Document:

EX-10.14

 Exhibit 10.14 

AMERICOLD REALTY TRUST 

2010 EQUITY INCENTIVE PLAN 

ARTICLE I 
 GENERAL

 1.1    Purpose and Overview. This equity incentive plan, which shall be known as the “Americold
Realty Trust 2010 Equity Incentive Plan” (but referred to herein as the “Plan”), has been adopted by Americold Realty Trust, a Maryland real estate investment trust (the “Company”), to enable the Company and its Subsidiaries
to attract and retain qualified personnel for positions of substantial responsibility and to provide additional incentive to employees, trustees and other service providers by providing them with, among other things, an opportunity for investment in
the Company. The Plan authorizes the Company’s Board of Trustees (the “Board”) or a committee appointed by the Board to make Awards consisting of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock
Bonus Awards and/or Dividend Equivalents with respect to the Company’s Common Shares, Cash Bonus Awards and/or Performance Compensation Awards to certain Eligible Participants, on the terms and conditions more specifically described herein.

 1.2    Definitions. 

“Acquirer” shall have the meaning given such term in the definition of Change in Control; provided, however, that if in the
case of a particular Award the applicable Award Agreement states otherwise or contains a different definition of “Change in Control,” the term “Acquirer” shall have the meaning given such term in the definition of Change in
Control or, if no such meaning is specified, shall mean the entity (if any) acquiring control or effective control of the Company, the surviving or successor entity, or the entity acquiring substantially all of the assets of the Company in a
transaction constituting a Change in Control. 
 “Award” shall have the meaning given such term in Section 1.5 hereof.

 “Award Agreement” shall have the meaning given such term in Section 1.5 hereof. 

“Award Pool” shall have the meaning given such term in Section 1.6 hereof. 

“Board” shall have the meaning given such term in Section 1.1 hereof. 

“Cash Bonus” shall mean a cash bonus granted pursuant to Section 7.1 hereof. 

“Cause” shall mean, (i) in the case of a Participant who has an employment contract or Award Agreement with the Company
that includes a definition of “Cause,” any conduct therein defined; or (ii) in the case of any Participant not described in clause (i), cause as determined in good faith by the Committee, including but not limited to any of the
following: 
 (A)     the Participant’s fraud, willful malfeasance, or gross negligence in the
performance of his or her duties; 

  
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 (B)     the Participant’s theft, dishonesty, or
falsification of any employment record or any of the Company’s records; 
 (C)     any act or
failure to act by the Participant that has a material detrimental effect on the reputation or business of the Company or any Company affiliate as determined in the sole discretion of the Committee (including but not limited to the unauthorized use
of proprietary information); is beyond the course and scope of the Participant’s duties; or is a breach of the Participant’s fiduciary duties to the Company; in each case unless the Participant’s act or failure to act is compelled by
applicable statute or regulation; 
 (D)    the Participant’s conviction of, or entering of a plea
of guilty or nolo contendere to, a felony or any other crime that involves moral turpitude or the commission of an act involving dishonesty or fraud with respect to the Company or any Company affiliate; 

(E)     any material breach or violation of the terms of the Participant’s employment contract (if
any); Participant’s material or repeated failure to perform the duties assigned to him or her by his or her supervisor; or Participant’s refusal, or repeated failure, to obey the lawful directives or reasonable instructions of the Board;
or 
 (F)     illegal substance abuse or habitual drunkenness; 

provided that, in the case of (C), (E), or (F) above, the Company has provided the Participant with written notice and opportunity to cure the condition
if in the reasonable judgment of the Board such condition is susceptible of cure, and the Participant has failed to cure such condition within thirty (30) days after receipt of such notice. 

“Change in Control” shall, unless in the case of a particular Award the applicable Award Agreement states otherwise or
contains a different definition of “Change in Control,” mean the occurrence of any one of the following events: (i) a merger, consolidation, or reorganization of the Company into or with another legal entity, or sale or transfer by
the Company of all or substantially all of its assets to any other legal entity (in either case, such other legal entity is herein referred to as an “Acquirer”), such that immediately following such transaction, fifty percent (50%) or more
of the combined voting power of the then-outstanding voting securities of the Acquirer is not beneficially owned by Persons beneficially owning at least twenty percent (20%) of the Company’s Common Shares outstanding and reserved for issuance
immediately prior to such transaction; (ii) any transaction or series of transactions by Yucaipa American Alliance Fund I, LP, Yucaipa Corporate Initiatives Fund I, LP, Yucaipa American Alliance (Parallel) Fund I, LP, Yucaipa American Alliance
Fund II, LP, and Yucaipa American Alliance (Parallel) Fund II, LP and/or their affiliated entities (collectively, “Yucaipa”) that results in Yucaipa, in the aggregate, beneficially owning less than fifty percent (50%) of the Company’s
Common Shares outstanding and reserved for issuance immediately prior to such transaction or series of transactions; or (iii) a dissolution or liquidation of the Company. Notwithstanding the foregoing, any public offering of the Company’s
securities shall not be or result in a Change in Control. 

  
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 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time, and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any Treasury Regulations and other interpretative guidance under such section, and any amendments or successor provisions to such section,
regulations or guidance. 
 “Committee” shall have the meaning given such term in Section 1.3(a) hereof. 

“Common Shares” shall mean Common Shares of the Company, $0.01 par value per share, and such other securities as may become
the subject of Awards pursuant to an adjustment made under Section 9.4 hereof. 
 “Company” shall have the meaning
given such term in Section 1.1 hereof. 
 “Disability” shall mean, except as otherwise provided in an applicable Award
Agreement, the inability of a Participant to perform the duties, responsibilities and obligations of such Participant’s position for six (6) months (in the aggregate) within any consecutive twelve (12) month period by reason of a
medically determinable physical or mental impairment, as determined in good faith by the Committee. 
 “Dividend
Equivalent” shall have the meaning given such term in Section 8.1 hereof. 
 “Effective Date” shall have the
meaning given such term in Section 9.1 hereof. 
 “Eligible Participant” shall have the meaning given such term in
Section 1.4 hereof. 
 “Eligible Status” shall have the meaning given such term in Section 1.4 hereof. Without
limiting the foregoing, an Eligible Participant’s Eligible Status shall terminate once that Person is no longer an officer, trustee or employee of the Company or any Subsidiary, or the Committee determines that such Person is no longer properly
treated as a consultant or other bona fide service provider to the Company or any Subsidiary. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any section of the Exchange Act shall be deemed to include any rules, regulations, and other interpretative guidance under such section, and
any amendments or successor provisions to such section, rules, regulations or guidance. 
 “Exercise Price” shall mean the
amount determined by the Committee with respect to the corresponding Option pursuant to Section 2.3 hereof. 
 “Fair Market
Value” shall mean, with respect to a Common Share, the fair market value of a Common Share as determined by the Committee from time to time. Unless otherwise determined by the Committee, the fair market value of a Common Share shall be the
closing price of a Common Share on the date as of which the determination is being made as quoted on the New York Stock Exchange or, if there were no sales on such date, the closing price on the nearest preceding date on which sales occurred as
quoted on the New York Stock Exchange, in each case as reported in The Wall Street Journal or such other source as the Committee deems reliable. 

“Grant Date” shall mean, with respect to an Award, the date on which the material terms of such Award are approved by the
Committee, or such other date as may be designated by the Committee at the time of such approval and specified in the applicable Award Agreement as the “Grant Date” of such Award. 

  
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 “Immediate Family Member” shall have the meaning given such term in
Section 8.4(c) hereof. 
 “Incentive Stock Option” shall mean an Option designated by the Committee as an
“Incentive Stock Option” pursuant to Section 2.1 hereof and intended to comply with the provisions of Section 422 of the Code or any successor statutory provision. 

“Nonqualified Stock Option” shall mean an Option that is not an Incentive Stock Option. 

“Option” shall mean an option to purchase Common Shares granted under ARTICLE II hereof. 

“Participant” shall have the meaning given such term in Section 1.4 hereof. 

“Performance Compensation Award” shall have the meaning given such term in ARTICLE VII hereof. 

“Performance Formula” shall have the meaning given such term in Section 7.2 hereof. 

“Performance Goal” shall have the meaning given such term in Section 7.2 hereof. 

“Performance Period” shall have the meaning given such term in Section 7.2 hereof. 

“Permitted Transferee” shall have the meaning given such term in Section 8.4(c) hereof. 

“Person” shall mean any individual, corporation, partnership, association, joint-stock company, trust, unincorporated
organization, or government or political subdivision thereof. 
 “Plan” shall have the meaning given such term in
Section 1.1 hereof. 
 “Predecessor Plan” shall mean the Americold Realty Trust 2008 Equity Incentive Plan. 

“Registration Date” means the effective date of the first registration statement with respect to the Common Shares that is
filed by the Company and declared effective pursuant to Section 12(g) of the Exchange Act. 
 “Restricted Stock” shall mean
Common Shares granted under ARTICLE IV hereof. 
 “Restricted Stock Unit” shall mean a right granted under ARTICLE V
hereof. 
 “RSU” shall mean a Restricted Stock Unit. 

“SAR” shall mean a Stock Appreciation Right. 

“SAR Settlement Payment” shall have the meaning given such term in Section 3.2 hereof. 

  
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 “Securities Act” means the Securities Act of 1933, as amended, and any successor
thereto. Reference in the Plan to any section of the Securities Act shall be deemed to include any rules, regulations, and other interpretative guidance under such section, and any amendments or successor provisions to such section, rules,
regulations or guidance. 
 “Stock Appreciation Right” shall mean a right granted under ARTICLE III hereof. 

“Stock Bonus” shall mean Common Shares granted under ARTICLE VI hereof. 

“Strike Price” shall mean the amount determined by the Committee with respect to the corresponding Stock Appreciation Right
pursuant to Section 3.3 hereof. 
 “Subsidiary” shall mean any majority-owned direct or indirect subsidiary of the
Company. 
 “Tax Withholding Liability” shall mean all federal, state, local, and foreign income tax, social security tax,
and any other taxes applicable to the compensation income arising from a transaction required by applicable law to be withheld by the Company or any Subsidiary. 

“Transfer” shall mean any assignment, conveyance, sale, gift, pledge, hypothecation, encumbrance or other transfer,
disposition or alienation. 
 1.3    Administration. 

