Document:

EX-10.3

 Exhibit 10.3 

REXFORD INDUSTRIAL REALTY, INC. 

AND REXFORD INDUSTRIAL REALTY, L.P. 

2013 INCENTIVE AWARD PLAN 

ARTICLE 1. 
 PURPOSE

 The purpose of the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the
“Plan”) is to promote the success and enhance the value of Rexford Industrial Realty, Inc., a Maryland corporation (the “Company”), Rexford Industrial Realty and Management, Inc., a California corporation (the
“Services Company”), and Rexford Industrial Realty, L.P. (the “Partnership”) by linking the individual interests of Employees, Consultants, members of the Board and Services Company Directors to those of the
Company’s stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s stockholders. The Plan is further intended to provide flexibility to the Company, the
Services Company, the Partnership and their subsidiaries in their ability to motivate, attract, and retain the services of those individuals upon whose judgment, interest, and special effort the successful conduct of the Company’s, the Services
Company’s and the Partnership’s operation is largely dependent. 
 ARTICLE 2. 

DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates
otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Administrator” shall mean
the entity that conducts the general administration of the Plan as provided in Article 12 hereof. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 12.6 hereof, or
which the Board has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such duties. 

2.2 “Affiliate” shall mean the Partnership, the Services Company, any Parent or any Subsidiary. 

2.3 “Applicable Accounting Standards” shall mean Generally Accepted Accounting Principles in the United States, International
Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time. 

2.4 “Applicable Law” shall mean any applicable law, including without limitation, (a) provisions of the Code, the
Securities Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether federal, state, local or foreign; and (c) rules of any securities
exchange or automated quotation system on which the Shares are listed, quoted or traded. 

 2.5 “Award” shall mean an Option, a Restricted Stock award, a Performance Award,
a Dividend Equivalent award, a Stock Payment award, a Restricted Stock Unit award, a Performance Share award, an Other Incentive Award, an LTIP Unit award or a Stock Appreciation Right, which may be awarded or granted under the Plan. 

2.6 “Award Agreement” shall mean any written notice, agreement, contract or other instrument or document evidencing an Award,
including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with the Plan. 

2.7 “Board” shall mean the Board of Directors of the Company. 

2.8 “Change in Control” shall mean the occurrence of any of the following events: 

(a) A transaction or series of transactions (other than an offering of Shares to the general public through a registration statement filed with
the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, the Services Company, the
Partnership or any Subsidiary, an employee benefit plan maintained by any of the foregoing entities or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the
Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than thirty percent (30%) of the total combined voting power of the
Company’s securities outstanding immediately after such acquisition; or 
 (b) During any period of two (2) 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 2.8(a) or Section 2.8(c) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either
were directors at the beginning of the two (2)-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 (x) a merger, consolidation, reorganization, or business combination, (y) 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 (z) the acquisition of assets or stock of another entity, in each case, other than a transaction: 
 (i) Which results in the
Company’s voting securities outstanding immediately before the transaction continuing to 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 

  
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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,
at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(ii) After which no person or group beneficially owns voting securities representing thirty percent (30%) 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 2.8(c)(ii) as beneficially owning thirty percent (30%) 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; or 
 (d) Approval
by the Company’s stockholders of a liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, if a Change in Control
constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes
under Section 409A of the Code, the transaction or event described in subsection (a), (b), (c) or (d) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such
Award if such transaction also constitutes a “change in control event” (within the meaning of Code Section 409A). Consistent with the terms of this Section 2.8, the Administrator shall have full and final authority to determine
conclusively whether a Change in Control of the Company has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

2.9 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and
official guidance promulgated thereunder, whether issued prior or subsequent to the grant of any Award. 
 2.10 “Committee”
shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board described in Article 12 hereof. 

2.11 “Common Stock” shall mean the common stock of the Company, par value $0.01 per share. 

2.12 “Company” shall mean Rexford Industrial Realty, Inc., a Maryland corporation. 

