X0303 4 2009-12-22 0 0000890319 TAUBMAN CENTERS INC TCO 0001088534 PAYNE LISA A TAUBMAN CENTERS, INC. 200 E. LONG LAKE ROAD, SUITE 300 BLOOMFIELD HILLS MI 48304 1 1 0 0 Vice Chairman and CFO Common Stock 2009-12-22 4 M 0 233840 13.83 A 310681 D Common Stock 2009-12-22 4 S 0 150380 35.42 D 160301 D Options (Right to Buy) 13.83 2009-12-22 4 M 0 233840 0 D 2019-03-05 Common Stock 233840 0 D These shares were sold at prices ranging from $35.24 to $35.58 per share. Upon request by SEC staff, the issuer or any security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price. Options were granted to the reporting person pursuant to the 2008 Omnibus Plan. Options granted under the 2008 Omnibus Plan are exercisable for units of limited partnership interest in The Taubman Realty Group Limited Partnership ("TRG"); the Company is the managing general partner of TRG. Under the Company's Continuing Offer to employees covered by the 2008 Omnibus Plan and certain other partners in TRG, each unit of limited partnership interest in TRG held by an offeree is exchangeable for one share of the Company's common stock. The options vested in the third quarter of 2009, upon satisfaction of the vesting condition that the closing price of the Company's common stock, as quoted on the New York Stock Exchange, is $30 or greater for ten consecutive trading days. /s/ Michael S. Ben, Attorney-in-Fact 2009-12-23