Document:

ex105-2021x3x25formofawa

GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.  TIME-BASED RESTRICTED STOCK UNIT AGREEMENT FOR EMPLOYEES    This Restricted Stock Unit Agreement (this “Agreement”) is made by and between Griffin Capital  Essential Asset REIT, Inc., a Maryland corporation (the “Company”), and _______________ (the  “Participant”).    WHEREAS, the Company maintains a long-term incentive plan named Griffin Capital Essential  Asset REIT, Inc. Amended and Restated Employee and Director Long-Term Incentive Plan (the “Plan”);    WHEREAS, the Plan allows the grant of Awards to full-time employees of the Company;    WHEREAS, the compensation committee (the “Committee”) of the board of directors of the  Company (the “Board”) has designated employees of Griffin Capital Real Estate Company, LLC  (“GRECO”), a Delaware limited liability company and wholly-owned subsidiary of Griffin Capital  Essential Asset Operating Partnership, L.P., the operating partnership of the Company and owner of 100%  of the equity interests of GRECO (the “Operating Partnership”), as employees of the Company for  purposes of the Plan and has otherwise determined that such employees of GRECO are eligible persons  under the Plan;    WHEREAS, the Committee has determined that GRECO is an Affiliate under the Plan;    WHEREAS, the Participant is a full-time employee of GRECO;    WHEREAS, Section 10 of the Plan provides for the issuance of restricted stock units (“RSUs”) to  eligible persons; and    WHEREAS, the Committee has determined that it would be to the advantage and in the best  interest of the Company and its Affiliates to cause RSUs to be issued to the Participant under the Plan,  subject to the terms and conditions set forth herein (the “Award”).    NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other  good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby  agree as follows:    1. Issuance of RSUs. The Participant shall be granted, by the Company, a total of ____ RSUs,  granted as of March 25, 2021 (the “Grant Date”), subject to the terms and conditions, rights, voting powers,  restrictions and limitations set forth herein and in the Plan.    2. Definitions. For purposes of this Agreement, the following terms shall have the meanings  set forth below.  All capitalized terms used but not otherwise defined herein shall have the meanings  ascribed to such terms in the Plan.    (a) “Cause” means “Cause” as defined in the Plan.    (b)  “Change in Control” means a “change in control event” with respect to either GRECO or the  Company, or both of them, within the meaning of Section 409A of the Code.    (c) “Code” means the Internal Revenue Code of 1986, as amended.    

 

(d) “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934,  as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof, except that  such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding  securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter  temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned,  directly or indirectly, by the stockholders of the Company in substantially the same proportions as their  ownership of stock of the Company.     (e)  “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of  the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.    (f) “Share” means one share of common stock of the Company.    (g) “Subsidiary” means with respect to any Person, any entity in which it owns, directly or  indirectly, the majority of the equity.     3. Plan Governs; Stockholder Rights; Transfer Restrictions.    (a) The RSUs are subject to the terms of the Plan and this Agreement.    (b) The Award shall not confer upon the Participant any rights as a stockholder of the Company,  including but not limited to, the right to receive any cash distributions or dividends and the right to vote on  any issues presented to stockholders for a vote, unless and until such issued Shares are reflected as issued  and outstanding on the Company’s stock ledger.  For the avoidance of doubt, a Participant will not receive  any cash distributions or dividends on any RSUs until such RSUs have vested.  For instance, if the RSUs  vest in accordance with the vesting schedule described in Section 4 below, a Participant will receive an  amount of Shares equal to 1/4 of the Participant’s RSUs as of March 25, 2022, 1/4 of the Participant’s RSUs  as of March 25, 2023, 1/4 of the Participant’s RSUs as of March 25, 2024 and 1/4 of the Participant’s RSUs  as of March 25, 2025, and will accordingly have all rights of a stockholder of the Company with respect to  such Shares at such time.    (c) Without the consent of the Committee (which it may give or withhold in its sole discretion),  the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively,  “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any  securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the  laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the  “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer  of unvested RSUs or the Award to the Company.  Any permitted transferee of the Award or RSUs shall  take such Award or RSUs subject to the terms of the Plan and this Agreement.  Any such permitted  transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the  Company may reasonably require.  Any Transfer of the Award or RSUs which is not made in compliance  with the Plan and this Agreement shall be null and void and of no effect ab initio.      4. Vesting. The RSUs shall vest and become nonforfeitable with respect to 1/4 of the RSUs on  March 25 of each of 2022, 2023, 2024 and 2025, subject to the Participant’s continued employment and  service with GRECO, the Company or any of their Subsidiaries (or applicable successors thereto) through  the applicable vesting date; provided that vesting may accelerate in the event of (i) the death or Disability  of a Participant, in which instance the RSUs shall vest in full as of the date of the Participant’s death or the  date of determination of the Participant’s Disability, as applicable, or (ii) the occurrence of a Change in  Control, in which instance the RSUs shall vest in full as of immediately prior thereto, unless this Award is  assumed, continued, converted or replaced with a substantially similar award by the Company or a  

