Document:

Promissory Note - $702,568

 Exhibit 10.12 
 December 31, 2002 
 Glenn Crawford promises to pay to $702,568 Dollars In lawful money of the United States for value received with interest
from Emergystat inc. at the Prime Rate per Wall Street Journal until paid, negotiable and payable over the next 10 years. This agreement includes any future funds borrowed by Glenn Crawford. The new debt will be added to the then existing balance.
The aforementioned balance can and will be credited against the note due and monthly lease payment due Mr. Crawford. 
 All parties to this note,
whether maker, endorser, surety, or guarantor, each for himself, hereby severally waives as to this debt, and any renewal or extension thereof, all rights of exemption under the Constitution and Laws of Alabama, or of any other state, as to personal
property and they each severally agree to pay all costs of collecting or securing or attempting to collect or secure this note, including a reasonable attorney’s fees, whether the same be collected or secured by suit or otherwise. All parties
on this note, whether make, endorser, surety, or guarantor, each severally waives demand, presentment, protest, notice of protest, suit and all other requirements necessary to hold them, or either of them, and they severally agree that time of
payment may be extended without notice to them or either of them of such extension. In the event of the death of, or in the event of bankruptcy proceedings by or against, or garnishment or attachment proceedings against the property or funds of, any
party to this note, whether maker, endorser, surety, or guarantor, Emergystat is hereby authorized solely at its option, to withhold any fund, belonging to the maker, endorser, surety, surety, guarantor, or either or any of them, for application
towards the payment of this note, at maturity; but the failure or omission to so withhold such funds shall not have the effect of releasing, or in any way repairing, the obligation of any party to this instrument, whether maker, endorser, surety,
guarantor. 
 Emergystat hereby authorized to apply, on or after maturity, to the payment of this debt, any funds belonging to the maker, endorser, surety,
guarantor, or either or any of them; but the failure or omission to make such application shall not have the effect of releasing, or in any way impairing the obligation of any party to this instrument, whether maker, endorser, surety, or guarantor.

  

			
		
	/s/ Joseph Donovan	 	12/31/02
	Signature	 	Date

  

			
		
	/s/ Glenn Crawford	 	12/31/02
	Signature	 	Date
	For EmergystatPromissory Note - $1,000,000

 Exhibit 10.13 
 December 31, 2003 
 Glenn Crawford promises to pay $1,000,000. Dollars in lawful money of the United States for value received with interest
from Emergystat Inc. at the Prime rate per Wall Street Journal until paid, negotiable and payable over the next 10 years. This agreement includes any future funds borrowed by Glenn Crawford. The new debt will be added to the then existing balance.
The aforementioned Balance can and will be credited against the note due and monthly lease payment due Mr. Crawford. 
 All parties to this note,
whether maker, endorser, surety, or guarantor, each for himself, hereby severally waives as to this debt, and any renewal or extension thereof, all rights of exemption under the Constitution and Laws of Alabama, or of any other state, as to personal
property and they each severally agree to pay all costs of collecting or securing or attempting to collect or secure this note, including a reasonable attorney’s fees, whether the same be collected or secured by suit or otherwise. All parties
on this note, whether make, endorser, surety, or guarantor, each severally waives demand, presentment, protest, notice of protest, suite and all other requirements necessary to hold them, or either of them, and they severally agree that time of
payment may be extended without notice to them or either of them of such extention. In the event of the death of, or in the event of bankruptcy proceedings by the against, or garnishment or attachment proceedings against the property or funds of,
any party to this note, whether maker, endorser, surety, or guarantor, Emergystat is hereby authorized solely at its option, to withhold any fund, belonging to the maker, endorser, surety, guarantor, or either or any of them, for application toward
the payment of this note. At maturity; but the failure or omission to so withhold such funds shall not have the effect of leasing, or in anyway repairing, the obligation of any party to this instrument. Whether maker, endorser, surety, guarantor.

 Emergystat hereby authorized to apply, on or after maturity, to the payment of this debt, any funds belonging to the maker, endorser, surety, guarantor,
or either or any of them; but the failure or omission to make such application shall not have the effect of releasing, or in any way impairing the obligation of any party to this instrument, whether maker, endorser, surety, or guarantor. 

 

			
		
	/s/ Glenn Crawford	 	Jan 23, 04
	Signature	 	Date

  

			
		
	/s/ Teresa Sullivan	 	01/23/04
	Signature	 	Date
	For EmergystatPromissory Note - $500,000

 Exhibit 10.14 
 December 31, 2003 
 Glenn Crawford promises to pay $500,000. Dollars in lawful money of the United States for value received with interest
from Emergystat Inc. at the Prime rate per Wall Street Journal until paid, negotiable and payable over the next 10 years. This agreement includes any future funds borrowed by Glenn Crawford. The new debt will be added to the then existing balance.
The aforementioned Balance can and will be credited against the note due and monthly lease payment due Mr. Crawford. 
 All parties to this note,
whether maker, endorser, surety, or guarantor, each for himself, hereby severally waives as to this debt, and any renewal or extension thereof, all rights of exemption under the Constitution and Laws of Alabama, or of any other state, as to personal
property and they each severally agree to pay all costs of collecting or securing or attempting to collect or secure this note, including a reasonable attorney’s fees, whether the same be collected or secured by suit or otherwise, All parties
on this note, whether make, endorser, surety, or guarantor, each severally waives demand, presentment, protest, notice of protest, suite and all other requirements necessary to hold them, or either of them, and they severally agree that time of
payment may be extended without notice to them or either of them of such extention. In the event of the death of, or in the event of bankruptcy proceedings by the against, or garnishment or attachment proceedings against the property or funds of,
any party to this note, whether maker, endorser, surety, or guarantor, Emergystat is hereby authorized solely at its option, to withhold any fund, belonging to the maker, endorser, surety, guarantor, or either or any of them, for application toward
the payment of this note. At maturity; but the failure or omission to so withhold such funds shall not have the effect of leasing, or in anyway repairing, the obligation of any party to this instrument. Whether maker, endorser, surety, guarantor.

