Senior Vice President from 2014 to 2015. Ross Cooper holds a B.S. ~~degree~~ from the University of Michigan and a Master’s ~~degree~~ in Real Estate from New York University. Ross Cooper is the grandson of Milton Cooper, the Executive Chairman of the Company’s Board of Directors.
GLENN G. COHENwas elected Chief Financial Officer of the Company in June 2010, and continues as Treasurer, a position he has held since 1997. Mr. Cohen directs the Company’s financial and capital strategy and oversees the day-to-day accounting, financial reporting and planning, tax, treasury and
capital market activities. In addition, Mr. Cohen is responsible for the information technology activities of the Company. Prior to joining the Company in 1995 as Director of Accounting and Taxation, Mr. Cohen served as Chief Operating Officer and Chief Financial Officer for U.S. Balloon Manufacturing Company, Chief Financial Officer for EMCO Sales and Service, L.P. and spent six years at the public accounting firm Coopers & Lybrand, LLP (predecessor to PricewaterhouseCoopers LLP), where he served as a manager in the audit group. Mr. Cohen is also a Director for ~~Quality Care Properties,~~Piedmont Office Realty Trust Inc. (NYSE: ~~QCP)~~PDM) and a member of its Audit Committee and its Capital Committee. Mr. Cohen ~~received~~holds a ~~Bachelor of Science degree~~B.S. in accounting from the State University of New York at ~~Albany in 1985.~~Albany. He is a Certified Public Accountant and a member of NAREIT and ICSC.
DAVID JAMIESONwas elected Executive Vice President and Chief Operating Officer in February 2017 and prior to that had served as Executive Vice President of Asset Management and Operations since 2015, where his role has been to identify, develop and implement opportunistic value creation strategies that optimize the Company’s portfolio performance, most notably by leading the Company’s redevelopment and selective ground-up development efforts. Previously, he also served as Vice President of Asset Management and Leasing for the Western Region from 2012 to 2015 and as Director of Real Estate for the Western Region from 2009 to 2011. Mr. Jamieson holds a B.S. ~~degree~~ from Boston College and an ~~MBA~~M.B.A. from Babson College.

28Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT27
Table of Contents
SECURITY OWNERSHIPOF CERTAIN BENEFICIAL
OWNERS & MANAGEMENT
The table below sets forth certain information available to the Company, as of ~~February 28, 2018,~~March 2, 2021, with respect to shares of its Common Stock and ~~Class I, Class J, Class K,~~ Class L and Class M Cumulative Redeemable Preferred Stock (i) held by those persons known to the Company to be the beneficial owners (as determined under the rules of the SEC) of more than 5% of such shares and (ii) held, individually and as a group, by the directors and executive officers of the Company.
NAME & ADDRESS
(WHERE REQUIRED)
OF BENEFICIAL OWNER SHARES OWNED BENEFICIALLY (#) PERCENT OF CLASS (%)
COMMON CLASS
I CLASS
J CLASS
K CLASS
L CLASS
M COMMON CLASS
I⁽¹⁾ CLASS
J⁽¹⁾ CLASS
K⁽¹⁾ CLASS
L⁽¹⁾ CLASS
M⁽¹⁾
The Vanguard Group, Inc.
100 Vanguard Blvd
Malvern, PA 19355 73,448,046⁽²⁾ - - - - - 17.3% - - - - -
BlackRock, Inc.
55 East 52nd Street
New York, NY 10022 41,753,452⁽³⁾ - - - - - 9.8% - - - - -
State Street Corporation
One Lincoln Street
Boston, MA 02111 24,678,113⁽⁴⁾ - - - - - 5.8% - - - - -
Milton Cooper
c/o Kimco Realty Corporation
3333 New Hyde Park Rd.
New Hyde Park, NY 11042 9,936,670⁽⁵⁾⁽⁶⁾ - - - - - 2.3% - - - - -
Conor C. Flynn 497,251⁽⁷⁾ - - - - - * - - - - -
Richard G. Dooley 359,605⁽⁸⁾ - - - - - * - - - - -
Glenn G. Cohen 337,974⁽⁹⁾ - - - - - * - - - - -
Frank Lourenso 285,541⁽¹⁰⁾ - - - - - * - - - - -
Ross Cooper 192,524⁽¹¹⁾ - - - - - * - - - - -
Richard B. Saltzman 167,446⁽¹²⁾ - - - - - * - - - - -
Philip E. Coviello 167,467⁽¹³⁾ - - - - - * - - - - -
Joe Grills 140,833⁽¹⁴⁾ - - - - - * - - - - -
David Jamieson 106,801⁽¹⁵⁾ - - - - - * - - - - -
Colombe M. Nicholas 81,369⁽¹⁶⁾ - - - - - * - - - - -
Mary Hogan Preusse 18,910⁽¹⁷⁾ - - - - - * - - - - -
All Directors and
Executive Officers as a group
(12 persons) 12,292,391 - - - - - 2.9% - - - - -
NAME & ADDRESS
(WHERE REQUIRED)
OF BENEFICIAL OWNER SHARES OWNED BENEFICIALLY (#) PERCENT OF CLASS (%)
COMMON CLASS CLASS COMMON CLASS CLASS
L M L⁽¹⁾ M⁽¹⁾
The Vanguard Group, Inc.
100 Vanguard Blvd
Malvern, PA 19355 65,576,462⁽²⁾ - - 15.1% - -
BlackRock, Inc.
55 East 52nd Street
New York, NY 10055 41,652,116⁽³⁾ - - 9.6% - -
JPMorgan Chase & Co.
383 Madison Avenue
New York, NY 10179 26,534,295⁽⁴⁾ - - 6.1% - -
APG Asset Management US Inc.
666 3rd Avenue
New York, NY 10017 22,275,109⁽⁵⁾ 5.1%
Milton Cooper
c/o Kimco Realty Corporation
500 North Broadway, Suite 201
Jericho, NY 11753-2128 9,917,403⁽⁶⁾⁽⁷⁾ - - 2.3% - -
Conor C. Flynn 785,611⁽⁸⁾ - - * - -
Glenn G. Cohen 429,735⁽⁹⁾ - - * - -
Ross Cooper 317,613⁽¹⁰⁾ - - * - -
Frank Lourenso 275,989⁽¹¹⁾ - - * - -
David Jamieson 214,041⁽¹²⁾ - - * - -
Philip E. Coviello 211,487⁽¹³⁾ - - * - -
Richard B. Saltzman 175,488⁽¹⁴⁾ - - * - -
Colombe M. Nicholas 121,234⁽¹⁵⁾ - - * - -
Mary Hogan Preusse 47,930⁽¹⁶⁾ - - * - -
Valerie Richardson 39,940⁽¹⁷⁾ - - * - -
Henry Moniz 9,830⁽¹⁸⁾ - - * - -
All Directors and
Executive Officers as a group
(12 persons) 12,546,301 - - 2.9% - -

* Less than 1%
⁽¹⁾Not applicable. The Company’s Class L and Class M Cumulative Redeemable Preferred Stock are, generally, not voting securities of the Company.
⁽²⁾The Company has received a copy of Schedule 13G/A as filed with the SEC by The Vanguard Group, Inc. (“Vanguard”) reporting ownership of these shares as of December 31, 2020. As reported in such Schedule 13G/A, Vanguard has shared voting power with respect to 1,523,850 shares, sole dispositive power with respect to 62,886,187 shares and shared dispositive power with respect to 2,690,275 shares.
⁽³⁾The Company has received a copy of Schedule 13G/A as filed with the SEC by BlackRock, Inc. (“BlackRock”) reporting ownership of these shares as of December 31, 2020. As reported in such Schedule 13G/A, BlackRock has sole voting power with respect to 37,538,273 shares and sole dispositive power with respect to 41,652,116 shares.
⁽⁴⁾The Company has received a copy of Schedule 13G as filed with the SEC by JPMorgan Chase & Co. (“JPMorgan”) reporting ownership of these shares as of December 31, 2020. As reported in such Schedule 13G, JPMorgan has sole voting power with respect to 20,919,447 shares, sole dispositive power with respect to 26,523,028 shares and shared dispositive power with respect to 1,548 shares.
* Less than 1%
⁽¹⁾~~Not applicable. The Company’s Class I, Class J, Class K, Class L and Class M Preferred Stock are, generally, not voting securities of the Company.~~
⁽²⁾The Company has received a copy of Schedule 13G/A as filed with the SEC by The Vanguard Group (“Vanguard”) reporting ownership of these shares as of December 31, 2017. As reported in such Schedule 13G/A, Vanguard has sole voting power with respect to 1,075,424 shares and has sole dispositive power for 72,295,826 shares.
⁽³⁾The Company has received a copy of Schedule 13G/A as filed with the SEC by BlackRock, Inc. (“BlackRock”) reporting ownership of these shares as of December 31, 2017. As reported in such Schedule 13G/A, BlackRock has sole voting power with respect to 38,321,521 shares and sole dispositive power with respect to 41,753,452 shares.
⁽⁴⁾The Company has received a copy of Schedule 13G as filed with the SEC by State Street Corporation (“State Street”) reporting ownership of these shares as of December 31, 2017. As reported in such Schedule 13G, State Street has shared voting power with respect to 24,678,113 shares and shared dispositive power with respect to 24,678,113 shares.
⁽⁵⁾Includes 17,500 shares held by a foundation controlled by Mr. Cooper. Does not include 36,126 shares held by Mr. Cooper’s spouse and 1,449,481 shares held by adult members of Mr. Cooper’s family, as to all of which shares Mr. Cooper disclaims beneficial ownership. Does not include 243,965 shares held by a charitable remainder unitrust and 250,000 shares held by a charitable remainder annuity trust both of which Mr. Cooper’s spouse is trustee, as to all of which shares Mr. Cooper disclaims beneficial ownership. Includes options or rights to acquire 200,000 shares of Common Stock that are exercisable within 60 days of February 28, 2018, 39,035 shares held in his 401(k) account, 5,381 shares held in an IRA account and 187,230 shares of restricted stock.
28      Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT
~~Table of Contents~~
⁽⁶⁾Excludes 2,065,356 shares held by KC Holdings, Inc., a private corporation in which Mr. Cooper holds less than 5% of the outstanding equity. Mr. Cooper’s adult children own 81.5% of KC holdings, Inc. Mr. Cooper disclaims beneficial ownership of all shares indirectly held by KC Holdings, Inc. and does not share the power to vote or dispose of such shares. Also excludes 4,820,000 shares held in a trust where Mr. Cooper’s adult child is the trustee of which Mr. Cooper disclaims beneficial ownership and does not share the power to vote or dispose of such shares.
⁽⁷⁾Includes 194 shares held by Mr. Flynn for his children. Includes options or rights to acquire 17,700 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 332,141 shares of restricted stock.
⁽⁸⁾~~Includes options or rights to acquire 47,000 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 22,123 shares of restricted stock.~~
⁽⁹⁾Includes 412 shares held by Mr. Cohen for his children. Includes options or rights to acquire 64,400 shares of Common Stock that are exercisable within 60 days of February 28, 2018, 13,113 shares held in his 401(k) account and 110,238 shares of restricted stock.
⁽¹⁰⁾Does not include 4,500 shares owned by Mrs. Lourenso, his spouse, as to all of which shares Mr. Lourenso disclaims beneficial ownership. Includes 5,403 shares held by Mr. Lourenso in trusts for the benefit of his grandchildren. Includes 12,674 shares owned by Mr. Lourenso’s children through a grantor retained annuity trust, of which Mr. Lourenso is trustee. Includes options or rights to acquire 47,000 shares of Common Stock that are exercisable within 60 days of February 28, 2018, 3,307 shares held in an IRA account and 22,123 shares of restricted stock.
⁽¹¹⁾Includes 2,100 shares held by Mr. Cooper for his children. Includes options or rights to acquire 14,125 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 100,783 shares of restricted stock.
⁽¹²⁾Includes 50 shares held by Mr. Saltzman for his son. Includes options or rights to acquire 47,000 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 22,123 shares of restricted stock.
⁽¹³⁾Includes 10,000 shares held in a testamentary trust and 7,502 shares in a charitable remainder unitrust of which Mr. Coviello is a trustee. Does not include 10,000 shares owned by Mrs. Coviello, his spouse, as to all of which shares Mr. Coviello disclaims beneficial ownership. Includes options or rights to acquire 37,000 shares of Common Stock that are exercisable within 60 days of February 28, 2018, 60,000 shares held in an IRA account and 22,123 shares of restricted stock.
⁽¹⁴⁾Does not include 72,692 shares held in a charitable lead annuity trust of which Mrs. Grills, his spouse, is the sole trustee, as to all of which shares Mr. Grills disclaims beneficial ownership. Includes options or rights to acquire 47,000 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 22,123 shares of restricted stock.
⁽¹⁵⁾~~Includes options or rights to acquire 2,500 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 86,918 shares of restricted stock.~~
⁽¹⁶⁾~~Includes options or rights to acquire 14,667 shares of Common Stock that are exercisable within 60 days of February 28, 2018 and 22,123 shares of restricted stock.~~
⁽¹⁷⁾~~Includes 17,163 shares of restricted stock.~~
~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~      29
Table of Contents
⁽⁵⁾The Company has received a copy of Schedule 13G/A as filed with the SEC by APG Asset Management US Inc. (“APG”) reporting ownership of these shares as of December 31, 2020. As reported in such Schedule 13G/A, APG has shared voting power with respect to 22,275,109 shares and shared dispositive power with respect to 22,275,109 shares.
⁽⁶⁾Does not include 38,993 shares held by Mr. Cooper’s spouse and 1,449,481 shares held by adult members of Mr. Cooper’s family, as to all of which shares Mr. Cooper disclaims beneficial ownership. Does not include 491,358 shares held by a charitable remainder unitrust and 250,000 shares held by a charitable remainder annuity trust both of which Mr. Cooper’s spouse is trustee, as to all of which shares Mr. Cooper disclaims beneficial ownership. Includes 46,944 shares held in his 401(k) account, 5,381 shares held in an IRA account and 383,750 shares of restricted stock.
⁽⁷⁾Excludes 2,065,356 shares held by KC Holdings, Inc., a private corporation in which Mr. Cooper holds less than 5% of the outstanding equity. Mr. Cooper’s adult children own 81.5% of KC holdings, Inc. Mr. Cooper disclaims beneficial ownership of all shares indirectly held by KC Holdings, Inc. and does not share the power to vote or dispose of such shares. Also excludes 4,820,000 shares held in a trust where Mr. Cooper’s adult child is the trustee of which Mr. Cooper disclaims beneficial ownership and does not share the power to vote or dispose of such shares.
⁽⁸⁾Includes 194 shares held by Mr. Flynn for his children. Includes options or rights to acquire 2,700 shares of Common Stock that are exercisable within 60 days of March 2, 2021 and 317,820 shares of restricted stock.
⁽⁹⁾Excludes 412 shares held by Mr. Cohen’s children, as to all of which shares Mr. Cohen disclaims beneficial ownership. Includes 15,667 shares held in his 401(k) account and 127,470 shares of restricted stock.
⁽¹⁰⁾Includes 2,100 shares held by Mr. Cooper for his children. Includes options or rights to acquire 3,125 shares of Common Stock that are exercisable within 60 days of March 2, 2021 and 135,450 shares of restricted stock.
⁽¹¹⁾Does not include 4,500 shares owned by Mrs. Lourenso, his spouse, as to all of which shares Mr. Lourenso disclaims beneficial ownership. Includes 5,403 shares held by Mr. Lourenso in trusts for the benefit of his grandchildren. Includes options or rights to acquire 11,000 shares of Common Stock that are exercisable within 60 days of March 2, 2021, 3,307 shares held in an IRA account, 27,976 shares of restricted stock and 41,467 shares of deferred stock.
⁽¹²⁾Includes 119,548 shares of restricted stock.
⁽¹³⁾Includes 10,000 shares held in a testamentary trust and 13,002 shares in a charitable remainder unitrust of which Mr. Coviello is a trustee. Does not include 10,000 shares owned by Mrs. Coviello, his spouse, as to all of which shares Mr. Coviello disclaims beneficial ownership. Includes options or rights to acquire 11,000 shares of Common Stock that are exercisable within 60 days of March 2, 2021, 85,000 shares held in an IRA account and 27,976 shares of restricted stock.
⁽¹⁴⁾Includes options or rights to acquire 11,000 shares of Common Stock that are exercisable within 60 days of March 2, 2021, 27,976 shares of restricted stock and 69,503 shares of deferred stock.
⁽¹⁵⁾Includes options or rights to acquire 14,667 shares of Common Stock that are exercisable within 60 days of March 2, 2021, 27,976 shares of restricted stock and 23,915 shares of deferred stock.
⁽¹⁶⁾Includes 27,976 shares of restricted stock.
⁽¹⁷⁾Includes 29,760 shares of restricted stock.
⁽¹⁸⁾Includes 9,830 shares of restricted stock.
30Kimco Realty Corporation 2021 PROXY STATEMENT
Table of Contents
COMPENSATION DISCUSSION & ANALYSIS

