EX-10.8



 Exhibit 10.8 

Americold Realty Trust 
 2017
Equity Incentive Plan 
 Effective January 23, 2018 







 Contents 
  

 
  

					
	 Section 1. Establishment, Purpose and Duration
	  	 	1	 
	 Section 2. Definitions
	  	 	1	 
	 Section 3. Administration
	  	 	6	 
	 Section 4. Shares Subject to This Plan and Maximum Awards
	  	 	8	 
	 Section 5. Eligibility and Participation
	  	 	10	 
	 Section 6. Stock Options
	  	 	11	 
	 Section 7. Stock Appreciation Rights
	  	 	13	 
	 Section 8. Restricted Stock
	  	 	13	 
	 Section 9. Restricted Stock Units
	  	 	15	 
	 Section 10. Performance Shares
	  	 	15	 
	 Section 11. Performance Units
	  	 	16	 
	 Section 12. Other Stock-Based Awards and Cash-Based Awards
	  	 	16	 
	 Section 13. Effect of Termination of Service
	  	 	17	 
	 Section 14. Transferability of Awards and Shares
	  	 	17	 
	 Section 15. Performance-Based Compensation
	  	 	18	 
	 Section 16. Nonemployee Trustee Awards
	  	 	20	 
	 Section 17. Effect of a Change in Control
	  	 	21	 
	 Section 18. Dividends and Dividend Equivalents
	  	 	23	 
	 Section 19. Beneficiary Designation
	  	 	23	 
	 Section 20. Rights of Participants
	  	 	23	 
	 Section 21. Amendment and Termination
	  	 	24	 
	 Section 22. General Provisions
	  	 	26	 








 Americold Realty Trust 

2017 Equity Incentive Plan 

Section 1. Establishment, Purpose and Duration 

1.1    Establishment. Americold Realty Trust, a Maryland real estate investment trust, establishes an
incentive compensation plan to be known as the Americold Realty Trust 2017 Equity Incentive Plan, as set forth in this document. This Plan permits the grant of various forms of equity- and cash-based awards. This Plan shall become effective
upon shareholder approval (the “Effective Date”) and shall remain in effect as provided in Section 1.3. This Plan and each Award granted hereunder are conditioned on and shall be of no force or effect until this Plan is
approved by the shareholders of the Company within twelve (12) months after its adoption by the Board. 

1.2    Purpose of this Plan. The purpose of this Plan is to enable the Company and its Subsidiaries to
attract and retain qualified individuals for positions of significant responsibility and to provide additional incentives to Participants by providing them with, among other things, an opportunity for investment in the Company. 

1.3    Duration of this Plan. Unless sooner terminated as provided herein, this Plan shall terminate ten
(10) years after the Effective Date. After this Plan is terminated, no Awards may be granted but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and this Plan’s terms and
conditions. 
 Section 2. Definitions 

Whenever used in this Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter
of the word shall be capitalized. 
 2.1     “Award” means a grant under this Plan of
Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based Awards or Other Stock-Based Awards, in each case subject to the terms of this
Plan. 
 2.2    “Award Agreement” means a written agreement entered into by the Company and a
Participant, or a written or electronic statement issued by the Company to a Participant, which in either case contains (either expressly or by reference to this Plan or any subplan created hereunder) the terms and provisions applicable to an Award
granted under this Plan, including any amendment or modification thereof. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic, Internet
or other non-paper means for the acceptance thereof and actions thereunder by a Participant (including, but not limited to, the use of electronic signatures). 

2.3    “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act and the terms “Beneficial Ownership” and “Beneficially Own” shall have the corresponding meanings. 

2.4    “Board” means the Board of Trustees (or equivalent governing body) of the Company.








 2.5    “Cash-Based Award” means an Award, denominated
in cash, granted to a Participant as described in Section 12. 
 2.6    “Cause” means if
the Participant is a party to a written employment or service agreement with the Company or its Subsidiaries and such agreement provides for a definition of Cause, the definition contained therein, or if no such agreement exists, or if such
agreement does not define Cause, (a) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect
to the Company or a Subsidiary; (b) theft or embezzlement of the property of the Company or a Subsidiary; (c) conduct that results in or is reasonably likely to result in material harm to the reputation or business of the Company or any of
its Subsidiaries; (d) gross negligence or willful misconduct with respect to the Company or a Subsidiary; (e) the willful and continued failure to perform substantially the Participant’s duties with the Company or one of its
Subsidiaries; or (f) a material violation of state or federal securities laws. 
 2.7    A “Change
in Control” means, except as may otherwise be provided in an Award Agreement, the occurrence of any one of the following events: 

(a)    the acquisition by any Person (other than the Company or a Subsidiary or any Company employee benefit plan
(including its trustee)), of Beneficial Ownership, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; 

(b)    individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Trustee subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a
vote of at least two-thirds (2/3) of the Trustees then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Trustees or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or 
 (c)    consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets or stock of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and
entities who were the Beneficial Owners, respectively, of the total number of shares of the Company’s outstanding securities immediately prior to such Business Combination Beneficially Own, directly or indirectly, more than fifty percent (50%)
of the combined voting power of the then outstanding securities of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership of the combined voting power of the Company’s outstanding securities immediately prior to such
Business Combination, (ii) no Person (excluding any corporation resulting from such Business Combination, or any employee benefit plan (including its trustee) of the Company or such corporation resulting from such Business Combination)
Beneficially Owns, directly or indirectly, 50% or more of, respectively, the combined voting power of the then outstanding securities of the corporation resulting from such Business Combination except to the extent that such ownership existed prior
to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were Trustees of the Company immediately prior to the signing of the agreement
providing for such Business Combination. 

  
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 Notwithstanding the foregoing, to the extent that any Award constitutes a deferral of
compensation subject to Code Section 409A, and if that Award provides for payment or a change in the time or form of payment based upon a Change in Control, then, solely for purposes of applying such payment or a change in the time or form of
payment provision, a Change in Control shall be deemed to have occurred upon an event described in Section 2.7 only if the event would also constitute a change in ownership or effective control of, or a change in ownership of a substantial
portion of the assets of, the Company under Code Section 409A. 
 A “Change in Control” shall not result from any transaction
precipitated by the Company’s insolvency, appointment of a conservator, or determination by a regulatory agency that the Company is insolvent, nor from any transaction initiated by the Company in regard to converting from a publicly traded
company to a privately held company. 
 2.8    “Code” means the U.S. Internal Revenue Code of
1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

2.9    “Commission” means the United States Securities and Exchange Commission. 

2.10    “Committee” means the Compensation Committee of the Board or any other committee
designated by the Board to administer this Plan. The members of the Committee shall be appointed from time to time by and shall serve at the discretion of the Board. The Committee shall consist of three or more Nonemployee Trustees. If the Committee
does not exist or cannot function for any reason, the Board may take any action under this Plan that would otherwise be the responsibility of the Committee. To the extent required by applicable law, rule or regulation, it is intended that each
member of the Committee shall be (i) an independent director within the meaning of the rules and regulations of the New York Stock Exchange (or such other national securities exchange or quotation system on which the Shares may be listed or
quoted) and (ii) a non-employee director within the meaning of Exchange Act Rule 16b-3, or alternatively, the Committee may designate a subcommittee or establish
other procedures for purposes of satisfying such requirements. 
 2.11    “Company” means
Americold Realty Trust, and any successor thereto as provided in Section 22.21. 
 2.12    “Dividend
Equivalent” has the meaning set forth in Section 18. 
 2.13    “Effective Date”
has the meaning set forth in Section 1.1. 
 2.14    “Employee” means any individual
performing services for the Company or a Subsidiary and designated as an employee of the Company or the Subsidiary on its payroll records. An Employee shall not include any individual during any period he or she is classified or treated by the
Company or Subsidiary as an independent contractor, a consultant or an employee of an employment, leasing, consulting or temporary agency or any other entity other than the Company or Subsidiary, without regard to whether such individual is
subsequently determined to have been, or is subsequently retroactively reclassified, as a common-law employee of the Company or Subsidiary during such period. 

  
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 2.15    “Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time. 
 2.16    “Exercise Price” means the price at which
a Share may be purchased by a Participant pursuant to an Option. 
 2.17    “Fair Market Value”
means, as applied to a specific date and unless otherwise specified in an Award Agreement, the price of a Share that is equal to the closing price of a Share on the New York Stock Exchange (or, on such other national securities exchange or quotation
system on which the Shares may be listed or quoted) on the date of determination, or if no sales of Shares shall have occurred on such exchange on the date of determination, the closing price of the Shares on such exchange on the most recent date on
which the Shares were publicly traded. Notwithstanding the foregoing, if Shares are not traded on any established stock exchange, the Fair Market Value means the price of a Share as established by the Committee acting in good faith (and to the
extent applicable, based on a reasonable valuation method that is consistent with the requirements of Code Section 409A and the regulations thereunder). 