 Emergystat hereby authorized to apply, on or after maturity, to the payment of this debt, any funds belonging to the maker, endorser, surety, guarantor,
or either or any of them; but the failure or omission to make such application shall not have the effect of releasing, or in any way impairing the obligation of any party to this instrument, whether maker, endorser, surety, or guarantor. 

 

			
		
	/s/ Glenn Crawford	 	Jan 23, 04
	Signature	 	Date

  

			
		
	/s/ Teresa Sullivan	 	01/23/04
	Signature	 	Date
	For EmergystatDCT Industrial Trust Inc. 2006 Long-Term Incentive Plan

 Exhibit 10.1 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 DCT
INDUSTRIAL TRUST INC. 
 2006 LONG TERM INCENTIVE COMPENSATION PLAN 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	1.	  	 DEFINITIONS
	  	1
			
	2.	  	 EFFECTIVE DATE AND TERMINATION OF PLAN
	  	5
			
	3.	  	 ADMINISTRATION OF PLAN
	  	5
			
	4.	  	 SHARES AND UNITS SUBJECT TO THE PLAN
	  	6
			
	5.	  	 PROVISIONS APPLICABLE TO STOCK OPTIONS
	  	7
			
	6.	  	 PROVISIONS APPLICABLE TO RESTRICTED STOCK
	  	10
			
	7.	  	 PROVISIONS APPLICABLE TO PHANTOM SHARES
	  	12
			
	8.	  	 PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS
	  	15
			
	9.	  	 OTHER STOCK-BASED AWARDS
	  	16
			
	10.	  	 PERFORMANCE GOALS
	  	16
			
	11.	  	 TAX WITHHOLDING
	  	17
			
	12.	  	 REGULATIONS AND APPROVALS
	  	18
			
	13.	  	 INTERPRETATION AND AMENDMENTS; OTHER RULES
	  	18
			
	14.	  	 CHANGES IN CAPITAL STRUCTURE
	  	19
			
	15.	  	 MISCELLANEOUS
	  	20
		
	EXHIBIT A	  	A-1

  

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 DCT INDUSTRIAL TRUST INC. 
 2006 LONG-TERM INCENTIVE PLAN 
 DCT Industrial Trust Inc. (f/k/a Dividend
Capital Trust Inc.), a Maryland corporation, wishes to attract key employees, Directors, consultants and advisors to the Company and Subsidiaries and induce key employees, Directors, consultants and advisors to remain with the Company and
Subsidiaries, and encourage them to increase their efforts to make the Company’s business more successful whether directly or through Subsidiaries. In furtherance thereof, the DCT Industrial Trust Inc. 2006 Long-Term Incentive Plan is designed
to provide equity-based incentives to key employees, Directors, consultants and advisors of the Company and Subsidiaries. Awards under the Plan may be made to selected key employees, Directors, consultants and advisors of the Company and
Subsidiaries in the form of Options (including Stock Appreciation Rights), Restricted Stock, Phantom Shares, Dividend Equivalent Rights or other forms of equity-based compensation. 
  

	1.	DEFINITIONS. 

 Whenever used herein, the following
terms shall have the meanings set forth below: 
 “Award,” except where referring to a particular category of grant under the Plan,
shall include Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock, Phantom Shares, Dividend Equivalent Rights and other equity-based Awards as contemplated herein. 
 “Award Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company and the Participant as
provided in Section 3. An Award Agreement may be, without limitation, an employment or other similar agreement containing provisions governing grants hereunder, if approved by the Committee for use under the Plan. 
 “Board” means the Board of Directors of the Company. 
 “Cause” means, unless otherwise provided in the Participant’s Award Agreement: (i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly
failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or Subsidiaries or its affiliates; (iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or
unethical business conduct, or any crime involving the Company or Subsidiaries or any affiliate thereof; (iv) fraud, misappropriation or embezzlement; (v) a material breach of the Participant’s employment agreement (if any) with the
Company or Subsidiaries or its affiliates; (vi) acts or omissions constituting a material failure to perform substantially and adequately the duties assigned to the Participant; (vii) any illegal act detrimental to the Company or
Subsidiaries or its affiliates; or (viii) repeated failure to devote substantially all of Participant’s business time and efforts to the Company if required by Participant’s employment agreement; provided, however, that, if at any
particular time the Participant is subject to an effective employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such employment agreement.

 “Change in Control” means the happening of any of the following: 
  

	 	(i)	 any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any entity
controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such 

	 	 
entity, and, with respect to any particular Participant, the Participant and any “group” (as such term is used in Section 13(d)(3) of the
Exchange Act) of which the Participant is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of either
(A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding Shares (in either such case other than as a result of an acquisition of securities directly from the Company); or

  

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

  

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

  

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

 Notwithstanding the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code; provided that, in such a case,
the event or condition shall continue to constitute a Change in Control to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 

“Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the compensation committee of the Board. 
 “Common Stock” means the
Company’s Common Stock, par value $.01 per share, either currently existing or authorized hereafter. 
 “Company” means the
DCT Industrial Trust Inc. (f/k/a Dividend Capital Trust Inc.), a Maryland corporation. 
 “Contribution Agreement” means the
Contribution Agreement among DCT Industrial Trust Inc., Dividend Capital Operating Partnership, LP, and Dividend Capital Advisors Group LLC, dated as of July 21, 2006. 
  

