Document:

Exhibit 10.10

 

Execution
Version

 

AMENDED AND RESTATED FORWARD PURCHASE
AGREEMENT

 

This Amended and Restated Forward Purchase
Agreement (this “Agreement”) is entered into as of February 6, 2019, among Tortoise Acquisition Corp., a Delaware
corporation (the “Company”), Tortoise Sponsor LLC, a Delaware limited liability company (the “Sponsor”)
and Atlas Point Energy Infrastructure Fund, LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company
was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses (a “Business Combination”);

 

WHEREAS,
the Company has confidentially submitted with the U.S. Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of
20,000,000 units (or 23,000,000 units if the IPO over-allotment option (the “IPO Option”) is exercised in full)
(the “Public Units”), at an expected price of $10.00 per Public Unit (the “IPO Unit Price”),
each Public Unit is currently comprised of one share of the Company’s Class A common stock, par value $0.0001 per share
(the “Class A Shares,” and the Class A Shares included in the Public Units, the “Public Shares”),
and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one Class A Share at an
exercise price of $11.50 per share (the “Warrants,” and the Warrants included in the Public Units, the “Public
Warrants”);

 

WHEREAS, the Company
may amend the Registration Statement to increase the size of the IPO and make other changes to the terms of the IPO;

 

WHEREAS, following
the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, the parties
hereto entered into that certain Forward Purchase Agreement, dated November 21, 2018 (the “Original FPA”), pursuant
to which immediately prior to the closing of the Company’s initial Business Combination (the “Business Combination
Closing”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, on a
private placement basis, the number of Forward Purchase Shares (as defined below) determined pursuant the terms hereof, on the
terms and conditions set forth herein;

 

WHEREAS, the Sponsor
owns 5,750,000 shares (the “Founder Shares”) of the Company’s Class B common stock, par value $0.0001
per share (the “Class B Shares”), which will be increased by stock split or stock dividend if the size of the
IPO is increased;

 

WHEREAS, the Class
B Shares are convertible into Class A Shares on the terms and conditions set forth in the Company’s certificate of incorporation,
as it may be amended from time to time (the “Charter”);

 

WHEREAS, proceeds from
the IPO and the private placement of Warrants to the Sponsor in an aggregate amount equal to the gross proceeds from the IPO will
be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”),
as described in the Registration Statement; and

 

WHEREAS, the parties
hereto wish to amend and restate the Original FPA in its entirety upon the terms and conditions set forth herein in order to, among
other things, provide the Company with the option to issue to the Purchaser a number of either (i) Forward Purchase Units (as defined
below) or (ii) Forward Purchase Shares in consideration of, in each case, the Purchase Price (as defined below).

 

NOW, THEREFORE, in
consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

 

1. Commitment.

 

(a) Subject
to the terms and conditions hereof, the Purchaser hereby commits to purchase at least $100,000,000 and up to $150,000,000, and
the Company agrees to issue and sell to the Purchaser such amount of either, at the Company’s sole option, (i) forward purchase
units at a price per unit equal to the IPO Unit Price, consisting of Class A Shares (the “Forward Purchase Shares”)
and Warrants (the “Forward Purchase Warrants”), each having the same terms as, respectively, the Public Shares
and the Public Warrants offered to the public in the IPO (such Forward Purchase Shares and Forward Purchase Warrants, collectively,
the “Forward Purchase Units”) or (ii) Forward Purchase Shares at a price of $9.67 per Forward Purchase Share
(such Forward Purchase Shares valued at $9.67 per share, or the Forward Purchase Units, as the case may be, the “Forward
Purchase Securities”). For the avoidance of doubt, the Forward Purchase Units will have the same terms as the Public
Units offered to the public other than as described in Section 5 and Section 6 of this Agreement.

 

     

     

    

 

(b) If
the Purchaser consents to the Business Combination as specified in Section 4(c)(iv) below, the Purchaser shall, in connection
with granting such consent, specify the aggregate amount (between $100,000,000 and $150,000,000) of the Forward Purchase Securities
that the Purchaser shall purchase at Closing (such specified amount is referred to herein as the “Purchase Price”).
At least 10 business days prior to the Closing after the Company has received the Purchaser’s consent as described in Section
4(c)(iv) below, the Company will provide written notice to the Purchaser, which may be given by email, specifying whether
it has elected to issue the Purchaser Forward Purchase Units or Forward Purchase Shares as provided in Section 1(a) hereof.

 

2.Transfer of Founder Shares; Adjustments.

 

(a) On the IPO Closing, the Sponsor shall
transfer to the Purchaser an aggregate of 22.5% of the Founder Shares, subject to certain adjustments as set forth below in this
Section 2. All references herein to amounts of the Founder Shares, including references to percentages or numbers of the
Founder Shares, shall be to the amount of the Founder Shares immediately after the IPO Closing (excluding any Founder Shares subject
to forfeiture as a result of the failure of the underwriters to exercise their over-allotment option). The Purchaser shall not
be required to forfeit any Founder Shares if the underwriters in the IPO do not exercise their over-allotment option.

 

(b) If the Purchaser does not fund the
Purchase Price for the Forward Purchase Securities as provided for herein, or fails to consent to the Business Combination, the
Purchaser shall transfer back to the Sponsor a sufficient number of Founder Shares such that the Purchaser shall retain 6.5% of
the number of Founder Shares. If the Purchase Price is less than $150,000,000, the Purchaser
shall transfer back to the Sponsor a number of Founder Shares equal to (x) 6% of the number of Founder Shares multiplied by (y)
a fraction, the numerator of which equals $150,000,000 minus the Purchase Price and the denominator of which equals $50,000,000.

 

(c) In addition, and for purposes of
determining the number of Founder Shares to be transferred to the Purchaser pursuant to Section 2(a), (i) if the base size
of the IPO (i.e. before the over-allotment option) is above $325,000,000, the Founder Shares shall be deemed to be 8,125,000 (excluding
any Founder Shares subject to forfeiture as a result of the failure of the underwriters to exercise their over-allotment option)
and (ii) if the base size of the IPO is below $225,000,000, the Founder Shares shall be deemed to be 5,625,000 (excluding any Founder
Shares subject to such forfeiture).

 

3.Representations, Warranties and Agreements.

 

(a) Representations and Warranties of
the Purchaser. To induce the Company to issue the Forward Purchase Securities to the Purchaser and the Sponsor to
transfer the Founder Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company and the Sponsor and
agrees with the Company and the Sponsor as follows:

 

(i) Organization
and Authority. The Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be
conducted. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered
by each of the parties hereto, will constitute the valid and legally binding obligation of the Purchaser, enforceable against
the Purchaser in accordance with its terms, except (A) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (B)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies or (C)
to the extent the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable
federal or state securities laws.

