Document:

DLC Realty Trust, Inc. 2010 Equity Incentive Plan

 Exhibit 10.2 

DLC REALTY TRUST, INC. 

2010 EQUITY INCENTIVE PLAN 

 DLC REALTY TRUST, INC. 

2010 EQUITY INCENTIVE PLAN 

DLC Realty Trust, Inc., a Maryland corporation, wishes to attract officers, Directors, key employees, consultants, advisers and other
personnel to the Company and its Subsidiaries and induce officers, Directors, key employees, consultants, advisers and other personnel to remain with the Company and its Subsidiaries, and encourage them to increase their efforts to make the
Company’s business more successful whether directly or through its Subsidiaries. In furtherance thereof, the DLC Realty Trust, Inc. 2010 Equity Incentive Plan is designed to provide equity-based incentives to Eligible Persons. Awards under the
Plan may be made to Eligible Persons in the form of Options, Stock Appreciation Rights, Restricted Stock, Phantom Shares, Dividend Equivalent Rights and other forms of equity-based compensation. 

 

	1.	DEFINITIONS 

 Whenever
used herein, the following terms shall have the meanings set forth below: 
 “Affiliate” means any entity other than a
Subsidiary that is controlled by or under common control with the Company that is designated as an “Affiliate” by the Committee in its discretion. 

“Award,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options,
Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Phantom Shares, Dividend Equivalent Rights and other equity-based Awards as contemplated herein. 

“Award Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company and the
Grantee as provided in Section 3. 
 “Board” means the Board of Directors of the Company. 

“Cause” means, unless otherwise provided in the Grantee’s Award Agreement, (i) engaging in (A) willful or gross
misconduct or (B) willful or gross neglect, (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its Subsidiaries or its Affiliates, (iii) the commission
of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries, or any Affiliate thereof, (iv) fraud, misappropriation or embezzlement of the
Company’s funds or other assets or other acts deemed by the Committee in the good faith exercise of its sole discretion to be an act of dishonesty in respect to the Company, (v) material violation of any statutory or common law duty of
loyalty to the Company, (vi) a material breach of the Grantee’s employment agreement (if any) with the Company or its Subsidiaries or its Affiliates (subject to any cure period therein provided), (vii) willfully and repeatedly
refusing to perform or substantially disregarding the duties properly assigned to the Grantee by the Company (other than as a result of Disability), (viii) any significant activities materially harmful to the reputation of the Company or its
Subsidiaries or its Affiliates, or (ix) repeated failure to devote substantially all of Grantee’s business time and efforts to the Company if required by Grantee’s employment agreement; provided, however, that, if at any particular
time the Grantee is subject to an effective employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such employment agreement. 

 

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 “Change in Control” means, unless otherwise provided in an Award Agreement, the
happening of any of the following: 
  

	 	(i)	any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any
entity controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity, and with respect to any
particular Grantee, the Grantee and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Grantee is a member, is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the
Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of either (A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding Shares (in either such case
other than as a result of an acquisition of securities directly from the Company); provided, however, that, in no event shall a Change in Control be deemed to have occurred upon an Initial Public Offering of the Common Stock under the Securities
Act; or 

  

	 	(ii)	any consolidation, merger or statutory share exchange of the Company where the stockholders of the Company, immediately prior to the consolidation, merger or statutory
share exchange, would not, immediately after the consolidation, merger or statutory share exchange, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate
50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation, merger or statutory share exchange (or of its ultimate parent corporation, if any); or 

 

	 	(iii)	there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single
plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities
of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for
the liquidation or dissolution of the Company; or 

  

	 	(iv)	the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other
than due to death to constitute at least a majority of the members of the Board; provided that any Director whose election, or nomination for election by the Company’s stockholders, was approved or ratified by a vote of at least a majority of
the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director. 

Notwithstanding the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would be imposed upon
or with respect to any Award under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change in Control to the maximum extent possible (e.g., if applicable, in respect of vesting
without an acceleration of distribution) without causing the imposition of such 20% tax. 
 “Code” means the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 
 “Committee” means the compensation
committee appointed by the Board under Section 3 and if no compensation committee has been appointed, then Committee shall refer to the Board. 
  

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 “Common Stock” means the Company’s common stock, par value $.01 per share,
either currently existing or authorized hereafter. 
 “Company” means DLC Realty Trust, Inc., a Maryland corporation.

 “Director” means a non-employee director of the Company or its Subsidiaries. 

“Disability” means, the occurrence of an event which would entitle an employee of the Company to the payment of disability
income under one of the Company’s approved long-term disability income plans or, in the absence of such a plan, unless otherwise provided by the Committee in the Grantee’s Employment Agreement or Award Agreement, a disability which renders
the Grantee incapable of performing all of his or her material duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period. Notwithstanding the foregoing, no circumstances or condition shall
constitute a Disability to the extent that, if it were, a 20% tax would be imposed upon or with respect to any Award under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Disability
to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 

“Dividend Equivalent Right” means a right awarded under Section 8 of the Plan to receive (or have credited) the equivalent
value of dividends paid on Common Stock. 
 “Effective Date” means [•], 2010. 

“Eligible Person” means an officer, Director, key employee, consultant or adviser of the Company or its Subsidiaries or other
person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company or its Subsidiaries. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” per Share as of a particular date means (i) if Shares are then listed on a national securities
exchange or quoted or reported on a national quotation system, the closing sales price per Share on the exchange or system for the applicable date or, if there are no sales on such date, for the last preceding date on which there was a sale of
Shares on such exchange or system; (ii) if Shares are not then listed on a national securities exchange or quoted on a national quotation system but are then traded on an over-the-counter market, the average of the closing bid and asked prices
for the Shares in such over-the-counter market for the date in question, or, if there are no bid and asked prices on such date, for the last preceding date on which there was a sale of such Shares in such market; or (iii) if Shares are not then
listed on a national securities exchange, quoted on a national quotation system or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided that, where the Shares are so listed or
traded, the Committee may make such discretionary determinations where the Shares have not been traded for 10 trading days. Notwithstanding the foregoing, with respect to any “stock right” within the meaning of Section 409A of the
Code, Fair Market Value shall not be less than the “fair market value” of the shares of Common Stock determined in accordance with the final regulations promulgated under Section 409A of the Code. 

“Grantee” means an Eligible Person to whom Options, Restricted Stock, Phantom Shares, Dividend Equivalent Rights or other
equity-based awards are granted hereunder. 
 “Initial Public Offering” or “IPO” means the consummation of
the first fully underwritten, firm commitment public offering pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, or such other event as a result of or
following which the Common Stock shall be publicly held. 
  

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 “Incentive Stock Option” means an “incentive stock option” within the
meaning of Section 422(b) of the Code. 
 “Non-Qualified Stock Option” means an Option which is not an Incentive
Stock Option. 
 “Option” means the right to purchase, at a price and for the term fixed by the Committee in
accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee. 

“Option Price” means the price per Share, determined by the Board or the Committee, at which an Option may be exercised.

 “OP Units” means units representing limited partnership interests in the Partnership. 

“Partnership” means DLC Realty, L.P., as a Delaware limited partnership. 

“Performance Goals” have the meaning set forth in Section 10. 

“Performance Period” means any period designated by the Committee for which Performance Criteria (as defined in Exhibit A)
shall be calculated. 
 “Phantom Share” means a right, pursuant to the Plan, of the Grantee to payment of the Phantom
Share Value in accordance with Section 7. 
 “Phantom Share Value,” per Phantom Share, means the Fair Market
Value of a Share or, if so provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant (which base value may not be less than the Fair Market Value of the underlying
Shares at the date of grant). 
 “Plan” means the Company’s 2010 Long Term Incentive Compensation Plan, as set
forth herein and as the same may from time to time be amended. 
 “REIT” shall mean a real estate investment trust
under Sections 856 through 860 of the Code. 
 “REIT Requirements” means the requirements to qualify as a REIT under
the Code and the rules and regulations promulgated thereunder. 
 “Restricted Stock” means an award of Shares that are
subject to restrictions in accordance with Section 6 hereunder. 
 “Securities Act” means the Securities Act of
1933, as amended. 
 “Settlement Date” means the date determined under Section 7.4(c). 

