Document:

EX-10.7

 Exhibit 10.7 
 CHERRY HILL MORTGAGE INVESTMENT CORPORATION 
 2013 EQUITY INCENTIVE PLAN

 ARTICLE I 
 DEFINITIONS 
 Whenever used herein, the following terms shall have the
meanings set forth below: 
 “Affiliate” means any entity, whether now or hereafter existing, which controls,
is controlled by, or is under common control with, the Company (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities issued by such entity, or the possession,
directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise. 

“Agreement” means a written agreement (including any amendment or supplement thereto) between the Company and a
Participant specifying the terms and conditions of a Stock Award, an award of Performance Units, an Incentive Award, an Option, SAR or Other Equity-Based Award (including an LTIP Unit) granted to such Participant. 

“Award” means any Option, SAR, Stock Award, Performance Unit, Other Equity-Based Award or Incentive Award. 

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

“Change in Control” means and includes each of the following: 

(a) A transaction or series of transactions whereby any “person” or related “group” of “persons,” within
the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act (other than the Company or any of its subsidiaries, any trustee or other fiduciary holding the Company’s securities under an employee benefit plan sponsored or maintained by the
Company or any of its Affiliates, any underwriter temporarily holding the Company’s securities pursuant to an offering of such securities or any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of the then outstanding shares of Common Stock), acquires, directly or indirectly, “beneficial ownership,” within the meaning of Rule 13d-3 under the Exchange Act, of securities of the Company possessing more
than 50% of the combined voting power of the Company’s securities outstanding immediately after such acquisition; 
 (b)
During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the
Company to effect a transaction described in Section 1.04(a) or Section 1.04(c), or a director whose initial assumption of office is in connection with an actual or threatened election contest) whose election by the Board or nomination for
election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two year period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof; or 

 (c) The consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (1) a merger, consolidation, reorganization, or business combination or (2) a sale or other disposition of all or substantially all of the Company’s assets in any single
transaction or series of related transactions or (3) the acquisition of assets or stock of another entity, in each case other than a transaction: 
  

	 	(i)	Which results in the holders of the Company’s voting securities outstanding immediately before the transaction continuing to hold securities that represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company, or owns, directly or indirectly, all or substantially all of the
Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, more than 50% of the combined voting power of the Successor Entity’s
outstanding voting securities immediately after the transaction, and 

  

	 	(ii)	After which no “person” or related “group” of “persons,” within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act,
beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 1.4(c)(ii) as beneficially owning
50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction. 

In addition, if a Change in Control constitutes a payment event with respect to any Option, SAR, Stock Award, Performance Unit or Other
Equity-Based Award that provides for the deferral of compensation and is subject to Section 409A of the Code, no payment will be made under that award on account of a Change in Control unless the event described in subsection (a), (b) or
(c) above, as applicable, constitutes a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5). 
 “Code” means the Internal Revenue Code of 1986, and any amendments thereto. 
 “Committee” means the Compensation Committee of the Board. Unless otherwise determined by the Board, the Committee shall consist solely of two or more non-employee members of the Board,
each of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for purposes of Section 162(m) of the Code (if awards under the Plan
are subject to the deduction limitation of Section 162(m) of the Code) and an “independent director” under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted; provided,
however, that any action taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in
any charter of the Committee. If there is no Compensation Committee, then “Committee” means the Board; and provided, further that with respect to awards made to a member of the Board who is not an employee of the Company or an
Affiliate, “Committee” means the Board. 

  
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 “Common Stock” means the common stock, par value $0.01 per share, of the
Company. 
 “Common Units” has the meaning specified in the Partnership Agreement. 

“Company” means Cherry Hill Mortgage Investment Corporation, a Maryland corporation. 

“Control Change Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a
series of transactions, the “Control Change Date” is the date of the last of such transactions. 

“Corresponding SAR” means an SAR that is granted in relation to a particular Option and that can be exercised only upon
the surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
 “Dividend
Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other
property dividends declared on Common Stock with respect to specified Performance Units or an Other Equity-Based Award of units denominated in Common Stock or other Company securities, as determined by the Committee, in its sole discretion. The
Committee shall provide that such Dividend Equivalents (if any) payable with respect to any award that does not vest or become exercisable solely on account of continued employment or service shall be distributed only when, and to the extent that,
the underlying award is vested or earned and also may provide that Dividend Equivalents (if any) shall be deemed to have been reinvested in additional Common Stock or otherwise reinvested. 

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

“Fair Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the
New York Stock Exchange for such date or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which a quotation exists. If, on any given date,
the Common Stock is not listed for trading on the New York Stock Exchange, then Fair Market Value shall be the “closing” price of a share of Common Stock on such other exchange on which the Common Stock is listed for trading for such date
(or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such quotation exists) or, if the Common Stock is not listed on any exchange,
the amount determined by the Committee using any reasonable method in good faith and in accordance with the regulations under Section 409A of the Code. 
 “Incentive Award” means an award awarded under Article XI which, subject to the terms and conditions prescribed by the Committee, entitles the Participant to receive a payment from the
Company or an Affiliate. 

  
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 “Initial Value” means, with respect to a Corresponding SAR, the option
price per share of the related Option and, with respect to an SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less
than the Fair Market Value on the date of grant. 
 “LTIP Unit” means an “LTIP Unit” as defined in
the Partnership Agreement. An LTIP Unit granted under this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in the Partnership Agreement, subject to the terms and conditions of the
applicable Agreement and the Partnership Agreement. 
 “Manager” means Cherry Hill Mortgage Management, LLC, a
Delaware limited liability company. 
 “Offering” means the initial public offering of the Common Stock
registered under the Securities Act of 1933, as amended. 
 “Operating Partnership” means Cherry Hill Operating
Partnership, LP, a Delaware limited partnership. 
 “Option” means a stock option that entitles the holder to
purchase from the Company a stated number of shares of Common Stock at the price set forth in an Agreement. 
 “Other
Equity-Based Award” means any award other than an Incentive Award, an Option, SAR, a Performance Unit award or a Stock Award which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to
receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock (including securities convertible into Common Stock) or other equity interests including LTIP Units. 

