# EDGAR Filing Document

**Accession Number:** 0001569187
**File Stem:** 0001569187-25-000087
**Filing Date:** 2025-6
**Character Count:** 68002
**Document Hash:** 3b678be8c4348807380bd09a2dcf9517
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569187-25-000087.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001569187-25-000087

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250618

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Armada Hoffler Properties, Inc.
- **CENTRAL INDEX KEY:** 0001569187
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 461214914
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35908
- **FILM NUMBER:** 251057893

**BUSINESS ADDRESS:**
- **STREET 1:** 222 CENTRAL PARK AVENUE
- **STREET 2:** SUITE 2100
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23462
- **BUSINESS PHONE:** 757-366-4000

**MAIL ADDRESS:**
- **STREET 1:** 222 CENTRAL PARK AVENUE
- **STREET 2:** SUITE 2100
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23462

?xml version='1.0' encoding='ASCII'? ahh-20250618

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): June 18, 2025

**ARMADA HOFFLER PROPERTIES, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-35908** | **46-1214914** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **222 Central Park Avenue** | **222 Central Park Avenue** | **,** | **Suite 1000** | |
| **Virginia Beach** | **,** | **Virginia** | **Virginia** | **23462** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(757) 366-4000** 

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value per share | AHH | New York Stock Exchange |
| 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | AHHPrA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 5.07. Submission of Matters to a Vote of Security Holders.**

On June 18, 2025, Armada Hoffler Properties, Inc. (the "Company") held its 2025 Annual Meeting of Stockholders (the "Annual Meeting"). The Company's stockholders voted on five proposals presented at the Annual Meeting, which are described in detail in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission (the "SEC") on April 25, 2025 (the "Proxy Statement"). Holders of 68,648,224 shares of the Company's common stock, $0.01 par value (the "Common Stock"), were present or represented by proxy at the Annual Meeting.

The following are the voting results of the proposals submitted to the Company's stockholders at the Annual Meeting:

**Proposal 1 (Election of Directors)** — The Company's stockholders elected the following nine persons as directors of the Company, each to serve as such until the Company's annual meeting of stockholders to be held in 2026, or until his or her respective successor is duly elected and qualified. The following table sets forth the voting results for each director nominee:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Director Nominee** | **For** | **Against** | **Abstentions** | **Broker Non-Votes** |
| George F. Allen | 47333892 | 8567227 | 85879 | 12661226 |
| Jennifer R. Boykin | 55403256 | 515571 | 68171 | 12661226 |
| James A. Carroll | 54404140 | 1511792 | 71066 | 12661226 |
| James C. Cherry | 51475996 | 4439068 | 71934 | 12661226 |
| Dennis H. Gartman | 55535226 | 380798 | 70974 | 12661226 |
| Louis S. Haddad | 50638766 | 5262004 | 86228 | 12661226 |
| Daniel A. Hoffler | 51089514 | 4820591 | 76893 | 12661226 |
| Shawn J. Tibbetts | 54884846 | 1036054 | 66098 | 12661226 |
| F. Blair Wimbush | 52542518 | 3358508 | 85972 | 12661226 |

---

**Proposal 2 (Amendment No. 2 to the Plan)** — The Company's stockholders approved Amendment No. 2 to the Armada Hoffler Properties, Inc. Amended and Restated 2013 Equity Incentive Plan (the "Plan"). The following table sets forth the voting results for this proposal:

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against** | **Abstentions** | **Broker Non-Votes** |
| 51,986,007 | 3,874,200 | 126,791 | 12,661,226 |

---

**Proposal 3 (Ratification of Ernst & Young LLP)** — The Company's stockholders approved the proposal to ratify the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending December 31, 2025. The following table sets forth the voting results for this proposal:

---

| | | |
|:---|:---|:---|
| **For** | **Against** | **Abstentions** |
| 66,303,029 | 2,295,048 | 50,147 |

---

**Proposal 4 (Advisory Vote on Executive Compensation)** — The Company's stockholders approved, in an advisory (non-binding) vote, the compensation of the Company's named executive officers as disclosed in the Proxy Statement. The following table sets forth the voting results for this proposal:

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against** | **Abstentions** | **Broker Non-Votes** |
| 52,512,141 | 3,239,074 | 235,783 | 12,661,226 |

---

**Proposal 5 (Advisory Vote on Frequency of Holding an Advisory Vote on Executive Compensation)** — Consistent with the recommendation of the Company's board of directors (the "Board"), the Company's stockholders selected, in an advisory (non-binding) vote, one year as the preferred frequency that the Company should seek an advisory vote on the compensation of the Company's named executive officers. The following table sets forth the voting results for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **One Year** | **Two Years** | **Three Years** | **Abstentions** | **Broker Non-Votes** |
| 55,162,271 | 81,989 | 547,708 | 195,030 | 12,661,226 |

---

------

Based on the results of Proposal 5, the Board has determined that the Company will continue holding future stockholder advisory votes on the compensation of its named executive officers every year.