“Shares” means shares of Common Stock of the Company. 

“Stock Appreciation Right” means a right described in Section 5.7. 

 

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 “Subsidiary” means any corporation (other than the Company), partnership or other
entity of which at least 50% of the economic interest in the equity or voting power is owned (directly or indirectly) by the Company. In the event the Company becomes such a subsidiary of another company (directly or indirectly), the provisions
hereof applicable to subsidiaries shall, unless otherwise determined by the Committee, also be applicable to such parent company. 

“Successor of the Grantee” means the legal representative of the estate of a deceased Grantee of an Option or the person or
persons who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Grantee. 

“Termination of Service” means a Grantee’s termination of employment or other service, as applicable, with the Company,
its Subsidiaries and, as applicable, Affiliates. Cessation of service as an officer, Director, key employee, consultant, adviser or other personnel shall not be treated as a Termination of Service if the Grantee continues without interruption to
serve thereafter in another one (or more) of such other capacities. With respect to any Award subject to Section 409A of the Code, Termination of Service shall be a “separation from service” as interpreted within the meaning of
Section 409A of the Code and Treasury Regulation 1.409A-1(h). 
  

	2.	EFFECTIVE DATE AND TERMINATION OF PLAN 

The effective date of the Plan is [•], 2010; provided, however, that the Plan shall not become effective unless and until it is
approved by the requisite percentage of the stockholders of the Company. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan by (i) the Board or
(ii) the stockholders of the Company; provided, however, that the Board may at any time prior to that date terminate the Plan. 
  

	3.	ADMINISTRATION OF PLAN 

(a) The Plan shall be administered by the Committee. The Committee, upon and after such time as it is covered in Section 16 of the
Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as defined in Rule 16b-3 as promulgated by the Securities and Exchange Commission (“Rule 16b-3”) under
the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought with respect to Awards), qualify as “outside
directors” for purposes of Section 162(m) of the Code; provided that no action taken by the Committee (including without limitation grants) shall be invalidated because any or all of the members of the Committee fails to satisfy the
foregoing requirements of this sentence. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved in writing by a majority of the entire Committee, shall be the acts of the
Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member. Notwithstanding the other foregoing provisions of this Section 3(a), any
Award under the Plan to a person who is a member of the Committee shall be made and administered by the Board. If no Committee is designated by the Board to act for these purposes, the Board shall have the rights and responsibilities of the
Committee hereunder and under the Award Agreements. 
 (b) Subject to the provisions of the Plan, the Committee shall in its
discretion as reflected by the terms of the Award Agreements (i) authorize the granting of Awards to Eligible Persons; (ii) determine the eligibility of an Eligible Person to receive an Award (subject to the individual participant
limitations provided hereunder), as well as determine the number of Shares to be covered under any Award Agreement, considering the position and responsibilities of the Eligible Person, the nature and value to the Company of the Eligible
Person’s present and potential contribution to the success of the Company 
  

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whether directly or through its Subsidiaries or Affiliates and such other factors as the Committee may deem relevant; (iii) determine the terms, provisions and conditions of each Award
(which may not be inconsistent with the terms of the Plan); (iv) prescribe the form of instruments evidencing such awards; (v) make recommendations to the Board with respect to any Award that is subject to Board approval; and
(vi) take such other actions as are prescribed under the Plan, including, without limitation, Section 13 herein. 

(c) The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the
Committee. In the event that any Award Agreement or other agreement hereunder provides (without regard to this sentence) for the obligation of the Company or any Subsidiary or Affiliate thereof to purchase or repurchase Shares from a Grantee or any
other person, then, notwithstanding the provisions of the Award Agreement or such other agreement, such obligation shall not apply to the extent that the purchase or repurchase would not be permitted under governing state law. The Grantee shall take
whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Grantee
pursuant to the express provisions of the Plan and the Award Agreement. 
  

	4.	SHARES AND UNITS SUBJECT TO THE PLAN 

  

	 	4.1	In General. 

 (a) Subject
to Section 4.2, and subject to adjustments as provided in Section 14, the total number of Shares subject to Options or other equity-based Awards granted under the Plan, Shares of Restricted Stock and Phantom Shares granted under the Plan,
in the aggregate, may not exceed 10% of the issued and outstanding Shares as of the later of the date of the IPO or the last closing date of any Shares sold solely to cover over-allotments in connection with the IPO (on a fully diluted basis
(assuming, if applicable, the exercise of all outstanding options, the conversion of all warrants and convertible securities into Shares and the exchange of all outstanding OP Units of the Partnership into Shares) and including Shares solely to
cover over-allotments, but excluding any Shares issued or issuable under the Plan). Shares distributed under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Stock or that have been
reserved for distribution in payment for Options, Phantom Shares or other equity-based Awards under Section 9 but are later forfeited or for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan.

 (b) Shares subject to Dividend Equivalent Rights, other than Dividend Equivalent Rights based directly on the dividends
payable with respect to Shares subject to Options or the dividends payable on a number of Shares corresponding to the number of Phantom Shares awarded, shall be subject to the limitation of Section 4.1(a). If any Phantom Shares, Dividend
Equivalent Rights or other equity-based Awards under Section 9 are paid out in cash, then, notwithstanding the first sentence of Section 4.1(a) above, the underlying Shares may again be made the subject of Awards under the Plan.

 (c) The certificates for Shares or other evidence of ownership issued hereunder may include any legend which the Committee
deems appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate. 

(d) Notwithstanding any provision hereunder, no Award hereunder shall be exercisable or eligible for settlement if, as a result of either
the ability to exercise or settle, or the exercise or settlement of such Award, the Company would not satisfy the REIT Requirements in any respect. 
  

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	 	4.2	Options. 

 Subject to
adjustments pursuant to Section 14, and subject to the last sentence of Section 4.1(a), Incentive Stock Options with respect to an aggregate of no more than 10% of the total Shares issued and outstanding as of the later of the date of the
IPO or the last closing date of any Shares sold solely to cover over-allotments in connection with the IPO (on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options, the conversion of all warrants and convertible
securities into Shares and the exchange of all outstanding OP Units of the Partnership into Shares) and including Shares solely to cover over-allotments, but excluding any Shares issued or issuable under the Plan) may be granted under the Plan.
Subject to adjustments pursuant to Section 14, and with respect to any Grantee to whom Options are intended to be exempt from the limitations set forth in Section 162(m) of the Code, in no event may any Grantee receive Options for more
than 500,000 Shares in any one year. 
  

	5.	PROVISIONS APPLICABLE TO STOCK OPTIONS 

  

	 	5.1	Grant of Option. 

 Subject
to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) determine and designate from time to time those Eligible Persons to whom Options are to be granted and the
number of Shares to be optioned to each Eligible Person; (ii) determine whether to grant Options intended to be Incentive Stock Options, or to grant Non-Qualified Stock Options, or both (to the extent that any Option does not qualify as an
Incentive Stock Option, it shall constitute a separate Non-Qualified Stock Option); provided that Incentive Stock Options may only be granted to employees of the Company or its Subsidiaries; (iii) determine the time or times when and the manner
and condition in which each Option shall be exercisable and the duration of the exercise period; (iv) designate each Option as one intended to be an Incentive Stock Option or as a Non-Qualified Stock Option; and (v) determine or impose
other conditions to the grant or exercise of Options under the Plan as it may deem appropriate. 
  

	 	5.2	Option Price. 

 The Option
Price shall be determined by the Committee on the date the Option is granted and reflected in the Award Agreement, as the same may be amended from time to time. Any particular Award Agreement may provide for different Option Prices for specified
amounts of Shares subject to the Option; provided that the Option Price with respect to each Option shall not be less than 100% of the Fair Market Value of a Share on the day the Option is granted. 