(a)     Committee. The Plan shall be administered and interpreted by the Compensation Committee of the Board, if
any, or such other committee of the Board which shall be appointed by and serve at the pleasure of the Board for the express purpose of administering and interpreting the Plan (the “Committee”), provided that the full Board may at any time
act as the Committee. It is intended that the Committee will consist solely of individuals each of whom, at the time of his or her appointment, qualifies as a “non-employee director” under Rule 16b-3(b)(3)(i) promulgated under the Exchange
Act and, to the extent that the Board determines that relief from the limitation of Section 162(m) of the Code shall be sought, as an “outside director” under Section 1.162-27(e)(3)(i) of the Treasury Regulations. Notwithstanding
any other provision of this Plan to the contrary, any Award to a member of the Board who is not an employee of the Company or a Subsidiary must be authorized by the full Board pursuant to recommendations made by the Committee. 

(b)     Authority of Committee. Subject to the express terms and conditions hereof and applicable laws, rules and
regulations, the Committee is authorized to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan; (iii) determine the number of Common Shares to be covered by (or
with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may
be settled or exercised in cash, Common Shares, other securities, or other Awards, or canceled, forfeited, or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances cash, Common Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder
thereof or of the Committee, subject to the 

  
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requirements of Section 409A of the Code, if applicable; (vii) establish, amend and rescind rules and regulations relating to the Plan; (viii) approve forms of agreements under the
Plan; (ix) construe and interpret the terms of the Plan and Awards made pursuant to the Plan; (x) make all other determinations and take any other actions that the Committee deems necessary or advisable for the administration and
interpretation of the Plan and Awards made pursuant to the Plan; and (xi) correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan
into effect. Without limiting the generality of the foregoing, and subject to the express terms and conditions hereof, the Committee may modify the terms and conditions of the Plan or of any Awards granted hereunder to the extent necessary or
advisable to effectuate the purpose of the Plan as a result of any changes in the tax, accounting, or securities law treatment of the Plan or any instruments issued hereunder. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time, and shall be final, conclusive, and binding on all Persons. No member
of the Committee shall be liable to any Person for any such action taken or determination made in good faith. 

1.4    Eligibility. The Committee may make Awards under the Plan only to Persons who, at the time of such Awards,
are officers, trustees, employees, consultants, advisers or other bona fide service providers with respect to the Company or any Subsidiary (each such Person an “Eligible Participant” in an “Eligible Status”). The
Committee shall select, upon the recommendation of the Board or upon the Committee’s own initiative, Eligible Participants to whom the making of Awards would, in the opinion of the Committee, further the Plan’s purpose. (Each recipient of
an Award hereunder, including any transferee in a transfer that complies with Section 8.4 hereof, shall be referred to herein as a “Participant.”) 

The adoption of this Plan shall not be deemed to give any Eligible Participant any right to be selected for an Award hereunder. There is no
obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards under the Plan, and the terms and conditions of Awards need not be the same with respect to each Participant. In addition, nothing contained in this Plan
or in any applicable Award Agreement shall confer upon any Eligible Participant or Participant any right to be employed by or otherwise continue in an Eligible Status with the Company or any Subsidiary or in any way affect the Company’s or any
Subsidiary’s right to terminate such Person’s employment or other Eligible Status without prior notice at any time for any or no reason. 

1.5    Awards; Award Agreement. Subject to the limitations set forth in Section 1.6, the Committee may grant
to any Eligible Participant one or more awards (each an “Award”) consisting of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards, Dividend Equivalents, Cash Bonus Awards and/or Performance
Compensation Awards. An Award shall be considered as granted hereunder only after its authorization, including all material terms thereof, by the Committee. Each Award under the Plan shall be evidenced by an agreement (an “Award
Agreement”), executed by the Participant and the Company, which Award Agreement shall (a) specify the terms and conditions of the Award and any rules applicable thereto, (b) incorporate all provisions of the Plan by reference, and
(c) include such other terms and conditions not inconsistent with the Plan as may be determined by the Committee in its sole discretion. Without limitation, the Award Agreement shall specify (i) the total number of

  
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Common Shares subject to the Award, if applicable, (ii) in the case of an Option or SAR, the Exercise Price or Strike Price per Common Share, (iii) the vesting schedule or vesting
conditions, if any, with respect to such Award, (iv) the period(s) during which such Award shall be exercisable or the date(s) on which such Award shall be settled, and (v) such other matters required or permitted to be specified therein
under the Plan. 
 1.6    Shares Available Under the Plan. 

(a)     Award Pool. Subject to adjustments as provided in Sections 1.6(b), 1.6(c) and 9.4, the maximum aggregate
number of Common Shares that may be subject to, or (without duplication) delivered pursuant to, Awards granted under the Plan is 3,849,976. Such maximum aggregate number of Common Shares shall be referred to herein as the “Award Pool.” The
Common Shares subject to or delivered pursuant to Awards granted under the Plan may be authorized but unissued Common Shares, Common Shares held in Treasury, or reacquired Common Shares. 

(b)     Forfeiture. If any Common Shares subject to an Award granted under the Plan are forfeited, or if an Award
granted under this Plan expires, is forfeited or becomes unexercisable for any reason without having been exercised or paid in full, the Common Shares subject thereto which were not exercised or paid in full shall be available for future Awards
under the Plan. In addition, if any award granted under the Predecessor Plan that was outstanding on the Effective Date expires, is forfeited, or becomes unexercisable for any reason after the Effective Date without having been exercised or paid in
full, the Common Shares subject thereto which were not exercised or paid in full shall be added to the Award Pool. For purposes of the preceding sentence, a Performance Compensation Award shall be treated as not having been paid in full if less than
the target number of Common Shares or cash equivalent thereof is issued or paid. 
 (c)     Accounting for
Awards. For purposes of Sections 1.6(a) and (b), the following rules will apply for counting Common Shares issued or transferred under the Plan: 

(i)     If an Award is denominated in Common Shares, the number of Common Shares covered by such Award, or
to which such Award relates, shall be counted on the Grant Date of such Award against the aggregate number of Common Shares available for granting Awards under the Plan, except as otherwise provided in this Section 1.6. 

(ii)     In the case of Performance Compensation Awards denominated in Common Shares, the target number of
Common Shares shall be counted on the Grant Date of such Award against the aggregate number of Common Shares available for granting Awards under the Plan, and if the actual number of Common Shares (or cash equivalent) issued under the Award is
greater or less than such target number, the aggregate number of Common Shares available for granting Awards under the Plan shall be decreased or increased, as applicable, to account for such difference. 

(iii)     In the case of Dividend Equivalents denominated in Common Shares, or Awards not denominated, but
potentially payable, in Common Shares, such Dividend Equivalents or Awards shall be counted against the aggregate number of Common Shares available for granting Awards under the Plan in such amount and at such time as the Dividend Equivalents or
other such Awards are settled in Common Shares. 

  
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 (iv)     Any Common Shares that are delivered by the Company
and any Awards that are granted by, or become obligations of, the Company through the assumption by the Company of, or in substitution for, outstanding awards previously granted by an acquired company shall not be counted against the Common Shares
available for granting Awards under this Plan. 
 (v)     Common Shares subject to an Award under the
Plan will be treated as having been issued and transferred and may not again be made available for issuance under the Plan if such Common Shares are: (A) Common Shares that were subject to an Option or stock-settled SAR and were not issued upon
the net settlement or net exercise of such Option or SAR, (B) Common Shares delivered to the Company to pay the Exercise Price upon exercise of an Option, (C) Common Shares delivered to or withheld by the Company to satisfy any Tax
Withholding Liability, or (D) Common Shares repurchased on the open market with the proceeds of an Option exercise. Common Shares subject to an award granted under the Predecessor Plan that was outstanding on the Effective Date will be treated
for purposes of this Plan as having been issued and transferred, and will not be added to the Award Pool, if such Common Shares are: (A) Common Shares that were subject to an option or stock-settled stock appreciation right granted under the
Predecessor Plan and were not issued upon the net settlement or net exercise of such option or stock appreciation right, (B) Common Shares delivered to the Company to pay the exercise price upon exercise of an option granted under the
Predecessor Plan, (C) Common Shares delivered to or withheld by the Company to satisfy any tax withholding liability with respect to an award granted under the Predecessor Plan, or (D) Common Shares repurchased on the open market with the
proceeds of the exercise of an option granted under the Predecessor Plan. 
 (d)     Incentive Stock Options.
Subject to adjustments as provided in Section 9.4, no more than 3,849,975 Common Shares may be delivered in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan. 

(e)     Individual Limit. No Participant may receive grants of Awards representing more than 1,750,000 Common
Shares in any thirty-six (36) month period, subject to adjustment as provided in Section 9.4. The maximum amount that may be paid to any Participant pursuant to a Performance Compensation Award, other than an Award that is denominated in
Common Shares, in any thirty-six (36) month period is $4,500,000. 
 ARTICLE II 

OPTIONS 

2.1    General; Incentive or Nonqualified Stock Options. Each Option granted under the Plan shall be subject to the
terms and conditions set forth in this ARTICLE II and to such other terms and conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. The Committee may, in its discretion, grant Options designated as
“Incentive Stock 

  
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Options,” which shall comply with the provisions of Section 422 of the Code or any successor statutory provision, or “Nonqualified Stock Options.” Any Options awarded
hereunder shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Participants who are
employees of the Company or of a Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code, and no Incentive Stock Option shall be granted to any Eligible Participant who is ineligible to receive
an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the shareholders of the Company within twelve (12) months after the Plan is adopted and in a manner intended
to comply with the shareholder approval requirements of Section 422(b)(1) of the Code, provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but
rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be
prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or
portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. Notwithstanding any designation of Options as Incentive Stock Options, to the extent that the aggregate Fair Market Value of Common Shares with
respect to which Incentive Stock Options granted to a particular individual become exercisable for the first time during any calendar year (under the Plan and all other stock option plans of the Company or its parent or subsidiary corporations
within the meaning of Section 424(f) of the Code) exceeds $100,000, such Options shall be treated as Nonqualified Stock Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into account in the order in which
they were granted, and the Fair Market Value of the Common Shares shall be determined as of the Grant Date of the Option to which such Common Shares are subject. 