“Participant” means an employee or officer of the Company or an Affiliate, a member of the Board, or an individual who
provides bona fide services to the Company or an Affiliate (including an individual who provides services to the Company or an Affiliate by virtue of employment with, or providing services to, the Manager or the Operating Partnership), and who
satisfies the requirements of Article IV and is selected by the Committee to receive an award of Performance Units or a Stock Award, an Incentive Award, Option, SAR, Other Equity-Based Award or a combination thereof. 

“Partnership Agreement” means the Agreement of Limited Partnership of the Operating Partnership, as it may be amended
and restated from time to time. 
 “Performance Units” means an award, in the amount determined by the
Committee, stated with reference to a specified number of shares of Common Stock, that in accordance with the terms of an Agreement entitles the holder to receive a payment for each specified unit equal to the value of the Performance Unit on the
date of payment. 
 “Plan” means this Cherry Hill Mortgage Investment Corporation 2013 Equity Incentive Plan.

  
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 “REIT” means a real estate investment trust within the meaning of Sections
856 through 860 of the Code. 
 “SAR” means a stock appreciation right that in accordance with the terms of an
Agreement entitles the holder to receive, with respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value. References to “SARs”
include both Corresponding SARs and SARs granted independently of Options, unless the context requires otherwise. 

“Stock Award” means Common Stock awarded to a Participant under Article VIII. 

ARTICLE II 

PURPOSES 

The Plan is intended to assist the Company and its Affiliates in recruiting and retaining individuals and other service providers with
ability and initiative by enabling such persons or entities to participate in the future success of the Company and its Affiliates and to associate their interests with those of the Company and its stockholders. The Plan is intended to permit the
grant of Options (other than Options qualifying under Section 422 of the Code) and the grant of SARs, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based Awards in accordance with the Plan and any procedures that may be
established by the Committee. The proceeds received by the Company from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes. 
 ARTICLE III 
 ADMINISTRATION 

The Plan shall be administered by the Committee. The Committee shall have authority to grant SARs, Stock Awards, Performance Units,
Incentive Awards, Options and Other Equity-Based Awards upon such terms (not inconsistent with the provisions of this Plan), as the Committee may consider appropriate. Such terms may include conditions (in addition to those contained in this Plan),
on the exercisability of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock Award, an award of Performance Units, an Incentive Award or an Other Equity-Based Award. Notwithstanding any such conditions, the
Committee may, in its discretion, accelerate the time at which any Option or SAR may be exercised, or the time at which a Stock Award or Other Equity-Based Award may become transferable or nonforfeitable or the time at which an Other Equity-Based
Award, an Incentive Award or an award of Performance Units may be settled. In addition, the Committee shall have complete authority to interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and
regulations pertaining to the administration of the Plan (including rules and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all other determinations necessary or advisable for the
administration of this Plan. The Committee’s determinations under the Plan (including without limitation, determinations of the individuals to receive awards under the Plan, the form, amount and timing of such awards, the terms and provisions
of such awards and the Agreements) need not be uniform and may be made by the Committee selectively among individuals who receive, or are eligible to receive, awards under the Plan, whether or not such persons are similarly situated.

  
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The express grant in the Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee. Any decision made, or action taken, by the
Committee in connection with the administration of this Plan shall be final and conclusive. The members of the Committee shall not be liable for any act done in good faith with respect to this Plan or any Agreement, Option, SAR, Incentive Award,
Stock Award, Other Equity-Based Award or award of Performance Units. All expenses of administering this Plan shall be borne by the Company. 
 ARTICLE IV 
 ELIGIBILITY 

Any employee of the Company or an Affiliate (including a trade or business that becomes an Affiliate after the adoption of this Plan) and
any member of the Board is eligible to participate in this Plan. In addition, any other individual who provides significant services to the Company or an Affiliate (including an individual who provides services to the Company or an Affiliate by
virtue of employment with, or providing services to, the Manager or the Operating Partnership) is eligible to participate in this Plan if the Committee, in its sole discretion, determines that the participation of such individual is in the best
interest of the Company. 
 ARTICLE V 
 COMMON STOCK SUBJECT TO PLAN 
  

	5.01.	Common Stock Issued 

Upon the award of Common Stock pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an Incentive Award or an award
of Performance Units, the Company may deliver (and shall deliver if required under an Agreement) to the Participant Common Stock from its authorized but unissued Common Stock. Upon the exercise of any Option, SAR or Other Equity-Based Award
denominated in Common Stock, the Company may deliver (and shall deliver if required under an Agreement), to the Participant (or the Participant’s broker if the Participant so directs), Common Stock from its authorized but unissued Common Stock.

  

	5.02.	Aggregate Limit 

(a) The maximum aggregate number of shares of Common Stock that may be issued under this Plan pursuant to the exercise of Options and
SARs, the grant of Stock Awards or Other Equity-Based Awards and the settlement of Incentive Awards and Performance Units is equal to 1,500,000 shares. Notwithstanding the preceding sentence, no Award may be granted if the sum of (i) the number
of shares of Common Stock subject to such Award, (ii) the number of shares of Common Stock subject to previously granted Awards that are outstanding on the date of the grant and (iii) without duplication of shares taken into account under
clause (ii), the number of shares of Common Stock previously issued in settlement or upon exercise or vesting of previously granted Awards exceeds five percent (5%) of the number of outstanding shares of Common Stock, on a fully diluted basis
(assuming the exercise, conversion or exchange of all securities that are exercisable for or convertible or exchangeable into shares of Common Stock, including but not limited to Common Units and LTIP Units), on the date of the grant. Other
Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate number of shares of Common Stock that may be issued under this Plan on a one-for-one basis, i.e., each such unit shall be treated as an award of Common Stock.

  
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 (b) The maximum number of shares of Common Stock that may be issued under this Plan in
accordance with Section 5.02(a) shall be subject to adjustment as provided in Article XII. 
  

	5.03.	Reallocation of Shares 

 If any award or grant under the Plan (including LTIP Units) expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of Common Stock,
then any Common Stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be available for the grant of other Options, SARs, Stock
Awards, Other Equity-Based Awards and settlement of Incentive Awards and Performance Units under this Plan. Any Common Stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any award shall reduce
the number of shares of Common Stock available under the Plan and shall not be available for future grants or awards. If Common Stock is issued in settlement of an SAR, the number of shares of Common Stock available under the Plan shall be reduced
by the number of shares of Common Stock for which the SAR was exercised rather than the number of shares of Common Stock issued in settlement of the SAR. To the extent permitted by applicable law or the rules of any exchange on which the Common
Stock is listed for trading, Common Stock issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Affiliate shall not reduce the number of shares of Common Stock
available for issuance under the Plan. 
 ARTICLE VI 

OPTIONS 
  

	6.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Option is to be granted and will specify the number of shares of Common Stock covered by such awards. 