**Item 8.01 Other Events.**

*Form of Supplemental Performance LTIP Unit Award Agreement* 

On June 18, 2025, the Board approved a Form of Supplemental Performance LTIP Unit Award Agreement (the "Form of Supplemental Performance LTIP Unit Award Agreement") for the grant of certain Performance LTIP Units ("Performance LTIP Units") in Armada Hoffler, L.P., the Company's operating partnership (the "Operating Partnership"), a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Performance LTIP Units are a class of partnership interests in the Operating Partnership. Once vested and having achieved parity with holders of common units of limited partnership interest in the Operating Partnership ("Common Units"), Performance LTIP Units are convertible into Common Units on a one-for-one basis. Common Units may be tendered for redemption for cash equal to the then-current market value of one share of Common Stock or, at the Company's election, one share of Common Stock.

*Special Performance LTIP Unit Grants*

On June 18, 2025, consistent with disclosure included in the Proxy Statement, the Compensation Committee of the Board approved a grant of Performance LTIP Units to Shawn J. Tibbetts, the Chief Executive Officer and President of the Company, Matthew T. Barnes-Smith, the Chief Financial Officer, Treasurer and Corporate Secretary of the Company, and certain other members of management. Mr. Tibbetts will receive $7.5 million of Performance LTIP Units, Mr. Barnes-Smith will receive $3.0 million of Performance LTIP Units and other members of management will receive an aggregate of $4.5 million of Performance LTIP Units (the "Performance Awards"). The Performance Awards are expected to be made on June 20, 2025. The Performance Awards will be issued under the Plan, and each Performance Award will be evidenced by a Supplemental Performance LTIP Unit Award Agreement (each, an "Award Agreement") in the form filed as Exhibit 10.1 to this Current Report on Form 8-K.

The performance period for the Performance Awards will begin on the grant date for the Performance Awards and will end on the earlier of (i) the fifth anniversary of the date of grant and (ii) a Control Change Date (as defined in the Plan) (such period, the "Performance Period"). Except in the case of the grantee's death, the number of Performance LTIP Units that will vest at the end of the Performance Period will be determined based on (i) the cumulative total stockholder return ("TSR") of the Company's stockholders and (ii) the Company's total enterprise value ("Total Enterprise Value"). Except in the case of a Change in Control (as defined in the Plan), the number of Performance LTIP Units that will vest will be based on the highest TSR of the Company's stockholders and the highest Total Enterprise Value of the Company, in each case, between the fourth anniversary of the date of grant and the end of the Performance Period (assuming no Change in Control). The following reflects the performance conditions and resulting vesting of Performance LTIP Units (as a percentage of the Performance Awards) for the Performance Awards:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Cumulative TSR** | **Cumulative TSR** | **Cumulative TSR** | **Cumulative TSR** | **Cumulative TSR** |
| | | 40% | 55% | 70% | 85% | 100% |
| **Total Enterprise Value** | $2.4 billion | —% | 12.5% | 25.0% | 37.5% | 50.0% |
| **Total Enterprise Value** | $2.8 billion | 12.5% | 25.0% | 37.5% | 50.0% | 62.5% |
| **Total Enterprise Value** | $3.2 billion | 25.0% | 37.5% | 50.0% | 62.5% | 75.0% |
| **Total Enterprise Value** | $3.6 billion | 37.5% | 50.0% | 62.5% | 75.0% | 87.5% |
| **Total Enterprise Value** | $4.0 billion | 50.0% | 62.5% | 75.0% | 87.5% | 100.0% |

---

The Form of Supplemental Performance LTIP Unit Award Agreement defines TSR as the percentage appreciation (positive or negative) in the fair market value of one share of Common Stock over the Performance Period, assuming the reinvestment of dividends paid during the Performance Period. The Form of Supplemental Performance LTIP Unit Award Agreement defines Total Enterprise Value as the market value of the Company's equity, debt and mezzanine at book value, less cash and cash equivalents at book value.

Upon the occurrence of a Change in Control during the Performance Period, subject to the grantee's continued service through the Control Change Date, the Performance LTIP Units will vest as of the Control Change Date based on the level of TSR and Total Enterprise Value achieved as of the Control Change Date. Upon a grantee's death, a prorated portion of 50% of the Performance LTIP Units awarded to the grantee will vest based on the number of days from and including the date of grant to the date of the grantee's death (as compared to the total number of days in the Performance Period if there was no Change in Control). In the event of a termination of a grantees employment (i) by the Company other than for Cause (as defined in the

------

Form of Supplemental Performance LTIP Unit Award Agreement) or (b) by such grantee for Good Reason (as defined in the Form of Supplemental Performance LTIP Unit Award Agreement), a prorated portion of the number of Performance LTIP Units that would have vested absent such termination will vest at the end of the Performance Period, with such proration based on the number of days from and including the date of grant to the date of the grantees' termination (as compared to the total number of days in the Performance Period if there was no Change in Control).

