EX-10.3




 Exhibit 10.3 

TIME-BASED LTIP UNIT AWARD AGREEMENT 

Pursuant to the Phillips Edison & Company, Inc. 2020 Omnibus Incentive Plan (the “Plan”), and the Fourth Amended and
Restated Limited Partnership Agreement, as amended (the “LP Agreement”), of Phillips Edison Grocery Center Operating Partnership I, L.P. (the “Partnership”), Phillips Edison & Company, Inc. (the
“Company”), through its wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, as general partner of the Partnership, hereby grants an award of the number of Class B Units (as defined in the LP Agreement,
hereinafter, “LTIP Units”) set forth on Exhibit A hereto (an “Award”) to the Grantee set forth on Exhibit A having the rights, voting powers, restrictions, limitations as to distributions,
qualifications and terms and conditions of redemption and conversion set forth herein and in the LP Agreement. Capitalized terms in this award agreement (this “Agreement”) shall have the meaning specified in the Plan, unless a
different meaning is specified herein. 
 1. Restrictions on Transfer of Award. 

(a) Except as otherwise permitted by the Committee, none of the LTIP Units granted hereunder nor any of the OP Units of the Partnership into
which such LTIP Units may be converted (the “OP Units”) shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, or encumbered, whether voluntarily or by operation of law (each such
action a “Transfer”) and the right to exchange all or a portion of the OP Units for cash or, at the option of the Partnership, for shares of Common Stock, par value $0.01 per share (the “Common Stock”) of the
Company (the “Exchange Right”) may not be exercised with respect to the OP Units, provided that, at any time after the date that (x) the LTIP Units vest and (y) is two (2) years after the effective date of the grant,
(i) LTIP Units or OP Units may be Transferred to the Grantee’s Family Members (as defined below) by gift or domestic relations order, provided that the transferee agrees in writing with the Company and the Partnership to be bound by all
the terms and conditions of this Agreement and that subsequent Transfers shall be prohibited except those in accordance with this Section 1 and (ii) the Exchange Right may be exercised with respect to OP Units, and OP Units may be
Transferred to the Partnership or the Company in connection with the exercise of the Exchange Right, in accordance with and to the extent otherwise permitted by the terms of the LP Agreement. Additionally, all Transfers of LTIP Units or OP Units
must be in compliance with all applicable securities laws (including, without limitation, the Securities Act) and the applicable terms and conditions of the LP Agreement. In connection with any Transfer of LTIP Units or OP Units, the Partnership may
require the Grantee to provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted Transfer of LTIP
Units or OP Units not in accordance with the terms and conditions of this Section 1 shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any LTIP Units or OP Units as a result of any
such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of any LTIP Units or OP Units. This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 











 (b) For purposes of this Agreement, “Family Member” of a Grantee, means the
Grantee’s 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, any person sharing the Grantee’s household (other than a tenant of the Grantee), a trust in which these persons (or the Grantee) own more than
50 percent of the beneficial interest, a foundation in which these persons (or the Grantee) control the management of assets, and any other entity in which these persons (or the Grantee) own more than 50 percent of the voting interests.