 

	6.02.	Option Price 

 The
price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date the Option is granted. Except as provided in Article XII,
the price per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an Option without
the approval of stockholders if, on the date of cancellation, the option price per share exceeds Fair Market Value. 

  
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	6.03.	Maximum Option Period 

 The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable after the expiration of ten years from the date
such Option was granted. The terms of any Option may provide that it is exercisable for a period less than such maximum period. 
  

	6.04.	Nontransferability 

Except as provided in Section 6.05, each Option granted under this Plan shall be nontransferable except by will or by the laws of
descent and distribution. In the event of any transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR that relates to such Option must be transferred to the same person or persons or entity or entities.
Except as provided in Section 6.05, during the lifetime of the Participant to whom the Option is granted, the Option may be exercised only by the Participant. No right or interest of a Participant in any Option shall be liable for, or subject
to, any lien, obligation, or liability of such Participant. 
  

	6.05.	Transferable Options 

 Section 6.04 to the contrary notwithstanding, if the Agreement provides, an Option may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts
for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an
Option transferred pursuant to this Section shall be bound by the same terms and conditions that governed the Option during the period that it was held by the Participant; provided, however, that such transferee may not transfer the Option
except by will or the laws of descent and distribution. In the event of any transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR that relates to such Option must be transferred to the same person or
persons or entity or entities. Notwithstanding the foregoing, an Option may not be transferred for consideration absent stockholder approval. 
  

	6.06.	Employee Status 

In the event that the terms of any Option provide that it may be exercised only during employment or continued service or within a
specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed
interruptions of continuous employment or service. 
  

	6.07.	Exercise 

 Subject
to the provisions of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine. An Option granted
under this Plan may be exercised with respect to any number of whole shares of Common Stock less than the full number for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from
time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of
the number of shares of Common Stock with respect to which the Option is exercised. 

  
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	6.08.	Payment 

 Subject
to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash, certified check, by tendering Common Stock, by attestation of ownership of Common Stock, by a
broker-assisted cashless exercise or in such other form or manner acceptable to the Committee. If Common Stock is used to pay all or part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date
of exercise) of the shares of Common Stock surrendered or other consideration paid must not be less than the Option price of the shares for which the Option is being exercised. 

 

	6.09.	Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to Common Stock subject to an Option until the date of exercise of
such Option. 
 ARTICLE VII 
 SARS 
  

	7.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom SARs are to be granted and will specify the number of shares of Common Stock covered by such awards. 

 

	7.02.	Maximum SAR Period 

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten
years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 
  

	7.03.	Nontransferability 

Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable except by will or by the laws of
descent and distribution. In the event of any such transfer, a Corresponding SAR and the related Option must be transferred to the same person or persons or entity or entities. Except as provided in Section 7.04, during the lifetime of the
Participant to whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 

 

	7.04.	Transferable SARs 

Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR may be transferred by a Participant to the
Participant’s children, grandchildren, spouse, one or more 

  
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trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the
Exchange Act as in effect from time to time. The holder of an SAR transferred pursuant to this Section shall be bound by the same terms and conditions that governed the SAR during the period that it was held by the Participant; provided,
however, that such transferee may not transfer the SAR except by will or the laws of descent and distribution. In the event of any transfer of a Corresponding SAR (by the Participant or his transferee), the Corresponding SAR and the related
Option must be transferred to the same person or person or entity or entities. Notwithstanding the foregoing, in no event may an SAR be transferred for consideration absent stockholder approval. 

 

	7.05.	Exercise 

 Subject
to the provisions of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine. An SAR granted under this
Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with this
Plan and the applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares of Common Stock with respect
to which the SAR is exercised. 
  

	7.06.	Employee Status 

If the terms of any SAR provide that it may be exercised only during employment or continued service or within a specified period of time
after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service. 
  

	7.07.	Settlement 

 At the
Committee’s discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, Common Stock, or a combination of cash and Common Stock. No fractional share of Common Stock will be deliverable upon the exercise of an
SAR but a cash payment will be made in lieu thereof. 
  

	7.08.	Stockholder Rights 

No Participant shall, as a result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate until the date
that the SAR is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock. 
  

	7.09.	No Reduction of Initial Value 

 Except as provided in Article XII, the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of

  
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stockholders. In addition, no payment shall be made in cancellation of an SAR without the approval of stockholders if, on the date of cancellation, the Initial Value exceeds the Fair Market
Value. 
 ARTICLE VIII 
 STOCK AWARDS 
  

	8.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom a Stock Award is to be made and will specify the number of shares of Common Stock covered by such awards. 

 

	8.02.	Vesting 

 The
Committee, on the date of the award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement. By way of
example and not of limitation, the Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject to the attainment of objectives stated with reference to the Company’s, an
Affiliate’s or a business unit’s attainment of objectives stated with respect to performance criteria established by the Committee. 
  

	8.03.	Employee Status 

In the event that the terms of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after
completion of a specified period of employment or continuous service, the Committee may decide in each case to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed
interruptions of continuous employment or service. 
  

	8.04.	Stockholder Rights 

Unless otherwise specified in accordance with the applicable Agreement, while the Common Stock granted pursuant to the Stock Award may be
forfeited or are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends and vote the shares of Common Stock; provided, however, that dividends payable on
shares of Common Stock subject to a Stock Award that does not become transferable and nonforfeitable solely on account of continued employment or service shall be distributed only when, and to the extent that, the underlying Stock Award is
nonforfeitable and transferable and the Committee may provide that such dividends shall be deemed to have been reinvested in additional shares of Common Stock. During the period that the shares of Common Stock covered by a Stock Award may be
forfeited or are nontransferable (i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Common Stock granted pursuant to a Stock Award, (ii) the Company shall retain custody of any
certificates representing shares of Common Stock granted pursuant to a Stock Award, and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in the
preceding sentence shall not apply after the shares of Common Stock granted under the Stock Award are transferable and are no longer forfeitable. 

