Document:

Supplemental Executive Retirement Paln

 EXHIBIT 10.1 

 
 COMMSCOPE, INC. 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

As Amended and Restated 

Effective May 3, 2010 
  

 

 ARTICLE I 

INTRODUCTION 

1.1        Effective Date. The effective date of the Plan is June 8, 1990, as
amended and restated effective January 1, 2001, as further amended and restated effective December 15, 2004, as further amended and restated effective February 24, 2006, as further amended and restated effective October 8, 2007,
and as further amended and restated herein, effective April 9, 2009. 

1.2        Purpose. The purpose of the Plan is to provide supplemental retirement
benefits for a select group of management and/or highly compensated employees of CommScope, Inc. and its Subsidiaries. The Plan is an unfunded arrangement that is not intended to qualify under Section 401(a) of the Code, nor be generally
subject to ERISA. 
 1.3        Legal Effect. The terms and conditions of the
Plan as amended and restated herein shall amend and supersede, prospectively and in its entirety, the terms and conditions of the CommScope, Inc. Supplemental Executive Retirement Plan originally adopted June 8, 1990, as amended and restated
effective January 1, 2001, as further amended and restated effective December 15, 2004, as further amended and restated effective February 24, 2006, and as further amended and restated effective October 8, 2007. The provisions of
the Plan as in effect prior to January 1, 2001 shall continue to govern the benefits and rights of all Participants who were retired under the terms of the Plan as of December 31, 2000. 

1.4        Administration. The Plan shall be administered by the Board or a Committee
appointed by the Board. 
 ARTICLE II 

DEFINITIONS 

2.1        Administrator shall mean the Board, or the Committee appointed by the Board,
responsible for the overall operation and administration of the Plan. 

2.2        Annual Compensation shall mean the Compensation paid to a Participant by the
Company for the Plan Year. 
 2.3        Annual Compensation Cap shall mean the
compensation limitation set forth under Section 401(a)(17) of the Code for the applicable Plan Year. 

2.4        Beneficial Owner, Beneficial Ownership, Beneficially Owned and
Beneficially Owning shall have the meanings applicable under Rule 13d-3 promulgated under the Exchange Act. 

2.5        Beneficiary shall mean the person or persons designated by the Participant to
receive a distribution of Plan benefits upon the death of such Participant. 

2.6        Board shall mean the Board of Directors of the Company. 

 2.7        Cause shall mean a
Participant’s commission of fraud, embezzlement, gross misconduct, or other felonies against the Company. 

2.8        Change of Control means, any of the following: 

(a)        An acquisition (other than directly from the Company) of any Voting Securities by any
“Person” (as the term “person” is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)), immediately after which such Person has Beneficial Ownership of more than
thirty-three percent (33%) of (i) the then-outstanding shares of common stock of the Company (the “Shares”) or (ii) the combined voting power of the Company’s then-outstanding Voting Securities; provided, however, that
in determining whether a Change in Control has occurred pursuant to this paragraph (a), the acquisition of Shares or Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a Change in Control. A
“Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person the majority of the voting power,
voting equity securities or equity interest of which is owned, directly or indirectly, by the Company (for purposes of this definition, a “Related Entity”), (ii) the Company or any Related Entity, or (iii) any Person in
connection with a Non-Control Transaction (as hereinafter defined); 
 (b)        The
individuals who, as of February 24, 2006, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least two-thirds of the members of the Board or, following a Merger (as hereinafter defined), the board
of directors of (i) the corporation resulting from such Merger (the “Surviving Corporation”), if fifty percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Surviving Corporation is
not Beneficially Owned, directly or indirectly, by another Person (a “Parent Corporation”) or (ii) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; provided, however, that, if the election, or
nomination for election by the Company’s common shareholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of the Plan, be considered a member of the Incumbent
Board; and provided, further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of an actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Proxy Contest; or 

(c)        The consummation of: 

(i)        A merger, consolidation or reorganization (x) with or into the
Company or (y) in which securities of the Company are issued (a “Merger”), unless such Merger is a “Non-Control Transaction.” A “Non-Control Transaction” shall mean a Merger in which: 

(A)        the shareholders of the Company immediately before such Merger own
directly or indirectly immediately following such Merger at least a majority of the combined voting power of the outstanding voting securities of (1) the Surviving Corporation, if there is no Parent

  

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Corporation or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; 

(B)        the individuals who were members of the Incumbent Board immediately
prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of directors of (1) the Surviving Corporation, if there is no Parent Corporation, or (2) if there is one or more
than one Parent Corporation, the ultimate Parent Corporation; and 

(C)        no Person other than (1) the Company or another corporation that
is a party to the agreement of Merger, (2) any Related Entity, or (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related Entity, or
(4) any Person who, immediately prior to the Merger had Beneficial Ownership of thirty-three percent (33%) or more of the then outstanding Shares or Voting Securities, has Beneficial Ownership, directly or indirectly, of thirty-three
percent (33%) or more of the combined voting power of the outstanding voting securities or common stock of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there is one or more than one Parent Corporation,
the ultimate Parent Corporation. 
 (ii)        A complete liquidation
or dissolution of the Company; or 
 (iii)        The sale or other
disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person (other than (x) a transfer to a Related Entity or (y) the distribution to the Company’s shareholders of the stock
of a Related Entity or any other assets). 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by the
Company which, by reducing the number of Shares or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons; provided that if a Change in Control would occur (but for the operation of
this sentence) as a result of the acquisition of Shares or Voting Securities by the Company and, after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities and such
Beneficial Ownership increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

2.9        Code shall mean the Internal Revenue Code of 1986, as amended from time to
time. 
 2.10        Committee shall mean a committee created by the Board to
determine compensation matters involving officers and directors. Any function exercisable by such 
  

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Committee may also be exercised by the Board if no such Committee is ever created or is created and subsequently disbanded. Members of the Committee may be Board members or other officers of the
Company as designated by the Board. 
 2.11        Company shall mean CommScope,
Inc., and any successor corporation or other legal entity thereto. 

2.12        Compensation in respect of any Plan Year shall mean the cash salary and wages
paid to the Participant by the Company, including annual bonuses and commissions earned and accrued in respect of such Plan Year (whether or not actually paid in that Plan Year), but excluding payments associated with any other employee benefit
plan, profit sharing plan, long term incentive or stock and stock option programs provided by the Company. Compensation shall also include any salary reduction contributions made by the Company under another Company sponsored employee benefit plan
that satisfies the requirements of Section 125 or Section 401(k) of the Code. 

2.13        Early Retirement Date shall mean, unless determined otherwise by the
Administrator on a case–by-case basis, the first day of the calendar month coincident with or next following the later of the Participant’s 55th birthday and the completion of 10 years of Service with the Company. 

2.14        Earnings shall mean the notional investment amounts periodically credited to
each Participant’s Special Account or Regular Account. 
 2.15        ERISA
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

2.16        Normal Retirement Date shall mean the first day of the calendar month
coincident with or next following the Participant’s 65th birthday. 

2.17        Participant shall mean any individual actively employed by the Company or a
Subsidiary who is a member of a select group of management and/or highly compensated employees and who is designated a Participant by the Board or the Committee. 

2.18        Participation Date shall mean the date the Participant receives the notice
described in Section 3.1. 
 2.19        Payment Commencement Date shall
mean the date that a Participant’s Supplemental Retirement Account Balance is to be paid or commence to be paid. 

2.20        Plan shall mean the CommScope, Inc. Supplemental Executive Retirement Plan as
Amended and Restated effective April 9, 2009, as further amended from time to time. 

2.21        Plan Year shall mean the calendar year. 

2.22        Regular Account shall mean the individual account established for each
Participant to which the Company credits an annual Company contribution and Earnings as provided in Article IV herein. 
  

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 2.23        Service shall mean the period of
full time employment of a Participant with (i) the Company, (ii) a prior parent corporation and/or a prior Subsidiary, or (iii) a Subsidiary or parent corporation. Notwithstanding the above, at the complete discretion of the Board or
Committee, Service for purposes of determining any Participant’s Special Account may include all or any part of a Participant’s continuous full time employment with the company with whom such Participant was employed immediately prior to
becoming employed by the Company or Subsidiary. 
 2.24        Special Account
shall mean the initial individual account established for each Participant to which the Company credits a single lump sum amount and Earnings thereafter as provided in Article IV herein. 

2.25        Subsidiary shall mean any corporation or other legal entity (whether or not
incorporated), in which the Company directly or indirectly owns either (A) Voting Securities possessing at least 50% of the Voting Power of such entity, or (B) if such entity does not issue Voting Securities, at least 50% of the ownership
interests in such entity. 
 2.26        Supplemental Retirement Account Balance
shall mean the total of the Participant’s Regular Account and Special Account, including Earnings thereon, as of any date. 

2.27        Survivor’s Benefit shall mean the Supplemental Retirement Account
Balance payable to the Participant’s Beneficiary in accordance with Article V herein. 

2.28        Separation from Service shall mean the separation of a Participant’s
active Service with the Company or any Subsidiary, division or unit whether by voluntary or involuntary separation, retirement, or death. A Participant will be treated as having a Separation from Service if it is not reasonably anticipated that the
Participant will continue to provide services to the Company (whether as an employee or independent contractor, but not as a director) that exceeds twenty percent (20%) of the average level of bona fide services performed by the Participant
over the immediately preceding thirty-six (36) month period (or the full period of services if the Participant has been providing services less than thirty-six (36) months). 

2.29        Vesting Date shall mean, for any Participant, the date that is one year and
31 days following the Participant’s Participation Date. 
 2.30        Voting
Power shall mean the combined voting power of the then outstanding Voting Securities. 

2.31        Voting Securities shall mean, with respect to the Company or any Subsidiary,
any securities issued by the Company or such Subsidiary, respectively, which generally entitle the holder thereof to vote for the election of directors of the Company. 

ARTICLE III 

DESIGNATION OF PARTICIPANTS AND ELIGIBILITY FOR BENEFITS 

 

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 3.1        Designation of Participants. An
employee shall become a Participant in the Plan when the Board or the Committee has (i) approved his selection to become a Participant in the Plan, (ii) determined the amount of any Special Account to be credited to the employee, and
(iii) notified the employee, in writing, that he is a Participant in the Plan. Such notice shall be given to a Participant by the Company with the concurrence of the Board or the Committee and shall be accompanied by such information as shall
be deemed appropriate to describe the provisions of the Plan and the benefits hereunder. 