 

	 	5.3	Period of Option and Vesting. 

(a) Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its entirety upon the 10
th anniversary of the date of grant or shall have such
other term (which may be shorter, but not longer, in the case of Incentive Stock Options) as is set forth in the applicable Award Agreement (except that, in the case of an individual described in Section 422(b)(6) of the Code (relating to
certain 10% owners) who is granted an Incentive Stock Option, the term of such Option shall be no more than five years from the date of grant). The Option shall also expire, be forfeited and terminate at such times and in such circumstances as
otherwise provided hereunder or under the Award Agreement. 
 (b) Each Option, to the extent that the Grantee thereof has not
had a Termination of Service and the Option has not otherwise lapsed, expired, terminated or been forfeited, shall first become exercisable (vested) according to the terms and conditions set forth in the Award Agreement, as determined by the
Committee at the time of grant. Unless otherwise provided in the Award Agreement or herein, no Option 
  

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(or portion thereof) shall ever be exercisable if the Grantee has a Termination of Service before the time at which such Option (or portion thereof) would otherwise have become exercisable, and
any Option that would otherwise become exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 5.3(b), Options exercisable
pursuant to the schedule set forth by the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Grantee, such Grantee’s
Options, if and to the extent otherwise exercisable hereunder or under the applicable Award Agreement after the Grantee’s death, may be exercised by the Successors of the Grantee. 

 

	 	5.4	Exercisability Upon and After Termination of Grantee. 

(a) Subject to provisions of the Award Agreement, in the event a Grantee of an Option has a Termination of Service other than by the
Company or its Subsidiaries for Cause or other than by reason of death or Disability, no exercise of a vested Option may occur after the expiration of the three-month period to follow the termination, or if earlier, the expiration of the term of the
Option as provided under Section 5.3(a); provided that, if the Grantee should die after the Termination of Service, such termination being for a reason other than Disability or Cause, but while the Option is still in effect, the Option (if and
to the extent otherwise exercisable by the Grantee at the time of death) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Grantee, or (ii) the date on which the term of the Option
expires in accordance with Section 5.3(a). 
 (b) Subject to provisions of the Award Agreement, in the event the Grantee
has a Termination of Service on account of death or Disability, the Option to the extent vested may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Grantee, or (ii) the date on which the
term of the Option expires in accordance with Section 5.3. 
 (c) Notwithstanding any other provision hereof, unless
otherwise provided in the Award Agreement, if the Grantee has a Termination of Service by the Company, a Subsidiary or Affiliate for Cause the Grantee’s Options, to the extent then unexercised, shall thereupon cease to be exercisable and shall
be forfeited forthwith (whether or not the Options were exercisable previously). 
 (d) Except as may otherwise be expressly set
forth in this Section 5, and except as may otherwise be expressly provided under the Award Agreement, no provision of this Section 5 is intended to or shall permit the exercise of the Option to the extent the Option was not exercisable
before or upon Termination of Service. 
  

	 	5.5	Exercise of Options. 

 (a)
Subject to vesting, restrictions on exercisability and other restrictions provided for hereunder or otherwise imposed in accordance herewith, an Option may be exercised, and payment in full of the aggregate Option Price made, by a Grantee only by
written notice (in the form prescribed by the Committee) to the Company or its designee specifying the number of Shares to be purchased. 

(b) Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions on the
exercise of Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
  

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	 	5.6	Payment. 

 (a) The
aggregate Option Price shall be paid in full upon the exercise of the Option. Payment must be made by one of the following methods: 

(i) a certified or bank cashier’s check; 

(ii) subject to Section 12(e), the proceeds of a Company loan program or third-party sale program or a notice
acceptable to the Committee given as consideration under such a program, in each case if permitted by the Committee in its discretion, if such a program has been established and the Grantee is eligible to participate therein; 

(iii) if approved by the Committee in its discretion, Shares of previously owned Common Stock, which have been previously
owned for more than six months, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; 

(iv) other than as prohibited under Section 13(k) of the Exchange Act, if approved by the Committee in its
discretion, through the written election of the Grantee to have Shares withheld by the Company from the Shares otherwise to be received, with such withheld Shares having an aggregate Fair Market Value on the date of exercise equal to the aggregate
Option Price; or 
 (v) by any combination of such methods of payment or any other method acceptable to the
Committee in its discretion. 
 (b) Except in the case of Options exercised by certified or bank cashier’s check, the
Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting consequences which may result from the use of Common
Stock as payment upon exercise of an Option. 
 (c) The Committee shall provide in the Award Agreement the extent (if any) to
which an Option may be exercised with respect to any fractional Share, including whether any fractional Shares resulting from a Grantee’s exercise may be paid in cash. 

 

	 	5.7	Stock Appreciation Rights. 

The Committee, in its discretion, may also grant a Stock Appreciation Right by permitting the Grantee to elect to receive (taking into
account, without limitation, the application of Section 409A of the Code, as the Committee may deem appropriate), upon the exercise of an Option, Shares with an aggregate Fair Market Value equal to the excess of the Fair Market Value of the
Shares with respect to which the Option is being exercised over the aggregate Option Price, as determined as of the day the Option is exercised; provided that, after consideration of possible accounting issues, the Committee may permit a Stock
Appreciation Right to be settled in a combination of Shares and cash, or exclusively in cash, with an aggregate Fair Market Value (or, to the extent of payment in cash, in an amount) equal to such excess. Without limiting the Committee’s
discretion hereunder, the Committee is expressly authorized to cause the grant of a Stock Appreciation Right (i) in tandem with an otherwise exercisable underlying Option, by having the method of exercise under this Section 5.7 apply in
addition to other methods of exercise, as to all or a portion of any particular Award under this Section 5, or (ii) as a free-standing right, by having the method of exercise under this Section 5.7 be the exclusive method of exercise.

  

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	 	5.8	Exercise by Successors. 

An Option may be exercised, and payment in full of the aggregate Option Price made, by the Successors of the Grantee only by written
notice (as may be prescribed by the Committee) to the Company specifying the number of Shares to be purchased. Such notice shall state that the aggregate Option Price will be paid in full, or that the Option will be exercised as otherwise provided
hereunder, in the discretion of the Company or the Committee, if and as applicable. 
  

	 	5.9	Nontransferability of Option. 

Except if otherwise provided in the applicable Award Agreement, each Option granted under the Plan shall be nontransferable by the Grantee
except by will or the laws of descent and distribution of the state wherein the Grantee is domiciled at the time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such
transferability (i) does not result in accelerated U.S. federal income taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Section 422(b) of the Code, (iii) complies with
applicable law, including securities laws, and (iv) is otherwise appropriate and desirable. 
  

	 	5.10	Certain Incentive Stock Option Provisions. 

(a) In no event may an Incentive Stock Option be granted other than to employees of the Company or a “subsidiary corporation”
(as defined in Section 424(f) of the Code) or a “parent corporation” (as defined in Section 424(e) of the Code) with respect to the Company. The aggregate Fair Market Value, determined as of the date an Option is granted, of the
Common Stock for which any Grantee may be awarded Incentive Stock Options which are first exercisable by the Grantee during any calendar year under the Plan (or any other stock option plan required to be taken into account under Section 422(d)
of the Code) shall not exceed $100,000. To the extent the $100,000 limit referred to in the preceding sentence is exceeded, an Option will be treated as a Non-Qualified Stock Option. 