INTRODUCTION

We pay our NEOs primarily using salary, annual incentives and equity awards. We seek to pay our NEOs in a way that encourages long-term increases in stockholder value and long-term employee retention. We also recognize that our NEO pay must compete with what comparable employers pay. For ~~2017,~~2020, our NEOs were:
● Milton Cooper, Executive Chairman of the Board of Directors;
● Conor C. Flynn, Chief Executive Officer;
● Ross Cooper, President and Chief Investment Officer;
● Glenn G. Cohen, Executive Vice President, Chief Financial Officer and Treasurer; and
● David Jamieson, Executive Vice President and Chief Operating Officer.
Our Board of Directors has an Executive Compensation Committee (the “Committee” or the “Compensation Committee”) that administers and monitors what and how we pay our NEOs and other executives.
The Committee held ~~four~~five meetings in person or by phone during ~~2017.~~2020. The Committee is currently comprised of ~~Joe Grills~~Frank Lourenso (Chairman), Philip E. Coviello, ~~Richard G. Dooley, Frank Lourenso,~~Henry Moniz (who joined the Committee in January 2021), Colombe M. Nicholas, Mary Hogan Preusse, Valerie
Richardson and Richard B. Saltzman. We encourage feedback from our stockholders regarding our executive compensation program. In ~~2017,~~2020, over ~~94%~~96% of the votes cast (i.e., excluding abstentions and broker non-votes) in our Say-on-Pay advisory vote were to approve the proposal.

~~Our~~
In 2020, our senior management team diligently worked ~~in 2017~~ to ~~strategically position Kimco~~manage and address the challenges associated with the COVID-19 pandemic. The Company seamlessly transitioned to a remote work environment and rapidly implemented several tenant-focused assistance programs. Initiatives that were launched included a COVID-19 Response Website and the Tenant Assistance Program (TAP) which provided our tenants free resources to navigate and apply for ~~long-term performance by focusing their efforts on strengthening our portfolio, maintaining~~government-sponsored disaster relief funds, Curbside Pickup^TMand new outdoor dining options. The senior management team additionally expanded and strengthened our capital and liquidity positions, ensuring a secure balance sheet during a very unstable time. While leading the Company through the pandemic, the team simultaneously strengthened our portfolio, diversified our operating income through mixed-use densification of our properties with non-retail components and ~~operating competitively. Our~~strategically positioned Kimco for long-term performance. The Committee’s compensation decisions in ~~2017~~2020 emphasized rewarding corporate / financial performance and individual performance and achievements by our NEOs, commensurate with our business results, to successfully execute our strategy to be the premier owner and operator of open-air, grocery-anchored shopping centers ~~through investments primarily~~and mixed-use assets in the U.S.

EXECUTIVESUMMARY

Kimco Realty Corporation is one of the nation’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, as measured in gross leasable area (“GLA”). ~~The Company’s consolidated operating portfolio, comprised~~As of ~~59.4~~December 31, 2020, the Company had interests in 400 shopping center properties aggregating
70.1 million square feet of GLA ~~as of December 31, 2017, consists entirely of properties~~ located in the ~~U.S., inclusive of Puerto Rico.~~United States. The Company’s ~~ownership~~
~~interests in real estate consist~~mission is to create destinations for everyday living that inspire a sense of community and deliver value to its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.many stakeholders.

~~2017~~2020 BUSINESS HIGHLIGHTS

We
The Company delivered ~~improved~~solid financial and operational results ~~and made~~with significant progress on our business development strategies. Highlights of the ~~2017~~2020 fiscal year included:
● ~~Increased~~Produced net income available to the Company’s common shareholders ~~to $372.5~~of $975.4 million, or $2.25 per diluted share, for the year ended December 31, ~~2017, representing a 12.0% increase from $332.6~~2020 compared to $340.0 million, or $0.80 per diluted share, for the year ended December 31, ~~2016.~~2019.
● Achieved NAREIT FFO ~~as adjusted~~ (non-GAAP) of ~~$1.52~~$1.17 per diluted share for the ~~full~~ year ~~2017, representing a 1.3% increase over 2016 FFO as adjusted of $1.50~~ended December 31, 2020, compared to $1.44 per diluted ~~share. See Annex A starting on page 58~~share for the ~~definition of FFO as adjusted and a reconciliation of net income to FFO as adjusted.~~year ended December 31, 2019.
● Executed a total of 1,597 leases totaling over 10 million square feet in 2017, representing the highest leasing volume in the past 10 years. Achieved pro-rata rental rate leasing spreads of 11.5% with rental rates for the new leases up 22.9% and renewals/ options increasing 8.9%.
● ~~Total pro-rata occupancy reached 96.0% as of December 31, 2017, representing an increase of 60 basis points from the 2016 year-end level of 95.4% and only 20 basis points less than~~$2.3 billion in immediate liquidity, including full $2.0 billion available on the Company’s ~~historic record of 96.2%.~~unsecured revolving credit facility.

30      Kimco Realty Corporation~~2018~~2021 PROXY STATEMENT31
Table of Contents
COMPENSATION DISCUSSION & ANALYSIS

● ~~Acquired interests~~Received $227.4 million in ~~three~~proceeds, which included $190.8 million of gains, from the partial monetization of our investment in Albertsons. As of December 31, 2020, the Company held $700 million of Albertsons’ common stock.
● Issued $400.0 million of 1.90% notes due 2028 and the Company’s first Green Bond - $500.0 million of 2.70% notes due 2030.
● During the COVID-19 pandemic, all of the Company’s shopping centers remained open and operating. As of December 31, 2020, 97% of our tenants, based on ABR, were open, including those operating on a limited basis.
● Collected 92% of total pro-rata base rents billed in the fourth quarter of 2020.
● As of December 31, 2020, 78% of the Company’s pro-rata ABR came from grocery-anchored shopping centers. Grocery and other essential retail tenants were the most profitable businesses during the COVID-19 pandemic.
● As of December 31, 2020, 85% of the Company’s pro-rata ABR came from shopping centers located in the first ring suburbs of top major metropolitan markets. During the pandemic, many urban residents moved out of high-population cities to the first ring suburbs, where our assets are located.
● Executed 1,035 leases totaling over 6.2 million square feet in the Company’s consolidated and joint venture operating portfolios during 2020. Achieved pro-rata rental rate leasing spreads of 8.1% with rental rates for new leases up 10.0% and renewals/ options up 7.8%.
● Achieved total pro-rata occupancy of 93.9% as of December 31, 2020, which exceeded the peer group average of 92.4%, despite several retailer bankruptcies and store closures caused by the COVID-19 pandemic.
● Launched several innovative COVID-19 response initiatives including Curbside Pickup^®, common area use for outdoor business activity and the Tenant Assistance Program (TAP), which helped tenants apply for government sponsored COVID-19 financial aid.
● Completed The Boulevard, the Signature Series^® redevelopment located in Staten Island, NY. Additionally, completed 9 redevelopment projects during 2020. All 10 ~~separate parcels adjacent to existing properties totaling 2.0~~projects totaled $295.1 million with a blended return of 6.3% in 2020.
● Obtained entitlements for future mixed-use projects. As of December 31, 2020, the Company has approximately 5,000 entitlements for apartment units, 600 for hotel keys and 1.4 million square feet for ~~an aggregate gross purchase price of $382.1 million including $43.0 million of debt, with the Company’s share of the purchase price totaling $377.4 million.~~
● Disposed of ownership interests in 41 properties totaling 4.4 million square feet for an aggregate gross sales price of $565.7 million. The dispositions completed in 2017 resulted in the Company’s exit from the states of Rhode Island and Kansas, further concentrating the portfolio in core metropolitan markets.
● ~~Issued $1.25 billion of new unsecured notes ($350 million 30-year at 4.45%, $400 million 10-year at 3.8% and $500 million 7-year at 3.3%), having a weighted~~
average effective yield of 3.82%. Additionally, obtained a new $2.25 billion unsecured revolving credit facility, with borrowings at LIBOR plus 87.5 basis points. Repaid, with the proceeds from the new unsecured notes, $781.0 million of maturing debt and $250 million of the Company’s term loan, extending the Company’s weighted average debt maturity profile to one of the longest in the industry at 10.7 years.
● Completed a partial redemption of $225 million of the Company’s 6.000% Class I Cumulative Redeemable Preferred Stock. Issued $225 million of 5.125% Class L Cumulative Redeemable Preferred Stock and $264.5 million of 5.25% Class M Cumulative Redeemable Preferred Stock, which includes $34.5 million from the exercise of an over-allotment in January 2018.office space.

EXECUTIVE COMPENSATION
AND CORPORATE GOVERNANCE HIGHLIGHTS

Our compensation philosophy and corporate governance standards are designed to align executive compensation with long-term stockholder interests:
● We maintain a majority vote for the annual election of directors ~~(uncontested elections)~~in uncontested elections and we have no supermajority voting requirements.
● The leadership structure of our Board of Directors consists of an Executive Chairman, a Lead Independent Director, who is elected by the independent directors, and knowledgeable committee chairs with appropriate experience.
● The Committee’s independent compensation consultant, Pay Governance, is retained directly by the ~~Executive Compensation~~ Committee and performs no other services for the Company.
● The Committee conducts periodic reviews of our compensation strategy, including a review of our compensation-related risk profile so that our compensation-related policies and programs do not ~~create risks~~encourage risk-taking that ~~are~~is reasonably likely to have a material adverse effect on the Company.
● A significant portion of our NEOs’ pay is performance-based. For example, in ~~2017,~~2020, approximately ~~81%~~87% of our CEO’s total compensation was linked directly to the Company’s performance and 67% of annual long-term incentive opportunities for ~~Messrs. Milton Cooper, Flynn and Cohen~~the NEOs were delivered in performance-based equity awards in the form of performance shares.
~~Messrs. Ross Cooper and Jamieson did not receive any performance shares in 2017 as they were not executive officers at the time that the annual equity awards were granted.~~
● We have stock ownership guidelines for our directors and NEOs and ~~directors.~~a stock retention requirement for directors and NEOs who have not achieved the applicable stock ownership level. As of December 31, ~~2017,~~

32Kimco Realty Corporation 2021 PROXY STATEMENT
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COMPENSATION DISCUSSION & ANALYSIS

2020, each of the NEOs and directors (other than ~~Ms. Hogan Preusse)~~Mr. Moniz) satisfied his or her individual stock ownership level. ~~Ms. Hogan Preusse~~Mr. Moniz became a director of the Company on ~~February 1, 2017~~January 12, 2021 and has until ~~February 1, 2022~~January 12, 2026 to meet the required ownership levels under our current stock ownership guidelines. See “Corporate Governance—Stock Ownership Guidelines” on page 2324 for more information.
●
We maintain a ~~formal~~ program of continuing education for our directors. In ~~2017,~~2020, directors participated in customized, Company-sponsored sessions on business-related topics, corporate governance matters, SEC rule changes, and other current topics such as ~~cyber security,~~ESG, DE&I, ethical conduct and cybersecurity, including issues applicable to particular committees of the Board of Directors.
●
Our Board of Directors has a policy prohibiting our NEOs and members of the Board of Directors from
engaging in any hedging transactions with respect to equity securities of the Company held by them, which includes the purchase of any financial instrument (including prepaid variable forward contracts, equity swaps, collars and exchange funds) designed to hedge or offset any decrease in the market value of such equity securities.

~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~      31
~~Table of Contents~~
~~COMPENSATION DISCUSSION & ANALYSIS~~

●
The Company has a policy that prohibits use of ~~the Company’s~~ Common Stock by NEOs or members of the Board of Directors for any pledging transactions.
●
The Company has adopted a clawback policy as further described on page ~~23.~~24.
●
We maintain an executive severance plan with a “double trigger” change in control arrangement that covers certain of our NEOs. The executive severance plan does not provide for any gross-up payments for Parachute Payment Taxes (as defined starting on page ~~39)~~40).

STOCKHOLDERSAY-ON-PAY VOTES

At our ~~2017~~2020 Annual Meeting of Stockholders, we provided our stockholders with the opportunity to cast an advisory vote on executive compensation, and in future years we expect such advisory vote will occur annually. Over ~~94%~~96% of the votes cast (i.e., excluding abstentions and broker non-votes) on the ~~2017~~2020 Say-on-Pay vote were voted in favor of the proposal. We have considered the results of the ~~2017~~2020 vote and believe the support of our stockholders for that proposal indicates
that our stockholders are supportive of our approach to
executive compensation, including the ratio of performance-based compensation to all other compensation, the ratio of performance-based equity compensation to time-based equity compensation, and the integrity of our peer group. ~~Thus, we did not make changes to our executive compensation arrangements in response to the vote.~~ In the future, we will continue to consider the outcome of our Say-on-Pay votes when making compensation decisions regarding our NEOs.

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ELEMENTS OF OUR EXECUTIVE ~~EXECUTIVE~~ COMPENSATION PROGRAM
Our executive compensation program provides pay-for performance compensation that we believe is aligned with the interests of our stockholders and is designed to continue to attract, retain and appropriately motivate our key employees who drive long-term value creation.
Adjusted NAREIT FFO, ~~as adjusted,~~Recurring EBITDA ~~as adjusted~~ including the pro-rata share of joint ventures (“~~EBITDA as adjusted”~~Recurring EBITDA”), and ~~leverage,~~Leverage, defined as consolidated debt plus ~~JV pro rata~~the pro-rata share of joint venture debt divided by the total gross consolidated assets and JVthe pro-rata share of ~~pro rata~~joint venture gross assets, are the Company-defined financial metrics used in our annual incentive program, ensuring that pay and performance, as measured in our executive compensation program, are aligned. The Committee also assesses each NEO’s individual contributions to the Company’s ~~performance.~~performance in determining awards under our annual incentive program. See Annex A starting on page 58 for the definitions of Adjusted NAREIT FFO ~~as adjusted~~ and Recurring EBITDA ~~as adjusted~~ and reconciliations of net income to Adjusted NAREIT FFO ~~as adjusted~~ and to ~~EBITDA as adjusted.~~Recurring EBITDA.
The ~~component parts~~primary components of our executive compensation program, ~~are:~~for purposes of establishing 2020 targeted pay, were:

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Consistent with our executive compensation program, the significant majority of the total compensation for our CEO and all other NEOs for ~~2017~~2020 was ~~incentive-based,~~performance-based, commensurate with business results, and ~~at risk~~“at risk” unless such business results were achieved, as illustrated below.
* Amounts are based on the Summary Compensation Table on page ~~41.~~43, excluding the portion of Mr. Milton Cooper’s 2019 bonus that was awarded in 2020 in the form of a stock award.
BASESALARY

In reviewing our NEOs’ base salaries, the Executive Compensation Committee considers each NEO’s scope of responsibilities, individual qualifications and experience, future potential, past performance and the practices of our peer group, without applying a quantitative formula. We did not seek a specific target within our peer group. Base salary increases, if any, are effective January 1 and are approved by the Board of Directors and the Committee. No formulaic base salary increases are provided to the NEOs, and other forms of compensation are generally used to reward overall Company performance or exceptional performance of a particular NEO. For 2020, considering outstanding performance during 2019, growing accountabilities for Mr. Ross Cooper and Mr. Jamieson and peer comparisons, the Executive Compensation Committee increased Mr. Ross Cooper’s base salary from $525,000 in
2019 and Mr. Jamieson’s base salary from $500,000 in 2019. The Executive Compensation Committee determined to make these increases after considering the level of fixed cash compensation that the Executive Compensation Committee believes is necessary to retain the services of these executives in a competitive talent market and/or the market practices of our peer group, without applying a quantitative formula. No base salary increases were granted to NEOs for 2021. The annual base salaries for our NEOs for 2020 were as follows:
●
Mr. Milton Cooper received a base salary of ~~$750,000 in 2017.~~$750,000.
●
Mr. Flynn received a base salary of ~~$1,000,000 in 2017.~~$1,000,000.
●
Mr. Ross Cooper received a base salary of ~~$450,000 in 2017.~~$700,000.
●
Mr. Cohen received a base salary of ~~$675,000 in 2017.~~$675,000.
●
Mr. Jamieson received a base salary of ~~$425,000 in 2017.~~$675,000.