 2. Vesting of LTIP Units. The LTIP Units shall vest as set forth on Exhibit A attached hereto. The Committee may at any
time accelerate the vesting schedule specified in this Section 2. 
 3. Termination of Employment. Except as otherwise provided
on Exhibit A, if the Grantee’s employment with the Company and its Subsidiaries terminates for any reason prior to the satisfaction of the vesting conditions set forth in Section 2 above, any LTIP Units that have not vested as of
such date shall automatically and without notice terminate and be forfeited, and neither the Grantee nor any of the Grantee’s successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such
unvested LTIP Units. 
 4. Effectiveness of Award. The Grantee shall be admitted as a partner of the Partnership with beneficial
ownership of the LTIP Units that have vested pursuant to Exhibit A and Section 2 of this Agreement on such date and the Grantee shall have all the rights of a Limited Partner of the Partnership with respect to such LTIP Units, as set
forth in the LP Agreement. 
 5. Distributions. Distributions on the LTIP Units shall be paid to the Grantee pursuant to
Section 16.2(a) of the LP Agreement. 
 6. Rights with Respect to LTIP Units. Without duplication with the provisions of Article
15 of the Plan, if (a) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or capital stock of the Company or a
transaction similar thereto, (b) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization, or other similar change in the capital structure of the Company, or any distribution to holders of
Common Stock other than ordinary cash dividends, shall occur or (c) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of the Agreement, then and in that event, the Committee
shall take such action as shall be necessary to maintain the Grantee’s rights hereunder so that they are substantially proportionate to the rights existing under this Agreement prior to such event, including, but not limited to, adjustments in
the number of LTIP Units then subject to this Agreement and substitution of other awards under the Plan or otherwise. The Grantee shall have the right to vote the LTIP Units if and when voting is allowed under the LP Agreement, regardless of whether
vesting has occurred. 
 7. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject
to and governed by all the terms and conditions of the Plan, including the powers of the Committee set forth in Section 4.3 of the Plan. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the
Agreement shall control. 

  
 2 












 8. Tax Withholding. No later than the date as of which an amount first becomes
includible in the gross income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to the LTIP Units granted hereunder, the Grantee will pay to the Company or, if appropriate, any of
its Subsidiaries, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount. The obligations of the
Company under this Agreement will be conditional on such payment or arrangements, and the Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee. 

9. Tax Matters; Section 83(b) Election. The Grantee may make an election to include in gross income in the year of
transfer the LTIP Units hereunder pursuant to Section 83(b) of the Internal Revenue Code substantially in the form attached hereto as Exhibit B and to the extent so elected to supply the necessary information in accordance with the
regulations promulgated thereunder. 
 10. Section 409A of the Code. If any compensation provided by this Agreement may result in the
application of Section 409A of the Code, the Company shall, in consultation with the Grantee, modify the Agreement in the least restrictive manner necessary in order to, where applicable, (a) exclude such compensation from the definition
of “deferred compensation” within the meaning of such Section 409A or (b) comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance
issued under such statutory provisions and to make such modifications, in each case, without any diminution in the value of the benefits granted hereby to the Grantee. 

11. Investment Representation; Registration. The Grantee hereby makes the covenants, representations and warranties set forth on
Exhibit C attached hereto as of the Grant Date and as of the Vesting Date. All of such covenants, warranties and representations shall survive the execution and delivery of this Agreement by the Grantee. The Grantee shall immediately notify
the Partnership upon discovering that any of the representations or warranties set forth on Exhibit C was false when made or have, as a result of changes in circumstances, become false. The Partnership will have no obligation to register
under the Securities Act any of the LTIP Units or any other securities issued pursuant to this Agreement or upon conversion or exchange of the LTIP Units into other limited partnership interests of the Partnership or shares of capital stock of the
Company. 
 12. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the
Plan or this Agreement to continue the Grantee’s employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Grantee at any time. 

13. No Limit on Other Compensation Arrangements. Nothing contained in this Agreement shall preclude the Company from adopting or
continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons. 