2.2    Nature of Award. An Option awarded to a Participant hereunder shall represent an option to receive (upon
satisfaction of the terms and conditions contained in the Plan and other such terms and conditions not inconsistent with the Plan as may be determined by the Committee and reflected in the applicable Award Agreement, including without limitation the
payment of the Exercise Price and the amount of the applicable Tax Withholding Liability pursuant to Section 8.8 hereof) the number of Common Shares specified in the Award Agreement, which Common Shares shall be subject to the limitations and
restrictions set forth in Section 8.6 and the applicable Award Agreement. 
 2.3    Exercise Price. The
Exercise Price per Common Share with respect to any Option awarded hereunder shall be determined by the Committee, in its sole and absolute discretion, provided that the Exercise Price of any Option shall not be less than one hundred percent (100%)
of the Fair Market Value of the Common Shares underlying the Option on the Grant Date except as otherwise provided in Section 9.4, and provided, further, that in the case of any Incentive Stock Option granted to a Participant who, at the time
of the grant of such Option, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any “parent corporation” or “subsidiary corporation” within the meaning
of Section 424(e) or (f) of the Code, the Exercise Price of such Option shall not be less than one hundred ten percent (110%) of the Fair Market Value of the Common Shares underlying the Option on the Grant Date. 

  
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 2.4    Vesting. Notwithstanding anything to the contrary contained
herein, no Option (or portion of an Option) shall be eligible for exercise until such Option (or portion of an Option) has vested in accordance with the provisions hereof or of the applicable Award Agreement. Except as otherwise provided in the Plan
and the applicable Award Agreement, an Option awarded pursuant to this Plan shall vest and become exercisable as to twenty percent (20%) of the total number of Common Shares subject to such Option annually over the five (5) year period
following the Grant Date, subject to the Participant’s maintenance of his or her Eligible Status over that period as well as the other provisions of this Plan. Except as expressly set forth in the applicable Award Agreement, any Option awarded
pursuant to this Plan shall initially be unvested. 
 2.5    Exercise of the Option. 

(a)     Exercisability. An Option may be exercised only to the extent that it is (i) granted pursuant to a
valid Award Agreement, (ii) vested, (iii) not terminated, and (iv) exercised on or before the date such Option expires pursuant to Section 2.6. 

(b)     Number of Shares. The Participant may exercise an Option with respect to any whole number of Common Shares
subject thereto. 
 (c)     Notice of Exercise. The Option shall be exercised by giving written notice thereof to
the Company on such form as may be specified by the Committee. Such written notice shall state the number of Common Shares to be purchased or with respect to which the Option is exercised. 

(d)     Payment. The notice of exercise of an Option will be accompanied by full payment of the Exercise Price for
the number of Common Shares to be purchased. Such payment shall be in United States dollars in cash or by bank cashier’s check made payable to the Company’s order, or in the form of such other legal consideration for the purchase of Common
Shares as may be approved by the Committee, in its discretion, including without limitation (i) Common Shares valued at the Fair Market Value at the time the Option is exercised, provided that such Common Shares are not subject to any pledge or
other security interest, (ii) by means of a “net exercise” procedure approved by the Committee, or (iii) if there is a public market for the Common Shares at such time, by means of a broker-assisted “cashless exercise”
pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell Common Shares otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price.
In addition, as a condition to the exercise of any Option, the Participant shall pay to the Company or its Subsidiary the amount of the applicable Tax Withholding Liability pursuant to Section 8.8 hereof. 

2.6    Term. The term of any Option awarded hereunder shall begin on the Grant Date and, to the extent that any
portion thereof remains unexercised, such Option shall automatically and without further notice expire and be of no further force and effect on the tenth (10th) anniversary of the Grant Date (or,
in the case of an Incentive Stock Option granted to a Participant who, at the time of the grant of such Option, owns stock possessing more than ten percent (10%) of 

  
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the total combined voting power of all classes of stock of the Company or any “parent corporation” or “subsidiary corporation” within the meaning of Section 424(e) or
(f) of the Code, the fifth (5th) anniversary of the Grant Date), or such earlier date determined by the Committee and provided in the applicable Award Agreement. Notwithstanding anything to the contrary contained herein, an Option is
exercisable only if exercised on or before the date such Option expires pursuant to this Section 2.6. 

2.7    Termination Prior to Expiration Date. Notwithstanding Section 2.6, an Option granted hereunder (or the
portion thereof specified below) shall terminate prior to the expiration date provided in Section 2.6 upon the occurrence of any of the following events, except as otherwise provided in the applicable Award Agreement: 

(a)     Unvested Options. Any unvested Option (or portion of an Option) shall terminate on the date the
Participant’s Eligible Status is terminated for any or no reason. 
 (b)     Vested Options. Any vested
Option (or portion of an Option), to the extent not previously exercised, shall terminate: 
 (i)     if
the Participant’s Eligible Status is terminated for Cause, then on the date of such termination; 

(ii)     if the Participant’s Eligible Status is terminated on account of death or Disability, then on
the date that is six (6) months after the date of such termination; and 
 (iii)     if the
Participant’s Eligible Status is terminated for reasons other than those set forth in the immediately preceding clauses (i) and (ii), then on the date that is three (3) months after the date of such termination. 

2.8    Notification of Disqualifying Disposition. Each Participant awarded an Incentive Stock Option under the Plan
shall notify the Company immediately after making a disqualifying disposition of any Common Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including without limitation any
sale) of such Common Shares before the later of (a) two (2) years after the Grant Date of the Incentive Stock Option or (b) one (1) year after the date of exercise of the Incentive Stock Option. 

ARTICLE III 
 STOCK
APPRECIATION RIGHTS 
 3.1    General. Each SAR granted under the Plan shall be subject to the terms and
conditions set forth in this ARTICLE III and to such other terms and conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

3.2    Nature of Award. An SAR awarded to a Participant hereunder shall represent a right to receive (upon
satisfaction of the terms and conditions contained in the Plan and other such terms and conditions not inconsistent with the Plan as may be determined by the Committee and reflected in the applicable Award Agreement, including without limitation the
payment of the amount of the applicable Tax Withholding Liability pursuant to Section 8.8 hereof) a payment (the 

  
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“SAR Settlement Payment”) in an amount equal to the number of Common Shares subject to the SAR that is being exercised multiplied by the excess (or a specified percentage of such excess
not to exceed one hundred percent (100%)), if any, of the Fair Market Value of one Common Share on the exercise date over the Strike Price. The Committee may provide in the applicable Award Agreement that the SAR Settlement Payment shall not exceed
a maximum specified in such Award Agreement as of the Grant Date. The SAR Settlement Payment may be made in the form of cash, Common Shares valued at the Fair Market Value on the payment date, or any combination thereof, as determined by the
Committee, in its sole and absolute discretion. 
 3.3    Strike Price. The Strike Price per Common Share with
respect to any SAR awarded hereunder shall be determined by the Committee, in its sole and absolute discretion, provided that the Strike Price of any SAR shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Shares
underlying the SAR on the Grant Date except as otherwise provided in Section 9.4. 
 3.4    Vesting.
Notwithstanding anything to the contrary contained herein, no SAR (or portion of an SAR) shall be eligible for exercise until such SAR (or portion of an SAR) has vested in accordance with the provisions hereof or of the applicable Award Agreement.
Except as otherwise provided in the Plan and the applicable Award Agreement, an SAR awarded pursuant to this Plan shall vest and become exercisable as to twenty percent (20%) of the total number Common Shares subject to such SAR annually over the
five (5) year period following the Grant Date, subject to the Participant’s maintenance of his or her Eligible Status over that period as well as the other provisions of this Plan. Except as expressly set forth in the applicable Award
Agreement, any SAR awarded pursuant to this Plan shall initially be unvested. 
 3.5    Exercise of the SAR. 

(a)     Exercisability. An SAR may be exercised only to the extent that it is (i) granted pursuant to a valid
Award Agreement, (ii) vested, (iii) not terminated, and (iv) exercised on or before the date such SAR expires pursuant to Section 3.6. 

(b)     Number of Shares. The Participant may exercise an SAR with respect to any whole number of Common Shares
subject thereto. 
 (c)     Notice of Exercise. The SAR shall be exercised by giving written notice thereof to
the Company on such form as may be specified by the Committee. Such written notice shall state the number of Common Shares with respect to which the SAR is exercised. 

(d)     Payment. As a condition to the exercise of any SAR, the Participant shall pay to the Company or its
Subsidiary the amount of the applicable Tax Withholding Liability pursuant to Section 8.8 hereof. 

3.6    Term. The term of any SAR awarded hereunder shall begin on the Grant Date and, to the extent that any
portion thereof remains unexercised, shall automatically and without further notice terminate and be of no further force and effect on the tenth (10th) anniversary of the Grant Date, or such earlier date determined by the Committee and provided in
the applicable Award Agreement. Notwithstanding anything to the contrary contained herein, an SAR is exercisable only if exercised on or before the date such SAR expires pursuant to this Section 3.6. 

  
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 3.7    Termination Prior to Expiration Date. Notwithstanding
Section 3.6, an SAR granted hereunder (or the portion thereof specified below) shall terminate prior to the expiration date provided in Section 3.6 upon the occurrence of any of the following events, except as otherwise provided in the
applicable Award Agreement: 
 (a)     Unvested SARs. Any unvested SAR (or portion of an SAR) shall terminate on
the date the Participant’s Eligible Status is terminated for any or no reason. 
 (b)     Vested SARs. Any
vested SAR (or portion of an SAR), to the extent not previously exercised, shall terminate: 
 (i)     if
the Participant’s Eligible Status is terminated for Cause, then on the date of such termination; 

(ii)     if the Participant’s Eligible Status is terminated on account of death or Disability, then on
the date that is six (6) months after the date of such termination; and 
 (iii)     if the
Participant’s Eligible Status is terminated for reasons other than those set forth in the immediately preceding clauses (i) and (ii), then on the date that is three (3) months after the date of such termination. 

ARTICLE IV 
 RESTRICTED
STOCK 
 4.1    General; Nature of Award. An Award of Restricted Stock shall be subject to the terms and
conditions set forth in this ARTICLE IV and to such other terms and conditions not inconsistent with the Plan as may be determined by the Committee and reflected in the applicable Award Agreement. An Award of Restricted Stock shall constitute an
immediate transfer of the ownership of Common Shares to the Participant in consideration of the performance of services, subject to the vesting requirements and restrictions on Transfer hereinafter described. 

4.2    Consideration. To the extent permitted by Georgia law, each Award of Restricted Stock may be made without
additional consideration from the Participant or, if the Committee so determines, in consideration of a payment by the Participant that is less than the Fair Market Value on the Grant Date. 

