Document:

EX-10.26

 Exhibit 10.26 
 Performance-Based Vesting 
 QUALITYTECH, LP 

2010 EQUITY INCENTIVE PLAN 
 CLASS RS UNIT AWARD AGREEMENT 
 Pursuant to the QualityTech, LP 2010 Equity Incentive Plan
(the “Plan”), the Third Amended and Restated Agreement of Limited Partnership (as amended from time to time, the “LP Agreement”) of QualityTech, LP (the “Partnership”), and the Limited Liability Company Agreement (as
amended from time to time, the “LLC Agreement”) of QualityTech Employee Pool, LLC (“Employee Pool”), (i) the Grantee named below hereby is granted an award in the form of Class RS Units in Employee Pool (herein defined as an
“Award” or the “LTIP Units”), and (ii) the Partnership has issued to Employee Pool an identical number of Class RS LTIP Units in the Partnership. Upon the close of business on the Final Acceptance Date, if the terms and
conditions of the grant set forth in this cover sheet and in the attachment (collectively, the “Agreement”) are accepted, the Grantee shall receive the number of Class RS Units in Employee Pool specified below, each having the rights,
voting powers, restrictions, vesting limitations, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein, in the LLC Agreement and in the Plan. Any Class A Units of Employee Pool
issued upon conversion of your Class RS Units are referred to herein as the “Plan Class A Units.” 
 Name of Grantee:
                                        

 Grantee’s Social Security Number:
            -            -             

Number of Class RS Units:              

Grant Date:              
 Final Acceptance Date:              

Vesting Schedule: In accordance with the vesting schedule set forth on Exhibit B hereto and the other terms and conditions set forth in this
Agreement. 
 By your signature below, you agree to all of the terms and conditions described herein, and in the LLC Agreement and the
Plan, copies of which are attached. You acknowledge that you have carefully reviewed these documents. 
  

									
	Grantee:	 	  
	 		 	Date:	 	  

		 	(Signature)	 		 		 	
					
	Employee Pool:	 	  
	 		 	Date:	 	  

		 	(Signature)	 		 		 	
	Title:	 		 		 		 	

 Performance-Based Vesting 

 
 Attachment 

This is not a stock certificate or a negotiable instrument. 

  
 2 

 Performance-Based Vesting 

 
 QUALITYTECH, LP 

2010 EQUITY INCENTIVE PLAN 
 CLASS RS UNIT AWARD AGREEMENT 
  

			
	Operating
Agreement	  	In order to have rights with respect to the LTIP Units granted hereby, you must first sign and deliver a counterpart signature page to the LLC Agreement, a copy of which is attached
as Exhibit A. Upon such execution and delivery, you will become a member of Employee Pool, subject to the restrictions and conditions set forth in the LLC Agreement.
		
	Vesting of LTIP
Units	  	 Subject to the Change of Control provisions herein, your LTIP Units will vest in accordance with the vesting schedule set forth on
Exhibit B so long as you continue in Service on the vesting dates set forth on Exhibit B and the applicable performance criteria have been satisfied.
  

Upon termination of your Service for any reason, the LTIP Units that have not yet vested, and upon termination of your Service for Cause (as defined in
the Plan), all of your LTIP Units (whether or not vested) and all of your Plan Class A Units, will, without payment of any consideration, automatically and without notice terminate, be forfeited and be and become null and void, and neither you nor
any of your successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such LTIP Units and Plan Class A Units.

		
	Rights of Repurchase	  	 Following termination of your Service for any reason, Employee Pool will have the right to purchase any vested LTIP Units and Plan Class
A Units you have acquired or will acquire under this Award. If Employee Pool exercises its right to purchase such interests, it will notify you of its intention to purchase such LTIP Units and/or Plan Class A Units, and will consummate the purchase
within one year after your termination of Service.
  
 If Employee Pool
exercises its right to purchase such interests, the purchase price will be the Fair Market Value (as defined in the Plan) of such LTIP Units and/or Plan Class A Units on the date of such purchase.

 
 Employee Pool may assign or delegate its right to repurchase hereunder to any
Person.
  
 Employee Pool’s right of repurchase will expire upon the
consummation of an IPO.

  
 3 

 Performance-Based Vesting 

 

			
		
	Put Right	  	In the event of your death prior to an IPO, your estate will have the right, for one year following the date of your death, to require Employee Pool to purchase at Fair Market Value
that number of vested LTIP Units and Plan Class A Units held by you at the date of your death that have an aggregate Fair Market Value on the date of purchase equal to the applicable estate or similar taxes payable in respect of the estate’s
receipt of such LTIP Units and Plan Class A Units, or, if greater, the number of vested LTIP Units and Plan Class A Units with an aggregate Fair Market Value on the date of purchase equal to the product of (i) the total estate or similar taxes
payable in respect of your estate and (ii) the fraction, the numerator of which is the Fair Market Value of all LTIP Units and Plan Class A Units held by you at the date of your death and the denominator of which is the fair market value of your
taxable estate as reported by your estate for federal estate or similar tax purposes.
		
	Change of Control	  	 In the event of a Change of Control (as defined in the Plan) prior to your termination of employment with the Partnership or any of its
Affiliates, any outstanding unvested LTIP Units will immediately vest in full if and only if the value of General Atlantic’s equity investment in the Partnership as of the Change of Control is at least three times the aggregate
amount invested by General Atlantic in the Partnership in its initial investment and warrant exercise.
  
 Any unvested LTIP Units that do not vest upon a Change of Control (in accordance with the preceding paragraph) shall terminate and expire in full as of the consummation of such Change of
Control.

		
	Distributions	  	Distributions on the LTIP Units and Plan Class A Units shall be paid, if at all, in accordance with the terms of the LLC Agreement. No distributions shall be made in respect of any
unvested LTIP Units unless determined otherwise by the Manager. Upon vesting of any LTIP Unit, Employee Pool will distribute to you the aggregate amount of prior distributions that would have been payable in respect of such LTIP Unit if it were
vested at all times from date of grant to vesting, less the amount of any distributions previously made to you in respect of such LTIP Unit. No distributions will be made with respect to LTIP Units that do not vest.
		
	Leaves of Absence	  	For purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by your employer in writing if the terms of the
leave provide for continued Service crediting under the Plan, or when continued Service crediting is required by applicable law. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee
work.

  
 4 

 Performance-Based Vesting 

 

			
		  	  
 The board of directors of the General Partner of the Partnership
(the “Board”) administers the Plan and may determine, in its discretion, which leaves count for this purpose, and when your Service terminates for all purposes under the Plan in accordance with the provisions of the
Plan.

		
	Investment Representation; Registration	  	You hereby make the covenants, representations and warranties set forth on Exhibit C attached hereto as of the date of acceptance of this Agreement and each Vesting Date
(as defined in Exhibit B) and upon each conversion of any of your LTIP Units into Plan Class A Units. All of such covenants, warranties and representations shall survive the execution and delivery of this Agreement by you. You shall
immediately notify the Partnership and Employee Pool upon discovering that any of the representations or warranties set forth on Exhibit C was false when made or has, as a result of changes in circumstances, become false. Neither the
Partnership nor Employee Pool will have any obligation to register under the Securities Act any LTIP Units or Plan Class A Units or any other securities issued upon conversion of the LTIP Units.
		
	Section 83(b) Election	  	 You hereby agree to make an election to include in gross income, in the year of transfer to you, the value of the LTIP Units pursuant to
Section 83(b) of the Code substantially in the form attached hereto as Exhibit D (and to provide Employee Pool and your employer a copy of such election as filed by you with the Internal Revenue Service) and to supply the necessary
information in accordance with the regulations promulgated thereunder.
  

YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST YOUR EMPLOYER, THE PARTNERSHIP,
EMPLOYEE POOL OR THEIR REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE CONSEQUENCES, ACCURACY AND TIMELINESS OF SUCH FILING.

		
	Amendment and Adjustments	  	 You acknowledge that the Plan may be amended or discontinued and that this Agreement may be amended or canceled by Employee Pool for the
purpose of satisfying changes in law or for any other lawful purpose.
  
 You
acknowledge that the LTIP Units and Plan Class A Units issued to you are subject to the terms of the Plan and the LLC Agreement, including the adjustment provisions of Section 17 of the
Plan.

  
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 Performance-Based Vesting 

 

			
	Withholding Taxes	  	You agree as a condition of this grant that you will make acceptable arrangements to pay any withholding or other taxes that may be due in connection with the grant or vesting of
the LTIP Units. In the event that the Partnership, Employee Pool or an Affiliate, as applicable, determines that any federal, state, local or foreign tax or withholding payment is required relating to the LTIP Units, the Partnership, Employee Pool
or an Affiliate, as applicable, shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Partnership, Employee Pool or an Affiliate, as applicable.
		
	No Retention Rights	  	This Agreement and the grant evidenced hereby do not give you the right to be retained by the Partnership or an Affiliate in any capacity. Unless otherwise specified in an
employment or other written agreement between the Partnership or an Affiliate, as applicable, and you, the Partnership or an Affiliate, as applicable, reserves the right to terminate your Service at any time and for any reason.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	Transferability	  	The LTIP Units and Plan Class A Units may not be transferred or assigned except with the consent of the Board.
		
	The Plan	  	 The text of the Plan is incorporated in this Agreement by reference.

 
 Certain capitalized terms used in this Agreement are defined in the Plan, and
have the meaning set forth in the Plan.
  
 This Agreement, the LLC
Agreement and the Plan constitute the entire understanding between you and Employee Pool regarding this Award. Any prior agreements, commitments or negotiations concerning this Award are superseded.

		
	Data Privacy	  	 In order to administer the Plan, the Partnership, its General Partner (the “General Partner”) and Employee Pool may process
personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as your contact information, payroll information and any
other information that might be deemed appropriate by the Partnership, the General Partner and Employee Pool to facilitate the administration of the Plan.
  

By accepting this Award, you give explicit consent to the Partnership, the General Partner and Employee Pool to process any such personal
data.

  
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 Performance-Based Vesting 

 

			
		
	Code Section 409A	  	It is intended that this Award comply with Section 409A of the Code (“Section 409A”) or an exemption to Section 409A. To the extent that the Board and/or Employee Pool
determines that you would be subject to the additional 20% tax imposed on certain non-qualified deferred compensation plans pursuant to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the
minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Board as administrator of the Plan. For purposes of this Award, a termination of employment only occurs upon an event
that would be a Separation from Service within the meaning of Section 409A.
		
	Anti-dilution Adjustments	  	Any numbers contained in this Award Agreement that refer to a specific amount of units or that reflect a “per-unit” calculation, except to the extent that such numbers are
as of or prior to the date of this Award Agreement or are used as hypothetical examples, are subject to adjustment upon subdivisions, combinations, reclassifications, unit distributions or similar dilution events with respect to the outstanding
units of the Partnership.