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 “Director” means a non-employee director of the Company or Subsidiaries. 
 “Directors’ Fees” means the total amount each Director is entitled to receive as fees, including fees for service as a committee member
and chair, for serving as a Director of the Company, and any attendance or other director fees or payments for other services of the Director to the Company or its Subsidiaries. 
 “Disability” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, the occurrence of an event which
would entitle an employee of the Company to the payment of disability income under one of the Company’s approved long-term disability income plans or a long term disability as determined by the Committee in its absolute discretion pursuant to
any other standard as may be adopted by the Committee. Notwithstanding the foregoing, no circumstances or condition shall constitute a Disability to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code;
provided that, in such a case, the event or condition shall continue to constitute a Disability to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of
such 20% tax. 
 “Dividend Equivalent Right” means a right awarded under Section 8 to receive (or have credited) the
equivalent value of dividends paid on Common Stock. 
 “Eligible Person” means (i) an officer, Director, employee, consultant
or advisor of the Company or Subsidiaries or other person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company or Subsidiaries or (ii) a joint venture
affiliate of the Company or Subsidiaries or employees of the foregoing. In the case of grants directly or indirectly to employees of entities described in clause (ii) of the foregoing sentence, the Committee may make arrangements with such
entities in its discretion, in light of tax and other considerations. In connection with any merger, acquisition or other business combination to which the Company or any Subsidiary is a party, the Committee is authorized to designate other persons
who may be deemed Eligible Persons for purposes of the Plan (other than with respect to the award of Incentive Stock Options) where such persons are key employees of another party to the business combination (or key employees of any affiliate of
such party) but do not become employees of the Company or any Subsidiary following the business combination; provided that the Committee determines that granting substitute Awards under the Plan, in place of outstanding awards held by the recipient
under one or more plans of the predecessor employer, constitutes appropriate severance compensation. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” per Share as of a particular date means (i) if Shares are
then listed on a national securities exchange or quoted or reported on the NASDAQ National Market (“NASDAQ”), the closing sales price per Share on the exchange or NASDAQ for the last preceding date on which there was a sale of Shares on
such exchange or NASDAQ, as determined by the Committee, (ii) if Shares are not then listed on a national securities exchange or quoted on NASDAQ but are then traded on an over-the-counter market, the average of the closing bid and asked prices
for the Shares in such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the Committee, or (iii) if Shares are not then listed on a national securities exchange, quoted
on NASDAQ or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided that, where the Shares are so listed or traded, the Committee may make such discretionary determinations where the
Shares have not been traded for 10 consecutive trading days. 
  

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 “Grantee” means an Eligible Person granted Restricted Stock, Phantom Shares, Dividend
Equivalent Rights or such other equity-based Awards (other than an Option) as may be granted pursuant to Section 9. 
 “Incentive
Stock Option” means an “incentive stock option” within the meaning of Section 422(b) of the Code. 
 “Non-Qualified
Stock Option” means an Option which is not an Incentive Stock Option. 
 “Option” means the right to purchase, at a price and
for the term fixed by the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee. 
 “Optionee” means an Eligible Person to whom an Option is granted, or the Successors of the Optionee, as the context so requires. 
 “Option Price” means the price per share of Common Stock, determined by the Board or the Committee, at which an Option may be exercised.

 “Participant” means a Grantee or Optionee. 
 “Performance Goals” has the meaning set forth in Section 10. 
 “Phantom Share”
means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 
 “Phantom Share Value,” per Phantom
Share, means the Fair Market Value of a Share or, if so provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 
 “Plan” means the Company’s 2006 Long-Term Incentive Plan, as set forth herein and as the same may from time to time be amended.

 “Restricted Stock” means an award of Shares that are subject to restrictions hereunder. 
 “Retirement” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, the Termination of Service (other
than for Cause) of a Participant on or after the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five consecutive years of service with the Company or Subsidiaries or its affiliates.

 “Securities Act” means the Securities Act of 1933, as amended. 
 “Settlement Date” means the date determined under Section 7.4(c). 
 “Shares” means shares of Common Stock of the Company. 
 “Share Value” means the value of a Share based on the average closing price of a Share, as the Board determines, during a consecutive three-month period commencing on the first day of each January, April,
July and October, or such other value as the Board may provide for in advance. 
 “Stock Appreciation Right” means a right
described in Section 5.7. 
  

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 “Subsidiary” means any corporation, partnership or other entity of which at least 50% of the
economic interest in the equity or voting power is owned (directly or indirectly) by the Company. In the event the Company becomes such a subsidiary of another company (directly or indirectly), the provisions hereof applicable to subsidiaries shall,
unless otherwise determined by the Committee, also be applicable to such parent company. 
 “Successor of the Optionee” means the
legal representative of the estate of a deceased Optionee or the person or persons who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Optionee. 
 “Termination of Service” means a Participant’s termination of employment or other service, as applicable, with the Company and
Subsidiaries. Unless otherwise provided in the Award Agreement, cessation of service as an officer, employee, Director or consultant, or other covered positions shall not be treated as a Termination of Service if the Participant continues without
interruption to serve thereafter in another one (or more) of such other capacities, and Termination of Service shall be deemed to have occurred when service in the final covered capacity ceases. 
  

	2.	EFFECTIVE DATE AND TERMINATION OF PLAN. 

 The
effective date of the Plan is the date of closing of the transaction contemplated by the Contribution Agreement. The Plan shall not become effective unless and until it is approved by the requisite percentage of the holders of the Common Stock of
the Company. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan by (i) the Board or (ii) the shareholders of the Company; provided, however,
that the Board may at any time prior to that date terminate the Plan. 
  