4.3    Vesting. Shares of Restricted Stock shall be subject to such restrictions as the Committee may establish in
the applicable Award Agreement, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate, and such shares of Restricted Stock shall vest upon the lapse
of such restrictions as provided in the Award Agreement. Except as otherwise provided in the Plan and the applicable Award Agreement, an Award of Restricted Stock granted pursuant to this Plan shall vest at an annual rate of twenty percent (20%) of
the total number of shares of Restricted Stock awarded thereunder over the five (5) year period following the Grant Date, subject to the Participant’s maintenance of his or her Eligible Status over that period as well as the other
provisions of this Plan, and any unvested shares of Restricted Stock shall be forfeited on the date the Participant’s Eligible Status is terminated for any or no reason. Except as expressly set forth in the applicable Award Agreement, any
Restricted Stock awarded pursuant to this Plan shall initially be unvested. 

  
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 4.4    Dividend and Voting Rights. Unless otherwise determined by the
Committee, an Award of Restricted Stock shall not entitle the Participant to dividend or voting rights during the period for which the shares of Restricted Stock are unvested. The Committee may in its discretion provide that the Participant shall be
entitled to dividend and/or voting rights with respect to all or part of an Award of Restricted Stock, and the Committee may in its discretion provide that any dividends or other distributions otherwise payable on shares of Restricted Stock while
such shares are unvested shall be automatically sequestered and paid on a deferred basis when such shares shall have vested or reinvested on an immediate or deferred basis in additional Common Shares, which may be subject to the same vesting
conditions or restrictions as the underlying shares of Restricted Stock or such other conditions or restrictions as the Committee may determine. 

4.5    Restrictions on Transfer. Each Award Agreement with respect to an Award of Restricted Stock shall provide
that, during the period for which the Restricted Stock is unvested, any Transfer of the shares of Restricted Stock shall be prohibited or restricted in the manner and to the extent prescribed by the Committee on the Grant Date. Such restrictions may
include, without limitation, rights of repurchase or first refusal in the Company or provisions subjecting the Restricted Stock to continuing restrictions in the hands of any transferee. Except as otherwise provided in an applicable Award Agreement,
unvested shares of Restricted Stock may not be Transferred other than in accordance with Section 8.4 hereof. 

4.6    Certificates. Unless otherwise directed by the Committee, all certificates representing shares of Restricted
Stock, together with a stock power that shall be endorsed in blank by the Participant with respect to such shares of Restricted Stock, shall be held in custody by the Company until all restrictions thereon lapse. 

4.7    Section 83(b) Election. The Participant shall notify the Company in writing within ten (10) days
after making any election pursuant to Section 83(b) of the Code with respect to any Restricted Stock awarded hereunder. 
 ARTICLE V

 RESTRICTED STOCK UNITS 

5.1    General; Nature of Award. An Award of RSUs shall be subject to the terms and conditions set
forth in this ARTICLE V and to such other terms and conditions not inconsistent with the Plan as may be determined by the Committee and reflected in the applicable Award Agreement. An Award of RSUs shall constitute an agreement by the Company to
issue or transfer Common Shares, or, if the Committee so determines, the cash equivalent of such Common Shares, to the Participant in the future in consideration of the performance of services, subject to the fulfillment of such conditions as the
Committee may specify during a period to be determined by the Committee on the Grant Date. Any Award of RSUs shall comply with, or be exempt from, the requirements of Section 409A of the Code. 

  
 14 

 5.2    Consideration. To the extent permitted by Georgia law, each
Award of RSUs may be made without additional consideration from the Participant or, if the Committee so determines, in consideration of a payment by the Participant that is less than the Fair Market Value on the Grant Date. 

5.3    Vesting. An Award of RSUs shall be subject to such restrictions, if any, as the Committee may establish in
the applicable Award Agreement, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate, and such RSUs shall vest upon the lapse of such restrictions
as provided in the Award Agreement. Unless otherwise provided by the Committee in the applicable Award Agreement, an Award of RSUs granted pursuant to this Plan shall vest at an annual rate of twenty percent (20%) of the total number of RSUs awarded
thereunder over the five (5) year period following the Grant Date, subject to the Participant’s maintenance of his or her Eligible Status over that period as well as the other provisions of this Plan, and any unvested RSUs shall be
forfeited on the date the Participant’s Eligible Status is terminated for any or no reason. 
 5.4    Payment
Date. Each Award Agreement with respect to an Award of RSUs shall specify the date or event(s) on which such RSUs will be settled, which shall be fixed by the Committee on the Grant Date so that such Award shall comply with, or be exempt from,
the requirements of Section 409A of the Code. Unless otherwise provided by the Committee in the applicable Award Agreement, Common Shares or cash in settlement of an Award of RSUs shall be issued or paid no later than thirty (30) days
following the applicable vesting date provided in Section 5.3, with the intent that such Award shall qualify for the “short-term deferral” exception under Section 409A of the Code. 

ARTICLE VI 
 STOCK
BONUSES 
 6.1    Stock Bonuses. The Committee may grant Stock Bonuses consisting of unrestricted Common
Shares to Participants under the Plan, in such amounts as the Committee shall from time to time in its sole discretion determine. Each Stock Bonus so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in
the applicable Award Agreement and shall comply with, or be exempt from, the requirements of Section 409A of the Code. 
 ARTICLE VII
PERFORMANCE 
 COMPENSATION AWARDS 

7.1    General. The Committee shall have the authority, at the time of grant of any Award, to designate such Award
as a “Performance Compensation Award” intended to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee shall have the authority to grant Cash Bonuses under the Plan with the intent that
such Cash Bonuses shall qualify for the exemption from Section 162(m) of the Code provided pursuant to Section 1.162-27(f)(1) of the Treasury Regulations, for the reliance period described in Section 1.162-27(f)(2) of the Treasury Regulations.
In addition, the Committee shall have the authority to 

  
 15 

 
make an Award of a Cash Bonus to any Participant and designate such Award as a Performance Compensation Award intended to qualify as “performance-based compensation” under Section
162(m) of the Code. 
 7.2    Discretion of Committee. The Committee shall have sole discretion to select the
type(s) of Performance Compensation Awards to be issued, the performance goal(s) applicable to such Award (“Performance Goals”), the period(s) of time over which the attainment of the Performance Goal(s) will be measured for the purpose of
determining a Participant’s right to, and the payment of, a Performance Compensation Award (“Performance Period”), and the formula which shall be applied against the Performance Goal(s) to determine whether all, some portion, or none
of the Performance Compensation Award has been earned for the Performance Period (“Performance Formula”), which shall be objective and nondiscretionary. Within the first ninety (90) days of a Performance Period (or, if longer or
shorter, within the maximum period allowed under Section 162(m) of the Code), the Committee shall, with respect to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the
matters enumerated in the immediately preceding sentence and record the same in writing. 
 7.3    Performance
Goals. The performance criteria that will be used to establish the Performance Goal(s) shall be based on the attainment of specific levels of performance of the Company, the individual Participant or the Subsidiary, division, department or
function within the Company or Subsidiary in which the Participant is employed, and shall be limited to the following: (i) net earnings or net income (before or after taxes), (ii) basic or diluted earnings per share (before or after taxes),
(iii) net revenue or net revenue growth, (iv) gross profit or gross profit growth, (v) net operating profit or net operating profit growth (before or after taxes), (vi) return measures (including, but not limited to, return on assets,
capital, invested capital, equity or sales); (vii) cash flow (including, but not limited to, operating cash flow, free cash flow and cash flow return on capital); (viii) earnings before or after taxes, interest, depreciation, and/or amortization;
(ix) gross or operating margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total shareholder return); and (xii) expense targets. Any one or more of the above performance
criteria may be used on an absolute or relative basis to measure the performance of the Company and/or one or more Subsidiaries or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be
compared to the performance of a group of comparator companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. Solely to the extent that such
modification would not cause the Performance Compensation Award to fail to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee may adjust or modify the Performance Goal(s) applicable to such
Award to exclude the impact of any significant acquisitions or dispositions of businesses by the Company, one-time non-operating charges, accounting changes (including the early adoption of any accounting change mandated by any governing body,
organization or authority), or any other specific unusual or nonrecurring events. 

  
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 7.4    Payment of Performance Compensation Awards. 

(a)     Conditions to Receive Payment. Unless otherwise provided in the applicable Award Agreement, a Participant
must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. Subject to Section 8.3(c), Participant shall be eligible to receive
payment in respect of a Performance Compensation Award only to the extent that: (i) the Performance Goal(s) for the Performance Period are achieved and (ii) all or some portion of such Participant’s Performance Compensation Award has
been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goal(s). 

(b)     Certification. Following the completion of a Performance Period and prior to payment of a Performance
Compensation Award, the Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing the amount earned pursuant to the
Performance Compensation Award for the Performance Period based upon the Performance Formula. The Committee shall then determine the amount actually payable to the Participant pursuant to the Performance Compensation Award for the Performance
Period. 
 (c)     Negative Discretion. In determining the actual amount payable to the Participant with respect
to the Performance Compensation Award for the Performance Period, the Committee may reduce or eliminate the amount earned pursuant to the Performance Compensation Award under the Performance Formula in the Performance Period through the use of
negative discretion if, in its sole judgment, such reduction or elimination is appropriate. The Committee shall not have the discretion to (i) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if or
to the extent that the Performance Goals for such Performance Period have not been attained (except as provided in Section 8.3(c)), or (ii) increase a Performance Compensation Award above the applicable limitations set forth in Section
1.6(e) hereof. 
 ARTICLE VIII 

PROVISIONS APPLICABLE TO ALL AWARDS 

8.1    Dividend, Voting and Other Ownership Rights. Except to the extent expressly provided in the Plan or the
applicable Award Agreement, a Participant holding an Award denominated or potentially payable in Common Shares, to the extent not yet exercised or settled, will have none of the rights of a holder of Common Shares. For the avoidance of doubt, no
such Participant shall be entitled to any dividends or any other distributions of any kind or character except as expressly provided in the Plan or the applicable Award Agreement. The Committee may, in its discretion, on or after the Grant Date,
authorize the payment of dividend equivalents (“Dividend Equivalents”) with respect to any Award, in cash or in the form of additional Common Shares on a current, deferred or contingent basis, and subject to such restrictions as the
Committee may determine, with respect to any or all dividends or other distributions paid by the Company with respect to Common Shares. 

8.2    Termination Upon Change in Position. Subject to applicable law and the terms of the Plan, the Committee in
its discretion may provide in the applicable Award Agreement that an unvested Award (or portion of an Award) shall be forfeited and shall terminate, in whole or in part as provided in the applicable Award Agreement, in the event that the Company or
Subsidiary with which the Participant is employed or engaged changes the capacity in which such Participant is employed or engaged. 