 By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan and the LLC
Agreement. 

  
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 Performance-Based Vesting 

 
 EXHIBIT A 

FORM OF MEMBER SIGNATURE PAGE 
 The Grantee, desiring to become a member of QualityTech Employee Pool, LLC, hereby accepts all of the terms and conditions of, and becomes a party to, the Limited Liability Company Agreement of Quality
Tech Employee Pool, LLC (the “LLC Agreement”). The Grantee agrees that this signature page may be attached to any counterpart of the LLC Agreement. 
 Signature Line for Grantee: 
  

	
	  

	Name:
	Date:
	
	Address of Member:

  
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 Performance-Based Vesting 

 
 EXHIBIT B 

[VESTING SCHEDULE] 

  
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 Performance-Based Vesting 

 
 EXHIBIT C 

GRANTEE’S COVENANTS, REPRESENTATIONS AND WARRANTIES 
 The Grantee hereby represents, warrants and covenants as follows: 
 (a) The
Grantee has received and had an opportunity to review the following documents (the “Background Documents”): 
  

	 	(i)	The LLC Agreement; 

  

	 	(ii)	The Plan; and 

  

	 	(iii)	The Award Agreement. 

 The
Grantee also acknowledges that any delivery of the Background Documents and other information relating to Employee Pool LLC and the Partnership prior to the determination by the Board of the suitability of the Grantee as a holder of LTIP Units shall
not constitute an offer of LTIP Units until such determination of suitability shall have been made. 
 (b) The Grantee hereby
represents and warrants that 
 (i) The Grantee either (A) is an “accredited investor” as defined
in Rule 501(a) under the Securities Act of 1933, as amended (the “Securities Act”), or (B) by reason of the business and financial experience of the Grantee, together with the business and financial experience of those persons, if
any, retained by the Grantee to represent or advise the Grantee with respect to the grant of LTIP Units and the potential conversion of LTIP Units into Plan Class A Units, has such knowledge, sophistication and experience in financial and
business matters and in making investment decisions of this type that the Grantee (I) is capable of evaluating the merits and risks of an investment in Employee Pool and of making an informed investment decision, (II) is capable of protecting
the Grantee’s own interest or has engaged representatives or advisors to assist him or her in protecting his or her interests, and (III) is capable of bearing the economic risk of such investment. 

(ii) The Grantee understands that (A) the Grantee is responsible for consulting the Grantee’s own tax advisors
with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of the award of LTIP Units may become subject, to the Grantee’s
particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Partnership, Employee Pool or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the
Grantee provides or will provide services to the Partnership and/or its wholly owned Affiliates on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the
Partnership and Employee Pool, as the Grantee believes to be necessary and appropriate to make an informed decision to accept 

  
 10 

 Performance-Based Vesting 

 
 
this Award of LTIP Units; and (D) an investment in Employee Pool and the Partnership involves substantial risks. The Grantee has been given the opportunity to make a thorough investigation
of matters relevant to the LTIP Units and has been furnished with, and has reviewed and understands, materials relating to the Partnership, Employee Pool and their activities (including, but not limited to, the Background Documents). The Grantee has
been afforded the opportunity to obtain any additional information (including any exhibits to the Background Documents) deemed necessary by the Grantee to verify the accuracy of information conveyed to the Grantee. The Grantee confirms that all
documents, records, and books pertaining to the Grantee’s receipt of LTIP Units which were requested by the Grantee have been made available or delivered to the Grantee. The Grantee has had an opportunity to ask questions of and receive answers
from the Partnership and Employee Pool, or from a person or persons acting on their behalf, concerning the terms and conditions of the LTIP Units. The Grantee has relied upon, and is making its decision solely upon, the Background Documents and
other written information provided to the Grantee by Employee Pool, the Partnership and their Affiliates. The Grantee did not receive any tax, legal or financial advice from the Partnership, the General Partner or Employee Pool and, to the extent it
deemed necessary, has consulted with the Grantee’s own advisors in connection with the Grantee’s evaluation of the Background Documents and this Agreement and the Grantee’s receipt of LTIP Units. 

(iii) The LTIP Units to be issued and the Plan Class A Units issuable upon conversion of the LTIP Units will be
acquired for the account of the Grantee for investment only and not with a current view to, or with any intention of, a distribution or resale thereof within the meaning of the Securities Act. 

(iv) The Grantee acknowledges that (A) neither the LTIP Units to be issued, nor the Plan Class A Units issuable
upon conversion of the LTIP Units, have been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws and, if such
LTIP Units or Plan Class A Units are represented by certificates, such certificates will bear a legend to such effect, (B) the reliance by Employee Pool on such exemptions is predicated in part on the accuracy and completeness of the
representations and warranties of the Grantee contained herein, (C) such LTIP Units, or Plan Class A Units, therefore, cannot be resold unless registered under the Securities Act and applicable state securities laws, or unless an exemption
from registration is available, (D) there is no public market for such LTIP Units and Plan Class A Units and (E) Employee Pool has no obligation or intention to register such LTIP Units or the Plan Class A Units issuable upon
conversion of the LTIP Units under the Securities Act or any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws. The Grantee hereby acknowledges that because of the
restrictions on transfer or assignment of such LTIP Units acquired hereby and the Plan Class A Units issuable upon conversion of the LTIP Units which are set forth in the Plan, the LLC Agreement or this Agreement, the Grantee may have to bear
the economic risk of ownership of the LTIP Units acquired hereby and the Plan Class A Units issuable upon conversion of the LTIP Units for an indefinite period of time. 

  
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 Performance-Based Vesting 

 
 (v) The Grantee has determined that the LTIP
Units (and any Plan Class A Units issued upon conversion of LTIP Units, as applicable) are a suitable investment for the Grantee. 
 (vi) No representations or warranties have been made to the Grantee by the Partnership, Employee Pool, the General Partner or the Manager, or any officer, director, shareholder, agent, or affiliate of any
of them, and the Grantee has received no information relating to an investment in Employee Pool or the Partnership or the LTIP Units or the Plan Class A Units except the information specified in paragraph (ii) above. 

(c) So long as the Grantee holds any LTIP Units or Plan Class A Units, the Grantee shall disclose to Employee Pool and the
Partnership in writing such information as may be reasonably requested with respect to ownership of LTIP Units as Employee Pool and the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the
Internal Revenue Code of 1986, as amended (the “Code”), applicable to Employee Pool and the Partnership or to comply with requirements of any other appropriate taxing authority. 

(d) The Grantee hereby agrees to make an election under Section 83(b) of the Code with respect to the LTIP Units awarded hereunder,
and has delivered with this Agreement a completed, executed copy of the election form attached hereto as Exhibit D. The Grantee agrees to file the election (or to permit Employee Pool, the Partnership or an Affiliate to file such election on
the Grantee’s behalf) within thirty (30) days after the Award of the LTIP Units hereunder with the IRS Service Center at which such Grantee files his or her personal income tax returns, and to file a copy of such election with the
Grantee’s U.S. federal income tax return for the taxable year in which the LTIP Units are awarded to the Grantee. 
 (e)
The address set forth on the first page of this Agreement is the address of the Grantee’s principal residence, and the Grantee has no present intention of becoming a resident of any country, state or jurisdiction other than the country and
state in which such residence is sited. 
 (f) The representations of the Grantee as set forth above are true and complete to
the best of the information and belief of the Grantee, and Employee Pool shall be notified promptly of any changes in the foregoing representations. 

  
 12 

 Performance-Based Vesting 

 
 EXHIBIT D 

ELECTION UNDER SECTION 83(b) OF 
 THE INTERNAL REVENUE CODE 
 The undersigned (the “Taxpayer”)
hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance with the regulations promulgated thereunder: 

 

	 	1.	The name, address and social security number of the undersigned: 

  

			
	Name:	 	  

			
		
	Address:	 	  

	
	  

			
		
	Social Security No. :	 	  

  

	 	2.	Description of property with respect to which the election is being made: 

 The election is being made with respect to              Class RS Units (the “LTIP Units”) in QualityTech Employee Pool, LLC, which is
taxed as a partnership (the “Partnership”). 
  

	 	3.	The date on which the property was transferred is                  ,
20    . 

  

	 	4.	The taxable year to which this election relates is calendar year 20    . 

 

	 	5.	Nature of restrictions to which the property is subject: 

 (a) The LTIP Units may not be transferred in any manner without the consent of the Partnership. 
 (b) The LTIP Units vest in accordance with the vesting provisions described in the Schedule attached hereto. Unvested LTIP Units are forfeited in accordance with the vesting provisions described in the
Schedule attached hereto. 
  

	 	6.	The fair market value at time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the LTIP
Units with respect to which this election is being made was $0 per LTIP Unit. 

  

	 	7.	The amount paid by the Taxpayer for the LTIP Units was $0 per LTIP Unit. 

  

	 	8.	A copy of this statement has been furnished to the Partnership and to Quality Technology Services, LLC, the company for whom the Taxpayer performs services.

 Dated:             , 20     

  
 13 

 Performance-Based Vesting 

 
  

	
	  

	Name:

  
 14 

 Performance-Based Vesting 

 
 Schedule to Section 83(b) Election -Vesting Provisions
of LTIP Units (Class RS Units) 
 The LTIP Units are subject to both service-based and performance-based vesting, subject to acceleration of
vesting (or forfeiture) in the event of certain extraordinary transactions. Unvested Class RS Units are subject to forfeiture in the event of failure to vest based on either (i) the passage of time and the required continued service to the
Partnership or its affiliates, or (ii) the failure of the affiliated entities to meet the specified performance targets. 

  
 15 

 Performance-Based Vesting 

 
 PROCEDURES FOR MAKING ELECTION 

UNDER INTERNAL REVENUE CODE SECTION 83(b) 

The following procedures must be followed with respect to the attached form for making an election under Internal Revenue Code
section 83(b) in order for the election to be effective: 
 1. You must file one copy of the completed election form with the
IRS Service Center where you file your federal income tax returns within 30 days after the Grant Date of your LTIP Units. 
 2. At the same time you file the election form with the IRS, you must also give a copy of the election form to Employee Pool, LLC and to QualityTech, LP or the Affiliate where you are employed.

 3. You must file another copy of the election form with your federal income tax return (generally, Form 1040) for the
taxable year in which the LTIP Units are granted to you. 

  
 16EX-10.27

 Exhibit 10.27 

 
  

 
 QTS REALTY TRUST, INC.