 

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 (b) If Shares acquired upon exercise of an Incentive Stock Option are disposed of in a
disqualifying disposition within the meaning of Section 422 of the Code by an Grantee prior to the expiration of either two years from the date of grant of such Option or one year from the transfer of Shares to the Grantee pursuant to the
exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Grantee shall notify the Company in writing as soon as practicable thereafter of the date and terms of such disposition and,
if the Company (or any Affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or such Affiliate) an amount equal to any withholding tax the Company (or Affiliate) is required to pay as a result of the disqualifying
disposition. 
 (c) Without limiting the application of Section 5.2, the Option Price with respect to each Incentive Stock
Option shall not be less than 100%, or 110% in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share on the day the Option is granted. In the case of an
individual described in Section 422(b)(6) of the Code who is granted an Incentive Stock Option, the term of such Option shall be no more than five years from the date of grant. 

 

	6.	PROVISIONS APPLICABLE TO RESTRICTED STOCK 

  

	 	6.1	Grant of Restricted Stock. 

(a) In connection with the grant of Restricted Stock, whether or not Performance Goals (as provided for under Section 10) apply
thereto, the Committee shall establish one or more vesting periods with respect to the shares of Restricted Stock granted, the length of which shall be determined in the discretion of the Committee and set forth in the applicable Award Agreement.
Subject to the provisions of this Section 6, the applicable Award Agreement and the other provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all applicable employment or other service requirements
through the end of the applicable vesting period. The Committee also may authorize the granting of Shares that are immediately vested, but otherwise subject to the provisions of the Plan applicable to Restricted Stock. 

(b) Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the applicable Award
Agreement: (i) authorize the granting of Restricted Stock to eligible Persons; (ii) provide a specified purchase price for the Restricted Stock (whether or not the payment of a purchase price is required by any state law applicable to the
Company); (iii) determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions, including any applicable Performance Goals, to the grant of Restricted Stock under the Plan as it may deem
appropriate. 
  

	 	6.2	Certificates. 

 (a) In the
discretion of the Committee, each Grantee of Restricted Stock may be issued a stock certificate in respect of Shares of Restricted Stock awarded under the Plan. Each such certificate shall be registered in the name of the Grantee. A “book
entry” (by computerized or manual entry) shall be made in the records of the Company to evidence an award of Restricted Stock where no certificate is issued in the name of the Grantee. Each certificate, if any, shall be registered in the name
of the Grantee and may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the applicable Award Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the
generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING
FORFEITURE) OF THE DLC REALTY TRUST, INC. 2010 EQUITY INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND DLC REALTY TRUST, INC. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF DLC REALTY TRUST,
INC. AT 580 WHITE PLAINS ROAD, TARRYTOWN, NEW YORK 10591. 
  

 11 

 (b) The Committee shall require that any stock certificates evidencing such Shares be held
in custody by the Company or its designee until the restrictions thereon shall have lapsed, and may in its discretion require that, as a condition of any Award of Restricted Stock, the Grantee shall have delivered to the Company or its designee a
stock power, endorsed in blank, relating to the stock covered by such Restricted Stock Award. If and when such restrictions so lapse, any stock certificates shall be delivered by the Company to the Grantee or his or her designee as provided in
Section 6.3 (and the stock power shall be so delivered or shall be discarded). 
  

	 	6.3	Restrictions and Conditions. 

Unless otherwise provided by the Committee in an Award Agreement, the Shares of Restricted Stock awarded pursuant to the Plan shall be
subject to the following restrictions and conditions: 
 (i) Subject to the provisions of the Plan and the
applicable Award Agreements, during a period commencing with the date of such Award and ending on the date the period of forfeiture with respect to such Shares of Restricted Stock lapses, the Grantee shall not be permitted voluntarily or
involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock awarded under the Plan (or have such Shares attached or garnished). Subject to the provisions of the applicable Award Agreements and clauses
(iii) and (iv) below, the period of forfeiture with respect to Shares of Restricted Stock granted hereunder shall lapse as provided in the applicable Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by
the Committee, the period of forfeiture with respect to such Shares of Restricted Stock shall only lapse as to whole Shares. 

(ii) Except as provided in the foregoing clause (i), below in this clause (ii), in Section 14, or as
otherwise provided in the applicable Award Agreement, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Shares, and, except as provided below, the
right to receive any cash dividends; provided, however, that, if provided in an Award Agreement, cash dividends on such Shares shall be (A) held by the Company (unsegregated as a part of its general assets) until the period of forfeiture lapses
(and forfeited if the underlying Shares are forfeited), and paid over to the Grantee (without interest) as soon as practicable after such period lapses (if not forfeited), or (B) treated as may otherwise be provided in an Award Agreement.
Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her designee (or where permitted, transferee) promptly after, and only after, the period of forfeiture shall lapse without forfeiture in
respect of such Shares of Restricted Stock. 
 (iii) Except as otherwise provided in an applicable employment
agreement or Award Agreement, and subject to clause (iv) below, if the Grantee has a Termination of Service by the Company or its Subsidiaries (or, if applicable, its Affiliates) for Cause, or by the Grantee for any reason other than his or her
death or Disability, during the applicable period of forfeiture, then 
  

 12 

 
(A) all Shares still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and
in no event more than 30 days) after such termination an amount, if any, equal to the lesser of (x) the amount paid by the Grantee, if any, for such forfeited Restricted Stock as contemplated by Section 6.1, and (y) the Fair Market
Value on the date of termination of the forfeited Restricted Stock. 
 (iv) Unless otherwise provided in an
applicable employment agreement or Award Agreement, in the event the Grantee has a Termination of Service on account of his or her death or Disability, or the Grantee has a Termination of Service by the Company or its Subsidiaries for any reason
other than Cause, or in the event of a Change in Control (regardless of whether a termination follows thereafter), during the applicable period of forfeiture, then restrictions under the Plan will immediately lapse on all Restricted Stock granted to
the applicable Grantee. 
  

	7.	PROVISIONS APPLICABLE TO PHANTOM SHARES 

  

	 	7.1	Grant of Phantom Shares. 

Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award
Agreement: (i) authorize the granting of Phantom Shares to Eligible Persons and (ii) determine or impose other conditions to the grant of Phantom Shares under the Plan as it may deem appropriate. 

 

	 	7.2	Term. 

 The Committee may
provide in an Award Agreement that any particular Phantom Share shall expire at the end of a specified term. 
  

	 	7.3	Vesting. 

 (a) Subject to
the provisions of an applicable Award Agreement and Section 7.3(b), Phantom Shares shall vest as provided in the applicable Award Agreement. 

(b) Unless otherwise determined by the Committee in an applicable Award Agreement, the Phantom Shares granted pursuant to the Plan shall
be subject to the following vesting conditions: 
 (i) Subject to the provisions of the Award Agreement and
clause (ii) below, if the Grantee has a Termination of Service by the Company and its Subsidiaries for Cause or by the Grantee for any reason (other than death or Disability), all of the Grantee’s Phantom Shares (whether or not such
Phantom Shares are otherwise vested) shall thereupon, and with no further action, be forfeited and cease to be outstanding, and no payments shall be made with respect to such forfeited Phantom Shares. 

(ii) Subject to the provisions of an applicable Award Agreement, in the event the Grantee has a Termination of Service on
account of death or Disability, or the Grantee has a Termination of Service by the Company and its Subsidiaries for any reason other than Cause, or in the event of a Change in Control (regardless of whether a termination follows thereafter), all
outstanding Phantom Shares granted to such Grantee shall become immediately vested. 
 (iii) Other than as
provided in this Section 7.3, in the event that a Grantee has a Termination of Service, any and all of the Grantee’s Phantom Shares which have not vested prior to or as of such termination shall thereupon, and with no further action, be
forfeited and cease to be outstanding and the Grantee’s vested Phantom Shares shall be settled as set forth in Section 7.4. 
  

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	 	7.4	Settlement of Phantom Shares. 