 

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(ii) No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (A) the formation and governing documents of the
Purchaser, (B) any agreement, indenture or instrument to which the Purchaser is a party, (C) any law, statute, rule or regulation
to which the Purchaser is subject, or (D) any agreement, order, judgment or decree to which the Purchaser is subject.

 

(iii) No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of the Purchaser in connection with the transactions contemplated by this Agreement.

 

(iv) Adequacy
of Financing. At the time of the Closing, the Purchaser will have available to it sufficient funds to satisfy its obligations
under this Agreement.

 

(v) Experience,
Financial Capability and Suitability. The Purchaser is: (A) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Forward Purchase Securities and the Founder Shares and (B) able to bear the economic
risk of its investment in the Forward Purchase Securities and the Founder Shares for an indefinite period of time because the
Forward Purchase Securities and the Founder Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”) and therefore cannot be sold unless subsequently registered under the Securities Act or an
exemption from such registration is available. The Purchaser is capable of evaluating the merits and risks of its investment in
the Company and has the capacity to protect its own interests. The Purchaser must bear the economic risk of this investment until
the Forward Purchase Securities and Founder Shares are sold pursuant to: (1) an effective registration statement under the Securities
Act or (2) an exemption from registration available with respect to such sale. The Purchaser is able to bear the economic risks
of an investment in the Forward Purchase Securities and the Founder Shares and to afford a complete loss of the Purchaser’s
investment in the Forward Purchase Securities and the Founder Shares.

 

(vi) Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Purchaser has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, the Purchaser has relied solely on
the Purchaser’s own knowledge and understanding of the Company and its business based upon the Purchaser’s own due
diligence investigation and the information furnished pursuant to this paragraph. The Purchaser understands that no person has
been authorized to give any information or to make any representations which were not furnished pursuant to this Section 3 and
the Purchaser has not relied on any other representations or information in making its investment decision, whether written or
oral, relating to the Company, its operations and/or its prospects.

 

(vii) Investment
Purposes. The Purchaser is purchasing the Forward Purchase Securities and acquiring the Founder Shares solely for investment
purposes and not with a view towards the further distribution or dissemination thereof. The Purchaser did not decide to enter
into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 under the Securities
Act.

 

(viii) Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

(ix) No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including, through a broker or finder (A) engaged in any general solicitation or (B) published
any advertisement in connection with the offer and sale of the Forward Purchase Securities.

 

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(x) No
Government Recommendation or Approval. The Purchaser understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Forward Purchase Securities or the Founder Shares.

 

(xi) No
Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Securities or the Founder
Shares, and that the Company has made no assurances that a public market will ever exist for the Forward Purchase Securities or
the Founder Shares.

 

(xii) High
Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Securities and to acquire the
Founder Shares involves a high degree of risk which could cause the Purchaser to lose all or part of its investment, and that
it will be contractually obligated to vote any Class A Shares and Class B Shares, including the Founder Shares, held by it in
favor of the Business Combination as provided herein.

 

(xiii) Restrictions
on Transfer; Shell Company. The Purchaser understands the Forward Purchase Securities and the Founder Shares are being offered
in a transaction not involving a public offering within the meaning of the Securities Act. The Purchaser understands the Forward
Purchase Securities and the Founder Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act and the Purchaser understands that any certificates representing the Forward Purchase Securities and the Founder
Shares will contain a legend in respect of such restrictions. If in the future the Purchaser decides to offer, resell, pledge
or otherwise transfer the Forward Purchase Securities or the Founder Shares, such securities may be offered, resold, pledged or
otherwise transferred only pursuant to: (A) registration under the Securities Act or (B) an available exemption from registration.
The Purchaser agrees that if any transfer of its Forward Purchase Securities or Founder Shares or any interest therein is proposed
to be made, as a condition precedent to any such transfer, the Purchaser may be required to deliver to the Company an opinion
of counsel satisfactory to the Company. Absent registration or an exemption, the Purchaser agrees not to resell the Forward Purchase
Securities or the Founder Shares. The Purchaser further acknowledges that because the Company is a shell company, Rule 144 may
not be available to the Purchaser for the resale of the Forward Purchase Securities or the Founder Shares until one (1) year following
the filing of a Form 8-K announcing the consummation of the Business Combination.

 

(xiv) Residence.
The Purchaser’s principal place of business is the office or offices located at the address of the Purchaser set forth on
the signature page hereof.

 

(xv) Affiliation
of Certain FINRA Members. The Purchaser is neither a person associated nor affiliated with Barclays Capital Inc. Upon request
of the Company, the Purchaser shall confirm this representation with respect to any other member of the Financial Industry Regulatory
Authority (“FINRA”) that is participating in the IPO.

 

(xvi) No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this
Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on
behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes
or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering,
and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties
expressly made by the Company and the Sponsor in Section 3 of this Agreement and in any certificate or agreement delivered
pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Company, any person on behalf of the Company or the Sponsor or any of the Company’s other
affiliates (collectively, the “Company Parties”).

 

(b) Representations and Warranties of
the Company. To induce the Purchaser to purchase the Forward Purchase Securities and to acquire the Founder Shares, the
Company hereby represents and warrants to the Purchaser and agrees with the Purchaser as follows:

 

(i) Organization
and Corporate Power. The Company is a corporation duly incorporated and validly existing and in good standing as a corporation
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted. The Company has no subsidiaries.

 

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(ii) No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (A) the Charter or bylaws of the Company, (B)
any agreement, indenture or instrument to which the Company is a party, (C) any law, statute, rule or regulation to which the
Company is subject, or (D) any agreement, order, judgment or decree to which the Company is subject.

 

(iii) Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Forward Purchase Securities,
and (assuming the Company issues Forward Purchase Units hereunder) the securities issuable upon exercise of the Forward Purchase
Warrants, when issued in accordance with the terms of the Forward Purchase Warrants and this Agreement, will be duly and validly
issued, fully paid and non-assessable, as applicable. Upon issuance in accordance with, and payment pursuant to, the terms hereof
the Purchaser will have or receive good title to the Forward Purchase Securities, free and clear of all liens, claims and encumbrances
of any kind, other than (A) transfer restrictions under federal and state securities laws, and (B) liens, claims or encumbrances
imposed due to the actions of the Purchaser.

 

(iv) No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which (A) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (B) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

(v) Authorization. All
corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement, the performance of all obligations of the Company required pursuant hereto and the authorization
and issuance (or reservation for issuance) of the Forward Purchase Securities and (assuming the Company issues Forward Purchase
Units hereunder) the securities issuable upon exercise of the Forward Purchase Warrants, has been taken or will be taken prior
to the Closing. This Agreement, when executed and delivered by each of the parties hereto, will constitute the valid and legally
binding obligation of the Company, enforceable against the Company in accordance with its terms, except (A) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting
enforcement of creditors’ rights generally, (B) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies or (C) to the extent the indemnification provisions contained in the Registration
Rights (as defined below) may be limited by applicable federal or state securities laws.