 2013 EQUITY INCENTIVE PLAN 
  

 
  

 TABLE OF CONTENTS 

 

									
	  	 	  	  	  	  	 Page
	 
	1.	 	PURPOSE	  	 	1	  
	2.	 	DEFINITIONS	  	 	1	  
	3.	 	ADMINISTRATION OF THE PLAN	  	 	7	  
		 	 3.1.
	  	Board	  	 	7	  
		 	 3.2.
	  	Committee	  	 	7	  
		 	 3.3.
	  	Terms of Awards	  	 	8	  
		 	 3.4.
	  	Forfeiture; Recoupment	  	 	9	  
		 	 3.5.
	  	No Repricing	  	 	10	  
		 	 3.6.
	  	No Liability	  	 	10	  
		 	 3.7.
	  	Share Issuance/Book-Entry	  	 	10	  
	 4.
	 	SHARES SUBJECT TO THE PLAN	  	 	10	  
		 	 4.1.
	  	Number of Shares Available for Awards	  	 	10	  
		 	 4.2.
	  	Adjustments in Authorized Shares	  	 	11	  
		 	 4.3.
	  	Share Usage	  	 	11	  
	 5.
	 	EFFECTIVE DATE, DURATION AND AMENDMENTS	  	 	11	  
		 	 5.1.
	  	Effective Date	  	 	11	  
		 	 5.2.
	  	Term	  	 	11	  
		 	 5.3.
	  	Amendment and Termination of the Plan	  	 	11	  
	 6.
	 	AWARD ELIGIBILITY AND LIMITATIONS	  	 	12	  
		 	 6.1.
	  	Service Providers and Other Persons	  	 	12	  
		 	 6.2.
	  	Limitation on Shares Subject to Awards and Cash Awards	  	 	12	  
		 	 6.3.
	  	Stand-Alone, Additional, Tandem and Substitute Awards	  	 	12	  
	 7.
	 	AWARD AGREEMENT	  	 	13	  
	 8.
	 	TERMS AND CONDITIONS OF OPTIONS	  	 	13	  
		 	 8.1.
	  	Option Price	  	 	13	  
		 	 8.2.
	  	Vesting	  	 	13	  
		 	 8.3.
	  	Term	  	 	13	  
		 	 8.4.
	  	Termination of Service	  	 	14	  
		 	 8.5.
	  	Limitations on Exercise of Option	  	 	14	  
		 	 8.6.
	  	Method of Exercise	  	 	14	  
		 	 8.7.
	  	Rights of Holders of Options	  	 	14	  
		 	 8.8.
	  	Delivery of Share Certificates	  	 	14	  
		 	 8.9.
	  	Transferability of Options	  	 	14	  
		 	 8.10.
	  	Family Transfers	  	 	15	  
		 	 8.11.
	  	Limitations on Incentive Share Options	  	 	15	  
		 	 8.12.
	  	Notice of Disqualifying Disposition	  	 	15	  
	 9.
	 	TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS	  	 	15	  
		 	 9.1.
	  	Right to Payment and Grant Price	  	 	15	  
		 	 9.2.
	  	Other Terms	  	 	16	  
		 	 9.3.
	  	Term	  	 	16	  
		 	 9.4.
	  	Transferability of SARS	  	 	16	  
		 	 9.5.
	  	Family Transfers	  	 	16	  

  
 -i-

									
	 10.
	 	TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS	  	 	17	  
		 	 10.1.
	  	Grant of Restricted Shares or Share Units	  	 	17	  
		 	 10.2.
	  	Restrictions	  	 	17	  
		 	 10.3.
	  	Restricted Share Certificates	  	 	17	  
		 	 10.4.
	  	Rights of Holders of Restricted Shares	  	 	17	  
		 	 10.5.
	  	Rights of Holders of Share Units	  	 	18	  
		 	 10.6.
	  	Termination of Service	  	 	18	  
		 	 10.7.
	  	Purchase of Restricted Shares and Shares Subject to Share Units	  	 	18	  
		 	 10.8.
	  	Delivery of Shares	  	 	19	  
	 11.
	 	TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS	  	 	19	  
	 12.
	 	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES	  	 	19	  
		 	 12.1.
	  	General Rule	  	 	19	  
		 	 12.2.
	  	Surrender of Shares	  	 	20	  
		 	 12.3.
	  	Cashless Exercise	  	 	20	  
		 	 12.4.
	  	Other Forms of Payment	  	 	20	  
	 13.
	 	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS	  	 	20	  
		 	 13.1.
	  	Dividend Equivalent Rights	  	 	20	  
		 	 13.2.
	  	Termination of Service	  	 	21	  
	 14.
	 	TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS	  	 	21	  
		 	 14.1.
	  	Grant of Performance Awards and Annual Incentive Awards	  	 	21	  
		 	 14.2.
	  	Value of Performance Awards and Annual Incentive Awards	  	 	21	  
		 	 14.3.
	  	Earning of Performance Awards and Annual Incentive Awards	  	 	21	  
		 	 14.4.
	  	Form and Timing of Payment of Performance Awards and Annual Incentive Awards	  	 	21	  
		 	 14.5.
	  	Performance Conditions	  	 	22	  
		 	 14.6.
	  	Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees	  	 	22	  
		 	 14.7.
	  	Status of Awards Under Code Section 162(m)	  	 	25	  
	 15.
	 	TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS	  	 	25	  
	 16.
	 	PARACHUTE LIMITATIONS	  	 	25	  
	 17.
	 	REQUIREMENTS OF LAW	  	 	26	  
		 	 17.1.
	  	General	  	 	26	  
		 	 17.2.
	  	Rule 16b-3	  	 	27	  
	 18.
	 	EFFECT OF CHANGES IN CAPITALIZATION	  	 	27	  
		 	 18.1.
	  	Changes in Shares	  	 	27	  
		 	 18.2.
	  	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control	  	 	28	  
		 	 18.3.
	  	Change in Control in which Awards are not Assumed	  	 	28	  
		 	 18.4.
	  	Change in Control in which Awards are Assumed	  	 	29	  
		 	 18.5.
	  	Adjustments	  	 	30	  
		 	 18.6.
	  	No Limitations on Company	  	 	30	  
	 19.
	 	GENERAL PROVISIONS	  	 	30	  

  
 -ii-

									
		 	 19.1.
	  	Disclaimer of Rights	  	 	30	  
		 	 19.2.
	  	Nonexclusivity of the Plan	  	 	31	  
		 	 19.3.
	  	Withholding Taxes	  	 	31	  
		 	 19.4.
	  	Captions	  	 	32	  
		 	 19.5.
	  	Other Provisions	  	 	32	  
		 	 19.6.
	  	Number and Gender	  	 	32	  
		 	 19.7.
	  	Severability	  	 	32	  
		 	 19.8.
	  	Governing Law	  	 	32	  
		 	 19.9.
	  	Code Section 409A	  	 	32	  

  
 -iii-

 QTS REALTY TRUST, INC. 

2013 EQUITY INCENTIVE PLAN 
 QTS Realty Trust, Inc., a Maryland corporation (the “Company”), sets forth herein the terms of its 2013 Equity Incentive Plan (the “Plan”), as follows: 

 

	1.	PURPOSE 

 The Plan is
intended to (a) provide incentive to officers, employees, directors and other eligible persons to stimulate their efforts towards the success of the Company and to operate and manage its business in a manner that will provide for the long term
growth and profitability of the Company; and (b) provide a means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of share options, share appreciation rights, restricted shares, unrestricted
shares, share units (including deferred share units), dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward
attainment of annual or long-term performance goals in accordance with the terms hereof. Share options granted under the Plan may be non-qualified share options or incentive share options, as provided herein. 

 

	2.	DEFINITIONS 

 For purposes
of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply: 
 2.1
“Affiliate” means, with respect to the Company, any company or other trade or business that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the
Securities Act, including, without limitation, any Subsidiary. For purposes of granting Options or Share Appreciation Rights, an entity may not be considered an Affiliate of the Company unless the Company holds a “controlling interest” in
such entity, where the term “controlling interest” has the same meaning as provided in Treasury Regulation Section 1.414(c)-2(b)(2)(i), provided that the language “at least 50 percent” is used instead of “at least 80
percent” and, provided further, that where granting of Options or Share Appreciation Rights is based upon a legitimate business criteria, the language “at least 20 percent” is used instead of “at least 80 percent” each place
it appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i). 
 2.2 “Annual Incentive Award” means an
Award, denominated in cash, made subject to attainment of performance goals (as described in Section 14) over a Performance Period of up to one (1) year (which shall correspond to the Company’s fiscal year, unless otherwise
specified by the Board). 
 2.3 “Applicable Laws” means the legal requirements relating to the Plan and the
Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted
to residents therein. 

 2.4 “Award” means a grant of an Option, Share Appreciation Right,
Restricted Share, Unrestricted Share, Share Unit, Dividend Equivalent Right, Performance Award, Annual Incentive Award, LTIP Unit, or Other Equity-Based Award under the Plan. 
 2.5 “Award Agreement” means the agreement between the Company and a Grantee that evidences and sets out the terms and conditions of an Award. 

2.6 “Benefit Arrangement” shall have the meaning set forth in Section 16. 

2.7 “Board” means the Board of Directors of the Company. 

2.8 “Cause” means, as determined by the Board and unless otherwise provided in an applicable agreement (including an
employment agreement) with the Company or an Affiliate, in which case the definition contained in such agreement shall control: (i) gross negligence or willful misconduct in connection with the performance of duties; (ii) conviction of a
felony; (iii) conviction of any other criminal offense involving an act of dishonesty intended to result in substantial personal enrichment of such Grantee at the expense of the Company or an Affiliate; or (iv) material breach of any term
of any employment, consulting or other services, confidentiality, intellectual property or non-competition agreements, if any, between the Service Provider and the Company or an Affiliate. 

2.9 “Change in Control” means: 
 (1) Any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any
trustee or other fiduciary holding securities under any employee benefit plan of the Company or any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportion as their ownership of stock of the
Company), 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 50% or more of the combined voting power of the Company’s then
outstanding voting securities; 
 (2) During any period of twelve consecutive months, individuals who at the beginning of such
period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (1), (3) or (4) hereof) whose election by
the Board or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at least a majority thereof, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or actual threatened solicitation of proxies or consents by or on behalf of a person other than the Board; 

  
 2 

 (3) The consummation of a merger or consolidation of the Company with any other entity or
approve the issuance of voting securities in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable exchange requirements, other than (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) at least 50.1% of the
combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of either of the then outstanding shares of Common Shares or
the combined voting power of the Company’s then outstanding voting securities; or 
 (4) The consummation of the sale or
disposition by the Company of all or substantially all of the Company’s assets (or any transaction or series of transactions within a period of twelve months ending on the date of the last sale or disposition having a similar effect).

 Notwithstanding anything herein to the contrary, (i) the determination as to whether a “Change in Control” as defined herein
has occurred shall be determined in accordance with the requirements of Code Section 409A and shall be intended to constitute a “change in control event” within the meaning of Code Section 409A, except to that the extent the
provisions herein are more restrictive than the requirements of Code Section 409A, and (ii) in no event shall there be a Change in Control if General Atlantic or one of its Affiliates continues to beneficially own more than 50% of the
voting securities of the Company (or the surviving or parent entity). 
 2.10 “Code” means the Internal Revenue
Code of 1986, as now in effect or as hereafter amended. 
 2.11 “Committee” means a committee of, and
designated from time to time by resolution of, the Board, which shall be constituted as provided in Section 3.2 (or, if no Committee has been designated, the Board itself). 