  
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 8.3    Effect of a Change in Control. The Committee shall be
authorized to determine and specify in any Award Agreement provisions which shall apply upon a Change in Control of the Company and for such purposes to define a Change in Control of the Company. Except as otherwise provided in an Award Agreement,
in the event of a Change in Control, the Board, in its sole and absolute discretion, may determine that it is in the best interests of the Company, and if so, may take all appropriate action, with respect to any particular outstanding Award or
Awards, either to: 
 (a)     Cancel the Award as of a Change in Control, notify the Participant of the proposed Change
in Control reasonably prior to its consummation, and accelerate the vesting of the Award to the time immediately prior to the proposed Change in Control or, in the case of an Option or SAR, provide that such Award shall be immediately exercisable so
that the Participant will have an opportunity to exercise the Award in its entirety immediately prior to the consummation of the Change in Control and the cancellation of such Award; 

(b)     Purchase all or a portion of the Award, including any unvested portion if the Board so determines in its
discretion, for: (i) in the case of an Option or SAR, cash in an amount equal to the excess of the aggregate Fair Market Value of the Common Shares underlying such Option or SAR or portion thereof over the aggregate Exercise Price or Strike
Price with respect to such Option or SAR or portion thereof (net of the amount of the applicable Tax Withholding Liability), and (ii) in the case of any other Award, such consideration as the Board may in good faith determine to be equitable
under the circumstances; in each case provided, however, that in the case of any Award that is or could become subject to the requirements of Section 409A of the Code, no such action shall cause an acceleration of payment in violation of
Section 409A of the Code; 
 (c)     In the case of a Performance Compensation Award, provide that any incomplete
Performance Period in effect on the date of the Change in Control shall end on such date, and cause the Participant to receive partial or full payment of such Performance Compensation Award either (i) based upon the extent to which Performance
Goals with respect to such Performance Period have been met as determined by the Committee on the basis of such audited or unaudited financial information or other information then available as it deems relevant, (ii) assuming that the
applicable “target” levels of performance have been attained, or (iii) on such other basis determined by the Board or the Committee; provided, however, that in the case of any Award that is or could become subject to the requirements
of Section 409A of the Code, no such action shall cause an acceleration of payment in violation of Section 409A of the Code; or 

(d)     Require the Acquirer to assume the outstanding Award or substitute a comparable award with respect to the stock of
such entity, provided that the Board determines that such substitution shall not be treated as a modification or grant of a new award for purposes of Section 409A of the Code and, in the case of an Incentive Stock Option, Section 424 of
the Code. 

  
 18 

 In addition, in the case of any dissolution or liquidation, the Administrator may provide that
the Company’s repurchase rights applicable to Common Shares acquired pursuant to an Award under the Plan shall lapse as to all such Common Shares. In the case of a dissolution or liquidation, any Award that has not previously been exercised or
settled shall terminate immediately prior to the consummation of such dissolution or liquidation. 

8.4    Transferability of Awards. 

(a)     Except as provided in this Section 8.4 or the applicable Award Agreement, no Award may be Transferred or shall
be Transferable by the Participant otherwise than by will or the laws of descent and distribution, or, for any Award other than an Incentive Stock Option, pursuant to a domestic relations order. During the lifetime of the Participant, any Option or
SAR shall be exercisable only by such Participant; in the event of the Participant’s legal incapacity, by the Participant’s guardian or legal representative; or, in the case of an Option or SAR Transferred pursuant to a domestic relations
order, by the transferee. Any attempt to Transfer an Award in violation of this Plan shall render such Award null and void. 

(b)     Each Participant may file with the Committee a written designation of one or more Persons as the beneficiary(ies)
who shall be entitled to receive any amounts payable with respect to an Award under the Plan upon the Participant’s death. A Participant may, from time to time, revoke or change the beneficiary designation without the consent of any prior
beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling, provided that no designation, or change or revocation thereof, shall be effective unless received by the Committee
prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be the Participant’s spouse or, if the
Participant is unmarried at the time of death, the Participant’s estate. 
 (c)     The Committee may, in its
discretion, expressly provide in an Award Agreement that a Participant may Transfer such Award (other than an Incentive Stock Option), in whole or in part, without consideration or pursuant to a domestic relations order, to: (i) any
“family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act (an “Immediate Family Member”), (ii) a trust solely for the benefit of the Participant and the Participant’s
Immediate Family Members, (iii) a partnership or limited liability company whose only partners or shareholders are the Participant and the Participant’s Immediate Family Members, or (iv) on or after the Registration Date, any other
transferee as may be approved by the Committee in its sole discretion or provided in the applicable Award Agreement (each transferee described in clauses (i) through (iv) above hereinafter referred to as a “Permitted Transferee”);
provided that the Participant gives the Committee advance notice describing the terms and conditions of the proposed Transfer and the Committee notifies the Participant in writing that such a Transfer would comply with the requirements of the Plan,
and provided, further, that no award that is or may become subject to Section 409A of the Code may be transferred pursuant to this Section 8.4(c) if such transfer would cause a violation of Section 409A of the Code. 

(d)     The terms of any Award Transferred in accordance with Section 8.4(a) or 8.4(c) shall apply to the transferee
and any reference in the Plan or in any applicable Award Agreement to a Participant shall be deemed to refer to the transferee, except that (i) a transferee shall not be entitled to transfer any Award, other than by will or the laws of descent
or distribution, (ii) a transferee shall not be entitled to exercise any Transferred Option unless there shall be in 

  
 19 

 effect a registration statement on an appropriate form covering the Common Shares to be acquired pursuant to the
exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (iii) the Committee and the Company shall not be required to provide any notice
to a transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (iv) the consequences of the termination of the Participant’s Eligible Status under the
terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including without limitation any vesting or forfeiture provisions under the Plan or the applicable Award Agreement or the provision
that an Option or SAR shall be exercisable by the transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement. 

(e)     Any Award made under this Plan may provide that all or part of the Common Shares that are to be or have been
issued or transferred by the Company upon the grant, exercise or settlement of an Award (including without limitation any vested Common Shares pursuant to an Award of Restricted Stock or a Stock Bonus) shall be subject to further restrictions upon
Transfer. 
 8.5    Repurchase of Vested Award. The Company shall have the right, but not the obligation, to
purchase all or any part of a vested outstanding Award held by a Participant whose Eligible Status has terminated for any or no reason, provided, however, that in the case of any Award that is or could become subject to the requirements of
Section 409A of the Code, no such action shall cause an acceleration of payment in violation of Section 409A of the Code. Any such purchase shall be for: (a) in the case of an Option or SAR, cash in an amount equal to the excess of
the aggregate Fair Market Value of the Common Shares underlying such Option or SAR or portion thereof over the aggregate Exercise Price or Strike Price with respect to such Option or SAR or portion thereof (net of the amount of the applicable Tax
Withholding Liability), and (b) in the case of any other Award, such consideration as the Committee may in good faith determine to be equitable under the circumstances. The Company’s repurchase rights pursuant to this Section 8.5
shall terminate on the Registration Date as to all Awards granted under the Plan. 
 8.6    Restrictions on Common
Shares. 
 (a)     General; Legend. All Common Shares acquired under the Plan shall be subject to all terms
and restrictions of the Company’s charter documents applicable to the Common Shares, including without limitation any restrictions on Transfer set forth therein. In addition, except as expressly set forth in an applicable Award Agreement, such
Common Shares shall be subject as well to the limitations and restrictions set forth in this Section 8.6 or imposed by law. To the extent deemed necessary by the Company to evidence these restrictions, the Company shall cause such Common Shares
to be issued with a legend referring to these restrictions. 
 (b)     Transfers of Common Shares. Common Shares
may not be Transferred except as provided in the Company’s charter documents or this Plan or as expressly set forth in an applicable Award Agreement. Subject to any restrictions on Transfer set forth in the Company’s charter documents, a
Participant may make the following Transfers of Common Shares: (i) Transfers by will or under the laws of descent and distribution; (ii) Transfers pursuant to a domestic relations order; and (iii) Transfers to a Permitted Transferee.
In addition to the 

  
 20 

 foregoing, Transfers permitted by the Company’s charter documents (other than Transfers to a Permitted
Transferee) of a Participant’s Common Shares acquired under this Plan shall, except to the extent expressly provided to the contrary in such documents, be subject to the Company’s right of first refusal described in this paragraph to
purchase any or all of the Participant’s Common Shares proposed to be Transferred, and any purported Transfer failing to comply with these requirements shall be void and of no effect. In the case of any Transfer of Common Shares subject to the
right of first refusal, the transferor, in the case of a voluntary Transfer (e.g., a sale), or the transferee, in the case of an involuntary Transfer (e.g., an assignment for the benefit of creditors or a Transfer by operation of law), shall provide
the Company with written notice of the proposed Transfer, stating the number of Common Shares proposed to be Transferred, the bona fide cash price and/or the fair market value of any other consideration that the transferee has agreed to pay
for such Common Shares (if any), and such other information as the Company may reasonably request, and the Company may exercise its right of first refusal at any time not more than thirty (30) days after the later of the Company’s receipt
of such written notice or such requested information. The Company shall exercise its right, if at all, by informing the transferor or transferee, as applicable, in writing of the Company’s intention to do so, in a notice that specifies a
closing date that is no more than sixty (60) days after such exercise. The Company shall pay cash for such Common Shares in an amount equal to (A) the cash price (or the fair market value of any other consideration) at which the
Participant proposed to sell the Common Shares to the transferee, in the case of a proposed sale of the Common Shares, or (B) the Fair Market Value of the Common Shares in the case of a Transfer for which no sales price is determined. In the
event of a dispute regarding the Fair Market Value of the Common Shares, the parties shall resolve such dispute through the procedures set forth in Section 9.7. The restrictions on Transfer and the Company’s right of first refusal pursuant
to this Section 8.6(b) shall terminate on the Registration Date as to all Common Shares issued pursuant to the Plan and the Participant may transfer such Common Shares to any Person except as otherwise provided in the Plan and the applicable
Award Agreement, subject to Section 8.6(d). 
 (c)    Repurchase Rights. The Company shall have the right,
but not the obligation, to purchase all or any part of the Common Shares acquired under the Plan for a period of ninety (90) days following the later of (i) the acquisition of such Common Shares, or (ii) the termination of the
Participant’s Eligible Status with the Company for any or no reason. Any repurchase pursuant to this Section 8.6(c) shall be for a cash payment in an amount equal to the Fair Market Value of the repurchased Common Shares at the time of
repurchase (net of any amount required to be withheld). The Company’s repurchase rights pursuant to this Section 8.6(c) shall terminate on the Registration Date as to all Common Shares acquired under the Plan. 