  
 3 












 14. Status of LTIP Units under the Plan. The LTIP Units are both issued as equity
securities of the Partnership and granted as “Other Stock-Based Awards” under the Plan. The Company will have the right at its option, as set forth in the LP Agreement, to issue Common Stock in exchange for OP Units into which LTIP Units
may have been converted pursuant to the LP Agreement, subject to certain limitations set forth in the LP Agreement, and such Common Stock, if issued, will be issued under the Plan. The Grantee acknowledges that the Grantee will have no right to
approve or disapprove such election by the Company. 
 15. Severability. If any term or provision of this Agreement is or becomes or
is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed
or deemed amended without materially altering the purpose or intent of this Agreement and the grant of LTIP Units hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall
remain in full force and effect). 
 16. Integration. This Agreement constitutes the entire agreement between the parties with
respect to this Award and supersedes all prior agreements and discussions between the parties concerning this Award. 
 17.
Legend. The records of the Partnership and any other documentation evidencing the LTIP Units shall bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to
restrictions as set forth herein, in the Plan and in the LP Agreement. 
 18. Data Privacy Consent. In order to administer the Plan
and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional
data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the
“Relevant Information”). By entering into this Agreement, the Grantee (a) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (b) waives any privacy rights
the Grantee may have with respect to the Relevant Information; (c) authorizes the Relevant Companies to store and transmit such information in electronic form; and (d) authorizes the transfer of the Relevant Information to any jurisdiction
in which the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information. The Relevant Information will only be used in accordance with applicable law. 

19. Amendment; Modification. This Agreement may only be modified or amended in a writing signed by the parties hereto, provided that
the Grantee acknowledges that the Plan may be amended or discontinued in accordance with Article 16 thereof and that this Agreement may be amended or canceled by the Committee, on behalf of the Company and the Partnership, for the purpose of
satisfying changes in law or for any other lawful purpose, so long as no such action shall adversely affect the Grantee’s rights under this Agreement without the Grantee’s written consent. No promises, assurances, commitments, agreements,
undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, 

  
 4 












 
with respect to the subject matter hereof, have been made by the parties which are not set forth expressly in this Agreement. The failure of the Grantee or the Company or the Partnership to
insist upon strict compliance with any provision of this Agreement, or to assert any right the Grantee or the Company or the Partnership, respectively, may have under this Agreement, shall not be deemed to be a waiver of such provision or right or
any other provision or right of this Agreement. 
 20. Complete Agreement. This Agreement (together with those agreements and
documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises,
assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way. 

21. Law Governing. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND. 

22. Headings. Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference. Such
headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof. 

23. Counterparts. This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of
which together shall constitute one and the same agreement. 
 24. Successors and Assigns. The rights and obligations created
hereunder shall be binding on the Grantee and his heirs and legal representatives and on the successors and assigns of the Partnership. 

25. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or
delivered to the Grantee by hand or at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

[Signature Page Follows] 

  
 5 












 IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the ________ day
of ____________, 20__. 
  

			
	PHILLIPS EDISON & COMPANY, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I, L.P.
	
	By: PHILLIPS EDISON GROCERY CENTER OP GP I LLC, Its General Partner
		
	By:	 	 
		 	Name:
		 	Title:


 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Grantee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	 	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name:
		 		 		 	  



  
 6 












 Exhibit A 

 

	
	 Name of
Grantee:                                       
                                         
                             

	
	 No. of LTIP Units
Granted:                                       
                          

	
	 Grant
Date:                                        
                                         
                                    


 1. Vesting of LTIP Units. Subject to the Grantee’s continued employment with the Company through
the applicable Vesting Date, the LTIP Units shall vest with respect to 25% of LTIP Units set forth above on each of the first four anniversaries of the Grant Date (each a “Vesting Date”). 