2.12 “Company” means QTS Realty Trust, Inc., a Maryland corporation. 

2.13 “Covered Employee” means a Grantee who is a covered employee within the meaning of Code Section 162(m)(3).

 2.14 “Determination Date” means the Grant Date or such other date as of which the Fair Market Value of a
Share is required to be established for purposes of the Plan. 
 2.15 “Disability” means the Grantee is unable
to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not
less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive Share Option following termination of the Grantee’s Service, Disability shall mean the Grantee is unable to engage in any
substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

  
 3 

 2.16 “Dividend Equivalent Right” means a right, granted to a Grantee under
Section 13, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments. 

2.17 “Effective Date” means             , 2013, the date the
Plan was approved by the shareholders of the Company. 
 2.18 “Exchange Act” means the Securities Exchange Act
of 1934, as now in effect or as hereafter amended. 
 2.19 “Fair Market Value” means the fair market value of a
Share for purposes of the Plan, which shall be determined as of any Determination Date as follows: 
 (a) If on
such Determination Date the Shares are listed on a Stock Exchange, or are publicly traded on another established securities market (a “Securities Market”), the Fair Market Value of a Share shall be the closing price of the Share as
reported on such Stock Exchange or such Securities Market (provided that, if there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of
the Fair Market Value determination). If there is no such reported closing price on such Determination Date, the Fair Market Value of a Share shall be the closing price of the Share on the next trading day on which any sale of Shares shall have been
reported on such Stock Exchange or such Securities Market. 
 (b) If on such Determination Date the Shares are
not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair Market Value of a Share shall be the value of the Share as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner
consistent with Code Section 409A. 
 Notwithstanding this Section 2.19 or Section 19.3, for
purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to Section 19.3, for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such Shares
may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such Shares shall be the sale price of such Shares on such date. 
 2.20 “Family Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of the Grantee, any person sharing the Grantee’s household (other than a tenant or employee), a trust in which any one or more of these
persons have more than fifty percent (50%) of the beneficial interest, a foundation in which any one or more of these persons (or the Grantee) control the management of assets, and any other entity in which one or more of these persons (or the
Grantee) own more than fifty percent (50%) of the voting interests. 

  
 4 

 2.21 “Grant Date” means, as determined by the Board, the latest to occur of
(i) the date as of which the Company completes the action constituting the Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6, or (iii) such other later date
as may be specified by the Board. 
 2.22 “Grantee” means a person who receives or holds an Award under the
Plan. 
 2.23 “Incentive Share Option” means an “incentive stock option” within the meaning of Code
Section 422, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.24
“Long-Term Incentive Unit” or “LTIP Unit” means an Award under Section 15 of an interest in the operating partnership affiliated with the Company. 

2.25 “Non-qualified Share Option” means an Option that is not an Incentive Share Option. 

2.26 “Option” means an option to purchase one or more Shares pursuant to the Plan. 

2.27 “Option Price” means the exercise price for each Share subject to an Option. 

2.28 “Other Agreement” shall have the meaning set forth in Section 16. 

2.29 “Other Equity-Based Award” means a right or other interest that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or related to, Shares, other than an Option, Share Appreciation Right, Restricted Share, Unrestricted Share, Share Unit, Dividend Equivalent Right, Performance Award or Annual Incentive Award.

 2.30 “Outside Director” means a member of the Board who is not an officer or employee of the Company.

 2.31 “Performance Award” means an Award made subject to the attainment of performance goals (as described in
Section 14) over a Performance Period of up to ten (10) years. 
 2.32 “Performance-Based
Compensation” means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing,
nothing in the Plan shall be construed to mean that an Award which does not satisfy the requirements for “qualified performance-based compensation” under Code Section 162(m) does not constitute performance-based compensation for other
purposes, including for purposes of Code Section 409A. 
 2.33 “Performance Measures” means measures as
described in Section 14 on which the performance goals are based and which have been approved by the Company’s shareholders pursuant to the Plan in order to qualify Awards as Performance-Based Compensation. 

  
 5 

 2.34 “Performance Period” means the period of time during which the
performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Award. 
 2.35
“Plan” means this QTS Realty Trust, Inc. 2013 Equity Incentive Plan, as amended from time to time. 
 2.36
“Purchase Price” means the purchase price for each Share pursuant to a grant of Restricted Shares, Share Units or Unrestricted Shares. 
 2.37 “Reporting Person” means a person who is required to file reports under Section 16(a) of the Exchange Act. 

2.38 “Restricted Shares” means Shares, awarded to a Grantee pursuant to Section 10. 

2.39 “SAR Exercise Price” means the per share exercise price of a SAR granted to a Grantee under Section 9.

 2.40 “Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended.

 2.41 “Service” means service as a Service Provider to the Company or any Affiliate. Unless otherwise stated
in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or any Affiliate. Subject to the
preceding sentence, whether a termination of Service shall have occurred for purposes of the Plan shall be determined by the Board, which determination shall be final, binding and conclusive. Notwithstanding any other provision to the contrary, for
any individual providing services solely as a director, only service to the Company or any of its Subsidiaries constitutes Service. If the Service Provider’s employment or other service relationship is with an Affiliate and that entity ceases
to be an Affiliate, a termination of Service shall be deemed to have occurred when the entity ceases to be an Affiliate unless the Service Provider’s employment or other service relationship has been transferred by the Company or one of its
remaining Affiliates to the Company or one of its remaining Affiliates. 
 2.42 “Service Provider” means an
employee, officer, director, or a consultant or adviser (who is a natural person) providing services to the Company or any of its Affiliates. 
 2.43 “Shares” means the shares of Class A common stock, par value $0.01 per share, of the Company. 
 2.44 “Share Appreciation Right” or “SAR” means a right granted to a Grantee under Section 9. 

2.45 “Share Units” means an Award representing the equivalent of one Share awarded to a Grantee pursuant to
Section 10 that will be settled in an amount in cash, Shares or both, subject to the terms and conditions of the Award. 

  
 6 

 2.46 “Stock Exchange” means the New York Stock Exchange or another
established national or regional stock exchange. 
 2.47 “Subsidiary” means any “subsidiary
corporation” of the Company within the meaning of Code Section 424(f). 
 2.48 “Substitute Award”
means an Award granted upon assumption of, or in substitution for, outstanding awards previously granted by a company or other entity acquired by the Company or an Affiliate or with which the Company or an Affiliate combines. 

2.49 “Ten Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined
voting power of all classes of outstanding voting securities of the Company, its parent or any of its Subsidiaries. In determining Share ownership, the attribution rules of Code Section 424(d) shall be applied. 

2.50 “Unrestricted Shares” shall have the meaning set forth in Section 11. 

Unless the context otherwise requires, all references in the Plan to “including” shall mean “including without
limitation.” 
 References in the Plan to any Code Section shall be deemed to include, as applicable, regulations
promulgated under such Code Section. 
  

	3.	ADMINISTRATION OF THE PLAN 

 3.1. Board. 
 The Board shall have such powers and authorities related to
the administration of the Plan as are consistent with the Company’s certificate of incorporation and by-laws and Applicable Laws. The Board shall have full power and authority to take all actions and to make all determinations required or
provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the Plan that the
Board deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement, including the authority to adopt, alter and repeal administrative rules and guidelines governing the Plan. All such actions and
determinations shall be by the affirmative vote of a majority of the members of the Board present at a meeting at which a quorum is present or by unanimous consent of the Board executed in writing in accordance with the Company’s certificate of
incorporation and by-laws and Applicable Laws. The interpretation and construction by the Board of any provision of the Plan, any Award or any Award Agreement shall be final, binding and conclusive. 

3.2. Committee. 
 The Board from time to time may delegate to the Committee such powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 above and other
applicable provisions, as the Board shall determine, consistent with the Company’s certificate of incorporation and by-laws and Applicable Laws. 

  
 7 

 (i) Except as provided in Subsection (ii) and except as the Board may
otherwise determine, the Committee, if any, appointed by the Board to administer the Plan shall consist of two or more Outside Directors of the Company who: (a) qualify as “outside directors” within the meaning of Section 162(m)
of the Code; (b) meet such other requirements as may be established from time to time by the Securities and Exchange Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act; and
(c) comply with the independence requirements of the Stock Exchange on which the Shares are listed. 
 (ii)
The Board may also appoint one or more separate committees of the Board, each composed of one or more directors of the Company who need not be Outside Directors, who may administer the Plan with respect to employees or other Service Providers who
are not executive officers (as defined under Rule 3b-7 or the Exchange Act) or directors of the Company, may grant Awards under the Plan to such employees or other Service Providers, and may determine all terms of such Awards, subject to the
requirements of Code Section 162(m), Rule 16b-3 and the rules of the Stock Exchange on which the Shares are listed. 

In the event that the Plan, any Award or any Award Agreement entered into hereunder provides for any action to be taken by or
determination to be made by the Board, such action may be taken or such determination may be made by a Committee if the power and authority to do so has been delegated (and such delegated authority has not been revoked) to such Committee by the
Board as provided for in this Section. Unless otherwise expressly determined by the Board, any such action or determination by the Committee shall be final, binding and conclusive. To the extent permitted by law, the Committee may delegate its
authority under the Plan to a member of the Board, provided, that such member of the Board to whom the Committee delegates authority under the Plan must be an Outside Director who satisfies the requirements of Subsection (i)(a)-(c) of this
Section 3.2. 
 3.3. Terms of Awards. 
 Subject to the other terms and conditions of the Plan, the Board shall have full and final authority to: 
  

	 	(i)	designate Grantees; 

  

	 	(ii)	determine the type or types of Awards to be made to a Grantee; 

  

	 	(iii)	determine the number of Shares to be subject to an Award; 

  

	 	(iv)	establish the terms and conditions of each Award (including, but not limited to, the exercise price of any Option, the nature and duration of any restriction or
condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the Shares subject thereto, the treatment of an Award in the event of a Change in Control, and any terms or conditions that may be
necessary to qualify Options as Incentive Share Options); 

  

	 	(v)	prescribe the form of each Award Agreement evidencing an Award; and 

  
 8 

	 	(vi)	amend, modify, or reprice (except as such practice is prohibited by Section 3.5 herein) the terms of any outstanding Award. Such authority specifically
includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make or modify Awards to eligible individuals who are foreign nationals or are individuals who are employed outside the United States to
recognize differences in local law, tax policy, or custom. Notwithstanding the foregoing, no amendment, modification or supplement of any Award shall, without the consent of the Grantee, impair the Grantee’s rights under such Award.