 

successor entity or its parent or subsidiary.  For purposes of this Agreement, the term “Disability” shall  mean the Participant is unable to engage in any substantial gainful activity by reason of any medically  determinable physical or mental impairment that can be expected to result in death or can be expected to  last for a continuous period of not less than twelve (12) months.    5.  Effect of Termination of Service.  In the event of the Participant’s termination of employment  and service with GRECO, the Company and their Subsidiaries for any reason, all RSUs that have not vested  as of the date of such termination of employment or service (after taking into account any accelerated  vesting that occurs in connection with such termination) shall automatically and without further action be  cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no  further right to or interest in such RSUs.    6. Settlement of Award.  Subject to the Participant’s timely execution of any required documents  as described in Section 8, as soon as administratively practicable following the date that an RSU vests, but  in any event within seventy (70) days thereafter, the Company will issue to the Participant one Share for  each vested RSU (on a one-to-one basis).  In all cases, the issuance and delivery of Shares under this  Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section  1.409A-1(b)(4) and shall be construed and administered in such a manner.     7.  Adjustments for Corporate Transactions and Other Events.    (a)  Stock Dividend, Stock Split and Reverse Stock Split.  Upon a stock dividend of, or stock split  or reverse stock split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in  an equitable manner to reflect such event.  Adjustments under this paragraph will be made by the  Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will  be final, binding and conclusive.    (b) Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting  corporation in any merger or consolidation in which the Shares are converted into other securities, the RSUs  shall pertain to and apply to the securities to which a holder of the number of Shares subject to the RSUs  would have been entitled.  If the stockholders of the Company receive by reason of any distribution in total  or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of  another entity or other property (including cash), then the rights of the Company under this Agreement shall  inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other  property (including cash) to which a holder of the number of Shares subject to the RSUs would have been  entitled, in the same manner and to the same extent, including the same restrictions and vesting and payment  schedule, as the RSUs.    (c) Other Adjustments.  Notwithstanding the foregoing, the RSUs shall be subject to adjustment  as set forth in the Plan.    8. Company Documents.  At the Company’s reasonable and customary request, the Participant  must timely execute and deliver to the Company any shareholders’ agreements, investment representations  or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the  issuance of the Shares.    9.  Securities Law Compliance.  None of the Company’s securities are presently publicly traded,  and the Company has made no representations, covenants or agreements as to whether there will be a public  market for any of its securities.  The RSUs cannot be transferred by the Participant unless such transfer is  registered under the Securities Act or an exemption from such registration is available.  The Company has  made no agreements, covenants or undertakings whatsoever to register the transfer of the RSUs under the  

 