2.18    “Grant Date” means the date an Award to a Participant pursuant to this Plan is approved by
the Committee (or such later date as specified in such approval by the Committee) or, in the case of an Award granted to a Nonemployee Trustee, the date on which such Award is approved by the Board (or such later date as specified in such approval
by the Board). 
 2.19    “Grant Price” means the per Share price established at the time of
grant of a SAR pursuant to Section 7. 
 2.20    “Incentive Stock Option” or
“ISO” means an Award granted pursuant to Section 6 that is designated as an Incentive Stock Option and that is intended to meet the requirements of Code Section 422 or any successor provision. 

2.21    “Nonemployee Trustee” means a Trustee who is not an Employee. 

2.22    “Nonqualified Stock Option” means an Award granted pursuant to Section 6 that is not
intended to meet the requirements of Code Section 422, or that otherwise does not meet such requirements. 

2.23    “Option” means an Award consisting of a right granted to a Participant pursuant to
Section 6 to purchase a specified number of Shares at a specified Exercise Price, which Award may be an Incentive Stock Option or a Nonqualified Stock Option. 

2.24    “Other Stock-Based Award” means an equity-based or equity-related Award not otherwise
described by the terms of this Plan that is granted pursuant to Section 12. 

2.25    “Participant” means any eligible individual as set forth in Section 5 to whom an
Award is granted, and includes any individual who holds an Award after the death of the original recipient. 

2.26    “Performance-Based Compensation” means compensation payable under an Award which is
conditioned upon the achievement of performance goals based upon one or more Performance Measures as described in Section 15. 

  
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 2.27    “Performance Measures” means measures, as
described in Section 15.2, upon which performance goals are based pursuant to this Plan in order to qualify Awards as Performance-Based Compensation. 

2.28    “Performance Period” means the period of time during which
pre-established performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Award. 

2.29    “Performance Shares” means an Award granted pursuant to Section 10. 

2.30    “Performance Unit” means an Award granted pursuant to Section 11. 

2.31    “Period of Restriction” means the period when Restricted Stock or Restricted Stock Units
are subject to a vesting requirement (based on continued service, the achievement of performance goals or upon the occurrence of other events as determined by the Committee, in its discretion) as provided in Sections 8 and 9. 

2.32    “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the
Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

2.33    “Plan” means this Americold Realty Trust 2017 Equity Incentive Plan, as the same may be
amended from time to time.  
 2.34    “Restricted Stock” means Shares issued to a
Participant that are subject to an Award granted pursuant to Section 8 and to such restrictions on transfer, forfeiture conditions and other restrictions or limitations as may be set forth in this Plan and the applicable Award Agreement. 

2.35    “Restricted Stock Unit” means the right under an Award granted pursuant to Section 9
to receive at a future time one Share, or the Fair Market Value thereof, subject to such restrictions on transfer, forfeiture conditions and other restrictions or limitations as may be set forth in this Plan and the applicable Award Agreement. 

2.36    “Share” means a share of common stock, par value $0.01 per share, of the Company. 

2.37    “Stock Appreciation Right” or “SAR” means the right under an Award
granted pursuant to Section 7 to receive, in cash and/or Shares as determined by the Committee, an amount equal to the appreciation in value of a specified number of Shares between the Grant Date of the SAR and its exercise date. 

2.38    “Subsidiary” means any corporation or other entity, whether domestic or foreign, in which
the Company has or obtains, directly or indirectly, ownership of more than 50% of the total combined voting power of all classes of stock or comparable interests. 

2.39    “Substitute Award” means an Award granted upon the assumption of, or in substitution or
exchange for, outstanding awards granted by a company or other entity acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 

2.40    “Termination of Service” means the following: 

(a)    for an Employee, the date on which the Employee is no longer an Employee; 

  
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 (b)    for a Nonemployee Trustee, the date on which the Nonemployee Trustee
is no longer a member of the Board; and 
 (c)    for a consultant, the date on which service as a consultant to the
Company and its Subsidiaries has ceased. 
 With respect to any payment of an Award subject to Code Section 409A, a Termination of Service shall mean a
“separation from service” within the meaning of Code Section 409A. 
  

	 	2.41	“Trustee” means any individual who is a member of the Board. 

 Section 3.
Administration 
 3.1    General. The Committee shall be responsible for administering this Plan,
subject to this Section 3 and the other provisions of this Plan. The Committee may employ attorneys, consultants, accountants, agents and other individuals, any of whom may be an Employee, and the Committee, the Company, and its officers and
Trustees shall be entitled to rely upon the advice, opinions or valuations of any such individuals. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Participants, the Company or
Subsidiary, and all other interested parties. Any action of the Committee shall be valid and effective even if the members of the Committee at the time of such action are later determined not to have satisfied all of the criteria for membership in
clauses (i) and (ii) of Section 2.10. 
 3.2    Authority of the Committee. Subject to any
express limitations set forth in this Plan, the Committee shall have full and exclusive discretionary power and authority to take such actions as it deems necessary and advisable with respect to the administration of this Plan including, but not
limited to, the following: 
 (a)    To determine from time to time which of the persons eligible under this Plan shall
be granted Awards, when and how each Award shall be granted, what type or combination of types of Awards shall be granted, the provisions of each Award granted (which need not be identical), including the time or times when a person shall be
permitted to receive Shares pursuant to an Award and the number of Shares subject to an Award; 
 (b)    To construe and
interpret this Plan and Awards granted under it, and to establish, amend, and revoke rules and regulations for its administration; 

(c)    To correct any defect, omission or inconsistency in this Plan or in an Award Agreement, in a manner and to the
extent it shall deem necessary or expedient to make this Plan fully effective; 
 (d)    To approve forms of Award
Agreements for use under this Plan; 
 (e)    To determine the Fair Market Value of a Share or whether a Change in
Control shall have occurred; 
 (f)    To amend any Award Agreement as permitted under this Plan; 

(g)    To adopt subplans and/or special provisions applicable to stock awards regulated by the laws of a jurisdiction
other than and outside of the United States, to Cash-Based Awards, or to awards to 

  
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Trustees (as contemplated by Section 16). Such subplans and/or special provisions shall be subject to and consistent with the terms of this Plan, except to the extent the Committee
determines that different terms and conditions are necessary or desirable to comply with the laws of a jurisdiction other than and outside of the United States; 

(h)    To authorize any person to execute on behalf of the Company any instrument required to effect the grant of an
Award; 
 (i)    To determine whether Awards will be settled in Shares of common stock, cash or in any combination
thereof; 
 (j)    To determine whether Awards will provide for Dividend Equivalents; 

(k)    To establish a program whereby Participants designated by the Committee may reduce compensation otherwise payable
in cash in exchange for Awards under this Plan; 
 (l)    To authorize a program permitting eligible Participants to
surrender outstanding Awards in exchange for newly granted Awards subject to any applicable shareholder approval requirements set forth in Section 21.1 of this Plan; 

(m)    To impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of
any resales by a Participant or other subsequent transfers by a Participant of any Shares, including, without limitation, “blackout” periods, restrictions under an insider trading policy and restrictions as to the use of a specified
brokerage firm for such resales or other transfers; 
 (n)    To waive any restrictions, conditions or limitations
imposed on an Award at the time the Award is granted or at any time thereafter including but not limited to forfeiture, vesting and treatment of Awards upon a Termination of Service; 

(o) To permit Participants to elect to defer payments of Awards, provided that any such deferrals shall comply with applicable requirements of
the Code, including Code Section 409A; 
 (p) To certify the satisfaction of, performance goals in compliance with the requirements of
Section 15; and 
 (q) To issue rules and regulations for the administration of the Plan. 

3.3    Delegation. To the extent permitted by law, the Committee may delegate to one or more of its
members or to one or more officers of the Company or any Subsidiary or to one or more agents or advisors such administrative duties or powers as it may deem advisable, and the Committee or any individuals to whom it has delegated duties or powers as
aforesaid may employ one or more individuals to render advice with respect to any responsibility the Committee or such individuals may have under this Plan. To the extent permitted by applicable law and the applicable rules of a stock exchange, the
Committee may, by resolution, authorize one or more officers of the Company to do one or both of the following on the same basis as can the Committee: (a) designate Employees to be recipients of Awards; and (b) determine the size of
any such Awards; provided, however, (i) the Committee shall not delegate such responsibilities to any such officer for Awards granted to a Nonemployee Trustees or an officer (as defined in Rule
16a-1(f) of the Exchange Act); (ii) the resolution providing such authorization sets forth the total number of Awards (including Share limitations) such officer(s) may grant; and (iii) the officer(s)


  
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shall report periodically to the Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated. In the event that the Committee’s authority is delegated
to officers or employees in accordance with the foregoing, all provisions of the Plan relating to the Committee shall be interpreted in a manner consistent with the foregoing by treating any such reference as a reference to such officer or employee
for such purpose. Any action undertaken in accordance with the Committee’s delegation of authority hereunder shall have the same force and effect as if such action was undertaken directly by the Committee and shall be deemed for all purposes of
the Plan to have been taken by the Committee. 
 Section 4. Shares Subject to This Plan and Maximum Awards 

4.1    Number of Shares Authorized and Available for Awards. Subject to adjustment as provided under
Section 4.4, the maximum number of Shares reserved for issuance under this Plan is 9,000,000 Shares. The maximum number of these reserved Shares with respect to which Incentive Stock Options may be granted under the Plan is 9,000,000. Each
Share with respect to which an Option or stock-settled SAR is granted under the Plan shall reduce the aggregate number of Shares that be delivered under the Plan by one Share and each Share with respect to which any other Award denominated in Shares
granted under the Plan shall reduce the aggregate number of Shares that may be delivered under the Plan by one Share. For SARs settled in Shares, each Share with respect to which such stock-settled SAR is exercised shall be counted as one Share
against the maximum aggregate number of Shares that may be delivered pursuant to Awards granted under the Plan, regardless of the number of Shares actually delivered upon settlement of such stock-settled SAR. 