 3.4. Forfeiture; Recoupment. 
 The Company may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken
by, such Grantee in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting solicitation of employees or clients of the Company or any Affiliate,
(d) confidentiality obligation with respect to the Company or any Affiliate, or (e) other agreement, as and to the extent specified in such Award Agreement. The Company may annul an outstanding Award if the Grantee thereof is an employee
and is terminated for Cause as defined in the Plan or the applicable Award Agreement or for “cause” as defined in any other agreement between the Company or any Affiliate and such Grantee, as applicable. 

Any Award granted pursuant to the Plan is subject to mandatory repayment by the Grantee to the Company to the extent the Grantee is or in
the future becomes subject to any Company “clawback” or recoupment policy that requires the repayment by the Grantee to the Company of compensation paid by the Company to the Grantee in the event that the Grantee fails to comply with, or
violates, the terms or requirements of such policy. Such policy may authorize the Company to recover from a Grantee incentive-based compensation (including Options awarded as compensation) awarded to or received by such Grantee during a period of up
to three (3) years, as determined by the Committee, preceding the date on which the Company is required to prepare an accounting restatement due to material noncompliance by the Company, as a result of misconduct, with any financial reporting
requirement under the federal securities laws. 
 Furthermore, if the Company is required to prepare an accounting restatement
due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws, and any Award Agreement so provides, any Grantee of an Award under such Award Agreement who
knowingly engaged in such misconduct, was grossly negligent in engaging in such misconduct, knowingly failed to prevent such misconduct or was grossly negligent in failing to prevent such misconduct, shall reimburse the Company the amount of any
payment in settlement of an Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that
contained information affected by such material noncompliance. 

  
 9 

 Notwithstanding any other provision of the Plan or any provision of any Award Agreement, if
the Company is required to prepare an accounting restatement, Grantees shall forfeit any cash or Shares received in connection with an Award (or an amount equal to the Fair Market Value of such Shares on the date of delivery if the Grantee no longer
holds the Shares) if pursuant to the terms of the Award Agreement for such Award, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in the Award
Agreement (including earnings, gains, or other performance goals) that are later determined, as a result of the accounting restatement, not to have been achieved. 
 3.5. No Repricing. 
 Except in connection with a corporate transaction
involving the Company (including, without limitation, any share dividend, distribution (whether in the form of cash, shares, other securities or other property), share split, extraordinary cash dividend, recapitalization, change in control,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other securities or similar transaction), the Company may not, without obtaining shareholder approval: (a) amend the terms of
outstanding Options or SARs to reduce the exercise price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price that is less than the exercise price
of the original Options or SARs; or (c) cancel outstanding Options or SARs with an exercise price above the current share price in exchange for cash or other securities. 
 3.6. No Liability. 
 No member of the Board or the Committee shall be
liable for any action or determination made in good faith with respect to the Plan or any Award or Award Agreement. 
 3.7.
Share Issuance/Book-Entry. 
 Notwithstanding any provision of the Plan to the contrary, the issuance of the Shares under
the Plan may be evidenced in such a manner as the Board, in its discretion, deems appropriate, including, without limitation, book-entry or direct registration or issuance of one or more share certificates. 

 

	4.	SHARES SUBJECT TO THE PLAN 

4.1. Number of Shares Available for Awards. 
 Subject to adjustment as provided in Section 18, the number of Shares available for issuance under the Plan shall be [            ].
Subject to adjustment as provided in Section 18, the number of Shares available for issuance as Incentive Share Options shall be [            .] Shares issued or to be issued
under the Plan shall be authorized but unissued shares or treasury Shares or any combination of the foregoing, as may be determined from time to time by the Board or by the Committee. 

  
 10 

 4.2. Adjustments in Authorized Shares. 

The Board shall have the right to substitute or assume Awards in connection with mergers, reorganizations, separations, or other
transactions to which Code Section 424(a) applies. The number of Shares reserved pursuant to Section 4 shall be increased by the corresponding number of awards assumed and, in the case of a substitution, by the net increase in the
number of Shares subject to awards before and after the substitution. Available shares under a shareholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan and do not
reduce the number of Shares available under the Plan, subject to requirements of the Stock Exchange on which the Shares are listed. 
 4.3. Share Usage. 
 Shares covered by an Award shall be counted as used as
of the Grant Date. Any Shares that are subject to Awards shall be counted against the limit set forth in Section 4.1 as one (1) Share for every one (1) Share subject to an Award. Awards of LTIP Units shall count against the
limit set forth in Section 4.1 on a one-for-one basis, i.e., each such unit shall be treated as an award of one (1) Share. With respect to SARs, the number of Shares subject to an award of SARs will be counted against the
aggregate number of Shares available for issuance under the Plan regardless of the number of Shares actually issued to settle the SAR upon exercise. If any Shares covered by an Award granted under the Plan are not purchased or are forfeited or
expire, or if an Award otherwise terminates without delivery of any Shares subject thereto, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to such Award shall, to the extent of any such
forfeiture, termination or expiration, again be available for making Awards under the Plan in the same amount as such Shares were counted against the limit set forth in Section 4.1. The number of Shares available for issuance under the
Plan shall not be increased by (i) any Shares tendered or withheld or Award surrendered in connection with the purchase of Shares upon exercise of an Option as described in Section 12.2, (ii) any Shares deducted or delivered
from an Award payment in connection with the Company’s tax withholding obligations as described in Section 19.3 or (iii) any Shares purchased by the Company with proceeds from option exercises. 

 

	5.	EFFECTIVE DATE, DURATION AND AMENDMENTS 

 5.1. Effective Date. 
 The Plan shall be effective as of the Effective
Date. 
 5.2. Term. 
 The Plan shall terminate automatically ten (10) years after the Effective Date and may be terminated on any earlier date as provided in Section 5.3. 

5.3. Amendment and Termination of the Plan. 
 The Board may, at any time and from time to time, amend, suspend, or terminate the Plan. An amendment shall be contingent on approval of the Company’s shareholders to the extent stated by the Board,
required by Applicable Laws or required by the Stock Exchange on which the Shares are listed. No amendment will be made to the no-repricing provisions of Section 3.5 or the option pricing provisions of Section 8.1 without the
approval of the Company’s shareholders. No amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair rights or obligations under any Award theretofore awarded under the Plan. 

  
 11 

	6.	AWARD ELIGIBILITY AND LIMITATIONS 

 6.1. Service Providers and Other Persons. 
 Subject to this
Section 6, Awards may be made under the Plan to: (i) any Service Provider, as the Board shall determine and designate from time to time and (ii) any other individual whose participation in the Plan is determined to be in the
best interests of the Company by the Board. 
 6.2. Limitation on Shares Subject to Awards and Cash Awards. 

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act and the transition
period under Treasury Regulation Section 1.162-27(f)(2) has lapsed or does not apply: 
  

	 	(i)	the maximum number of Shares subject to Options or SARs that can be granted under the Plan to any person eligible for an Award under Section 6 is
            (            ) Shares in a calendar year; 

 

	 	(ii)	the maximum number of Shares that can be granted under the Plan, other than pursuant to an Option or SARs, to any person eligible for an Award under
Section 6 is             (            ) Shares in a calendar year; and 

 

	 	(iii)	the maximum amount that may be paid as an Annual Incentive Award in a calendar year to any person eligible for an Award shall be
            Dollars ($            ) and the maximum amount that may be paid as a cash-settled Performance Award in respect
of a performance period by any person eligible for an Award shall be             Dollars ($            ).

 The preceding limitations in this Section 6.2 are subject to adjustment as provided in
Section 18. 
 6.3. Stand-Alone, Additional, Tandem and Substitute Awards. 

Subject to Section 3.5, Awards granted under the Plan may, in the discretion of the Board, be granted either alone or in
addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any other right of a
Grantee to receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be granted at any time. Subject to Section 3.5, if an Award is granted in substitution or exchange for another
Award, the Board shall require the surrender of such other Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the
Company or any Affiliate. Notwithstanding Section 8.1 and Section 9.1 but subject to Section 3.5, the Option Price of an Option or the grant price of an SAR that is a Substitute

  
 12 

 
Award may be less than 100% of the Fair Market Value of a Share on the original date of grant; provided, that, the Option Price or grant price is determined in accordance with the principles of
Code Section 424 and the regulations thereunder for any Incentive Share Option and consistent with Code Section 409A for any other Option or SAR. 
  

	7.	AWARD AGREEMENT 

 Each
Award granted pursuant to the Plan shall be evidenced by an Award Agreement, in such form or forms as the Board shall from time to time determine. Award Agreements granted from time to time or at the same time need not contain similar provisions but
shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Share Options or Incentive Share Options, and in the absence of such
specification such options shall be deemed Non-qualified Share Options. 
  

	8.	TERMS AND CONDITIONS OF OPTIONS 

 8.1. Option Price. 
 The Option Price of each Option shall be fixed by the
Board and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of a Share on the Grant Date; provided, however, that in
the event that a Grantee is a Ten Percent Shareholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Share Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of a
Share on the Grant Date. In no case shall the Option Price of any Option be less than the par value of a Share. 
 8.2.
Vesting. 
 Subject to Sections 8.3 and 18.3, each Option granted under the Plan shall become exercisable at
such times and under such conditions as shall be determined by the Board and stated in the Award Agreement. For purposes of this Section 8.2, fractional numbers of Shares subject to an Option shall be rounded down to the next nearest
whole number. 
 8.3. Term. 
 Each Option granted under the Plan shall terminate, and all rights to purchase Shares thereunder shall cease, upon the expiration of ten (10) years from the date such Option is granted, or under such
circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement relating to such Option; provided, however, that in the event that the Grantee is a Ten Percent
Shareholder, an Option granted to such Grantee that is intended to be an Incentive Share Option shall not be exercisable after the expiration of five (5) years from its Grant Date. 

  
 13 

 8.4. Termination of Service. 

Each Award Agreement shall set forth the extent to which the Grantee shall have the right to exercise the Option following termination of
the Grantee’s Service, and if an Award Agreement does not contain such a provision, vested Options may be exercised for 90 days following termination of the Grantee’s Service, unless such termination is for Cause, in which case all Options
shall expire upon the termination of the Grantee’s Service. Such provisions shall be determined in the sole discretion of the Board, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the
reasons for termination of Service. 
 8.5. Limitations on Exercise of Option. 

Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in whole or in part, prior to the date the Plan
is approved by the shareholders of the Company as provided herein or after the occurrence of an event referred to in Section 18 which results in termination of the Option. 

8.6. Method of Exercise. 
 Subject to the terms of Section 12 and Section 19.3, an Option that is exercisable may be exercised by the Grantee’s delivery to the Company of notice of exercise on any
business day, at the Company’s principal office, on the form specified by the Company and in accordance with any additional procedures specified by the Board. Such notice shall specify the number of Shares with respect to which the Option is
being exercised and shall be accompanied by payment in full of the Option Price of the Shares for which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to
withhold with respect to an Award. 
 8.7. Rights of Holders of Options. 