2. Termination of Employment as a result of Death, Disability, or Retirement. In the event that the Grantee’s employment with the
Company is terminated as a result of the Grantee’s death, Disability (as defined in the Phillips Edison & Company, Inc. Amended and Restated Executive Severance and Change in Control Plan as in effect as of the Grant Date (the
“Severance Plan”)), or Retirement, the portion of the LTIP Units that would have vested during the Severance Period (as defined in the Severance Plan) shall thereupon vest. For the purposes of this Agreement,
“Retirement” shall mean termination of Grantee’s employment with the Company after reaching the age of 65, following at least 10 years of service to the Company. Notwithstanding the foregoing, a termination by Grantee shall not
be deemed to constitute a Retirement for purposes of this Agreement unless (i) Grantee has provided the Company with at least 90 days’ advance written notice of such Retirement (the “Notice Period”), (ii) Grantee remains
continuously employed by the Company during the Notice Period, and (iii) Grantee’s employment automatically terminates upon the termination date set forth in such notice (or such other date as may be accepted by the Committee). For the
avoidance of doubt, a termination for Cause shall not constitute Retirement hereunder. 
 3. Executive Severance and Change in Control
Plan; Termination without Cause or Resignation for Good Reason. Notwithstanding anything to the contrary in the Agreement, the terms of the Severance Plan shall remain in effect. In the event of a termination of the Grantee’s employment by
the Company and its Affiliates (as defined in the Severance Plan) not for Cause (as defined in the Severance Plan) or the Grantee resigns for Good Reason (as defined in the Severance Plan), the Award shall be treated as set forth in
Section 4(c) or Section 5(c) of the Severance Plan, as applicable. 
 4. Other Termination. For the avoidance of doubt, in
the event of a termination of the Grantee’s employment by the Company for Cause or the Grantee’s resignation not for Good Reason and not as a result of Grantee’s death, Disability or Retirement, Section 3 of the Agreement shall
apply. 
 5. Prior Awards. Notwithstanding anything to the contrary in any prior award agreement granted under the Plan or any other
prior employee incentive plan, including, without limitation, the Phillips Edison Grocery Center REIT I, Inc. Amended and Restated 2010 Long-Term Incentive Plan (collectively, the “Plans”), the definitions of Cause, Disability, Good
Reason, and Severance Plan in this Exhibit A shall apply to all awards granted under the Plans on or prior to the date hereof and entirely supersede and replace any similar definitions applicable to such prior awards. 

  
 7 












 EXHIBIT B 

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF 

TRANSFER OF PROPERTY PURSUANT TO SECTION 83(B) 

OF THE INTERNAL REVENUE CODE 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, Treasury Regulations
Section 1.83-2 promulgated thereunder, and Rev. Proc. 2012-29, 2012-28 IRB, 06/26/2012, to include in gross income as
compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property. 
  

	 	1.	 The name, address and taxpayer identification number of the undersigned are: 



Name: ______________________________________ (the “Taxpayer”) 

Address: _____________________________________ 

Social Security No./Taxpayer Identification No.: ____________________ 

Taxable Year: Calendar Year ____ 
  

	 	2.	 Description of property with respect to which the election is being made: 



The election is being made with respect to _________ Class B Units (“LTIP Units”) in Phillips Edison Grocery Center
Operating Partnership I, L.P. (the “Partnership”). 
  

	 	3.	 The date on which the LTIP Units were transferred to the undersigned is _________________________.



  

	 	4.	 Nature of restrictions to which the LTIP Units are subject: 



 

	 	(a)	 With limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of
the LTIP Units without the consent of the Partnership. 


  

	 	(b)	 The Taxpayer’s LTIP Units vest in accordance with the vesting provisions described in the Schedule
attached hereto. Unvested LTIP Units are forfeited in accordance with the vesting provisions described in the Schedule attached hereto. 


  

	 	5.	 The fair market value at time of transfer (determined without regard to any restrictions other than a nonlapse
restriction as defined in Treasury Regulations Section 1.83-3(h)) of the LTIP Units with respect to which this election is being made was $0 per LTIP Unit. 



 

	 	6.	 The amount paid by the Taxpayer for the LTIP Units was $0 per LTIP Unit. 



  
 8 













	 	7.	 The amount to include in gross income is $0. 



The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not
later than 30 days after the date of transfer of the property. A copy of the election also will be furnished to the person for whom the services were performed. Additionally, the undersigned will include a copy of the election with his or her income
tax return for the taxable year in which the property is transferred. The undersigned is the person performing the services in connection with which the property was transferred. 