The definitive terms of the Performance Awards will be set forth in each grantee's Award Agreement. The foregoing description of the terms of the Performance Awards does not purport to be complete and is qualified in its entirety by reference to the Form of Supplemental Performance LTIP Unit Award Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this Item 8.01 by reference.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 10.1 | [Form of Supplemental Performance LTIP Unit Award Agreement](ex101supplementalperforman.htm) |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **ARMADA HOFFLER PROPERTIES, INC.** | **ARMADA HOFFLER PROPERTIES, INC.** |
| Date: June 18, 2025 | By: | /s/ Matthew Barnes-Smith |
|  |  | Matthew Barnes-Smith |
|  |  | Chief Financial Officer, Treasurer, and Corporate Secretary |

---

## Exhibit 10.1

**Exhibit 10.1**

**Armada Hoffler Properties, Inc.**

**2013 Equity Incentive Plan<br>Supplemental Performance LTIP Unit Award Agreement**

THIS SUPPLEMENTAL PERFORMANCE LTIP UNIT AWARD AGREEMENT (this "<u>Agreement</u>") is made as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, by and among Armada Hoffler Properties, Inc., a Maryland corporation (the "<u>Company</u>" or "<u>General Partner</u>"), Armada Hoffler, L.P., a Virginia limited partnership (the "<u>Operating Partnership</u>"), and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ("<u>Participant</u>" and, together with the Company and the Operating Partnership, the "<u>Parties</u>").

Pursuant to the Armada Hoffler Properties, Inc. Amended and Restated 2013 Equity Incentive Plan (as amended, the "<u>Plan</u>"), the Parties desire to enter into this Agreement pursuant to which the Operating Partnership will issue and grant to Participant the number of Performance LTIP Units (as defined below) set forth in <u>Section 1(a)</u>, below. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Plan and/or, if not defined in the Plan, in the Operating Partnership's Second Amended and Restated Agreement of Limited Partnership (as amended, the "<u>LP Agreement</u>").

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Issuance of Performance LTIP Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the terms of this Agreement, the Plan and the LP Agreement, in consideration of the agreement by Participant to provide services to or for the benefit of the Operating Partnership, effective as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the "<u>Date of Grant</u>") the Operating Partnership hereby (i) grants to Participant &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance LTIP Units (the "<u>Performance LTIP Units</u>"), and (ii) if not already a Limited Partner, admits Participant as a Limited Partner of the Operating Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Operating Partnership and Participant acknowledge and agree that the Performance LTIP Units are hereby issued to Participant for the performance of services to or for the benefit of the Operating Partnership in his or her capacity as a Limited Partner or in anticipation of Participant becoming a Limited Partner. To the extent not an existing Limited Partner, Participant shall be admitted to the Operating Partnership as an additional Limited Partner with respect to the Performance LTIP Units only upon the satisfactory completion of the applicable requirements set forth in the LP Agreement and execution of the joinder agreement attached hereto as <u>Exhibit A</u>. The Performance LTIP Units shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein, in the Plan and in the LP Agreement. The issuance of the Performance LTIP Units to Participant hereunder is intended to be exempt from registration under the Securities Act pursuant to Regulation D or Section 4(a)(2) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Within 30 days after the Date of Grant, Participant will make a timely and effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the Treasury regulations promulgated thereunder in the form of <u>Exhibit B</u> attached hereto. Participant acknowledges that it is Participant's sole responsibility, and not the Operating Partnership's or the Company's, to file timely and properly an election under Section 83(b) of the Internal Revenue Code and any corresponding provisions of state tax laws, if applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In connection with the issuance of the Performance LTIP Units contemplated herein, Participant acknowledges, agrees and represents and warrants to the Company and the Operating Partnership on behalf of Participant and his or her spouse, if applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Participant possesses all requisite capacity, power and authority to enter into and perform Participant's obligations under this Agreement and the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Participant is an "accredited investor" within the meaning of Rule 501 of Regulation D of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Performance LTIP Units to be acquired by Participant pursuant to this Agreement will be acquired for Participant's own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any applicable securities laws, and the Performance LTIP Units will not be disposed of in contravention of the Securities Act or any applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Participant is employed by, or provides services as a director to, the Company or one of its Affiliates, is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Participant is not relying upon any information, representation or warranty by the Operating Partnership, the Company or any of their Affiliates or any agent of any of the foregoing in deciding to accept the Performance LTIP Units, and expressly acknowledges that none of the foregoing Persons has made any representations or warranties to Participant in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Participant understands that the offering of the Performance LTIP Units has not been registered under the Securities Act, and the Performance LTIP Units cannot be transferred unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the Performance LTIP Units under the Securities Act. The Partnership has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers' transactions pursuant to Rule 144 of the Securities Act, will be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Participant is able to bear the economic risk of Participant's investment in the Performance LTIP Units for an indefinite period of time and acknowledges that Participant will be required to do so because the Performance LTIP Units have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Participant has had ample time and opportunity to review this Agreement, the LP Agreement and the other documents referenced herein, ask questions and receive answers concerning the terms and conditions of the offering of Performance LTIP Units and has had full access to such other information concerning the Operating Partnership as Participant has requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)This Agreement, the LP Agreement and each of the other agreements contemplated hereby constitute the legal, valid and binding obligation of Participant, enforceable in accordance with their respective terms, and the execution,