ANNUALINCENTIVE PLAN

Under our executive compensation program, ~~Messrs. Milton Cooper, Cohen and Flynn~~each of the NEOs were eligible to receive an annual cash bonus based on the Company’s corporate / financial performance compared to targets and the NEO’s individual performance against specific quantitative and qualitative goals as further discussed starting on page ~~35.~~36. For ~~each of these~~2020 the NEO’s annual bonus opportunity for ~~2017,~~the performance year was: 60% ~~was~~ based on the Company’s corporate / financial performance
~~for the performance year~~ compared to targets as
measured by the Company’s (1) Adjusted NAREIT FFO ~~as adjusted~~ per diluted share ~~for the performance year~~ compared to Target FFO, (2) Recurring EBITDA as adjusted compared to Target EBITDA and (3) ~~leverage~~Leverage compared to Target ~~Leverage,~~Leverage; and 40% ~~was~~ based on individual NEO performance against specific quantitative and qualitative goals as discussed starting on page 3536 and as evaluated by the Executive Compensation Committee.

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The table below shows the percentage of the 2020 Total Annual Target Bonus that each of ~~these~~our NEOs would receive based on achievement of specified levels for corporate / financial performance and individual performance.
Performance Criteria Annual Incentive Component Earned as
Percent of the Total Annual Target Bonus⁽¹⁾
Threshold Target Exceed Target Maximum
Corporate / Financial Performance (achieved if
50% of target
measures are
attained) (achieved if
100% of target
measures are
attained) (achieved if
150% of target
measures are
attained) (achieved if
200% of target
measures are
attained)
●FFO, as adjusted per diluted share
18% 36% 54% 72%
●EBITDA, as adjusted
6% 12% 18% 24%
●Leverage
6% 12% 18% 24%
Individual Performance
●Evaluation of individual NEO performance by the Executive Compensation Committee against Specific Goals approved by the Board
10% 40% 60% 80%
Total Annual Bonus Paid 40% 100% 150% 200%
Performance Criteria Annual Incentive Component Earned as
Percent of the 2020 Total Annual Target Bonus⁽¹⁾
Threshold Target Exceed Target Maximum
Corporate / Financial Performance (achieved if
50% of target
measures are
attained) (achieved if
100% of target
measures are
attained) (achieved if
150% of target
measures are
attained) (achieved if
200% of target
measures are
attained)
●Adjusted NAREIT FFO, per diluted share
18% 36% 54% 72%
●Recurring EBITDA
6% 12% 18% 24%
●Leverage
6% 12% 18% 24%
Individual Performance
●Evaluation of individual NEO performance by the Executive Compensation Committee against specific quantitative and qualitative goals approved by the Board
10% 40% 60% 80%
Total 2020 Annual Bonus Payable 40% 100% 150% 200%
⁽¹⁾ The annual bonus is linearly interpolated between the specified performance levels.

The table on page 3638 shows the target bonus and the bonus actually earned in ~~2017~~2020 for ~~Messrs. Milton Cooper, Cohen and Flynn.~~the NEOs. In establishing the target bonuses, we considered the responsibilities of each NEO, Mr. Flynn’s recommendations (other than with respect to his own target bonus) and the peer group practices discussed in “Comparison to Competitive Market.” The Committee awarded ~~2017~~2020 bonuses based on the following analysis of our corporate / financial performance and each applicable NEO’s individual ~~performance:~~performance.
CORPORATE / FINANCIAL PERFORMANCE.

In ~~2017,~~2020, the corporate / financial incentive was based upon the percentage weighting of 60% Adjusted NAREIT FFO, ~~as adjusted~~ per diluted share, 20% Recurring EBITDA, ~~as adjusted,~~ and 20% ~~leverage.~~Leverage. For ~~2017,~~2020, the Company’s Target FFO was ~~$1.52~~$1.48 on a diluted per share basis, Target EBITDA was ~~$918~~$883.0 million and Target Leverage was ~~39%~~43.7%. After the Executive Compensation Committee considered the Company’s actual ~~2017~~2020 Adjusted NAREIT FFO ~~as adjusted~~ of ~~$1.52~~$1.20 per diluted share, Recurring EBITDA ~~as adjusted~~ of ~~$920.4~~$761.6 million and ~~leverage~~Leverage of ~~38.9%~~40.4%, the payout for the corporate financial incentive was based on the Company not meeting ~~Target~~the threshold for Adjusted NAREIT FFO ~~exceeding Target~~and Recurring EBITDA ~~by 0.261%~~ and exceeding ~~Target~~Maximum Leverage by ~~0.256%~~4.941%. Interpolating linearly between target and ~~maximum~~attained performance levels for each of the three financial measures resulted in a payout for the corporate / financial incentive of ~~62%~~24.00% of each applicable NEO’s total annual target bonus, which is ~~103.33%~~40.00% of each applicable NEO’s ~~2017~~2020 target corporate / financial performance bonus of 60%.
INDIVIDUAL PERFORMANCE.

The ~~Executive~~ Compensation Committee ~~considers~~determined the ~~NEO’s overall~~financial metric payout without consideration of the extraordinary efforts in the fiscal year 2020, which presented significant operating challenges caused by the COVID-19 pandemic. It is not a fair representation of NEO performance to exclude an evaluation of COVID-19 response efforts, and therefore, further consideration should be given in the qualitative portion of the annual incentive. The following additional factors were considered in determining ~~the individual~~qualitative performance component of each NEO’s annual bonus. For the NEOs other than the CEO, the Committee also considers our CEO’s evaluation of our NEO’s performance and his recommended set of compensation actions for the NEOs.achievement:
The Committee awarded each of Messrs. Milton Cooper, Cohen, Ross Cooper, and Jamison bonuses for calendar year 2017 based on recommendations made by Mr. Flynn and the Committee’s assessment of their 2017 performance. The Committee awarded Mr. Flynn’s bonus for calendar year 2017 based on the Committee’s review of Mr. Flynn’s 2017 performance.Tenant/Community Wellbeing:
The decision to pay each of Messrs. Milton Cooper, Flynn and Cohen 150% of their target bonus and to pay each of Messrs. Ross Cooper and Dave Jamieson $500,000, was based on the Committee’s qualitative assessment of each individual’s contributions to the Company’s performance in 2017 in their respective job functions. The material components of such contributions were: (a) for Mr. Milton Cooper, his work in successfully executing and guiding management on the Company’s simplification strategy, (b) for Mr. Flynn, his work achieving the Company’s financial and operational results for 2017, (c) for Mr. Cohen, his work focusing on strengthening the Company’s balance sheet and strategically accessing the capital markets, (d) for Mr. Ross Cooper, his work overseeing
● Created and introduced the Tenant Assistance Program (TAP), which subsidized legal and accounting services to struggling tenants that were trying to navigate and secure PPP loans. Over 600 tenants were assisted through the program enabling them to procure loans in excess of $20 million. The program was nominated as a finalist for an American Law Industry Award.

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● Negotiated lease modifications with Kimco’s top 100 tenants that were deemed non-essential. Standardized tenant lease modifications so they could be utilized at scale with over 4,000 small business leases as a means of providing immediate relief to the most impacted tenants.
● Installed and launched curbside pickup rapidly at 300 shopping centers to support the needs of all tenants and the customers and communities they serve. Established a procurement strategy to secure heaters and tents potentially necessary for outdoor restaurant service.
● Collaborated with The SCORE Foundation and the SBA to deliver a webinar series to Kimco tenants and vendors which explained how to navigate the Cares Act. The series, totaling over 1,000 registrants, also introduced tenants to the TAP program.
the Company’s accelerated investment strategy, enhancing the quality of the portfolio and reducing leverage and (e) for Mr. Jamieson, his work in overseeing the Company-wide operating teams and key development and redevelopment projects.Employee Well-being:
● Seamlessly transitioned the entire workforce from full-time office to a flexible work from home arrangement, which we have successfully continued since March 2020. This included immediate and extensive IT training on virtual meetings and remote working as well as safety protocols.
● No salary or benefit reductions. The safety and protection of our employees and their families were, and continue to be, a top priority.
Enterprise Well-being:
● Maintained immediate liquidity through a newly established $2.0 billion revolving credit facility and successfully sourced a $590 million Term Loan in April from a group of 15 banks, which provided us the necessary liquidity to manage through the financial uncertainty created by the pandemic. In July 2020, we issued our first 10-year Green Bond, raising $500 million in 2.70% notes due 2030. In August 2020, we issued $400 million of 1.90% notes due 2028.
● Repaid the remaining $325 million outstanding under the term loan, redeemed $485 million of Kimco’s 3.20% senior notes due 2021 and repaid $70 million of maturing mortgage debt. As of December 31, 2020, the Company maintains one of the longest weighted average debt maturity profiles in the REIT industry at 10.9 years.
● Developed a systems-based Tenant Tracker to manage the workflow of rent deferrals, tenant closures and re-
openings and outstanding accounts receivable balances. This new tracking system has become instrumental in understanding the real-time status of over 7,300 leases.
● Supported rent collection efforts through executive leadership engagement with the Company’s top 100 tenants. Additionally, created a National Accounts Team to help manage and improve the rent collection process for Kimco’s largest accounts. These efforts significantly improved the percentage of base rents collected from 60% at the onset of the pandemic, to greater than 90% by year-end 2020, which is similar to pre-pandemic levels.
● Designed and implemented the company’s first voluntary early retirement program which resulted in a 36% acceptance rate. The program, along with regional consolidation and elimination of certain redundant positions, resulted in headcount reduction and anticipated annual general and administrative savings of approximately $5 million.
● The Company outperformed the direct shopping center peer group for total shareholder return by approximately 500 basis points.
● Completed construction and tenant openings at key Signature Series^®assets during the pandemic. Additionally, directed the master planning of other high-quality assets as a means to increase density levels and the number of multifamily units.
● Proactively shifted the Company’s investment strategy to a new structured investment program that selectively provides mezzanine and equity funding on high-quality shopping centers in strong markets at an accretive spread to Kimco’s weighted average cost of capital. These investments also provide the potential opportunity to acquire the assets in the future through certain rights of first offer or refusal. During 2020, the Company funded two structured investments under the program totaling $35 million.
Prudence on Executive Pay:
● There were no special awards, either retention or other purposes, provided to executives to shield them from the impact of the COVID-19 crisis. In addition, there will be no changes made to the long-term incentive mix or targets for 2021 relative to fiscal year 2020.

CALCULATION OF TOTAL ~~2017~~2020 BONUS.

~~The bonus actually received by Messrs. Milton Cooper, Cohen and Flynn was determined by adding~~Kimco continues to focus on a performance-oriented culture. After careful consideration of the ~~corporate / financial performance bonus~~COVID-19 impact and the significance of the mitigating performance factors outlined above, the Compensation Committee determined that providing the maximum individual qualitative payout added to the
calculated financial metric payout is consistent with a pay for performance ~~bonus together. Thus, each of those NEOs earned~~orientation. For fiscal year 2020, this resulted in a total ~~2017 bonus~~payout factor of ~~approximately 122% of the 2017 target bonus.~~
~~Messrs. Ross Cooper and Jamieson~~104%. The Compensation Committee did not ~~participate in~~exercise further discretion to adjust the ~~2017 annual bonus program for executive officers described above as they became executive officers after implementation~~payout factors upwards or downwards.

Kimco Realty Corporation 2021 PROXY STATEMENT37
Table of the program. Instead, the annual bonuses for Messrs. Ross Cooper and Jamieson for 2017 were determined by the Executive Compensation Committee based on the Committee’s consideration of Mr. Flynn’s recommendations and an evaluation of Messrs. Ross Cooper and Jamieson’s individual performance against, among other factors, specific quantitative and qualitative goals detailed above in “Individual Performance.” Messrs. Ross Cooper and Jamieson did not have a target bonus amount for 2017.Contents

COMPENSATION DISCUSSION & ANALYSIS

~~2017~~2020 NEOBONUSES

NAME 2017 TARGET BONUS 2017 BONUS EARNED 2020 TARGET BONUS 2020 BONUS EARNED⁽¹⁾
Milton Cooper(2) $800,000 $976,000 $800,000 $832,000
Conor C. Flynn $1,750,000 $2,135,000 $1,750,000 $1,820,000
Ross Cooper N/A $500,000 $675,000 $702,000
Glenn G. Cohen $650,000 $793,000 $650,000 $676,000
David Jamieson N/A $500,000 $650,000 $676,000
⁽¹⁾NEOs may elect to receive Restricted Stock under the Company’s 2020 Equity Participation Plan in lieu of some or all of their annual cash bonus for calendar year 2020. The number of shares of Restricted Stock will be determined by (i) multiplying 120%, by the Conversion Amount and (ii) dividing the product by the Fair Market Value (as defined in the 2020 Equity Participation Plan) of a share of the Company’s common stock on February 17, 2021, with the result rounded to the nearest ten shares. The NEO may elect a five-year ratable vesting or a five-year cliff vesting schedule.
⁽²⁾Mr. Milton Cooper received 56,060 shares of restricted stock on February 18, 2021 subject to time-based vesting conditions.
LONG-TERMINCENTIVE PLAN
The Company maintains a long-term incentive plan pursuant to which the Company makes annual equity-based compensation awards to the NEOs. WeThe Executive Compensation Committee used ~~our~~its business judgment, after reviewing various peer compensation data, to determine appropriate equity compensation in order to recognize the potential of our executive officers for our business and retain our executive officers for the long term.
~~Approximately 33% of the value of the equity awards granted in 2017 to~~In 2018, Messrs. ~~Flynn,~~ Milton Cooper, Flynn, Ross Cooper, Cohen and Cohen was awarded in the form of time-vesting restricted stock eligible to vest, at the election of the NEO, either in 25% increments on each of the first, second, third and fourth anniversaries of the grant date, or in a single installment on the fourth anniversary of the grant date. For 2017, the time-vesting awardsJamieson were granted ~~under the Company’s 2010 Equity Participation Plan. The actual time-vesting awards granted are set out in the “Grants of Plan-Based Awards for 2017” table on page 42.~~
~~Approximately 67% of the value of the equity awards granted in 2017 to Messrs. Flynn, Milton Cooper and Cohen was awarded in the form of performance shares. The~~ performance shares ~~granted in 2017 permit the NEOs~~that permitted them to earn vested shares of ~~the Company’s~~ Common Stock based on the Company’s total stockholder return compared to peers listed in the Bloomberg REIT Shopping Center Index over a three-year performance period, which commences with the year of grant. The ~~Committee determined~~grant date fair value of the performance shares granted to ~~use~~Messrs. Milton Cooper, Flynn, Ross Cooper, Cohen and Jamieson for 2018 was $839,300, $1,748,362, $506,968, $979,132 and $506,968, respectively, calculated using the Monte Carlo method in accordance with the provision of FASB ASC 718, excluding the effect of estimated forfeitures.
The Monte Carlo method is a methodology that generates a large number of possible outcomes with respect to the variables that will determine the ultimate value of the performance share award – in this case, the Company’s total stockholder return over the applicable performance period and the total stockholder return of the companies in the Bloomberg REIT Shopping Center Index. The Company’s total shareholder return for the 2018-2020 performance period was in the 87 and 7/10th percentile of the peer group. Because this was above the maximum level of the award, 200% of the shares were issued in respect of the 2018 performance share awards and Messrs. Milton Cooper, Flynn, Ross Cooper, Cohen and Jamieson realized a value in respect of these awards.
Approximately 33% of the value of the equity awards granted in 2020 to the NEOs was awarded in the form of time-vesting restricted stock eligible to vest, at the election of the NEO,
either in 20% increments on each of the first, second, third, fourth and fifth anniversaries of the grant date, or in a single installment on the fifth anniversary of the grant date.
For 2020, the time-vesting awards were granted under the Company’s 2010 Equity Participation Plan. The actual time-vesting awards granted in 2020 are set out in the “Grants of Plan-Based Awards for 2020” table on page 44.
In 2020, we also issued Mr. Milton Cooper 77,660 shares of restricted stock subject to time-based vesting conditions. These shares were issued pursuant to his election to receive his 2019 annual bonus payment in the form of shares of restricted stock with a grant date fair value based on the closing price on the day before the grant date equal to 120% of his bonus award. These restricted shares are scheduled to vest in a single installment on February 13, 2025. These restricted shares also entitle him to receive dividends associated with the underlying shares.
Approximately 67% of the value of the equity awards granted in 2020 to the NEOs was awarded in the form of performance shares. The performance shares granted in 2020 permit the NEOs to earn vested shares of Common Stock based on the Company’s total stockholder return compared to peers listed in the Bloomberg REIT Shopping Center Index ~~for 2017 instead~~over a three-year performance period, which commences with the year of the ~~peers listed in the NAREIT Retail Index because of its determination that the Bloomberg REIT Shopping Center Index provided a more narrowly defined peer group that more closely matches our business.~~grant. The performance shares granted in ~~2017~~2020 also include the right to receive, if and when the underlying shares are earned, the equivalent value (paid in shares without interest) of dividends declared on the earned shares