3.2        Eligibility for Benefits. Benefits shall be payable in respect of a
Participant if: 
 (a)        the Participant’s Separation from Service occurs on
or after the later of his Vesting Date or his Normal Retirement Date; 
 (b)        the
Participant’s Separation from Service occurs on or after the later of his Vesting Date or his Early Retirement Date; 

(c)        the Participant’s Separation from Service occurs as a result of his death while
in active Service before his Early Retirement Date or Normal Retirement Date and he is survived by his Beneficiary; 

(d)        the Participant experiences a Disability, as defined in Section 5.5; 

(e)        the Participant experiences an involuntary Separation from Service with the Company
on or after his Vesting Date for reasons other than for Cause; or 
 (f)        the
Participant experiences a Separation from Service for any reason other than by the Company for Cause within two (2) years after the later of his Vesting Date or the date of a Change in Control. 

Except as provided in (c), (d), (e) or (f) above, or upon a complete termination of the Plan in accordance with section 8.1
below, no benefits shall be payable hereunder with respect to any Participant whose Separation from Service occurs prior to the earlier of his Early Retirement Date or his Normal Retirement Date. 

3.3        Continued Employment after Normal Retirement Date. In the event a Participant
remains an active employee of the Company or any Subsidiary, division or unit after the later of the Vesting Date or his Normal Retirement Date, his right to benefits under the Plan shall be fully vested, but no benefits shall be payable to the
Participant until the time set forth in Sections 5.1, 5.2, 5.3, 5.5 or 5.9, as applicable. In addition, any such Participant who remains an active employee of the Company or any Subsidiary, division or unit after his Normal Retirement Date shall
continue to be eligible to receive (i) annual contributions to his Regular Account in accordance with Section 4.3 and (ii) Earnings on his Special Account and Regular Account in accordance with Section 4.5 hereof. 

3.4        Continued Eligibility for Benefits. Notwithstanding the above, the
Participant’s rights to receive, or continue to receive, his Supplemental Retirement Plan Account Balance shall be contingent on his: 
  

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 (a)        rendering reasonable business consulting
and advisory services after a Separation from Service as the Company may reasonably request from time to time; provided: 

(i)        It is understood that such services shall not require the Participant
to be active in the day-to-day activities of the Company, and that the Participant shall perform such services as an independent contractor. 

(ii)        It is further understood that the Participant shall be reasonably
compensated for such services in an amount to be then agreed upon, and he shall be reimbursed for all expenses incurred in performing such services. 

(b)        not performing services similar to the services performed by the Participant for the
Company or any affiliate of the Company, in any capacity, for any business enterprise which competes to a substantial degree with the Company, nor engaging in any activity, including the solicitation of the Company’s employees, that involves
substantial competition with the Company, without the prior written consent of the Company, during the greater of (i) the period during which the Participant is entitled to payments hereunder, and (ii) two (2) years immediately
following the Participant’s Separation from Service. 
 ARTICLE IV 

SUPPLEMENTAL RETIREMENT BENEFITS 

4.1        Supplemental Retirement Account Balance. All benefits under the Plan shall be
provided to each Participant from such Participant’s Supplemental Retirement Account Balance as established, maintained, and distributed by the Company in accordance with the terms of the Plan. Each Participant’s Supplemental Account
Balance shall be equal to the sum of such Participant’s Special Account and Regular Account including Earnings thereon, as described herein. 

4.2        Special Account. The Company shall establish for each Participant in the Plan
an individual Special Account which shall, unless the Board or the Committee determines in its sole discretion with respect to any Participant to increase the amount of such Special Account, be equal to the product of 5% of such Participant’s
Annual Compensation as earned over the Plan Year immediately preceding the Plan Year in which the employee first becomes a Participant, multiplied by the number of whole and fractional years of Service completed by the Participant while employed by
the Company in a salary grade 17 or higher, as rendered prior to the January 1 of the Plan Year in which the employee first becomes a Participant. Such Special Account shall be credited with Earnings beginning with the Plan Year in which the
Special Account is first established, and accumulated balances thereunder shall continue to be credited with Earnings until completely distributed to the Participant, or his Beneficiary, if applicable. Notwithstanding the foregoing, Special Accounts
shall not be established for Participants who begin participating in the Plan during the 2009 Plan Year, and no Earnings shall be credited to existing Special Accounts during the 2009 Plan Year. 

4.3        Regular Account. The Company shall establish for each Participant in the Plan
an individual Regular Account to which the Company shall credit an annual contribution each 
  

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December 31st with respect to each Participant who as of such December 31st, is both a Participant in the Plan and is actively employed by the Company or a Subsidiary. The annual
contribution credited to the Regular Account of any Participant who is in a salary grade above grade 17 as of December 31 of the Plan Year for which the contribution is determined, shall, unless the Board or the Committee determines in its
discretion with respect to any Plan Year to increase the amount of such contribution, be equal to 5% of such Participant’s Annual Compensation up to the Annual Compensation Cap, plus 15% of such Participant’s Annual Compensation in excess
of the Annual Compensation Cap. 
 The annual contribution credited to the Regular Account of any Participant who is in a
salary grade 17 or below as of December 31 of the Plan Year for which the contribution is determined, shall, unless the Board or the Committee determines in its discretion with respect to any Plan Year to increase the amount of such
contribution, be equal to 5% of such Participant’s Annual Compensation up to the Annual Compensation Cap, plus 10% of such Participant’s Annual Compensation in excess of the Annual Compensation Cap. 

Contributions credited to the Regular Account shall be credited with Earnings beginning with the Plan Year immediately following its
determination, and accumulated balances thereunder shall continue to be credited with Earnings until completely distributed to the Participant, or his Beneficiary, if applicable. In addition, the Board or the Committee may at its discretion credit
to a Participant’s Regular Account, at any time or from time to time, a special lump sum contribution. Such special lump sum contributions to a Participant’s Regular Account shall be credited with Earnings beginning with the Plan Year in
which the contribution is determined, and accumulated balances thereunder shall continue to be credited with Earnings until completely distributed to the Participant, or his Beneficiary, if applicable. 

Notwithstanding the foregoing, the Company shall make no contributions to Regular Accounts during the 2009 Plan Year, and no Earnings
shall be credited to Regular Accounts during the 2009 Plan Year. 

4.4        Determination of Regular Account Credit in Year of Separation from Service. If
a Participant first experiences a Separation from Service other than as of December 31 of a Plan Year and qualifies for benefits under Article III of the Plan, he shall be eligible for a partial contribution credit to his Regular Account. The
partial credit shall be determined as of the date of his Separation from Service by first computing the annualized value of the excess of the Participant’s Compensation over the Annual Compensation Cap, then multiplying such amount by the
applicable contribution percentage factors set forth in section 4.3 above, and then multiplying the resulting amount by a prorated factor equal to the number of completed months of Service as of the Separation from Service date divided by 12.
Notwithstanding the foregoing, a Participant shall not be eligible for any contribution credit if such Participant experiences a Separation from Service during the 2009 Plan Year. 

For purposes of this section 4.4, the portion of the Participant’s Annual Compensation considered attributable to his bonus or
commission shall be his target bonus or commission (deemed achieved at a 100% level of performance, if applicable) as in effect for the year during which the Separation from Service occurs. If it is subsequently determined that his actual bonus or
commission attributable to the year of his Separation from Service is other than such target 
  

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bonus or commission amount, then the Administrator may recalculate the partial contribution credit to his Regular Account to reflect such difference and may adjust the remaining balance of the
Participant’s Supplemental Retirement Account accordingly. Such recalculations and adjustments shall be completed as soon as practicable following the determination of the actual bonus or commission amounts payable, and any resulting
adjustments shall be credited with Earnings as set forth herein. 

4.5        Determination and Crediting of Earnings. The Earnings credited to each
Participant’s Special Account and Regular Account for each Plan Year shall be determined by the Administrator prior to the beginning of such Plan Year and shall be communicated to each Participant. For the Plan Year beginning January 1,
2006, and for each subsequent Plan Year thereafter until changed by the Administrator, the Earnings credited to each Participant’s Special Account and Regular Account shall be at a rate of six percent (6%) per annum; provided, however,
that the Earnings to be credited shall be reviewed on or before December 31, 2010 and reset if the Administrator determines that it is appropriate to do so and shall be further reviewed (and reset if appropriate) not less frequently than every
five (5) years. Earnings shall be credited to each Participant’s Special Account or Regular Account from time to time during each Plan Year in which the Participant retains an undistributed amount in his Supplemental Retirement Account
Balance. Notwithstanding the foregoing, no Earnings shall be credited to Special Accounts or Regular Accounts during the 2009 Plan Year. 

ARTICLE V 

ELECTION; PAYMENT OF BENEFITS 

5.1        Commencement of Benefit Payments. Except as provided in Sections 5.2, 5.3,
5.5, 5.6 and 5.9, payment of a Participant’s Supplemental Retirement Account Balance to a Participant who becomes eligible for payments due to a Separation from Service described in Article III of the Plan shall be made in a single lump-sum
payment on the January 31st or
July 31st next following such Participant’s
Separation from Service. 
 5.2        Change in Timing or Form of Payment.

 (a)        Initial Election. Prior to the later of December 31, 2008 and
the date that is 30 days after a Participant’s Participation Date, the Participant may make an election to defer his Payment Commencement Date to a later Payment Commencement Date specified by the Participant and/or change the payment method
from lump sum payment to annual installments over a period of 5, 10 or 15 years. 

(b)        Subsequent Elections. At any time after the date that is 30 days after a
Participant’s Participation Date, a Participant may elect to defer his Payment Commencement Date to a later Payment Commencement Date specified by the Participant and/or change the payment method from a lump-sum payment to annual installments
over a period of 5, 10 or 15 years, provided that any such election that is made before January 1, 2009 shall be made in accordance with IRS Notice 2007-86 and any such election that is made after December 31, 2008 (i) will not be
effective for 12 months after the date on which such election is made, (ii) where the Participant’s Supplemental Retirement Account Balance is to be paid at a specified time or 

 

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pursuant to a fixed schedule, must be made not less than 12 months prior to the specified date of the payment or the first scheduled payment, (iii) must provide that the later Payment
Commencement Date is at least 5 years after the previous Payment Commencement Date, and (iv) must be submitted to and approved by the Administrator. Once the first installment has been made, no further changes in the timing or duration of the
payment method will be permitted. 
 (c)        Timing of Installments. Subject
to Section 5.9, if a Participant has elected an installment payout pursuant to Section 5.2(a), the first such installment shall be made on the January 31st or June 30th next following the Participant’s Separation from
Service or, if the Participant’s election was made pursuant to Section 5.2(b), on the date specified in the Participant’s election. Each subsequent installment shall be made on the anniversary of the first installment payment (or if
the first installment was delayed by reason of the application of Section 5.9, on each anniversary of the date the first installment payment would have been made but for Section 5.9). 