	3.	ADMINISTRATION OF PLAN. 

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

  

 5 

 
contribution to the success of the Company whether directly or through Subsidiaries and such other factors as the Committee may deem relevant. 
 (c) The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the Committee. An
amendment to an Award Agreement or other action by the Committee that constitutes a repricing of an Option (or a Phantom Share described in Section 7.4(c)(ii)) shall be considered an amendment of the Plan for purposes of Section 13 (and,
for the avoidance of doubt, any repricings will therefore require shareholder approval). In the event that any Award Agreement or other agreement hereunder provides (without regard to this sentence) for the obligation of the Company or any affiliate
thereof to purchase or repurchase Shares from a Participant or any other person, then, notwithstanding the provisions of the Award Agreement or such other agreement, such obligation shall not apply to the extent that the purchase or repurchase would
not be permitted under Maryland law. The Participant shall take whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or
more of the obligations or restrictions imposed on the Participant pursuant to the express provisions of the Plan and the Award Agreement. 
 (d) The Committee, in its discretion (taking into account, without limitation, considerations under Section 16 of the Exchange Act), may delegate to the Chief Executive Officer of the Company or his or her delegate, all or part of the
Committee’s authority and duties with respect to awards, including, without limitation, the granting of awards to non-executive officers, where relief from the limitation of Section 162(m) of the Code is not sought. Any such delegation by
the Committee may, in the sole discretion of the Committee, include a limitation as to the amount of awards that may be awarded during the period of the delegation and may contain guidelines as to the determination of the option exercise price, or
price of other awards and the vesting criteria. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate that were consistent with the terms of
the Plan. 
  

	4.	SHARES AND UNITS SUBJECT TO THE PLAN. 

  

	 	4.1	In General. 

 (a) Subject to adjustments as provided
in Section 14, the total number of Shares subject to Awards granted under the Plan, in the aggregate, may not exceed 8,000,000. Subject to adjustments pursuant to Section 14, in no event may any Optionee receive Options for more than
2,000,000 Shares on an annual basis. Shares distributed under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Stock or that have been reserved for distribution in payment for
Options, Phantom Shares or other equity-based Awards but are later forfeited or for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan. 
 (b) Shares subject to Dividend Equivalent Rights, other than Dividend Equivalent Rights based directly on the dividends payable with respect to Shares
subject to Options or the dividends payable on a number of Shares corresponding to the number of Phantom Shares awarded, shall be subject to the limitation of Section 4.1(a). Notwithstanding Section 4.1(a), except in the case of Awards
intended to qualify for relief from the limitations of Section 162(m) of the Code, there shall be no limit on the number of Phantom Shares or Dividend Equivalent Rights to the extent they are paid out in cash that may be granted under the Plan.
If any Phantom Shares, Dividend Equivalent Rights or other equity-based Awards under Section 4.2 or 9 are paid out in cash, then, notwithstanding the first sentence of Section 4.1(a) above (but subject to the second sentence thereof) the
underlying Shares may again be made the subject of Awards under the Plan. 
  

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

	 	4.2	Directors’ Fees. 

 During the term of the Plan,
each Director shall receive as Awards under the Plan his or her regular Directors’ Fees in the form of quarterly payments in arrears, in the form of Shares (or, as provided and permitted by the Board (taking into account, without limitation,
Section 16(b) of the Exchange Act and Section 409A of the Code), Restricted Shares or Phantom Shares), unless the Director elects to receive such payment in cash in accordance with the second to last sentence of this Section 4.2. The
total number of Shares to be issued to a Director pursuant to this Section 4.2 shall be determined by dividing the dollar amount of the Directors’ Fees due for the payment period by the Share Value and rounding to the nearest whole Share.
The Shares issuable to Directors hereunder shall be issued on the first business day immediately following the payment period. Directors who would otherwise receive payment of their Directors’ Fees in Shares may make a written election prior to
the payment date, in the manner and form prescribed by the Board (taking into account, without limitation, considerations under Section 409A of the Code, if the Board has permitted the use of Phantom Shares for these purposes), to receive
payment of all or a portion of such Directors’ Fees in cash. Nothing in this Section 4.2 shall limit the discretion that the Committee may otherwise have to make awards hereunder. 
  

	5.	PROVISIONS APPLICABLE TO STOCK OPTIONS. 

  

	 	5.1	Grant of Option. 

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

	 	5.2	Option Price. 

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

	 	5.3	Period of Option and Vesting. 

 (a) Unless earlier
expired, forfeited or otherwise terminated, each Option shall expire in its entirety upon the 10th anniversary of the date of grant or shall have such other term as is set forth in the applicable Award Agreement. The Option shall also expire, be
forfeited and terminate at such times and in such circumstances as otherwise provided hereunder or under the Award Agreement. 
  

 7 

 (b) Each Option, to the extent that the Optionee has not had a Termination of Service and the Option has
not otherwise lapsed, expired, terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in the Award Agreement, as determined by the Committee at the time of grant. Unless otherwise provided in the
Award Agreement or herein, no Option (or portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which such Option (or portion thereof) would otherwise have become exercisable, and any Option that
would otherwise become exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 5.3(b), Options exercisable pursuant to the
schedule set forth by the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Optionee, such Optionee’s Options, if and to
the extent otherwise exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee. 
  

	 	5.4	Exercisability Upon and After Termination of Optionee. 

 (a) The Committee shall provide in the Award Agreement the extent (if any) to which any Option may be exercised upon the Termination of Service of the Optionee. 
 (b) Except as may otherwise be expressly set forth in this Section 5, and except as may otherwise be expressly provided under the Award Agreement, no provision of this Section 5 or of Section 14 is
intended to or shall permit the exercise of the Option to the extent the Option was not exercisable upon Termination of Service. 
  

	 	5.5	Exercise of Options. 

 (a) Subject to vesting,
restrictions on exercisability and other restrictions provided for hereunder or otherwise imposed in accordance herewith, an Option may be exercised, and payment in full of the aggregate Option Price made, by an Optionee by written notice (in the
form prescribed by the Committee) to the Company, or pursuant to such alternative means and procedures as may be approved in advance by the Committee, specifying the number of Shares to be purchased. 
 (b) Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions on the exercise of Options
(whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
  

	 	5.6	Payment. 

 (a) The aggregate Option Price shall be
paid in full upon the exercise of the Option. Payment must be made by one of the following methods: 
 (i) a certified or bank
cashier’s check, or in the discretion of the Committee, a personal check; 
 (ii) subject to Section 12(e), the
proceeds of a Company loan program or third-party sale program or a notice acceptable to the Committee given as consideration under such a program, in each case if permitted by the Committee in its discretion, if such a program has been established
and the Optionee is eligible to participate therein; 
  

 8 

 (iii) if approved (or pre-approved) by the Committee in its discretion, Shares of
previously owned Common Stock, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; 
 (iv) if approved (or pre-approved) by the Committee in its discretion, through the written election of the Optionee to have Shares withheld by the Company from the Shares otherwise to be received, with such withheld Shares having an
aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; or 
 (v) by any combination of such
methods of payment or any other method acceptable to the Committee in its discretion. 
 (b) Except in the case of Options exercised by
certified or bank cashier’s check, the Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting consequences
which may result from the use of Common Stock as payment upon exercise of an Option. 
 (c) Any fractional Shares resulting from an
Optionee’s exercise that is accepted by the Company shall be paid in cash. 
  