------

delivery and performance of this Agreement, the LP Agreement and such other agreements by Participant does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which Participant is a party or any judgment, order or decree to which Participant is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Except as otherwise expressly provided in the Plan and as determined by the General Partner in its sole and absolute discretion, the Performance LTIP Units and any benefits under this Agreement do not create any entitlement to have the Performance LTIP Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate or similar transaction affecting the Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)Participant understands that (A) there is no current public market for the Performance LTIP Units, none is expected to develop and the Performance LTIP Units are subject to substantial restrictions on transferability and (B) as a result of such matters and other factors, the Performance LTIP Units are difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)Participant understands and agrees that (A) the investment in the Operating Partnership involves a high degree of risk, (B) in the future the Performance LTIP Units may significantly increase or decrease in value and (C) no guarantees or representations have been made or can be made with respect to the future value of the Performance LTIP Units or the future profitability or success of the Operating Partnership, the Company or any of their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Participant acknowledges and agrees that (A) the Operating Partnership and its Affiliates have incurred and may incur in the future a substantial amount of senior or other indebtedness and (B) there may be additional issuances of Performance LTIP Units or other Partnership Interests in the Operating Partnership after the date hereof and the Partnership Interests of Participant may be diluted in connection with any such issuance, subject to the terms of the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)Participant has had the opportunity, and has been advised by the Company, to consult with (A) Participant's tax counsel as to the U.S. federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and the LP Agreement and (B) independent legal counsel regarding Participant's rights and obligations under this Agreement and the LP Agreement and fully understands the terms and conditions contained herein and therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)Participant is not relying on the Operating Partnership, the Company or any of their Affiliates' employees, agents or representatives with respect to the legal, tax, economic, and related considerations of accepting the Performance LTIP Units and acknowledges that none of the Operating Partnership, the Company nor any of the their Affiliates' employees, agents or representatives has made any representations or covenants regarding such tax consequences or benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)Participant is not acquiring the Performance LTIP Units as a result of, or subsequent to, any advertisement, article, notice or other communication published in any newspaper, magazine, internet publication or similar media or broadcast over television, radio or the internet or presented at any public seminar or meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)Prior to the issuance of the Performance LTIP Units, unless specified otherwise by the Operating Partnership, Participant shall provide the Operating Partnership with a properly completed United States Internal Revenue Service Form W-9.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting and Forfeiture of Performance LTIP Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Performance LTIP Units are subject to vesting based upon Participant's continued employment with the Operating Partnership, the Company or an Affiliate ("<u>Continuous Service</u>") and the level of achievement of the performance criteria set forth in Exhibit C over a performance period commencing on the Date of Grant, and ending on the earlier of (i) the day before the fifth (5<sup>th</sup>) anniversary of the Date of Grant, and (ii) a Control Change Date (the "<u>Performance Period</u>"). The actual number of Performance LTIP Units that vest will be determined in accordance with <u>Exhibit C</u> and Section 2 of this Agreement, and may be less than the number of Performance LTIP Units awarded. Vesting of the Performance LTIP Units pursuant to this Section 2(a) shall, other than vesting in connection with Participant's termination of Continuous Service due to death, occur on the date the Committee determines the level of achievement of the performance over the Performance Period, which determination shall be made by the Committee within sixty (60) days after the end of the Performance Period (the "<u>Determination Date</u>"). Any Performance LTIP Units that do not vest will automatically terminate, be forfeited and be cancelled for no consideration or payment of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to <u>Section 2(c)</u>, unless determined otherwise by the Committee, and unless otherwise set forth in a written agreement between Participant and the Operating Partnership, the Company or an Affiliate, Participant's right to vest in the Performance LTIP Units, if any, will terminate as of the date of termination of Participant's Continuous Service during the Performance Period, and all Unvested Performance LTIP Units automatically (without any action by Participant or any of Participant's transferees) will be forfeited to the Operating Partnership and deemed canceled and no longer outstanding without any payment therefor. Additionally, notwithstanding anything to the contrary, if the Participant's Continuous Service terminates after the Performance Period, but before the Committee has determined the level of performance achieved, the Participant shall remain entitled to all Performance LTIP Units that are determined to have been earned based on performance over the Performance Period, unless the termination is for Cause, in which case all of the Performance Units automatically (without any action by Participant or any of Participant's transferees) will be forfeited to the Operating Partnership and deemed canceled and no longer outstanding without any payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If Participant's Continuous Service terminates during the Performance Period, the Performance LTIP Units shall become vested to the extent provided in this <u>Section 2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(i) &nbsp;&nbsp;&nbsp;&nbsp;<u>Death</u>. A prorated portion of the "Target Award" (as that term is defined in <u>Exhibit C</u>) shall become vested and nonforfeitable on the date that Participant's Continuous Service ends if (A) such Continuous Service ends due to Participant's death and (B) Participant remains in Continuous Service from the Date of Grant until the date such Continuous Service ends. The prorated portion of the Performance LTIP Units that vest pursuant to this <u>Section 2(c)(i)</u> shall be equal to the product of (x) multiplied by (y), where (x) is Target Award and (y) is a fraction, the numerator of which is the number of days from and including the Date of Grant through and including the date of the termination of Continuous Service, and the denominator of which is the total number of days in the Performance Period (assuming no Control Change Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)(ii) &nbsp;&nbsp;&nbsp;&nbsp;<u>Termination without Cause (including if due to Disability) or with Good Reason</u>. A prorated portion of the Performance LTIP Units that otherwise would have vested pursuant to <u>Exhibit C</u> (had Participant's Continuous Service not