 

(vi) Capitalization. The
authorized capital stock of the Company on the date hereof, consists of 200,000,000 Class A Shares, none of which are issued and
outstanding, 20,000,000 Class B Shares, 5,750,000 of which are issued and outstanding as of the date hereof (including up to 750,000
shares subject to forfeiture in the event that the underwriters’ over-allotment option is not exercised in full) and 1,000,000
preferred shares, none of which are issued and outstanding. There are no outstanding rights, options, warrants, preemptive rights,
rights of first refusal or similar rights for the purchase or acquisition from the Company of any securities of the Company.

 

(vii) No
Governmental Consents. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement,
no governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part
of the Company in connection with the transactions contemplated by this Agreement, other than the filing of a Form D with the
SEC and such state Blue Sky, FINRA and New York Stock Exchange consents and approvals as may be required.

 

(viii) No
General Solicitation. No form of general solicitation or general advertising within the meaning of Regulation D of the Securities
Act (including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine
or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising) was used by the Company or any of its representatives in connection with the offer and sale
of the Forward Purchase Securities.

 

(ix) No
Brokers. No broker, finder or similar intermediary has acted for or on behalf of the Company or any of its affiliates in connection
with this Agreement or the transactions contemplated hereby and no broker, finder, agent or similar intermediary is entitled to
any broker’s, finder’s or similar fee or other commission in connection therewith.

 

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(x) No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in Sections
3(b) and (c) and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or
shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the
proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except
for the specific representations and warranties expressly made by the Purchaser in Section 3(a) and in any certificate
or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other representations
or warranties that may have been made by the Purchaser Parties.

 

(c) Representations
and Warranties of the Sponsor. To induce the Purchaser to purchase the Forward Purchase Securities and to acquire the Founder
Shares, the Sponsor hereby represents and warrants to the Purchaser and agrees with the Purchaser as follows:

 

(i) Organization
and Corporate Power. The Company is a corporation duly formed and validly existing and in good standing as a limited liability
company under the laws of the State of Delaware and has all requisite limited liability company power and authority to carry on
its business as presently conducted and as proposed to be conducted.

 

(ii) No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Sponsor of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (A) the certificate of formation or limited liability
company agreement of the Sponsor, (B) any agreement, indenture or instrument to which the Sponsor is a party, (C) any law, statute,
rule or regulation to which the Sponsor is subject, or (D) any agreement, order, judgment or decree to which the Sponsor is subject.

 

(iii) Ownership.
The Sponsor is the record and beneficial owner of, and has good and marketable title to, the Founder Shares, free and clear
of all liens, security interests, charges, claims, restrictions and other encumbrances, subject to securities laws restrictions.
Founder has not granted to any person or entity any options or other rights to buy the Founder Shares. No other person or entity
has any interest in the Founder Shares of any nature. The transfer of the Founder Shares to the Purchaser pursuant to this Agreement
will not give any person a legal right or cause of action against the Founder Shares or the Purchaser.

 

(iv) No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in Sections
3(b) and (c) and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or
shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the
proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty.

 

4. Settlement
Date and Delivery.

 

(a) Closing
of Purchase of Securities. The consummation and settlement of the purchase and sale of the Forward Purchase Securities hereunder
(the “Closing”) shall be held at the same date and immediately prior to the Business Combination Closing (the
date of the Closing being referred to as the “Closing Date”). At the Closing, the Company will issue to the
Purchaser the Forward Purchase Securities, each registered in the name of the Purchaser, against delivery of the Purchase Price
in cash via wire transfer to an account specified in writing by the Company no later than five business days prior to the Closing.

 

(b) Conditions
to Closing of the Company. The obligation of the Company to sell the Forward Purchase Securities at the Closing under this
Agreement shall be subject to the fulfillment, at or prior to the Closing of each of the following conditions, any of which, to
the extent permitted by applicable laws, may be waived by the Company:

 

(i) Representations
and Warranties Correct. The representations and warranties made by the Purchaser in Section 3(a) hereof shall
be true and correct in all material respects when made and shall be true and correct in all material respects on and as of the
Closing Date the IPO Closing, as the case may be, (unless they specifically speak as of another date in which case they shall
be true and correct in all material respects as of such date) with the same force and effect as if they had been made on and as
of said date.

 

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(ii) Covenants. All
covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing Date
shall have been performed or complied with in all material respects.

 

(iii) Business
Combination Closing. The Business Combination shall be consummated substantially concurrently with the purchase of the Forward
Purchase Securities.

 

(iv) Performance
of Covenants. The Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing.

 

(v) No
Injunction. No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or
prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Securities.

 

(c) Conditions
to Closing of the Purchaser. The obligation of the Purchaser to purchase the Forward Purchase Securities at the Closing
under this Agreement shall be subject to the fulfillment, at or prior to the Closing of each of the following conditions, any
of which, to the extent permitted by applicable laws, may be waived by the Purchaser:

 

(i) Representations and Warranties
Correct. The representations and warranties made by the Company and the Sponsor in Sections 3(b) and (c) hereof shall
be true and correct in all material respects when made and shall be true and correct in all material respects on and as of the
Closing Date and the IPO Closing, as the case may be (unless they specifically speak as of another date in which case they shall
be true and correct in all material respects as of such date), with the same force and effect as if they had been made on and as
of said date.

 

(ii) Covenants. All
covenants, agreements and conditions contained in this Agreement to be performed by the Company and the Sponsor on or prior to
the Closing Date shall have been performed or complied with in all material respects.

 

(iii) Blue
Sky. The Company shall have obtained all necessary Blue Sky law permits and qualifications, or secured an exemption therefrom,
required by any state for the offer and sale of the Forward Purchase Securities.