	 	5.7	Stock Appreciation Rights. 

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

	 	5.8	Exercise by Successors. 

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

	 	5.9	Nontransferability of Option. 

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

 9 

	 	5.10	Deferral. 

 The Committee (taking into account,
without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) may establish a program under which Participants will have Phantom Shares subject to Section 7 credited upon their exercise of
Options, rather than receiving Shares at that time. 
  

	 	5.11	Certain Incentive Stock Option Provisions. 

 (a) In
no event may an Incentive Stock Option be granted other than to employees of a “subsidiary corporation” or a “parent corporation,” as defined in Section 424(f) of the Code, with respect to the Company. The aggregate Fair
Market Value, determined as of the date an Option is granted, of the Common Stock for which any Optionee may be awarded Incentive Stock Options which are first exercisable by the Optionee during any calendar year under the Plan (or any other stock
option plan required to be taken into account under Section 422(d) of the Code) shall not exceed $100,000. 
 (b) If Shares acquired
upon exercise of an Incentive Stock Option are disposed of in a disqualifying disposition within the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such Option or one year
from the transfer of Shares to the Optionee pursuant to the exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as soon as
practicable thereafter of the date and terms of such disposition and, if the Company (or any affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or such affiliate) an amount equal to any withholding tax the
Company (or affiliate) is required to pay as a result of the disqualifying disposition. 
 (c) The Option Price with respect to each
Incentive Stock Option shall not be less than 100%, or 110% in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share on the day the Option is granted. Also, in
the case of such an individual who is granted an Incentive Stock Option, the term of such Option shall be no more than five years from the date of grant. 
  

	6.	PROVISIONS APPLICABLE TO RESTRICTED STOCK. 

  

	 	6.1	Grant of Restricted Stock. 

 (a) In connection with
the grant of Restricted Stock, whether or not Performance Goals (as provided for under Section 10) apply thereto, the Committee shall establish one or more vesting periods with respect to the shares of Restricted Stock granted, the length of
which shall be determined in the discretion of the Committee. Subject to the provisions of this Section 6, the applicable Agreement and the other provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all
applicable employment or other service requirements through the end of the applicable vesting period. 
 (b) Subject to the other terms of
the Plan, the Committee may, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Restricted Stock to Eligible Persons; (ii) provide a specified purchase price for the Restricted
Stock (whether or not the payment of a purchase price is required by any state law applicable to the Company); (iii) determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions, including any
applicable Performance Goals, to the grant of Restricted Stock under the Plan as it may deem appropriate. 
  

 10 

	 	6.2	Certificates. 

 (a) Unless otherwise provided by the
Committee, each Grantee of Restricted Stock shall be issued a stock certificate in respect of Shares of Restricted Stock awarded under the Plan. Each such certificate shall be registered in the name of the Grantee. Without limiting the generality of
Section 4.1(c), the certificates for Shares of Restricted Stock issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the Committee
may otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE
DCT INDUSTRIAL TRUST INC. 2006 LONG-TERM INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND DCT INDUSTRIAL TRUST INC. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF DCT INDUSTRIAL TRUST INC. AT
518 17TH STREET, SUITE 1700, DENVER, COLORADO 80202. 
 (b) The Committee shall require that any stock certificates evidencing such Shares be
held in custody by the Company or its designee until the restrictions hereunder shall have lapsed, and that, as a condition of any Award of Restricted Stock, the Grantee shall have delivered to the Company or its designee a stock power, endorsed in
blank, relating to the stock covered by such Award. If and when such restrictions so lapse, the stock certificates shall be delivered by the Company to the Grantee or his or her designee as provided in Section 6.3 (and the stock power shall
cease to be of effect). 
  

	 	6.3	Restrictions and Conditions. 

 Unless otherwise
provided by the Committee, the Shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 
 (i) Subject to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Award and ending on the date the period of forfeiture with respect to such Shares lapses, the
Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock awarded under the Plan (or have such Shares attached or garnished). Subject to the provisions
of the Award Agreements and clause (iii) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the applicable Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by
the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 
 (ii) Except as
provided in the foregoing clause (i), below in this clause (ii) or in Section 14, or as otherwise provided in the applicable Award Agreement, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a
shareholder of the Company, including the right to vote the Shares and the right to receive any cash dividends; provided, however that cash dividends on such Shares shall, unless otherwise provided by the Committee, be held by the Company
(unsegregated as a part of its 

  

 11 

 
general assets) until the period of forfeiture lapses (and forfeited if the underlying Shares are forfeited), and paid over to the Grantee (without interest)
as soon as practicable after such period lapses (if not forfeited). Certificates for Shares (not subject to restrictions) shall be delivered to the Grantee or his or her designee promptly after, and only after, the period of forfeiture shall lapse
without forfeiture in respect of such Shares of Restricted Stock. 
 (iii) Except as otherwise provided in the applicable
Award Agreement, if the Grantee has a Termination of Service by the Company and Subsidiaries for Cause during the applicable period of forfeiture, then all Shares still subject to restriction shall thereupon, and with no further action, be forfeited
by the Grantee. 
  

