Exhibit 3.7
SEVENTH AMENDMENT
TO THE AMENDED AND RESTATED ARTICLES OF INCORPORATION, AS AMENDED,
OF DEVELOPERS DIVERSIFIED REALTY CORPORATION
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[OHIO SEAL] PRESCRIBED BY J. KENNETH BLACKWELL EXPEDITE THIS FORM: (SELECT ONE)
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Ohio Secretary of State MAIL FORM TO ONE OF THE FOLLOWING:
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Central Ohio: (614) 466-3910 PO Box 1390
Toll Free: 1-877-SOS-FILE (1-877-767-3453) [X] Yes Columbus, OH 43216
*** REQUIRES AN ADDITIONAL FEE OF $100 ***
www.state.oh.us/sos ------------------------------------------
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e-mail: busserv@sos.state.oh.us [ ] NO COLUMBUS, OH 43216
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CERTIFICATE OF AMENDMENT BY DIRECTORS
OR INCORPORATORS TO ARTICLES
(Domestic)
Filing Fee $50.00
(CHECK ONLY ONE (1) BOX)
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(1) [X] Amendment by Directors (2) [ ] Amendment by Incorporators
[ ] Amended by Directors [ ] Amended by Incorporators
(123-AMDD) (124-AMDI)
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COMPLETE THE GENERAL INFORMATION IN THIS SECTION FOR THE BOX CHECKED ABOVE.
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Name of Corporation Developers Diversified Realty Corporation
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Charter Number 831795
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[X} Please check if additional provisions attached thereto are incorporated herein
and made a part of these articles of organization.
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COMPLETE THE INFORMATION IN THIS SECTION IF BOX (1) IS CHECKED.
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Name the Title of Officer Joan U. Allgood Senior Vice President and Secretary
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(name) (title)
(CHECK ONLY ONE (1) BOX)
[ ] A meeting of the directors was duly called and held on ------------------------------
(Date)
[X] In an writing signed by all the Directors pursuant to section 1701.54 of the ORC
The following resolution was adopted pursuant to section 1701.70(B) (1) of the ORC:
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(insert proper paragraph number)
See Attachment A.
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Page 1 of 2 Last Revised: May 2002
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COMPLETE THE INFORMATION IN THIS SECTION IF BOX (2) IS CHECKED.
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WE, the undersigned, being all of the incorporators of the above named corporation, do certify
that the subscriptions to shares have not been received and the initial directors are not named
in the articles. We hereby have elected to amend the articles as follows:
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REQUIRED
Must be authenticated /s/ Joan U. Allgood May 4, 2004
(SIGNED) by an authorized ----------------------------------- ------------------------
representative Authorized Representative Date
(SEE INSTRUCTIONS)
Joan U. Allgood
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(Print Name)
Senior Vice President and Secretary
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Authorized Representative Date
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(Print Name)
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Authorized Representative Date
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(Print Name)
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Page 2 of 2 Last Revised: May 2002
ATTACHMENT A
The Amended and Restated Articles of Incorporation, as
amended, of Developers Diversified Realty Corporation, an Ohio corporation,
are amended by adding at the end of Division A-IX of Article FOURTH thereof a
new Section 6 reading as follows:
Section 6. 7.50% Class I Cumulative Redeemable Preferred
Shares. Of the 750,000 authorized Class I Shares, 345,000 shares are designated
as a series entitled "7.50% Class I Cumulative Redeemable Preferred Shares"
(hereinafter called "7.50% Class I Preferred Shares"). The 7.50% Class I
Preferred Shares shall have the express terms set forth in this Division as
being applicable to all Class I Shares as a class and, in addition, the
following express terms applicable to all 7.50% Class I Preferred Shares as a
series of Class I Shares:
(a) The annual dividend rate of the 7.50% Class I Preferred
Shares shall be 7.50% of the liquidation preference of $500.00 per
share.
(b) Dividends on the 7.50% Class I Preferred Shares shall be
payable, if declared, quarterly in arrears on or about the fifteenth
day of each January, April, July, and October or, if not a business
day, the next succeeding business day, the first quarterly dividend
being payable, if declared, on July 15, 2004. The dividends payable
for each full quarterly dividend period on each 7.50% Class I
Preferred Share shall be $9.375.
Dividends for the initial dividend period on the 7.50% Class
I Preferred Shares, or for any period shorter or longer than a full
dividend period on the 7.50% Class I Preferred Shares, shall be
computed on the basis of a 360-day year consisting of twelve 30-day
months. The aggregate dividend payable quarterly to each holder of
7.50% Class I Preferred Shares shall be rounded to the nearest one
one-hundredth of one cent with $.00005 being rounded upward. Each
dividend shall be payable to the holders of record on such record date,
no less than 10 nor more than 30 days preceding the payment date
thereof, as shall be fixed from time to time by the Company's Board of
Directors.
(c) Dividends on 7.50% Class I Preferred Shares shall be
cumulative as follows:
(1) With respect to shares included in the initial issue
of 7.50% Class I Preferred Shares and shares issued any time
thereafter up to and including the record date for the payment of the
first dividend on the initial issue of 7.50% Class I Preferred Shares,
dividends shall be cumulative from the date of the initial issue of
7.50% Class I Preferred Shares; and
(2) With respect to shares issued any time after the
aforesaid record date, dividends shall be cumulative from the dividend
payment date next preceding the date of issue of such shares, except
that if such shares are issued during the period commencing the day
after the record date for the payment of a dividend on 7.50% Class I
Preferred Shares and ending on the payment date of that dividend,
dividends with respect to such shares shall be cumulative from that
dividend payment date.
(d) Except as required to preserve the Company's status as a
real estate investment trust under the Internal Revenue Code of 1986,
as amended, the 7.50% Class I Preferred Shares may
not be redeemed prior to May 7, 2009. At any time or from time to time
on and after May 7, 2009 the Company, at its option upon not less than
thirty (30) nor more than sixty (60) days' written notice, may redeem
all or any part of the 7.50% Class I Preferred Shares at a redemption
price of $500.00 per share plus, in each case, an amount equal to all
dividends accrued and unpaid thereon to the redemption date, without
interest.
(e) The amount payable per 7.50% Class I Preferred Share in
the event of any voluntary or involuntary liquidation, dissolution or
winding up of the affairs of the Company shall be $500.00, plus an
amount equal to all dividends accrued and unpaid thereon to the date of
payment.
(f) All dividend payments made on the 7.50% Class I Preferred
Shares, at any time during which the Company is in default in the
payment of dividends on such 7.50% Class I Preferred Shares for any
dividend period, shall, for the purposes of Section 5(b)(1) of this
Division A-IX, be deemed to be made in respect of the earliest dividend
period with respect to which the Company is in default.