  
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 ARTICLE IX 
 PERFORMANCE UNIT AWARDS 
  

	9.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an award of Performance Units is to be made and will specify the number of shares of Common Stock or other securities or property covered by such
awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Performance Units. 
  

	9.02.	Earning the Award 

The Committee, on the date of the grant of an award, shall prescribe that the Performance Units will be earned, and the Participant will
be entitled to receive payment pursuant to the award of Performance Units, only upon the satisfaction of performance objectives and such other criteria as may be prescribed by the Committee. 

 

	9.03.	Payment 

 In the
discretion of the Committee, the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of Common Stock, by the delivery of other securities or property or a combination thereof. A fractional share of
Common Stock shall not be deliverable when an award of Performance Units is earned, but a cash payment will be made in lieu thereof. The amount payable when an award of Performance Units is earned shall be paid in a lump sum. 

 

	9.04.	Stockholder Rights 

A Participant, as a result of receiving an award of Performance Units, shall not have any rights as a stockholder until, and then only to
the extent that, the award of Performance Units is earned and settled in Common Stock. After an award of Performance Units is earned and settled in Common Stock, a Participant will have all the rights of a stockholder as described in
Section 8.04 hereof and the Company’s Charter. 
  

	9.05.	Nontransferability 

Except as provided in Section 9.06, Performance Units granted under this Plan shall be nontransferable except by will or by the laws
of descent and distribution. No right or interest of a Participant in any Performance Units shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 

  
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	9.06.	Transferable Performance Units 

 Section 9.05 to the contrary notwithstanding, if the Agreement provides, an award of Performance Units may be transferred by a Participant to the Participant’s children, grandchildren, spouse,
one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time.
The holder of Performance Units transferred pursuant to this Section shall be bound by the same terms and conditions that governed the Performance Units during the period that they were held by the Participant; provided, however, that such
transferee may not transfer Performance Units except by will or the laws of descent and distribution. Notwithstanding the foregoing, in no event may a Performance Unit be transferred for consideration absent stockholder approval. 

 

	9.07.	Employee Status 

In the event that the terms of any Performance Unit award provide that no payment will be made unless the Participant completes a stated
period of employment or continued service, the Committee may decide to what extent leaves of absence for government or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or
service. 
 ARTICLE X 
 OTHER EQUITY–BASED AWARDS 
  

	10.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Other Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units)
covered by such awards; provided, however, that the grant of LTIP Units must satisfy the requirements of the Partnership Agreement as in effect on the date of grant. The Committee also will specify whether Dividend Equivalent Rights are
granted in conjunction with the Other Equity-Based Award. 
  

	10.02.	Terms and Conditions 

 The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions of an Other Equity-Based Award may prescribe that a
Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee, in its discretion and set forth
in the Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan.

  

	10.03.	Payment or Settlement 

 Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in Common Stock, cash or a combination of Common Stock and cash, as
determined by the Committee in its discretion; provided, 

  
 -13-

 
however, that any Common Stock that is issued on account of the conversion of LTIP Units into Common Stock shall not be issued under the Plan. Other Equity-Based Awards denominated as
equity interests other than Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion. 

 

	10.04.	Employee Status 

If the terms of any Other Equity-Based Award provides that it may be earned or exercised only during employment or continued service or
within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service. 
  

	10.05.	Stockholder Rights 

A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to
the extent that, the Other Equity-Based Award is earned and settled in Common Stock. 
 ARTICLE XI 

INCENTIVE AWARDS 
  

	11.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Incentive Award is to be made. The Committee will also specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive
Award. 
  

	11.02.	Terms and Conditions 

 The Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the award. Such terms and conditions may prescribe that the Incentive Award shall be earned
only to the extent that the Participant, the Company or an Affiliate, during a performance period of at least one year, achieves objectives stated with reference to one or more performance measures or criteria prescribed by the Committee. A goal or
objective may be expressed on an absolute basis or relative to the performance of one or more similarly situated companies or a published index. When establishing goals and objectives, the Committee may exclude any or all special, unusual, or
extraordinary items as determined under U.S. generally accepted accounting principles including, without limitation, the charges or costs associated with restructurings of the Company, discontinued operations, other unusual or non-recurring items,
and the cumulative effects of accounting changes. The Committee may also adjust the performance goals for any Incentive Award as it deems equitable in recognition of unusual or non-recurring events affecting the Company, changes in applicable tax
laws or accounting principles, or such other factors as the Committee may determine. Such terms and conditions also may include other limitations on the payment of Incentive Awards including, by way of example and not of limitation, requirements
that the Participant complete a specified period of employment or service with the Company or an Affiliate or that the Company, an Affiliate, or the Participant attain stated objectives or goals (in addition to those prescribed in accordance with
the preceding sentence) as a prerequisite to payment under an Incentive Award.

  
 -14-

	11.03.	Nontransferability 

Incentive Awards granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution. No right
or interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 
  

	11.04.	Employee Status 

If the terms of an Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of
employment or continued service the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

  

	11.05.	Settlement 

 An
Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, Common Stock or a combination of cash and Common Stock, as determined by the Committee. 

 

	11.06.	Shareholder Rights 

No Participant shall, as a result of receiving an Incentive Award, have any rights as a shareholder of the Company or an Affiliate until
the date that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock. 
 ARTICLE XII 
 ADJUSTMENT UPON CHANGE IN COMMON STOCK 

The maximum number of shares of Common Stock as to which Options, SARs, Performance Units, Incentive Awards, Stock Awards and Other
Equity-Based Awards may be granted and the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance Units and Other Equity-Based Awards shall be adjusted as the Board determines is equitably required in the event that
(i) the Company (a) effects one or more nonreciprocal transactions between the Company and its stockholders such as a share dividend, extra-ordinary cash dividend, share split-up, subdivision or consolidation of shares of Common Stock that
affects the number or kind of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair Market Value of the Common Stock subject to outstanding awards or
(b) engages in a transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates such action. Any determination made under this Article XII by the Board shall
be nondiscretionary, final and conclusive. 