2.13 “Consultant” shall mean any consultant or advisor of the Company, the Services Company, the Partnership or any
Subsidiary who qualifies as a consultant or advisor under the applicable rules of Form S-8 Registration Statement. 
 2.14 “Covered
Employee” shall mean any Employee who is, or could become, a “covered employee” within the meaning of Section 162(m) of the Code. 

2.15 “Director” shall mean a member of the Board, as constituted from time to time. 

  
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 2.16 “Dividend Equivalent” shall mean a right to receive the equivalent value
(in cash or Shares) of dividends paid on Shares, awarded under Section 9.2 hereof. 
 2.17 “DRO” shall mean a
“domestic relations order” as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 

2.18 “Effective Date” shall mean the date the Plan is adopted by the Board, subject to approval of the Plan by the
Company’s stockholders. 
 2.19 “Eligible Individual” shall mean any person who is an Employee, a Consultant or a
Non-Employee Director, as determined by the Administrator. 
 2.20 “Employee” shall mean any officer or other employee
(within the meaning of Section 3401(c) of the Code) of the Company, the Services Company, the Partnership or any Subsidiary. 
 2.21
“Equity Restructuring” shall mean a nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash
dividend, that affects the number or kind of Shares (or other securities of the Company) or the share price of Common Stock (or other securities) and causes a change in the per share value of the Common Stock underlying outstanding stock-based
Awards. 
 2.22 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

2.23 “Expiration Date” shall have the meaning provided in Section 13.1 hereof. 

2.24 “Fair Market Value” shall mean, as of any given date, the value of a Share determined as follows: 

(a) If the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the NASDAQ Capital
Market, the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price
for a Share as quoted on such exchange or system for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation exists, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; 
 (b) If the Common Stock is not listed on an
established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such
date or, if there are no high bid and low asked prices for a Share on such date, the high bid and low asked prices for a Share on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other
source as the Administrator deems reliable; or 

  
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 (c) If the Common Stock is neither listed on an established securities exchange, national market
system or automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith. 

2.25 “Greater Than 10% Stockholder” shall mean an individual then-owning (within the meaning of Section 424(d) of the
Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any “parent corporation” or “subsidiary corporation” (as defined in Sections 424(e) and 424(f) of the Code,
respectively). 
 2.26 “Incentive Stock Option” shall mean an Option that is intended to qualify as an incentive stock
option and conforms to the applicable provisions of Section 422 of the Code. 
 2.27 “Individual Award Limit” shall
mean the cash and share limits applicable to Awards granted under the Plan, as set forth in Section 3.3 hereof. 
 2.28 “LTIP
Unit” shall mean, to the extent authorized by the Partnership Agreement, a unit of the Partnership that is granted pursuant to Section 9.7 hereof and is intended to constitute a “profits interest” within the meaning of the
Code. 
 2.29 “Non-Employee Director” shall mean a Director of the Company or a Services Company Director, in either case,
who is not an Employee. 
 2.30 “Non-Qualified Stock Option” shall mean an Option that is not an Incentive Stock Option or
which is designated as an Incentive Stock Option but does not meet the applicable requirements of Section 422 of the Code. 
 2.31
“Option” shall mean a right to purchase Shares at a specified exercise price, granted under Article 6 hereof. An Option shall be either a Non-Qualified Stock Option or an Incentive Stock Option; provided, however, that
Options granted to Non-Employee Directors and Consultants shall only be Non-Qualified Stock Options. 
 2.32 “Other Incentive
Award” shall mean an Award denominated in, linked to or derived from Shares or value metrics related to Shares, granted pursuant to Section 9.6 hereof. 

2.33 “Parent” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities
ending with the Company if each of the entities other than the Company beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of
securities or interests in one of the other entities in such chain. 
 2.34 “Participant” shall mean an Eligible Individual
who has been granted an Award pursuant to the Plan. 
 2.35 “Partnership” shall mean Rexford Industrial Realty, L.P. 