(a) Except as otherwise provided by the Committee, each vested and outstanding Phantom Share shall be settled by the transfer to the
Grantee of one Share; provided, however, that, the Committee at the time of grant (or, in the appropriate case, as determined by the Committee, thereafter) may provide that, after consideration of possible accounting issues, a Phantom Share may be
settled (i) in cash at the applicable Phantom Share Value, (ii) in cash or by transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee (if any) or (iii) in cash or by transfer of Shares
as elected by the Company. 
 (b) Payment (whether of cash or Shares) in respect of Phantom Shares shall be settled with a
single-sum payment or distribution by the Company; provided that, with respect to Phantom Shares of a Grantee which have a common Settlement Date, the Committee (taking into account, without limitation, Section 409A of the Code, as the
Committee may deem appropriate) may permit the Grantee to elect in accordance with procedures established by the Committee to receive installment payments over a period not to exceed 10 years. If the Grantee’s Phantom Shares are paid out in
installment payments, such installment payments shall be treated as a series of separate payments for purposes of Section 409A of the Code. 

(c) (i) Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with respect to a Phantom Share
is the first day of the month to follow the date on which the Phantom Share vests; provided, however, that a Grantee may elect at or prior to grant, if permitted by and in accordance with procedures to be established by the Committee, that such
Settlement Date will be deferred as elected by the Grantee to the first day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee. Notwithstanding the prior sentence, all initial
elections to defer the Settlement Date shall be made in accordance with the requirements of Section 409A of the Code. In addition, unless otherwise determined by the Committee, any subsequent elections under this Section 7.4(c)(i) must,
except as may otherwise be permitted under the rules applicable under Section 409A of the Code, (A) not be effective for at least one year after they are made, or, in the case of payments to commence at a specific time, be made at least
one year before the first scheduled payment and (B) defer the commencement of distributions (and each affected distribution) for at least five years. 

(ii) Notwithstanding Section 7.4(c)(i), the Committee may provide that distributions of Phantom Shares can be elected
at any time in those cases in which the Phantom Share Value is determined by reference to Fair Market Value to the extent in excess of a base value, rather than by reference to unreduced Fair Market Value. 

(iii) Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this Section 7.4(c), is the date
of the Grantee’s death. 
 (d) Notwithstanding the other provisions of this Section 7, taking into account, without
limitation, the application of Section 409A of the Code, as the Committee may deem appropriate, in the event of a Change in Control, the Settlement Date shall be the date of such Change in Control and all amounts due with respect to Phantom
Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change in Control, unless such Grantee elects otherwise in accordance with procedures established by the Committee. 

 

 14 

 (e) Notwithstanding any other provision of the Plan, taking into account, without
limitation, the application of Section 409A of the Code, as the Committee may deem appropriate, a Grantee may receive any amounts to be paid in installments as provided in Section 7.4(b) or deferred by the Grantee as provided in
Section 7.4(c) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable Emergency” means an event that would cause a severe financial hardship to the Grantee resulting from (x) a sudden and
unexpected illness or accident of the Grantee or “dependent,” as defined in Section 152(a) of the Code, of the Grantee, (y) loss of the Grantee’s property due to casualty, or (z) other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the
extent that such hardship is or may be relieved: 
 (i) through reimbursement or compensation by insurance or
otherwise, 
 (ii) by liquidation of the Grantee’s assets, to the extent the liquidation of such assets
would not itself cause severe financial hardship, or 
 (iii) by future cessation of the making of additional
deferrals with respect to Phantom Shares. 
 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a
home shall not constitute an Unforeseeable Emergency. Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 

 

	 	7.5	Other Phantom Share Provisions. 

(a) Except as permitted by the Committee, rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell,
transfer, assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 

(b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any
payments payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a
Grantee with a vested Phantom Share dies, such Phantom Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 7.4(c) shall be accelerated and
paid, as soon as practicable (but no later than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 

(c) The Committee may, taking into account, without limitation, the application of Section 409A of the Code, as the Committee may
deem appropriate, establish a program under which distributions with respect to Phantom Shares may be deferred for periods in addition to those otherwise contemplated by the foregoing provisions of this Section 7. Such program may include,
without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical investment alternatives for such deferred amounts in
accordance with procedures established by the Committee. 
  

 15 

 (d) Notwithstanding any other provision of this Section 7, any fractional Phantom Share
will be paid out in cash at the Phantom Share Value as of the Settlement Date. 
 (e) No Phantom Share shall be construed to
give any Grantee any rights with respect to Shares or any ownership interest in the Company. Except as may be provided in accordance with Section 8, no provision of the Plan shall be interpreted to confer upon any Grantee of a Phantom Share any
voting, dividend or derivative or other similar rights with respect to any Phantom Share. 
  

	 	7.6	Claims Procedures. 

 (a)
To the extent that the Plan is determined by the Committee to be subject to the Employee Retirement Income Security Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with
respect to Phantom Shares under the Plan by written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an extension
of time for processing, 180 days, in which case notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 

(i) approve the claim and take appropriate steps for satisfaction of the claim; or 

(ii) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a written notice
of such denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of
construction or interpretation adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim
and an explanation of the reasons why such material or information is necessary; and (D) a reference to this Section 7.6 as the provision setting forth the claims procedure under the Plan. 

(b) The claimant may request a review of any denial of his claim by written application to the Committee within 60 days after receipt of
the notice of denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial 60-day period) after
receipt of written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references to the Plan
provisions on which the decision is based. 
  

	8.	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS 

  

	 	8.1	Grant of Dividend Equivalent Rights. 

Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the Award Agreements,
authorize the granting of Dividend Equivalent Rights to Eligible Persons based on the regular cash dividends declared on Common Stock, to be credited as of the dividend payment dates, during the period between the date an Award is granted, and the
date such Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by
the Committee. With respect to Dividend Equivalent Rights granted with respect to Options intended to be qualified performance-based compensation for purposes of Section 162(m) of the Code, such Dividend Equivalent Rights shall be payable
regardless of whether such Option is 
  

 16 

 
exercised. If a Dividend Equivalent Right is granted in respect of another Award hereunder, then, unless otherwise stated in the Award Agreement, or, in the appropriate case, as determined by the
Committee, in no event shall the Dividend Equivalent Right be in effect for a period beyond the time during which the applicable portion of the underlying Award is in effect. 

 

	 	8.2	Certain Terms. 

 (a) The
term of a Dividend Equivalent Right shall be set by the Committee in its discretion. 
 (b) Unless otherwise determined by the
Committee, except as contemplated by Section 8.4, a Dividend Equivalent Right is exercisable or payable only while the Grantee is an Eligible Person. 

(c) Payment of the amount determined in accordance with Section 8.1 shall be in cash, in Common Stock or a combination of both, as
determined by the Committee. 
 (d) The Committee may impose such employment-related conditions on the grant of a Dividend
Equivalent Right as it deems appropriate in its discretion. 
  

	 	8.3	Other Types of Dividend Equivalent Rights. 

The Committee may establish a program under which Dividend Equivalent Rights of a type whether or not described in the foregoing
provisions of this Section 8 may be granted to Grantees. For example, and without limitation, the Committee may grant a Dividend Equivalent Right in respect of each Share subject to an Option or with respect to a Phantom Share, which right
would consist of the right (subject to Section 8.4) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 
  

	 	8.4	Deferral. 

 The Committee
may establish a program or programs (taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) under which Grantees (i) will have Phantom Shares credited, subject
to the terms of Sections 7.4 and 7.5 as though directly applicable with respect thereto, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with respect to Dividend Equivalent Rights deferred. In the case of the
foregoing clause (ii), such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical
investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
  

	9.	OTHER EQUITY-BASED AWARDS 

The Committee shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Committee may
determine, including, without limitation, an Award granted or denominated in Shares or units of Shares based upon certain conditions or denominated in other equity interests, including, without limitation, equity interests of the Partnership, such
as partnership profits interests (including LTIP units), that are convertible or exchangeable into Shares. 
  