4.2    Share Usage. In determining the number of Shares available for grant under this Plan at any time, the
following rules shall apply: 
 (a) If any Option, Stock Appreciation Right, Restricted Stock Unit or Other Stock-Based Award granted under
the Plan expires, terminates or is canceled for any reason without having been exercised in full, the number of Shares subject to such Award that were not issued with respect to such Award shall again be available for the purpose of Awards under the
Plan without reducing the number of Shares that remain available for issuance. 
 (b)    If any shares of Restricted
Stock, Performance Awards or Other Stock-Based Awards denominated in Shares awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited shares of Restricted Stock, Performance Awards or Other Stock-Based Awards
denominated in Shares shall again be available for purposes of Awards under the Plan. 
 (c) Awards that by their terms may only be settled
in cash shall not be counted against the foregoing maximum share limitations. 
 (d)    If any Award is settled in cash
in lieu of Shares pursuant to an Award, such Shares shall not become available again for issuance under this Plan. 

(e)    Any Shares that are surrendered, withheld or tendered to the Company in payment of the exercise price of an Option
or any taxes required to be withheld in respect of any Award shall not become available again to be delivered pursuant to Awards granted under the Plan, and shall be taken into account as Shares issued under this Plan. 

  
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 (f)    Any Shares subject to Substitute Awards shall not be counted against
the share reserve specified in Section 4.1, nor shall they reduce the Shares authorized for grant to a Participant in any calendar year. 

(g)    Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or
Shares acquired by the Company. 
 4.3    Annual Award Limits. Subject to adjustment as set forth in
Section 4.4, the following limits (each an “Annual Award Limit” and, collectively, “Annual Award Limits”) shall apply to grants of such Awards under this Plan: 

(a) The maximum aggregate number of Shares for which Options or SARs may be granted to any Participant other than a Nonemployee Trustees or
consultant in any calendar year shall be 1,000,000 Shares, (for avoidance of doubt, this limit applies, in the aggregate, to all Awards subject to this paragraph (a), including Incentive Stock Options). 

(b) The maximum aggregate number of Shares for which Awards other than Options or SARs that are Performance-Based Compensation that are
denominated in Shares, and granted to any Participant other than a Nonemployee Trustees or consultant in any calendar year shall be 1,500,000 Shares (for avoidance of doubt, this limit applies, in the aggregate, to all forms of Awards subject to
this paragraph (b)). The foregoing maximum shall apply to any Performance Period that is equal to a fiscal year, which maximum shall be adjusted to the corresponding fraction or multiple of that amount for any Performance Period of a different
duration. 
 (c) The maximum aggregate amount that may be paid to any Participant other than a Nonemployee Trustees or consultant in any
calendar year under Awards that are Performance-Based Compensation and that are denominated in cash, shall be $5,000,000 (for avoidance of doubt, this limit applies in the aggregate, to all forms of Awards subject to this paragraph (c)). The
foregoing maximum shall apply to any Performance Period that is equal to a fiscal year, which maximum shall be adjusted to the corresponding fraction or multiple of that amount for any Performance Period of a different duration. 

4.4    Adjustments. All Awards shall be subject to the following provisions: 

(a)    In the event of any equity restructuring (within the meaning of FASB ASC Topic 718 or any successor provision) or
similar event that causes the per share value of Shares to change, such as a stock dividend, stock split, reverse stock split, split up, spin-off, rights offering or recapitalization through an extraordinary
dividend, the Committee, in order to prevent dilution or enlargement of Participants’ rights under this Plan, shall substitute or adjust, as applicable, (i) the number and kind of Shares or other securities that may be issued under this
Plan or under particular forms of Award Agreements, (ii) the number and kind of Shares or other securities subject to outstanding Awards, (iii) the Exercise Price or Grant Price applicable to outstanding Awards, (iv) the Annual Award
Limits, and (v) other value determinations applicable to outstanding Awards. In the event of any other change in corporate capitalization (including, but not limited to, a merger, consolidation, any reorganization (whether or not such
reorganization comes within the definition of such term in Code Section 368), or any partial or complete liquidation of the Company to the extent such events do not constitute equity restructurings or business combinations within the meaning of
FASB ASC Topic 718 or any successor provision, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement of rights. The Committee, in
its discretion, shall determine the methodology or manner of making such substitution or adjustment. In 

  
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either case, any such adjustment shall be conclusive and binding for all purposes of this Plan. Unless otherwise determined by the Committee, the number of Shares subject to an Award shall always
be a whole number. 
 (b)    In addition to the adjustments required and permitted under paragraph (a) above, the
Committee, in its sole discretion, may make such other adjustments or modifications in the terms of any Awards that it deems appropriate to reflect any of the events described in Section 4.4(a), including, but not limited to,
(i) modifications of performance goals and changes in the length of Performance Periods, or (ii) the substitution of other property of equivalent value (including, without limitation, cash, other securities and securities of entities other
than the Company that agree to such substitution) for the Shares available under this Plan or the Shares covered by outstanding Awards, including arranging for the assumption, or replacement with new awards, of Awards held by Participants, and
(iii) in connection with any sale of a Subsidiary, arranging for the assumption, or replacement with new awards, of Awards held by Participants employed by the affected Subsidiary by the Subsidiary or an entity that controls the Subsidiary
following the sale of such Subsidiary. 
 (c)    Any actions taken under Section 4.4 shall be subject to compliance
with the rules under Code Sections 409A, 422 and 424, as and where applicable. The determination of the Committee as to the foregoing adjustments set forth in this Section 4.4, if any, shall be conclusive and binding on Participants under this
Plan. 
 4.5    Effect of Plans Operated by Acquired Companies. If a company acquired by the Company or
any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination,
the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such
acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under this Plan and shall not reduce the Shares authorized for grant
under this Plan, subject to applicable legal requirements. Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan,
absent the acquisition or combination, and shall only be made to individuals who were not Employees, Nonemployee Trustees or consultants providing services to the Company or any Subsidiary prior to such acquisition or combination. 

4.6. No Limitation on Corporate Actions. The existence of the Plan and any Awards granted hereunder shall not affect in any way the
right or power of the Company or any Subsidiary to make or authorize any adjustment, recapitalization, reorganization or other change in its capital structure or business structure, any merger or consolidation, any issuance of debt, preferred or
prior preference stock ahead of or affecting the Shares, additional shares of capital stock or other securities or subscription rights thereto, any dissolution or liquidation, any sale or transfer of all or part of its assets or business or any
other corporate act or proceeding. 
 Section 5. Eligibility and Participation 

5.1    Eligibility to Receive Awards. The Committee may designate any of the following as a Participant from
time to time: 
 (a) any officer or other Employee of the Company or any of its Subsidiaries; 

  
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 (b) an individual that the Company or any of its Subsidiaries has engaged to become an officer or
other employee; 
 (c) a member of the Board; or 

(d) a consultant who provides bona fide services to the Company or any of its Subsidiaries as an independent contractor. 

The Committee’s designation of a Participant in any year shall not require the Committee to designate such person to receive an Award in another year.

 5.2    Participation in this Plan. Subject to the provisions of this Plan, the Committee may, from time
to time, select from all individuals eligible to participate in this Plan, those individuals to whom Awards shall be granted and shall determine, in its sole discretion, the nature of any and all terms permissible by law and the amount of each
Award. 
 5.3    Award Agreements. The Committee shall have the exclusive authority to determine the terms
of an Award Agreement evidencing an Award granted under this Plan, subject to the provisions herein. The terms of an Award Agreement need not be uniform among all Participants or among similar types of Awards. 