5.3        Payment of Survivor’s Benefit. In the event of the Participant’s
death prior to the complete distribution of his Supplemental Retirement Account Balance, distribution of any remaining amounts shall be made to the Participant’s Beneficiary in a single lump sum as soon as practicable following the death of the
Participant and the determination of the Beneficiary but in no event later than 90 days after the Participant’s death. If no Beneficiary designation is in effect at the time of the Participant’s death, or if the Beneficiary is missing or
has predeceased the Participant, the Survivor’s Benefit shall be made to the personal representative of the Participant’s estate in accordance with applicable state law. 

5.4        Designation of Beneficiary. Each Participant shall designate in writing, as
soon as practicable following his Participation Date, the Beneficiary who shall receive the Survivor’s Benefit upon his death. The Participant may change his Beneficiary from time to time, at his discretion, by notifying the Administrator in
writing. 
 5.5        Payments in the Event of Disability. In the event that a
Participant who has not yet received or commenced to receive payment of his Supplemental Retirement Account Balance is determined to be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months (a “Disability”) he shall be entitled to his Supplemental Retirement Account Balance. The payment of the
Supplemental Retirement Account Balance shall be made in a single lump sum as soon as practicable following the determination of the Participant’s Disability, but in no event later than 90 days after the date of such determination. Such
determination of Disability shall be made by the Administrator based on medical evidence deemed acceptable by the Administrator. Such evidence may include the Participant’s qualification for disability payments under Social Security, and/or
payments under a Company sponsored long-term disability insurance program. 

5.6        Payment in the Event of a Separation from Service following a Change of
Control. In the event that a Participant experiences a Separation from Service for any reason other than by the Company for Cause within two (2) years after the date of a Change in Control, which also constitutes a “change in ownership
or effective control of” the Company or a “change in the ownership of a substantial portion of the assets of” the Company, in each case within the 

 

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meaning of Section 409A of the Code and regulations and other interpretive guidance issued thereunder, the Participant shall receive the full value of his Supplemental Retirement Account
Balance in the form of a single lump sum payment as soon as practicable following his Separation from Service, but in no event later than 90 days following such Separation from Service. 

5.7        Valuation of Benefit Payments. All distributions under the Plan shall be based
upon the amount credited to the Participant’s Supplemental Retirement Account Balance as determined as of the business day immediately preceding the date of distribution. In the event that the benefit payments are in the form of annual
installments, each installment shall be determined by dividing the amount of the Supplemental Retirement Account Balance, determined as of the business day immediately preceding the date of such installment, by the remaining number of installments,
including the current installment, to be paid. 
 5.8        Investment to
Facilitate Payment of Benefits. Although the Company is not obligated to invest any specific asset or fund, or purchase any insurance contract in order to provide a means for the payment of any liabilities under the Plan, the Company may elect
to do so at any time, but without any obligation to continue such investment or other payment vehicles for any particular period of time. 

5.9        Payments to “Specified Employees”. Notwithstanding any other
provision in the Plan, with respect to any Participant who is a “specified employee” as defined under Section 409A of the Code and regulations and other interpretive guidance issued thereunder, the payment or commencement of payments
pursuant to the Plan to the Participant by reason of a Separation of Service shall be delayed until the date that is six months and one day after the Participant’s Separation from Service and shall be paid or commenced to be paid within 30 days
after such date; provided, however, that this Section 5.9 shall not apply if the Participant’s Separation from Service occurs by reason of his or her death. 

ARTICLE VI 

FUNDING AND PARTICIPANT’S INTEREST 

6.1        Supplemental Executive Retirement Plan Unfunded. The Plan shall at all times
be considered entirely unfunded for both federal and state income tax purposes and for purposes of Title I of ERISA and no trust shall be created by or for the Plan. The crediting to each Participant’s Special Account or Regular Account, as the
case may be, shall be made through recordkeeping entries. No actual funds shall be set aside; provided, however, that nothing herein shall prevent the Company from establishing one or more grantor trusts from which benefits due under the Plan may be
paid in certain instances. All distributions shall be paid by the Company from its general assets and a Participant (or his or her beneficiary) shall have the rights of a general unsecured creditor against the Company for any distributions due
hereunder. The Plan constitutes a mere promise by the Company to make benefit payments in the future. 

6.2        Participant’s Interest in Plan. A Participant has an interest only in the
total value of the amount credited to his Regular Account and his Special Account. 
  

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 ARTICLE VII 

ADMINISTRATION AND INTERPRETATION 

7.1        Administration. The Administrator shall be in charge of the overall operation
and administration of the Plan. The Administrator, to the extent appropriate and in addition to the powers described elsewhere in the Plan, has full discretionary authority to construe and interpret the terms and provisions of the Plan; to perform
all acts, including the delegation of its administrative responsibilities to advisors or other persons who may or may not be employees of the Company; and to rely upon the information or opinions of legal counsel or experts selected to render advice
with respect to the Plan, as it shall deem advisable, with respect to the administration of the Plan. 

7.2        Interpretation. The Administrator may take action, correct any defect, supply
any omission or reconcile any inconsistency in the Plan, or in any election hereunder, in the manner and to the extent it shall deem necessary to carry the Plan into effect or to carry out the Company’s purposes in adopting the Plan including
without limitation maintaining the Plan in accordance with Section 409A of the Code and regulations and other interpretive guidance issued thereunder. Any decision, interpretation or other action made or taken in good faith by or at the
direction of the Company or the Administrator arising out of, or in connection with, the Plan, shall be within the absolute discretion of each of them, and shall be final, binding and conclusive on the Company, and all Participants and Beneficiaries
and their respective heirs, executors, administrator, successors and assigns. The Administrator’s determinations hereunder need not be uniform, and may be made selectively among eligible employees whether or not they are similarly situated.

 7.3        Records and Reports. The Administrator and its designees shall
keep a record of proceedings and actions and shall maintain or cause to be maintained all such books of account, records, and other data as shall be necessary for the proper administration of the Plan. Such records shall contain all relevant data
pertaining to individual Participants and their rights under the Plan. The Administrator shall have the duty to administer the Plan in a manner consistent with all rights or benefits provided hereunder to the extent assets of the Company are
properly available. 
 7.4        Payment of Expenses. The Company shall bear
all expenses incurred by the Administrator in administering the Plan. If a claim or dispute arises concerning the rights of a Participant or Beneficiary to amounts deferred under the Plan, regardless of the party by whom such claim or dispute is
initiated, the Company shall, upon presentation of appropriate vouchers, pay all legal expenses, including reasonable attorney’s fees, court costs, and ordinary and necessary out-of-pocket costs of attorneys, billed to and payable by the
Participant or by anyone claiming under or through the Participant (such person being hereinafter referred to as the “Participant’s Claimant”), in connection with the bringing, prosecuting, defending, litigating, negotiating, or
settling of such claim or dispute; provided that: 
 (a)        The Participant or the
Participant’s Claimant shall repay the Company any such expenses theretofore paid or advanced by the Company if and to the extent that the party disputing the Participant’s rights obtains a final judgment in its favor from a court of
competent 
  

 12 

 
jurisdiction from which no appeal may be taken, whether because the time to do so has expired or otherwise, and it is determined by the court that such expenses were not incurred by the
Participant or the Participant’s Claimant while acting in good faith; provided further, that 

(b)        In the case of any claim or dispute initiated by a Participant or the
Participant’s Claimant, such claim shall be made, or notice of such dispute given, with specific reference to the provisions of the Plan, to the Administrator within two (2) years, (three (3) years in the event of a Change of Control)
after the occurrence of the event giving rise to such claim or dispute. 

7.5        Indemnification for Liability. The Company shall indemnify the Administrator
and the employees of the Company to whom the Administrator delegates duties under the Plan against any and all claims, losses, damages, expenses and liabilities arising from their responsibilities in connection with the Plan, unless the same is
determined to be due to gross negligence or willful misconduct. 
 7.6        Claims
Procedure. If a claim for benefits or for participation under the Plan is denied in whole or in part, the claimant will receive written notification from the Company within ninety (90) days following receipt of such claim by the
Administrator. The notification will include specific reasons for the denial, specific reference to pertinent provisions of the Plan, a description of any additional material or information necessary to process the claim and why such material or
information is necessary, and an explanation of the claims review procedure. 

7.7        Review Procedure. Within ninety (90) days after the claim is denied, a
claimant (or his duly authorized representative) may file a written request with the Administrator for a review of his denied claim. The claimant may review pertinent documents that were used in processing his claim, submit pertinent documents, and
address issues and comments in writing to the Administrator. The Administrator will notify the claimant of the final decision in writing within forty-five (45) days following receipt of such written request by the Administrator. In this
response, the Administrator will explain the reason for the decision, with specific references to pertinent Plan provisions on which the decision was based. 

7.8        Legal Claims. In no event may a claimant commence legal action for benefits
the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded the claimant by this Article VII. No such legal action may be commenced more than two (2) years after the date of the
Administrator’s final review decision, described in Section 7.7 above. 

7.9        Participant and Beneficiary Information. Each Participant shall keep the
Administrator informed of his current address and the current address of his designated Beneficiary or Beneficiaries. The Administrator shall not be obligated to search for any person. If such person is not located within two (2) years after
the date on which payment of the Participant’s benefits payable under the Plan may first be made, payment may be made as though the Participant or his Beneficiary had died at the end of such two (2) year period. 

 

 13 

 ARTICLE VIII 

AMENDMENT AND TERMINATION 

8.1        Amendment and Termination. The Company shall have the right, at any time, to
amend or terminate the Plan in whole or in part provided that such amendment or termination shall not adversely affect the right of any Participant or Beneficiary to payment of the Participant’s Regular Account and/or Special Account balances,
including amounts earned but not yet credited to such accounts. If the Plan is discontinued with respect to future credits to the Participant’s Regular Account, the Participant’s Supplemental Retirement Account Balance shall be distributed
in accordance with the provisions of Article V. If the Plan is completely terminated by the Company, each Participant shall receive distribution of his entire vested Supplemental Retirement Account Balance in one lump sum cash payment as of the date
of the Plan termination as designated by the Administrator, provided that (i) no payments other than those payable under the terms of the Plan absent a termination of the Plan are made within 12 months after the Plan termination and all
payments are made within 24 months of the termination of the Plan and (ii) such termination otherwise complies with the requirements of Section 409A of the Code and regulations and other interpretive guidance issued thereunder. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

9.1        Right of the Company to Take Employment Actions. The adoption and maintenance
of the Plan shall not be deemed to constitute a contract between the Company and any Participant, nor to be a consideration for, nor an inducement or condition of, the employment of any person. Nothing herein contained, or any action taken
hereunder, shall be deemed to give any Participant the right to be retained in the employ of the Company or to interfere with the right of the Company to discharge any Participant at any time, nor shall it be deemed to give to the Company the right
to require the Participant to remain in its employ, nor shall it interfere with the Participant’s right to terminate his or her employment at any time. Nothing in the Plan shall prevent the Company from amending, modifying, or terminating any
other benefit plan. 
 9.2        Alienation or Assignment of Benefits. A
Participant’s rights and interest under the Plan shall not be assigned or transferred except as otherwise provided herein, and the Participant’s rights to benefit payments under the Plan shall not be subject to alienation, pledge or
garnishment by or on behalf of creditors (including heirs, beneficiaries, or dependents) of the Participant or of a Beneficiary. Notwithstanding the preceding, the Administrator may direct distributions pursuant to the Plan to an alternate payee
pursuant to a Qualified Domestic Relations Order (QDRO), as defined in Section 414(p) of the Code, prior to any distribution date described in the Plan. 