 17 

	10.	PERFORMANCE GOALS 

 The
Committee, in its discretion, may, in the case of any Awards (including, in particular, Awards other than Options) intended to qualify for an exception from the limitation imposed by Section 162(m) of the Code at any time that Section 162(m)
applies to the Company, or otherwise (“Performance-Based Awards”), (i) establish one or more Performance Goals (“Performance Goals”) as a precondition to the issuance or vesting of Awards, and
(ii) provide, in connection with the establishment of the Performance Goals, for predetermined Awards to those Grantees (who continue to meet all applicable eligibility requirements) with respect to whom the applicable Performance Goals are
satisfied. The Performance Goals shall be based upon the criteria set forth in Exhibit A hereto which is hereby incorporated herein by reference as though set forth in full. The Performance Goals shall be established in a timely fashion such
that they are considered pre-established for purposes of the rules governing performance-based compensation under Section 162(m) of the Code at any time that Section 162(m) applies to the Company, and compliance with such rules is sought.
Prior to the award or vesting, as applicable, of affected Awards hereunder, the Committee shall have certified that any applicable Performance Goals, and other material terms of the Award, have been satisfied. Performance Goals which do not satisfy
the foregoing provisions of this Section 10 may be established by the Committee with respect to Awards not intended to qualify for an exception from the limitations imposed by Section 162(m) of the Code. 

 

	11.	TAX WITHHOLDING 

  

	 	11.1	In General. 

 The Company,
or a properly designated paying agent, shall be entitled to withhold from any payments or deemed payments any amount of tax withholding determined by the Committee to be required by law. Without limiting the generality of the foregoing, the
Committee may, in its discretion, require the Grantee to pay to the Company at such time as the Committee determines the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold federal, state or local income or
other taxes incurred by reason of (i) the exercise of any Option, (ii) the lapsing of any restrictions applicable to any Restricted Stock, (iii) the receipt of a distribution in respect of Phantom Shares or Dividend Equivalent Rights
or (iv) any other applicable income-recognition event (for example, an election under Section 83(b) of the Code). 
  

	 	11.2	Share Withholding. 

(a) Upon exercise of an Option, the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares
then issued withheld by the Company from the Shares otherwise to be received, or to deliver previously owned Shares, in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such
an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. Where the exercise of an Option does not give rise to an obligation
by the Company to withhold federal, state or local income or other taxes on the date of exercise, but may give rise to such an obligation in the future, the Committee may, in its discretion, make such arrangements and impose such requirements as it
deems necessary or appropriate. 
 (b) Upon lapsing of restrictions on Restricted Stock (or other income-recognition event), the
Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be released from restriction, or to deliver previously owned whole Shares (not subject to
restrictions hereunder) (for which such holder has good title, free and clear of all liens and encumbrances), in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such an
election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. 

 

 18 

 (c) Upon the making of a distribution in respect of Phantom Shares or Dividend Equivalent
Rights, the Grantee may, if approved by the Committee in its discretion, make a written election to have amounts (which may include Shares) withheld by the Company from the distribution otherwise to be made, or to deliver previously owned whole
Shares (not subject to restrictions hereunder) (for which such holder has good title, free and clear of all liens and encumbrances), in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee
permits, such an election, any Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. 

 

	 	11.3	Withholding Required. 

Notwithstanding anything contained in the Plan or the Award Agreement to the contrary, the Grantee’s satisfaction of any
tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide Shares to the Grantee and to the release of any restrictions as may otherwise be
provided hereunder, as applicable; and the applicable Option, Restricted Stock, Phantom Shares or Dividend Equivalent Rights shall be forfeited upon the failure of the Grantee to satisfy such requirements with respect to, as applicable, (i) the
exercise of the Option, (ii) the lapsing of restrictions on the Restricted Stock (or other income-recognition event) or (iii) distributions in respect of any Phantom Share or Dividend Equivalent Right. 

 

	12.	REGULATIONS AND APPROVALS 

(a) The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all applicable laws,
rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

(b) The Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations of any
government authority or to obtain tax benefits applicable to an Award. 
 (c) Each grant of Options, Restricted Stock, Phantom
Shares (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or issuance of Shares in respect thereof), or other Award under Section 9 (or issuance of Shares in respect thereof), is subject to the requirement that, if at any
time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Shares of Restricted Stock, Phantom Shares, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made,
or Phantom Shares or Shares issued or grant of Restricted Stock or other Award made, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to
the Committee. 
 (d) In the event that the disposition of stock acquired pursuant to the Plan is not covered by a then current
registration statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Committee may require any individual
receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired for investment only and not with a view to distribution and that such Shares will be
disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition. 
  

 19 

 (e) Notwithstanding any other provision of the Plan, the Company shall not be required to
take or permit any action under the Plan or any Award Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 

 

	13.	INTERPRETATION AND AMENDMENTS; OTHER RULES 

The Committee may make such rules and regulations and establish such procedures for the administration of the Plan as it deems
appropriate. Without limiting the generality of the foregoing, the Committee may (i) determine the extent, if any, to which Options, Phantom Shares or Shares (whether or not Shares of Restricted Stock), Dividend Equivalent Rights or other
equity-based Awards shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and binding on all persons and
otherwise accorded the maximum deference permitted by law, provided that the Committee’s interpretation shall not be entitled to deference on and after a Change in Control except to the extent that such interpretations are made exclusively by
members of the Committee who are individuals who served as Committee members before the Change in Control; and (iii) take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with
the Plan or the administration or interpretation thereof. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to
the Plan, the decision of the Committee, except as provided in clause (ii) of the foregoing sentence, shall be final and binding upon all persons. Unless otherwise expressly provided hereunder, the Committee, with respect to any grant, may
exercise its discretion hereunder at the time of the Award or thereafter. Notwithstanding any provision in the Plan to the contrary, no Option or Stock Appreciation Right (granted pursuant to Section 5.7) issued under the Plan may be amended to
reduce the Option Price or the exercise price of such Stock Appreciation Right below the Option Price or exercise price as of the date the Option or Stock Appreciation Right was granted. The Board may amend the Plan as it shall deem advisable,
except that no amendment may adversely affect a Grantee with respect to an Award previously granted without such Grantee’s written consent unless such amendments are required in order to comply with applicable laws; provided, however, that the
Plan may not be amended without stockholder approval in any case in which amendment in the absence of stockholder approval would cause the Plan to fail to comply with any applicable legal requirement or applicable exchange or similar rule.

  

	14.	CHANGES IN CAPITAL STRUCTURE 

(a) If (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation,
reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or its Subsidiaries or a transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination,
reclassification, recapitalization or other similar change in the capital structure of the Company or its Subsidiaries, or any distribution to holders of Common Stock other than cash dividends, shall occur or (iii) any other event shall occur
which in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Awards, then: 

(x) the maximum aggregate number and kind of Shares which may be made subject to Options and Dividend Equivalent Rights
under the Plan, the maximum aggregate number and kind of Shares of Restricted Stock that may be granted under the Plan, and the maximum aggregate number of Phantom Shares and other Awards which may be granted under the Plan may be appropriately
adjusted by the Committee in its discretion; and 
  

 20 

 (y) the Committee shall take any such action as in its discretion shall be
necessary to maintain each Grantees’ rights hereunder (including under their Award Agreements) with respect to Options, Phantom Shares and Dividend Equivalent Rights (and, as appropriate, other Awards under the Plan), so that they are
substantially proportionate to the rights existing in such Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under the Plan) prior to such event, including, without limitation, adjustments in (A) the number of Options,
Phantom Shares and Dividend Equivalent Rights (and other Awards under the Plan) granted, (B) the number and kind of shares or other property to be distributed in respect of Options, Phantom Shares and Dividend Equivalent Rights (and other
Awards under the Plan, as applicable), (C) the Option Price and Phantom Share Value, and (D) performance-based criteria established in connection with Awards (to the extent consistent with Section 162(m) of the Code, as applicable);
provided that, in the discretion of the Committee, the foregoing clause (D) may also be applied in the case of any event relating to a Subsidiary if the event would have been covered under this Section 14(a) had the event related to the
Company. 
 To the extent that such action shall include an increase or decrease in the number of Shares (or units of other property then
available) subject to all outstanding Awards, the number of Shares (or units) available under Section 4 shall be increased or decreased, as the case may be, proportionately, as may be determined by the Committee in its discretion. 