Section 6. Stock Options 

6.1    Grant of Options. Subject to the terms and conditions of this Plan, Options may be granted to
Participants covering such number of Shares, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Each grant of an Option shall be evidenced by an Award Agreement, which shall specify whether the
Option is in the form of a Nonqualified Stock Option or an Incentive Stock Option. 
 6.2    Exercise
Price. The Exercise Price for each Option shall be determined by the Committee and shall be specified in the Award Agreement evidencing such Option; provided, however, the Exercise Price must be at least equal to 100% of the Fair
Market Value of a Share as of the Option’s Grant Date, except in the case of Substitute Awards (to the extent consistent with Code Section 409A and, in the case of Incentive Stock Options, Code Section 424), and subject to adjustment
as provided for under Section 4.4. 
 6.3    Term of Option. The term of an Option granted to a
Participant shall be determined by the Committee; provided, however, no Option shall be exercisable later than the tenth anniversary of its Grant Date. 

6.4    Exercise of Option. An Option shall be exercisable, in whole or in part, at such times and be subject
to such restrictions and vesting conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. 

6.5    Payment of Exercise Price. An Option shall be exercised by the delivery of a notice of exercise to
the Company or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures that may be authorized by the Committee, setting forth the number of Shares with respect to which the
Option is to be exercised, accompanied by full payment for the Shares. Any Shares issued upon exercise of an Option are subject to the transfer 

  
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restrictions set forth in Section 14.3. A condition of the issuance of the Shares as to which an Option shall be exercised shall be the payment of the Exercise Price and the payment of
applicable withholding taxes. The Exercise Price of any exercised Option shall be payable to the Company in accordance with one of the following methods: 

(a)    In cash or its equivalent, 

(b)    By tendering (either by actual delivery or by attestation) previously acquired Shares having an aggregate Fair
Market Value at the time of exercise equal to the Exercise Price (subject to such procedures and conditions as the Committee may establish), 

(c)    By a cashless (broker-assisted) exercise, 

(d)    By authorizing the Company to withhold Shares otherwise issuable upon the exercise of the Option having an
aggregate Fair Market Value at the time of exercise equal to the Exercise Price to the extent approved by the Committee, 

(e)    By any combination of (a), (b), (c) or (d), or 

(f)    By any other method approved or accepted by the Committee. 

Unless otherwise determined by the Committee, all payments under all of the methods indicated above shall be paid in United States dollars or Shares, as
applicable. 
 6.6    Special Rules Regarding ISOs. Notwithstanding any provision of this Plan to the
contrary, an Option granted in the form of an ISO to a Participant shall be subject to the following rules: 
 (a)    An
Incentive Stock Option may be granted only to an Employee of the Company or of any parent or subsidiary corporation (within the meaning of Code Section 424). 

(b) An Option will constitute an Incentive Stock Option only to the extent that (i) it is so designated in the applicable Award Agreement
and (ii) the aggregate Fair Market Value (determined as of the Option’s Grant Date) of the Shares with respect to which Incentive Stock Options held by the Participant first become exercisable in any calendar year (under this Plan and all
other plans of the Company and its Subsidiaries) does not exceed $100,000. 
 (c)    No Participant may receive an
Incentive Stock Option under this Plan if, immediately after the grant of such Award, the Participant would own Shares possessing more than 10% of the total combined voting power of all classes of stock of the Company or an affiliate (determined in
accordance with Code Section 422), unless (i) the exercise price for that Incentive Stock Option is at least 110% of the Fair Market Value of the Shares subject to that Incentive Stock Option on the Grant Date and (ii) that Option
will expire no later than five years after its Grant Date. 
 (d) Any Incentive Stock Option granted under the Plan shall contain such terms
and conditions, consistent with the Plan, as the Committee may determine to be necessary to qualify such Option as an “incentive stock option” under Code Section 422. 

  
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 Section 7. Stock Appreciation Rights 

7.1    Grant of SARs. Subject to the terms and conditions of this Plan, SARs may be granted to Participants
in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Each grant of SARs shall be evidenced by an Award Agreement. 

7.2    Grant Price. The Grant Price for each grant of a SAR shall be determined by the Committee and shall
be specified in the Award Agreement evidencing the SAR; provided, however, the Grant Price must be at least equal to 100% of the Fair Market Value of a Share as of the Grant Date, except in the case of Substitute Awards (to the extent
consistent with Code Section 409A), and subject to adjustment as provided for under Section 4.4. 

7.3    Term of SAR. The term of a SAR granted to a Participant shall be determined by the Committee;
provided, however, no SAR shall be exercisable later than the tenth anniversary of its Grant Date. 

7.4    Exercise of SAR. A SAR shall be exercisable at such times and be subject to such restrictions and
vesting conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. 

7.5    Notice of Exercise. A SAR shall be exercised by the delivery of a notice of exercise to the Company
or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures that may be authorized by the Committee, setting forth the number of Shares with respect to which the SAR is to
be exercised. 
 7.6    Settlement of SARs. Upon the exercise of a SAR, pursuant to a notice of exercise
properly completed and submitted to the Company in accordance with Section 7.5, a Participant shall be entitled to receive payment from the Company in an amount equal to the product of (a) and (b) below: 

(a)    The excess of the Fair Market Value of a Share on the date of exercise over the Grant Price. 

(b)    The number of Shares with respect to which the SAR is exercised. 

Payment shall be made in cash, Shares or a combination thereof as provided for under the applicable Award Agreement. Any Shares issued in payment of a SAR are
subject to the transfer restrictions set forth in Section 14.3. 
 Section 8. Restricted Stock 

8.1    Grant of Restricted Stock. Subject to the terms and conditions of this Plan, Restricted Stock Awards
may be granted to Participants in such number of Shares, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Each grant of Restricted Stock shall be evidenced by an Award Agreement. 

8.2    Nature of Restrictions. Each grant of Restricted Stock may be subject to a requirement that a
Participant pay a stipulated purchase price for each Share of Restricted Stock, and shall be subject to a Period of Restriction that shall lapse upon the satisfaction of such vesting conditions as are determined by


  
 13 








 
the Committee and set forth in an applicable Award Agreement. Such conditions or restrictions may include, without limitation, one or more of the following: 

(a)    That the Shares of Restricted Stock may not be transferred in any fashion prior to their applicable vesting date,

 (b)    That the Shares of Restricted Stock may vest only to the degree that specific performance goals are achieved,

 (c)    That the Shares of Restricted Stock may vest only upon completion of a specified period of continuous
employment or other service and to the degree that specific performance goals have been achieved, or 
 (d)    That the
Shares of Restricted Stock may vest only upon completion of a specified period of continuous employment or other service. 

8.3    Delivery of Shares. Unvested Shares subject to a Restricted Stock Award shall be evidenced by a
book-entry in the name of the Participant with the Company’s transfer agent or Plan agent or by one or more stock certificates issued in the name of the Participant. Any such stock certificate shall be deposited with the Company or its
designee, together with an assignment separate from the certificate, in blank, signed by the Participant, and bear an appropriate legend referring to the restricted nature of the Restricted Stock evidenced thereby. Any book-entry Shares shall be
subject to comparable restrictions and corresponding stop transfer instructions. Upon the vesting of Shares of Restricted Stock, and the Company’s determination that any necessary conditions precedent to the release of vested Shares (such as
satisfaction of tax withholding obligations and compliance with applicable legal requirements) have been satisfied, such vested Shares shall be made available to the Participant in such manner as may be prescribed or permitted by the Committee. Such
vested Shares are subject to the transfer restrictions set forth in Section 14.3. 
 8.4    Voting
Rights. As set forth in a Participant’s applicable Award Agreement, the Committee shall determine the extent to which a Participant holding Shares of Restricted Stock shall be granted the right to exercise full voting rights with respect to
those Shares. 
 8.5    Section 83(b) Election. The Committee may provide in an Award Agreement that the
Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Code Section 83(b). If permitted by the Award Agreement and a Participant makes an election pursuant to
Code Section 83(b) concerning a Restricted Stock Award, the Participant shall be required to file promptly a copy of such election with the Company. 

8.6    Certificate Legend. In addition to any legends placed on certificates pursuant to Section 8.3,
each certificate representing Shares of Restricted Stock granted pursuant to this Plan may bear a legend such as the following or as otherwise determined by the Committee in its sole discretion: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeiture) of the Americold Realty Trust 2017 Equity Incentive Plan and a Restricted Stock Award Agreement entered into between the registered owner and Americold Realty Trust. Copies of such Plan and Agreement are on file in the offices of
Americold Realty Trust, 10 Glenlake Parkway, South Tower, Suite 600, Atlanta, Georgia 30328.” 

  
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 Section 9. Restricted Stock Units 

9.1    Grant of Restricted Stock Units. Subject to the terms and conditions of this Plan, Restricted Stock
Units may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. A grant of Restricted Stock Units shall not represent the grant of Shares but shall represent a
promise to deliver a corresponding number of Shares or the value of such number of Shares based upon the completion of service, performance conditions, or such other terms and conditions as specified in the applicable Award Agreement over the Period
of Restriction. Each grant of Restricted Stock Units shall be evidenced by an Award Agreement. 