 

(iv) Purchaser
Consent. The Purchaser shall have given irrevocable written consent (in its capacity as a party to this Agreement and not
as a stockholder), which may be given by e-mail, to the Company confirming its commitment to purchase the Forward Purchase Securities
(which it may withhold at its sole discretion) and the amount of the Purchase Price, which consent shall be withheld or granted
no later than five (5) days after receipt of notification that the board of directors of the Company (the “Board”)
will meet to consider entering into a definitive acquisition agreement for the Business Combination. Prior to entering into any
definitive agreement setting forth the terms and conditions of, and binding the Company (subject to any conditions and qualifications
set forth in such agreement) to effect, a Business Combination, any agreement relating to the forfeiture of Founder Shares or
any other material agreement to be executed in connection with such definitive agreement (collectively, a “Business Combination
Agreement”), the Company shall give written notice to the Purchaser stating its bona fide intention to enter into a
Business Combination Agreement. The Company will provide the Purchaser with applicable materials and information in order for
the Purchaser to evaluate whether to provide a consent to the proposed Business Combination, including the material terms of the
transaction and any other information reasonably requested by the Purchaser with respect to the proposed Business Combination,
such materials and information to be provided subject to the terms of a non-disclosure agreement to be entered between the Company
and the Purchaser in accordance with applicable law (including Regulation FD under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) and the Company’s contractual obligations; provided, that the Company shall have
the right to refuse to provide any such materials or information if, in the opinion of the Company, acting reasonably and in good
faith having received the advice of counsel, the provision of such materials or information could violate applicable laws or regulations
or result in any waiver of legal privilege of the Company; and provided, further, that if the target entity’s equity or
debt securities are traded on a securities exchange or over-the-counter market, prior to providing such materials
and information, the Company will first provide only the name of the potential target to a legal or compliance person designated
by the Purchaser in writing as authorized to receive such information (such person, the “Designated Person”)
so that the Purchaser can determine if it has an internal restriction on the receipt of such materials or information. In addition,
at the election of the Purchaser, the Company and the Sponsor will use commercially reasonable efforts to allow the Purchaser
to attend or participate in due diligence sessions with and/or meetings with management of the target entity in a potential Business
Combination, subject, in each case, to the Purchaser entering into a non-disclosure agreement with the applicable target entity
in a potential Business Combination and complying with other applicable rules and procedures established by such target entity.

 

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(v) IPO
Closing. The Company shall have consummated the IPO, raising at least $200,000,000 in gross proceeds.

 

(vi) Board
Approval of Business Combination. The consummation of the Business Combination shall be conditioned upon the approval of the
Business Combination by a majority of the members of the Board and a majority of the independent directors of the Board.

 

(vii) Business
Combination Closing. The Business Combination shall be consummated substantially concurrently with the purchase of the Forward
Purchase Securities.

 

(viii) No
Injunction. No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or
prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Securities.

 

5. Terms
of the Forward Purchase Securities. The Forward Purchase Securities will be substantially identical to the Public Units
or Public Shares, as applicable, to be offered in the IPO except that the Forward Purchase Securities are being offered and sold
pursuant to an exemption from the registration requirements of the Securities Act and will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act. If in the future the Purchaser decides to offer, resell, pledge
or otherwise transfer the Forward Purchase Securities, such securities may be offered, resold, pledged or otherwise transferred
only pursuant to: (a) registration under the Securities Act or (b) an available exemption from registration under the Securities
Act.

 

6. Restrictions
on Transfer.

 

(a) Securities
Law Restrictions. The Purchaser hereby agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any
part of the Forward Purchase Securities or the Founder Shares unless, prior thereto (i) a registration statement on the appropriate
form under the Securities Act and applicable state securities laws with respect to the Forward Purchase Securities, the Class
A shares underlying the Forward Purchase Warrants and the Founder Shares proposed to be transferred shall then be effective or
(ii) the Company has received an opinion of counsel for the Company that such registration is not required because such transaction
is exempt from registration under the Securities Act and the rules promulgated by the SEC thereunder and under all applicable
state securities laws. All certificates representing the Forward Purchase Securities and the Founder Shares shall have endorsed
thereon a legend substantially as follows:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

(b) Founder
Share Lock-Up. The Founder Shares held by the Purchaser will be subject to the same transfer restrictions as the Founder Shares
held by the Sponsor and the Purchaser agrees to enter into a letter agreement containing customary terms for transactions of the
type contemplated by this Agreement, and in a form substantially similar to that entered into by the Sponsor, prior to or on the
IPO Closing.

 

    8 

     

    

 

(c) Registration Rights. The
Purchaser will be entitled to the same registration rights as the Sponsor and agrees to enter into a registration rights
agreement containing customary terms for transactions of the type contemplated by this Agreement, and in a form substantially
similar to that entered into by the Sponsor, to be signed prior to or on the IPO Closing.

 

7. Board
Observer. Until such time as the Registration Statement shall be declared effective, the Company agrees to take such action
so as to ensure that as of the effective time of such Registration Statement and at all times thereafter until consummation of
the Business Combination the Purchaser shall have the right to designate an observer to the Board; provided, however, that such
observer shall not have the right to vote on any matter that shall come before the Board or otherwise have any powers of a member
of the Board.

 

8. Other
Agreements.

 

(a) Further
Assurances. Each of the Company and the Purchaser agrees to execute such further instruments and to take such further action
as may reasonably be necessary to carry out the intent of this Agreement.

 

(b) Notices. All notices
and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon
the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail
or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on the
recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company
shall be sent to: Tortoise Acquisition Corp., 452 Fifth Avenue, 14th Floor, New York, New York 10018, Attention: Steven Schnitzer,
with a copy to the Company’s counsel at Vinson & Elkins L.L.P., 666 Fifth Avenue, 26th Floor, New York, New York 10103,
Attention: Brenda Lenahan.

 

(c) Voting. The
Purchaser hereby agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, the Purchaser shall vote any Class B Shares and Class A Shares owned by it in favor of
any proposed Business Combination.

 

(d) No
Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any
understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination
Closing. For purposes of this Section 8(d), “Short Sales” shall include, without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct
and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward
sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other
transactions through non-U.S. broker dealers or foreign regulated brokers.

 

(e) Entire
Agreement. This Agreement, together with any documents, instruments and writing that are delivered pursuant hereto or referenced
herein, constitute the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby. This Agreement amends and restates in its entirety
the Original FPA.

 

(f) Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

(g) Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given, and shall not constitute a continuing waiver or consent.

 

    9 

     

    

 

(h) Assignment. The
rights and obligations under this Agreement may not be assigned by any of the parties hereto without the prior written consent
of the other parties; provided that the Purchaser may assign its rights and obligations to an affiliate without the prior consent
of the other parties.

 

(i) Benefit. All
statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and
shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

(j) Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of Delaware applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

(k) Jurisdiction. The
parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware for the purpose
of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in state courts of Delaware and (iii) hereby waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is
not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

(l) Severability. In
the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this
Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that
such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such
court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect.

 

(m) No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not
constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly
required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand
in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other
or further action in any circumstances without such notice or demand.

 

(n) Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

(o) Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

(p) Counterparts. This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

    10 

     

    

 

(q)
Construction. The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders
will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular
subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained
herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter
(regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate
the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

(r) Mutual Drafting. This Agreement
is the joint product of the Purchaser and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

9. Indemnification.
Each party shall indemnify the others against any loss, cost or damages (including reasonable attorney’s fees and
expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this
Agreement.