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following issuance of the performance shares and before issuance of any earned stock. The ~~2017~~2020 performance shares provide a target number of shares that may be earned in the performance period if the Company’s total stockholder return for the period equals the 50th percentile of its peers listed in the Bloomberg REIT Shopping Center Index. The number of performance shares actually earned for the performance period may range between a threshold of 50% of the target number of shares if the Company’s total stockholder

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return for the period is at least in the 25th percentile of its peers listed in the Bloomberg REIT Shopping Center Index and a maximum of 200% of the target number of shares for the period if the Company’s total stockholder return for the period equals or exceeds the 85th percentile of its peers listed in the Bloomberg REIT Shopping Center Index.
Linear interpolation is used to determine the shares earned for the performance period if the Company’s total stockholder return falls between the specified percentile levels. If the Company’s total stockholder return for the performance period is less than the threshold level, no performance shares are earned or issued for the period.
Messrs. Ross Cooper and Jamieson were not executive officers at the time performance shares were granted. As a result, 100% of the value of their equity awards granted in 2017 was awarded in the form of time-vesting restricted stock eligible to vest, at the election of the NEO, either in 25% increments on each of the first, second, third and fourth anniversaries of the grant date, or in a single installment on the fourth anniversary of the grant date.
In 2017, we also awarded Mr. Milton Cooper 46,782 shares of restricted stock subject to time based vesting conditions. These shares were issued pursuant to his election to receive his 2016 annual bonus payment in the form of shares of restricted stock with a grant date fair value based on the closing price on the day before the grant date equal to 120% of his bonus award. These restricted shares are scheduled to vest in a single installment on February 13, 2021.
Companies listed in the Bloomberg REIT Shopping Center Index on January 1st of each calendar year (excluding the
Company) are the peer group used to determine relative total stockholder return and the number of shares of stock earned with respect to each performance period beginning on January 1, ~~2017.~~2020. If a constituent company in the peer group ceases to be actively traded, due, for example, to merger or bankruptcy or the Executive Compensation Committee otherwise reasonably determines that it is no longer suitable, then such company shall be removed from the peer group. For ~~2017, we removed Equity One Inc. from our group of peer companies, due to its merger with Regency Centers Corp. For 2017,~~2020, these companies were:

●
Acadia Realty Trust
●
Alexander’s Inc.
●
Brixmor Property Group, Inc.
●
Cedar Shopping Centers Inc.
●
~~DDR Corp.~~
Site Centers
●
Federal Realty Investment Trust
●
Kite Realty Group Trust
●
Ramco-Gershenson Properties Trust
●
Regency Centers Corp.
●
Retail Opportunity Investment Corp.
●
Retail Properties of America, Inc.
●
Saul Centers Inc.
●
Urban Edge Properties
●
Urstadt Biddle Properties Inc. ~~(common stock and class A common stock are separately considered)~~
(UBA)
●
Weingarten Realty Investors
● Whitestone REIT

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~~COMPENSATION DISCUSSION & ANALYSIS~~

COMPARISON TOCOMPETITIVE MARKET
~~We review~~The Executive Compensation Committee reviews competitive compensation data from a select group of peer companies and broader survey sources. However, ~~we do~~NEO compensation is not ~~set our NEOs’ compensation as~~ a direct function of market pay levels. Instead, ~~we use~~the Committee uses market data to help confirm that ~~our~~NEO pay practices are reasonable. For ~~2017, we reviewed~~2020, the following ~~REITs with market capitalizations comparable~~peer group which is used to ~~ours~~benchmark pay practices and with whom we compete for ~~executive talent.~~talent, was reviewed.
●AvalonBay Communities Inc.
●Boston Properties Inc.
●Brixmor Property Group
●~~Brookfield Properties Corp.~~
●~~DDR Corp.~~
●Duke Realty Corp.
●~~Equity One Inc.~~
●Equity Residential
●Federal Realty Investment Trust
●~~GGP Inc.~~Healthpeak Properties
●Prologis
●Public Storage
●Realty Income Corp.
●Regency Centers Corp.
●Site Centers
●SL Green Realty Corp.
●The Macerich Company
●Urban Edge Properties
●~~Ventas Inc.~~
Vornado Realty Trust
●Weingarten Realty Investors
Our senior management team ~~developed~~proposed the peer group of companies, which was reviewed and approved by the Executive Compensation Committee ~~with the assistance of~~and independently reviewed by Pay Governance. Pay Governance reports directly to the Committee and, in ~~2017,~~2020, provided no services to the Company other than executive compensation consulting services. Changes to the above peer group in 2020 included replacing Ventas Inc. with Healthpeak Properties and adding Vornado Realty Trust.
The survey sources utilized by the Committee in reviewing executive compensation provide aggregate data, and the Committee is not provided with compensation data specific to any individual constituent company in the surveys, other than any overlap between the survey constituent companies and our peer group discussed above.
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ADDITIONAL COMPENSATIONCONSIDERATIONS

LONG-TERM INCENTIVES – EQUITY AWARDS

As of December 31, 2017, Messrs. Milton Cooper and Cohen were eligible to retire from the Company. See page 46 “Compensation Tables – Assumed Termination for Death, Disability or Retirement” for information regarding the amounts each of them would be eligible to receive upon a qualifying retirement that occurred December 31, 2017. The Executive Compensation Committee may accelerate equity vesting upon an NEO’s termination at its ~~discretion.~~discretion, including upon a qualifying retirement from the Company. We do not maintain special pension plans for our NEOs because we believe the accelerated vesting of certain equity awards in connection with retirement ~~offsets~~should offset the lack of such ~~plans.~~plans, though we generally retain discretion on whether or not to accelerate equity awards in connection with retirement.
If an NEO holding time-based restricted stock is terminated prior to vesting ~~for reasons other than~~as a result of his death or disability ~~retirement (without~~or, with the consent of the Executive Compensation ~~Committee),~~Committee, due to his retirement, or (for participants in the Executive Severance Plan) is terminated by the Company without cause, ~~or change of control,~~ the employee would ~~forfeit~~generally vest in the unvested stock. Prior to vesting, recipients of restricted stock may vote the shares and also receive dividends. Additionally, upon a qualifying termination of employment, a participant may remain eligible to receive payment for outstanding performance shares upon the achievement of the applicable performance goals and without regard to any continued employment condition.
EXECUTIVE SEVERANCE PLAN – “DOUBLE-TRIGGER” CHANGE IN CONTROL SEVERANCE ARRANGEMENT

On March 15, 2010, the Executive Compensation Committee adopted the Kimco Realty Corporation Executive Severance Plan, as amended from time to time (the “Executive Severance

38      ~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~

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Plan”) pursuant to which certain of our NEOs ~~and other members of the Company’s senior management~~ are eligible for severance payments if the covered executive’s employment is terminated by the Company without “Cause” or, following a change in control, by the executive for “Good Reason” (each as defined in the Executive Severance Plan), subject in all cases to the terms and conditions described in the Executive Severance Plan. Upon a covered termination of employment, a participant will receive two times the sum of (a) the participant’s annual base salary and (b) the amount of the participant’s annual bonus received in the prior year, payable in equal installments over the two years following the termination or in a lump sum if the termination occurs within two years following a change in control.
The participant will also receive a payment equivalent to ~~eighteen~~18 months of premium payments for continued participation in the Company’s health insurance plans or successor plans (running concurrently with the COBRA period) and accelerated vesting of all unvested annual stock options and restricted stock awards, with the exception of extraordinary awards. In certain circumstances, if a participant would otherwise have incurred excise taxes under Section 4999 of the Internal Revenue Code (“Parachute Payment Taxes”), his or her payments will be reduced to the “safe harbor amount,” such that no such excise taxes would be due. The Executive Severance Plan does not provide for any gross-up payments for Parachute Payment Taxes incurred by any participant. ~~Messrs.~~Mr. Milton Cooper ~~Ross Cooper and Jamieson~~ did not participate in the Company’s Executive Severance Plan for ~~2017 but Messrs. Ross Cooper and Jamieson began participating in the Company’s Executive Severance Plan in 2018.~~2020.
RETIREMENT PLANS
We maintain a 401(k) ~~retirement~~-retirement plan (the “401(k) Plan”) in which substantially all employees, including our NEOs, are eligible to participate. The 401(k) Plan permits participants to defer up to a maximum of 100% of their eligible ~~base salary~~ compensation, up to the federal limit. The Company currently makes matching contributions on a dollar-for-dollar basis to all employees contributing to their 401(k) accounts and who have completed one year of employment with the Company, of up to 5% of the employee’s ~~base salary~~eligible compensation (and subject to a maximum of $8,500 for highly compensated employees). Participants in the 401(k) Plan are not subject to federal and state income tax on salary deferral contributions or Company contributions or on the earnings thereon until such amounts are withdrawn from the 401(k) Plan. Salary reduction contributions are treated as wages subject to FICA and Medicare tax. Withdrawals from the 401(k) Plan may only be made upon termination of employment, or in connection
with certain provisions of the 401(k) Plan that permit hardship withdrawals, allow in-service distributions and loans, or require minimum distributions. The 401(k) Plan also includes a Roth 401(k) feature which enables participants to defer some or all of their 401(k) contributions on an after-tax rather than pre-tax basis, allowing for tax-free (federal and most state) distributions on both participant contributions and related earnings at retirement. Generally, participation in the Roth 401(k) allows for tax free distributions if the Roth account has been in place for 5 years and the participant has attained age ~~59 ½.~~59½. We do not maintain any other retirement plans for our NEOs or employees. The Company does not provide any pension benefits or any nonqualified deferred compensation to its NEOs or employees.
TAX AND ACCOUNTING CONSIDERATIONS
The recognition or deferral of period expense in our financial statements did not factor into the allocation of compensation among base salary, bonus and equity awards for ~~2017.~~2020. Cash salary and bonuses are charged as an expense in the period in which the amounts are earned by the NEO.
Certain provisions of the Internal Revenue Code may affect compensation decisions. Section 409A of the Internal Revenue Code, which governs the form and timing of payment of deferred compensation, imposes sanctions, including a 20% penalty and an interest penalty, on the recipient of deferred compensation that does not comply with Section 409A. The Committee takes into account the implications of Section 409A in determining the form and timing of compensation awarded to our executives and strives to structure any nonqualified deferred compensation plans or arrangements to be exempt from or to comply with the requirements of Section 409A.
Section 280G of the Internal Revenue Code disallows a company’s tax deduction for payments received by certain individuals in connection with a change in control to the extent that the payments exceed an amount approximately equal to three times their average annual compensation, and Section

40Kimco Realty Corporation 2021 PROXY STATEMENT
Table of Contents
COMPENSATION DISCUSSION & ANALYSIS
4999 of the Internal Revenue Code imposes a 20% excise tax on those payments. The Committee takes into account the implications of Section 280G in determining potential payments to be made to our executives in connection with a change in control. Nevertheless, to the extent that certain payments upon a change in control are classified as excess parachute payments, such payments may not be deductible pursuant to Section 280G.
Section 162(m) of the Internal Revenue Code generally disallows a tax deduction to public corporations for compensation over $1 million paid for any fiscal year to the corporation’s chief executive officer and certain other

~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~      39

~~Table of Contents~~
~~COMPENSATION DISCUSSION & ANALYSIS~~

executive officers. Section 162(m) may exempt qualifying performance-based compensation with respect to taxable years beginning on or before December 31, 2017 and payable pursuant to a binding written agreement in effect on November 2, 2017. The Committee has not adopted a policy requiring all executive compensation to be fully deductible and ~~reserves the right to use its judgment to authorize~~has authorized compensation payments that may be subject to the Section 162(m) ~~limitation when it believes these payments are appropriate.~~limitation.

Kimco Realty Corporation 2021 PROXY STATEMENT41
Table of Contents
COMPENSATION DISCUSSION & ANALYSIS
PERQUISITES
~~PERQUISITES~~
We ~~do not believe we treat our NEOs materially differently from our other senior employees with respect to perquisites. We~~offered or provided the following ~~additional~~material perquisites to our NEOs in ~~2017:~~2020:

●	We provided Mr. Milton Cooper with the use of a car and driver to travel for Company business and Messrs. Flynn and Jamieson with the use of a car to conduct their duties as an executive ~~officer~~officers of the Company. Other employees may use these vehicles for Company business when not in use by an NEO. In ~~2017,~~2020, Messrs. Milton Cooper, Flynn, and Jamieson were allowed to use the car without a driver for personal use. In ~~2017,~~2020, Messrs. Cohen and Ross Cooper received car allowances in the amounts of $10,920 and $12,250, respectively. ~~We also provide car allowances to certain of our other officers.~~

●	We provide ~~certain~~all of our ~~officers (including all NEOs)~~NEOs a limited long-term care benefit of $3,500 per month as part of a group policy. These individuals may elect to purchase additional long-term care insurance at their own cost.

⁽¹⁾ Amounts reflect the compensation cost to the Company in 2017, 2016 and 2015 of the equity awards based on the aggregate grant date fair value calculated in accordance with the provision of FASB ASC 718, excluding the effect of estimated forfeitures. Fair value is determined, depending on the type of award, using the closing price on the date immediately preceding the grant date or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date. The assumptions used by the Company in calculating these amounts are incorporated herein by reference to Note 20 to Consolidated Financial Statements in the Company’s annual report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). The maximum possible value of the 2017 performance shares (200%), based on the closing price per share of our Common Stock on the date before they were granted ($25.04), was as follows: $1,600,056 for Mr. Milton Cooper; $3,333,325 for Mr. Flynn, and $1,866,482 for Mr. Cohen. For additional information regarding the equity awards granted to the NEOs in 2017 refer to the 2017 Grants of Plan-Based Awards table.