9.2    Nature of Restrictions. Each grant of Restricted Stock Units shall be subject to a Period of
Restriction that shall lapse upon the satisfaction of such vesting conditions as are determined by the Committee and set forth in an applicable Award Agreement. Such conditions or restrictions may include, without limitation, one or more of the
following: 
 (a)    That the Restricted Stock Units may not be transferred in any fashion, subject to
Section 14.1; 
 (b)    That the Restricted Stock Units may vest only to the degree that specific performance goals
are achieved; 
 (c)    That the Restricted Stock Units may vest only upon completion of a specified period of
continuous employment or other service and to the degree that specific performance goals have been achieved; or 

(d)    That the Restricted Stock Units may vest only upon completion of a specified period of continuous employment or
other service. 
 9.3    Voting Rights. A Participant shall have no voting rights with respect to any
Restricted Stock Units granted hereunder. 
 9.4    Settlement and Payment of Restricted Stock Units.
Unless otherwise elected by the Participant as permitted under the Award Agreement, or otherwise provided for in the Award Agreement, Restricted Stock Units shall be settled upon the date such Restricted Stock Units vest (or as soon as
administratively practicable thereafter). Such settlement shall be made in Shares unless otherwise specified in the Award Agreement. Any Shares issued in settlement of Restricted Stock Units are subject to the transfer restrictions set forth in
Section 14.3. 
 Section 10. Performance Shares 

10.1    Grant of Performance Shares. Subject to the terms and conditions of this Plan, Performance Shares may
be granted to Participants in such number, and upon such terms and at any time and from time to time as shall be determined by the Committee. Each grant of Performance Shares shall be evidenced by an Award Agreement. 

10.2    Value of Performance Shares. Each Performance Share shall have a value equal to the Fair Market
Value of a Share on the Grant Date. The Committee shall set performance goals that, depending on the extent to which they are met over the specified Performance Period and the satisfaction of applicable service-based vesting conditions, shall
determine the number of Performance Shares that shall vest, which may be greater than the target number of Performance Shares granted, and be paid to a Participant. 

  
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 10.3    Earning of Performance Shares. After the applicable
Performance Period has ended, the number of Performance Shares earned by the Participant for the Performance Period shall be determined as a function of the extent to which the applicable corresponding performance goals have been achieved. This
determination shall be made by the Committee. 
 10.4    Form and Timing of Payment of Performance Shares.
The Company shall pay at the close of the applicable Performance Period, or as soon as practicable thereafter, any earned Performance Shares in the form of Shares unless otherwise specified in the Award Agreement. Any Shares issued in settlement of
Performance Shares are subject to the transfer restrictions set forth in Section 14.3. 
 Section 11. Performance Units 

11.1    Grant of Performance Units. Subject to the terms and conditions of this Plan, Performance Units may
be granted to a Participant in such number, and upon such terms and at any time and from time to time as shall be determined by the Committee. Each grant of Performance Units shall be evidenced by an Award Agreement. 

11.2    Value of Performance Units. Each Performance Unit shall have an initial notional value equal to a
dollar amount determined by the Committee. The Committee shall set performance goals in its discretion that, depending on the extent to which they are met over the specified Performance Period and the satisfaction of applicable service-based vesting
conditions, will determine the number of Performance Units that shall vest (which may be greater than the target number of Performance Units granted), the settlement value of each Performance Unit (if variable), and the settlement amount to be paid
to the Participant. 
 11.3    Earning of Performance Units. After the applicable Performance Period has
ended, the number of Performance Units earned by the Participant over the Performance Period shall be determined as a function of the extent to which the applicable corresponding performance goals have been achieved. This determination shall be
made by the Committee. 
 11.4    Form and Timing of Payment of Performance Units. The Company shall pay
at the close of the applicable Performance Period, or as soon as practicable thereafter, any earned Performance Units in the form of cash or in Shares or in a combination thereof, as specified in a Participant’s applicable Award Agreement. Any
Shares issued in settlement of Performance Units are subject to the transfer restrictions set forth in Section 14.3. 
 Section 12. Other
Stock-Based Awards and Cash-Based Awards 
 12.1    Grant of Other Stock-Based Awards and Cash-Based
Awards. 
 (a)    Subject to the terms and conditions of this Plan, the Committee may grant Other Stock-Based Awards
not otherwise described by the terms of this Plan to a Participant in such amounts and subject to such terms and conditions, as the Committee shall determine. Such Awards may involve the transfer of actual Shares to Participants, or payment in cash
or otherwise of amounts based on the value of Shares. 

  
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 (b)    The Committee may grant Cash-Based Awards not otherwise described by
the terms of this Plan to a Participant in such amounts and upon such terms as the Committee shall determine. 

(c)    Each grant of Other Stock-Based Awards and Cash-Based Awards shall be evidenced by an Award Agreement and/or
subject to a subplan or special provisions approved by the Committee. 
 12.2    Value of Other Stock-Based
Awards and Cash-Based Awards. Each Other Stock-Based Award shall be expressed in terms of Shares or units based on Shares, as determined by the Committee. Each Cash-Based Award shall specify a payment amount or payment range as determined by the
Committee. If the Committee exercises its discretion to establish performance goals, the number and/or value of Cash-Based Awards or Other Stock-Based Awards that shall be paid to the Participant will depend on the extent to which such performance
goals are met and any service-based payment conditions are satisfied. 
 12.3    Payment of Other Stock-Based
Awards and Cash-Based Awards. Payment, if any, with respect to Cash-Based Awards and Other Stock-Based Awards shall be made in accordance with the terms of the applicable Award Agreement in the form of cash, Shares or other forms of Awards under
this Plan or a combination of cash, Shares and other forms of Awards. The determination of the form in which Awards subject to this Section 12 will be paid shall be made by the Committee, unless the Committee chooses to provide in an applicable
Award Agreement that a Participant may elect, in accordance with such procedures and limitations as the Committee may specify, the form in which such an Award will be paid. To the extent any Award subject to this Section 12 is to be paid in
other forms of Awards under this Plan, such Awards issued in payment shall be valued for purposes of such payment at their fair value on the Grant Date of such Awards. If the Committee permits a Participant to elect to receive some or all of an
amount that would otherwise be payable in cash under an Award subject to this Section 12 in Shares or other forms of Awards, the Committee may also provide in the applicable Award Agreement that the Fair Market Value of the Shares or the Grant
Date fair value of the other forms of Awards may exceed the amount of cash that otherwise would have been payable. 
 Section 13. Effect of
Termination of Service 
 Each Award Agreement evidencing the grant of an Award shall provide for the following: 

(a)    The extent to which a Participant shall vest in or forfeit such Award as a result of or following the
Participant’s Termination of Service. 
 (b)    With respect to an Award in the form of an Option or SAR, the
extent to which a Participant shall have the right to exercise the Option or SAR following the Participant’s Termination of Service. 
 The foregoing
provisions shall be determined by the Committee, shall be included in each Award Agreement entered into with each Participant, need not be uniform among all Award Agreements and may reflect distinctions based on the reasons for termination. 

Section 14. Transferability of Awards and Shares 

14.1    Transferability of Awards. Except as provided in Section 14.2, Awards shall not be transferable
other than by will or the laws of descent and distribution or, subject to the consent of the Committee, pursuant to a domestic relations order entered into by a court of competent jurisdiction. No Awards shall be subject, in whole or in part, to
attachment, execution or levy of any kind; and any 

  
 17 








 
purported transfer in violation of this Section 14.1 shall be null and void. The Committee may establish such procedures as it deems appropriate for a Participant to designate a beneficiary
to whom any amounts payable or Shares deliverable in the event of, or following, the Participant’s death may be provided. 

14.2    Committee Action. The Committee may, in its discretion, approve a Participant’s transfer, by
gift, of an Award (except in the case of an ISO), on such terms and conditions as the Committee deems appropriate and to the extent permissible with Code Section 409A and applicable securities laws, (i) to an “Immediate Family
Member” (as defined below) of the Participant, (ii) to an inter vivos or testamentary trust in which the Award is to be passed to the Participant’s designated beneficiaries, or (iii) to a charitable institution. Any transferee of
the Participant’s rights shall succeed and be subject to all of the terms of the applicable Award Agreement and this Plan, including restrictions on further transferability, compliance with applicable securities laws, and providing required
investment representations. “Immediate Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, a trust in which any of these persons have more than fifty (50%) percent of the beneficial interest, a foundation in which any
of these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty (50%) percent of the voting interests. 