Unless otherwise stated in the applicable Award Agreement, an individual or entity holding or exercising an Option shall have none of the
rights of a shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting of the subject Shares or to receive notice of any meeting of the Company’s
shareholders) until the Shares covered thereby are fully paid and issued to him. Except as provided in Section 18, no adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date of
such issuance. 
 8.8. Delivery of Share Certificates. 

Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee
shall be entitled to receive such evidence of such Grantee’s ownership of the Shares subject to such Option as shall be consistent with Section 3.8. 
 8.9. Transferability of Options. 
 Except as provided in
Section 8.10, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in
Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 

  
 14 

 8.10. Family Transfers. 

If authorized in the applicable Award Agreement or by the Board, in its sole discretion, a Grantee may transfer, not for value,
all or part of an Option which is not an Incentive Share Option to any Family Member. For the purpose of this Section 8.10, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer under a
domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family
Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to
transfer, and Shares acquired pursuant to the Option shall be subject to the same restrictions on transfer of shares as would have applied to the Grantee. Subsequent transfers of transferred Options are prohibited except to Family Members of the
original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The events of termination of Service of Section 8.4 shall continue to be applied with respect to the original Grantee,
following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4. 
 8.11. Limitations on Incentive Share Options. 
 An Option shall constitute
an Incentive Share Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically provided in the related Award Agreement; and (iii) to the extent that the
aggregate Fair Market Value (determined at the time the Option is granted) of the Shares with respect to which all Incentive Share Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all
other plans of the Grantee’s employer and its Affiliates) does not exceed $100,000. Except to the extent provided in the regulations under Code Section 422, this limitation shall be applied by taking Options into account in the order in
which they were granted. 
 8.12. Notice of Disqualifying Disposition. 

If any Grantee shall make any disposition of Shares issued pursuant to the exercise of an Incentive Share Option under the circumstances
described in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten (10) days thereof. 

 

	9.	TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS 

 9.1. Right to Payment and Grant Price. 
 A SAR shall confer on the Grantee
to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the SAR Exercise Price as determined by the Board. The Award Agreement for a SAR shall
specify the SAR Exercise Price, which shall be at least the Fair Market Value of one (1) Share on the Grant Date. SARs may be granted in conjunction with all or part of an Option granted under the Plan or at any subsequent time during the term
of such Option, in conjunction with all or part of any other Award or without regard to any Option or other Award; provided that a SAR that is 

  
 15 

 
granted subsequent to the Grant Date of a related Option must have a SAR Exercise Price that is no less than the Fair Market Value of one Share on the SAR Grant Date; and provided further
that a Grantee may only exercise either the SAR or the Option with which it is granted in tandem and not both. 
 9.2. Other
Terms. 
 The Board shall determine on the Grant Date or thereafter, the time or times at which and the circumstances under
which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable following termination of Service or
upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be in tandem or
in combination with any other Award, and any other terms and conditions of any SAR. 
 9.3. Term. 

Each SAR granted under the Plan shall terminate, and all rights thereunder shall cease, upon the expiration of ten (10) years from
the date such SAR is granted, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement relating to such SAR. 

9.4. Transferability of SARS. 
 Except as provided in Section 9.5, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal
representative) may exercise a SAR. Except as provided in Section 9.5, no SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 

9.5. Family Transfers. 
 If authorized in the applicable Award Agreement and by the Board, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose of this
Section 9.5, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit
such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this
Section 9.5, any such SAR shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and Shares acquired pursuant to a SAR shall be subject to the same restrictions on transfer or
shares as would have applied to the Grantee. Subsequent transfers of transferred SARs are prohibited except to Family Members of the original Grantee in accordance with this Section 9.5 or by will or the laws of descent and distribution.
 

  
 16 

	10.	TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS 

 10.1. Grant of Restricted Shares or Share Units. 
 Awards of Restricted
Shares or Share Units may be made for consideration or no consideration (other than the par value of the Shares which shall be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the
Grantee to perform future Service to the Company or an Affiliate of the Company). 
 10.2. Restrictions. 

At the time a grant of Restricted Shares or Share Units is made, the Board may, in its sole discretion, establish a period of time (a
“restricted period”) applicable to such Restricted Shares or Share Units. Each Award of Restricted Shares or Share Units may be subject to a different restricted period. The Board may in its sole discretion, at the time a grant of
Restricted Shares or Share Units is made, prescribe restrictions in addition to or other than the expiration of the restricted period, including the satisfaction of corporate or individual performance objectives, which may be applicable to all or
any portion of the Restricted Shares or Share Units as described in Section 14. Neither Restricted Shares nor Share Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or
prior to the satisfaction of any other restrictions prescribed by the Board with respect to such Restricted Shares or Share Units. 
 10.3. Restricted Share Certificates. 
 Pursuant to Section 3.8,
to the extent that ownership of Restricted Shares is evidenced by a book-entry registration or direct registration, such registration shall be notated to evidence the restrictions imposed on such Award of Restricted Shares under the Plan and the
applicable Award Agreement. Subject to Section 3.8 and the immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Shares have been granted, share certificates representing the total number
of Restricted Shares granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s
benefit until such time as the shares of Restricted Shares are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company with respect to each certificate, or (ii) such
certificates shall be delivered to the Grantee, provided, however, that such certificates shall bear a legend or legends that comply with the applicable securities laws and regulations and make appropriate reference to the restrictions
imposed under the Plan and the Award Agreement. 
 10.4. Rights of Holders of Restricted Shares. 

Unless the Board otherwise provides in an Award Agreement, holders of Restricted Shares shall have the right to vote such Shares and the
right to receive any dividends declared or paid with respect to such Shares. The Board may provide that any dividends paid on Restricted Shares must be reinvested in Shares, which may or may not be subject to the same vesting conditions and
restrictions applicable to such Restricted Shares. All distributions, if any, received by a Grantee with respect to Restricted Shares as a result of any share split, share 

  
 17 

 
dividend, combination of shares, or other similar transaction shall be subject to the restrictions applicable to the original Grant. Holders of Restricted Shares may not make an election under
Code Section 83(b) with regard to the grant of Restricted Shares without Board approval. 
 10.5. Rights of Holders of
Share Units. 
 10.5.1. Voting and Dividend Rights. 

Holders of Share Units shall have no rights as shareholders of the Company (for example, the right to receive cash or dividend payments or
distributions attributable to the Shares subject to such Share Units, to direct the voting of the Shares subject to such Share Units, or to receive notice of any meeting of the Company’s shareholders). The Board may provide in an Award
Agreement evidencing a grant of Share Units that the holder of such Share Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding Shares, a cash payment for each Share Unit held equal to the
per-share dividend paid on the Shares. Such Award Agreement may also provide that such cash payment will be deemed reinvested in additional Share Units at a price per unit equal to the Fair Market Value of a Share on the date that such dividend is
paid. Notwithstanding the foregoing, if a grantor trust is established in connection with the Awards of Share Units and Shares are held in the grantor trust for purposes of satisfying the Company’s obligation to deliver Shares in connection
with such Share Units, the Award Agreement for such Share Units may provide that such cash payment shall be deemed reinvested in additional Share Units at a price per unit equal to the actual price paid for each Share by the trustee of the grantor
trust upon such trustee’s reinvestment of the cash dividend received. 
 10.5.2. Creditor’s Rights. 

A holder of Share Units shall have no rights other than those of a general creditor of the Company. Share Units represent an unfunded and
unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement. 
 10.6.
Termination of Service. 
 Unless the Board otherwise provides in an Award Agreement or in writing after the Award Agreement
is issued, upon the termination of a Grantee’s Service, any Restricted Shares or Share Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be
deemed forfeited. Upon forfeiture of Restricted Shares or Share Units, the Grantee shall have no further rights with respect to such Award, including but not limited to any right to vote Restricted Shares or any right to receive dividends with
respect to Restricted Shares or Share Units. 
 10.7. Purchase of Restricted Shares and Shares Subject to Share Units.

 The Grantee shall be required, to the extent required by Applicable Laws, to purchase the Restricted Shares or Shares
subject to vested Share Units from the Company at a Purchase Price equal to the greater of (i) the aggregate par value of the Shares represented by such Restricted Shares or Share Units or (ii) the Purchase Price, if any, specified in the
Award Agreement relating to such Restricted Shares or Share Units. The Purchase Price shall be payable in a form described in Section 12 or, in the discretion of the Board, in consideration for past or future Services rendered to the Company or
an Affiliate. 

  
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 10.8. Delivery of Shares. 

Upon the expiration or termination of any restricted period and the satisfaction of any other conditions prescribed by the Board, the
restrictions applicable to Restricted Shares or Share Units settled in Shares shall lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration or a share certificate evidencing ownership of such
Shares shall, consistent with Section 3.8, be issued, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate, shall
have any further rights with regard to a Share Unit once the Shares represented by the Share Unit has been delivered. 
  

	11.	TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS 

The Board may, in its sole discretion, grant (or sell at par value or such other higher purchase price determined by the Board) an
Unrestricted Share Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions (“Unrestricted Shares”) under the Plan. Unrestricted Share Awards may be granted or sold to any Grantee as provided in the
immediately preceding sentence in respect of past or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to the Company or an Affiliate or other valid consideration, or in lieu
of, or in addition to, any cash compensation due to such Grantee. 
 The Board may, in its sole discretion, grant Awards to
Participants in the form of Other Equity-Based Awards, as deemed by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this Section 11 may be granted with vesting, value and/or payment contingent upon
the attainment of one or more performance goals. The Board shall determine the terms and conditions of such Awards at the date of grant or thereafter. Unless the Board otherwise provides in an Award Agreement or in writing after the Award Agreement
is issued, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed
forfeited. Upon forfeiture of Other Equity-Based Awards, the Grantee shall have no further rights with respect to such Award. 
  

	12.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES 

 12.1. General Rule. 
 Payment of the Option Price for the Shares purchased
pursuant to the exercise of an Option or the Purchase Price for Restricted Shares shall be made in cash or in cash equivalents acceptable to the Company. 

  
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 12.2. Surrender of Shares. 

To the extent the Award Agreement so provides and subject to Applicable Law, payment of the Option Price for Shares purchased pursuant to
the exercise of an Option or the Purchase Price for Restricted Shares may be made all or in part through the tender or attestation to the Company of Shares, which shall be valued, for purposes of determining the extent to which the Option Price or
Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender, as applicable. 

12.3. Cashless Exercise. 
 With respect to an Option only (and not with respect to Restricted Shares), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price for Shares
purchased pursuant to the exercise of an Option may be made all or in part (i) by delivery (on a form acceptable to the Board) by the Grantee of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Shares
and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 19.3, or (ii) with the consent of the Company, by the Grantee electing to have the Company
issue to Grantee only that the number of Shares equal in value to the difference between the Option Price and the Fair Market Value of the Shares subject to the portion of the Option being exercised. 