 

10. Termination.
This Agreement may be terminated at any time prior to the Closing:

 

(a) by mutual
written consent of the Company and the Purchaser;

 

(b) automatically:

 

(i) if
the IPO is not consummated on or prior to June 30, 2019;

 

(ii) if
the Business Combination is not consummated within 24 months from the IPO Closing, including any extensions beyond such term effected
pursuant to the terms of the Charter; or

 

(iii) if
the Purchaser or the Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy
laws or any state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver,
fiscal agent or similar officer is appointed by a court for business or property of the Purchaser or the Company, in each case
which is not removed, withdrawn or terminated within sixty (60) days after such appointment.

 

In
the event of any termination of this Agreement pursuant to this Section 10, the Purchase Price (and interest thereon, if
any), if previously paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser,
and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the
Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or stockholders and
all rights and obligations of each party shall cease; provided, however, that nothing contained in this Section 10 shall
relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations,
warranties, covenants or agreements contained in this Agreement.

 

11. Disclosure. The Purchaser hereby
acknowledges that (a) the terms of this Agreement will be disclosed in the Registration Statement, (b) this Agreement will be
filed with the SEC as an exhibit to the Registration Statement and (c) the Company will disclose the terms of this Agreement
to potential IPO investors and to potential Business Combination targets.

 

12. Waiver
of Claims Against Trust. The Purchaser hereby acknowledges that it is aware that the Company will establish a Trust Account
for the benefit of its public stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that
it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the
Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may
have in respect of any Public Shares held by the Purchaser. The Purchaser hereby agrees that it shall have no right of set-off
or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and
hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by the Purchaser. In the
event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against
the Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by the Purchaser.

 

[Signature Page Follows]

 

    11 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	 	PURCHASER:
	 	 
	 	ATLAS POINT ENERGY INFRASTRUCTURE
    FUND, LLC
	 	 	 
	 	By:	/s/ Adam Karpf
	 	 	Name: 	Adam Karpf
	 	 	Title: 	Managing Director and Portfolio Manager

 

	 	Address for Notices:
	 	 
	 	E-mail: Adam.Karpf@cibc.com
	 	 
	 	COMPANY:
	 	 
	 	TORTOISE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Vincent T. Cubbage
	 	 	Name:	 Vincent T. Cubbage
	 	 	Title:	 President and Chief Executive Officer
	 	 	 
	 	SPONSOR:
	 	 
	 	TORTOISE SPONSOR LLC
	 	 
	 	By:	/s/ Connie Savage
	 	 	Name: 	Connie Savage
	 	 	Title: 	Chief Financial Officer, Secretary and Treasurer

 

    12Exhibit

Executive Version (12-18)

AMERICAN ASSETS TRUST, INC.
 
2011 EQUITY INCENTIVE AWARD PLAN

RESTRICTED STOCK AWARD GRANT NOTICE AND 
RESTRICTED STOCK AWARD AGREEMENT

American Assets Trust, Inc., a Maryland corporation (the “Company”), pursuant to its 2011 Equity Incentive Award Plan (the “Plan”), hereby grants to the individual listed below (“Participant”) the number of shares of the Company’s Stock (the “Shares”) set forth below.  This Restricted Stock award (the “Award”) is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Restricted Stock Agreement.

	
		
	Participant:
	[__________]

	Grant Date:
	[__________]

	Grant Number:
	[__________]                  

	Maximum Number of Shares of Restricted Stock (“Maximum Shares”):
	

[__________]                     

	Target Number of Shares of Restricted Stock (“Target Shares”):
	

[__________]                     

	Vesting Schedule:
	This Award shall vest in accordance with the vesting schedule set forth on Exhibit C attached hereto.

By his or her signature, Participant agrees to be bound by the terms and conditions of the Plan, the Restricted Stock Agreement and this Grant Notice. Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, this Grant Notice or the Restricted Stock Agreement.
	
							
	AMERICAN ASSETS TRUST, INC.
	 
	PARTICIPANT

	By:
	 
	 
	By:
	 

	 
	Adam Wyll, SVP
11455 El Camino Real, #200
San Diego, CA 92130
	 
	 
	[__________]
11455 El Camino Real, #200
San Diego, CA 92130

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Executive Version (12-18)

EXHIBIT A

TO RESTRICTED STOCK AWARD GRANT NOTICE
RESTRICTED STOCK AWARD AGREEMENT
Pursuant to the Restricted Stock Award Grant Notice (“Grant Notice”) to which this Restricted Stock Award Agreement (this “Agreement”) is attached, American Assets Trust, Inc., a Maryland corporation (the “Company”), has granted to Participant the right to purchase the number of shares of Restricted Stock under the Company’s 2011 Equity Incentive Award Plan (the “Plan”) indicated in the Grant Notice. The Shares are subject to the terms and conditions of the Plan which are incorporated herein by reference.  Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.
 
ARTICLE I
ISSUANCE OF SHARES

1.1    Issuance of Shares.  Pursuant to the Plan and subject to the terms and conditions of this Agreement, effective on the Grant Date, the Company irrevocably grants to Participant the number of shares of Stock set forth in the Grant Notice (the “Shares”), in consideration of Participant’s employment with or service to the Company, the Partnership or one of their Subsidiaries on or before the Grant Date, for which the Administrator has determined Participant has not been fully compensated, and the Administrator has determined that the benefit received by the Company as a result of such employment or service has a value that exceeds the aggregate par value of the Shares, which Shares, when issued in accordance with the terms hereof, shall be fully paid and nonassessable. 
1.2    Issuance Mechanics.  On the Grant Date, the Company shall issue the Shares to Participant and shall (a) cause a stock certificate or certificates representing the Shares to be registered in the name of Participant, or (b) cause such Shares to be held in book entry form.  If a stock certificate is issued, it shall be delivered to and held in custody by the Company and shall bear the restrictive legends required by Section 4.1 below.  If the Shares are held in book entry form, then such entry will reflect that the Shares are subject to the restrictions of this Agreement.  Participant’s execution of a stock assignment in the form attached as Exhibit B to the Grant Notice (the “Stock Assignment”) shall be a condition to the issuance of the Shares.
ARTICLE II
FORFEITURE AND TRANSFER RESTRICTIONS
2.1    Forfeiture Restriction.  Subject to the provisions of Section 2.2 below, in the event of Participant’s cessation of Service for any reason, including as a result of Participant’s death or Disability, all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action by the Company (the “Forfeiture Restriction”).  Upon the occurrence of such a forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Unreleased Shares being forfeited by Participant.  The Unreleased Shares and Participant’s executed stock assignment in the form attached as Exhibit B to the Grant Notice shall be held by the Company in accordance with Section 2.4 until the Shares are forfeited as provided in this Section 2.1, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect.  Participant hereby authorizes and directs the Secretary of the Company, or such other person designated by the Administrator, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 from Participant to the Company.  