9.3        Right to Withhold. To the extent required by law in effect at the time a
distribution is made from the Plan, the Company or its agents shall have the right to withhold or deduct from any distributions or payments any taxes required to be withheld by federal, state or local governments. 

 

 14 

 9.4        Construction. All legal questions
pertaining to the Plan shall be determined in accordance with the laws of the State of North Carolina, to the extent such laws are not superseded by ERISA or any other federal law. 

9.5        Headings. The headings of the Articles and Sections of the Plan are for
reference only. In the event of a conflict between a heading and the contents of an Article or Section, the contents of the Article or Section shall control. 

9.6        Number and Gender. Whenever any words used herein are in the singular form,
they shall be construed as though they were also used in the plural form in all cases where they would so apply, and references to the male gender shall be construed as applicable to the female gender where applicable, and vice versa. 

9.7        Severability. If any provision of the Plan is invalid, in whole or in part,
such provision shall to that extent be severable and shall not affect the remainder of such provision or any other provision of the Plan. 
  

 15Master Property Agreement

 Exhibit 10.2 

MASTER PROPERTY MANAGEMENT, LEASING 

AND CONSTRUCTION MANAGEMENT AGREEMENT 

THIS MASTER PROPERTY, LEASING AND CONSTRUCTION MANAGEMENT AGREEMENT (“Agreement”) is made and entered into as of July 27,
2010, by and among PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC., a Maryland corporation (“REIT”), PHILLIPS EDISON – ARC SHOPPING CENTER OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP”), and PHILLIPS
EDISON & COMPANY LTD., an Ohio limited liability company (“PECO”). 
 R E C I T A L S:

 A. OP is a newly formed limited partnership whose limited partner is REIT, and was formed to acquire, own, operate, lease,
finance and manage shopping center properties throughout the continental United States. For purposes of this Agreement, OP and REIT, as well as any of their direct and indirect subsidiaries and any joint ventures into which any of the foregoing may
enter and which are controlled by the OP or REIT, are individually or collectively referred to herein as “Owner.” 

B. PECO operates, manages, leases and manages construction with respect to shopping center properties located throughout the continental
Unites States. 
 C. Owner desires to engage PECO, and PECO desires to accept such engagement, to manage the shopping center
properties hereafter acquired by Owner under the terms and conditions set forth herein. 
 NOW THEREFORE, in consideration of
the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. Definitions. Except as otherwise specified or as the context may otherwise require, the following terms have the
respective meanings set forth below for all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof: 

(a) “Improvements” means buildings, structures, and equipment from time to time located on the Properties and all
parking and common areas located on the Properties. 
 (b) “Major Lease” means a lease of premises containing
5,000 square feet of leasable area or more. 
 (c) “Management Fees” means the fees and expenses payable to
PECO pursuant to Section 6, “Compensation” hereof. 
 (d) “On-Site Personnel” means persons
hired or retained as employees of PECO to perform services at the Properties 

 (e) “Owner” has the meaning set forth in Recital A. 

(f) “PECO” has the meaning set forth in the introductory paragraph above. 

(g) “Property” means an individual real estate asset owned by Owner and all tracts acquired by Owner related to that
asset subject to this Agreement as more fully described in a Property Addendum (as defined below). 
 (h)
“Properties” means all of the real estate assets of Owner covered by this Agreement, collectively. 
 (i)
“Property Addendum” means an addendum (as the same may be modified, amended or supplemented in writing, from time to time) which shall be attached to this Agreement and incorporated herein by reference as each Property is purchased
and made subject to this Agreement describing the Property, including its real estate and the improvements thereon. If any Property is sold by Owner, the Property Addendum with respect to such Property may, at Owner’s election, be deemed of no
further force or effect from and after the closing of any such sales, except to the extent of post closing management and accounting functions thereafter to be performed. 

2. Appointment of PECO. 

(a) Owner hereby engages and retains PECO as the sole and exclusive manager of each Property for which a Property Addendum is executed
with respect to the property management function to perform such functions as are specified herein and/or on the Property Addendum related to each such Property. PECO hereby accepts such appointment. 

(b) Owner hereby engages and retains PECO as the sole and exclusive leasing agent for the leasing of all space in each Property for which
a Property Addendum is executed with respect to the leasing agent function as well as for obtaining ground leases on any outparcels. PECO shall perform such functions as are specified herein and/or on the Property Addendum related to each such
Property. PECO hereby accepts such appointment. 
 (c) Owner hereby engages and retains PECO as the sole and exclusive
construction manager of each Property for which a Property Addendum is executed with respect to the construction management function to perform such functions as are specified herein and/or on the Property Addendum related to such Property. PECO
hereby accepts such appointment. 
 (d) PECO shall act under this Agreement as an independent contractor and not as the
Owner’s agent or employee. PECO shall not have the right, power or authority to enter into agreements or incur liability on behalf of the Owner except as expressly set forth herein or in a Property Addendum. Any action taken by PECO which is
not expressly permitted by this Agreement shall not bind the Owner. 
  

 - 2 - 

 3. Standards. PECO shall in good faith, with due diligence and in accordance
with generally accepted management and construction management standards in the shopping center industry within the geographical areas of the Properties, perform its management, leasing and construction management duties and obligations described
herein. In all events, such standards of performance shall be consistent with the standards of management, leasing and construction management to which PECO performs with respect to its own portfolio of properties. PECO shall devote its commercially
reasonable efforts to performing its duties hereunder to manage, operate, maintain and lease the Properties in a diligent, careful and professional manner to maximize all potential revenues to the Owner and to minimize expenses and losses to the
Owner. The services of PECO are to be of a scope and quality not less than those generally performed by first class, professional managers of properties similar in type and quality to the Properties and located in the same market area as the
Properties. PECO will make available to the Owner the full benefit of the judgment, experience and advice of the members of PECO’s organization. PECO will at all times act in good faith, in a commercially reasonable manner and in a fiduciary
capacity with respect to the proper protection of and accounting for the Owner’s assets. 
 4. Term. This
Agreement shall commence on upon full execution of this Agreement and shall continue until terminated in accordance with Section 10. 

5. Duties of PECO. 

(a) PECO’s duties as property manager for the Properties include the following for each of the Properties (as may be supplemented
with additional duties as detailed in the applicable Property Addendum for each Property) and for Owner, as applicable: 
 (i)
For Accounting: 
 (A) Calculate, bill and collect rental payments and other charges due to the Owner from tenants in the
Properties under the respective tenant leases or otherwise with regard to the Properties. To the extent tenant leases affecting any Property so require, PECO shall timely make or verify any calculations that are required to determine the amount of
rent due from tenants, including without limitation calculating percentage rent, operating expense “pass-throughs” and consumer price index adjustments and, where required, shall give timely notice thereof to tenants. 

(B) Cash Management. 

(1) PECO will establish on behalf of the OP a concentration account (a “Concentration Account”) at a bank to be
specified in writing by Owner, which such Concentration Account will be tied into each Operating Account (as defined below) via a daily automated two-way sweep. This automated two-way sweep shall work in the following manner: all checks or wires
presented on behalf of each Property’s Operating Account will be funded by having the cash automatically pulled down from the Concentration Account to 

 

 - 3 - 

 
fund the check or wire, and all cash deposited into each Property’s Operating Account or lockbox accounts will be automatically swept up to the Concentration Account on a daily basis.

 (2) Notwithstanding the preceding, if (a) an Owner is not a wholly owned subsidiary of the REIT or OP and its governing
documents so require, or (b) the payments in respect of a Property are required by a lender to be made into a lockbox account, or (c) if the payments in respect of a Property are required to be handled otherwise by a contractual
restriction agreed to by Owner, then such requirements shall be followed by PECO following written notice thereof by Owner. Funds released from any such lockbox account or other arrangement to the custody of the Owner shall otherwise follow the
above procedures. 
 (3) PECO will establish on behalf of the Owner for each Property an operating account (an
“Operating Account”) at a bank to be agreed upon in writing by Owner upon receipt of a fully-executed Property Addendum and a W9 completed by the Owner. The signature card for the Operating Account shall indicate that PECO is
dealing with the Operating Account as a fiduciary of the Owner. The Operating Account and all funds therein shall at all times be the property of the Owner. The Owner shall have electronic banking system access to the Operating Account which shall
permit it to obtain account information and make withdrawals from the Operating Account. 
 (4) Notwithstanding anything to the
contrary contained herein, the Owner may direct payments or deposits received by PECO or payments or transfers from the Operating Account for a Property to deviate from the above procedures by a written request to PECO. In such event, PECO shall
provide the Owner with all information necessary to effect such deposits, transfers or payments. 
 (5) If required by state
law, PECO will deposit security deposits and/or advance rentals in separate accounts in the name of the Owner at the financial institution designated by Owner with respect to the applicable Property. 

(6) PECO agrees to pay all invoices directly from the Operating Account unless directed otherwise by the Owner. 

(7) On or before the 25th day of each month, PECO shall prepare and submit an invoice to the Owner accompanied by a computation of the
fees and expense reimbursements due to PECO in accordance with this Agreement. The Owner shall have the right to review such invoice and obtain any supporting documentation with respect thereto from PECO. To the extent that the Owner believes the
computation provided by PECO is inconsistent with the computation permitted hereunder, the Owner and PECO shall work together in good faith to reach a computation of such fees which is reasonably agreeable to both parties. 

(8) Without in any way limiting the foregoing, (i) PECO shall not commingle its funds or property or the funds or property of any
other entities for which it provides services with any other funds or property of Owner, and (ii) PECO shall deposit amounts relating to a Property in the respective Property’s Operating Account within one

  

 - 4 - 

 
(1) business day of receipt. PECO shall have no proprietary interest in the Clearing Account or any Operating Account, or in any other account authorized hereby, and all sums collected by PECO
relating to the Properties and all sums placed in such account or accounts will be the property of the Owner and to the extent not yet deposited shall be held in trust by PECO for the Owner. 