  
 -15-

 The issuance by the Company of shares of any class of Common Stock, or securities
convertible into shares of any class of Common Stock, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares of Common Stock or
obligations of the Company convertible into such shares of Common Stock or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the maximum number of shares of Common Stock as to which Options, SARs,
Performance Units, Incentive Awards, Stock Awards and Other Equity-Based Awards may be granted or the terms of outstanding Stock Awards, Incentive Awards, Options, SARs, Performance Units or Other Equity-Based Awards. 

The Committee may make Stock Awards and may grant Options, SARs, Performance Units, Incentive Awards or Other Equity-Based Awards in
substitution for performance shares, phantom shares, stock awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate in connection with a transaction described in
the first paragraph of this Article XII. Notwithstanding any provision of the Plan, the terms of such substituted Stock Awards, SARs, Other Equity-Based Awards, Options or Performance Units shall be as the Committee, in its discretion,
determines is appropriate. 
 ARTICLE XIII 
 COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 
 No Option or SAR
shall be exercisable, no Common Stock shall be issued, no certificates for Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all domestic stock exchanges on which the shares of Common Stock may be listed. The Company shall have the right to rely on an
opinion of its counsel as to such compliance. Any certificate issued to represent Common Stock when a Stock Award is granted, a Performance Unit, Incentive Award or Other Equity-Based Award is settled or for which an Option or SAR is exercised may
bear such legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and regulations. No Option or SAR shall be exercisable, no Stock Award or Performance Unit shall be granted, no Common Stock shall
be issued, no certificate for Common Stock shall be delivered, and no payment shall be made under this Plan until the Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over
such matters. 
 ARTICLE XIV 
 GENERAL PROVISIONS 
  

	14.01.	Effect on Employment and Service 

 Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any individual or entity any right to continue in the
employ or service of the Company or an Affiliate or in any way affect any right and power of the Company or an Affiliate to terminate the employment or service of any individual or entity at any time with or without assigning a reason therefor.

  
 -16-

	14.02.	Unfunded Plan 

This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at
any time be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

	14.03.	Rules of Construction 

 Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other provision of law shall be construed to
refer to any amendment to or successor of such provision of law. 
 All awards made under this Plan are intended to comply with,
or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12). This Plan and all Agreements shall be administered,
interpreted and construed in a manner consistent with Section 409A. If any provision of this Plan or any Agreement is found not to comply with, or otherwise not be exempt from, the provisions of Section 409A, it shall be modified and given
effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A. Each
payment under an award granted under this Plan shall be treated as a separate indentified payment for purposes of Section 409A. 
 If a payment obligation under an award or an Agreement arises on account of the Participant’s termination of employment and such payment obligation constitutes “deferred compensation” (as
defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b))12)), it shall be payable only after the Participant’s “separation from
service” (as defined under Treasury Regulation section 1.409A-1(h)); provided, however, that if the Participant is a “specified employee” (as defined under Treasury Regulation section 1.409A-1(i)), any such payment that is scheduled
to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s separation from service or, if earlier, within
fifteen days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death. 
  

	14.04.	Withholding Taxes 

Each Participant shall be responsible for satisfying any income and employment tax withholding obligations attributable to participation
in the Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an award of Performance Units, SARs or Other Equity-Based

  
 -17-

 
Award) or a cash equivalent acceptable to the Committee. Except to the extent prohibited by Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state, district or city
withholding tax obligations also may be satisfied (a) by surrendering to the Company Common Stock previously acquired by the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise
issuable to the Participant upon the exercise of an Option or SAR, the settlement of a Performance Unit award, Incentive Award or an Other Equity-Based Award (if applicable) or the grant or vesting of a Stock Award; or (c) by any other method
as may be approved by the Committee. If Common Stock is used to pay all or part of such withholding tax obligation, the Fair Market Value of the shares of Common Stock surrendered, withheld or reduced shall be determined as of the day the tax
liability arises and the number of shares of Common Stock which may be withheld or surrendered shall be limited to the number of shares of Common Stock which have a Fair Market Value on the day preceding the date of withholding equal to the
aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 

 

	14.05.	REIT Status 

 The
Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded, and with respect to any award granted under the Plan, such award shall not vest, be exercisable or be
settled (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the stock ownership limit or any other limitation on ownership or transfer prescribed by Article
VIII of the Company’s Charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT. 

ARTICLE XV 

CHANGE IN CONTROL 
  

	15.01.	Impact of Change in Control. 

 Upon a Change in Control, the Committee is authorized to cause (i) outstanding Options and SARs to become fully exercisable, (ii) outstanding Stock Awards to become transferable and
nonforfeitable and (iii) outstanding Performance Units, Incentive Awards and Other Equity-Based Awards to become earned and nonforfeitable in their entirety. 
  

	15.02.	Assumption Upon Change in Control. 

 In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that an outstanding Option, SAR, Stock Award, Incentive Award,
Performance Unit or Other Equity-Based Award shall be assumed by, or a substitute award granted by, the surviving entity in the Change in Control. Such assumed or substituted award shall be of the same type of award as the original Option, SAR,
Stock Award, Performance Unit, Incentive Award or Other Equity-Based Award being assumed or substituted. The assumed or substituted award shall have a value, as of the Control Change Date, that is substantially equal to the value of the original
award (or the difference between the Fair Market Value and the option price or Initial Value in the case of Options and SARs) as the Committee determines is equitably required and such other terms and conditions as may be prescribed by the
Committee. 

  
 -18-

	15.03.	Cash-Out Upon Change in Control. 

 In the event of a Change in Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Option, SAR, Stock Award and Performance Unit, Incentive
Award and Other Equity-Based Award shall be cancelled in exchange for a payment. The payment may be in cash, Common Stock or other securities or consideration received by stockholders in the Change in Control transaction or, in the case of an
Incentive Award, the entire amount that can be paid under the Incentive Award. Except as provided in the preceding sentence with respect to the Incentive Awards, the amount of the payment shall be an amount that is substantially equal to
(i) the amount by which the price per share received by stockholders in the Change in Control exceeds the option price or Initial Value in the case of an Option and SAR, or (ii) the price per share received by stockholders for each share
of Common Stock subject to a Stock Award, Performance Unit or Other Equity-Based Award or (iii) the value of the other securities or property in which the Performance Unit or Other Equity-Based award is denominated. If the option price or
Initial Value exceeds the price per share received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled under this Section 15.03 without any payment to the Participant. 