Dated: __________________ 
 Name:
___________________________ 

  
 9 












 Schedule to Section 83(b) Election - Vesting Provisions of LTIP Units 

Class B Units (“LTIP Units”) are subject to time-based vesting with 25% vesting on each of the first four anniversaries
of the Grant Date, provided that the Taxpayer remains an employee of Phillips Edison & Company, Inc. (the “Company”) or its subsidiaries through such dates, subject to acceleration in certain specified circumstances.
Unvested LTIP Units are subject to forfeiture in the event of failure to vest based on the passage of time and continued employment with the Company or its subsidiaries. 

  
 10 












 EXHIBIT C 

GRANTEE’S COVENANTS, REPRESENTATIONS AND WARRANTIES 

The Grantee hereby represents, warrants and covenants as follows: 

(a) The Grantee has received and had an opportunity to review the following documents (the “Background Documents”): 

(i) The latest Proxy Statement for the annual meeting of stockholders; 

(ii) The Company’s Report on Form 10-K for the fiscal year most recently ended;

 (iii) The Company’s Form 10-Q for the most recently ended quarter if one has
been filed by the Company with the Securities and Exchange Commission since the filing of the Form 10-K described in clause (iv) above; 

(iv) Each of the Company’s Current Report(s) on Form 8-K, if any, filed since the
end of the fiscal year most recently ended for which a Form 10-K has been filed by the Company; 

(v) The Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P., as then amended; 

(vi) The Phillips Edison & Company, Inc. 2020 Omnibus Incentive Plan; and 

(vii) The Company’s Articles of Incorporation, as then amended. 

The Grantee also acknowledges that any delivery of the Background Documents and other information relating to the Company and the Partnership
prior to the determination by the Partnership of the suitability of the Grantee as a holder of Class B Units (“LTIP Units”) shall not constitute an offer of LTIP Units until such determination of suitability shall be made. 

(b) The Grantee hereby represents and warrants that 

(i) The Grantee either (A) is an “accredited investor” as defined in Rule 501(a) under the Securities Act, or
(B) by reason of the business and financial experience of the Grantee, together with the business and financial experience of those persons, if any, retained by the Grantee to represent or advise him or her with respect to the grant to him or
her of LTIP Units, the potential conversion of LTIP Units into OP Units of the Partnership (“OP Units”) and the potential redemption of such OP Units for shares of Common Stock (“Shares”), has such knowledge,
sophistication and experience in financial and business matters and in making investment decisions of this type that the Grantee (I) is capable of evaluating the merits and risks of an investment in the Partnership and potential investment in
the Company and of making an informed investment decision, (II) is capable of protecting his or her own interest or has engaged representatives or advisors to assist him or her in protecting his or her its interests, and (III) is capable
of bearing the economic risk of such investment. 











 (ii) The Grantee understands that (A) the Grantee is responsible for
consulting his or her own tax advisors with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of the award of LTIP Units may become
subject, to his or her particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as
such; (C) the Grantee provides or will provide services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the Partnership, as
the Grantee believes to be necessary and appropriate to make an informed decision to accept this Award of LTIP Units; and (D) an investment in the Partnership and/or the Company involves substantial risks. The Grantee has been given the
opportunity to make a thorough investigation of matters relevant to the LTIP Units and has been furnished with, and has reviewed and understands, materials relating to the Partnership and the Company and their respective activities (including, but
not limited to, the Background Documents). The Grantee has been afforded the opportunity to obtain any additional information (including any exhibits to the Background Documents) deemed necessary by the Grantee to verify the accuracy of information
conveyed to the Grantee. The Grantee confirms that all documents, records, and books pertaining to his or her receipt of LTIP Units which were requested by the Grantee have been made available or delivered to the Grantee. The Grantee has had an
opportunity to ask questions of and receive answers from the Partnership and the Company, or from a person or persons acting on their behalf, concerning the terms and conditions of the LTIP Units. The Grantee has relied upon, and is making its
decision solely upon, the Background Documents and other written information provided to the Grantee by the Partnership or the Company. The Grantee did not receive any tax, legal or financial advice from the Partnership or the Company and, to
the extent it deemed necessary, has consulted with its own advisors in connection with its evaluation of the Background Documents and this Agreement and the Grantee’s receipt of LTIP Units. 