⁽²⁾ In 2017, Messrs. Cohen and Ross Cooper received car allowances in the amount of $10,920 and $12,250, respectively. The Company provided Mr. Milton Cooper with the use of a car and driver to travel for Company business and Messrs. Flynn and Jamieson with the use of a car to conduct their duties as an executive officer of the Company. Other employees may use this benefit for Company business when this car is not in use by an NEO. In 2017, Messrs. Milton Cooper, Flynn, and Jamieson were allowed to use the car without a driver for personal use. The NEOs’ drivers are employees who have additional responsibilities at the Company. The Company calculated the cost of the perquisite based on leased value and usage by the NEO compared to overall usage for the year. Accordingly, the aggregate incremental cost of this perquisite to the Company in 2017 for Messrs. Milton Cooper, Flynn, and Jamieson was $23,909, $21,936 and $9,136, respectively. The policy on the use of the cars for 2017, 2016 and 2015 is outlined below:

⁽⁴⁾⁽³⁾Mr. Milton Cooper elected to ~~receive~~be paid his ~~2016~~2019 annual bonus payment in the form of shares of restricted stock with a grant date fair value equal to 120% of his bonus amount based on the closing price per share of our Common Stock on the date immediately preceding the date of grant ~~date equal to 120% of his bonus award~~ and ~~vesting in full~~was awarded 77,660 shares on February 13, ~~2021.~~2020 that vest on February 13, 2025, subject to continued employment with the Company on the applicable vesting date. Amount shown includes ~~$195,237,~~$242,940, which represents the grant date fair value calculated in accordance with the provision of FASB ASC 718, excluding the effect of estimated forfeitures, of the number of restricted shares with a grant date fair value of 20% of Mr. Milton Cooper’s ~~2016~~2019 annual bonus payment. For additional information regarding this equity award, refer to the 2020 Grants of Plan-Based Awards table.

^(5)
(4)Mr. Milton Cooper elected to be paid his ~~2017~~2020 annual bonus payment in the form of shares of restricted stock with a grant date fair value equal to 120% of his bonus amount based on the closing price per share of our ~~common stock~~Common Stock on the date immediately preceding the date of grant and was awarded ~~79,780~~56,060 shares on February ~~22, 2018~~18, 2021 that vest on February 13, ~~2023.~~2026, subject to continued employment with the Company on the applicable vesting date.

⁽²⁾ Each of the NEOs received a time-vesting restricted stock award. The table represents restricted stock awards granted on February 13, 2017 under the 2010 Equity Participation Plan. Restricted stock awards vest in 25% increments on each of the first, second, third and fourth anniversaries of the grant date, subject to continued employment with the Company on the applicable vesting date, except that Messrs. Milton Cooper and Ross Cooper elected for their respective stock awards to instead vest entirely on the fourth anniversary of the grant date, subject to continued employment with the Company on the applicable vesting date.

⁽³⁾ All awards are granted under the 2010 Equity Participation Plan. Fair value is determined, depending on the type of award, using the Monte Carlo method or the closing price per share of our Common Stock on the date immediately preceding the grant date, which are intended to estimate the grant date fair value of the performance shares and restricted stock, respectively. The assumptions used by the Company in calculating these amounts are incorporated herein by reference to Note 20 to Consolidated Financial Statements in the Company’s 2017 Form 10-K.

⁽⁴⁾ Mr. Milton Cooper elected to receive his 2016 annual bonus payment in the form of shares of restricted stock with a grant date fair value based on the closing price on the date immediately preceding the grant date equal to 120% of his bonus award. Amount represents the number of restricted shares with a grant date fair value of 20% of Mr. Milton Cooper’s 2016 annual bonus payment.

⁽⁵⁾ ~~Messrs. Ross Cooper and Jamieson did not have a target bonus amount for 2017. Amounts are representative based on the previous fiscal year’s performance.~~

⁽³⁾In accordance with the Executive Severance Plan, Messrs. Flynn, Ross Cooper, Cohen and ~~Cohen~~Jamieson are entitled to full vesting of annual restricted stock awards, with the exception of ~~retention~~extraordinary awards, upon a termination without Cause. In addition, ~~Messrs. Milton Cooper, Flynn and Cohen~~upon a termination without Cause or due to retirement or upon resignation for “Good Reason” (as defined in the applicable award agreement), each of the NEOs would remain eligible to earn and be issued the ~~portion of the 2015~~outstanding performance shares, ~~that relate to~~and the 2015-2017 performance period, would remain eligible to earn and be issued the portion of the 2016 performance shares that relate to the 2016-2018 performance period, and would remain eligible to earn and be issued the portion of the 2017 performance shares that relate to the 2017-2019 performance period. The actual number of shares earned and issued would depend on the Company’s total stockholder return during the applicable performance periods. Assuming performance at maximum level and based on the market price of our stock on December 31, ~~2017~~2020 ($~~18.15)~~15.01), the total performance share values, disregarding any discount for the time-value of money, would be ~~$1,988,242~~$3,072,847 for Mr. Milton Cooper, ~~$3,486,343~~$8,435,320 for Mr. Flynn, ~~and $2,181,358~~$2,640,259 for Mr. ~~Cohen.~~Ross Cooper, $3,402,167 for Mr. Cohen and $2,640,259 for Mr. Jamieson.
⁽⁴⁾Amounts are based on the cost of coverage during ~~2017.~~2020.
⁽⁵⁾In certain circumstances, these amounts may be reduced so as to avoid any potential issues relating to Section 280G or excise taxes imposed under Section 4999 of the Internal Revenue Code. See “Additional Compensation Considerations - Tax and Accounting Considerations” and “Additional Compensation Considerations – Executive Severance Plan – ~~’Double-Trigger’~~‘Double-Trigger’ Change in Control Severance Arrangement.”
⁽⁶⁾Mr. Milton Cooper does not participate in the Company’s Executive Severance Plan. Mr. Milton Cooper qualifies for “Retirement” under the terms of his equity award agreements. Accordingly, all of his equity awards would become fully vested upon the termination of his employment without Cause.
⁽⁷⁾~~Messrs. Ross Cooper and Jamieson did not participate in the Company’s Executive Severance Plan for 2017 but began participating in the Company’s Executive Severance Plan in 2018.~~

DESCRIPTION OF PLAN
The Company maintains the ~~2010~~2020 Equity Participation Plan for the benefit of its eligible employees, consultants, and directors.

The 2020 Equity Participation Plan is the successor to the 2010 Equity Participation Plan, which expired in March 2020.

The 2020 Equity Participation Plan authorizes the Executive Compensation Committee to provide equity and/or cash compensation, incentives and awards in the form of stock options, restricted stock, performance shares, dividend equivalents, stock payments, deferred stock, restricted stock units, stock appreciation rights (“SARs”), other stock-based awards and performance-based awards (which may be payable in either the form of cash or shares of Common Stock) structured by the Executive Compensation Committee within parameters set forth in the ~~2010~~2020 Equity Participation Plan, for the purpose of providing the Company’s officers, employees and consultants equity and/or cash compensation, incentives and rewards for superior performance. Key

features of the ~~2010~~2020 Equity Participation Plan that reflect the Company’s commitment to effective management of incentive compensation include:

LIMITATIONS ON GRANTS
The number of shares of Common Stock that may be issued or transferred by the Company upon the exercise of incentive stock options may not exceed 10,000,000 in the aggregate, subject to certain adjustments, events and limitations described ~~below.~~in the 2020 Equity Participation Plan.

NO REPRICING OR REPLACEMENT OF OPTIONS OR STOCK APPRECIATION RIGHTS
The ~~2010~~2020 Equity Participation Plan prohibits, without stockholder approval: (i) the amendment of options or SARs to reduce the exercise price and (ii) the replacement of an option or SAR with cash or any other award when the price per share of the option or SAR exceeds the fair market value of the underlying shares of Common Stock.

NO IN-THE-MONEY OPTION OR SAR GRANTS
The ~~2010~~2020 Equity Participation Plan prohibits the grant of options or SARs with an exercise or base price less than the fair market value of the ~~Company’s~~ Common Stock, generally the closing price of the ~~Company’s~~ Common Stock, on the date of grant.

INDEPENDENT ADMINISTRATION
The Executive Compensation Committee, which consists of only independent directors, administers the ~~2010~~2020 Equity Participation Plan.

CEO PAY RATIO DISCLOSURE
As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information regarding the relationship of the annual total compensation of our employees and the annual total compensation of Mr. Flynn, our CEO. We consider the pay ratio specified below to be a reasonable estimate, calculated in a manner intended to be consistent with Item 402(u) of Regulation S-K.

For ~~2017,~~2020, our last completed fiscal year:

●	the median of the annual total compensation (inclusive of base salary, annual bonus, equity compensation, and benefits in the same manner as calculated in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K) of all of our employees (other than our CEO) was ~~$98,977;~~$108,000; and
●	the annual total compensation of our CEO, as reported in the Summary Compensation Table for 2020 included in this Proxy Statement, was ~~$5,563,791.~~$7,713,508.

Based on this information, for ~~2017,~~2020, the estimated ratio of the median of the annual total compensation of all of our employees (other than our CEO) to the annual total compensation of our CEO, was approximately 1 to ~~56.~~71.

DETERMINING THE MEDIAN EMPLOYEE AND ANNUAL TOTAL COMPENSATION
To identify the median employee from our employee population, we determined the annual total compensation of each of our employees as of December 31, ~~2017~~2020 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K. We annualized base wages of any permanent employees who were employed for less than the full year or on unpaid leave during ~~2017,~~2020, and we did not otherwise annualize or make any cost-of-living or other adjustments to employee compensation. Our employee population, including all full- and part-time employees, as of December 31, ~~2017~~2020 consisted of approximately ~~546~~484 individuals, all of whom were located in the United States.

During ~~2017,~~2020, members of the Board of Directors and Committees thereof who were not also employees of the Company (“non-management directors”) were entitled to receive an annual retainer of $60,000 ($~~70,000~~75,000 for the Lead Independent Director). Also, during ~~2017,~~2020, the non-management directors were entitled to receive $20,000 each as members of the Audit Committee ($45,000 for the Chair), $10,000 each as members of the Executive Compensation Committee ($35,000 for the Chair) and $6,000 each as members of the Nominating and Corporate Governance Committee ($16,000 for the Chair). In accordance with the Company’s ~~2010~~2020 Equity Participation

Plan and its predecessor, the non-management directors may be granted awards of deferred stock (“Deferred Stock”) in lieu of directors’ fees. Unless otherwise provided by the Board of Directors, a grantee of Deferred Stock shall have no rights as a Company stockholder with respect to such Deferred Stock until such time as the Common Stock underlying the award has been issued. Employees of the Company who are also directors are not paid any directors’ fees. Non-management directors also received an annual award of restricted stock with a grant date value of approximately $175,000, which vests in ~~25%~~20% increments over a ~~four-year~~five-year period from the date of grant.

⁽²⁾Amounts reflect the dollar amount, without any reduction for risk of forfeiture, of the equity awards granted during the fiscal year ended December 31, ~~2017~~2020 based on the aggregate grant date fair value, calculated in accordance with the ~~provisions~~provision of FASB ASC ~~718, excluding the effect of estimated forfeitures.~~718. The assumptions used by the Company in calculating these amounts are incorporated herein by reference to Note 2021 to Consolidated Financial Statements in the Company’s ~~2017~~ Form 10–K.K for the year ended December 31, 2020.

As of December 31, ~~2017,~~2020, Messrs. Coviello, ~~Dooley, Grills,~~Lourenso and Saltzman held options to acquire 16,500 shares, and Ms. Nicholas held options to acquire 14,667 shares.

As of December 31, 2020, Messrs. Coviello, Lourenso, Saltzman and Mses. Nicholas and Hogan Preusse each held ~~options to acquire 37,000 shares, 47,000 shares, 47,000 shares, 47,000 shares, 47,000 shares, 14,667 shares and 0 shares, respectively.~~

~~As of December 31, 2017, Messrs. Coviello, Dooley, Grills, Lourenso, Saltzman and Mses. Nicholas and Hogan Preusse held~~26,116 shares of restricted stock, ~~in the amounts~~and Ms. Richardson held 23,768 shares of ~~16,964 shares, 16,964 shares, 16,964 shares, 16,964 shares, 16,964 shares, 16,964 shares and 6,990 shares, respectively.~~restricted stock.

Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT4951

The Company reviews all relationships and transactions in which the Company and our directors and executive officers or their immediate family members are participants to determine whether such persons have a direct or indirect material interest. Our current written policies and procedures for review, approval or ratification of relationships or transactions with related persons are set forth in our:

●	Code of Conduct;
●	Corporate Governance Guidelines;
●	Nominating and Corporate Governance Committee Charter; and
●	Audit Committee Charter.

Our Code of Conduct applies to all of our directors and employees. Review and approval of potential conflicts of interest involving our directors, executive officers or other principal officers may only be conducted by our Board of Directors. A copy of the Company’s Code of Conduct is available through the Investors/Governance/Governance Documents section of the Company’s website located at www.kimcorealty.com and is available in print to any stockholder who requests it.

Our Corporate Governance Guidelines provide that the Nominating and Corporate Governance Committee will review annually the relationships that each director has with the Company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company), in the course of making independence determinations under the Company’s categorical independence standards for directors and the NYSE listing standards. Directors are expected to avoid any action, position or interest that conflicts with the interests of the Company or gives the appearance of a conflict. If an actual or potential conflict of interest develops, the director should immediately report the matter to the Chairman of the Board of Directors. Any significant conflict must be resolved, or the director should resign. If a director has a personal interest in a matter before the Board of Directors, the director will disclose the interest to the Board of Directors, excuse himself or herself from discussion on the matter and not vote on the matter. The Corporate Governance Guidelines further provide that the Board of Directors is responsible for reviewing and, where appropriate, approving major changes in and determinations under the Company’s Corporate Governance Guidelines, Code of Conduct and other Company policies. The Corporate Governance Guidelines also provide that the Board of Directors has the responsibility to ensure that the Company’s business is conducted with the highest standards of ethical conduct and in conformity with applicable laws and regulations.

Our Nominating and Corporate Governance Committee Charter provides that the Committee will, at least annually, review the relationships ~~that~~ each director has with the Company (either directly or as a partner, stockholder or officer of an organization

that has a relationship with the Company). In addition, the Company’s legal staff, including its outside legal ~~advisers,~~ advisors,

is primarily responsible for obtaining information through questionnaires and other procedures from the directors and executive officers with respect to related-person transactions and then determining whether the Company or a related person has a direct or indirect material interest in the transaction. As required under SEC rules, transactions that are determined to be directly or indirectly material to the Company or a related person are disclosed in the Company’s Proxy Statement.

Pursuant to the Audit Committee Charter and the Audit Committee’s policy regarding related-person transactions, as recorded in its minutes, the Audit Committee reviews and approves or ratifies related-person transactions that are required to be disclosed as well as all other related-person transactions identified to the Audit Committee by management or the Company’s internal audit function. In the course of its review and approval or ratification of a related-party transaction for which disclosure is required, the Audit Committee routinely considers: the nature of the related-person’s interest in the transaction; the material terms of the transaction; the importance of the transaction to the related person and to the Company and the extent to which such transaction would impair the judgment of a director or executive officer to act in the best interest of the Company; and any other matters deemed appropriate by the Audit Committee. All related-party transactions described in this Proxy Statement have been reviewed in accordance with this policy.

JOINT VENTURES

Mr. Milton Cooper has investments in certain real estate joint ventures and limited partnerships. The Company has an interest in certain of these joint ventures and partnerships which own and operate certain of the Company’s property interests. The Company receives various fees related to these joint ventures and partnerships.