 

	15.04.	Limitation of Benefits 

 The benefits that a Participant may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other plans, agreements and arrangements (which, together with
the benefits provided under this Plan, are referred to as “Payments”), may constitute Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Section 15.04, the Parachute Payments will be reduced
pursuant to this Section 15.04 if, and only to the extent that, a reduction will allow a Participant to receive a greater Net After Tax Amount than a Participant would receive absent a reduction. 

The Accounting Firm will first determine the amount of any Parachute Payments that are payable to a Participant. The Accounting Firm also
will determine the Net After Tax Amount attributable to the Participant’s total Parachute Payments. 
 The Accounting Firm
will next determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net
After Tax Amount attributable to the Capped Payments. 
 The Participant will receive the total Parachute Payments or the Capped
Payments, whichever provides the Participant with the higher Net After Tax Amount. If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any benefits under this Plan or any
other plan, agreement or arrangement that are not subject to Section 409A of the Code (with the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under this Plan or any other plan,
agreement or arrangement that are subject to Section 409A of the Code (with the source of the 

  
 -19-

 
reduction to be directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically equivalent, in a pro rata manner). The
Accounting Firm will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations supporting that
determination. 
 As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the
Accounting Firm makes its determinations under this Article XV, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under this Section 15.04 (“Overpayments”),
or that additional amounts should be paid or distributed to the Participant under this Section 15.04 (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service
against the Company or the Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, the Participant must repay to the Company,
without interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by the Participant to the Company unless, and then only to the extent that, the deemed loan and payment would either reduce the
amount on which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999. If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an
Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will be paid to the Participant promptly by the Company. 

For purposes of this Section 15.04, the term “Accounting Firm” means the independent accounting firm engaged by the
Company immediately before the Control Change Date. For purposes of this Article XV, the term “Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1,
3101(b) and 4999 and any State or local income taxes applicable to the Participant on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income
of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this Section 15.04, the term “Parachute Payment” means a payment that is described in Code
Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder. 
 Notwithstanding any other provision of this Section 15.04, the limitations and provisions of this Section 15.04 shall not apply to any Participant who, pursuant to an agreement with the Company
or the terms of another plan maintained by the Company, is entitled to indemnification or other payment for any liability that the Participant may incur under Code Section 4999. In addition, nothing in this Section 15.04 shall limit or
otherwise supersede the provisions of any other agreement or plan which provides that a Participant cannot receive Payments in excess of the Capped Payments. 

  
 -20-

 ARTICLE XVI 
 AMENDMENT 
 The Board may amend or terminate this Plan at any time;
provided, however, that no amendment may adversely impair the rights of Participants with respect to outstanding awards. In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required
by law or the rules of any exchange on which the Common Stock is listed or if the amendment would materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock that may
be issued under the Plan (except as provided in Article XII) or materially modify the requirements as to eligibility for participation in the Plan. 
 ARTICLE XVII 
 DURATION OF PLAN 

No Stock Award, Performance Unit Award, Option, SAR or Other Equity-Based Award may be granted under this Plan after the day before the
tenth anniversary of the date that the Plan is adopted by the Board. Stock Awards, Performance Unit awards, Options, SARs and Other Equity-Based Awards granted before such date shall remain valid in accordance with their terms. 

ARTICLE XVIII 
 EFFECTIVE DATE OF PLAN 
 Options, Stock Awards, Performance Units and Other
Equity-Based Awards may be granted under this Plan on and after the date that the Plan is adopted by the Board, subject to the approval of the sole stockholder of the Company within twelve months before or after the date that the Plan is adopted by
the Board and, provided, that no award shall be exercisable, vested or settled until such stockholder approval is obtained. 

  
 -21-EX-10.9

 Exhibit 10.9 
 LTIP UNIT VESTING AGREEMENT 
 (Cherry Hill Mortgage Investment
Corporation 2013 Equity Incentive Plan) 
 This LTIP Unit Vesting Agreement (this “Agreement”), dated as of
            , 20     (the “Grant Date”), is made by and among Cherry Hill Mortgage Investment Corporation, a Maryland corporation (the
“Company”), Cherry Hill Operating Partnership, LP, a Delaware limited partnership (the “Partnership”), and              (the
“Participant”). On the Grant Date the Participant was granted an Other Equity-Based Award under the Company’s 2013 Equity Incentive Plan (the “Plan”) covering the LTIP Units issued by the Partnership as
described in Section 1. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan, attached hereto as Exhibit A, and the Agreement of Limited Partnership of the Partnership, as amended from time to time
(the “Partnership Agreement”), attached hereto as Exhibit B. 
  

	 	1.	Other Equity-Based Award of LTIP Units. The Company hereby grants to the Participant an Other Equity-Based Award consisting of
             LTIP Units issued by the Partnership, subject to all of the terms and conditions of this Agreement, the Plan and the Partnership Agreement. 

 

	 	2.	Lapse of Restrictions and Conditions. 

  

	 	(a)	Vesting and Forfeiture. The effect of a Forfeiture Event (as hereinafter defined) and the restrictions on transfer set forth in Section 2(b) below shall
lapse with respect to the LTIP Units granted hereunder in the amounts and on the vesting dates specified below (each a “Vesting Date”): 

  

			
	 LTIP Units Vested
	  	 Vesting Dates

		  	
		  	
		  	

 If a Forfeiture Event occurs before a Vesting Date, (i) the LTIP Units that have not vested in
accordance with this Section 2(a) and that remain subject to the restrictions set forth in Section 2(b) below shall be immediately forfeited and cancelled as of the date of the Forfeiture Event (the “Forfeiture Date”) and
(ii) the Participant shall not be entitled to any allocations, distributions, payments or benefits of any kind with respect to such LTIP Units as of the Forfeiture Date and the Participant shall forfeit any capital account that is associated
with such LTIP Units as of the Forfeiture Date. 
 A “Forfeiture Event” occurs if (i) the Participant
gives notice of his/her intention to resign his/her position as              of             , or (ii) the Participant’s
employment or service with the Company, the Partnership or any of their Affiliates (as defined in the Plan, 

 
which for the avoidance of doubt, includes Cherry Hill Mortgage Management, LLC (the “Manager”) and Freedom Mortgage Corporation (“Freedom”)) terminates for
Cause (as hereinafter defined). 
 For purposes of this Agreement, the term “Cause” means the (i) the
Participant’s conviction of (or pleading guilty or nolo contendre to) a felony or crime involving moral turpitude or (ii) an act or failure to act by the Participant which in either case constitutes fraud involving the assets of the
Company or any of its subsidiaries, dishonesty involving assets of the Company or any of its subsidiaries or that is significantly detrimental to the business reputation of the Company. 