	7.	PROVISIONS APPLICABLE TO PHANTOM SHARES. 

  

	 	7.1	Grant of Phantom Shares. 

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

	 	7.2	Term. 

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

	 	7.3	Vesting. 

 (a) Subject to Section 7.3(b),
Phantom Shares shall vest as provided in the applicable Award Agreement. 
 (b) Unless otherwise determined by the Committee at the time of
grant, the Phantom Shares granted pursuant to the Plan shall be subject to the following vesting conditions: 
 (i) Subject to
the provisions of the Award Agreement, if the Grantee has a Termination of Service by the Company and Subsidiaries for Cause, all of the Grantee’s Phantom Shares (whether or not such Phantom Shares are otherwise vested) shall thereupon, and
with no further action, be forfeited and cease to be outstanding, and no payments shall be made with respect to such forfeited Phantom Shares. 
 (ii) In the event that a Grantee has a Termination of Service, any and all of the Grantee’s Phantom Shares which have not vested prior to or as of such termination shall thereupon, and with no further action, be
forfeited and cease to be outstanding and the Participant’s vested Phantom Shares shall be settled as set forth in Section 7.4. 
  

	 	7.4	Settlement of Phantom Shares. 

 (a) Each vested and
outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided that the Committee at the time of grant (or, in the appropriate case, as determined by the Committee, thereafter) may provide that, after consideration
of possible accounting issues, a Phantom Share may be settled (i) in cash at the applicable Phantom Share Value, (ii) in cash or 

  

 12 

 
by transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee or (iii) in cash or by transfer of Shares as
elected by the Company. 
 (b) Payment (whether of cash or Shares) in respect of Phantom Shares shall be made in a single sum by the Company;
provided that, with respect to Phantom Shares of a Grantee which have a common Settlement Date, the Committee may permit the Grantee to elect in accordance with procedures established by the Committee (taking into account, without limitation,
Section 409A of the Code, as the Committee may deem appropriate) to receive installment payments over a period not to exceed 10 years, rather than a single-sum payment. 
 (c) Regarding the time at which payment in respect of Phantom Shares will be made or commence: 
 (i) Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with respect to a Phantom Share is the
first day of the month to follow the date on which the Phantom Share vests; provided that a Grantee may elect, in accordance with procedures to be established by the Committee, that such Settlement Date will be deferred as elected by the Grantee to
the first day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee. Unless otherwise determined by the Committee, elections under this Section 7.4(c)(i) must, except as may
otherwise be permitted under the rules applicable under Section 409A of the Code, (A) be effective at least one year after they are made, or, in the case of payments to commence at a specific time, be made at least one year before the
first scheduled payment and (B) defer the commencement of distributions (and each affected distribution) for at least five years. 
 (ii) Notwithstanding Section 7.4(c)(i), the Committee may provide that distributions of Phantom Shares can be elected at any time in those cases in which the Phantom Share Value is determined by reference to Fair
Market Value to the extent in excess of a base value, rather than by reference to unreduced Fair Market Value. 
 (iii)
Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this Section 7.4(c), is the date of the Grantee’s death. 
 (d) Notwithstanding the other provisions of this Section 7, in the event of a Change in Control, the Settlement Date shall be the date of such Change in Control and all amounts due with respect to Phantom Shares to a Grantee hereunder
shall be paid as soon as practicable (but in no event more than 30 days) after such Change in Control, unless such Grantee elects otherwise in accordance with procedures established by the Committee. 
 (e) Notwithstanding any other provision of the Plan, a Grantee may receive any amounts to be paid in installments as provided in Section 7.4(b) or
deferred by the Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable Emergency,” as determined by the Committee in its sole discretion, is a severe
financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,” as defined in Section 152(a) of the Code, of the Grantee, loss of the Grantee’s property due to casualty,
or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any
case, payment may not be made to the extent that such hardship is or may be relieved: 
  

 13 

 (i) through reimbursement or compensation by insurance or otherwise, 
 (ii) by liquidation of the Grantee’s assets, to the extent the liquidation of such assets would not itself cause severe financial
hardship, or 
 (iii) by future cessation of the making of additional deferrals under Section 7.4 (b) and (c).

 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency.
Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 
  

	 	7.5	Other Phantom Share Provisions. 

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

 (b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments
payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a
vested Phantom Share dies, such Phantom Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 7.4(c) shall be accelerated and paid, as soon as
practicable (but no later than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 
 (c) The
Committee may establish a program under which distributions with respect to Phantom Shares may be deferred for periods in addition to those otherwise contemplated by foregoing provisions of this Section 7. Such program may include, without
limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Participants may select from among hypothetical investment alternatives for such deferred amounts in
accordance with procedures established by the Committee. 
 (d) Notwithstanding any other provision of this Section 7, any fractional
Phantom Share will be paid out in cash at the Phantom Share Value as of the Settlement Date. 
 (e) No Phantom Share shall be construed to
give any Grantee any rights with respect to Shares or any ownership interest in the Company. Except as may be provided in accordance with Section 8, no provision of the Plan shall be interpreted to confer upon any Grantee any voting, dividend
or derivative or other similar rights with respect to any Phantom Share. 
  

	 	7.6	Claims Procedures. 

 (a) To the extent that the Plan
is determined by the Committee to be subject to the Employee Retirement Income Security Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with respect to Phantom Shares
under the Plan by written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require 

  

 14 

 
an extension of time for processing, 180 days, in which case notice of such special circumstances should be provided within the initial 90-day period) after
the filing of the claim, the Committee will either: 
 (i) approve the claim and take appropriate steps for satisfaction of
the claim; or 
 (ii) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a
written notice of such denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any
rule of construction or interpretation adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the
claim and an explanation of the reasons why such material or information is necessary; and (D) a reference to this Section 7.6 as the provision setting forth the claims procedure under the Plan. 
 (b) The claimant may request a review of any denial of his claim by written application to the Committee within 60 days after receipt of the notice of
denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial 60-day period) after receipt of
written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references to the Plan provisions on which
the decision is based. 
  