14.3    Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares
acquired by a Participant under this Plan as it may deem advisable, including, without limitation, minimum holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market
upon which such Shares are then listed or traded or under any blue sky or state securities laws applicable to such Shares. 
 Section 15.
Performance-Based Compensation 
 15.1    Performance-Based Compensation. The Committee, in its sole
discretion, may designate any Award as Performance-Based Compensation upon grant. 
 15.2    Performance
Measures. The performance goals upon which the grant, payment or vesting of an Award that is intended to qualify as Performance-Based Compensation are conditioned must be based on one or more of the following Performance Measures: 

(a)    Total shareholder return (on an absolute and/or relative basis measured against comparable peers or a real estate
index), 
 (b)    Net operating income, 

(c)    Funds from operations or adjusted funds from operations, 

(d)    Funds available for distribution, 

(e)    Dividends or funds available for distribution payment, 

(f)    Returns on assets, returns on investment, returns on capital or returns on equity, 

(g)    Operating expenses/costs, 

  
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 (h)    Cash flow (including, but not limited to, operating cash flow, free
cash flow, cash flow return on equity, and cash flow return on investment), 
 (i)    Earnings per share, 

(j)    Earnings before or after either, or any combination of, interest, taxes, depreciation, or amortization, 

(k)    Economic value added (net operating profit after tax minus the sum of capital multiplied by the cost of capital) or
economic value created, 
 (l)    Gross or net earnings or income, 

(m)    Gross or net operating margins, 

(n)    Gross or net operating profits, 

(o)    Gross or net sales or revenues, 

(p)    Market share, 

(q)    Net earnings or net income (before or after taxes), 

(r)    Operating efficiency and/or property operating expense savings, 

(s)    Productivity ratios and measures, 

(t)    Customer satisfaction survey results, 

(u)    Strategic business objectives (including objective project milestones), 

(v)    Personal professional objectives (including implementation of policies and plans, negotiations or completions of
transactions, and development of long-term business goals) 
 (w)    Successful negotiation or renewal of contracts with
new or existing customers, 
 (x)    Transactions relating to acquisitions or divestitures, or 

(y)    Operating portfolio metrics including leasing and tenant retention. 

Any Performance Measure(s) may, as the Committee, in its sole discretion deems appropriate, (i) relate to the performance of the Company
or any Subsidiary as a whole or any business unit, division or segment of the Company or any Subsidiary or any combination thereof, (ii) be compared to the performance of a group of comparator companies, or published or special index,
(iii) be based on change in the Performance Measure over a specified period of time and such change may be measured based on an arithmetic change over the specified period (e.g., cumulative change or average change), or percentage change over
the specified period (e.g., cumulative percentage change, average percentage change or compounded percentage change), (iv) relate to or be compared to one or more other Performance Measures, or (v) any combination of the foregoing. The
Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 15. 

  
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 Performance goals shall be established by the Committee as set forth in this Section 15, and
may be set forth in the applicable Award Agreement. With regard to a particular Performance Period, the Committee, in its sole discretion, shall, within the first 90 days of a Performance Period, determine the length of the Performance Period
(provided any such Performance Period shall be not less than one fiscal quarter in duration), the type(s) of Performance-Based Compensation Awards to be issued, and the Performance Measures that will be used to establish the performance goals.
Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the performance goals for the Performance Period have been achieved and, if so, calculate and certify in writing the
amount of the Performance-Based Compensation Awards earned for the period. 
 15.3    Evaluation of
Performance. The Committee may provide in any Award intended to qualify as Performance-Based Compensation that any evaluation of performance may, among other things, include or exclude the impact, if any, on reported financial results of any of
the following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation, claims, judgments or settlements, (c) changes in tax laws, accounting principles or other laws or provisions, (d) reorganization
or restructuring programs, (e) acquisitions or divestitures, (f) foreign exchange gains and losses or (g) gains and losses that are treated as unusual in nature or infrequent in their occurrence and which are disclosed in
management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders. Notwithstanding any other provision of the Plan, payment or vesting of any such Award that is
intended to qualify as Performance-Based Compensation shall not be made until the Committee certifies in writing that the applicable performance goals and any other material terms of such Award were in fact satisfied, except as otherwise provided in
Section 15.3. 
 15.4    Adjustment of Performance-Based Compensation. The Committee shall have no
discretion to increase the amount payable pursuant to Awards that are intended to qualify as Performance-Based Compensation beyond the amount that would otherwise be payable upon attainment of the applicable performance goal(s). The Committee may
not waive the achievement of the applicable performance goals, except in the case of the Participant’s death or disability or a Change in Control. The Committee shall, however, retain the discretion to decrease the amount payable pursuant to
such Awards below the amount that would otherwise be payable upon attainment of the applicable performance goal(s), either on a formula or discretionary basis or any combination, as the Committee determines, in its sole discretion. 

Section 16. Nonemployee Trustee Awards 

16.1    Awards to Nonemployee Trustees. The Committee shall approve all Awards to Nonemployee
Trustees. The terms and conditions of any grant of any Award to a Nonemployee Trustee shall be set forth in an Award Agreement. 

16.2    Awards in Lieu of Fees. The Committee may permit a Nonemployee Trustee the opportunity to receive an
Award in lieu of payment of all or a portion of future trustee fees (including but not limited to cash retainer fees and meeting fees) or other type of Awards pursuant to such terms and conditions as the Committee may prescribe and set forth in an
applicable sub-plan or Award Agreement. If the Committee permits a Participant to elect to receive payment of all or a portion of future trustee fees that would otherwise be payable in cash in the form of an
Award, the Committee may also provide in the applicable Award Agreement that the Grant Date fair value of the Award may exceed the amount of cash that otherwise would have been payable. 

  
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 16.3    Annual Award Limit. Equity-based Awards granted to
Nonemployee Trustees shall be subject to the following limitation: The maximum number of Shares subject to any (i) Award of Options, (ii) Award of Restricted Stock or (iii) Award of Restricted Stock Units, which may be granted to any
Nonemployee Trustee during any calendar year shall be 50,000 Shares. Notwithstanding the foregoing, the annual award limit set forth in this Section 16.3 shall (i) not apply to any Awards granted in connection with the initial public
offering of the Shares, (ii) solely apply to Awards granted under this Plan and (iii) not apply to Shares or Share equivalents granted to a Nonemployee Trustee in lieu of all or any portion of such Nonemployee Trustee’s cash-based
trustee fees. 
 Section 17. Effect of a Change in Control 

17.1    Default Vesting Provisions. Unless otherwise provided for in an Award Agreement, and except to the
extent that an Award meeting the requirements of Section 17.2(a) (a “Replacement Award”) is provided to the Participant pursuant to Section 4.4 to replace an existing Award (the “Replaced Award”), upon a Change
in Control, all then-outstanding Awards shall vest in accordance with paragraphs (a), (b) and (c) below. 

(a)    Outstanding Options and SARs. Upon a Change in Control, a Participant’s then-outstanding Options and
SARs that are not vested shall immediately become fully vested (and, to the extent applicable, all performance conditions shall be deemed satisfied at target performance) and, subject to Section 17.3, exercisable over the exercise period set
forth in the applicable Award Agreement. 
 (b)    Outstanding Awards, other than Options and SARs, Subject Solely to
a Service Condition. Upon a Change in Control, subject to Section 17.3, a Participant’s then-outstanding Awards, other than Options and SARs, that are not vested and as to which vesting depends solely on the satisfaction of a service
obligation by the Participant to the Company or any Subsidiary shall become fully vested and shall be settled in cash, Shares or a combination thereof as provided for under the applicable Award Agreement within thirty (30) days following such
Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule in order to comply with Code Section 409A). 

(c)    Outstanding Awards, other than Options and SARs, Subject to a Performance Condition. Upon a Change in
Control, subject to Section 17.3, a Participant’s then-outstanding Awards, other than Options and SARs, that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions shall immediately vest
and all performance conditions shall be deemed satisfied as if target performance was achieved and shall be settled pro rata, based on the proportion of the applicable Performance Period that lapsed through the date of the Change in Control, in
cash, Shares or a combination thereof as provided for under the applicable Award Agreement within thirty (30) days following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original
schedule in order to comply with Code Section 409A); notwithstanding that the applicable Performance Period, retention period or other restrictions and conditions have not been completed or satisfied. 

17.2    Definition of Replacement Award. 

(a)    An Award shall meet the conditions of this Section 17.2(a) (and hence qualify as a Replacement Award) if:
(i) it is of the same type as the Replaced Award (or, it is of a different type as the 

  
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Replaced Award, provided that the Committee, as constituted immediately prior to the Change in Control, finds such type acceptable); (ii) it has an intrinsic value at least equal to the value of
the Replaced Award; (iii) it relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control;
(iv) its terms and conditions comply with Section 17.2(b); and (v) its other terms and conditions are not less favorable to the holder of the Award than the terms and conditions of the Replaced Award (including the provisions that
would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are
satisfied. The determination of whether the conditions of this Section 17.2(a) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. Without limiting the generality of the
foregoing, the Committee may determine the value of Awards and Replacement Awards that are stock options or stock appreciation rights by reference to either their intrinsic value or their fair value. 