------

terminated prior to the end of the Performance Period) shall become vested and nonforfeitable when the Performance LTIP Units would have vested had Participant's Continuous Service not terminated if (A) such Continuous Service is terminated by the Company or an Affiliate without Cause (including, for clarity, if such termination is due to Participant's disability) or by Participant with Good Reason, and (B) Participant remains in Continuous Service from the Date of Grant until the date such Continuous Service ends. The prorated portion of the Performance LTIP Units that vest pursuant to this <u>Section 2(c)(ii)</u> shall be equal to the product of (x) multiplied by (y), where (x) is the total number of Performance LTIP Units that otherwise would have vested pursuant to <u>Exhibit C</u> (had Participant's Continuous Service not terminated prior to the end of the Performance Period) based on the level of achievement of the performance criteria set forth in <u>Exhibit C</u> over the Performance Period and (y) is a fraction, the numerator of which is the number of days from and including the Date of Grant through and including the date of the termination of Continuous Service, and the denominator of which is the total number of days in the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)For purposes of this Agreement, a termination of Participant's Continuous Service is with "Cause" if such Continuous Service is terminated by action of the Board due to Participant's (1) failure to perform a material duty or material breach of an obligation under an agreement with the Company or the Operating Partnership or a breach of a material and written Operating Partnership, Company or Affiliate policy other than by reason of mental or physical illness or injury, (2) breach of a fiduciary duty to the Operating Partnership, the Company or an Affiliate, (3) conduct that is demonstrably and materially injurious to the Operating Partnership, the Company or an Affiliate, materially or otherwise or (4) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude or fraud or dishonesty involving assets of the Operating Partnership, the Company or an Affiliate and that in all cases is described in a written notice from the Board and that is not cured, to the reasonable satisfaction of the Board, within thirty (30) days after such notice is received by Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)For purposes of this Agreement, Participant's resignation is with "Good Reason" if Participant resigns due to (1) the Operating Partnership's, the Company's or an Affiliate's material breach of an agreement with Participant or a direction from the Board that Participant act or refrain from acting which in either case would be unlawful or contrary to a material and written Operating Partnership, Company or Affiliate policy, (2) a material diminution in Participant's duties, functions and responsibilities to the Operating Partnership, the Company and their Affiliates without Participant's consent or the Operating Partnership, the Company or an Affiliate preventing Participant from fulfilling or exercising Participant's material duties, functions and responsibilities to the Operating Partnership, the Company and their Affiliates without Participant's consent, (3) a material reduction in Participant's base salary or annual bonus opportunity or (4) a requirement that Participant relocate Participant's primary location of Continuous Service more than fifty (50) miles from the location of Participant's principal office on the Date of Grant, without the consent of Participant. Participant's resignation shall not be a resignation with Good Reason unless Participant

------

gives the Board written notice (delivered within thirty (30) days after Participant knows of the event, action, etc. that Participant asserts constitutes Good Reason), the event, action, etc. that Participant asserts constitutes Good Reason is not cured, to the reasonable satisfaction of Participant, within thirty (30) days after such notice and Participant resigns effective not later than thirty (30) days after the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Upon the occurrence of a Change in Control during the Performance Period, a number of Performance LTIP Units equal to the total number of Performance LTIP Units that vests pursuant to <u>Exhibit C</u> based on the level of achievement of the performance criteria set forth in <u>Exhibit C</u> as of the Control Change Date (in lieu of the TEV Measurement Date or the TSR Measurement Date, as applicable), if Participant remains in Continuous Service from the Date of Grant until the Control Change Date. For clarity, references to "Change in Control" in this Agreement are to such term as defined in the Plan, not to the term "Change of Control" as defined in the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)All Performance LTIP Units that have become vested in accordance with this <u>Section 2</u> are referred to herein and in the LP Agreement as "<u>Vested Performance LTIP Units</u>," and all other Performance LTIP Units are referred to herein and in the LP Agreement as "<u>Unvested Performance LTIP Units</u>." The Determination Date shall constitute the "Full Distribution Participation Date," as that term is used in the LP Agreement. For clarity, Vested Performance LTIP Units and Unvested Performance LTIP Units will constitute Performance LTIP Units under the LP Agreement and shall participate as such in distributions pursuant to and in accordance with the LP Agreement unless otherwise determined by the Board in its sole discretion. Before the Full Distribution Participation Date, the amount distributable with respect to the Unvested Performance LTIP Units shall equal the product of the Initial Sharing Percentage (as that term is defined in the LP Agreement) for such Unvested Performance LTIP Units and the amount otherwise distributable with respect to such Unvested Performance LTIP Units pursuant to Section 4.06(b) of the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Profits Interest Treatment, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Parties intend that (i) the Performance LTIP Units be treated as "profits interests" as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43 (the "<u>Revenue Procedures</u>"), (ii) the issuance of such Performance LTIP Units not be a taxable event to the Operating Partnership or Participant as provided in such Revenue Procedures, and (iii) the LP Agreement, the Plan and this Agreement be interpreted consistently with such intent. For clarity, notwithstanding anything to the contrary in the LP Agreement, (iv) as of immediately after the Date of Grant, the Performance LTIP Units would not give Participant a share of the proceeds if the Operating Partnership's assets were sold at fair market value and the proceeds of such disposition were distributed in complete liquidation of the Operating Partnership, but will give the holder a right to share in the profits and appreciation in the value of the Operating Partnership from the Date of Grant forward, as specifically provided in the LP Agreement and this <u>Section 3</u>, and (v) Participant shall make no contribution of capital to the Partnership in connection with the issuance of the Performance LTIP Units and, as a result, Participant's Capital Account balance in the Operating Partnership immediately after receipt of the Performance LTIP Units shall be equal to zero, unless Participant was a Partner in the Partnership prior to such issuance, in which case Participant's Capital Account balance shall not be increased as a result of his or her receipt of the Performance LTIP Units. In furtherance of the foregoing but unless otherwise determined by the General Partner, effective immediately prior to the Date of Grant, the Operating Partnership shall revalue all Operating Partnership assets to their respective gross fair market values, and make the resulting adjustments to the Capital Accounts of the Partners, in each case, as set forth in the LP Agreement. The Operating Partnership and its Partners shall (vi) treat the Performance LTIP