Securities Act.  The Company has made no representations, warranties, or covenants whatsoever as to  whether any exemption from the Securities Act, including, without limitation, any exemption for limited  sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, shall be available.  If an  exemption under Rule 144 is available at all, it shall not be available until at least six months from issuance  of the Award and then not unless the terms and conditions of Rule 144 have been satisfied.      To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or  distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or  exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities  Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of  any public or private debt or equity securities offering by the Company (except as part of such offering), if  and to the extent requested in writing by the Company in the case of a non-underwritten public or private  offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial  purchaser or initial purchasers, as the case may be) and consented to by the Company, which consent may  be given or withheld in the Company’s sole and absolute discretion, in the case of an underwritten public  or private offering (such agreement to be in the form of a lock-up agreement provided by the Company,  managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be).    Certificates evidencing the Shares issued in connection with the RSUs, to the extent such  certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel  may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without  limitation, the following legends or any legends similar thereto:     “Any transfer of the securities represented hereby shall be invalid unless a  Registration Statement under the Securities Act of 1933, as amended (the  “Securities Act”) is in effect as to such transfer or in the opinion of counsel for  Griffin Capital Essential Asset REIT, Inc. (the “Company”) such registration  is unnecessary in order for such transfer to comply with the Securities Act. The  securities represented hereby are subject to transferability and other  restrictions as set forth in (i) a written agreement with the Company and (ii)  the Griffin Capital Essential Asset REIT II, Inc. Employee and Director Long  Term Incentive Plan, in each case, as has been and as may in the future be  amended (or amended and restated) from time to time, and such securities may  not be sold or otherwise transferred except pursuant to the provisions of such  documents.”    The Participant acknowledges that the Plan and this Agreement are intended to conform to the  extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all applicable  laws.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is  granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted  by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform  to such laws, rules and regulations.    10.  Taxes.  GRECO, the Company or any of their Subsidiaries may withhold from the Participant’s  wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes  resulting from the vesting or settlement of the Award (including the RSUs); provided, however, that  GRECO, the Company and their Subsidiaries, and the Affiliates, have not made warranties or  representations to the Participant with respect to the income tax consequences of the transactions  contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or  any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax  consequences.  Notwithstanding the foregoing, and with the prior approval of the Committee, the  

 

Participant may, upon vesting or settlement of the RSUs, elect to have the Company withhold Shares equal  in value to the maximum statutory rate for federal, state, and local income and employment taxes applicable  in Participant’s jurisdiction to satisfy any withholding tax obligations resulting from the vesting and  settlement of the RSUs.  To the extent that the Shares withheld are not sufficient to cover all taxes due, the  Participant shall be responsible for any remaining amount of taxes that may be due.  To the extent that any  Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award, the  Company shall accelerate the payment of a portion of the Award sufficient to satisfy (but not in excess of)  such tax withholding obligations and any tax withholding obligations associated with any such accelerated  payment, and the Company shall withhold such amounts in satisfaction of such withholding obligations.   The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences  and his or her receipt and settlement of the RSUs.    11. Remedies.  The Participant shall be liable to GRECO, the Company and their Subsidiaries for  all costs and damages, including incidental and consequential damages, resulting from a disposition of the  Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the  generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific  performance of the obligations of the Participant under this Agreement and immediate injunctive relief in  the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge  as a defense that there is an adequate remedy at law.     12. Code Section 409A.    (a) General.  To the extent applicable, this Agreement shall be interpreted so that this Award is  exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code  and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section  409A”).  Notwithstanding any provision of this Agreement to the contrary, in the event that following the  Grant Date the Company determines that the Award must be revised to maintain exemption from or to  comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other  policies and procedures (including amendments, policies and procedures with retroactive effect), or take  any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from  Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award,  or (b) comply with the requirements of Section 409A; provided, however, that this Section 12 shall not  create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt any such  amendment, policy or procedure or take any such other action, and none of GRECO, the Company or any  of their Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by  operation of Section 409A (except to the extent such taxes are imposed due to an operational failure).    (b) Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the  Participant under this Agreement during the six (6)-month period following the Participant’s “separation  from service” to the extent that the Committee determines that the Participant is a “specified employee”  (each within the meaning of Code Section 409A) at the time of such separation from service and that paying  such amounts at the time or times indicated in this Agreement would be a prohibited distribution under  Code Section 409A(a)(2)(b)(i).  If the payment of any such amounts is delayed as a result of the previous  sentence, then on the first business day following the end of such six (6)-month period (or such earlier date  upon which such amount can be paid under Code Section 409A without being subject to such additional  taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been  payable to the Participant during such six (6)-month period under this Agreement.  Such specified employee  delay does not apply to payments made on account of payment of employment taxes or income inclusion,  as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).      