(b)    Upon an involuntary termination of service of a Participant (i) by the Company other than for Cause, or
(ii) to the extent specifically permitted in the Participant’s Award Agreement, a termination by the Participant for “good reason” (as defined in the Participant’s Award Agreement, change of control agreement or employment
agreement, as applicable), in either case occurring within two years following the Change in Control, unless otherwise specified in the award agreement and approved by the Committee as constituted prior to the Change in Control, all Replacement
Awards held by the Participant shall become fully vested and free of restrictions and, in the case of Replacement Awards in the form of (x) stock options or stock appreciation rights shall be fully exercisable, (y) performance-based Awards
shall be deemed to be satisfied at target level performance and paid pro rata (based upon the proportion of the applicable Performance Period that has lapsed through the date of the Participant’s involuntary termination of service) upon or
within 60 days of such termination of service, or (z) service-based Awards (other than stock options or stock appreciation rights) shall be paid upon or within 60 days of such termination of service. Notwithstanding the foregoing, with respect
to any Award that is considered deferred compensation subject to Code Section 409A, settlement of such Award shall be made pursuant to its original schedule if necessary to comply with Code Section 409A. 

17.3 Cashout of Awards. 

(a)    Unless otherwise provided for in an Award Agreement, in the event of a Change in Control, with respect to any
outstanding Option or Stock Appreciation Right, the Committee shall have discretion to cause a cash payment to be made to the person who then holds such Option or Stock Appreciation Right, in lieu of the right to exercise such Option or Stock
Appreciation Right or any portion thereof. In the event the Committee exercises its discretion to cause such cash payment to be made, the amount of such cash payment shall be equal to the amount by which (i) the aggregate Fair Market Value (on
the date of the Change in Control) of the Shares that are subject to such Option or Stock Appreciation Right exceeds (ii) the aggregate Exercise Price or Grant Price (as applicable) of such Shares under such Option or Stock Appreciation Right.
If the aggregate Fair Market Value (on the date of the Change in Control) of the Shares that are subject to such Option or Stock Appreciation Right is less than the aggregate Exercise Price or Grant Price (as applicable) of such Shares under such
Option or Stock Appreciation Right, such Option or Stock Appreciation Right shall be cancelled without any payment. 

(b)    Unless otherwise provided for in an Award Agreement, in the event of a Change in Control, with respect to an Award
(other than an Option or Stock Appreciation Right) that would otherwise be payable in Common Shares, the Committee shall have discretion to cause the payment of such Award to be made in cash instead of Shares. In the event the Committee exercises
its discretion to cause such cash payment to be made, the amount of such cash payment shall be equal to the aggregate Fair Market Value, on the date of the Change in Control, of the Shares that would otherwise then be payable under such Award. 

  
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 Section 18. Dividends and Dividend Equivalents 

18.1    Payment of Dividends on Restricted Stock. With respect to an Award of Restricted Stock, the Committee
may grant or limit the right of a Participant to receive dividends declared on Shares that are subject to such Award to the extent the Award is not yet vested. If the Committee grants the right of a Participant to receive dividends declared on
Shares subject to an unvested Award of Restricted Stock, then such dividends shall be paid to the Participant as of the applicable dividend payment dates or such other dates as determined by the Committee and set forth in the applicable Award
Agreement; provided however, that in the case of an Award of Restricted Stock as to which vesting depends upon the satisfaction of one or more performance conditions, such dividends shall be subject to the same performance conditions and service
conditions, as applicable, as the underlying Award. Dividends shall be paid in cash or reinvested in additional Shares or Awards by such formula and at such time and subject to such limitations as may be determined by the Committee. 

18.2    Payment of Dividend Equivalents on Awards Other than Options, SARs and Restricted Stock. Except for
Options, SARs and Restricted Stock, the Committee may grant Dividend Equivalents on the units or other Share equivalents subject to an Award based on the dividends actually declared and paid on outstanding Shares. The terms of any Dividend
Equivalents will be as set forth in the applicable Award Agreement, including the time and form of payment and whether such Dividend Equivalents will be credited with interest or deemed to be reinvested in additional units or Share equivalents.
Dividend Equivalents payable with respect to the unvested portion of an Award whose vesting depends upon the satisfaction of one or more performance conditions shall be subject to the same performance conditions and service conditions, as
applicable, as the underlying Award. 
 Section 19. Beneficiary Designation 

The Committee may, from time to time, establish procedures it deems appropriate for a Participant to name a beneficiary or beneficiaries (who
may be named contingently or successively) to whom any benefit under this Plan is to be paid in case of the Participant’s death before the Participant receives any or all of such benefit. Each such designation shall revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing, including electronically, with the Company during the Participant’s lifetime. In the
absence of any such beneficiary designation, benefits remaining unpaid or rights remaining unexercised at the Participant’s death shall be paid to or exercised by the Participant’s executor, administrator or legal representative. 

 Section 20. Rights of Participants 

20.1    Employment and Service. Nothing in this Plan or an Award Agreement shall (a) interfere with or
limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment with, or provision of service to, the Company or any Subsidiary at any time or for any reason not prohibited by law or (b) confer upon
any Participant any right to continue the Participant’s employment or service as a Trustee for any specified period of time. Neither an Award nor any benefits arising under this Plan shall constitute an employment or service contract with the
Company or any Subsidiary and, accordingly, subject to Sections 3 and 21, this Plan and the benefits hereunder may be amended or terminated at any time in the sole and exclusive discretion of the Board or Committee without giving rise to any
liability on the part of the Company, any Subsidiary, the Committee or the Board. 

  
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 20.2    Participation. No individual shall have the right to be
selected to receive an Award under this Plan, or, having been so selected, to be selected to receive a future Award. 

20.3    Rights as a Shareholder. Except as otherwise provided herein, a Participant shall have none of the
rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares.  

Section 21. Amendment and Termination 

21.1    Amendment and Termination of this Plan and Awards. 

(a)    Subject to subparagraphs (b) and (c) of this Section 21.1, Section 21.3 and Section 21.4 of this
Plan, the Board may at any time amend, suspend or terminate this Plan, and the Board or Committee may at any time amend, suspend or terminate any outstanding Award Agreement. 

(b)    Without the prior approval of the Company’s shareholders and except as provided for in Section 4.4, no
Option or SAR Award may be (i) amended to reduce the Exercise Price or the Grant Price thereof, as applicable; (ii) cancelled in exchange for the grant of any new Option or SAR with a lower Exercise Price or Grant Price, as applicable; or
(iii) cancelled in exchange for cash, other property or the grant of any new Award at a time when the Exercise Price of the Option or the Grant Price of the SAR is greater than the current Fair Market Value of a Share. 

(c)    Notwithstanding the foregoing, no amendment of this Plan shall be made without shareholder approval if shareholder
approval is required (as provided below or otherwise) pursuant to rules promulgated by any stock exchange or quotation system on which Shares are listed or quoted or by applicable U.S. state corporate laws or regulations, or applicable U.S. federal
laws or regulations, including but not limited to, the then-applicable requirements of Rule 16b-3 of the Exchange Act or any requirements under the Code relating to ISOs. Amendments to the Plan that
require shareholder approval include, but are not limited to: (i) except as is provided in Section 4.4, an increase the maximum number of Shares which may be sold or awarded under the Plan or increase the maximum limitations set forth in
Section 4; (ii) a change the class of persons eligible to receive Awards under the Plan; or (iii) an extension of the duration of the Plan or the maximum period during which Options or SARs may be exercised. 

21.2    Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. 

(a)    Except as may be limited by Section 15 with respect to Awards intended to qualify as Performance-Based
Compensation, the Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.4)
affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution
or enlargement of the benefits or potential benefits intended to be made available under this Plan. 
 (b) Any subplan may provide that the
Committee or its authorized delegate shall retain the discretion to decrease the amount payable pursuant to a Cash-Based Award granted under such subplan 

  
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below the amount that would otherwise be payable upon attainment of the applicable performance goal(s) over a Performance Period that does not exceed a term of one (1) year, either on a
formula or discretionary basis or any combination, as the Committee or its authorized delegate determines is appropriate. 

(c)    The determination of the Committee (or its authorized delegate, if applicable) as to any adjustments made pursuant
to subparagraphs (a) and (b) above shall be conclusive and binding on Participants under this Plan. By accepting an Award under this Plan, a Participant agrees to any adjustment to the Award made pursuant to this Section 21.2 without
further consideration or action. 
 21.3    Awards Previously Granted. Notwithstanding any other provision
of this Plan to the contrary, other than Sections 21.2 and 21.4, no termination or amendment of this Plan or an Award Agreement shall adversely affect in any material way any Award previously granted under this Plan, without the written consent
of the Participant holding such Award. 
 21.4    Amendment to Conform to Law. Notwithstanding any other
provision of this Plan to the contrary, the Board may amend this Plan and the Board or the Committee may amend an Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming this Plan or
an Award Agreement to (i) any law relating to plans of this or similar nature (including, but not limited to Code Section 409A), and to the administrative regulations and rulings promulgated thereunder, (ii) any applicable stock
exchange requirements and (iii) any compensation recoupment policy adopted by the Company. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 21.4 to this Plan and any Award without
further consideration or action. 
 21.5    Deferred Compensation. 