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Executive Version (12-18)

2.2    Release of Shares from Forfeiture Restriction.  The Shares shall be released from the Forfeiture Restriction in accordance with the vesting schedule set forth in Exhibit C attached to the Grant Notice.  Any of the Shares which, from time to time, have not yet been released from the Forfeiture Restriction are referred to herein as “Unreleased Shares.”  As soon as administratively practicable following the release of any Shares from the Forfeiture Restriction, the Company shall, as applicable, either deliver to Participant the certificate or certificates representing such Shares in the Company’s possession belonging to Participant, or, if the Shares are held in book entry form, then the Company shall remove the notations on the book form.  Participant (or the beneficiary or personal representative of Participant in the event of Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company or its representatives deem necessary or advisable in connection with any such delivery.

2.3    Transfer Restriction.  No Unreleased Shares or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect.

2.4    Escrow.  The Unreleased Shares and Participant’s executed Stock Assignment shall be held by the Company until the Shares are forfeited as provided in Section 2.1, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect.  In such event, Participant shall not retain physical custody of any certificates representing Unreleased Shares issued to Participant.  Participant, by acceptance of this Award, shall be deemed to appoint, and does so appoint, the Company and each of its authorized representatives as Participant’s attorney(s)-in-fact to effect any transfer of forfeited Unreleased Shares to the Company as may be required pursuant to the Plan or this Agreement, and to execute such representations or other documents or assurances as the Company or such representatives deem necessary or advisable in connection with any such transfer.  The Company, or its designee, shall not be liable for any act it may do or omit to do with respect to holding the Shares in escrow and while acting in good faith and in the exercise of its judgment.

2.5    Rights as Stockholder.  Except as otherwise provided herein, upon issuance of the Shares by the Company, Participant shall have all the rights of a stockholder with respect to said Shares, subject to the restrictions herein, including the right to vote the Shares and to receive all dividends or other distributions paid or made with respect to the Shares.

2.6    Ownership Limit and REIT Status.  The Forfeiture Restriction on the Shares shall not lapse if the lapsing of such restrictions would likely result in any of the following:    
(a)    a violation of the restrictions or limitations on ownership provided for from time to time under the terms of the organizational documents of the Company; or

(b)    income to the Company that could impair the Company’s status as a real estate investment trust, within the meaning of Section 856 through 860 of the Code.    
ARTICLE III

TAXATION REPRESENTATIONS

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Executive Version (12-18)

3.1    Tax Representation.  Participant represents to the Company that Participant has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement.  Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  Participant understands that Participant (and not the Company) shall be responsible for his or her own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.  
3.2    No 83(b) Election Without Administrator Consent.  Participant covenants that he or she will not make an election under Section 83(b) of the Code with respect to the receipt of any of the Shares without the consent of the Administrator, which the Administrator may grant or withhold in its sole discretion.
3.3    Tax Withholding.  Notwithstanding anything to the contrary in this Agreement, the Company, the Partnership and their Subsidiaries shall be entitled to require payment of any sums required by federal, state and local income and employment or payroll tax law to be withheld with respect to the issuance, lapsing of restrictions on or sale of the Shares.  The Company, the Partnership and their Subsidiaries may withhold or the Participant may make such payment in one or more of the forms specified below:
(a)     by cash or check made payable to the Company; 

(b)     by the deduction of such amount from other compensation payable to Participant; 

(c)     with respect to any withholding taxes arising in connection with the vesting of the Shares, and with the consent of the Administrator, through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to those Shares that are then becoming vested and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company, the Partnership or any Subsidiary with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided that payment of such proceeds is then made to the Company, the Partnership or the applicable Subsidiary at such time as may be required by the Administrator, but in any event not later the settlement of such;

(d)    with respect to any withholding taxes arising in connection with the vesting of the Shares, and with the consent of the Administrator, by requesting that the Company withhold a net number of vested Shares otherwise deliverable pursuant to this Agreement having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company, the Partnership and their Subsidiaries based on the minimum applicable statutory withholding rates for federal, state and local income tax and payroll tax purposes;

(e)     with respect to any withholding taxes arising in connection with the vesting of the Shares, and with the consent of the Administrator, by tendering vested shares of Stock owned by Participant having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company, the Partnership and their Subsidiaries based on the minimum applicable statutory withholding rates for federal, state and local income tax and payroll tax purposes; or 

(f)     in any combination of the foregoing. 

In the event Participant either (i) fails to provide timely payment of all sums required pursuant to this Section 3.3 or (ii) fails to inform the Company as to his or her intentions as to the method of payment 

A-4

Executive Version (12-18)

of all sums required pursuant to this Section 3.3 at least five (5) days prior to the date on with any tax withholding obligation arises, the Company shall have the right and option, but not the obligation, to treat either of such failures as an election by Participant to satisfy all or any portion of Participant’s required payment obligation pursuant to clauses (c) or (d) above, at the Company’s option.  The Company shall not be obligated to deliver any stock certificate representing vested Shares to Participant or Participant’s legal representative, or, if the Shares are held in book entry form, to remove the notations on the book form, unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of Participant resulting from the issuance, lapsing of restrictions on or sale of the Shares.

In the event any tax withholding obligation arising in connection with the Shares will be satisfied under clause (c) above, then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s behalf a whole number of shares of Stock from those Shares that are then becoming vested as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such sale to the Company, the Partnership or any Subsidiary with respect to which the withholding obligation arises.  Participant’s acceptance of this Award constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions described in this paragraph, including the transactions described in the previous sentence, as applicable.  The Company may refuse to deliver any certificate representing the Shares to Participant or his or her legal representative until the foregoing tax withholding obligations are satisfied.  In the event of any broker-assisted sale of shares of Stock in connection with the payment of withholding taxes as provided in this Section 3.3: (i) any shares of Stock to be sold through a broker-assisted sale will be sold on the day the tax withholding obligation arises or as soon thereafter as practicable; (ii) such shares of Stock may be sold as part of a block trade with other participants in the Plan in which all participants receive an average price; (iii) Participant will be responsible for all broker’s fees and other costs of sale, and Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (iv) to the extent the proceeds of such sale exceed the applicable tax withholding obligation, the Company agrees to pay such excess in cash to Participant as soon as reasonably practicable; (v) Participant acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the applicable tax withholding obligation; and (vi) in the event the proceeds of such sale are insufficient to satisfy the applicable tax withholding obligation, Participant agrees to pay immediately upon demand to the Company, the Partnership or any Subsidiary with respect to which the withholding obligation arises an amount in cash sufficient to satisfy any remaining portion of the Company’s, the Partnership's or the applicable Subsidiary’s withholding obligation.