(d)    Standstill. To the extent requested by the Company or an Acquirer in connection with a firm commitment of an
underwritten public offering of securities of any of them, the Participant will agree (i) not to sell or otherwise Transfer any Common Shares acquired under the Plan for a period of one hundred eighty (180) days (or such shorter or longer
period as the managing underwriter may require of the principal security holders of the Company or Acquirer, as the case may be) following the effective date of the registration statement filed with the Securities and Exchange Commission in
connection with such offering, and (ii) to execute such instruments as the managing underwriter may reasonably require to evidence compliance with the foregoing. 

  
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 (e)    Specific Performance. By accepting any Award hereunder, the
Participant acknowledges and agrees that money damages will be inadequate to compensate the Company and its other shareholders if the restrictions of this Section 8.6 are violated; and the Participant therefore acknowledges and agrees that the
Company shall, in all such cases, be entitled to a decree of specific performance of the terms hereof or to an injunction restraining such Participant from violating this Plan, in addition to any other remedies that may be available to the Company
at law or equity. 
 8.7    Investment Intent. By accepting any Award hereunder, the Participant will be deemed
to represent, warrant and agree with respect to any Common Shares that are or may be acquired pursuant to such Award that (a) such Common Shares may only be Transferred pursuant to a registration under the Securities Act or an exemption from
such registration; (b) the Company is under no obligation to register such Common Shares; (c) upon exercise of such Award, the Participant will acquire such Common Shares for his or her own account and not with a view to distribution
within the meaning of the Securities Act, other than as may be effected in compliance with the Securities Act and the rules and regulations promulgated thereunder or under any applicable state securities laws; (d) other than a Permitted
Transferee, no other Person will have any beneficial interest in such Common Shares; and (e) except for any contemplated Transfer to a Permitted Transferee, the Participant has no present intention of disposing of such Common Shares at any
particular time; provided, however, that clauses (d) and (e) shall not apply on or after the Registration Date as to any Common Shares acquired under the Plan. The Participant shall give such further assurances of the Participant’s
investment intent as the Company may require to ensure that the transaction complies in all respects with the requirements of the Securities Act (or any exemption thereto) and all other applicable securities laws. 

8.8    Tax Withholding. A Participant shall be required to pay to the Company (or its Subsidiary, at the discretion
of the Committee or the Company), and the Company or its Subsidiary shall have the right and is hereby authorized to withhold, from any cash, Common Shares, or other property deliverable under any Award or from any compensation or other amounts
owing to a Participant, the amount (in cash, Common Shares, or other property) of any Tax Withholding Liability in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be
necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such Tax Withholding Liability. Without limiting the generality of the foregoing, the Committee may, in its sole discretion, permit a Participant
to satisfy, in whole or in part, the Tax Withholding Liability by (a) cash or bank cashier’s check made payable to the Company’s (or its Subsidiary’s) order, (b) the delivery of Common Shares (which are not subject to any
pledge or other security interest) owned by the Participant having an aggregate Fair Market Value equal to the amount of such Tax Withholding Liability, or (c) having the Company withhold from Common Shares or from the cash or other property
otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of Common Shares with a Fair Market Value equal to the amount of such Tax Withholding Liability or an amount of cash equal to (or other property with a
fair market value equal to) the amount of such Tax Withholding Liability; but in each case no more than the minimum required statutory withholding liability). 

8.9    Fractional Shares. The Company shall not be required to issue any fractional Common Shares pursuant to this
Plan. The Committee may provide for the elimination of fractional Common Shares subject to any Award or for the settlement thereof in cash, in its sole discretion. 

  
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 ARTICLE IX 

MISCELLANEOUS 

9.1    Term of the Plan. This Plan will be effective as of the later of the date of its adoption by the Board and
the date of its approval by the shareholders of the Company (the “Effective Date”). Subject to earlier termination pursuant to Section 9.2, this Plan will remain in effect until the tenth (10th) anniversary of the Effective Date and no Award shall be granted under the Plan after the tenth (10th) anniversary of the Effective Date.
Notwithstanding the foregoing, unless otherwise expressly provided in the Plan or in the applicable Award Agreement, any Award theretofore granted may extend beyond the tenth (10th) anniversary of
the Effective Date, and the terms and conditions of this Plan shall continue to apply to any Awards granted hereunder until their exercise, expiration, forfeiture or other termination hereunder, including without limitation the authority of the
Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award and the authority of the Board to amend the Plan. 

9.2    Amendment and Discontinuance. The Board may amend, alter, suspend, discontinue or terminate this Plan, in
whole or in part, at any time or from time to time, except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or the Plan; provided, however, that: 

(a)    No such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval
if: (i) such amendment, alteration, suspension, discontinuation or termination would increase the total number of Common Shares available under the Plan, except as provided in Sections 1.6 and 9.4 hereof; (ii) except as provided in
Section 9.4 hereof, such amendment, alteration, suspension, discontinuation or termination would permit Options, SARs, or other Awards encompassing rights to purchase Common Shares to be repriced, replaced, or regranted through cancellation, or
by lowering the Exercise Price, Strike Price, or purchase price of such Options, SARs, or other Awards; or (iii) such shareholder approval is necessary to comply with any regulatory requirement applicable to the Plan or with any applicable
listing or other requirements of a national securities exchange; 
 (b)    No such amendment, alteration, suspension,
discontinuation or termination may diminish or impair any rights or increase any obligations under any Award previously granted under this Plan without the consent of the holder thereof; nor may the number of Common Shares in the Award Pool be
reduced to a number that is less than the aggregate number of Common Shares (i) subject to all outstanding Awards granted hereunder that have not yet been exercised or settled, and (ii) that have been issued and are outstanding pursuant to
the grant, exercise or settlement of any Award granted hereunder; nor may the number of Common Shares available for grants of Incentive Stock Options be reduced to a number that is less than the aggregate number of Common Shares with respect to
which Incentive Stock Options have been granted hereunder. 

  
 23 

 9.3    Amendments to Awards. The Committee may amend, alter, suspend,
discontinue or terminate any Awards theretofore granted, prospectively or retroactively, except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or the Plan. Without limitation, and subject to
the terms and conditions and within the limitations of this Plan, the Committee may waive any conditions or rights under any Award, extend or renew any outstanding Award or accept the surrender of an outstanding Award and authorize the granting of a
new Award in substitution therefor. Notwithstanding the foregoing, however, no amendment, alteration, suspension, discontinuation or termination of any Award shall, without the consent of the Participant, diminish or impair any rights or increase
any obligations under any outstanding Award; provided, however, that no such consent shall be required with respect to any amendment or alteration if the Committee determines in its sole discretion that such amendment or alteration either
(a) is required or advisable in order for the Company, the Plan or the Award to satisfy or conform to any law or regulation or to satisfy the requirements of any accounting standard, or (b) is not reasonably likely to diminish
significantly the benefits provided under such Award. Any amendment, alteration, extension, renewal, substitution, or other change to any Award pursuant to this Section 9.3 shall be made only to the extent that the Committee determines that
such change shall not be treated as a modification or grant of a new option or stock appreciation right for purposes of Section 409A of the Code (in the case of an Option or SAR) and Section 424 of the Code (in the case of an Incentive
Stock Option) and will not otherwise cause a violation of Section 409A of the Code. 
 9.4    Changes in Capital
Structure and Similar Events. In the event of a change in the outstanding Common Shares of the Company by reason of any stock split, subdivision, reverse stock split, recapitalization, combination, reclassification, merger, consolidation,
split-up, spin-off, reorganization, liquidation, extraordinary dividend (whether in the form of cash, Common Shares, other securities, or other property), other substantial distribution of the assets of the Company, or similar transaction, event, or
change in circumstances that results in or would result in any substantial dilution or enlargement of the rights granted to, or available for Participants, the Board, upon the recommendation of the Committee, and subject to any required action by
the shareholders of the Company, shall make equitable adjustments to the Award Pool and to each of the limitations in Section 1.6, and the Committee shall make equitable adjustments to the terms of any outstanding Awards, including without
limitation the number and kind of shares subject to any outstanding Awards and the Exercise Price or Strike Price of any outstanding Options or SARs. Any such adjustments shall be effective, conclusive and binding for all purposes with respect to
this Plan and all Awards then outstanding. Any adjustment pursuant to this Section 9.4 shall be made only to the extent that the Committee determines that such adjustment shall not be treated as a modification or grant of a new option or stock
appreciation right for purposes of Section 409A of the Code (in the case of an Option or SAR) and Section 424 of the Code (in the case of an Incentive Stock Option) and will not otherwise cause a violation of Section 409A of the Code.

 Except as provided herein, or as set forth in the applicable Award Agreement, a Participant shall have no rights with respect to an
outstanding Award by reason of any other capital change, including without limitation any other distribution by the Company to its shareholders, any increase or decrease in the number of shares of any class or series, any dissolution, liquidation,
merger, consolidation or Change in Control, or the Company’s issuance of securities of any class or series or convertible into any class or series, and no such capital change shall require any adjustment with respect to the number of Common
Shares subject to an outstanding Award or the Exercise Price or Strike Price of an outstanding Option or SAR. 

  
 24 

 9.5    Notices. Any notice, consent, payment, demand, or communication
required or permitted to be given by any provision of this Plan shall be in writing and shall be (a) delivered personally to the Person to whom the same is directed, or (b) sent by facsimile, recognized overnight courier service or
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: if to the Company, to 10 Glenlake Parkway, Suite 800, South Tower, Atlanta, GA 30328, Attn: General Counsel, or to the notice address determined in
accordance with the Company’s charter documents; if to a Participant, to such Participant at the address set forth in the applicable Award Agreement, or to such other address as such Participant may from time to time specify by notice to the
Company. Any such notice shall be deemed to be delivered, given and received for all purposes as of: (i) the date so delivered, if delivered personally, (ii) upon receipt, if sent by facsimile or courier service, or (iii) on the date
of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed. 

9.6    Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to
the Plan will be determined in accordance with the laws of the State of Georgia and applicable federal law without regard to principles of conflicts of law. 

9.7    Resolution of Disputes. Except as otherwise provided herein or in any Award Agreement, any dispute arising
under this Plan or any Award Agreement shall be submitted to arbitration before a single arbitrator in Atlanta, Georgia, in accordance with the then current Employment Arbitration Rules and Mediation Procedures of the American Arbitration
Association (or any successor organization), unless otherwise required by law. The award in any such arbitration shall be final and binding on the parties, and judgment upon such award may be entered in any federal or state court having
jurisdiction. The arbitrator, in his or her sole discretion, may determine that there is a prevailing party or parties in the arbitration and, if so, the arbitrator, in his or her sole discretion, to the extent permitted by law, may determine that
the costs of the arbitration proceedings, including reasonable attorneys’ fees, that would otherwise be borne by such party(ies) shall be borne by the other party(ies). 