------

Units as outstanding for U.S. federal income tax purposes, (vii) treat Participant as a "partner" for U.S. federal income tax purposes with respect to such Performance LTIP Units, and (viii) file all tax returns and reports consistently with the foregoing, and neither the Operating Partnership nor any of its Partners shall deduct any amount (as wages, compensation or otherwise) for the fair market value of such Performance LTIP Units for U.S. federal income tax purposes, unless, in each case, the Operating Partnership determines, in its discretion, applicable law requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any provision herein or in the LP Agreement to the contrary, for any taxable year in which distributions are actually made on the Performance LTIP Units, the General Partner, in its sole and absolute discretion, may allocate appropriate items of income or gain accrued and realized following the Date of Grant to Participant to avoid causing the Capital Account relating to the Performance LTIP Units to become negative as a result of such distributions (after taking into account all other allocations tentatively made pursuant to the LP Agreement) and otherwise to preserve the treatment of such Performance LTIP Units as "profits interests." To the extent Participant receives a distribution with respect to the Performance LTIP Units in excess of the portion of its Capital Account attributable to such Performance LTIP Units, such excess may be treated by the Operating Partnership, in the sole and absolute discretion of the General Partner, as a "guaranteed payment" within the meaning of Section 707(c) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding any provision herein or in the LP Agreement to the contrary, allocations of Liquidating Gains, Profit and Loss and other items of income, gain, loss, deduction and credit with respect to the Performance LTIP Units shall be restricted to ensure such allocations consist only of income and gain arising after the issuance of such Performance LTIP Units and otherwise to the extent the General Partner determines, in its sole and absolute discretion, necessary or appropriate to preserve the treatment of such Performance LTIP Units as "profits interests."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any provision herein or in the LP Agreement to the contrary, in the General Partner's sole and absolute discretion, distributions on a Performance LTIP Unit may be adjusted (including deferred or permanently reduced) as necessary to ensure the amount apportioned to each such Performance LTIP Unit does not exceed the amount attributable to Operating Partnership net income or gain allocated with respect to such Performance LTIP Unit and realized after the Date of Grant and to otherwise preserve the treatment of such Performance LTIP Unit as a "profits interest."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding any provision herein or in the LP Agreement to the contrary, in connection with any repurchase or forfeiture of Performance LTIP Units, the balance of the portion of the Capital Account of Participant that is attributable to such Performance LTIP Units shall be reduced, to the greatest extent possible, by the amount, if any, by which it exceeds the target balance contemplated by Section 5.01(g) of the LP Agreement, calculated with respect to Participant's remaining Performance LTIP Units, if any. Such reduction shall be accomplished in such manner as the General Partner determines, in its sole and absolute discretion, including a reduction with or without a reallocation of such amount among other Partners, special allocations of items of income, gain, loss or deduction (including pursuant to finalized Treasury Regulations), a "book down" in the value of Operating Partnership assets in the amount of such reduction, or a combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To the extent necessary or appropriate as determined by the General Partner, in entering into this Agreement the General Partner may consider all or any portion of the provisions of this Section 3 an amendment of the LP Agreement pursuant to the terms thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Transferability</u>. The Performance LTIP Units are subject to the transfer restrictions contained in the LP Agreement. Notwithstanding any other provision of this Agreement or the LP Agreement, without the consent of the Committee (which it may give or withhold in its sole discretion), Participant shall not convert the Performance LTIP Units into Common Units, or Transfer the Performance LTIP Units (whether vested or unvested), including by means of a redemption of such Performance LTIP Units by the Operating Partnership, until the earlier of (a) the occurrence of, and in connection with, a Change of Control (as that term is defined in the LP Agreement), or such earlier time as is necessary in order for the Grantee to participate in such Change of Control transaction with respect to the Performance LTIP Units and receive the consideration payable with respect thereto in connection with such Change of Control, and (b) the expiration of the two (2) year period following the Date of Grant, other than by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Responsibility for Taxes and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)By accepting the Performance LTIP Units, Participant acknowledges that, regardless of any action taken by the Operating Partnership, the Company or any Affiliate, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account, employment tax, stamp tax or other tax-related items related to the Performance LTIP Units and legally applicable to Participant (the "<u>Tax-Related Items</u>") is and remains Participant's responsibility and may exceed the amount actually withheld (if any) by the Operating Partnership, the Company or any Affiliate. Participant further acknowledges that the Operating Partnership, the Company and their Affiliates (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Performance LTIP Units, including, but not limited to, the grant, vesting, conversion or other disposition of the Performance LTIP Units and the receipt of any payments in respect of the Performance LTIP Units; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Performance LTIP Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, as applicable, Participant acknowledges that the Operating Partnership, the Company and their Affiliates may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Participant agrees to pay to the Operating Partnership, the Company or an Affiliate any amount of Tax-Related Items that the Operating Partnership, the Company or such Affiliate may be required to withhold or account for as a result of the Performance LTIP Units that cannot be satisfied by the means described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Participant authorizes the Operating Partnership, the Company and their Affiliates, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Operating Partnership, the Company or any Affiliate; (ii) Participant's payment of a cash amount (including by check representing readily available funds or a wire transfer); or (iii) any other arrangement approved by the Committee and permitted under applicable law. Withholding for Tax-Related Items will be made in accordance with Section 14.05 of the Plan and such rules and procedures as may be established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Entitlements</u>. The issuance of the Performance LTIP Units acquired hereunder, and the income and value of the same, are not part of normal or expected compensation for the purpose of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, pension or retirement benefits or payments or welfare benefits or similar payments. Participant