 

	 	(b)	Restrictions. Until the LTIP Units become vested as provided in Section 2(a) above or Section 2(c) below, no direct or indirect transfer of the LTIP Units
or any of the Participant’s rights with respect to the LTIP Units shall be permitted, except for transfers effectuated in connection with a change in the Company’s capital structure as described in Section 9 below and except as
otherwise provided in the Plan, the Partnership Agreement or this Agreement. 

  

	 	(c)	Acceleration of Vesting in Special Circumstances. All outstanding LTIP Units granted hereunder that have not vested in accordance with Section 2(a) above,
that have not been forfeited in accordance with Section 2(a) above and that remain subject to the restrictions set forth in Section 2(b) above shall automatically become fully vested on the date specified below if the Participant remains
in the continuous employ or service of the Company, the Partnership or any of their Affiliates from the Grant Date until: 

  

	 	(i)	the date that the Participant’s employment with the Company, the Partnership or any of their Affiliates ends on account of the Participant’s termination of
employment by the Company, the Partnership or any of their Affiliates without Cause; provided that the Participant signs a general release of claims in favor of the Company, the Partnership and their Affiliates, in form reasonably
satisfactory to the Company, and the general release becomes irrevocably effective not later than 45 days after the date of the termination event; 

  

	 	(ii)	the date that the Participant’s employment with the Company, the Partnership or any of their Affiliates ends on account of the Participant’s death or total
and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), or 

  

	 	(iii)	on a Control Change Date (as defined in the Plan). 

  
 2 

	 	3.	Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust
(voting or other) or other disposition of, or creation of a security interest in or lien on, any of the LTIP Units by any holder thereof in violation of the provisions of this Agreement, the Plan or the Partnership Agreement will be valid, and the
Company, in its capacity as the General Partner, will not transfer any of said LTIP Units on the Partnership’s books, nor will any distributions be paid thereon, unless and until there has been full compliance with said provisions to the
satisfaction of the Company, in its capacity as the General Partner. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions. 

 

	 	4.	Distributions and Allocations. Subject to Section 2(a) above, the Participant will be eligible to receive certain distributions and allocations with respect
to the LTIP Units by the Partnership as set forth in the Partnership Agreement. 

  

	 	5.	Section 83(b) Election; Tax Withholding; Covenants. (a) The Participant hereby covenants as follows: 

 

	 	(i)	So long as the Participant holds any LTIP Units, the Participant shall disclose to the Partnership in writing such information as may be reasonably requested with
respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code applicable to the Partnership or to comply with requirements of any other appropriate taxing
authority. 

  

	 	(ii)	The Participant hereby agrees to make an election under Section 83(b) of the Code with respect to the LTIP Units awarded hereunder, and the Company hereby consents
thereto. The Participant has delivered with this Agreement a completed, executed copy of the election form attached hereto as Exhibit C. The Participant agrees to file the election (or to permit the Partnership to file such election on the
Participant’s behalf) within thirty (30) days after the Grant Date with the IRS Service Center at which such Participant files his or her personal income tax returns, and to file a copy of such election with the Participant’s U.S.
federal income tax return for the taxable year in which the LTIP Units are awarded to the Participant. 

  

	 	(iii)	The Participant hereby agrees that he or she does not have the intention to dispose of the LTIP Units subject to this Award within two years of receipt of such LTIP
Units. The Partnership and the Participant hereby agree to treat the Participant as the owner of the LTIP Units from the Grant Date. The Participant hereby agrees to take into account the distributive share of the Partnership’s income, gain,
loss, deduction, and credit associated with the LTIP Units in computing the Participant’s income tax liability for the entire period during which the Participant has the LTIP Units. 

  
 3 

	 	(iv)	The Participant hereby recognizes that the IRS has proposed regulations under Sections 83 and 704 of the Code that may affect the proper treatment of the LTIP Units for
federal tax purposes. In the event that those proposed regulations are finalized, the Participant hereby agrees to cooperate with the Partnership in amending this Agreement and the Partnership Agreement, and to take such other action as may be
required, to conform to such regulations. 

  

	 	(v)	The Participant hereby recognizes that the U.S. Congress is considering legislation that would change the federal tax consequences of owning and disposing of LTIP
Units. 

  

	 	(b)	The Participant understands that he or she (and not the Company or the Partnership) shall be responsible for any tax liability that may arise as a result of the
transactions contemplated by this Agreement. The Participant shall pay to the Partnership in connection with such grant, an amount equal to the taxes the Company, in its capacity as Tax Matters Partner of the Partnership, determines the Partnership
is required to withhold under applicable tax laws with respect to such LTIP Units. The Participant may satisfy the foregoing requirement by making a payment to the Partnership in cash or check having a value equal to the minimum amount of tax
required to be withheld. 

  

	 	6.	Failure to Enforce Not a Waiver. The failure of the Company or the Partnership to enforce at any time any provision of this Agreement shall in no way be
construed to be a waiver of such provision or of any other provision hereof. 

  

	 	7.	Governing Law. This Agreement shall be governed by and construed according to the laws of the State of Delaware. 

 

	 	8.	Incorporation of Plan and Partnership Agreement. The Plan and the Partnership Agreement are hereby incorporated by reference and made a part hereof, and the LTIP
Units and this Agreement shall be subject to all terms and conditions of the Plan and the Partnership Agreement. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan and the Partnership Agreement, the
provisions of the Plan and the Partnership Agreement shall govern. 

  

	 	9.	 Changes in Capital Structure. In the event of any merger, reorganization, consolidation, recapitalization, special dividend or distribution
(whether in cash, partnership units or other property, other than the payment of any cash distributions by the Partnership in the ordinary course), share split, reverse share split, spin-off or similar transaction or other change in capital
structure affecting 

  
 4 

	 	
the Common Units of the Partnership or the value thereof, the LTIP Units shall be appropriately adjusted so that the value of, and the rights relating to, the LTIP Units are preserved in or
impacted by such transaction in the same manner that the value of, and the rights relating to, the Common Units are preserved in or impacted by such transaction. 