FAMILY RELATIONSHIPS

Paul Dooley, Vice President of Property Tax/Insurance of the Company, is the son of Mr. Dooley, a director of the Company. Paul Dooley received total compensation of $390,363 from the Company in fiscal year 2017, calculated in the same manner as the Summary Compensation Table. This compensation includes a base salary in 2017 as an employee of the Company of $300,000 with the remaining balance comprised of (i) compensation cost to the Company in 2017 of equity awards recognized for financial reporting purposes over the requisite service period, calculated in accordance with the provision of FASB ASC 718, (ii) bonuses and (iii) various benefits.

Ross Cooper, President and Chief Investment Officer of the Company, is the grandson of Mr. Milton Cooper, Executive Chairman of the Board of Directors.

50 ~~Kimco Realty Corporation~~ ~~2018 PROXY STATEMENT~~

~~PROHEALTH LEASES~~

ProHEALTH is a multi-specialty physician group practice offering one-stop health care. ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Board of Directors and the father of Ross Cooper, President and Chief Investment Officer of the Company. ProHEALTH and/or its affiliates have leasing arrangements with the Company whereby two consolidated property locations are currently under lease. Total annual base rent for properties leased to ProHEALTH for the year ended December 31, 2017 aggregated $0.4 million. The Company determined that the leasing terms for these leases are consistent with fair market rental values and that the transactions, taken as a whole, are no less favorable to the Company than terms available to an unaffiliated third party under similar circumstances.

TRANSACTIONS WITH RIPCO REAL ESTATE CORPORATION

Ripco Real Estate Corp. (“Ripco”) ~~business activities include serving~~, a leading broker in the metro New York area with 70 representatives and five offices, serves as a leasing agent and representative for national and regional retailers including Target, Best Buy, ~~Kohl’s~~TJX Companies and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and 50% stockholder of Ripco, is a son of Milton ~~Cooper.~~Cooper, Executive Chairman of the Board of Directors of the Company. During ~~2017,~~2020, the Company paid brokerage commissions of ~~$0.4~~$0.5 million to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. The Company believes that the brokerage commissions paid were at or below the customary rates for such leasing services.

~~JOINT VENTURE WITH COLONY NORTHSTAR~~

The Company’s indirect subsidiary, KRS AB Acquisition, LLC (the “ABS Venture”), had a combined 14.35% noncontrolling interest (of which the Company’s share was 9.8% and Colony NorthStar, Inc. (“Colony NorthStar”) held a 4.3% ownership interest), in AB Acquisition, LLC (“AB Acquisition”), a joint venture which owned Albertsons LLC (“Albertsons”), NAI Group Holdings Inc. (“NAI”), and Safeway Inc. (“Safeway”). The Company held a controlling interest in the ABS Venture and consolidated this entity. Richard B. Saltzman, a member of the Board of Directors of the Company, is the Chief Executive Officer and President of Colony NorthStar.

During June 2017, the ABS Venture received an aggregate cash distribution of $34.6 million from Albertsons, of which the Company’s combined share was $23.7 million with the remaining $10.9 million distributed to the two noncontrolling interest members in the ABS Venture, including Colony NorthStar.

During December 2017, the AB Acquisition structure was reorganized such that all interests in Albertsons, NAI and Safeway are owned by a single new corporation, Albertsons Companies, Inc. (“ACI”). In connection with this transaction, the ABS Venture was dissolved and the equity interests were distributed to the owning entities. As such, the Company now owns 9.74% of the common stock of ACI through newly formed, wholly owned partnerships. The Company’s previous two noncontrolling members, including Colony NorthStar, now own their respective interests directly and are no longer in a joint venture with the Company.

52Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT51

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, we are providing our stockholders with a vote for the approval, on a non-binding, advisory basis, of the Company’s executive compensation, as disclosed in this Proxy Statement in accordance with the SEC Rules.

Our Board of Directors is committed to corporate governance best practices and recognizes the substantial interests that stockholders have in executive compensation matters. The Executive Compensation Committee of our Board of Directors has designed our executive compensation programs to achieve the following key objectives:

We encourage stockholders to review the Compensation Discussion and Analysis section beginning on page 3031 of this Proxy Statement, which describes in detail our executive compensation philosophy and the design of our executive compensation programs. Our Board of Directors believes the Company’s executive compensation programs are effective in creating value for our stockholders and moving the Company towards realizing its long-term goals.

The Company has determined to hold a Say-on-Pay advisory vote every year, and the next Say-on-Pay advisory vote shall occur at the ~~2019~~2022 Annual Meeting of Stockholders. In accordance with Section 14A of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), we are asking our stockholders to approve the compensation of our NEOs by casting a vote “FOR” the following resolution:

“RESOLVED, that the Company’s stockholders approve, on a non-binding, advisory basis, the compensation of the Company’s named executive officers, as disclosed in the Proxy Statement for the ~~2018~~2021 Annual Meeting of Stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the Summary Compensation Table for 2020 and the other related tables and narrative disclosure.”

The vote sought by this proposal is advisory and not binding on the Company, the Board of Directors or the Executive Compensation Committee. Although the vote is advisory and non-binding, the Company, the Board of Directors and the Executive Compensation Committee value the input of the Company’s stockholders, and the Executive Compensation Committee will consider the outcome of the vote when making future executive compensation determinations.

VOTE REQUIRED

The vote on the advisory resolution to approve the Company’s executive compensation requires the affirmative vote of a majority of the votes cast on the matter. For purposes of this advisory vote, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ADVISORY RESOLUTION TO APPROVE THE COMPANY’S EXECUTIVE COMPENSATION, AS DISCLOSED IN THIS PROXY STATEMENT PURSUANT TO THE COMPENSATION DISCLOSURE RULES OF THE SECURITIES AND EXCHANGE COMMISSION.

54Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT53

PricewaterhouseCoopers LLP was engaged to perform the integrated audit of the Company’s consolidated financial statements and of its internal control over financial reporting as of December 31, ~~2017.~~2020. There are no affiliations between the Company and PricewaterhouseCoopers LLP, its partners, associates or employees, other than pertaining to its engagement as independent registered public accountants for the Company in previous years. Representatives of PricewaterhouseCoopers LLP are expected to be present at the Meeting and will be given the opportunity to make a statement if they so desire and to respond to appropriate questions.

The following table provides information relating to the fees billed to the Company by PricewaterhouseCoopers LLP for the fiscal years ended December 31, ~~2017~~2020 and ~~2016:~~2019:

Type of Fees	2017	2016	2020	2019
Audit Fees⁽¹⁾	$1,872,801	$1,821,865	$1,952,450	$1,826,532
Audit-Related Fees(2)	—	—	$152,550	$550,000
Tax Fees	—	—	—	—
All Other Fees⁽²⁾⁽³⁾	—	$1,955	$2,700	$2,700
Total	$1,872,801	$1,823,820	$2,107,700	$2,379,232

⁽¹⁾Audit fees include all fees for services in connection with (i) the annual integrated audit of the Company’s fiscal ~~2017~~2020 and ~~2016~~2019 financial statements and internal control over financial reporting included in its annual reports on Form 10-K, (ii) the review of the financial statements included in the Company’s quarterly reports on Form 10-Q, (iii) as applicable, the consents and other required letters issued in connection with debt and equity offerings and the filing of the Company’s shelf registration statement, current reports on Form 8-K and proxy statements during ~~2017~~2020 and ~~2016,~~2019, (iv) ongoing consultations regarding accounting for new transactions and pronouncements and (v) out of pocket expenses.

⁽²⁾Audit-related fees consisted of fees billed for audit and testing procedures relating to the implementation of the Company’s new operating and accounting software system.

⁽³⁾All other fees consisted of fees billed for other products and services. The fees relate to a publication subscription service and software licensing for accounting and professional standards.

POLICY ON AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS

The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the independent registered public accounting firm retained to audit the Company’s financial statements. The Audit Committee is responsible for the audit fee negotiations associated with the Company’s retention of PricewaterhouseCoopers LLP. The Audit Committee has established a policy regarding pre-approval of all audit and non-audit services provided by the independent registered public accountants.

On an ongoing basis, management communicates specific projects and categories of services for which the advance approval of the Audit Committee is requested. The Audit Committee reviews these requests and advises management if the Audit Committee approves the engagement of the independent registered public accountants. On a periodic basis, management reports to the Audit Committee regarding the actual spending for such projects and services as compared to the approved amounts. The Audit Committee may also delegate the ability to pre-approve audit and permitted non-audit services to a subcommittee consisting of one or more members, provided that such pre-approvals are reported on at a subsequent Audit Committee meeting. All services performed for ~~2017~~2020 and ~~2016~~2019 were pre-approved by the Audit Committee.

54 Kimco Realty Corporation ~~2018~~2021 PROXY STATEMENT

The Audit Committee has appointed PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the ~~fiscal~~ year ending December 31, ~~2018.~~2021. PricewaterhouseCoopers LLP has been retained as the Company’s external auditor continuously since 1986. In order to assure continuing auditor independence, the Audit Committee periodically considers whether there should be a regular rotation of the independent registered public accounting firm. Additionally, in conjunction with the mandated rotation of the independent registered public accounting firm’s lead engagement partner, the Audit Committee and its chairperson are directly involved in the selection of PricewaterhouseCoopers LLP’s new lead engagement partner. The members of the Audit Committee and the Board of Directors believe that the continued retention of PricewaterhouseCoopers LLP to serve as the Company’s independent registered public accounting firm is in the best interests of the Company.

VOTE REQUIRED

The ratification of the appointment of our independent registered public accounting firm for the year ending December 31, 2021 requires the affirmative vote of a majority of the votes cast on the matter. For purposes of this proposal, abstentions will not be counted as votes cast and will have no effect on the result of the vote. Because brokers have discretionary voting authority with regard to this proposal under the rules of the ~~New York Stock Exchange,~~NYSE, we do not expect any broker ~~non-votes.~~non-votes in connection with this proposal.

THE BOARD OF DIRECTORS AND THE AUDIT COMMITTEE UNANIMOUSLY RECOMMEND A VOTE “FOR” THE RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE ~~FISCAL~~ YEAR ENDING DECEMBER 31, ~~2018.~~2021.

~~SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE~~

Section 16(a) of the Exchange Act requires the Company’s directors and officers and persons who own more than 10% of a registered class of the Company’s equity securities, to file reports (Forms 3, 4 and 5) of the ownership and changes in the ownership of such equity securities with the SEC and the NYSE. Directors, officers and beneficial owners of more than 10% of the Company’s stock are required by SEC regulation to furnish the Company with copies of all such forms which they file.

Based solely on the Company’s review of the copies of Forms 3, 4 and 5 and amendments thereto received by it for the year ended December 31, 2017, or written representations from certain reporting persons that no such forms were required to be filed by those persons, the Company believes that during the year ended December 31, 2017, all such filings under Section 16(a) of the Exchange Act were filed on a timely basis by its directors, officers, beneficial owners of more than 10% of shares of Common Stock and other persons subject to Section 16(a) of the Exchange Act.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

During ~~2017,~~2020, Messrs. ~~Grills,~~ Coviello, ~~Dooley,~~ Lourenso and Saltzman and Mses. Nicholas, ~~and~~ Hogan Preusse and Richardson served on the Executive Compensation Committee of the Company. NoDuring 2020, no member of the Executive Compensation Committee was ~~during 2017,~~ an officer or employee of the Company, or was formerly an officer of the ~~Company. See~~Company or had related person transactions with the ~~discussion of certain relationships and related transactions beginning on page 50, some of which involve members of the Executive Compensation Committee.~~Company that required disclosure. During ~~2017,~~2020, none of the Company’s executive officers served on the board of directors or the compensation committee of any other entity that had one or more of its executive officers serving on the Company’s Board of Directors or its Executive Compensation Committee.

STOCKHOLDER NOMINEES FOR DIRECTOR AND OTHER STOCKHOLDER PROPOSALS

Stockholders interested in presenting a proposal for inclusion in the Proxy Statement for the ~~2019~~2022 Annual Meeting of stockholders may do so by following the procedures in Rule 14a-8 under the Exchange Act. To be eligible for inclusion, stockholder proposals must be received at the Company’s principal executive offices by November ~~15, 2018~~17, 2021 or not less than 120 calendar days before the date the Company’s proxy statement was released to stockholders in connection with the previous year’s annual meeting. Under our current Bylaws, nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the stockholders at our ~~2019~~2022 Annual Meeting, but not included in the Company’s proxy statement, may be made by a stockholder of record both at the time of giving notice by the stockholder and at the time of the Meeting who is entitled to vote in the election of each individual so nominated or on such other business and who delivers notice along with the additional information and materials required by our current Bylaws to our Secretary at the principal executive office of the Company not earlier than 150 days and not later than 5:00 p.m., Eastern Time on the 120th day prior to the first anniversary of the date of the proxy statement for the ~~2018~~2021 Annual Meeting. In order for a nomination to be considered, proponents must provide all of the information required by our current Bylaws. We also may require any proposed nominee to furnish such other information as may be reasonably required to determine whether the proposed nominee is eligible to serve as a director or that could be material to a reasonable stockholder’s understanding of the nominee’s independence or lack thereof. You can obtain a copy of the full text of the current Bylaw provision noted above by writing to our Secretary

at our address listed on the cover of this Proxy Statement. Our current Bylaws were filed with the SEC as an exhibit to our annual report on Form 10-K for the year ended December 31, ~~2008.~~2020.

DOCUMENTS INCORPORATED BY REFERENCE

This Proxy Statement incorporates documents by reference which are not presented herein or delivered herewith. Reference should be made to the Company’s annual report on Form 10-K for the year ended December 31, ~~2017,~~2020, as certain portions of such document are incorporated herein by reference. The Company’s annual report on Form 10-K for the year ended December 31, ~~2017~~2020 is available upon request without charge. Requests may be oral or written and should be directed to the attention of the Secretary of the Company at the principal executive offices of the Company. In addition, all documents filed by the Company pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date hereof and prior to the date of the Meeting shall be deemed incorporated by reference into this Proxy Statement and shall be deemed a part hereof from the date of filing of such documents. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Proxy Statement to the extent that a statement contained herein (or in a subsequently filed document which is also incorporated by reference herein) modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed to constitute a part of this Proxy Statement, except as so modified or superseded.

Within the Investors section of the Company’s website located at www.kimcorealty.com, you can obtain, free of charge, a copy of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we file such material electronically with, or furnish it to, the SEC.

OTHER BUSINESS

All shares represented by the accompanying proxy will be voted in accordance with the proxy. The Company knows of no other business which will come before the Meeting for action. However, as to any such business, the persons authorized to act as proxies will have authority to act in their discretion.

If you intend to vote in person, you may be asked to present valid photo identification, such as a driver’s license or passport. Cameras, recording devices and other electronic devices will not be permitted at the Meeting. If you hold shares in “street name” (that is, through a bank, broker or other nominee) and would like to attend the Meeting, you will need to bring an account statement or other acceptable evidence of ownership of our Common Stock as of the close of business on February 28, 2018, the record date for voting. Alternatively, in order to vote, you may obtain a proxy from your bank, broker or other nominee and bring the proxy to the Meeting.

~~ANNUAL MEETING~~

~~April 24, 2018~~
~~10:00 a.m. (local time)~~
~~Grand Hyatt New York~~
~~109 East 42nd Street~~
~~New York, NY 10017~~

~~We calculate funds from operations~~Funds From Operations (“FFO”) is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income/(loss) available to the Company’s common shareholders ~~(“FFO”) (a non-GAAP financial measure within~~computed in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the ~~meaning~~impairment is directly attributable to decreases in the value of depreciable real estate held by the ~~rules~~entity and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. The Company also made an election, per the NAREIT Funds From Operations White Paper-2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on the ~~SEC)~~sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity securities. As such, the Company does not include gains/impairments on land parcels, gains/losses (realized or unrealized) from ~~net income~~marketable securities, allowance for credit losses on mortgage receivables or gains/impairments on preferred equity participations in NAREIT defined FFO.