------

acknowledges and agrees that neither the issuance of the Performance LTIP Units to Participant nor any provision contained herein shall entitle Participant to remain in Continuous Service or affect the right of the Operating Partnership, the Company and their Affiliates to terminate Participant's Continuous Service at any time for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Plan and LP Agreement Control</u>. The Performance LTIP Units are issued pursuant to the Plan and the LP Agreement and they are subject to the terms thereof. In the event of any conflict between this Agreement and the terms of the Plan or the LP Agreement, except as expressly provided otherwise in this Agreement, the terms of the Plan and the LP Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Counterparts</u>. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or other electronic imaging means (including by .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Successors and Assigns</u>. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Participant, the Operating Partnership, the Company and their respective successors and assigns (including subsequent holders of Performance LTIP Units); <u>provided</u> that the rights and obligations of Participant under this Agreement shall not be assignable without the prior written consent of the Operating Partnership or the Company except in connection with a permitted transfer of Performance LTIP Units under the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Governing Law</u>. This Agreement shall be governed by the laws of the State of Maryland except to the extent that Maryland law would require the application of the laws of another State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Amendment and Waiver</u>. The provisions of this Agreement may be amended and waived only with the prior written consent of the Board (or the Committee) and Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>No Strict Construction</u>. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Clawback Policy</u>. The Performance LTIP Units, and any amounts earned hereunder, shall be subject to the Company's Compensation Recoupment Policy, as may be amended from time to time, and any other clawback or similar policy of the Company, in each case, to the extent such policies are applicable to the Performance LTIP Units.

\* \* \* \* \*

------

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

**ARMADA HOFFLER PROPERTIES, INC.**

<br> By:&nbsp;&nbsp;&nbsp;&nbsp;______________________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;

Its:&nbsp;&nbsp;&nbsp;&nbsp;

**ARMADA HOFFLER, LP**

<br> By:&nbsp;&nbsp;&nbsp;&nbsp;______________________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;**

**[NAME OF PARTICIPANT]**

<br> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**<u>Exhibit A</u>**

<u>JOINDER AGREEMENT</u>

The undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Agreement of Limited Partnership of Armada Hoffler, L.P. (as amended, the "<u>LP Agreement</u>"), by and among Armada Hoffler, L.P., a Virginia limited partnership (the "<u>Operating Partnership</u>"), and the other persons signatories thereto.

By executing and delivering this Joinder Agreement to the Operating Partnership, the undersigned hereby agrees to become a party to, to be bound by and to comply with the provisions of the LP Agreement in the same manner as if the undersigned were an original signatory to the LP Agreement.

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

By: ____________________________

Print Name: _____________________

------

------

**<u>Exhibit B</u>**

<u>ELECTION TO INCLUDE EQUITY INTEREST<br>IN GROSS INCOME PURSUANT TO<br>SECTION 83(b) OF THE INTERNAL REVENUE CODE</u>

On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the "<u>Grant Date</u>"), the undersigned acquired partnership interests (the "<u>LTIP Units</u>") in Armada Hoffler, LP, a Virginia limited partnership (the "<u>Company</u>") for $0.00. Under certain circumstances, the LTIP Units will be cancelled and forfeited for no payment should the undersigned cease to be employed by or otherwise provide services to the Company and its Affiliates. The LTIP Units are subject to substantial risk of forfeiture and are non-transferable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on current Treasury Regulation §1.721-1(b), Proposed Treasury Regulation §1.721-1(b)(1), and Revenue Procedures 93-27 and 2001-43, the undersigned does not believe the issuance of the LTIP Units to the undersigned is subject to the provisions of §83 of the Internal Revenue Code (the "<u>Code</u>"). In the event that the issuance is so treated, however, the undersigned desires to make an election to have the receipt of the LTIP Units taxed under the provisions of Code §83(b) at the time the undersigned acquired the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated thereunder, the undersigned hereby makes an election, with respect to the LTIP Units, to report as taxable income for the calendar year 2025 the excess (if any) of the value of the LTIP Units on the Grant Date, determined without regard to lapse restrictions and in accordance with the principles of Rev. Proc. 93-27, over the purchase price thereof.