(b) Any Shares or other securities distributed to a Grantee with respect to Restricted Stock or otherwise issued in substitution of
Restricted Stock shall be subject to the restrictions and requirements imposed by Section 6, including depositing the certificates therefor with the Company together with a stock power and bearing a legend as provided in Section 6.2(a).

 (c) If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has received
Restricted Stock that is then subject to restrictions imposed by Section 6.3(a) may be required to deposit with the successor corporation the certificates, if any, for the stock or securities or the other property that the Grantee is entitled
to receive by reason of ownership of Restricted Stock in a manner consistent with Section 6.2(b), and such stock, securities or other property shall become subject to the restrictions and requirements imposed by Section 6.3(a), and the
certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 6.2(a). 

(d) If a Change in Control shall occur, then the Committee, as constituted immediately before the Change in Control, may make such
adjustments as it, in its discretion, determines are necessary or appropriate in light of the Change in Control, provided that the Committee determines that such adjustments do not have an adverse economic impact on the Grantee as determined at the
time of the adjustments. The Committee’s authority shall include, but not be limited to, having the discretion to provide that upon a Change in Control, (i) all or a portion of any outstanding Options and Stock Appreciation Rights shall
become fully exercisable, (ii) all or a portion of any outstanding Awards shall become vested and transferable, and all or a portion of any outstanding Performance-Based Awards and incentive awards will be earned, or (iii) all or a portion
of any outstanding Awards may be cancelled in exchange for a payment of cash, or all or a portion of any outstanding Awards may be substituted for Awards that will substantially preserve the otherwise applicable terms of any affected Awards
previously granted under the Plan. 
 (e) The judgment of the Committee with respect to any matter referred to in this
Section 14 shall be conclusive and binding upon each Grantee without the need for any amendment to the Plan. 
  

 21 

	15.	MISCELLANEOUS 

  

	 	15.1	No Rights to Employment or Other Service. 

Nothing in the Plan or in any grant made pursuant to the Plan shall confer on any individual any right to continue in the employ or other
service of the Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and its stockholders to terminate the individual’s employment or other service at any time. 

 

	 	15.2	No Fiduciary Relationship. 

Nothing contained in the Plan (including without limitation Sections 7.5(c) and 8.4, and no action taken pursuant to the provisions
of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company or its Subsidiaries, or their officers or the Committee, on the one hand, and the Grantee, the Company, its Subsidiaries
or any other person or entity, on the other. 
  

	 	15.3	Compliance with Section 409A of the Code. 

(a) Any Award Agreement issued under the Plan that is subject to Section 409A of the Code may include such additional terms and
conditions as the Committee determines are required to satisfy the requirements of Section 409A of the Code. 
 (b) With
respect to any Award issued under the Plan that is subject to Section 409A of the Code, and with respect to which a payment or distribution is to be made upon a Termination of Service, if the Grantee is determined by the Company to be a
“specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and any of the Company’s stock is publicly traded on an established securities market or otherwise, such payment or distribution, to the extent it
would constitute a payment of nonqualified deferred compensation within the meaning of Section 409A of the Code that is ineligible for an exemption from treatment as such, may not be made before the date which is six months after the date of
Termination of Service (to the extent required under Section 409A of the Code). Any payments or distributions delayed in accordance with the prior sentence shall be paid to the Grantee on the first day of the seventh month following the
Grantee’s Termination of Service. 
 (c) To the extent compliance with Section 409A of the Code is intended, the Board
and the Committee shall administer the Plan, and exercise authority and discretion under the Plan, consistent with the requirements of Section 409A of the Code or any exemption thereto. 

(d) The Company makes no representation or warranty and shall have no liability to any Grantee or any other person if any provisions of
this Plan or any Award Agreement issued pursuant hereto are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

 

	 	15.4	No Fund Created. 

 Any and
all payments hereunder to any Grantee under the Plan shall be made from the general funds of the Company (or, if applicable, a participating Subsidiary), no special or separate fund shall be established or other segregation of assets made to assure
such payments, and the Phantom Shares (including for purposes of this Section 15.4 any accounts established to facilitate the implementation of Section 7.4(c)) and any other similar devices issued hereunder to account for Plan obligations
do not constitute Common Stock and shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided, however, that the Company (or a participating Subsidiary) may establish a mere

  

 22 

 
bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of
the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company (or, if applicable, a participating Subsidiary) under the Plan are unsecured and constitute a mere promise by the Company (or, if applicable, a
participating Subsidiary) to make benefit payments in the future and, to the extent that any person acquires a right to receive payments under the Plan from the Company (or, if applicable, a participating Subsidiary), such right shall be no greater
than the right of a general unsecured creditor of the Company (or, if applicable, a participating Subsidiary). (If any Affiliate of the Company is or is made responsible with respect to any Awards, the foregoing sentence shall apply with respect to
such Affiliate.) Without limiting the foregoing, Phantom Shares and any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and determination of the amounts to be paid to a Grantee under the
Plan, and each Grantee’s right in the Phantom Shares and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 
  

	 	15.5	Notices. 

 All notices
under the Plan shall be in writing, and if to the Company, shall be delivered to the Committee or mailed to its principal office, addressed to the attention of the Committee; and if to the Grantee, shall be delivered personally, sent by facsimile
transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 15.5. 

 

	 	15.6	Indemnification. 

 The
Company shall indemnify the members of the Board and the members of the Committee in connection with the performance of such person’s duties, responsibilities and obligations under the Plan, to the maximum extent permitted by Maryland law.

  

	 	15.7	Captions. 

 The use of
captions in this Plan is for convenience. The captions are not intended to provide substantive rights. 
  

	 	15.8	Governing Law. 

 THIS PLAN
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

  

	 	15.9	Gender Neutral 

 Wherever
used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise. 
  

 23 

 EXHIBIT A 

PERFORMANCE CRITERIA 

Performance-Based Awards intended to qualify as “performance-based” compensation under Section 162(m) of the Code, may be
payable upon the attainment of objective Performance Goals that are established by the Committee and relate to one or more Performance Criteria, in each case on specified date or over any period, up to 10 years, as determined by the Committee.
Performance Criteria may (but need not) be based on the achievement of the specified levels of performance under one or more of the measures set out below relative to the performance of one or more other corporations or indices. 

“Performance Criteria” includes, but is not limited to, the following business criteria (or any combination thereof) with
respect to one or more of the Company, any participating company or any division or operating unit thereof: 
  

	 	(i)	pre-tax income, 

  

	 	(ii)	after-tax income, 

  

	 	(iii)	net income (meaning net income as reflected in the Company’s financial reports for the applicable period, on an aggregate, diluted and/or per share basis),

  

	 	(iv)	operating income, 

  

	 	(v)	cash flow, 

  

	 	(vi)	earnings per share, 

  

	 	(vii)	return on equity, 

  

	 	(viii)	return on invested capital or assets, 

  

	 	(ix)	cash and/or funds available for distribution, 

  

	 	(x)	appreciation in the fair market value of the Common Stock, 

  

	 	(xi)	return on investment, 

  

	 	(xii)	total return to stockholders (meaning the aggregate Common Stock price appreciation and dividends paid (assuming full reinvestment of dividends) during the applicable
period), 

  

	 	(xiii)	net earnings growth, 

  

	 	(xiv)	stock appreciation (meaning an increase in the price or value of the Common Stock after the date of grant of an award and during the applicable period),

  

	 	(xv)	related return ratios, 

  

	 	(xvi)	increase in revenues, 

  

 24 

	 	(xvii)	net earnings, 

  

	 	(xviii)	changes (or the absence of changes) in the per share or aggregate market price of the Company’s Common Stock, 

 

	 	(xix)	number of securities sold, 

  

	 	(xx)	earnings before any one or more of the following items: interest, taxes, depreciation or amortization for the applicable period, as reflected in the Company’s
financial reports for the applicable period, 

  

	 	(xxi)	total revenue growth (meaning the increase in total revenues after the date of grant of an award and during the applicable period, as reflected in the Company’s
financial reports for the applicable period), 

  

	 	(xxii)	the Company’s published ranking against its peer group of real estate investment trusts based on total stockholder return, 

 

	 	(xxiii)	funds from operations, and 

  

	 	(xxiv)	adjusted funds from operations. 