(iii) The LTIP Units to be issued, the OP Units issuable upon conversion of the LTIP Units and any Shares issued in connection
with the redemption of any such OP Units will be acquired for the account of the Grantee for investment only and not with a current view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any
participation therein, without prejudice, however, to the Grantee’s right (subject to the terms of the LTIP Units, the Plan and this Agreement) at all times to sell or otherwise dispose of all or any part of his or her LTIP Units, OP Units or
Shares in compliance with the Securities Act, and applicable state securities laws, and subject, nevertheless, to the disposition of his or her assets being at all times within his or her control. 

  
 2 












 (iv) The Grantee acknowledges that (A) neither the LTIP Units to be
issued, nor the OP Units issuable upon conversion of the LTIP Units, have been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable
state securities laws and, if such LTIP Units or OP Units are represented by certificates, such certificates will bear a legend to such effect, (B) the reliance by the Partnership and the Company on such exemptions is predicated in part on the
accuracy and completeness of the representations and warranties of the Grantee contained herein, (C) such LTIP Units, or OP Units, therefore, cannot be resold unless registered under the Securities Act and applicable state securities laws, or
unless an exemption from registration is available, (D) there is no public market for such LTIP Units and OP Units and (E) neither the Partnership nor the Company has any obligation or intention to register such LTIP Units or the OP Units
issuable upon conversion of the LTIP Units under the Securities Act or any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws, except, that, upon the redemption of the
OP Units for Shares, the Company currently intends to issue such Shares under the Plan and pursuant to a Registration Statement on Form S-8 under the Securities Act, to the extent that (I) the Grantee is
eligible to receive such Shares under the Plan at the time of such issuance and (II) the Company has filed an effective Form S-8 Registration Statement with the Securities and Exchange Commission
registering the issuance of such Shares. The Grantee hereby acknowledges that because of the restrictions on transfer or assignment of such LTIP Units acquired hereby and the OP Units issuable upon conversion of the LTIP Units which are set forth in
the Partnership Agreement and this Agreement, the Grantee may have to bear the economic risk of his or her ownership of the LTIP Units acquired hereby and the OP Units issuable upon conversion of the LTIP Units for an indefinite period of time. 

(v) The Grantee has determined that the LTIP Units are a suitable investment for the Grantee. 

(vi) No representations or warranties have been made to the Grantee by the Partnership or the Company, or any officer,
director, shareholder, agent, or affiliate of any of them, and the Grantee has received no information relating to an investment in the Partnership or the LTIP Units except the information specified in this Paragraph (b). 

(c) So long as the Grantee holds any LTIP Units, the Grantee shall disclose to the Partnership in writing such information as may be
reasonably requested with respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code, applicable to the Partnership or to comply with requirements of any
other appropriate taxing authority. 
 (d) The Grantee may make an election under Section 83(b) of the Code with respect to the LTIP
Units awarded hereunder, and to the extent so elected has delivered with this Agreement a completed, executed copy of the election form attached to this Agreement as Exhibit B. To the extent so elected, the Grantee agrees
to file the election (or to permit the Partnership to file such election on the Grantee’s behalf) within thirty (30) days after the Award of the LTIP Units hereunder with the IRS Service Center at which such Grantee files his or her
personal income tax returns, and to file a copy of such election with the Grantee’s U.S. federal income tax return for the taxable year in which the LTIP Units are awarded to the Grantee. 

  
 3 












 (e) The address set forth on the signature page of this Agreement is the address of the
Grantee’s principal residence, and the Grantee has no present intention of becoming a resident of any country, state or jurisdiction other than the country and state in which such residence is sited. 

(f) The representations of the Grantee as set forth above are true and complete to the best of the information and belief of the Grantee, and
the Partnership shall be notified promptly of any changes in the foregoing representations. 

  
 4