The following information is supplied in accordance with Treasury Regulation § 1.83-2(e):

1. The name, address and social security number of the undersigned:

---

| |
|:---|
| Name:&nbsp;&nbsp;&nbsp;&nbsp; ___________ |
| Address:&nbsp;&nbsp;&nbsp;&nbsp; ___________<br>&nbsp;&nbsp;&nbsp;&nbsp; ___________ |
| Soc. Sec. No.: ___________ |

---

2. A description of the property with respect to which the election is being made: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the Company's LTIP Units, which are partnership interests that are intended to qualify as profits interests under the Code.

3. The date on which the LTIP Units were transferred to the undersigned is the Grant Date. The taxable year for which such election is made: 202_.

------

4. The restrictions to which the property is subject: In the event the undersigned ceases to be employed by, or provide services to, the Company and/or its Affiliates for certain reasons, the unvested portion of the LTIP Units will be forfeited for no payment.

5. The fair market value on the Grant Date of the property with respect to which the election is being made, determined without regard to any lapse restrictions and in accordance with Revenue Procedure 93-27: $0.00.

6. The amount paid or to be paid for such property: $0.00.

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 this election will be furnished to the person for whom the services were performed. The undersigned is the person performing the services in connection with which the property was transferred.

Dated: _________________

By: ____________________________

Print Name: _____________________

------

**<u>Exhibit C</u>**

<u>PERFORMANCE CRITERIA</u>

1.<u>Performance Goals</u>: The number of Performance LTIP Units that vest shall be determined based on the level of achievement of Total Shareholder Return ("<u>TSR</u>") and Total Enterprise Value ("<u>TEV</u>") during the Performance Period. TSR shall be calculated based on the percentage appreciation (positive or negative) in the Fair Market Value of one share of Common Stock over the period beginning on the first day of the Performance Period and ending on the TSR Measurement Date, assuming the reinvestment of Dividends Paid. TEV shall be calculated based on the market value of the Company's equity, debt and mezzanine at book value, less cash and cash equivalents at book value.

2.<u>Determining the Number of Vested TSR LTIP Units</u>: Fifty percent of the number of Performance LTIP Units granted hereunder (the "<u>TSR LTIP Units</u>") may become Vested Performance LTIP Units based on TSR performance. The number of TSR LTIP Units that become Vested Performance LTIP Units shall be determined based on the Company's TSR as of the TSR Measurement Date, in accordance with the following table. Interpolation shall be used in the event the Company's TSR does not fall directly on one of the ranks listed in the chart and, for clarity, in no event will the number of TSR LTIP Units that vest exceed 100% of the number of TSR LTIP Units awarded.

---

| | |
|:---|:---|
| **<br>TSR** | **Percentage of TSR LTIP Units that become Vested Performance LTIP Units** |
| 100% | 100% |
| 85% | 75% |
| 70% | 50% |
| 55% | 25% |
| 40% | 0% |

---

3.<u>Determining the Number of Vested TEV LTIP Units</u>: Fifty percent of the number of Performance LTIP Units granted hereunder (the "<u>TEV LTIP Units</u>") may become Vested Performance LTIP Units based on TEV performance. The number of TEV LTIP Units that become Vested Performance LTIP Units shall be determined based on the Company's TEV as of the TEV Measurement Date, in accordance with the following table. Interpolation shall be used in the event the Company's TEV does not fall directly on one of the ranks listed in the chart and, for clarity, in no event will the number of TEV LTIP Units that vest exceed 100% of the number of TEV LTIP Units awarded.

------

---

| | |
|:---|:---|
| **<br>TEV** | **Percentage of TEV LTIP Units that become Vested Performance LTIP Units** |
| $4000000000 | 100% |
| $3600000000 | 75% |
| $3200000000 | 50% |
| $2800000000 | 25% |
| $2400000000 | 0% |

---

4.<u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Dividends Paid</u>" shall include all dividends and distributions with an ex-dividend date that occurs in the period commencing on the first day of the Performance Period and ending on the TSR Measurement Date, assuming such dividends and distributions are deemed to have been reinvested in additional shares of Common Stock as of the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Measurement Period</u>" means the year commencing on the fourth anniversary of the Grant Date and ending on the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Target Award</u>" means the number of Performance LTIP Units equal to 50% of the total number of Performance LTIP Units awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>TEV Measurement Date</u>" means the date in the Measurement Period on which the greatest level of TEV is achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>TSR Measurement Date</u>" means the date in the Measurement Period on which the Company achieves the greatest level of TSR, measured from the first day of the Performance Period.

<br>