9.8    Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it
cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person, or Award, and the remainder of the
Plan and any such Award shall remain in full force and effect. 
 9.9    No Trust or Fund Created. Neither the
Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Subsidiary and a Participant or any other Person. To the extent that any Person acquires a right to
receive payments from the Company or any Subsidiary pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 

  
 25 

 9.10    Headings. Headings are given to the Articles, Sections and
other subdivisions of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

9.11    Compliance with Section 409A of the Code. Except to the extent specifically provided
otherwise by the Committee, Awards under the Plan are intended to satisfy the requirements of, or be exempt from, Section 409A of the Code so as to avoid the imposition of any additional taxes or penalties under Section 409A. If the
Committee determines that an Award, Award Agreement, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if undertaken, cause a Participant to become subject to
any additional taxes or other penalties under Section 409A of the Code, then unless the Committee specifically provides otherwise, such Award, Award Agreement, payment, distribution, deferral election, transaction or other action or arrangement
shall not be given effect to the extent it causes such result and the related provisions of the Plan and/or Award Agreement will be deemed modified or, if necessary, suspended in order to comply with the requirements of Section 409A of the Code
to the extent determined appropriate by the Committee, in each case without the consent of or notice to the Participant. 

9.12    No Representations or Covenants with Respect to Tax Qualification. Although the Company may endeavor to
(a) qualify an Award for favorable tax treatment (e.g., incentive stock options under Section 422 of the Code) or (b) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that
effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment under federal, state, local or foreign tax law and shall have no obligation to indemnify, hold harmless, reimburse, or otherwise compensate any
Participant for any tax liability (including any additional tax, penalty or interest) with respect to any Award. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards
under the Plan. 
 9.13    Awards to Non-U.S. Employees. The Committee shall have the power and authority to
determine which Subsidiaries shall be covered by this Plan and which officers, trustees, employees, consultants, advisers or other bona fide service providers outside of the United States shall be eligible to participate in the Plan. The
Committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and administration of the Plan to accommodate the specific requirements of local laws, procedures, and practices. Without limiting the generality of the
foregoing, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability or retirement or on termination of employment; available methods of exercise or settlement
of an Award; payment of income, social insurance contributions and payroll taxes; withholding procedures; and handling of any stock certificates or other indicia of ownership which vary with local requirements. The Committee may also adopt rules,
procedures or sub-plans applicable to particular Subsidiaries or locations. 
 9.14    Compliance with Laws. The
granting of Awards and the issuance or transfer of Common Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any government agencies or stock exchanges on which the Company is listed as may
be required. The Company shall have no obligation to issue, transfer or deliver evidence of title for Common Shares issued under the Plan prior to: (a) obtaining any approvals from 

  
 26 

 
governmental agencies that the Company determines are necessary or advisable; and (b) completion of any registration or other qualification of the Common Shares under any applicable national
or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable or at a time when any such registration or qualification is not current, has been suspended or otherwise has ceased to be effective. The
inability of the Company to obtain or maintain authority from any regulatory body having jurisdiction (or the impracticability of the Company obtaining or maintaining such authority), which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance, transfer or sale of any Common Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue, transfer or sell such Common Shares as to which such requisite authority shall not have
been obtained. 
 9.15    Copies of Plan. The Company shall deliver a copy of this Plan to each Participant at or
before the time such Participant executes an Award Agreement. 
 9.16    Predecessor Plan. No new awards will be
granted under the Predecessor Plan on or after the Effective Date. 

  
 27EX-10.16

 Exhibit 10.16 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of the      day of
        , 20    , by and between Americold Realty Trust, a Maryland real estate investment trust (the “Company”), and
                     (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee will serve or currently serves as a trustee of the Company and may, therefore, be subjected
to claims, suits or proceedings arising as a result of such service; and 
 WHEREAS, as an inducement to Indemnitee to serve or continue to
serve as a trustee, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and 

WHEREAS, the parties to this Agreement desire to set forth their agreement regarding indemnification and advance of expenses and to supersede
any prior agreement to which the Company and Indemnitee are parties regarding the same; provided that this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the
declaration of trust or bylaws of the Company, any agreement entered into after the date hereof or a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees, or otherwise. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows: 
 Section 1.    Definitions. For purposes of this Agreement: 

(a)    “Change in Control” means a change in control of the Company occurring after the Effective
Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of trustees without the prior approval of at least two-thirds of the Incumbent Board; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least
two-thirds of the Incumbent Board, as a consequence of which members of the Board of Trustees in office immediately prior to such transaction or event constitute less than a majority of the Board of Trustees
thereafter; or (iii) at any time, a majority of the members of the Board of Trustees are not individuals from the Incumbent Board. 

 (b)    “Company Status” means the status of a
person as a present or former trustee, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment
trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the
circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (1) of which a majority of the voting power
or equity interest is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the Company, and (ii) if, as a result of Indemnitee’s service to the Company or any of its
affiliated entities, Indemnitee is subject to duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof. 

(c)    “Disinterested Trustee” means a trustee of the Company who is not and was not a party to
the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 

(d)    “Effective Date” means the date set forth in the first paragraph of this Agreement. 

(e)    “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, arbitration and mediation costs, printing and binding
costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other
disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses
incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedes bond or other appeal bond or its equivalent. 

(f)    “Incumbent Board” includes the individuals who as of the Effective Date are members of the
Board of Trustees and any individual becoming a trustee subsequent to the Effective Date whose election by the Board of Trustees, or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the trustees then comprising the Incumbent Board; provided, however, that notwithstanding the foregoing, no individual shall be considered a member of the Incumbent Board if such individual initially
assumed office (i) as a result of either an actual or threatened “election contest” (within the meaning of Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a person 

  
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other than the Board of Trustees (a “Proxy Contest”) or (ii) with the approval of the other members of the Board of Trustees, but by reason of any agreement intended to avoid or
settle an actual or threatened Proxy Contest. 
 (g)     “Independent Counsel” means a law
firm, or a member of a law firm, that is experienced in matters of corporate law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than
with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for
indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(h)    “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request, or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and
whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless
otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding. 

Section 2.    Services by Indemnitee. Indemnitee will serve as a trustee of the Company. However, this
Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and
Indemnitee. 
 Section 3.    General. The Company shall indemnify, and advance Expenses to, Indemnitee
(a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect
of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other
sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), as applicable to a Maryland real estate investment trust by virtue of
Section 8-301(15) of the Maryland REIT Law. 

Section 4.    Standard for Indemnification. If, by reason of Indemnitee’s Company Status, Indemnitee is,
or is threatened to be, made a party to any Proceeding, the Company shall indemnify and hold harmless Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with any such Proceeding or any action, discovery event, 

  
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claim, issue or matter therein or related thereto unless it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and
(i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal
Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

Section 5.    Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other
than Section 6) and except to the extent otherwise permitted by Maryland law, Indemnitee shall not be entitled to: 

(a)    indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee
is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company; 

(b)    indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not
subject to further appeal, to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Company Status; or 

(c)    indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee,
unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s declaration of trust
or bylaws, a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees or an agreement approved by the Board of Trustees to which the Company is a party expressly provide otherwise. 

Section 6.    Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of
appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances: 

(a)    if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 

(b)    if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in
view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of
an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered
indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL. 

Section 7.    Indemnification of an Indemnitee Who is Wholly or Partially Successful. Notwithstanding any
other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Company Status, made a party 

  
 -4- 

 
to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all
Expenses, judgments, penalties and/or amounts paid in settlement that are actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is
successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses, judgments, penalties and/or amounts paid in
settlement that are actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and,
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, and a decision by any government, regulatory or self-regulatory authority, agency or body not to commence or pursue any
investigation, civil or criminal enforcement matter or case or any civil suit shall be deemed to be a successful result as to such claim, issue or matter. 

Section 8.    Advance of Expenses for Indemnitee. If, by reason of Indemnitee’s Company Status,
Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred
by or on behalf of Indemnitee in connection with such Proceeding. The Company shall make such advance or advances within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time,
whether prior to or after final disposition of such Proceeding and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication) (a) payment of such Expenses directly to third parties on behalf of Indemnitee,
(b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred
by Indemnitee (provided, however, that following a Change in Control or in the event of a Proceeding brought by or in the name of the Company, Indemnitee shall be required to submit to the Company only summary statements and invoices and, in
connection with such submissions, Indemnitee shall have the right to withhold or redact any documents or information that are protected by the attorney-client privilege or the attorney work product doctrine) and shall include or be preceded or
accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by
or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced to Indemnitee
do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf
of Indemnitee, shall be interest free and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. 

Section 9.    Indemnification and Advance of Expenses as a Witness or Other Participant. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Company Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any

  
 -5- 

 
other party, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an affirmation and undertaking substantially in the form attached
hereto as Exhibit A. 
 Section 10.    Procedure for Determination of Entitlement to Indemnification.

 (a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification; provided that the failure of
Indemnitee to so notify the Company will not relieve the Company from any liability that it may have to Indemnitee under this Agreement or otherwise to the extent the failure or delay does not materially prejudice the Company. Indemnitee may submit
one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a
request for indemnification, advise the Board of Trustees in writing that Indemnitee has requested indemnification. 

(b)    Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if
required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of Trustees, a
copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL,
which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by the Board of Trustees by a majority vote of a quorum consisting of Disinterested Trustees or, if such quorum cannot be obtained,
then by a majority vote of a duly authorized committee of the Board of Trustees consisting solely of one or more Disinterested Trustees, (B) if Independent Counsel has been selected by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of
which shall be delivered to Indemnitee or (C) if so directed by the Board of Trustees, by the shareholders of the Company, provided, however, that shares held by trustees or officers who are parties to the Proceeding shall not be voted. If it
is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Trustees or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any
Expenses incurred by Indemnitee in so 

  
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cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Company shall indemnify and hold Indemnitee harmless therefrom. 
 (c)    The Company shall pay the reasonable
fees and expenses of Independent Counsel, if one is appointed. 
 Section 11.    Presumptions and Effect of
Certain Proceedings. 
 (a)    In making any determination with respect to entitlement to indemnification hereunder,
the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this
Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption. The failure of the person or persons or entity making any determination with respect to
Indemnitee’s entitlement to indemnification hereunder to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper, or other rights are available, because Indemnitee has met the
requisite standard of conduct, shall not be a defense to the action and shall not create a presumption regarding whether Indemnitee has met the requisite standard of conduct. 