(C) Subject to the terms of this Agreement relating to allocation of expenses, pay fees, charges, expenses and commissions of
independent contractors, architects, engineers, subcontractors, suppliers which contract with PECO and PECO utilized in the management, operation, maintenance or repair of the Properties, subject to the PECO’s review of same to confirm accuracy
and agreement with same. 
 (D) Owner expressly authorizes PECO to promptly and diligently enforce the Owner’s rights
under any tenant leases affecting any Property, including without limitation taking the following actions where appropriate: (i) with the Owner’s prior written consent: (a) terminating tenancies, (b) instituting and prosecuting
actions, and evicting tenants, (c) settling, compromising and releasing such actions or suits or re-instituting such tenancies, and (d) recovering rents and other sums due by legal proceedings in a court of general jurisdiction; and
(ii) without the Owner’s prior written consent: (a) in a magistrates court or other court of special jurisdiction as applicable, signing and serving such notices as are deemed necessary by PECO, and (b) recovering rents and other
sums due by legal proceedings in a magistrates court or similar jurisdiction, in each case PECO shall promptly notify the Owner of such action in writing. If authorized by the Owner, PECO shall consult an attorney for the purpose of enforcing the
Owner’s rights or taking any such actions and the Owner shall have the right to designate counsel for any matter and to control all litigation affecting or arising out of the operation of any Property. PECO shall keep the Owner informed of any
dissatisfaction with the law firm or such services or the reasonableness of the cost thereof. 
 (E) Prepare and maintain
routine and customary financial and business books and records for Owner and the Properties and to employ and supervise outside accountants for preparation of income and other tax returns and specialty accounting services for Owner and the
Properties. The preparation of income and other tax returns and the performance of such specialty accounting services shall be supervised by PECO but will be completed at Owner’s expense. PECO will use the accrual method of accounting in
accordance with GAAP, with such policies as are to be determined by management subject to Owner’s determination (including without limitation, capitalization policies, depreciation and amortization policies, and such other accounting policies
as Owner may direct from time to time). 
 (F) Maintain fixed asset accounting detail and related depreciation. 

(G) PECO shall prepare and submit to Owner a proposed operating and capital budget, including an itemized statement of the estimated
receipts and disbursements in reasonable detail, which shall include, without limitation, reasonable detail as to employee expenses to be reimbursed to PECO for the operation, repair and maintenance of the Properties (the “Budget”)
and a marketing and leasing plan on the Properties (a “Plan”) 
  

 - 5 - 

 
(assuming PECO is retained as leasing agent), in each case for the calendar year immediately following such submission. Each Budget and Plan will be in the form approved by the Owner prior to the
date thereof. A draft Budget and, as applicable, Plan for each Property shall be submitted to Owner on or prior to October 31 of the year preceding the January 1 of the year to which such budget shall apply. Owner shall have 21 days after
receipt thereof within which to approve or reject in writing such Budget and, as applicable, Plan, any such rejection to be accompanied by a reasonably detailed explanation of such rejection. PECO shall then submit a revised draft Budget and, as
applicable, Plan to Owner within 10 days thereafter. Owner shall have 10 days after receipt thereof to approve or reject the same in writing, any such rejection to be accompanied by a reasonably detailed explanation of such rejection. The foregoing
process shall then repeat with 10 days between receipt and revision, on PECO’s end, and receipt and acceptance or rejection on Owner’s end, until each Budget and, as applicable, Plan has been approved. If the parties cannot come to
agreement on a Budget and, as applicable, Plan for a Property, PECO shall operate the applicable Property on the Budget and, as applicable, Plan most recently approved by Owner. To the extent any expenditure to be made by PECO shall exceed the
applicable line item in such prior year’s Budget by 5% or more, the same shall require Owner’s prior written consent, provided that, excluded from the foregoing expenditures requiring such consent shall be expenditures related to snow and
ice removal, electricity, insurance premiums and emergency items outside of the control of PECO. PECO shall provide supporting information reasonably requested by the Owner in connection with their review of any Budget or Plan submitted by PECO for
their review. 
 PECO shall implement the Budget and Plan and use its commercially reasonable efforts to ensure that the actual
cost of operating the Properties shall not exceed the Budget. The Budget shall constitute an authorization for PECO to expend necessary monies to manage and operate the Properties in accordance with the Budget and subject to the provisions of this
Agreement until a subsequent Budget is approved. The approval of non-recurring costs and capital improvements in the Budget and Plan shall constitute an authorization for PECO to collect bids for the expenditure and present a final recommendation to
the Owner for expenditure of monies to implement such items called for in the Budget and Plan. 
 Without affecting any other
limitation imposed by this Agreement and except as may be expressly provided to the contrary elsewhere in this Agreement, PECO shall secure the prior written approval of the Owner prior to incurring any liability or obligation for any item in excess
of $10,000 not reflected on the Budget or the Plan approved in writing by the Owner except with respect to emergency items as described in this subsection (G) or unless another threshold with respect to any matter is specified elsewhere in this
Agreement or in a written directive or authorization of Owner, in which case the threshold for such matter shall be as so set forth. 

(H) Pay wages, salaries, commissions and employee benefits of all On-Site Personnel including, without limitation, workers’
compensation insurance, social security taxes, unemployment insurances and other taxes or levies now in force or hereafter imposed with respect to any such On-Site Personnel, all of which shall be deemed an operating expense of the Properties and
shall be in accordance with approved Budgets. 
  

 - 6 - 

 (I) Deliver to Owner, within 15 days after the end of each month during the term hereof,
the monthly reporting package detailed on Exhibit A attached hereto which shall relate to the Properties and the immediately preceding calendar month or any portion thereof. Such reporting package shall be made on an accrual basis and shall include
all such transactions, whether or not reimbursable pursuant to the provisions hereof. 
 (J) Deliver to Owner, within 15 days
after the end of each calendar quarter during the term hereof, the quarterly reporting package detailed on Exhibit B attached hereto which shall relate to the Properties and the immediately preceding calendar quarter or any portion thereof. Such
reporting package shall be made on an accrual basis and shall include all such transactions, whether or not reimbursable pursuant to the provisions hereof. 

(K) Deliver to Owner, within 30 days after the end of each calendar year during the term hereof, the annual reporting package detailed
on Exhibit C attached hereto which shall relate to the Properties and the immediately preceding calendar year or any portion thereof. Such reporting package shall be made on an accrual basis and shall include all such transactions, whether or not
reimbursable pursuant to the provisions hereof. 
 (L) File real, personal and ad valorem (real or personal) property tax
returns required to be filed by Owner with respect to the Properties and pay all such ad valorem taxes and assessments out of the operating accountants of each of the Properties. PECO shall also utilize, on Owner’s behalf, the services of
independent tax consultants and attorneys to appeal or challenge any real, personal and ad valorem (real or personal) property taxes and PECO shall manage such process on Owner’s behalf by supplying needed information and making required
payments out of the operating funds for each Property or the separate funds of Owner. 
 (ii) For Operations. PECO shall use
commercially reasonable efforts to operate in accordance with the Budget and Plan unless otherwise specifically approved in writing by Owner and except in the case of emergencies: 

(A) PECO will investigate, hire, train, pay, supervise and discharge the On-Site Personnel necessary to maintain and operate the
Properties including, without limitation, property managers who shall have experience and education satisfactory to the Owner. Such personnel shall in every instance be agents or employees of PECO and not of the Owner, but Owner shall have the right
to approve via the annual budget process, the compensation of PECO’s personnel for which PECO has the right to be reimbursed hereunder. PECO has the right to be reimbursed for (i) On-Site Personnel that are employed at the Properties or at
management field offices or corporate offices, should there be no office located on site. The management field office and corporate office employees shall be charged to the respective Property on the basis of the percentage of time spent attending
to such Property based on actual wages and fringe benefits, unless the Owner and PECO agree in writing to another basis; and (ii) roving maintenance personnel to the extent needed at the Properties from time to time, and these employees shall
be charged to the respective Properties at a reasonable hourly or monthly rate pre-approved by the Owner and only for the actual and reasonably necessary time 

 

 - 7 - 

 
spent on such Property by such personnel. The Owner shall have no right to supervise or direct such agents or employees. 

PECO, at PECO’s sole cost and expense, shall maintain during the term of this Agreement a bond or applicable insurance covering
PECO and all persons who handle, have access to or are responsible for the Owner’s monies, in an amount and form reasonably acceptable to the Owner. PECO shall provide the Owner with a certificate or other satisfactory documentation evidencing
the existence and terms of such bond(s) upon execution of this Agreement. 
 PECO, shall supervise and at Owner’s cost and
expense, shall retain, to the extent such services are not sufficiently provided by On-Site Personnel, but in accordance with the Budget, independent contractors, subcontractors, and suppliers to provide for the management, maintenance, repair and
operation of the Properties as well as security functions. 
 (B) If commercially reasonable within the geographic area in
which a Property is located, to obtain not less than three (3) competing bids for, contract with and supervise onsite management of, contractors. 

(C) Assist in coordinating the opening and closing of the businesses of tenants, including but not limited to obtaining of insurance and
signage approval. 
 (D) In accordance with the operating budget, purchase necessary supplies and equipment required for the
proper operation, maintenance, repair and restoration of the Properties. 
 (E) Make or cause to be made repairs, replacements,
renovations and capital improvements on the Properties. 
 (F) Contract and pay charges for utilities used in the operation of
the Properties, including without limitation water, electricity, gas, telephone and sewerage services unless carried or covered under the respective tenant’s name. 

(G) Contract for and maintain such policies of commercial general liability and bodily injury and property damage insurance with respect
to the Properties as are acceptable to Owner. 
 (H) Advertise the Properties by such means and media and at such costs as are
in accordance with the Budget and Plan and as PECO shall deem appropriate (and at PECO’s expense, except as set forth in the last sentence of this subsection (H)) to implement an effective leasing program for the Properties on a local and
national basis, with no less effort and professionalism than that used for the advertising programs employed by PECO with respect to its own portfolio of properties. This advertising shall include attendance and facilities for ICSC and related
leasing events. Notwithstanding the foregoing, to the extent Owner shall request specific advertising that differs from or is in addition to PECO’s planned approach, the incremental cost of such specific advertising shall be borne by Owner.

  

 - 8 - 

 (I) Assist in securing leases with temporary tenants or licensees for use of the
Properties. 
 (J) Actively promote and market the Properties to potential tenants, current tenants and the general community.

 (K) Conduct complete inspections of the Properties as is prudent to determine that the same are in good order and repair,
but no less frequently than once per calendar quarter during the term of this Agreement. 
 (L) Forward to Owner promptly upon
receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate.

 (M) Maintain business-like relations with the tenants of the Properties and respond promptly to tenant complaints in a
prudent, businesslike manner. PECO shall maintain a record of all written tenant complaints for no less than one year and PECO’s response to such complaints which record shall be available for review by Owner. 