 

	 	10.	Section 409A Compliance. Notwithstanding anything to the contrary contained in this Agreement, to the extent that the Board or the Committee determines that
the Plan or the LTIP Units are subject to Section 409A of the Code and fails to comply with or be exempt from the requirements of Section 409A of the Code, the Board, for itself and the Committee, reserves the right (without any obligation
to do so) to amend or terminate the Plan and/or amend, restructure, terminate or replace the LTIP Units in order to cause the LTIP Units to either not be subject to Section 409A of the Code or to comply with or be exempt from the applicable
provisions of such section. 

  

	 	11.	Survival of Terms. This Agreement shall apply to and bind the Participant, the Company and the Partnership and each of their respective permitted assignees and
transferees, heirs, legatees, executors, administrators and legal successors. 

  

	 	12.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument. 

  

	 	13.	Agreement Not a Contract for Services. Neither the Plan, the Partnership Agreement, the granting of the LTIP Units, this Agreement nor any other action taken
pursuant to the Plan, the Partnership Agreement or this Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Participant has a right to continue to provide services as an officer, director,
employee, consultant or advisor of the Company, the Partnership or any of their Affiliates for any period of time or at any specific rate of compensation. 

  

	 	14.	Authority of the Board and the Committee. As set forth in the Plan, the Board and the Committee shall have full authority to interpret and construe the terms of
the Plan and this Agreement, which determination as to any such matter of interpretation or construction shall be final, binding and conclusive. 

  

	 	15.	 Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if
modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though
contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of
severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so 

  
 5 

	 	
as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such
provisions or provisions in any other jurisdiction. 

  

	 	16.	Acceptance. 

  

	 	(a)	The Participant hereby acknowledges receipt of a copy of the Plan, the Partnership Agreement and this Agreement. The Participant has read and understands the terms and
provisions of the Plan, the Partnership Agreement and this Agreement, and accepts the LTIP Units subject to all the terms and conditions of the Plan, the Partnership Agreement and this Agreement. The Participant hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Plan and this Agreement made by the Board and the Committee upon any questions arising under this Agreement. 

 

	 	(b)	The Participant hereby acknowledges that he or she shall have no rights with respect to the LTIP Units awarded hereunder unless he or she shall have accepted this
Agreement by (i) signing and delivering to the Partnership a copy of this Agreement and (ii) unless the Participant is already a Limited Partner, signing, as a Limited Partner, and delivering to the Partnership the counterpart signature
page to the Partnership Agreement, attached hereto as Exhibit D. Upon (A) acceptance of this Agreement by the Participant and (B) execution and delivery to the Partnership of the counterpart signature page to the Partnership
Agreement, the Company, in its capacity as General Partner, shall amend the Partnership Agreement to reflect the issuance of the LTIP Units to the Participant, effective as of the Grant Date, and the admission of the Participant to the Partnership
as a Limited Partner, effective as of the Grant Date (unless the Participant is already a Limited Partner). 

[Signatures appear on following page.] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this LTIP Unit Vesting Agreement on the
day and year first above written. 
  

			
	COMPANY:
	
	CHERRY HILL MORTGAGE INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PARTNERSHIP:
	
	CHERRY HILL OPERATING PARTNERSHIP, LP
		
		 	
	By:	 	CHERRY HILL MORTGAGE INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	PARTICIPANT:
		
	Signature:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

 Exhibit A 

Plan 
 (See
attached.) 

 Exhibit B 

Partnership Agreement 
 (See attached.) 

 Exhibit C 

Election Under Section 83(b) of the Internal Revenue Code of 1986 
 The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income for the current taxable year the amount
of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below: 
  

	 	1.	The name address, taxpayer identification number and taxable year of the undersigned are as follows: 

 

					
	(a)	  	NAME OF TAXPAYER:	  	
			
	(b)	  	NAME OF SPOUSE:	  	
			
	(c)	  	ADDRESS:	  	
			
	(d)	  	IDENTIFICATION NO. OF TAXPAYER:	  	
			
	(e)	  	IDENTIFICATION NUMBER OF SPOUSE:	  	
			
	(f)	  	TAXABLE YEAR:	  	

  

	 	2.	The property with respect to which the election is made is described as follows:          LTIP Units of Cherry Hill Operating
Partnership, LP (the “Partnership”). 

  

	 	3.	The date on which the property was transferred is:             , 20    . The taxable
year to which this election relates is calendar year 20    . 

  

	 	4.	Nature of restrictions to which the LTIP Units are subject: 

  

	 	(a)	The LTIP Units are subject to a substantial risk of forfeiture and are nontransferable on the date of transfer. 

 

	 	(b)	The Taxpayer’s LTIP Units vest and become transferable based on the Taxpayer’s continued employment. 

 

	 	5.	The fair market value at the time of transfer, determined without regard to any restriction other than restrictions that by their terms will never lapse, of such
property is: $         per LTIP Unit. 

  

	 	6.	The amount (if any) paid for such property is: $         per LTIP Unit. 

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s
receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. 

 The undersigned understands that the foregoing election will not be effective unless the applicable
withholding obligations have been satisfied and may not be revoked except with the consent of the Commissioner. 
 Dated:
            , 20     
  

	
	  

	Taxpayer

 The undersigned spouse of taxpayer joins in this election. 
 Dated:             , 20     
  

	
	  

	Spouse of Taxpayer

 Exhibit D 

FORM OF LIMITED PARTNER SIGNATURE PAGE 
 The Participant desiring to become one of the within named Partners of Cherry Hill Operating Partnership, LP (the “Partnership”), hereby becomes a party to the Agreement of Limited
Partnership of Cherry Hill Operating Partnership, LP, (the “Partnership Agreement”) effective as of             , 20    . The Participant agrees to be
bound by the Partnership Agreement. The Participant also agrees that this signature page may be attached to, and hereby authorizes the General Partner (as defined in the Partnership Agreement) to attach this signature page to, any counterpart of the
Partnership Agreement. 
  

							
	Date:             , 20    	 		 	  

		 		 	Signature of Limited Partner
			
		 		 	Limited Partner’s name and address:
				
		 		 	Name:	 	  

				
		 		 	Address:

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