 

  13. Miscellaneous.       (a)  Incorporation of the Plan.  This Agreement is subject to the terms and conditions of the Plan,  which are incorporated herein by reference. In the event of any inconsistency between the Plan and this  Agreement, the terms of the Plan shall control.     (b)  Not a Contract of Service Relationship.  Nothing in this Agreement or in the Plan shall confer  upon the Participant any right to continue to serve as an employee or other service provider of GRECO, the  Company or any of their Subsidiaries or shall interfere with or restrict in any way the rights of GRECO, the  Company or any of their Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate  the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the  extent expressly provided otherwise in a written agreement between GRECO, the Company or any  Subsidiary and the Participant.    (c)  No Benefit Accruals.  This Award is designated as a bonus that is in addition to the regular  cash wages of the Participant. No amount of stock or income received by the Participant pursuant to this  Award will be considered compensation for purposes of any severance or any pension, retirement, insurance  or other employee benefit plan or program of GRECO, the Company or any of their Subsidiaries in  calculating any employment-related benefits to which the Participant may be entitled from the Participant’s  employment or service with GRECO.  Participation in the Plan is discretionary and voluntary, and the Plan  can be terminated at any time.  This Award does not create a right or entitlement to future awards, whether  pursuant to the Plan or otherwise.     (d)  Governing Law.  The laws of the State of California shall govern the interpretation, validity,  administration, enforcement and performance of the terms of this Agreement regardless of the law that  might be applied under principles of conflicts of laws.    (e)  Amendment, Suspension and Termination.  To the extent permitted by the Plan, this Agreement  may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from  time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided  by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely  affect the Award in any material way without the prior written consent of the Participant.  For purposes of  this paragraph, “material” means a change that the Committee or Board determines, in good faith, could  reasonably be expected to result in a reduction in the dollar value of the RSUs or could reasonably be  expected to result in a curtailment of the Participant’s rights to receive the Shares hereunder.  For clarity,  changes to features that the Committee or Board determines in good faith are an insignificant or unimportant  feature of the Award, involve an administrative process, or are too remote to be reasonably expected to  occur, shall not be considered “material.”      (f)  Notices. Any notice to be given under the terms of this Agreement shall be addressed to the  Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be  given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on  GRECO’s records.  Any notice shall be deemed duly given when sent via email or when sent by reputable  overnight courier or by certified mail (return receipt requested) through the United States Postal Service.       (g)  Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its rights  under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the  successors and assigns of GRECO, the Company and their Subsidiaries.  Subject to the restrictions on  transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her  heirs, executors, committees, successors and assigns.  

 

   (h)  Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any)  constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and  agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject  matter hereof.     (i)  Clawback.  This Award shall be subject to any clawback or recoupment policy required by law.     (j)  Spousal Consent.  As a condition to GRECO’s, the Company’s and any Affiliate’s obligations  under this Agreement, the spouse of the Participant, if any, shall execute and deliver to the Company the  Consent of Spouse attached hereto as Exhibit A.      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]           

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first  above written.     GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.,  a Maryland corporation     By: __________________________________  Name: Michael J. Escalante  Title: Chief Executive Officer     The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.     _____________________________________  Participant     Print Name: _______________     

 

Exhibit A    CONSENT OF SPOUSE     I, ____________________, spouse of ___________________, have read and approve the  foregoing Time-Based Restricted Stock Unit Agreement (the “Agreement”), and the Plan (as defined in the  Agreement). In consideration of the granting to my spouse of the RSUs of Griffin Capital Essential Asset  REIT, Inc. (the “Company”) as set forth in the Agreement, I hereby appoint my spouse as my attorney-in- fact in respect to the exercise of any rights and taking of all actions under the Agreement and agree to be  bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any Shares  issued pursuant thereto under the community property laws or similar laws relating to marital property in  effect in the state of our residence as of the date of the signing of the foregoing Agreement or otherwise. I  understand that this Consent of Spouse may not be altered, amended, modified or revoked other than by a  writing signed by me, and the Company.     Grant Date: March 25, 2021        By: ________________________________  Print name:__________________________  Dated: ___________________        If applicable, you must print, complete and return this Consent of Spouse to Griffin Capital  Essential Asset REIT, Inc. Please only print and return this page.ex106-2021x3x25formofawa

GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.  TIME-BASED RESTRICTED STOCK UNIT AGREEMENT    This Restricted Stock Unit Agreement (this “Agreement”) is made by and between Griffin  Capital Essential Asset REIT, Inc., a Maryland corporation (the “Company”), and _______________ (the  “Participant”).    WHEREAS, the Company maintains the Griffin Capital Essential Asset REIT, Inc. Amended  and Restated Employee and Director Long-Term Incentive Plan (the “Plan”);    WHEREAS, the Plan allows the grant of Awards to certain eligible persons (as defined in the  Plan);    WHEREAS, the Participant is an eligible person;    WHEREAS, Section 10 of the Plan provides for the issuance of restricted stock units (“RSUs”)  to eligible persons; and    WHEREAS, the compensation committee (the “Committee”) of the board of directors of the   Company has determined that it would be to the advantage and in the best interest of the Company and its  Affiliates to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions  set forth herein (the “Award”).    NOW, THEREFORE, in consideration of the mutual covenants herein contained and for  other   good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do  hereby agree as follows:    1. Issuance of RSUs. The Participant shall be granted, by the Company, a total of _____  RSUs, granted as of March 25, 2021 (the “Grant Date”), subject to the terms and conditions, rights,  voting powers, restrictions and limitations set forth herein and in the Plan.      2. Definitions. For purposes of this Agreement, the following terms shall have the meanings  set forth below.  All capitalized terms used but not otherwise defined herein shall have the meanings  ascribed to such terms in the Plan.    (a) “Code” means the Internal Revenue Code of 1986, as amended.    (b) “GRECO” means Griffin Capital Real Estate Company, LLC.    (c) “Liquidation Event” means any one of the following events which may occur after the Grant  Date:  (1) the dissolution or liquidation of the Company;     (2) the sale of all or substantially all of the assets of the Company on a consolidated  basis to an unrelated person or entity;     (3) a merger, reorganization or consolidation in which the outstanding shares of  Stock are converted into or exchanged for securities of the successor entity and the holders of  the  Company’s outstanding voting power immediately prior to such transaction do not own a  majority of the outstanding voting power of the successor entity immediately upon completion of   such transaction;   

 

(4) the sale of all or a majority of the outstanding capital stock of the Company to an  unrelated person or entity; or     (5) any other transaction in which the owners of the Company’s outstanding voting  power immediately prior to such transaction do not own at least a majority of the outstanding  voting power of the successor entity immediately upon completion of the transaction; provided,   however, that a Liquidation Event shall not include any transaction where the holders of  capital  stock of the Company do not receive consideration with respect to their shares of capital stock of   the Company in such transaction and such shares of capital stock of the Company remain  outstanding after the consummation of such transaction.    Notwithstanding the foregoing, no Liquidation Event shall be deemed to have occurred with  respect to the Participant by reason of any actions or events in which the Participant participates  in a capacity other than in the Participant’s capacity as a director of the Company or as a  stockholder of the Company solely exercising the Participant’s voting or tendering rights.    (d) “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of  1934, as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof,  except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or  other   fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries,  (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a  corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same  proportions as their ownership of stock of the Company.     (e) “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of  the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.    (f) “Share” means one share of common stock of the Company.    (g) “Subsidiary” means with respect to any Person, any entity in which it owns, directly or  indirectly, the majority of the equity.     3. Plan Governs; Stockholder Rights; Transfer Restrictions.    (a) The RSUs are subject to the terms of the Plan and this Agreement.      (b) The Award shall not confer upon the Participant any rights as a stockholder of the Company,   including but not limited to, the right to receive any cash distributions or dividends and the r ight to vote  on any issues presented to stockholders for a vote, unless and until such issued Shares are reflected as  issued and outstanding on the Company’s stock ledger.  For the avoidance of doubt, a Participant will not  receive any cash distributions or dividends on any RSUs until such RSUs have vested.  For instance, if  the RSUs vest in accordance with the vesting schedule described in Section 4 below, a Participant will  receive an amount of Shares equal to 1/4 of the Participant’s RSUs as of March 25, 2022, 1/4 of the  Participant’s RSUs as of March 25, 2023, 1/4 of the Participant’s RSUs as of March 25, 2024 and 1/4 of the  Participant’s RSUs as of March 25, 2025, and will accordingly have all rights of a stockholder of the  Company with respect to such Shares at such time.    (c) Without the consent of the Committee (which it may give or withhold in its sole discretion),   the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively,   “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or  any  securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the  

