X0304 4 2012-03-01 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 2012-03-01 4 M 0 34014 0 A 61781 D Common Stock 2012-03-01 4 F 0 12436 69.07 D 49345 D Common Stock 2012-03-01 4 A 0 81634 0 A 130979 D Common Stock 2012-03-01 4 F 0 33307 69.37 D 97672 D Common Stock 2012-03-01 4 S 0 1500 69.00 D 96172 D Restricted Stock Units 0 2012-03-01 4 M 0 34014 0 D Common Stock 34014 0 D Performance share units (PSU) were granted to the reporting person pursuant to the Taubman Company 2008 Omnibus Long-Term Incentive Plan (Omnibus Incentive Plan). Each PSU represents a contingent right to receive, upon vesting, shares of the Company's common stock ranging from 0-300% of the PSU based on the Company's total shareholder return relative to that of a peer group. The PSU vested on March 1, 2012 with a payout ratio of 240%. The sale was effected pursuant to a 10b5-1 trading plan initially adopted by the reporting person on February 14, 2012. The plan provides for monthly sales of 1,500 shares of common stock if the specified minimum trading price is satisfied. Shares that are not sold in a particular month will be available for sale in subsequent months under the plan. A maximum of 16,500 shares remain available for sale under the plan, which is set to expire on February 28, 2013. Restricted stock units were granted to the reporting person pursuant to the Omnibus Incentive Plan. Each restricted stock unit represents a contingent right to receive upon vesting one share of the Company's common stock. The restricted stock units vested on March 1, 2012. /s/ Michael S. Ben, Attorney-in-Fact 2012-03-05