(N) Analyze all bills received for services, work and supplies in connection with the maintaining and operating the Properties, pay all
such bills and any other amount payable in respect to the Properties. PECO shall use reasonable commercial efforts to pay all bills within the time required to obtain discounts, if any. Owner may from time to time request that PECO forward certain
bills to Owner promptly after receipt, and PECO shall comply with any such request. PECO will ensure timely 1099 reporting to the IRS, with 1099’s filed under PECO’s name and PECO’s taxpayer identification number (TIN), listing PECO
as the “payer”. PECO will provide annually a signed declaration indicating compliance with 1099 reporting; PECO will provide this declaration to Owner with the February Reporting Package. Penalties for misfilings as a result of PECO’s
negligence are not to be charged to the property, but are payable by PECO. 
 (iii) Other: 

(A) In accordance with the Budget or as otherwise approved in writing by Owner, employ, in-house or outside attorneys, at Owner’s
expense, to handle any legal matters involving the Properties. It is understood that PECO employs an in-house lease administration staff which will perform some or all of the legal services described herein. To the extent any of such lease
administration staff performs any of such services, the cost of such lease administration staff, based upon approved Budgets and Plans and consistent with the hourly rates charged internally by PECO to the other property funds for which it performs
management and leasing services, shall be deemed an operating expense of the Properties and shall be reimbursable by Owner. 
  

 - 9 - 

 (B) Perform leasing analysis and credit underwriting with respect to prospective tenants
(and subtenants and assignees); prepare leases and other tenant related documents; and engage in a competitive construction bidding process for lease-related construction projects expected to exceed $25,000 not otherwise within the duties of a
construction manager (as, for example, pursuant to Section 5(c) below). 
 (C) Take such other action and perform such
other functions as PECO reasonably deems advisable or necessary for the efficient and economic management, operation and maintenance of the Properties. 

(b) PECO’s duties as leasing agent for any of the Properties indicated on a Property Addendum as being subject to the leasing agent
services as provided herein and subject to the Budget and Plan include the following: 
 (i) Leasing Functions. PECO
will coordinate and negotiate the leasing of the Properties using reasonable commercial efforts to secure executed leases (both new and renewal) from qualified tenants for available space in the Properties. Such leases must be consistent with form
and terms approved by Owner unless a tenant requires use of its own lease form. PECO shall be responsible for the hiring of all leasing agents as necessary for the leasing of the Properties, to work with outside brokers and leasing agents, and
otherwise to oversee and manage the leasing process on behalf of Owner. PECO’s duties in this regard shall include, without limitation, (1) the preparation and distribution of listings to potential tenants and/or their representatives and
to reputable and active real estate agents; (2) the supplying of sufficient information to cooperating brokers and agents to enable them to promote the rental of the Properties, (3) to market and promote the Properties, (4) at all
times to maintain and update a merchandising and leasing plan for each Property, and (5) to provide an updated leasing budget and leasing reforecast for the following twelve (12) month period. Additionally, in connection with the budgeting
process referred to above, PECO shall submit a yearly leasing budget for approval in accordance (and simultaneously) with the procedure set forth above for the approval of each Property’s budget by Owner. 

(ii) Advertising. Owner authorizes PECO to advertise and to place signage on the Properties regarding the leasing, provided that
such signage complies with all applicable governmental laws, regulations and requirements. PECO will provide a marketing package, aerial photographs, demographic reports, site plans, signage and a two-sided flyer for each Property at PECO’s
expense consistent with Section 5(a)(ii)(H). Any additional advertising and promotion requested by Owner will be done at Owner’s expense pursuant to a program and budget agreed upon by Owner and PECO. 

(iii) Other Actions. PECO will take such other action and perform such other functions as PECO or Owner deems reasonably
advisable or necessary for the efficient and economic leasing of the Properties. 
 (c) PECO’s duties as construction
manager for the Properties shall be in accordance with a capital budget established by Owner and PECO prior to the commencement of construction activities and shall include the following: 

 

 - 10 - 

 (i) General. PECO shall secure or assist in securing licenses, registrations, or
permits required by law and shall comply with ordinances, laws, orders, codes, rules, and regulations pertaining to building improvements and/or the services described herein. PECO shall secure lien waivers and affidavits and properly file, to the
extent required, terminations of notices of commencement prior to payment to contractors. 
 (ii) Bidding. For all
projects estimated to cost more than $25,000.00, PECO shall obtain bids from at least three outside contractors. PECO shall select the low bid unless it has supplied Owner with a reasonable justification in writing for the selection of a bidder
other than the low bidder (e.g., PECO determines in its reasonable discretion that the bidder to be selected is more likely to complete the job on time, with commercially reasonable workmanship and in the most efficient manner). PECO shall manage
the bidding process consistent with the manner in which it manages bidding for projects within its own portfolio of properties. 

(iii) New Construction, Tenant Improvements, and Redevelopments. PECO will perform the following duties for construction of
Improvements on undeveloped land (“New Construction”) and for construction of Improvements that are to be made at the direction of, or in conformity with lease obligations to, tenants (“Tenant Improvements”) or for
the improvement to Improvements that change the size or nature of such Improvements or for the redevelopment of Improvements (collectively, “Redevelopments”): 

(A) Provide updated and detailed project budgets to Owner. 

(B) Arrange for, coordinate, supervise and advise Owner with respect to the selection of architects, contractors, design firms and
consultants, and the execution of design, construction and consulting contracts. 
 (C) Review design documents, and drafts
thereof, submitted by the architect or other consultants, and notify Owner in writing of any mistakes, errors or omissions that PECO observes in the documents and any recommendations it may have with respect to such mistakes, errors or omissions,
provided PECO shall not in any manner be responsible for the accuracy, adequacy or completeness of such documents. 
 (D)
Evaluate and make recommendations to Owner concerning cost estimates prepared by others. 
 (E) Review and evaluate proposed
schedules for construction. 
 (F) Procure subcontractors through a minimum of three quotes for any jobs estimated to involve
in excess of $25,000. 
 (G) Coordinate the work of subcontractors. 

(H) Monitor the progress of construction. 
  

 - 11 - 

 (I) Endeavor to work with the general contractor to identify any deficiencies in the work
performed by subcontractors. 
 (J) Provide Owner with monthly written status reports. 

(K) Advise Owner with respect to alterations and modifications in any design documents submitted by the architect or other consultants
that may be in Owner’s interest, including obtaining advantages in terms of cost savings, scheduling, leasing, operation and maintenance issues and other matters affecting the overall benefit of the project. 

(L) Review and advise Owner on change order proposals and requests for additional services submitted to Owner. 

(M) Schedule, coordinate, and attend necessary or appropriate project meetings. 

(N) Monitor and coordinate punch list preparation and resolution by the subcontractors. 

(O) Make recommendations to Owner concerning, and monitor, the use of the site by subcontractors, particularly as it relates to staging
and storage, ingress and egress, temporary signage, fencing, barricades, restrictions on hours of operation, safety considerations and similar considerations. 

(P) Coordinate, monitor, supervise and advise Owner with respect to preparation, execution, completion and filing of project-related
documents, including, but not limited to, contracts, permit applications, licenses, certifications, zoning requirements, land use restrictions, governmental filings applicable to the project and any other similar documents. 

(Q) Review and advise Owner with respect to draw requests submitted on the project. 

(R) Upon completion of construction, walk the completed New Construction, Tenant Improvements, or Redevelopments with Owner to ensure
that everything has been completed in accordance with the specifications. PECO shall cause the subcontractors to repair or replace any items that are determined to be deficient during this walk. 

(S) As instructed by Owner, perform additional related project management functions. 

(T) Collect warranties and operation manuals, certificates, guarantees, as-builts and any similar documentation for the benefit of
Owner. 
  

 - 12 - 

 (iv) New Construction and Redevelopments. In addition, PECO will perform the
following duties with respect to New Construction and Redevelopments: 
 (A) Provide Owner with a budget for each Improvement
to be built prior to beginning construction of the respective Improvement. 
 (B) Meet on a regular basis with Owner’s
leasing agents and representatives of prospective tenants. 
 (C) Arrange for, coordinate, supervise and advise Owner with
respect to various development services prior to design and construction of the Project, including due diligence, site investigations, land use and zoning matters, and similar development services. 

(v) Tenant Improvements. In addition, PECO will perform the following duties related to Tenant Improvements: 

(A) Arrange for and supervise the performance of all installations and improvements in space leased to any tenant which are either
expressly required under the terms of a Lease of such space or which are customarily provided to tenants. 
 (B) Meet with
tenants and prospective tenants and their architects, engineers, consultants and contractors to facilitate design and construction of leasehold improvements. 

(C) Maintain separate files as to each tenant, and thereby document the entire design and construction process for each tenant.

 (D) Compile and disseminate such data regarding each tenant as Owner may reasonably require. 

(vi) Duties with Respect to Tenant Directed Improvements. PECO will supervise and facilitate tenant installations performed by
the tenant and/or tenant’s contractors, including: 
 (A) Review and evaluate lease exhibit language that identifies the
scope and nature of tenant construction of the improvements. 
 (B) Review tenant construction documents for compliance with
landlord criteria and requirements applicable to the improvements. 
 (C) Review and evaluate proposed schedules for tenant
construction. 
 (D) Coordinate delivery of shell space to tenants as required by the tenant’s lease. 

 

 - 13 - 

 (E) Monitor the progress of tenant construction including but not limited to compliance
with scheduling requirements, compliance with rules and regulations of the Property, verify that tenant has obtained proper permits, etc., coordinating requests for tenant improvement allowance draws 

(F) Maintain appropriate files and records as to each project documenting the design and construction process for each tenant in a
manner consistent with PECO’s record retention guidelines. 
 (vii) Duties with Respect to All Improvements. PECO
will supervise all Improvement projects, such supervision to include, but not be limited to, preparation of budgets, plans, bidding, subcontractor selection, material selection, job supervision, collection of lien waivers, sworn statements,
affidavits and the like. PECO shall require such lien waivers, sworn statements, affidavits and similar documentation as a condition to disbursement. 

(d) Other. PECO shall in all events comply with the reasonable requests of Owner related to property management of, leasing of,
and construction management of the Improvements to be made to, the Properties. Owner shall maintain sufficient funds in an account or accounts so that PECO will have funds available to pay all obligations contemplated hereunder when due. Under no
circumstances shall PECO have any obligations or duty to advance funds to or for the account of Owner. 
 (e) Ownership
Agreements. Owner agrees to obtain and review copies of all (1) agreements of limited partnership, joint venture partnership agreements and operating agreements of Owner and its affiliates as well as the articles of incorporation, bylaws,
and registration statement on Form S-11 (no. 333-164313) of REIT, including all prospectus supplements and post-effective amendments thereto (collectively, the “Ownership Agreements”) and (2) mortgages on all Properties and
inform PECO of any restrictions relating to property use arising therefrom. PECO will use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, in any way conflicts with the terms of the Ownership Agreements
or the mortgages in the absence of the express direction of the REIT’s board of directors, and PECO shall promptly notify Owner if any such conflict arises. 