 

laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the  “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any  Transfer of unvested RSUs or the Award to the Company.  Any permitted transferee of the Award or  RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement.  Any such  permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and  restrictions as the Company may reasonably require.  Any Transfer of the Award or RSUs which is not  made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.      4.  Vesting Schedule. The RSUs shall vest and become nonforfeitable with respect to 1/4 of the  RSUs on March 25 of each of 2022, 2023, 2024, and 2025 subject to the Participant’s continued service  to the Company (or applicable successors thereto) as a director through the applicable vesting date.    Notwithstanding the foregoing, the RSU shall become fully vested if the Participant provides  continuous service to the Company as a director following the Grant Date through the effective date of  a  Liquidation Event.    The RSUs which have become vested pursuant to the Vesting Schedule are herein referred to as  the “Vested RSUs.”  If a tranche of RSUs that becomes vested includes a fraction of a share, such  fractional share shall be rounded up or down to the next nearest whole number.    The Participant shall receive credit for service for each twelve-consecutive-month period  commencing on March 25, 2021 (or an anniversary thereof) during which the Participant continuously  remains a director of the Company.  No credit will be given for completion of a partial year of service and  no period of time following a Participant’s service as a director of the Company shall count towards the  vesting of RSUs.  Any portion of the RSUs which have not become Vested RSUs in accordance with the  Vesting Schedule before or at the time of a Participant ceasing to be a director of the Company shall be  forfeited.    5. Settlement of Award.  Subject to the Participant’s timely execution of any required  documents as described in Section 7, as soon as administratively practicable following the date that an  RSU vests, but in any event within seventy (70) days thereafter, the Company will issue to the Participant  one Share for each vested RSU (on a one-to-one basis).  In all cases, the issuance and delivery of  Shares  under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation  Section 1.409A-1(b)(4) and shall be construed and administered in such a manner.     6.  Adjustments for Corporate Transactions and Other Events.    (a)  Stock Dividend, Stock Split and Reverse Stock Split.  Upon a stock dividend of, or stock split  or reverse stock split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in  an equitable manner to reflect such event. Adjustments under this paragraph will be made by the  Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will  be final, binding and conclusive.    (b) Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting  corporation in any merger or consolidation in which the Shares are converted into other securities, the  RSUs shall pertain to and apply to the securities to which a holder of the number of Shares subject to the  RSUs would have been entitled.  If the stockholders of the Company receive by reason of any distribution  in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets,  securities of another entity or other property (including cash), then the rights of the Company under this  Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the  securities or other property (including cash) to which a holder of the number of Shares subject to the  

 