(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for
indemnification. 
 (c)    The knowledge and/or actions, or failure to act, of any other trustee, officer, employee or
agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 

(d)    For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if
Indemnitee’s action is based on any information, opinion, report or statement, including any financial statement or other financial data of the Company (or other applicable entity) prepared or presented by: (i) an officer or employee of
the Company (or other applicable entity) whom Indemnitee reasonably believes to be reliable and competent in the matters presented, (ii) a lawyer, certified public accountant, or other person, as to a matter which Indemnitee reasonably believes
to be within the person’s professional or expert competence or (iii) a committee of the Board of Trustees on which Indemnitee does not serve, as to a matter with its designated authority, if Indemnitee reasonably believes the committee to
merit confidence; provided, in each case, Indemnitee has no knowledge concerning the matter in question which would cause such reliance to be unwarranted. The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in
any way the other circumstances in which Indemnitee may be deemed or found to have met the requisite standard of conduct described herein for indemnification. 

  
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 Section 12.    Remedies of Indemnitee. 

(a)    If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or 9 of this Agreement within ten days after receipt by
the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the declaration of trust or bylaws of the Company is not made within ten days after a determination has been made
that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or arbitration, conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses. The judicial proceeding or arbitration commenced pursuant to this Section
shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the prior adverse determination. Indemnitee shall commence a proceeding seeking an adjudication or an
award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by
Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall
not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. If Indemnitee seeks an adjudication in a court located in the State of Maryland, the parties agree to request that the action be assigned to the business and
technology case management program of the circuit in which the action is filed. 
 (b)    In any judicial proceeding or
arbitration commenced pursuant to this Section 12, or otherwise arising out of this Agreement, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall
have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, or otherwise arising out of this
Agreement, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all
rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement. 

(c)    If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is
entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material
fact 

  
 -8- 

 
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not introduced into evidence in connection with the
determination. 
 (d)    In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a
judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company
for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of
the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

(e)    Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under
the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period commencing with the date on which the Company was requested to advance expenses in accordance with
Section 8 or 9 of this Agreement or was required to make the determination of entitlement to indemnification under Section 10(b) above and ending on the date such payment is made to Indemnitee by the Company. 

(f)    The parties further agree to waive trial by jury with respect to the determination whether Indemnitee is entitled
to indemnification or advance of Expenses. 
 Section 13.    Defense of the Underlying Proceeding. 

(a)    Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena,
complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a
summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this
Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

(b)    Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the
Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following
receipt of notice of any such Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such

  
 -9- 

 
Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This
Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement. 

(c)    Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by
reason of Indemnitee’s Company Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses
or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not
be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely
manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company.
In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny
or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be
unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter. 

(d)    Indemnitee shall assist and fully cooperate with the Company in any manner reasonably requested by the Company in
connection with any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder (whether or not Indemnitee has provided notice as contemplated by Section 13(a) above), including providing to the
Company’s legal counsel, without restriction or limitation, any information related to Indemnitee’s knowledge of the facts concerning the issues encompassed by such Proceedings. 

Section 14.    Non-Exclusivity; Survival of Rights; Subrogation. 

(a)    The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the declaration of trust or bylaws of the Company, any agreement entered into after the date hereof or a resolution of the shareholders entitled to vote generally
in the election of trustees or of the Board of Trustees, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the Company’s declaration of trust, the Company’s bylaws, this Agreement or of any
provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Company Status prior to such amendment, alteration or repeal, regardless of
whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or
remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent
assertion or employment of any other right or remedy. 

  
 -10- 

 (b)    In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 
 Section 15.    Insurance. 

(a)    The Company will use its reasonable best efforts to acquire directors’ and officers’ liability insurance,
on terms and conditions deemed appropriate by the Board of Trustees covering Indemnitee for any claim made against Indemnitee by reason of Indemnitee’s Company Status and covering the Company for any indemnification or advance of Expenses made
by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Company Status. To the extent that the Company maintains an insurance policy or policies providing liability insurance for trustees, officers,
employees or agents or fiduciaries of the Company or of any other corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise which such person serves at the
request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any other person with a similar title or role with the Company. In the event of
a Change in Control, the Company shall maintain in force any and all directors’ and officers’ liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the
insurance carrier or carriers in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and
amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best
rating of the existing insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors’ and officers’
liability insurance in effect on the date of the Change in Control. In the event that 250% of the annual premium paid by the Company for such existing directors’ and officers’ liability insurance is insufficient for such coverage, the
Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount. 

(b)    Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for
any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of
the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or

  
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obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a
witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 

(c)    Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any
investigation or Proceeding. 
 Section 16    [Primacy of Indemnification; Coordination of Payments.] 

(a) [The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided
by [___________] and/or certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort for any claims made against Indemnitee by reason of his Company Status
(i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee by reason of his Company Status are secondary),
(ii) that it shall be required to advance the full amount of Expenses incurred by Indemnitee by reason of his Company Status and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the
extent legally permitted and as required by the terms of this Agreement and the Company’s declaration of trust or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the
Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution or subrogation in respect of any claims made against Indemnitee by reason
of his Company Status. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company pursuant to this Agreement
shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company as permitted by this
Agreement. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 16(a).] 

(b)    [Except as provided in paragraph (a) above,] the Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

(b)    [Except as provided in paragraph (a) above,] the Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

Section 17.    Contribution. 

(a)    If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to
Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee,
whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of
contribution it may have at any time against Indemnitee. 
 (b)    Without diminishing or impairing the obligations of
the Company set forth in Section 17(a) and provided Indemnitee has met the requisite standard of conduct described herein for indemnification, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment
or settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, penalties, and/or amounts actually incurred and
paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, trustees or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to
law, be further adjusted by reference to the relative fault of the Company and all officers, trustees or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one
hand, and Indemnitee, on the other hand, in connection with the events that resulted in such Expenses, judgments, penalties and/or amounts paid in settlement, as well as any other equitable considerations. The relative fault of the Company and all
officers, trustees or employees of the Company 

  
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other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to,
among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. 

(c)    Provided that Indemnitee has met the requisite standard of conduct described herein for indemnification, the
Company hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by officers, trustees or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. 

Section 18.    Reports to Shareholders. To the extent required by the MGCL, the Company shall report in
writing to its shareholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of shareholders of
the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 

Section 19.    Duration of Agreement; Binding Effect. 

(a)    This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee
shall have ceased to serve as a trustee, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that
Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement). 

(b)    The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), shall continue as to an Indemnitee who has ceased to be a trustee, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other
foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the
benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 

(c)    The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

  
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 (d)    The Company and Indemnitee agree that a monetary
remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may
enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be
precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and
permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company
hereby waives any such requirement of such a bond or undertaking. 
 Section 20.    Severability. If any
provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to
the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. If any provision or provisions of this Agreement shall be determined to be
invalid or unenforceable, the Company in good faith shall expeditiously take all necessary or appropriate action to provide Indemnitee with rights under this Agreement (including with respect to indemnification, advance of Expenses and other rights)
that effect the original intent of this Agreement as closely as possible. 
 Section 21.    Counterparts.
This Agreement may be executed in two (2) or more counterparts (delivery of which may be by facsimile, or via email as a portable document format (.pdf) or other electronic format), each of which will be deemed an original, and it will not be
necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one (1) of such counterparts. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to
evidence the existence of this Agreement. 
 Section 22.    Headings. The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

  
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 Section 23.    Modification and Waiver. No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver. 

Section 24.    Notices. All notices, requests, demands and other communications hereunder shall be in writing
and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered
mail with postage prepaid, on the third business day after the date on which it is so mailed: 
 (a)    If to
Indemnitee, to the address set forth on the signature page hereto. 
 (b)    If to the Company, to: 

Americold Realty Trust 
 10
Glenlake Parkway, South Tower 
 Suite 600 

Atlanta, GA 30328 
 or to such other address as
may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

Section 25.    Spousal Indemnification. The Company shall provide Indemnitee’s spouse to whom Indemnitee
is legally married at any time Indemnitee is covered under the indemnification provided in this Agreement (even if Indemnitee did not remain married to him or her during the entire period of coverage) against any Proceeding for the same period, to
the same extent and subject to the same standards, limitations, obligations and conditions under which Indemnification is provided herein, if Indemnitee’s spouse (or former spouse) becomes involved in a Proceeding solely by reason of his or her
status as Indemnitee’s spouse, including, without limitation, any Proceeding that seeks damages recoverable from marital community property, jointly-owned property or property purported to have been transferred from Indemnitee to his or her
spouse (or former spouse). Indemnitee’s spouse or former spouse also shall be entitled to advance of Expenses to the same extent that Indemnitee is entitled to advance of Expenses provided under Section 8 or 9 of this Agreement. The
Company may maintain insurance to cover its obligations hereunder with respect to Indemnitee’s spouse (or former spouse) or set aside assets in a trust or escrow fund for that purpose; provided, however, that the Company agrees that the
provisions of this Agreement shall remain in effect regardless of whether such liability or other insurance coverage is obtained or retained by the Company; except that any payments made to, or on behalf of, Indemnitee’s spouse under such an
insurance policy shall reduce the obligations of the Company hereunder. 
 Section 26.    Time is of the
Essence. The parties expressly agree that time is of the essence with respect to all provisions of this Agreement. 

Section 27.    Governing Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Maryland, without regard to its conflicts of laws rules. 

  
 -15- 

 [SIGNATURE PAGE FOLLOWS] 

  
 -16- 

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

			
	COMPANY:
	
	 AMERICOLD REALTY

TRUST

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	INDEMNITEE:
	
	  

	Name:	 	
	Address:	 	

  
 -17- 

 EXHIBIT A 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 

To: The Board of Trustees of Americold Realty Trust. 
 Re:
Affirmation and Undertaking 
 Ladies and Gentlemen: 

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated the      day
of         , 20    , by and between Americold Realty Trust, a Maryland real estate investment company (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”). 

Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 

I am subject to the Proceeding by reason of my Company Status or by reason of alleged actions or omissions by me in such capacity. I hereby
affirm my good faith belief that at all times, insofar as I was involved as a trustee of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty,
(2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 

In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in
connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and
(a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had
reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been
established. 
 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this      day of
        , 20    . 
  

			
	Name:

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