12.4. Other Forms of Payment. 
 To the extent the Award Agreement so provides and/or unless otherwise specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise of an Option or the Purchase
Price for Restricted Shares may be made in any other form that is consistent with Applicable Laws, regulations and rules, including, without limitation, Service to the Company or an Affiliate or net exercise. 

 

	13.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

 13.1. Dividend Equivalent Rights. 
 A Dividend Equivalent Right is an Award
entitling the recipient to receive credits based on cash distributions that would have been paid on the Shares specified in the Dividend Equivalent Right (or other award to which it relates) if such Shares had been issued to and held by the
recipient. A Dividend Equivalent Right may be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of Dividend
Equivalent Rights shall be specified in the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional Shares, which may thereafter accrue additional
equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment. Dividend Equivalent Rights may be settled in cash or Shares or a combination thereof, in a single installment or installments, all determined in the sole
discretion of the Board. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other award,
and that such Dividend Equivalent 

  
 20 

 
Right shall expire or be forfeited or annulled under the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and
conditions different from the terms and conditions of such other Award. A cash amount credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals
shall not vest unless such performance goals for such underlying Award are achieved. 
 13.2. Termination of Service.

 Except as may otherwise be provided by the Board either in the Award Agreement or in writing after the Award Agreement is
issued, a Grantee’s rights in all Dividend Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s termination of Service for any reason. 

 

	14.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS 

 14.1. Grant of Performance Awards and Annual Incentive Awards. 
 Subject to
the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Awards and/or Annual Incentive Awards to a Plan participant in such amounts and upon such terms as the Committee shall determine.

 14.2. Value of Performance Awards and Annual Incentive Awards. 

Each Performance Award and Annual Incentive Award shall have an actual or target number of Shares or initial value that is established by
the Committee at the time of grant. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the value and/or number of Performance Awards that will be paid out to the Plan
participant. 
 14.3. Earning of Performance Awards and Annual Incentive Awards. 

Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Awards or Annual Incentive
Awards shall be entitled to receive payout on the value and number of the Performance Awards or Annual Incentive Awards earned by the Plan participant over the Performance Period, to be determined as a function of the extent to which the
corresponding performance goals have been achieved. 
 14.4. Form and Timing of Payment of Performance Awards and Annual
Incentive Awards. 
 Payment of earned Performance Awards and Annual Incentive Awards shall be as determined by the
Committee and as evidenced in the Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Awards in the form of cash or in Shares (or in a combination thereof) equal to the value of the
earned Performance Awards at the close of the applicable Performance Period, or as soon as practicable after the Committee has determined that the performance goal or goals relating thereto have been

  
 21 

 
achieved; provided that, unless specifically provided in the Award Agreement pertaining to the grant of the Award, such payment shall occur no later than the 15th day of the third month following
the end of the calendar year in which the Performance Period ends. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Awards shall
be set forth in the Award Agreement pertaining to the grant of the Award. 
 14.5. Performance Conditions. 

The right of a Grantee to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such
performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. If and to the extent required under
Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m), shall be exercised by the Committee and not the Board. 

14.6. Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees. 

If and to the extent that the Committee determines that a Performance or Annual Incentive Award to be granted to a Grantee who is
designated by the Committee as likely to be a Covered Employee should qualify as “qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award shall be contingent
upon achievement of pre-established performance goals and other terms set forth in this Section 14.6. 
 14.6.1.
Performance Goals Generally. 
 The performance goals for Performance or Annual Incentive Awards shall consist of one or
more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 14.6. Performance goals shall be objective and shall otherwise meet
the requirements of Code Section 162(m) and regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially
uncertain.” The Committee may determine that such Awards shall be granted, exercised and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to the grant, exercise
and/or settlement of such Awards. Performance goals may differ for Awards granted to any one Grantee or to different Grantees. 

14.6.2. Timing For Establishing Performance Goals. 
 Performance goals shall be established not later than the earlier of (i) 90 days after the beginning of any performance period applicable to such Awards and (ii) the day on which twenty-five
percent (25%) of any performance period applicable to such Awards has expired, or at such other date as may be required or permitted for “qualified performance-based compensation” under Code Section 162(m). 

  
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 14.6.3. Settlement of Awards; Other Terms. 

Settlement of such Awards shall be in cash, Shares, other Awards or other property, in the discretion of the Committee. The Committee
may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such Performance or Annual Incentive Awards shall be paid or forfeited in the event
of termination of Service by the Grantee prior to the end of a performance period or settlement of Awards. 
 14.6.4.
Performance Measures. 
 The performance goals upon which the payment or vesting of a Performance or Annual Incentive Award
to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be limited to the following Performance Measures, with or without adjustment: 
  

	 	(a)	funds from operations; 

  

	 	(b)	adjusted funds from operations; 

  

	 	(c)	net earnings or net income; 

  

	 	(d)	operating earnings; 

  

	 	(e)	pretax earnings; 

  

	 	(f)	earnings per share; 

  

	 	(g)	Share price, including growth measures and total shareholder return; 

  

	 	(h)	earnings before interest and taxes; 

  

	 	(i)	earnings before interest, taxes, depreciation and/or amortization; 

  

	 	(j)	return measures, including return on assets, capital, investment, equity, sales or revenue; 

 

	 	(k)	cash flow, including operating cash flow, free cash flow, cash flow return on equity and cash flow return on investment; 

 

	 	(l)	expense targets; 

  

	 	(m)	market share; 

  

	 	(n)	financial ratios as provided in credit agreements of the Company and its subsidiaries; 

 

	 	(o)	working capital targets; 

  
 23 

	 	(p)	completion of asset acquisitions or dispositions and/or achievement of acquisition or disposition goals; 

 

	 	(q)	revenues under management; 

  

	 	(r)	distributions to shareholders; and 

  

	 	(s)	any combination of any of the foregoing business criteria. 

 Business criteria may be (but are not required to be) measured on a basis consistent with U.S. Generally Accepted Accounting Principles. 

Any Performance Measure(s) may be used to measure the performance of the Company, Subsidiary, and/or Affiliate as a whole or any business
unit of the Company, Subsidiary, and/or Affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparable companies, or published or special
index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Measure (f) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of
any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 14. 
 14.6.5. Evaluation of Performance. 
 The Committee may provide in any such
Award that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in
tax laws, accounting principles, or other laws or provisions affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion
No. 30 and/or in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing in the Company’s annual report to shareholders for the applicable year; (f) acquisitions or
divestitures; and (g) foreign exchange gains and losses. To the extent such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, they shall be prescribed in a form that
meets the requirements of Code Section 162(m) for deductibility. 
 14.6.6. Adjustment of Performance-Based
Compensation. 
 Awards that are intended to qualify as Performance-Based Compensation may not be adjusted upward. The
Committee shall retain the discretion to adjust such Awards downward, either on a formula or discretionary basis, or any combination as the Committee determines. 
 14.6.7. Board Discretion. 
 In the event that applicable tax and/or
securities laws change to permit Committee discretion to alter the governing Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without

  
 24 

 
obtaining shareholder approval provided the exercise of such discretion does not violate Code Sections 162(m) or 409A. In addition, in the event that the Committee determines that it is
advisable to grant Awards that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set
forth in Section 14.6.4. 
 14.7. Status of Awards Under Code Section 162(m). 

It is the intent of the Company that Awards under Section 14.6 granted to persons who are designated by the Committee as
likely to be Covered Employees within the meaning of Code Section 162(m) and regulations thereunder shall, if so designated by the Committee, constitute “qualified performance-based compensation” within the meaning of Code
Section 162(m) and regulations thereunder. Accordingly, the terms of Section 14.6, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m)
and regulations thereunder. If any provision of the Plan or any agreement relating to such Awards does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or
deemed amended to the extent necessary to conform to such requirements. 
  

	15.	TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS 

 LTIP Units are intended to be profits interests in the operating partnership affiliated with the Company, if any (such operating partnership, if any, the “Operating Partnership”), the rights and
features of which, if applicable, will be set forth in the agreement of limited partnership for the Operating Partnership (the “Operating Partnership Agreement”). Subject to the terms and provisions of the Plan and the Operating
Partnership Agreement, the Committee, at any time and from time to time, may grant LTIP Units to Plan participants in such amounts and upon such terms as the Committee shall determine. LTIP Units must be granted for service to the Operating
Partnership. Subject to Section 18, each LTIP Unit granted under the Plan shall vest at such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement. 

 

	16.	PARACHUTE LIMITATIONS 

 If
the Grantee is a “disqualified individual,” as defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered into by a
Grantee with the Company or an Affiliate, except an agreement, contract, or understanding that expressly addresses Code Section 280G or Code Section 4999 (an “Other Agreement”), and notwithstanding any formal or informal plan or
other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the
form of a benefit to or for the Grantee (a “Benefit Arrangement”), any right to exercise, vesting, payment or benefit to the Grantee under the Plan shall be reduced or eliminated: 

  
 25 

	 	(i)	to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under the
Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment or benefit to the Grantee under the Plan to be considered a “parachute payment” within the meaning of Code Section 280G(b)(2) as then
in effect (a “Parachute Payment”) and  

  

	 	(ii)	if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and
all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment. 

The Company shall accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in
the future being reduced first), then by reducing or eliminating any accelerated vesting of Performance Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of
Restricted Shares or Share Units, then by reducing or eliminating any other remaining Parachute Payments. 
  

	17.	REQUIREMENTS OF LAW 

17.1. General. 
 No participant in the Plan will be permitted to acquire, or will have any right to acquire, Shares thereunder if such acquisition would be prohibited by any share ownership limits contained in charter or
bylaws or would impair the Company’s status as a REIT. The Company shall not be required to offer, sell or issue any Shares under any Award if the offer, sale or issuance of such Shares would constitute a violation by the Grantee, any other
individual or entity exercising an Option, or the Company or an Affiliate of any provision of any law or regulation of any governmental authority, including without limitation any federal or state securities laws or regulations. If at any time the
Company shall determine, in its discretion, that the offering, listing, registration or qualification of any Shares subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be offered, issued or sold to the Grantee or any other individual or entity exercising an Option pursuant to such Award unless such offering, listing,
registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of the Award. Without limiting
the generality of the foregoing, in connection with the Securities Act, upon the exercise of any Option or any SAR that may be settled in Shares or the delivery of any Shares underlying an Award, unless a registration statement under such Act is in
effect with respect to the Shares covered by such Award, the Company shall not be required to offer, sell or issue such Shares unless the Board has received evidence satisfactory to it that the Grantee or any other individual or entity exercising an
Option or SAR or accepting delivery of such Shares may acquire such Shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Board shall be final, binding, and conclusive. The Company
may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative 

  
 26 

 
action in order to cause the exercise of an Option or a SAR or the issuance of Shares pursuant to the Plan to comply with any Applicable Laws. As to any jurisdiction that expressly imposes the
requirement that an Option (or SAR that may be settled in Shares) shall not be exercisable until the Shares covered by such Option (or SAR) are registered under the securities laws thereof or are exempt from such registration, the exercise of such
Option (or SAR) under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 

17.2. Rule 16b-3. 
 During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards pursuant to the Plan and the exercise of
Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by
the Board does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to such Awards to the extent permitted by Applicable Law and deemed advisable by the Board, and shall not affect the validity of the
Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its
replacement. 
  