The Company presents FFO available to the Company’s common shareholders as ~~shown on~~it considers it an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results. Comparison of our ~~Consolidated Statements~~presentation of ~~Income,~~FFO available to the Company’s common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by ~~excluding (i) gains or losses from sales~~such REITs. FFO is a supplemental non-GAAP financial measure of ~~operating~~ real estate ~~assets~~companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP and, ~~change~~therefore, should not be considered an alternative for net income or cash flows from operations as a measure of liquidity. Our method of calculating FFO available to the Company’s common shareholders may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Additionally, we present in control of interest, (ii) impairments of depreciable real estate and (iii) impairments of non-consolidated entities that are in-substance real estate investments, plus depreciation and amortization, after adjustments for unconsolidated partnerships and joint ventures. We presentthe reconciliation below, Adjusted NAREIT FFO, ~~as adjusted as an additional supplemental measure as we believe it is more reflective~~one of the ~~Company’s core operating performance. We believe FFO as adjusted provides investors and analysts an additional measure~~Company-defined financial metrics used in ~~comparing the Company’s performance~~

~~across reporting periods on a consistent basis by excluding items that we do not believe are indicative of~~ our ~~core operating performance.~~annual incentive program. We calculate Adjusted NAREIT FFO ~~as adjusted~~ (a non-GAAP financial measure within the meaning of the rules of the SEC) starting with the calculation of FFO as described previously and excluding the effects of certain transactional income and ~~expenses and non-operating impairments.~~expenses.

Our method of calculating FFO and FFO as adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. We believe that FFO and FFO as adjusted, are important metrics in determining the success of our business as a real estate owner and operator. See the reconciliations to the applicable GAAP measure below.

Table of Contents

KIMCO REALTY CORPORATION
~~3333 NEW HYDE PARK ROAD, STE 100~~500 NORTH BROADWAY, SUITE 201
~~NEW HYDE PARK,~~JERICHO, NY ~~11042~~11753

AUTHORIZE YOUR PROXY BY INTERNET
Before The Meeting - Go to www.proxyvote.com

Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time on April ~~23, 2018.~~26, 2021 for shares held directly and 11:59 P.M. Eastern Time on April 22, 2021 for shares held in a plan. Have your proxy card in hand when you access the ~~web site~~website and follow the instructions to obtain your records and to create an electronic voting instruction form.

During The Meeting - Go to www.virtualshareholdermeeting.com/KIM2021

~~ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS~~
~~If you would like to reduce~~You may attend the ~~costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically~~meeting via ~~e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using~~ the Internet and ~~when prompted, indicate~~vote during the meeting. Have the information that ~~you agree to receive or access proxy materials electronically~~is printed in ~~future years.~~the box marked by the arrow available and follow the instructions.

AUTHORIZE YOUR PROXY BY PHONE - 1-800-690-6903
Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time on April ~~23, 2018.~~26, 2021 for shares held directly and 11:59 P.M. Eastern Time on April 22, 2021 for shares held in a plan. Have your proxy card in hand when you call and then follow the instructions.

AUTHORIZE YOUR PROXY BY MAIL
Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
	~~E39405-P02808~~D35969-P49428	KEEP THIS PORTION FOR YOUR RECORDS
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.		DETACH AND RETURN THIS PORTION ONLY

KIMCO REALTY CORPORATION

	The Board of Directors recommends you vote FOR the election of all of the following nominees:

1	-	THE BOARD OF DIRECTORS RECOMMENDS: A VOTEFORTHE ELECTION OF EACH OF THE FOLLOWING NOMINEES:		For	Against	Abstain

		1a.	Milton Cooper	☐	☐	☐

		1b.	Philip E. Coviello	☐	☐	☐

		1c.	~~Richard G. Dooley~~	☐	☐	☐

		~~1d.~~	Conor C. Flynn	☐	☐	☐

		~~1e.~~1d.	~~Joe Grills~~Frank Lourenso	☐	☐	☐



		For		Against		Abstain

~~1f.~~1e.	~~Frank Lourenso~~ Henry Moniz		☐		☐		☐

~~1g.~~1f.	~~Colombe M. Nicholas~~Mary Hogan Preusse		☐		☐		☐

~~1h.~~1g.	~~Mary Hogan Preusse~~Valerie Richardson		☐		☐		☐

~~1i.~~1h.	Richard B. Saltzman		☐		☐		☐


The Board of Directors recommends you vote FOR the following proposals:			For	Against	Abstain

2	-	THE BOARD OF DIRECTORS RECOMMENDS: A VOTEFORTHE ADVISORY RESOLUTION TO APPROVE THE COMPANY'S EXECUTIVE COMPENSATION (AS MORE PARTICULARLY DESCRIBED IN THE PROXY STATEMENT).	☐	☐	☐

3	-	THE BOARD OF DIRECTORS RECOMMENDS: A VOTEFOR RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, ~~2018~~2021 (AS MORE PARTICULARLY DESCRIBED IN THE PROXY STATEMENT).	☐	☐	☐

4	-	TO VOTE AND OTHERWISE REPRESENT THE UNDERSIGNED ON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY POSTPONEMENT(S) OR ADJOURNMENT(S) THEREOF IN THE DISCRETION OF THE PROXY HOLDER.



			~~Yes~~	No

		~~Please indicate if you plan to attend this meeting.~~	☐	☐

	Please sign exactly as your name(s) appear(s) hereon and date. When signing as attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in another representative capacity, please give full title as such. Joint owners should each sign personally. All holders must sign.


	Signature [PLEASE SIGN WITHIN BOX]	Date		Signature (Joint Owners)	Date

Table of Contents

~~ADMISSION TICKET~~

~~For security purposes, please bring this ticket and valid picture identification with you if you are attending the meeting.~~

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:
The Notice and Proxy Statement and Annual Report are available at www.proxyvote.com.
	~~E39406-P02808~~D35970-P49428

KIMCO REALTY CORPORATION
PROXY
This Proxy is Solicited on Behalf of the Board of Directors of
Kimco Realty Corporation

The undersigned stockholder of Kimco Realty Corporation, a Maryland corporation (the "Company"), hereby appoints Milton Cooper and Bruce Rubenstein, or either of them, as Proxies for the undersigned, each with the power to appoint his substitute, and hereby authorizes them to represent the undersigned with all powers possessed by the undersigned if personally present at the meeting, and cast on behalf of the undersigned all votes that the undersigned is entitled to cast ~~by the undersigned~~ at the close of business on ~~February 28, 2018,~~March 2, 2021, at the Annual Meeting of Stockholders to be held on April ~~24, 2018,~~27, 2021, at 10:00 a.m., ~~local time,~~Eastern Time, or any postponement(s) or adjournment(s) thereof. The undersigned hereby acknowledges receipt of the Notice of the Annual Meeting of Stockholders and of the accompanying Proxy Statement, the terms of each of which are incorporated by reference into this Proxy, and revokes any Proxy heretofore given with respect to such meeting.

The undersigned also provides directions to T. Rowe Price Trust Company, Trustee, to vote shares of common stock of the Company, allocated ~~respectively,~~ to accounts of the undersigned under The Kimco Realty Corporation 401(k) Plan and ~~which~~that are entitled to be voted at the aforesaid Annual Meeting or any ~~adjournment~~postponement(s) or adjournment(s) thereof, as specified on the reverse side of this proxy card.

The Board of Directors of the Company recommends that stockholders vote FOR the election of each of the Board of Director nominees named in the Proxy Statement, FOR the advisory resolution to approve the Company's executive compensation and FOR the ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the year ending December 31, ~~2018.~~2021.

This Proxy, when properly executed, will be voted in the manner directed herein by the undersigned stockholder. If properly executed, but no direction is made, this Proxy will be voted FOR each nominee and FOR proposals 2 and 3. The votes entitled to be cast by the undersigned will be cast in the discretion of the Proxy holder on any other matter that may properly come before the meeting or any postponement(s) or adjournment(s) thereof.

Continued and to be signed on reverse side


	~~2018~~2021 PROXY STATEMENT AT A GLANCE		606
	PROPOSAL I	ELECTION OF DIRECTORS	18		17
	DIRECTOR INDEPENDENCE	23	22
	CORPORATE GOVERNANCE		2324
	COMMITTEES OF THE BOARD OF DIRECTORS	25		24
	EXECUTIVE OFFICERS	28	27
	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT	29		28
	COMPENSATION DISCUSSION AND ANALYSIS	31	30
	COMPENSATION TABLES	43	41
	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS	52	50
	AUDIT COMMITTEE REPORT	53	52
	PROPOSAL 2	ADVISORY RESOLUTION TO APPROVE THE COMPANY’S EXECUTIVE COMPENSATION	54		53
	INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS	55	54
	PROPOSAL 3	RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	56		55
	OTHER MATTERS		55
~~ATTENDANCE AND VOTING PROCEDURES AT THE ANNUAL MEETING~~			57
	ANNEX A		58

			Committee	Experience

Milton Cooper	89	1991
Philip E. Coviello	74	2008
Richard G. Dooley	88	1991
Conor C. Flynn	37	2016
Joe Grills	82	1997
Frank Lourenso	77	1991
Colombe M. Nicholas	73	2011
Mary Hogan Preusse	49	2017
Richard B. Saltzman	61	2003

NAME	SALARY ($)	STOCK AWARDS ($)	NON-EQUITY INCENTIVE PLAN COMPENSATION ($)	ALL OTHER COMPENSATION ($)	TOTAL ($)
Milton Cooper	750,000	1,341,158	976,000	27,395	3,094,553
Conor C. Flynn	1,000,000	2,387,507	2,135,000	41,284	5,563,791
Ross Cooper*	450,000	487,278	500,000	21,030	1,458,308
Glenn G. Cohen	675,000	1,337,000	793,000	24,094	2,829,094
David Jamieson*	425,000	487,278	500,000	17,443	1,429,721

●	~~Largest Number of Facility Upgrades~~
●	~~Largest Area of Facility Upgrades~~
●	~~Largest Portfolio-wide Annual Absolute Energy Savings~~

NOMINATING & CORPORATE GOVERNANCE COMMITTEE
Committee members: ~~Richard G. Dooley,Chair~~ ~~Philip E. Coviello~~ ~~Joe Grills~~ ~~Frank Lourenso~~ ~~Colombe M. Nicholas~~ ~~Mary Hogan Preusse~~ ~~Richard B. Saltzman~~	Number of meetings in fiscal year ~~2017:~~2020: 5
4Mary Hogan Preusse, Chair
Philip E. Coviello
Frank Lourenso
Henry Moniz
Colombe M. Nicholas
Valerie Richardson
Richard B. Saltzman

●	knowledge of real estate;
●	the ability to make independent analytical inquiries;
●	general understanding of marketing, finance, accounting and other elements relevant to the success of a ~~publicly-traded~~publicly traded company in today’s business environment;
●	understanding of the Company’s business on a technical level;
●	other board service; and
●	educational and professional background.

NAME	AGE	POSITION	JOINED KIMCO	AGE	POSITION	JOINED KIMCO
Milton Cooper	89	Executive Chairman of the Board of Directors	Co-Founder	92	Executive Chairman of the Board of Directors	Co-Founder
Conor C. Flynn	37	Chief Executive Officer	2003	40	Chief Executive Officer	2003
Ross Cooper	35	President and Chief Investment Officer	2006	38	President and Chief Investment Officer	2006
Glenn G. Cohen	54	Executive Vice President, Chief Financial Officer and Treasurer	1995	57	Executive Vice President, Chief Financial Officer and Treasurer	1995
David Jamieson	37	Executive Vice President and Chief Operating Officer	2007	40	Executive Vice President and Chief Operating Officer	2007

NAME & ADDRESS (WHERE REQUIRED) OF BENEFICIAL OWNER	SHARES OWNED BENEFICIALLY (#)						PERCENT OF CLASS (%)
NAME & ADDRESS (WHERE REQUIRED) OF BENEFICIAL OWNER	COMMON	CLASS I	CLASS J	CLASS K	CLASS L	CLASS M	COMMON	CLASS I⁽¹⁾	CLASS J⁽¹⁾	CLASS K⁽¹⁾	CLASS L⁽¹⁾	CLASS M⁽¹⁾
The Vanguard Group, Inc. 100 Vanguard Blvd Malvern, PA 19355	73,448,046⁽²⁾	-	-	-	-	-	17.3%	-	-	-	-	-
BlackRock, Inc. 55 East 52nd Street New York, NY 10022	41,753,452⁽³⁾	-	-	-	-	-	9.8%	-	-	-	-	-
State Street Corporation One Lincoln Street Boston, MA 02111	24,678,113⁽⁴⁾	-	-	-	-	-	5.8%	-	-	-	-	-
Milton Cooper c/o Kimco Realty Corporation 3333 New Hyde Park Rd. New Hyde Park, NY 11042	9,936,670⁽⁵⁾⁽⁶⁾	-	-	-	-	-	2.3%	-	-	-	-	-
Conor C. Flynn	497,251⁽⁷⁾	-	-	-	-	-	*	-	-	-	-	-
Richard G. Dooley	359,605⁽⁸⁾	-	-	-	-	-	*	-	-	-	-	-
Glenn G. Cohen	337,974⁽⁹⁾	-	-	-	-	-	*	-	-	-	-	-
Frank Lourenso	285,541⁽¹⁰⁾	-	-	-	-	-	*	-	-	-	-	-
Ross Cooper	192,524⁽¹¹⁾	-	-	-	-	-	*	-	-	-	-	-
Richard B. Saltzman	167,446⁽¹²⁾	-	-	-	-	-	*	-	-	-	-	-
Philip E. Coviello	167,467⁽¹³⁾	-	-	-	-	-	*	-	-	-	-	-
Joe Grills	140,833⁽¹⁴⁾	-	-	-	-	-	*	-	-	-	-	-
David Jamieson	106,801⁽¹⁵⁾	-	-	-	-	-	*	-	-	-	-	-
Colombe M. Nicholas	81,369⁽¹⁶⁾	-	-	-	-	-	*	-	-	-	-	-
Mary Hogan Preusse	18,910⁽¹⁷⁾	-	-	-	-	-	*	-	-	-	-	-
All Directors and Executive Officers as a group (12 persons)	12,292,391	-	-	-	-	-	2.9%	-	-	-	-	-

●	Milton Cooper, Executive Chairman of the Board of Directors;

●	Conor C. Flynn, Chief Executive Officer;

●	Ross Cooper, President and Chief Investment Officer;

●	Glenn G. Cohen, Executive Vice President, Chief Financial Officer and Treasurer; and

●	David Jamieson, Executive Vice President and Chief Operating Officer.

●	Executed a total of 1,597 leases totaling over 10 million square feet in 2017, representing the highest leasing volume in the past 10 years. Achieved pro-rata rental rate leasing spreads of 11.5% with rental rates for the new leases up 22.9% and renewals/ options increasing 8.9%.
●	~~Total pro-rata occupancy reached 96.0% as of December 31, 2017, representing an increase of 60 basis points from the 2016 year-end level of 95.4% and only 20 basis points less than~~$2.3 billion in immediate liquidity, including full $2.0 billion available on the Company’s ~~historic record of 96.2%.~~unsecured revolving credit facility.

●	~~Acquired interests~~Received $227.4 million in ~~three~~proceeds, which included $190.8 million of gains, from the partial monetization of our investment in Albertsons. As of December 31, 2020, the Company held $700 million of Albertsons’ common stock.

●	Issued $400.0 million of 1.90% notes due 2028 and the Company’s first Green Bond - $500.0 million of 2.70% notes due 2030.

●	During the COVID-19 pandemic, all of the Company’s shopping centers remained open and operating. As of December 31, 2020, 97% of our tenants, based on ABR, were open, including those operating on a limited basis.

●	Collected 92% of total pro-rata base rents billed in the fourth quarter of 2020.

●	As of December 31, 2020, 78% of the Company’s pro-rata ABR came from grocery-anchored shopping centers. Grocery and other essential retail tenants were the most profitable businesses during the COVID-19 pandemic.

●	As of December 31, 2020, 85% of the Company’s pro-rata ABR came from shopping centers located in the first ring suburbs of top major metropolitan markets. During the pandemic, many urban residents moved out of high-population cities to the first ring suburbs, where our assets are located.