(f) Periodic Meetings. As reasonably required by Owner, PECO its personnel or contractors engaged or involved in the management,
operation, leasing or construction management of the Properties shall meet to discuss the historical results of operations, to consider deviations from any budget, and to discuss any other matters so requested by the Owner upon reasonable notice
from Owner. 
 6. Compensation and Expense Reimbursement. 

(a) For each Property for which PECO provides property management services, Owner shall pay PECO a monthly management fee equal to four
and one/half percent (4.5%) of the Gross Receipts (as defined below) for that given month, payable from that month’s receipts. “Gross Receipts” means (i) all fixed and minimum rent, percentage rent and license fees
paid by tenants and other occupants of each Property, (ii) the profit of Owner derived from 
  

 - 14 - 

 
the sale of electricity (i.e., the spread between the wholesale and retail prices of electricity that is re-sold to tenants of the Properties), utilities and heating, ventilation and air
conditioning to tenants and other occupants of each Property, (iii) all amounts paid by tenants and other occupants of each Property for common area maintenance, real estate taxes, insurance, interest and any other payments of any nature
(including attorneys’ fees and late fees) made by any such tenants or other occupants, and (iv) proceeds of rent insurance 

(b) For each Property for which PECO provides leasing services, Owner shall pay PECO leasing fees at market rates for the geographic
area in which the applicable Property is located as specified on the Property Addendum for such Property. 
 (c) For each
Property for which PECO provides construction management services, PECO shall be entitled to fees for tenant and tenant directed improvements, capital improvements and construction management services, all at market rates for the geographic area in
which the applicable Property is located, as may be more fully set forth on the applicable Property Addendum or another writing executed by PECO and Owner. 

(d) PECO will pay such other reimbursable expenses and costs as Owner has approved and deems advisable or necessary for the efficient
and economic management and leasing of the Properties through its annual budgets or as otherwise provided for in this Agreement (e.g., for marketing or leasing programs that exceed in scope that which PECO would normally utilize for its own
properties, as provided for in Sections 5(a)(ii)(H) and 5(b)(ii). Owner shall reimburse PECO for such expenses, which shall include, to the extent included in the applicable Property budgets or a general property management and leasing budget to be
agreed upon, personnel costs for On-Site Personnel providing direct services for the Properties, cost of travel and entertainment, printing and stationery, advertising, marketing, signage, long distance phone calls and other direct expenses.

 7. Insurance. PECO shall obtain and keep in full force and effect at Owner’s expense insurance (1) on
the Properties, and (2) on activities at the Properties against such hazards as Owner and PECO shall deem appropriate and as may be required under any mortgage or other loan documents binding upon Owner. In any event, PECO shall procure, for
the Properties for which PECO is property manager, insurance sufficient to comply with the leases and the Ownership Agreements. All liability policies shall provide sufficient insurance satisfactory to both Owner and PECO and shall contain waivers
of subrogation for the benefit of PECO and the applicable Owner. 
 (a) PECO shall obtain and keep in full force and effect, in
accordance with the laws of the state in which each Property is located, worker’s compensation insurance covering all employees of PECO at the Properties and all persons engaged in the performance of any work required hereunder. PECO shall also
obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is located, employer’s liability, employee theft, commercial general liability, and umbrella insurance, and PECO shall furnish Owner
certificates of insurers naming Owner as co-insureds and evidencing that such insurance is in effect and that insurer will provide directly to Owner no less than 30 days’ notice of any cancellation or non-renewal. If any work under this
Agreement is subcontracted as permitted herein, PECO shall 
  

 - 15 - 

 
include in each subcontract a provision that the subcontractor shall also furnish Owner, as appropriate, with such a certificate evidencing coverage (and any other coverage PECO deems appropriate
in the circumstances) and the naming of Owner as co-insured and evidencing that such insurance is in effect and that insurer will provide directly to Owner no less than 30 days’ notice of any cancellation or non-renewal, as well as
indemnification as is customary. The cost of such insurance procured by PECO shall be reimbursable to the same extent as provided in this Agreement. 

(b) PECO shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance
brokers with respect to insurance which is in effect or for which application has been made. PECO shall use its good faith efforts in a commercially reasonable manner to comply with all requirements of insurers. 

(c) PECO shall promptly investigate and shall report in detail to Owner and the applicable insurance carriers all accidents, claims for
damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports required by the applicable
insurance company in connection with any such accident, claim, damage, or destruction. Owner shall reimburse PECO’s third party costs in connection therewith. Such reports shall be given to Owner promptly and any report not so given within 10
days after the occurrence of any such accident, claim, damage or destruction shall be noted in the monthly reports delivered to Owner. PECO is authorized to settle any claim against an insurance company arising out of any policy and, in connection
with such claim, to execute proofs of loss and adjustments of loss and to collect and provide receipts for loss proceeds using commercially reasonable good faith efforts. 

8. Liability of PECO. PECO shall not be liable for any errors in judgment or for mistakes of fact or of law or for anything
which it may in good faith do or refrain from doing, except in the case of gross negligence, fraud or willful misconduct. 
 9.
Indemnity. Owner shall indemnify PECO and its managers, employees and officers against and agrees to defend, protect, hold and save them free and harmless from any liability or expenses (including reasonable attorney’s fees and
court costs) arising out of injuries or damages to persons or property by reason of any cause relating to the Properties, except to the extent caused by the gross negligence, fraud or willful misconduct and which is not otherwise covered by
insurance held by Owner. Owner shall name PECO as an “additional insured” or “co-insured” on any and all liability insurance policies for the Properties. PECO shall indemnify Owner and its employees and officers against and
agrees to defend, protect, hold and save them free and harmless from any liability or expenses (including reasonable attorney’s fees and court costs) arising out of injuries or damages to persons or property by reason of any cause relating to
the Properties caused by the gross negligence, fraud or willful misconduct, which is not otherwise covered by insurance held by Owner. 

10. Termination. This Agreement may be terminated by either party upon thirty (30) days’ written notice, in toto
or only with respect to any Property, provided such termination shall not affect any rights or obligations accrued to either party prior to termination (subject to any 

 

 - 16 - 

 
offsetting claims for damages), including, but not limited to payment of property management fees, leasing fees and construction management fees earned to the date of termination (provided that,
if termination occurs before a construction project is completed, the construction management fee to be earned shall be prorated based upon the reasonably estimated portion of the applicable project that had been completed up to the date of
termination). If this Agreement is terminated, only commissions and management fees with respect to any Properties that are subject to such termination and that have accrued prior to the termination date shall be due to PECO. Notwithstanding
anything to the contrary contained in this Agreement, if either Owner or PECO defaults in performing any of its obligations under this Agreement, the other party may terminate this Agreement effective upon delivery of notice of such default. The
indemnification obligations of the parties hereunder shall survive the expiration or termination of this Agreement. PECO’s obligations under this Agreement for physical property management, leasing and construction management may, at
Owner’s election, terminate as to any particular Property upon its sale, provided that PECO’s obligations for the performance of accounting and other so-called “back office functions” shall terminate only at such time as a final
tax return with respect to the applicable Property has been prepared and filed and such customary and ordinary information related to the Property or Properties has been provided to Owner. PECO shall cooperate subsequent to any termination of this
Agreement as to a particular Property to provide final property reconciliations and other reports as reasonably requested by Owner. 

11. PECO’S Obligations After Termination. Upon the termination of this Agreement, PECO shall have the following
duties: 
 (a) PECO shall deliver to Owner, or its designee, all books and records (including data files in magnetic or other
similar storage media but specifically excluding any licensed software) with respect to the Properties. 
 (b) PECO shall
transfer and assign to Owner, or its designee, or terminate upon Owner’s direction, all service contracts (designated by Owner for transfer and assignment) and personal property relating to or used in the operation and maintenance of the
Properties, except personal property paid for and owned by PECO. PECO shall also, for a period of sixty (60) days immediately following the date of such termination (with respect to this entire Agreement or any Property terminated as being
subject to this Agreement), make itself available to consult with and advise Owner, or its designee, regarding the operation, maintenance and leasing of the Properties at no additional cost to Owner. 

(c) PECO shall render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of
Management Fees claimed to be due PECO and shall cause funds of Owner held by PECO relating to the Properties to be paid to Owner or their designees and shall assist in the transferring of approved signatories on all Accounts. 

12. No Obligation to Third Parties. None of the obligations and duties of PECO under the Agreement shall in any way or in
any manner be deemed to create any obligations of PECO to any third party with the exception of Owner. 
  

 - 17 - 

 13. Additional Services. The services contemplated hereunder are normal and
customary property management, leasing and general and construction management services. If PECO is required or requested to perform additional services beyond the scope of this Agreement, then Owner shall pay PECO fees for these additional services
at market rates as mutually agreed upon in advance by the parties. 
 14. PECO’S Action on Tenant’s
Default. If the reasonably expected costs are less than a threshold to be agreed upon by PECO and Owner with respect to each Property (or with respect to leases or contracts less than certain thresholds with respect to each Property), PECO
shall have the right, in its own name or in the name of Owner, to take any and all actions, including distraint, which PECO deems advisable and which Owner shall have the right to take, in the event of any tenant’s breach of any covenant,
provision or condition binding upon such tenant under its lease with Owner. Nothing in this paragraph shall be deemed to require PECO to institute legal action against any tenant. If the reasonably expected costs exceed the agreed upon thresholds,
then Owner shall only be responsible for such costs if it pre-approves such actions. In addition, if Owner desires to commence legal action notwithstanding PECO’s recommendation to the contrary, it shall pay for all costs and reasonable
attorneys’ fees in connection therewith. 
 15. Binding Effect. This Agreement and all the provisions hereof
shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. 
 16.
Entire Agreement. This Agreement supersedes all agreements previously made between the parties relating to its subject matter. There are no other understandings or agreements between them. 

17. Assignment. PECO may delegate partially or in full its duties and rights under this Agreement but only with the prior
written consent of Owner. Except as provided in the immediately preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. 

18. Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement
of the amendment is sought. 
 19. Other Business. Nothing herein contained shall prevent PECO from engaging in
other activities or business ventures, whether or not such other activities or ventures are in competition with Owner or the business of Owner, including, without limitation, property management activities for other parties (including other REITs)
and the provision of services to other programs advised, sponsored or organized by PECO or its affiliates or third parties; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of PECO or its
affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. PECO may, with respect to any investment in which the Owner is a participant, also render
advice and service to each and every other participant therein. PECO shall report to the board of directors of REIT the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which

  

 - 18 - 

 
creates or could create a conflict of interest between PECO’s obligations to Owner and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or
association. 
 20. Notices. All notices under this Agreement shall be in writing and delivered personally or
mailed by certified mail, postage prepaid, addressed to the parties at their last known addresses. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start the running of
a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at the addresses
set forth after their respect name below or at such different addresses as either party shall have theretofore advised the other party in writing in accordance with this Section. 

 

			
	OP:	  	 Phillips Edison – Arc Shopping Center Operating Partnership, L.P.,

11501 Northlake Drive
 Cincinnati, OH
45249
 Attention: President

		
	REIT:	  	 Phillips Edison – Arc Shopping Center REIT Inc.

11501 Northlake Drive
 Cincinnati, OH
45249
 Attention: President

		
	With a copy to:	  	 DLA Piper LLC (US)
 4141
Parklake Drive, Suite 300
 Raleigh, NC 27612

Attention: Robert Bergolt, Esq.

		
	PECO:	  	 Phillips Edison & Company Ltd.

11501 Northlake Drive
 Cincinnati, OH
45249
 Attention: President

		
	With a copy to:	  	 Honigman Miller Schwartz and Cohn LLP

38500 Woodward Avenue, Suite 100
 Bloomfield
Hills, MI 48304-5048
 Attention: J. Adam Rothstein, Esq.

21. Non-Waiver. No delay or failure by either party to exercise any right under this Agreement, and no partial or single
exercise of that right, shall constitute a waiver of that or any other right, unless otherwise expressly provided herein. 
 22.
Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 
  

 - 19 - 

 23. Severability. If any term, covenant or condition of this Agreement or the
application thereof to any Person or circumstance shall, to any extent, be held to be invalid or unenforceable, then the remainder of this Agreement, or the application of such term, covenant or condition to persons or circumstances other than those
as to which it is held to be invalid or unenforceable, shall not be affected thereby, and each term, covenants or condition of this Agreement shall be valid and shall be enforced to the fullest extent permitted by law. 

24. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Ohio. Any
action to enforce this Agreement or an action for a breach of this Agreement shall be maintained in a binding arbitration proceeding before the American Arbitration Association in Cincinnati, Ohio. 

25. Counterpart. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. 
 26. Audit Right. PECO shall cooperate with
the REIT’s independent auditors with respect to the annual audit of the REIT for the purpose of expressing an opinion on the financial statements of the REIT (the “Annual REIT Audit”). In addition, the REIT shall have the right to
conduct an audit of PECO’s books and records solely with respect to the fees and expense reimbursements relating to the services provided pursuant to this Agreement (the “Fee Audit”). The REIT may conduct the Fee Audit by using its
own internal auditors or by employing independent auditors no more than once per year. Costs associated with conducting such Fee Audits by internal or independent auditors, and costs of the Annual REIT Audit, shall be borne by REIT. If any Fee Audit
conducted by or on behalf of REIT reveals a discrepancy in excess of ten percent (10%), and greater than $10,000, for the aggregate fees and expense reimbursements payable during the period under audit pursuant to the Fee Audit, PECO shall be
responsible for the reasonable expenses of such audit. 
 Signatures on next page. 

 

 - 20 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
 On behalf of “OWNER”: 

OP: 
 PHILLIPS EDISON – ARC SHOPPING
CENTER OPERATING PARTNERSHIP, L.P., 
 a Delaware limited partnership 

 

	By:	PHILLIPS EDISON SHOPPING CENTER OP GP LLC, 

	  	a Delaware limited liability company 

	  	General Partner 

  

			
		
	        By:	 	/s/ John B. Bessey
		 	John B. Bessey, President

   

REIT: 
 PHILLIPS EDISON – ARC SHOPPING
CENTER REIT INC. 
 a Maryland corporation 
  

			
		
	        By:	 	/s/ John B. Bessey
		 	John B. Bessey, President

   

PECO: 
 PHILLIPS EDISON & COMPANY
LTD., 
 an Ohio limited liability company 
  

			
		
	        By:	 	/s/ R. Mark Addy
		 	R. Mark Addy, Chief Operating Officer

 EXHIBIT A 

MONTHLY REPORTING PACKAGE 

For the current month and year to date, statements presenting, on a comparative basis, actual to budget (and/or forecast or other projections), including
variance explanations for material variances: 
  

	 	•	 	 Executive Summary (operations, leasing, capital, tenant/market issues, other) 

	 	•	 	 Balance Sheet 

	 	•	 	 Income Statement 

	 	•	 	 Aged Receivables and Delinquencies Report 

	 	•	 	 Rent Rolls (as requested in writing by Owner) 

	 	•	 	 Month to date and year to date variance report with explanations (budget to actual and actual to previous year actual) 

	 	•	 	 List of any material accrual adjustment that may have been missed on the last business day of each month 

	 	•	 	 Leasing Update 

	 	•	 	 Consolidated Financial Statements 

	 	•	 	 Reforecast operating projections and cash flow 

	 	•	 	 Any additional reports that Owner shall reasonably request 

 

 - 22 - 

 EXHIBIT B 

QUARTERLY REPORTING PACKAGE 
  

	 	•	 	 All items in the monthly reporting package. 

  

	 	•	 	 Quarter to date variance reports with explanations compared to budget and same period prior year. 

 

	 	•	 	 Copy of cash receipts ledger entries for such period, if requested. 

 

	 	•	 	 The originals (or copies, as Owner may request) of all contracts entered into by PECO on behalf of Owner during such period, if requested.

  

	 	•	 	 Consolidated financial statements. 

  

	 	•	 	 Such other reports as may be required by Owner. 

 

 - 23 - 

 EXHIBIT C 

ANNUAL REPORTING PACKAGE 
  

	 	•	 	 All items in the quarterly reporting package which shall include annual operating statements and a list of variances and explanations of material
variances (budget to actual and actual to previous year actual). 

  

	 	•	 	 All information required for tax filings, as determined by Owner. 

 

	 	•	 	 Certifications of assessment, testing and compliance with internal controls. 

Any other reports reasonably requested by Owner. 
  

 - 24 - 

 Form of Property Addendum 

PROPERTY DESCRIPTION: 
 Property Name:

 Street Address: 
 City, State, Zip
Code: 
 County: 
 Owner Name:

 Owner Tax ID#: 
 Tax Parcel ID #:

 SERVICES TO BE PROVIDED: 
  

	 ̈	Property Management Services as specified in this Agreement with: 

             No changes 

             Changes as follows:
                                         
                                         
                                         
                                      

 
  

 
  

Threshold pursuant to Section 14:
                                         
                                         
                                         
                                      

 
  

 
  

Property Management Fees: 
  

	 ̈	Property Management Fee: 4.5% of Gross Receipts, as specified in Section 6(a). 

 

	 ̈	Property Management Fee (other calculation):
                                         
                                         
                                         
          

  

 
  

 
  

 

	 ̈	Leasing Agreement duties as specified in Section 5(b) of the Agreement except as specified below: 

 
  

 
  

 
  

 

	 ̈	Leasing Agreement Fees: 

  

	 	 ̈	New Lease Commission Percentage:              percent
(            %) of the gross amount of all base rent under the first
             (    ) years of the primary term of said leases, plus
             percent (            %) of the gross amount of all base rent under the next
             (    ) years of the primary term, payable [e.g., one-half] upon the full execution of the lease and [one-half] upon tenant opening for
business. 

  

	 	 ̈	Notwithstanding the foregoing, for any new lease for over              square feet, the leasing
commission shall be at a fixed rate of              Dollars ($            ) per square foot of leasable area.

  

	 	 ̈	Renewals: PECO shall not be paid a fee for any renewal or extension for which an option exists in the initial lease, provided that if, in connection with a lease
renewal or extension, an outside, third party broker is owed a commission, Owner shall pay to PECO such commission for delivery to such broker. If a renewal or extension is not provided for in the initial lease and PECO negotiates, on behalf of
Owner, a renewal or extension, PECO shall be paid:
                                     

 
  

 
  

 

	 	 ̈	Expansions: For each lease amendment or modification in which the tenant expands its premises, Owner will pay PECO a leasing commission of
             percent (            %) of the gross amount of the base rent represented by such additional space
under the balance of the then current term of the lease, payable [one-half] upon execution of the amendment or modification document and [one-half] upon the tenant opening for business from the expansion space. 

Co-Brokers: As leasing agent for the Properties, PECO may cooperate with independent real estate brokers
or agents. If PECO hires a co-broker in order to assist PECO in securing a tenant or if an opportunity is brought to PECO by an independent broker, PECO shall be paid in accordance with this Agreement and the co-broker’s commission will be the
responsibility of PECO. If the co-broker’s fee would exceed what PECO would otherwise be entitled to pursuant to the above fee schedule, such co-broker’s commission may be paid only upon written approval of Owner. 

 

	 ̈	 Notwithstanding the preceding, in the event of the use of a co-broker, regardless of the amount of fee co-broker shall be entitled to, PECO shall be
entitled to a fee of not less 

  

 A-2 

	 	 
than              percent (            %) of the
gross amount of all base rent under the first                     
(            ) years of the primary term of any applicable lease for which a co-broker was used, plus
             percent (            %)of the gross amount of all base rent under the next
                     (            ) years of the primary term of any such
lease, even if such fee plus the co-broker’s fee exceeds the percentage otherwise provided for above under “New Lease Commission Percentage.” 

 

	 	 ̈	Payment terms (if other than specified above):
                                         
                            

 

 A-3 

	 ̈	Construction Management Services as specified in Section 5(c) of the Agreement except as specified below. In particular, the construction management will include
the following (add attachments as necessary): 

  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
 Fees 

 

	 ̈	Construction management Fees: 

  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

Examples: 
  

	 ̈	The Owner agrees to pay PECO a management fee in the amount of
$                     within fifteen (15) days of acceptance of the Improvement by the Owner. 

 

	 ̈	As payment for the services to be performed by the PECO hereunder, Owner shall pay the PECO a fee of
                    
($                    ), to be paid on the first day of each month of the term of the project in equal monthly installments of
                    
($                    ), plus reimbursable expenses referenced in this Agreement. 

 

	 ̈	PECO agrees to collect and provide the Owner with invoices for the work completed on the Improvement on a monthly basis unless the Owner and PECO agree to a more
frequent basis. Upon delivery of such invoices, the Owner will be solely responsible for promptly paying the company or companies performing the work. The contract form used by the Owner shall specify that PECO has no responsibility for payment.
Reimbursable expenses as described in this Agreement shall be reimbursed to the PECO at cost plus ten percent (10%) and shall be billed on a monthly basis. 

 

 A-4

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