(a)    It is intended that any Award under this Plan shall either be exempt from, or shall comply (in form and operation)
with, Code Section 409A and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Code Section 409A, it shall be paid in a manner that is intended to comply with Code
Section 409A, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision
in the Plan that is inconsistent with Code Section 409A shall be deemed to be amended to comply with Code Section 409A and to the extent such provision cannot be amended to comply therewith for any reason, such provision shall be null and
void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Code Section 409A is not so exempt or compliant or for any action taken by the Committee or the
Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Code Section 409A, responsibility for payment of such penalties shall rest solely with the affected Participant and not with the Company.
Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Code Section 409A) that are otherwise required to be made under the Plan to a
“specified employee” (as defined under Code Section 409A) as a result of such employee’s separation from service (other than a payment that is not subject to Code Section 409A) shall be delayed for the first six
(6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead commence (in a manner set forth in the Award Agreement) upon expiration of such delay period. 

(b)    Notwithstanding any provision of the Plan and/or Award Agreement to the contrary, the Company does not make any
representation to any Participant or beneficiary as to the tax consequences of 

  
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any Awards made pursuant to this Plan, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any beneficiary for any tax, additional tax,
interest or penalties that the Participant or any beneficiary may incur as a result of the grant, vesting, exercise or settlement of an Award under this Plan. 

Section 22. General Provisions 

22.1    Forfeiture Events. 

(a)    In addition to the forfeiture events specified in paragraph (b) below, the Committee may specify in an Award
Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise
applicable treatment of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive
covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a Termination of Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and its
Subsidiaries. 
 (b) Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government
regulation, or stock exchange listing requirement, or any policy adopted by the Company or determined by the Committee and set forth in the applicable Award Agreement will be subject to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange listing requirement or any policy adopted by the Company or determined by the Committee and set forth in the applicable Award Agreement, and the Committee, in its sole and exclusive
discretion, may require that any Participant reimburse the Company all or part of the amount of any payment in settlement of any Award granted hereunder. 

22.2    Tax Withholding. 

(a)    Tax Withholding Generally. The Company shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy applicable federal, state and local tax withholding requirements, domestic or foreign, with respect to any taxable event arising as a result of the grant, vesting, exercise or
settlement of an Award to the Participant under this Plan. 
 (b)    Share Withholding. Unless otherwise required
by the Committee, the Company may withhold, or permit a Participant to elect to have withheld, from a payment in Shares the number of Shares having a Fair Market Value equal to the amount required to be withheld to satisfy applicable federal, state
and local tax withholding requirements, domestic or foreign, or such greater amount up to the maximum statutory withholding rate under applicable law as applicable to such Participant, if such other greater amount would not result in adverse
financial accounting treatment as determined by the Committee (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09). 

22.3    Legend. The certificates for Shares may include any legend that the Committee deems appropriate to
reflect any restrictions on transfer of such Shares. 

  
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 22.4    Gender and Number. Except where otherwise indicated by
the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 

22.5    Severability. In the event any provision of this Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

22.6    Requirements of Law. The granting of Awards and the issuance of Shares under this Plan shall be
subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. It is the intent of the Company that this Plan satisfy, and be interpreted in a manner
that satisfies, the applicable requirements of Rule 16b-3, as promulgated under Section 16 of the Exchange Act, so that Participants will be entitled to the benefit of Rule
16b-3 (or any successor provisions) and will not be subject to short-swing liability under Section 16 of the Exchange Act. If any provision of this Plan would conflict with this intent, such provision to
the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

22.7    Delivery of Shares. The Company shall have no obligation to issue or deliver Shares under this Plan
prior to: 
 (a)    Obtaining any approvals from governmental agencies that the Company determines are necessary or
advisable; and 
 (b)    Completion of any registration or other qualification of the Shares under any applicable
national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. 

22.8    Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or deliver such
Shares as to which such requisite authority shall not have been obtained. 
 22.9    Investment
Representations. The Committee may require any individual receiving Shares pursuant to an Award under this Plan to represent and warrant in writing that the individual is acquiring the Shares for investment and without any present intention to
sell or distribute such Shares. 
 22.10    Employees Based Outside of the United States. Notwithstanding
any provision of this Plan to the contrary, in order to comply with the laws in other countries in which the Company or any Subsidiaries operate or have Employees or Trustees, the Committee, in its sole discretion, shall have the power and authority
to: 
 (a)    Determine which Subsidiaries shall be covered by this Plan; 

(b)    Determine which Employees or Trustees outside the United States are eligible to participate in this Plan; 

(c)    Modify the terms and conditions of any Award granted to Employees or Trustees outside the United States to comply
with applicable foreign laws; 

  
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 (d)    Establish sub-plans and modify
exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. Any sub-plans and modifications to Plan terms and procedures established under this
Section 22.10 by the Committee shall be attached to this Plan document as appendices; and 
 (e)    Take any
action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or approvals. 

Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate applicable law. 

22.11    Uncertificated Shares. To the extent that this Plan provides for issuance of certificates to
reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 

22.12    Unfunded Plan. Participants shall have no right, title or interest whatsoever in or to any
investments that the Company or any Subsidiaries may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any
kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative or any other individual. To the extent that any individual acquires a right to receive payments from the Company or any Subsidiary under
this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company or the Subsidiary, as the case may be. All payments to be made hereunder shall be paid from the general funds of the Company, or the Subsidiary,
as the case may be, and no special or separate fund shall be established, and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 

22.13    No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to this Plan or
any Award. The Committee shall determine whether cash, Awards or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated. 

22.14    Retirement and Welfare Plans. Neither Awards made under this Plan nor Shares or cash paid pursuant
to such Awards may be included as “compensation” for purposes of computing the benefits payable to any Participant under the Company’s or any Subsidiary’s retirement plans (both qualified and nonqualified) or welfare benefit
plans unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant’s benefit. 

22.15    Nonexclusivity of this Plan. The adoption of this Plan shall not be construed as creating any
limitations on the power of the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant. 

22.16    No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (i) limit,
impair, or otherwise affect the Company’s or a Subsidiary’s right or power to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell or
transfer all or any part of its business or assets; or, (ii) limit the right or power of the Company or a Subsidiary to take any action that such entity deems to be necessary or appropriate. 

22.17    Governing Law and Construction. This Plan and each Award Agreement shall be governed by the laws of
the state of Georgia excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction. 


  
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Unless otherwise provided in the Award Agreement, recipients of an Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Georgia to
resolve any and all issues that may arise out of or relate to this Plan or any related Award Agreement. This Plan shall be construed in a manner consistent with the Company’s status as a real estate investment trust (“REIT”).
No Award shall be granted, and with respect to any Award granted under this Plan, such Award shall not vest, be exercisable, or be settled: (i) to the extent that the grant, vesting, or settlement of such Award could cause the Participant or
any other person to be in violation of the ownership limit or any other provision of the Company’s organizing documents; or (ii) if, in the discretion of the Committee, the grant, vesting, or settlement of such Award could impair the
Company’s status as a REIT. 
 22.18    Delivery and Execution of Electronic Documents. To the extent
permitted by applicable law, the Company may (i) deliver by email or other electronic means (including posting on a website maintained by the Company or by a third party under contract with the Company) all documents relating to this Plan or
any Award thereunder (including without limitation, prospectuses required by the Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements)
and (ii) permit Participant’s to electronically execute applicable Plan documents (including, but not limited to, Award Agreements) in a manner prescribed to the Committee. 

22.19    No Representations or Warranties Regarding Tax Effect. Notwithstanding any provision of this Plan
to the contrary, the Company, Subsidiaries, the Board and the Committee neither represent nor warrant the tax treatment under any federal, state, local or foreign laws and regulations thereunder (individually and collectively referred to as the
“Tax Laws”) of any Award granted or any amounts paid to any Participant under this Plan including, but not limited to, when and to what extent such Awards or amounts may be subject to tax, penalties and interest under the Tax Laws.

 22.20    Indemnification. Subject to requirements of the laws of the state of Georgia, each individual
who is or shall have been a member of the Board, or a Committee appointed by the Board, or an officer of the Company or other person to whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the
Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he
or she may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any
judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf, unless such loss, cost, liability or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such individuals may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

22.21    Successors. All obligations of the Company under this Plan with respect to Awards granted hereunder
shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 22.22    Right of Offset. Subject to applicable legal requirements, including Code Section 409A,
the Company and its Subsidiaries shall have the right to offset against the obligations to make payment or issue any Shares to any Participant under this Plan, any outstanding amounts (including travel and


  
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entertainment advance balances, loans, tax withholding amounts paid by the employer or amounts repayable to the Company or Subsidiary pursuant to tax equalization, housing, automobile or other
employee programs) such Participant then owes to the Company or a Subsidiary and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. 

  
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