●	Executed 1,035 leases totaling over 6.2 million square feet in the Company’s consolidated and joint venture operating portfolios during 2020. Achieved pro-rata rental rate leasing spreads of 8.1% with rental rates for new leases up 10.0% and renewals/ options up 7.8%.

●	Achieved total pro-rata occupancy of 93.9% as of December 31, 2020, which exceeded the peer group average of 92.4%, despite several retailer bankruptcies and store closures caused by the COVID-19 pandemic.

●	Launched several innovative COVID-19 response initiatives including Curbside Pickup^®, common area use for outdoor business activity and the Tenant Assistance Program (TAP), which helped tenants apply for government sponsored COVID-19 financial aid.

●	Completed The Boulevard, the Signature Series^® redevelopment located in Staten Island, NY. Additionally, completed 9 redevelopment projects during 2020. All 10 ~~separate parcels adjacent to existing properties totaling 2.0~~projects totaled $295.1 million with a blended return of 6.3% in 2020.

●	Obtained entitlements for future mixed-use projects. As of December 31, 2020, the Company has approximately 5,000 entitlements for apartment units, 600 for hotel keys and 1.4 million square feet for ~~an aggregate gross purchase price of $382.1 million including $43.0 million of debt, with the Company’s share of the purchase price totaling $377.4 million.~~
●	Disposed of ownership interests in 41 properties totaling 4.4 million square feet for an aggregate gross sales price of $565.7 million. The dispositions completed in 2017 resulted in the Company’s exit from the states of Rhode Island and Kansas, further concentrating the portfolio in core metropolitan markets.
●	~~Issued $1.25 billion of new unsecured notes ($350 million 30-year at 4.45%, $400 million 10-year at 3.8% and $500 million 7-year at 3.3%), having a weighted~~

●	We maintain a majority vote for the annual election of directors ~~(uncontested elections)~~in uncontested elections and we have no supermajority voting requirements.

●	The leadership structure of our Board of Directors consists of an Executive Chairman, a Lead Independent Director, who is elected by the independent directors, and knowledgeable committee chairs with appropriate experience.

●	The Committee’s independent compensation consultant, Pay Governance, is retained directly by the ~~Executive Compensation~~ Committee and performs no other services for the Company.

●	The Committee conducts periodic reviews of our compensation strategy, including a review of our compensation-related risk profile so that our compensation-related policies and programs do not ~~create risks~~encourage risk-taking that ~~are~~is reasonably likely to have a material adverse effect on the Company.

●	A significant portion of our NEOs’ pay is performance-based. For example, in ~~2017,~~2020, approximately ~~81%~~87% of our CEO’s total compensation was linked directly to the Company’s performance and 67% of annual long-term incentive opportunities for ~~Messrs. Milton Cooper, Flynn and Cohen~~the NEOs were delivered in performance-based equity awards in the form of performance shares.

	~~Messrs. Ross Cooper and Jamieson did not receive any performance shares in 2017 as they were not executive officers at the time that the annual equity awards were granted.~~
●	We have stock ownership guidelines for our directors and NEOs and ~~directors.~~a stock retention requirement for directors and NEOs who have not achieved the applicable stock ownership level. As of December 31, ~~2017,~~

	2020, each of the NEOs and directors (other than ~~Ms. Hogan Preusse)~~Mr. Moniz) satisfied his or her individual stock ownership level. ~~Ms. Hogan Preusse~~Mr. Moniz became a director of the Company on ~~February 1, 2017~~January 12, 2021 and has until ~~February 1, 2022~~January 12, 2026 to meet the required ownership levels under our current stock ownership guidelines. See “Corporate Governance—Stock Ownership Guidelines” on page 2324 for more information.

●	We maintain a ~~formal~~ program of continuing education for our directors. In ~~2017,~~2020, directors participated in customized, Company-sponsored sessions on business-related topics, corporate governance matters, SEC rule changes, and other current topics such as ~~cyber security,~~ESG, DE&I, ethical conduct and cybersecurity, including issues applicable to particular committees of the Board of Directors.

●	Our Board of Directors has a policy prohibiting our NEOs and members of the Board of Directors from

●	The Company has a policy that prohibits use of ~~the Company’s~~ Common Stock by NEOs or members of the Board of Directors for any pledging transactions.

●	The Company has adopted a clawback policy as further described on page ~~23.~~24.

●	Mr. Milton Cooper received a base salary of ~~$750,000 in 2017.~~$750,000.
●	Mr. Flynn received a base salary of ~~$1,000,000 in 2017.~~$1,000,000.
●	Mr. Ross Cooper received a base salary of ~~$450,000 in 2017.~~$700,000.
●	Mr. Cohen received a base salary of ~~$675,000 in 2017.~~$675,000.
●	Mr. Jamieson received a base salary of ~~$425,000 in 2017.~~$675,000.

Performance Criteria	Annual Incentive Component Earned as Percent of the Total Annual Target Bonus⁽¹⁾
	Threshold	Target	Exceed Target	Maximum
Corporate / Financial Performance	(achieved if 50% of target measures are attained)	(achieved if 100% of target measures are attained)	(achieved if 150% of target measures are attained)	(achieved if 200% of target measures are attained)
●FFO, as adjusted per diluted share	18%	36%	54%	72%
●EBITDA, as adjusted	6%	12%	18%	24%
●Leverage	6%	12%	18%	24%
Individual Performance ●Evaluation of individual NEO performance by the Executive Compensation Committee against Specific Goals approved by the Board	10%	40%	60%	80%
Total Annual Bonus Paid	40%	100%	150%	200%

●	Negotiated lease modifications with Kimco’s top 100 tenants that were deemed non-essential. Standardized tenant lease modifications so they could be utilized at scale with over 4,000 small business leases as a means of providing immediate relief to the most impacted tenants.
●	Installed and launched curbside pickup rapidly at 300 shopping centers to support the needs of all tenants and the customers and communities they serve. Established a procurement strategy to secure heaters and tents potentially necessary for outdoor restaurant service.
●	Collaborated with The SCORE Foundation and the SBA to deliver a webinar series to Kimco tenants and vendors which explained how to navigate the Cares Act. The series, totaling over 1,000 registrants, also introduced tenants to the TAP program.

●	Seamlessly transitioned the entire workforce from full-time office to a flexible work from home arrangement, which we have successfully continued since March 2020. This included immediate and extensive IT training on virtual meetings and remote working as well as safety protocols.
●	No salary or benefit reductions. The safety and protection of our employees and their families were, and continue to be, a top priority.

●	Maintained immediate liquidity through a newly established $2.0 billion revolving credit facility and successfully sourced a $590 million Term Loan in April from a group of 15 banks, which provided us the necessary liquidity to manage through the financial uncertainty created by the pandemic. In July 2020, we issued our first 10-year Green Bond, raising $500 million in 2.70% notes due 2030. In August 2020, we issued $400 million of 1.90% notes due 2028.
●	Repaid the remaining $325 million outstanding under the term loan, redeemed $485 million of Kimco’s 3.20% senior notes due 2021 and repaid $70 million of maturing mortgage debt. As of December 31, 2020, the Company maintains one of the longest weighted average debt maturity profiles in the REIT industry at 10.9 years.
●	Developed a systems-based Tenant Tracker to manage the workflow of rent deferrals, tenant closures and re-

	openings and outstanding accounts receivable balances. This new tracking system has become instrumental in understanding the real-time status of over 7,300 leases.
●	Supported rent collection efforts through executive leadership engagement with the Company’s top 100 tenants. Additionally, created a National Accounts Team to help manage and improve the rent collection process for Kimco’s largest accounts. These efforts significantly improved the percentage of base rents collected from 60% at the onset of the pandemic, to greater than 90% by year-end 2020, which is similar to pre-pandemic levels.
●	Designed and implemented the company’s first voluntary early retirement program which resulted in a 36% acceptance rate. The program, along with regional consolidation and elimination of certain redundant positions, resulted in headcount reduction and anticipated annual general and administrative savings of approximately $5 million.
●	The Company outperformed the direct shopping center peer group for total shareholder return by approximately 500 basis points.
●	Completed construction and tenant openings at key Signature Series^®assets during the pandemic. Additionally, directed the master planning of other high-quality assets as a means to increase density levels and the number of multifamily units.
●	Proactively shifted the Company’s investment strategy to a new structured investment program that selectively provides mezzanine and equity funding on high-quality shopping centers in strong markets at an accretive spread to Kimco’s weighted average cost of capital. These investments also provide the potential opportunity to acquire the assets in the future through certain rights of first offer or refusal. During 2020, the Company funded two structured investments under the program totaling $35 million.

NAME	2017 TARGET BONUS	2017 BONUS EARNED	2020 TARGET BONUS	2020 BONUS EARNED⁽¹⁾
Milton Cooper(2)	$800,000	$976,000	$800,000	$832,000
Conor C. Flynn	$1,750,000	$2,135,000	$1,750,000	$1,820,000
Ross Cooper	N/A	$500,000	$675,000	$702,000
Glenn G. Cohen	$650,000	$793,000	$650,000	$676,000
David Jamieson	N/A	$500,000	$650,000	$676,000

●	Acadia Realty Trust

●	Alexander’s Inc.

●	Brixmor Property Group, Inc.

●	Cedar Shopping Centers Inc.

●	~~DDR Corp.~~
	Site Centers
●	Federal Realty Investment Trust

●	Kite Realty Group Trust

●	Ramco-Gershenson Properties Trust

●	Regency Centers Corp.

●	Retail Opportunity Investment Corp.

●	Retail Properties of America, Inc.

●	Saul Centers Inc.

●	Urban Edge Properties

●	Urstadt Biddle Properties Inc. ~~(common stock and class A common stock are separately considered)~~
	(UBA)
●	Weingarten Realty Investors
●	Whitestone REIT

Name	Year	Salary ($)	Stock Awards ($)⁽¹⁾	Non-Equity Incentive Plan Compensation ($)	All Other Compensation ($)⁽²⁾	Total ($)
Milton Cooper Executive Chairman of the Board of Directors	2020	750,000	1,605,517⁽³⁾	832,000⁽⁴⁾	10,470	3,197,987
	2019	750,000	1,818,654	1,214,720	23,462	3,806,836
	2018	750,000	1,434,530	969,600	23,383	3,177,513
Conor C. Flynn Chief Executive Officer	2020	1,000,000	4,866,760⁽⁵⁾	1,820,000	26,748	7,713,508
	2019	1,000,000	3,250,511	2,657,200	40,856	6,948,567
	2018	1,000,000	2,581,746	2,121,000	41,153	5,743,899
Ross Cooper President and Chief Investment Officer	2020	700,000	1,508,739	702,000	25,837	2,936,576
	2019	575,000	2,015,499	911,040	23,308	3,524,847
	2018	525,000	748,601	727,200	22,346	2,023,147
Glenn G. Cohen Executive Vice President, Chief Financial Officer and Treasurer	2020	675,000	1,508,739	676,000	26,594	2,886,333
	2019	675,000	1,798,812	986,960	23,901	3,484,673
	2018	675,000	1,445,809	787,800	23,901	2,932,510
David Jamieson Executive Vice President and Chief Operating Officer	2020	675,000	1,508,739	676,000	16,759	2,876,498
	2019	550,000	2,015,531	911,040	19,324	3,495,895
	2018	500,000	748,601	727,200	17,229	1,993,030

●	the cars and drivers were available, when not in use by the foregoing executive officers, for other employees conducting Company business;
●	these services were also available under certain circumstances to third parties involved in Company business at the Company’s ~~New Hyde Park~~Jericho location;
●	the cars and drivers were used from time to time for deliveries and other transportation of documents or other materials; and
●	the cars were available to these officers with drivers for business related travel and without drivers for personal use.

Name	Grant Date	Estimated Possible Payouts Under Non-Equity Incentive Plan Awards⁽¹⁾				Estimated Possible Payouts Under Equity Incentive Plan Awards			All Other Stock Awards: Number of Shares of Stock or Units (#)		Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾
Name	Grant Date										Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾			Estimated Possible Payouts Under Non-Equity Incentive Plan Awards⁽¹⁾			Estimated Possible Payouts Under Equity Incentive Plan Awards			All Other Stock Awards: Number of Shares of Stock or Units (#)	Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾
Name	Grant Date	Threshold ($)	Target ($)		Maximum ($)	Threshold (#)	Target (#)	Maximum (#)	All Other Stock Awards: Number of Shares of Stock or Units (#)		Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾		Grant Date	Threshold ($)	Target ($)	Maximum ($)	Threshold (#)	Target (#)	Maximum (#)		Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾
Name	Grant Date	320,000		800,000	1,600,000						Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾			320,000	800,000	1,600,000
Milton Cooper	2/13/2017					15,975	31,950	63,900				746,033	2/13/2020				24,860	49,720	99,440		895,954
	2/13/2017									15,970⁽²⁾		399,889	2/13/2020							24,860⁽²⁾	466,622
	2/13/2017									7,797⁽⁴⁾		195,237	2/13/2020							12,943⁽⁴⁾	242,940
		700,000		1,750,000	3,500,000									700,000	1,750,000	3,500,000
Conor C. Flynn	2/13/2017					33,280	66,560	133,120				1,554,176	2/13/2020				88,795	177,590	355,180		3,200,172
	2/13/2017									33,280⁽²⁾		833,331	2/13/2020							88,790⁽²⁾	1,666,588
				450,000⁽⁵⁾										270,000	675,000	1,350,000
Ross Cooper	2/13/2017									19,460⁽²⁾		487,278	2/13/2020				27,525	55,050	110,100		992,001
Ross Cooper													2/13/2020							27,530⁽²⁾	516,738
Glenn G. Cohen		260,000		650,000	1,300,000									260,000	650,000	1,300,000
	2/13/2017					18,635	37,270	74,540				870,255	2/13/2020				27,525	55,050	110,100		992,001
	2/13/2017									18,640⁽²⁾		466,746	2/13/2020							27,530⁽²⁾	516,738
David Jamieson				425,000⁽⁵⁾										260,000	650,000	1,300,000
David Jamieson	2/13/2017									19,460⁽²⁾		487,278	2/13/2020				27,525	55,050	110,100		992,001
David Jamieson													2/13/2020							27,530⁽²⁾	516,738

	Stock Awards		Stock Awards
Name	Number of Shares Acquired on Vesting (#)	Value Realized on Vesting ($)⁽¹⁾	Number of Shares Acquired on Vesting (#)⁽¹⁾	Value Realized on Vesting ($)⁽²⁾
Milton Cooper	57,263	1,433,866	44,176	829,184
Conor C. Flynn	79,955	1,899,702	115,313	2,206,655
Ross Cooper	17,578	348,353	33,000	469,260
Glenn G. Cohen	55,656	1,363,026	57,252	1,029,461
David Jamieson	22,927	482,292	30,947	430,725

Name	Base Salary ($)⁽¹⁾	Bonus ($)⁽¹⁾⁽²⁾	Stock Awards ($)⁽³⁾	Health Benefits ($)⁽⁴⁾	Total ($)⁽⁵⁾	Base Salary Component of Lump-Sum Payment ($)⁽¹⁾	Bonus Component of Lump-Sum Payment ($)⁽¹⁾⁽²⁾	Stock Awards ($)⁽³⁾	Health Benefits ($)⁽⁴⁾	Total ($)⁽⁵⁾
Milton Cooper⁽⁶⁾	-		3,536,655	-	3,536,655	-		3,072,847	-	3,072,847
Conor C. Flynn	2,000,000	2,440,440	8,572,971	53,814	13,067,225	2,000,000	5,314,400	13,622,175	57,892	20,994,467
Ross Cooper⁽⁷⁾	-				-	1,400,000	1,822,080	3,839,558	57,892	7,119,530
Glenn G. Cohen	1,350,000	1,525,276	3,108,786	53,814	6,037,876	1,350,000	1,973,920	4,799,898	57,892	8,181,710
David Jamieson⁽⁷⁾	-				-	1,350,000	1,822,080	3,472,278	57,892	6,702,250