	18.	EFFECT OF CHANGES IN CAPITALIZATION 

 18.1. Changes in Shares. 
 If the number of outstanding Shares is increased
or decreased or the Shares are changed into or exchanged for a different number or kind of Shares or other securities of the Company on account of any recapitalization, reclassification, share split, reverse share split, spin-off, combination of
share, exchange of shares, share dividend or other distribution payable in capital shares, or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds
of shares for which grants of Options and other Awards may be made under the Plan, including, without limitation, the limits set forth in Section 6.2, shall be adjusted proportionately and accordingly by the Company in a manner deemed
equitable by the Committee in order to prevent undue dilution or enlargement of a Grantee’s benefits under an Award. In addition, the number and kind of shares for which Awards are outstanding shall be adjusted proportionately and accordingly
so that the proportionate interest of the Grantee immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate
Option Price or SAR Exercise Price payable with respect to shares that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall include a corresponding proportionate adjustment in the Option Price or SAR
Exercise Price per share. The conversion of any convertible securities of the Company shall not be treated as an increase in shares affected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the
Company’s shareholders of securities of any other entity or other assets (including an extraordinary dividend but excluding a non-extraordinary dividend of the Company) without receipt of consideration by the Company, the Company shall, in such
manner as the Company deems appropriate, adjust (i) the number and kind of shares subject to outstanding Awards and/or (ii) the exercise price of outstanding Options and Share Appreciation Rights to reflect such distribution. 

  
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 18.2. Reorganization in Which the Company Is the Surviving Entity Which Does not
Constitute a Change in Control. 
 Subject to Section 18.3, if the Company shall be the surviving entity in any
reorganization, merger, or consolidation of the Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply to the securities to which a
holder of the number of Shares subject to such Option or SAR would have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR Exercise Price per
share so that the aggregate Option Price or SAR Exercise Price thereafter shall be the same as the aggregate Option Price or SAR Exercise Price of the Shares remaining subject to the Option or SAR immediately prior to such reorganization, merger, or
consolidation. Subject to any contrary language in an Award Agreement evidencing an Award, or in another agreement with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement
shares received by the Grantee as a result of the reorganization, merger or consolidation. In the event of a transaction described in this Section 18.2, Performance Awards shall be adjusted (including any adjustment to the Performance
Measures applicable to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of Shares subject to the Performance Awards would have been entitled to receive immediately following such
transaction. 
 18.3. Change in Control in which Awards are not Assumed. 

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in
writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Share Units, Dividend Equivalent Rights, Restricted Shares, LTIP Units or other Equity-Based Awards are not being assumed or continued: 

 

	 	(i)	in each case with the exception of any Performance Award, all outstanding Restricted Shares and LTIP Units shall be deemed to have vested, all Share Units shall be
deemed to have vested and the Shares subject thereto shall be delivered, and all Dividend Equivalent Rights shall be deemed to have vested and the Shares subject thereto shall be delivered, immediately prior to the occurrence of such Change in
Control, and 

  

	 	(ii)	either or both of the following two actions shall be taken: 

  

	 	(A)	five (5) days prior to the scheduled consummation of a Change in Control, all Options and SARs outstanding hereunder shall become immediately exercisable and shall
remain exercisable for a period of five (5) days, or 

  
 28 

	 	(B)	the Board may elect, in its sole discretion, to cancel any outstanding Awards of Options, Restricted Shares, Share Units, and/or SARs and pay or deliver, or cause to be
paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board acting in good faith), in the case of Restricted Shares or Share Units, equal to the formula or fixed price per share paid to holders
of Shares and, in the case of Options or SARs, equal to the product of the number of Shares subject to the Option or SAR (the “Award Shares”) multiplied by the amount, if any, by which (I) the formula or fixed price per share paid to
holders of Shares pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable to such Award Shares. In the event that the Option Price or SAR Exercise Price of an Award exceeds the formula or fixed price per
share paid to holders of Shares pursuant to such transaction, such Options or SARs may be terminated for no consideration. 

  

	 	(iii)	for Performance Awards denominated in Shares, Share Units or LTIP Units, if less than half of the Performance Period has lapsed, the Awards shall be converted into
Restricted Shares or Share Units assuming target performance has been achieved (or Unrestricted Shares if no further restrictions apply). If more than half the Performance Period has lapsed, the Awards shall be converted into Restricted Shares or
Share Units based on actual performance to date (or Unrestricted Shares if no further restrictions apply). If actual performance is not determinable, then Performance Awards shall be converted into Restricted Shares or Share Units assuming target
performance has been achieved, based on the discretion of the Committee (or Unrestricted Shares if no further restrictions apply). 

  

	 	(iv)	Other-Equity Based Awards shall be governed by the terms of the applicable Award Agreement. 

With respect to the Company’s establishment of an exercise window, (i) any exercise of an Option or SAR during such five
(5)-day period shall be conditioned upon the consummation of the event and shall be effective only immediately before the consummation of the event, and (ii) upon consummation of any Change in Control, the Plan and all outstanding but
unexercised Options and SARs shall terminate. The Board shall send notice of an event that will result in such a termination to all individuals and entities that hold Options and SARs not later than the time at which the Company gives notice thereof
to its shareholders. 
 18.4. Change in Control in which Awards are Assumed. 

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in
writing, upon the occurrence of a Change in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to such Award, to the extent assumed or continued: 

The Plan, Options, SARs, Share Units, Restricted Shares and Other Equity-Based Awards theretofore granted shall continue in the manner
and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with 

  
 29 

 
such Change in Control for the assumption or continuation of the Options, SARs, Share Units, Restricted Shares and Other Equity-Based Awards theretofore granted, or for the substitution for such
Options, SARs, Share Units, Restricted Shares and Other Equity-Based Awards for new common stock options and stock appreciation rights and new common stock units, restricted stock and other equity-based awards relating to the stock of a successor
entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock) and option and stock appreciation rights exercise prices. 

18.5. Adjustments 
 Adjustments under this Section 18 related to Shares or securities of the Company shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. No
fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Board shall determine
the effect of a Change in Control upon Awards other than Options, SARs, Share Units and Restricted Shares, and such effect shall be set forth in the appropriate Award Agreement. The Board may provide in the Award Agreements at the time of grant, or
any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those described in Sections 18.1, 18.2, 18.3 and 18.4. This Section 18 does not limit the Company’s
ability to provide for alternative treatment of Awards outstanding under the Plan in the event of change in control events that do not constitute a Change in Control. 
 18.6. No Limitations on Company. 
 The making of Awards pursuant to the
Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or
transfer all or any part of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other transaction or activity. 

 

	19.	GENERAL PROVISIONS 

19.1. Disclaimer of Rights. 
 No provision in the Plan or in any Award or Award Agreement shall be construed to confer upon any individual or entity the right to remain in the employ or Service of the Company or an Affiliate, or to
interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to increase or decrease the compensation or other payments to any individual or entity at any time, or to terminate any employment or other
relationship between any individual or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the
Grantee, or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant
to the Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer
any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan. 

  
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 19.2. Nonexclusivity of the Plan. 

Neither the adoption of the Plan nor the submission of the Plan to the shareholders of the Company for approval shall be construed as
creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular
individual or particular individuals) as the Board in its discretion determines desirable. 
 19.3. Withholding Taxes.

 The Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due
to a Grantee any federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any Shares upon the exercise of an Option or
pursuant to an Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or an Affiliate may reasonably determine to be necessary to satisfy
such withholding obligation; provided, that if there is a same-day sale of Shares subject to an Award, the Grantee shall pay such withholding obligation on the day on which such same-day sale is completed. Subject to the prior approval of the
Company or an Affiliate, which may be withheld by the Company or an Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or an Affiliate to
withhold Shares otherwise issuable to the Grantee or (ii) by delivering to the Company or an Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding
obligations. The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or an Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an
election pursuant to this Section 19.3 may satisfy his or her withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of Shares
that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable to such Award or payment of Shares pursuant to such Award, as applicable, cannot
exceed such number of Shares having a Fair Market Value equal to the minimum statutory amount required by the Company or an Affiliate to be withheld and paid to any such federal, state or local taxing authority with respect to such exercise,
vesting, lapse of restrictions or payment of Shares. Notwithstanding Section 2.19 or this Section 19.3, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to this
Section 19.3, for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such
shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date), so long as such Grantee has provided the Company or an
Affiliate, or its designee or agent, with advance written notice of such sale. 

  
 31 

 19.4. Captions. 

The use of captions in the Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any
provision of the Plan or such Award Agreement. 
 19.5. Other Provisions. 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Board, in its sole discretion. 
 19.6. Number and Gender. 

With respect to words used in the Plan, the singular form shall include the plural form, the masculine gender shall include the feminine
gender, etc., as the context requires. 
 19.7. Severability. 

If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 

19.8. Governing Law. 
 The validity and construction of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland,
other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

 19.9. Code Section 409A. 
 The Company intends to comply with Code Section 409A, or an exemption to Code Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning
of Code Section 409A. To the extent that the Company determines that a Grantee would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Code Section 409A as a
result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Board.
Notwithstanding any other provision of the Plan or an Award Agreement to the contrary, if at the time of payment or settlement of an Award, a Grantee is a specified employee (within the meaning of Code Section 409A and using the identification
methodology selected by the Company, from time to time), and the Company makes a good faith determination that an amount payable to such a Grantee constitutes nonqualified deferred compensation (within the meaning of Code Section 409A) the
payment of which is required to be delayed pursuant to the six (6) month delay rule set forth in Code Section 409A in order to avoid taxes or penalties under Code Section 409A, then the Company will not

  
 32 

 
pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day after such six (6) month period (or upon Grantee’s death, if
earlier). Notwithstanding anything to the contrary in the Plan or an Award Agreement, in no event shall the Company or an Affiliate be required to indemnify a Grantee for any taxes imposed by Code Section 409A. 

* * * 

  
 33 

 To record adoption of the Plan by the Board as of
            , 2013, and approval of the Plan by the shareholders on             , 2013, the Company has caused its authorized
officer to execute the Plan. 
  

	
	QTS REALTY TRUST, INC.
	
	 
	By:
	Title:

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