RSUs would have been entitled, in the same manner and to the same extent, including the same  restrictions and vesting and payment schedule, as the RSUs.    (c) Other Adjustments.  Notwithstanding the foregoing, the RSUs shall be subject to adjustment  as set forth in the Plan.    7. Company Documents.  At the Company’s reasonable and customary request, the Participant  must timely execute and deliver to the Company any shareholders’ agreements, investment  representations or other documents that the Company, in its sole discretion, deems necessary or desirable  to effectuate the issuance of the Shares.      8.  Securities Law Compliance.  None of the Company’s securities are presently publicly traded,   and the Company has made no representations, covenants or agreements as to whether there will be a  public market for any of its securities.  The RSUs cannot be transferred by the Participant unless such  transfer is registered under the Securities Act or an exemption from such registration is available.  The  Company has made no agreements, covenants or undertakings whatsoever to register the transfer of the  RSUs under the Securities Act.  The Company has made no representations, warranties, or covenants  whatsoever as to whether any exemption from the Securities Act, including, without limitation, any  exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act,  shall be available.  If an exemption under Rule 144 is available at all, it shall not be available until at least  six months from issuance of the Award and then not unless the terms and conditions of Rule 144 have  been satisfied.    To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or   distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or  exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities  Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of   any public or private debt or equity securities offering by the Company (except as part of such offering),   if and to the extent requested in writing by the Company in the case of a non-underwritten public or  private offering or if and to the extent requested in writing by the managing underwriter or underwriters  (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which  consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an  underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided  by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers,  as the  case may be).    Certificates evidencing the Shares issued in connection with the RSUs, to the extent such  certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel  may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without  limitation, the following legends or any legends similar thereto:     “Any transfer of the securities represented hereby shall be invalid unless a  Registration Statement under the Securities Act of 1933, as amended (the  “Securities Act”) is in effect as to such transfer or in the opinion of  counsel  for Griffin Capital Essential Asset REIT, Inc. (the “Company”) such  registration is unnecessary in order for such transfer to comply with the  Securities Act.  The securities represented hereby are subject to  transferability and other restrictions as set forth in (i) a written agreement  with the Company and (ii) the Griffin Capital Essential Asset REIT II, Inc.  Employee and Director Long Term Incentive Plan, in each case, as has been  and as may in the future be amended (or amended and restated) from time to  

 

time, and such securities may not be sold or otherwise transferred except  pursuant to the provisions of such documents.”    The Participant acknowledges that the Plan and this Agreement are intended to conform to the  extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all  applicable laws.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the  Award is granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent  permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent  necessary to conform to such laws, rules and regulations.    9.  Taxes.  GRECO, the Company or any of their Subsidiaries may withhold from the  Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or  employment taxes resulting from the vesting or settlement of the Award (including the RSUs); provided,   however, that GRECO, the Company and their Subsidiaries, and the Affiliates, have not made warranties  or representations to the Participant with respect to the income tax consequences of the transactions  contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or  any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax  consequences.  The Participant is advised to consult with his or her own tax advisor with respect to such  tax consequences and his or her receipt and settlement of the RSUs.      10. Remedies.  The Participant shall be liable to GRECO, the Company and their Subsidiaries for  all costs and damages, including incidental and consequential damages, resulting from a disposition of the  Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the  generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific  performance of the obligations of the Participant under this Agreement and immediate injunctive relief in  the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge  as a defense that there is an adequate remedy at law.     11. Code Section 409A.      (a) General.  To the extent applicable, this Agreement shall be interpreted so that this Award is  exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code  and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section  409A”).  Notwithstanding any provision of this Agreement to the contrary, in the event that following the  Grant Date the Company determines that the Award must be revised to maintain exemption from or to  comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other   policies and procedures (including amendments, policies and procedures with retroactive effect), or  take  any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award  from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the  Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 11  shall not create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt  any such amendment, policy or procedure or take any such other action, and none of GRECO, the  Company or any of their Subsidiaries shall have any obligation to indemnify any Person for any taxes  imposed under or by operation of Section 409A (except to the extent such taxes are imposed due to an  operational failure).    (b) Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the  Participant under this Agreement during the six (6)-month period following the Participant’s “separation  from service” to the extent that the Committee determines that the Participant is a “specif ied employee”  (each within the meaning of Code Section 409A) at the time of such separation from service and that  paying such amounts at the time or times indicated in this Agreement would be a prohibited distr ibution  

 