Performance Goals may be absolute amounts or percentages of amounts, may be relative to the performance of other companies or of indexes
or may be based upon absolute values or values determined on a per-share basis. 
 Except as otherwise expressly provided, all
financial terms are used as defined under Generally Accepted Accounting Principles (“GAAP”) and all determinations shall be made in accordance with GAAP, as applied by the Company in the preparation of its periodic reports to
stockholders. 
 To the extent permitted by Section 162(m) of the Code, unless the Committee provides otherwise at the time
of establishing the Performance Goals, for each fiscal year of the Company, there shall be objectively determinable adjustments, as determined in accordance with GAAP, to any of the Performance Criteria described above for one or more of the items
of gain, loss, profit or expense: (A) determined to be extraordinary or unusual in nature or infrequent in occurrence, (B) related to the disposal of a segment of a business, (C) related to a change in accounting principle under GAAP,
(D) related to discontinued operations that do not qualify as a segment of a business under GAAP, and (E) attributable to the business operations of any entity acquired by the Company during the fiscal year. 

 

 25Form of Restricted Stock Agreement

 Exhibit 10.3 

DLC REALTY TRUST, INC. 

2010 EQUITY INCENTIVE PLAN 

FORM OF RESTRICTED STOCK AWARD AGREEMENT 

THIS AGREEMENT is made by and between DLC Realty Trust, Inc., a Maryland corporation (the “Company”) and
[•] (the “Grantee”), dated as of the [•] day of [•], 2010. 
 WHEREAS, the Company
maintains the DLC Realty Trust, Inc. 2010 Equity Incentive Plan (the “Plan”) (capitalized terms used but not defined herein shall have the respective meanings ascribed thereto by the Plan); 

WHEREAS, the Grantee is an Eligible Person; and 

WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best interests of the Company and its
stockholders to grant Restricted Stock to the Grantee subject to the terms and conditions set forth below. 
 NOW, THEREFORE,
IT IS HEREBY AGREED AS FOLLOWS: 
  

	 	1.	Grant of Restricted Stock. 

The Company hereby grants the Grantee [•] Shares of Restricted Stock of the Company, subject to the following terms and conditions
and subject to the provisions of the Plan. The Plan is hereby incorporated herein by reference as though set forth herein in its entirety. To the extent such terms or conditions conflict with any provision of the Plan, the terms and conditions set
forth herein shall govern. 
  

	 	2.	Restrictions and Conditions. 

The Restricted Stock awarded pursuant to this Agreement and the Plan shall be subject to the following restrictions and conditions:

 (i) Subject to clauses (iii) and (iv) below, the period of restriction with respect to Shares granted hereunder (the
“Restriction Period”) shall begin on the date hereof and lapse, if and as service continues, with respect to [one-third] of the Shares granted hereunder, on each of the first [three] anniversaries of the date hereof.

 For purposes of the Plan and this Agreement, Shares with respect to which the Restriction Period has lapsed shall be vested.
Notwithstanding the foregoing, the Restriction Period with respect to such Shares shall only lapse as to whole Shares (rounded down to the nearest whole Share). Subject to the provisions of the Plan and this Agreement, during the Restriction Period,
the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, hypothecate, alienate, encumber or assign the Shares of Restricted Stock awarded under the Plan (or have such Shares attached or garnished). 

(ii) Except as provided in the foregoing clause (i), below in this clause (ii) or in the Plan, the Grantee shall have, in respect of
the Shares of Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Shares and the right to receive dividends. Unless otherwise provided by the Committee, the Grantee shall be entitled to receive any
cash dividends on any shares of Restricted Stock (whether or not 

 
then subject to restrictions) which have not been forfeited. Shares (not subject to restrictions) shall be delivered to the Grantee or his or her designee promptly after, and only after, the
Restriction Period shall lapse without forfeiture in respect of such Shares of Restricted Stock. 
 (iii) Subject to clause
(iv) below, upon the Grantee’s Termination of Service by the Company and its Subsidiaries for Cause or by the Grantee for any reason other than his or her death or Disability, during the Restriction Period, then (A) all Shares still
subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30 days) after such termination an amount equal to
the lesser of (x) the amount (if any) paid by the Grantee for such forfeited Restricted Stock as contemplated by the Plan, and (y) the Fair Market Value on the date of termination of the forfeited Restricted Stock. 

(iv) In the event the Grantee has a Termination of Service on account of death or Disability or the Grantee has a Termination of Service
by the Company and its Subsidiaries for any reason other than for Cause, or in the event of a Change in Control (regardless of whether a termination follows thereafter), during the Restriction Period, then the Restriction Period will immediately
lapse on all Restricted Stock granted to the Grantee hereunder. 
  

	 	3.	Miscellaneous. 

  

	 	(a)	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH
COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified
except by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement. 

  

	 	(b)	The Committee may make such rules and regulations and establish such procedures for the administration of this Agreement as it deems appropriate. Without limiting the
generality of the foregoing, the Committee may in good faith interpret the Plan and this Agreement, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law, provided that
the Committee’s interpretation shall not be entitled to deference on and after a Change in Control except to the extent that such interpretations are made exclusively by members of the Board who are individuals who served as Board members
before the Change in Control and take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan, this Agreement or the administration or interpretation thereof. In the event
of any dispute or disagreement as to interpretation of the Plan or this Agreement or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan or this Agreement, the decision of the
Committee in accordance with the foregoing provisions of this Paragraph 3(b) shall be final and binding upon all persons. 

  

 2 

	 	(c)	All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board or mailed to its principal office, addressed to the
attention of the Board; and if to the Grantee, shall be delivered personally, sent by facsimile transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice
to the other party given in accordance with this paragraph 3(c). 

  

	 	(d)	Without limiting the Grantee’s rights as may otherwise be applicable in the event of a Change in Control, if the Company shall be consolidated or merged with
another corporation or other entity, the Grantee may be required to deposit with the successor corporation any certificates for the stock or securities or the other property that the Grantee is entitled to receive by reason of ownership of
Restricted Stock in a manner consistent with the Plan, and such stock, securities or other property shall become subject to the restrictions and requirements imposed under the Plan and this Agreement, and the certificates therefor or other evidence
shall bear a legend similar in form and substance to the legend set forth in the Plan. 

 Unless otherwise provided
by the Committee, any shares or other securities distributed to the Grantee with respect to Restricted Stock or otherwise issued in substitution of Restricted Stock shall be subject to the restrictions and requirements imposed by the Plan and this
Agreement, including depositing the certificates therefor with the Company together with a stock power and bearing a legend as provided in the Plan. 
  

	 	(e)	The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it determines to be required by law.

  

	 	(f)	The failure of the Grantee or the Company to insist upon strict compliance with any provision of this Agreement, or to assert any right the Grantee or the Company,
respectively, may have under this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

 

	 	(g)	Nothing in this Agreement shall confer on the Grantee any right to continue in the service of the Company or its Subsidiaries or interfere in any way with the right of
the Company or its Subsidiaries and its stockholders to terminate the Grantee’s service at any time. 

  

	 	(h)	This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with
respect thereto. 

  

 3 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day
and year first above written. 
  

			
	DLC REALTY TRUST, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

	
	
	  
	[GRANTEE]

  

 4

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