ARTICLE IV
RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS
4.1    Legends.  The certificate or certificates representing the Shares, if any, shall bear the following legend (as well as any legends required by the Company’s charter and applicable state and federal corporate and securities laws):
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE COMPANY AND THE 

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Executive Version (12-18)

STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
4.2    Refusal to Transfer; Stop-Transfer Notices.  The Company shall not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.  Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.
4.3    Removal of Legend.  After such time as the Forfeiture Restriction shall have lapsed with respect to the Shares, and upon Participant’s request, a new certificate or certificates representing such Shares shall be issued without the legend referred to in Section 4.1, and delivered to Participant.  If the Shares are held in book entry form, the Company shall cause any restrictions noted on the book form to be removed.
ARTICLE V
MISCELLANEOUS
5.1    Governing Law.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law.
5.2    Entire Agreement; Enforcement of Rights.   This Agreement and the Plan set forth the entire agreement and understanding of the parties relating to the subject matter herein and merge all prior discussions between them.  No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement.  
5.3    Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.  In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.
5.4    Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by electronic mail (with return receipt requested and received) or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified, if to the Company, at its principal offices, and if to Participant, at Participant’s address, electronic mail address or fax number in the Company’s employee records or as subsequently modified by written notice.
5.5    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

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5.6    Successors and Assigns.  The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns.  The Company may assign its rights under this Agreement to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company without the prior written consent of Participant. The rights and obligations of Participant under this Agreement may only be assigned with the prior written consent of the Company.
5.7    Conformity to Securities Laws.  Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Shares are to be issued, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

5.8    Electronic Signature.   Company and Participant consent to the use of electronic signatures on this Agreement and all documents relating to this Agreement. Company and Participant agree that any electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and shall, for all purposes of this Amendment and applicable law, be  deemed to be “written” or “in writing,” to have been executed, and to constitute an original written record when printed, and shall be fully admissible in any legal proceeding. For purposes hereof, “electronic signature” shall have the meaning set forth in the Uniform Electronic Transactions Act, as the same may be amended from time to time.
5.9    NO RIGHT TO CONTINUED SERVICE.  THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE LAPSING OF THE FORFEITURE RESTRICTION PURSUANT TO SECTION 2.1 HEREOF IS EARNED ONLY BY CONTINUING SERVICE TO THE COMPANY, THE PARTNERSHIP OR ONE OF THEIR SUBSIDIARIES AS AN “AT WILL” EMPLOYEE OR CONSULTANT OF THE COMPANY, THE PARTNERSHIP OR ONE OF THEIR SUBSIDIARIES OR AN INDEPENDENT DIRECTOR OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED OR ACQUIRING SHARES HEREUNDER).   THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE FORFEITURE RESTRICTION SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, CONSULTANT OR INDEPENDENT DIRECTOR FOR SUCH PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH THE COMPANY’S, THE PARTNERSHIP’S OR ANY OF THEIR SUBSIDIARIES’ RIGHT TO TERMINATE THE PARTICIPANT’S EMPLOYMENT OR SERVICE TO THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE.

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EXHIBIT B
TO RESTRICTED STOCK AWARD GRANT NOTICE
STOCK ASSIGNMENT

FOR VALUE RECEIVED, the undersigned, __________, hereby sells, assigns and transfers unto AMERICAN ASSETS TRUST, INC., a Maryland corporation, __________ shares of the Common Stock of AMERICAN ASSETS TRUST, INC., a Maryland corporation, standing in its name of the books of said corporation represented by Certificate No. __________ herewith and do hereby irrevocably constitute and appoint ___________________ to transfer the said stock on the books of the within named corporation with full power of substitution in the premises.
This Stock Assignment may be used only in accordance with the Restricted Stock Award Grant Notice and Restricted Stock Award Agreement between AMERICAN ASSETS TRUST, INC. and the undersigned dated [__________].

Dated: _______________, ________            ______________________________
__________    

INSTRUCTIONS:  Please do not fill in the blanks other than the signature line.  The purpose of this assignment is to enable the Company to enforce the Forfeiture Restriction as set forth in the Restricted Stock Award Grant Notice and Restricted Stock Award Agreement, without requiring additional signatures on the part of the stockholder.

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EXHIBIT C
TO RESTRICTED STOCK AWARD GRANT NOTICE
VESTING SCHEDULE
Capitalized terms used in this Exhibit C and not defined in Section 3 below shall have the meanings given them in the Agreement to which this Exhibit C is attached.
1.Performance Vesting.  Subject to clauses (b), (c) and (d) and Section 2 below, the Shares shall vest based on the Company’s Relative TSR Performance (as defined below) for the Performance Periods.  Subject to clauses (c) and (d) below, with respect to each Performance Period, Participant must continue to be an Employee, Independent Director or Consultant on the applicable Measurement Date in order to be eligible to vest in the Shares pursuant to this Section 1.  
(a)    Performance Vesting.   For each of the Performance Periods, such number of Shares shall vest on the applicable Determination Date based on the Company's Relative TSR Performance for such Performance Period as is determined by multiplying (i) the Target Shares set forth in the Grant Notice, by (ii) one-third (1/3), by (iii) the TSR Performance Multiplier (as determined below) for such Performance Period (rounded to the nearest whole Share).  The “TSR Performance Multiplier” means, for each Performance Period, the performance multiplier determined pursuant to the chart below based on the Company’s Relative TSR Performance relative to the Bloomberg Shopping Center REIT Index for such Performance Period.  If the Company achieves a Relative TSR Performance that falls between the foregoing levels, the TSR Performance Multiplier will be determined by linear interpolation between the applicable levels.
	
		
	

Relative TSR Performance Relative to the Bloomberg Shopping Center REIT Index for the Performance Period

	

TSR Performance Multiplier

	+500 bps and above
	150%

	+400 bps
	140%

	+300 bps
	130%

	+200 bps
	120%

	+100 bps
	110%

	0 bps
	100%

	-100 bps
	90%

	-200 bps
	80%

	-300 bps
	70%

	-400 bps
	60%

	-499 bps
	50%

	-500 bps and below
	Up to 50% as determined by the Administrator in its reasonable discretion based on the Administrator's qualitative assessment of overall Company and Participant performance during the Performance Period

The Administrator retains the discretion to adjust the TSR Performance Multiplier to address events 

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or circumstances that are extraordinary or unusual in nature or infrequent in occurrence or that otherwise have an unintended effect on the calculation of the TSR Performance Multiplier.