under Code Section 409A(a)(2)(b)(i).  If the payment of any such amounts is delayed as a result of the  previous sentence, then on the first business day following the end of such six (6)-month period (or  such  earlier date upon which such amount can be paid under Code Section 409A without being subject to such  additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have  otherwise been payable to the Participant during such six (6)-month period under this Agreement.   Such  specified employee delay does not apply to payments made on account of payment of employment taxes  or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).    12. Miscellaneous.       (a)  Incorporation of the Plan.  This Agreement is subject to the terms and conditions of the Plan,   which are incorporated herein by reference. In the event of any inconsistency between the Plan and this  Agreement, the terms of the Plan shall control.     (b)  Not a Contract of Service Relationship.  Nothing in this Agreement or in the Plan shall confer  upon the Participant any right to serve as an employee or continue to serve as another service provider  of   GRECO, the Company or any of their Subsidiaries or shall interfere with or restrict in any way the r ights  of GRECO, the Company or any of their Subsidiaries, which rights are hereby expressly reserved, to  discharge or terminate the services of the Participant at any time for any reason whatsoever, except to the  extent expressly provided otherwise in a written agreement between GRECO, the Company or any  Subsidiary and the Participant.    (c)  No Benefit Accruals.  This Award is designated as a bonus that is in addition to the regular  cash wages of the Participant. No amount of stock or income received by the Participant pursuant to this  Award will be considered compensation for purposes of any severance or any pension, retirement,  insurance or other employee benefit plan or program of GRECO, the Company or any of their  Subsidiaries in calculating any employment-related benefits to which the Participant may be entitled from  the Participant’s employment or service with the Company or GRECO.  Participation in the Plan is  discretionary and voluntary, and the Plan can be terminated at any time.  This Award does not create a  right or entitlement to future awards, whether pursuant to the Plan or otherwise.     (d)  Governing Law.  The laws of the State of California shall govern the interpretation, validity,  administration, enforcement and performance of the terms of this Agreement regardless of the law that  might be applied under principles of conflicts of laws.    (e)  Amendment, Suspension and Termination.  To the extent permitted by the Plan, this  Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any  time or from time to time by the Committee or the Board; provided, however, that, except as may  otherwise be provided by the Plan, no amendment, modification, suspension or termination of this  Agreement shall adversely affect the Award in any material way without the prior written consent of  the  Participant.  For purposes of this paragraph, “material” means a change that the Committee or Board  determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of  the  RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the  Shares hereunder.  For clarity, changes to features that the Committee or Board determines in good faith  are an insignificant or unimportant feature of the Award, involve an administrative process, or are too  remote to be reasonably expected to occur, shall not be considered “material.”      (f)  Notices. Any notice to be given under the terms of this Agreement shall be addressed to the  Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be  given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on  the Company’s records.  Any notice shall be deemed duly given when sent via email or when sent by  

 

reputable overnight courier or by certified mail (return receipt requested) through the United States Postal  Service.       (g)  Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its  rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit  of the successors and assigns of GRECO, the Company and their Subsidiaries.  Subject to the restrictions  on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or   her heirs, executors, committees, successors and assigns.     (h)  Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any)  constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and  agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject  matter hereof.     (i)  Clawback.  This Award shall be subject to any clawback or recoupment policy required by  law.     (j)  Spousal Consent.  As a condition to GRECO’s, the Company’s and any Affiliate’s  obligations under this Agreement, the spouse of the Participant, if any, shall execute and deliver to the  Company the Consent of Spouse attached hereto as Exhibit A.     [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]    

 

  IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first  above written.     GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.,  a Maryland corporation     By: __________________________________  Name: Michael J. Escalante  Title: Chief Executive Officer     The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this  Agreement.     _____________________________________  Participant     Print Name: _______________        

 

Exhibit A    CONSENT OF SPOUSE     I, ____________________, spouse of ____________________, have read and approve the  foregoing Time-Based Restricted Stock Unit Agreement (the “Agreement”), and the Plan (as defined in  the Agreement). In consideration of the granting to my spouse of the RSUs of Griffin Capital Essential  Asset REIT, Inc. (the “Company”) as set forth in the Agreement, I hereby appoint my spouse as my  attorney-in-fact in respect to the exercise of any rights and taking of all actions under the Agreement and  agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement  or any Shares issued pursuant thereto under the community property laws or similar laws relating to  marital property in effect in the state of our residence as of the date of the signing of the foregoing  Agreement or otherwise. I understand that this Consent of Spouse may not be altered, amended, modified  or revoked other than by a writing signed by me, and the Company.     Grant Date: March 25, 2021        By: ________________________________  Print name: _________________________  Dated: ___________________        If applicable, you must print, complete and return this Consent of Spouse to Griffin Capital  Essential Asset REIT, Inc. Please only print and return this page.

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