	8.	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS. 

  

	 	8.1	Grant of Dividend Equivalent Rights. 

 Subject to
the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the Award Agreements, authorize the granting of Dividend Equivalent Rights to Eligible Persons based on the regular cash dividends declared on Common
Stock, to be credited as of the dividend payment dates, during the period between the date an Award is granted, and the date such Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalent Rights shall be
converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by the Committee. With respect to Dividend Equivalent Rights granted with respect to Options intended to be qualified
performance-based compensation for purposes of Section 162(m) of the Code, such Dividend Equivalent Rights shall be payable regardless of whether such Option is exercised. If a Dividend Equivalent Right is granted in respect of another Award
hereunder, then, unless otherwise stated in the Award Agreement, in no event shall the Dividend Equivalent Right be in effect for a period beyond the time during which the applicable portion of the underlying Award is in effect. 
  

	 	8.2	Certain Terms. 

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

 15 

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

	 	8.3	Other Types of Dividend Equivalent Rights. 

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

	 	8.4	Deferral. 

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

	9.	OTHER STOCK-BASED AWARDS. 

 The Committee shall have
the right (i) to grant other Awards based upon the Common Stock having such terms and conditions as the Committee may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of convertible
preferred shares, convertible debentures and other exchangeable or redeemable securities or equity interests, and the grant of Stock Appreciation Rights, (ii) to grant limited-partnership or any other membership or ownership interests (which
may be expressed as units or otherwise) in a Subsidiary or operating or other partnership (or other affiliate of the Company), with any Shares being issued in connection with the conversion of (or other distribution on account of) an interest
granted under the authority of this clause (ii) to be subject, for the avoidance of doubt, to Section 4 and the other provisions of the Plan, and (iii) to grant Awards valued by reference to book value, fair value or performance
parameters relative to the Company or any Subsidiary or group of Subsidiaries. 
  

	10.	PERFORMANCE GOALS. 

 The Committee, in its
discretion, may, in the case of Awards (including, in particular, Awards other than Options) intended to qualify for an exception from the limitation imposed by Section 162(m) of the Code (“Performance-Based Awards”),
(i) establish one or more performance goals (“Performance Goals”) as a precondition to the issuance or vesting of Awards, and (ii) provide, in connection with the establishment of the Performance Goals, for predetermined Awards
to those Participants (who continue to meet all applicable eligibility requirements) with respect to whom the applicable Performance Goals are satisfied. The Performance Goals shall be 

  

 16 

 
based upon the criteria set forth in Exhibit A hereto which is hereby incorporated herein by reference as though set forth in full. The Performance Goals
shall be established in a timely fashion such that they are considered preestablished for purposes of the rules governing performance-based compensation under Section 162(m) of the Code. Prior to the award or vesting, as applicable, of affected
Awards hereunder, the Committee shall have certified that any applicable Performance Goals, and other material terms of the Award, have been satisfied. Performance Goals which do not satisfy the foregoing provisions of this Section 10 may be
established by the Committee with respect to Awards not intended to qualify for an exception from the limitations imposed by Section 162(m) of the Code. 
  

	11.	TAX WITHHOLDING. 

  

	 	11.1	In General. 

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

	 	11.2	Share Withholding. 

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

 17 

	 	11.3	Withholding Required. 

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

	12.	REGULATIONS AND APPROVALS. 

 (a) The obligation of
the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by
governmental agencies as may be deemed necessary or appropriate by the Committee. 
 (b) The Committee may make such changes to the Plan as
may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits applicable to an Award. 
 (c) Each grant of Options, Restricted Stock, Phantom Shares (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or issuance of Shares in respect thereof), or other Award under Section 9 (or
issuance of Shares in respect thereof), is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Shares of Restricted Stock, Phantom
Shares, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made, or Phantom Shares or Shares issued or grant of Restricted Stock or other Award made, in whole or in part, unless listing, registration, qualification,
consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 
 (d) In the event that
the disposition of stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the
extent required under the Securities Act, and the Committee may require any individual receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired
for investment only and not with a view to distribution and that such Shares will be disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition. 
 (e) Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action under the Plan or any Award Agreement
which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 
  

 18 

	13.	INTERPRETATION AND AMENDMENTS; OTHER RULES. 

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

	14.	CHANGES IN CAPITAL STRUCTURE. 

 (a) If (i) the
Company or Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or Subsidiaries or a transaction
similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization or other similar change in the capital structure of the Company or Subsidiaries, or any distribution to holders of
Common Stock other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Awards, then: 
 (x) the maximum aggregate number and kind of Shares which may be made subject to Options and Dividend Equivalent Rights under the Plan,
the maximum aggregate number and kind of Shares of Restricted Stock that may be granted under the Plan, the maximum aggregate number of Phantom Shares and other Awards which may be granted under the Plan may be appropriately adjusted by the
Committee in its discretion; and 
 (y) the Committee shall take any such action as in its discretion shall be necessary to
maintain each Optionees’ rights hereunder (including under their Award Agreements) so that they are substantially in their respective Options, Phantom Shares and Dividend Equivalent Rights substantially proportionate to the rights existing in
such Options, Phantom Shares and Dividend Equivalent Rights prior to such event, including, without limitation, adjustments in (A) the number of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9)
granted, (B) the number and kind of shares or other property to be distributed in respect of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9 as applicable), (C) the 

  