(b)    Effect of a Change in Control Prior to Final Measurement Date.  In the event of a Change in Control prior to the Final Measurement Date, the number of Shares in which Participant shall be eligible to vest pursuant to this Award following the date of such Change in Control (the “Vesting Eligible Shares”) shall be equal to (i) the Maximum Shares set forth in the Grant Notice, multiplied by (ii) one-third (1/3), multiplied by (iii) the number of Performance Periods that have not yet been completed prior to the date of such Change in Control.  The Vesting Eligible Shares will continue to vest in equal installments on each Measurement Date occurring following the Change in Control, subject to Participant's continued status as an Employee, Independent Director or Consultant on the applicable Measurement Date; provided, however, that in the event of Participant’s Qualifying Termination (as defined below) or termination as a result of death or Disability (as defined below) following the date of a Change in Control, all of the Vesting Eligible Shares shall vest as of the date of termination.  In addition, if a Change in Control occurs following the occurrence of a Measurement Date but prior to the corresponding Determination Date, Participant shall vest on the date of such Change in Control in such number of Shares as is determined pursuant to this Section 1 for such completed Performance Period.
(c)    Effect of Termination Due to Death or Disability Prior to Final Measurement Date and Prior to a Change in Control.  In the event of Participant’s termination of Service as a result of his or her death or Disability prior to the Final Measurement Date and prior to a Change in Control, on the date of Participant's termination of Service, Participant shall vest in such number of Shares as is equal to (i) the Maximum Shares set forth in the Grant Notice, multiplied by (ii) one-third (1/3), multiplied by (iii) the number of Performance Periods that have not yet been completed prior to the date of such termination of Service.  In addition, if Participant’s termination of Service as a result of his or her death or Disability occurs following the occurrence of any Measurement Date but prior to the corresponding Determination Date, Participant shall also remain eligible to vest on such Determination Date in such number of Shares as is determined pursuant to this Section 1 for such completed Performance Period.  
(d)    Effect of a Qualifying Termination Prior to Final Measurement Date and Prior to a Change in Control.  In the event of Participant’s Qualifying Termination prior to the Final Measurement Date and prior to a Change in Control, on the date of Participant's termination of Service, Participant shall vest in such number of Shares as is equal to (i) the Maximum Shares set forth in the Grant Notice, multiplied by (ii) one-third (1/3), multiplied by (iii) the number of Performance Periods that have not yet been completed prior to the date of such termination of Service.  In addition, if Participant’s Qualifying Termination occurs following the occurrence of any Measurement Date but prior to the corresponding Determination Date, Participant shall also remain eligible to vest on such Determination Date in such number of Shares as is determined pursuant to this Section 1 for such completed Performance Period.

(e)    Maximum Shares.  In no event shall a number of Shares greater than the Maximum Shares set forth in the Grant Notice vest pursuant to this Exhibit C.

2.    Forfeiture.  Any Unreleased Shares which do not vest pursuant to Section 1 above (or which are no longer eligible to vest pursuant to this Exhibit C for any future Performance Period after the completion of a Performance Period as a result of the TSR Performance Multiplier for such Performance Period being less than 150%) shall automatically and without further action be cancelled and forfeited by Participant, and Participant shall have no further right or interest in or with respect to such Unreleased Shares.  In addition, in the event that Participant’s employment is terminated for any reason (other than as a result of his or her Qualifying Termination, Disability or death) prior to the Measurement Date for a Performance Period, then the remaining Unreleased Shares as of the date of such termination that would have been eligible to vest with 

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respect to such Performance Period that has not yet been completed shall automatically and without further action be cancelled and forfeited by Participant, and Participant shall have no further right or interest in or with respect to such remaining Unreleased Shares. 

3.    Interaction with Employment Agreement.  Notwithstanding anything to the contrary in the Employment Agreement (as defined below), the accelerated vesting of the Shares in the event of a Change in Control or Participant’s termination of Service by reason of death, Disability or a Qualifying Termination shall be governed by the terms of this Agreement and not the provisions of the Employment Agreement.
4.    Definitions.  For purposes of this Exhibit C, the following terms shall have the meanings given below:
(a)“Beginning Market Value” means, for each Performance Period, the Market Value on the first day of such Performance Period.
(b)“Bloomberg Shopping Center REIT Index” means the Bloomberg Shopping Center REIT Index, or, in the event such index is discontinued or its methodology is significantly changed, a comparable index selected by the Administrator in good faith.

(a)“Bloomberg Shopping Center REIT Index TSR” means the compounded annual total shareholder return for the Bloomberg Shopping Center REIT Index for a Performance Period (and, for the avoidance of doubt, assuming the reinvestment of all dividends).
(c)“Company TSR” means the Company’s compounded annual total shareholder return for a Performance Period calculated in accordance with the total shareholder return calculation methodology used in the Bloomberg Shopping Center REIT Index (and, for the avoidance of doubt, assuming the reinvestment of all dividends paid on a share of Stock); provided, however, that for purposes of calculating the Company’s TSR for a Performance Period, the share price on the first day of the Performance Period shall be equal to the Beginning Market Value and the share price on the last day of the Performance Period shall be the Ending Market Value.
(d)“Determination Date” means, for each Performance Period, the date on which the Administrator certifies in writing the TSR Performance Multiplier for such Performance Period.  The Determination Date will occur within ten (10) days following the applicable Measurement Date; provided that if a Change in Control occurs following a Measurement Date but prior to the occurrence of the Determination Date for the completed Performance Period, the Determination Date for such completed Performance Period shall occur in no event later than the date of such Change in Control.  
(e)“Disability” shall have the meaning given to such term in the Employment Agreement.
(f)“Employment Agreement” means that certain Amended and Restated Employment Agreement between the Company and Participant effective as of March 25, 2014.
(g)“Ending Market Value” means, for each Performance Period, the Market Value on the Measurement Date for such Performance Period.
		
	(h)
	“Final Measurement Date” means November 30, 2021. 

(i)“First Performance Period” means the period beginning on December 1, 2018 and ending on the Measurement Date occurring on November 30, 2019.

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(j)“Market Value” means the closing price per share of Stock for the date of determination as reported by the NYSE or such other authoritative source as the Administrator may determine.
(k)“Measurement Date” means each of November 30, 2019, 2020 and 2021, or, if any such date is not a trading day, the immediately preceding trading day. 

(l)“Performance Periods” means each of the First Performance Period, the Second Performance Period and the Third Performance Period.

(m)“Qualifying Termination” means (i) a termination of Participant's employment by the Company without Cause (as defined in the Employment Agreement) (and other than by reason of Participant’s death or Disability), or (ii) a termination of Participant's employment by Participant for Good Reason (as defined in the Employment Agreement).

(n)“Relative TSR Performance” means the Company TSR less the Bloomberg Shopping Center REIT Index TSR, in each case for the applicable Performance Period, expressed in basis points.  

(o)“Second Performance Period” means the period beginning on December 1, 2018 and ending on the Measurement Date occurring on November 30, 2020.

(p)“Third Performance Period” means the period beginning on December 1, 2018 and ending on the Measurement Date occurring on November 30, 2021.

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