 19 

 
Option Price and Phantom Share Value, and (D) performance-based criteria established in connection with Awards (to the extent consistent with
Section 162(m) of the Code, as applicable); provided that, in the discretion of the Committee, the foregoing clause (D) may also be applied in the case of any event relating to a Subsidiary if the event would have been covered under this
Section 14(a) had the event related to the Company. 
 To the extent that such action shall include an increase or decrease in the number of Shares (or
units of other property then available) subject to all outstanding Awards, the number of Shares (or units) available under Section 4 shall be increased or decreased, as the case may be, proportionately, as may be determined by the Committee in
its discretion. 
 (b) Any Shares or other securities distributed to a Grantee with respect to Restricted Stock or otherwise issued in
substitution of Restricted Stock shall be subject to the restrictions and requirements imposed by Section 6, including depositing the certificates therefor with the Company together with a stock power and bearing a legend as provided in
Section 6.2(a). 
 (c) If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has
received Restricted Stock that is then subject to restrictions imposed by Section 6.3(a) may be required to deposit with the successor corporation the certificates, if any, for the stock or securities or the other property that the Grantee is
entitled to receive by reason of ownership of Restricted Stock in a manner consistent with Section 6.2(b), and such stock, securities or other property shall become subject to the restrictions and requirements imposed by Section 6.3(a),
and the certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 6.2(a). 
 (d) If a Change in Control shall occur, then the Committee, as constituted immediately before the Change in Control, may make such adjustments as it, in its discretion, determines are necessary or appropriate in light
of the Change in Control, provided that the Committee determines that such adjustments do not have an adverse economic impact on the Participant as determined at the time of the adjustments. 
 (e) The judgment of the Committee with respect to any matter referred to in this Section 14 shall be conclusive and binding upon each Participant
without the need for any amendment to the Plan. 
  

	15.	MISCELLANEOUS. 

  

	 	15.1	No Rights to Employment or Other Service. 

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

	 	15.2	Right of First Refusal; Right of Repurchase. 

 At
the time of grant, the Committee may provide in connection with any grant made under the Plan that Shares received hereunder shall be subject to a right of first refusal pursuant to which the Company shall be entitled to purchase such Shares in the
event of a prospective sale of the Shares, subject to such terms and conditions as the Committee may specify at the time of grant or (if permitted by the Award Agreement) thereafter, and to a right of repurchase, pursuant to which the Company shall
be entitled to purchase such Shares at a price determined by, or under a formula set by, the Committee at the 

  

 20 

 
time of grant or (if permitted by the Award Agreement) thereafter, subject to such other terms and conditions as the Committee may specify at the time of
grant. 
  

	 	15.3	No Fiduciary Relationship. 

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

	 	15.4	No Fund Created. 

 Any and all payments hereunder to
any Participant shall be made from the general funds of the Company (or, if applicable, a participating subsidiary), no special or separate fund shall be established or other segregation of assets made to assure such payments, and the Phantom Shares
(including for purposes of this Section 15.4 any accounts established to facilitate the implementation of Section 7.4(c)) and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Stock and
shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not
cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and constitute a mere promise by the
Company to make benefit payments in the future and, to the extent that any person acquires a right to receive payments under the Plan from the Company, such right shall be no greater than the right of a general unsecured creditor of the Company. (If
any affiliate of the Company is or is made responsible with respect to any Awards, the foregoing sentence shall apply with respect to such affiliate.) Without limiting the foregoing, Phantom Shares and any other similar devices issued hereunder to
account for Plan obligations are solely a device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom Shares and any such other devices is limited to the right to
receive payment, if any, as may herein be provided. 
  

	 	15.5	Notices. 

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

	 	15.6	Exculpation and Indemnification. 

 The Company shall
indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance
of such person’s duties, responsibilities and obligations under the Plan, if such person acts in good faith and in a manner that he or she reasonably believes to be in, or not opposed to, the best interests of the Company, to the maximum extent
permitted by law. 
  

 21 

	 	15.7	Captions. 

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

	 	15.8	Governing Law. 

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

 22 

 EXHIBIT A 
 PERFORMANCE CRITERIA 
 Performance-Based Awards intended to qualify as “performance based”
compensation under Section 162(m) of the Code, may be payable upon the attainment of objective performance goals that are established by the Committee and relate to one or more Performance Criteria, in each case on specified date or over any
period, up to 10 years, as determined by the Committee. Performance Criteria may (but need not) be based on the achievement of the specified levels of performance under one or more of the measures set out below relative to the performance of one or
more other corporations or indices. 
 “Performance Criteria” means the following business criteria (or any combination thereof)
with respect to one or more of the Company, any Participating Company or any division or operating unit thereof: 
  

	 	(i)	pre-tax income; 

  

	 	(ii)	after-tax income; 

  

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

  

	 	(iv)	operating income; 

  

	 	(v)	cash flow; 

  

	 	(vi)	earnings per share; 

  

	 	(vii)	return on equity; 

  

	 	(viii)	return on invested capital or assets; 

  

	 	(ix)	cash or funds available for distribution; 

  

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

  

	 	(xi)	return on investment; 

  

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

  

	 	(xiii)	net earnings growth; 

  

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

  

	 	(xv)	related return ratios; 

  

	 	(xvi)	increase in revenues; 

  

	 	(xvii)	net earnings; 

  

 A-1 

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

  

	 	(xix)	number of securities sold; 

  

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

  

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

  

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

  

	 	(xxiii)	funds from operations; 

  

	 	(xxiv)	same-store sales from period to period; 

  

	 	(xxv)	objectively determinable capital deployment; 

  

	 	(xxvi)	realized gains on assets; and 

  

	 	(xxvii)	objectively determinable expense management. 

 Performance
Goals may be absolute amounts or percentages of amounts or may be relative to the performance of other companies or of indexes, and may be on an aggregate, per-share or other similar basis. 
 To the extent permitted by Section 162(m) of the Code, unless the Committee provides otherwise at the time of establishing the Performance Goals,
for each fiscal year of the Company, there shall be objectively determinable adjustments, as determined in accordance with GAAP, to any of the Performance Criteria described above for one or more of the items of gain, loss, profit or expense:
(A) determined to be extraordinary or unusual in nature or infrequent in occurrence, (B) related to the disposal of a segment of a business, (C) related to a change in accounting principle under GAAP, (D) related to discontinued
operations that do not qualify as a segment of a business under GAAP, and (E) attributable to the business operations of any entity acquired by the Company during the fiscal year. 
  

 A-2

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