  
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 2.36 “Partnership Agreement” shall mean the Amended and Restated Agreement of
Limited Partnership of Rexford Industrial Realty, L.P., as the same may be amended, modified or restated from time to time. 
 2.37
“Performance Award” shall mean an Award that is granted under Section 9.1 hereof. 
 2.38 “Performance-Based
Compensation” shall mean any compensation that is intended to qualify as “performance-based compensation” as described in Section 162(m)(4)(C) of the Code. 

2.39 “Performance Criteria” shall mean the criteria (and adjustments) that the Committee selects for an Award for purposes of
establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows: 
 (a) The Performance Criteria that
shall be used to establish Performance Goals are limited to the following: (i) net earnings (either before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization, and
(E) non-cash equity-based compensation expense); (ii) gross or net sales or revenue; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings or profit; (vi) cash flow
(including, but not limited to, operating cash flow and free cash flow); (vii) return on assets; (viii) return on capital; (ix) return on stockholders’ equity; (x) total stockholder return; (xi) return on sales;
(xii) gross or net profit or operating margin; (xiii) costs; (xiv) funds from operations; (xv) expenses; (xvi) working capital; (xvii) earnings per share; (xviii) adjusted earnings per share; (xix) price per
Share; (xx) leasing activity; (xxi) implementation or completion of critical projects; (xxii) market share; (xxiii) economic value; (xxiv) debt levels or reduction; (xxv) sales-related goals; (xxvi) comparisons
with other stock market indices; (xxvii) operating efficiency; (xxviii) financing and other capital raising transactions; (xxix) recruiting and maintaining personnel; (xxx) year-end cash; (xxxi) acquisition activity;
(xxxii) investment sourcing activity; (xxxiii) customer service; and (xxxiv) marketing initiatives, any of which may be measured either in absolute terms for the Company or any operating unit of the Company or as compared to any
incremental increase or decrease or as compared to results of a peer group or to market performance indicators or indices. 
 (b) The
Administrator may, in its sole discretion, provide that one or more objectively determinable adjustments shall be made to one or more of the Performance Goals. Such adjustments may include, but are not limited to, one or more of the following:
(i) items related to a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity initiatives; (iv) other non-operating items; (v) items related to
acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (vii) items related to the sale or disposition of a business or segment of a business; (viii) items
related to discontinued operations that do not qualify as a segment of a business under Applicable Accounting Standards; (ix) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the
Performance Period; (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii) items
related to amortization of acquired 

  
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intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going business activities; (xiv) items related to acquired in-process research and development;
(xv) items relating to changes in tax laws; (xvi) items relating to major licensing or partnership arrangements; (xvii) items relating to asset impairment charges; (xviii) items relating to gains or losses for litigation,
arbitration and contractual settlements; or (xix) items relating to any other unusual or nonrecurring events or changes in Applicable Law, accounting principles or business conditions. For all Awards intended to qualify as Performance-Based
Compensation, such determinations shall be made within the time prescribed by, and otherwise in compliance with, Section 162(m) of the Code. 

2.40 “Performance Goals” shall mean, for a Performance Period, one or more goals established in writing by the Administrator
for the Performance Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall performance of the Company, the
Services Company, the Partnership, any Subsidiary, any division or business unit thereof or an individual. The achievement of each Performance Goal shall be determined in accordance with Applicable Accounting Standards. 

2.41 “Performance Period” shall mean one or more periods of time, which may be of varying and overlapping durations, as the
Administrator may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Award. 

2.42 “Performance Share” shall mean a contractual right awarded under Section 9.5 hereof to receive a number of Shares
or the cash value of such number of Shares based on the attainment of specified Performance Goals or other criteria determined by the Administrator. 

2.43 “Permitted Transferee” shall mean, with respect to a Participant, any “family member” of the Participant, as
defined under the General Instructions to Form S-8 Registration Statement under the Securities Act or any successor Form thereto, or any other transferee specifically approved by the Administrator, after taking into account Applicable Law. 

2.44 “Plan” shall mean this Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan, as
it may be amended from time to time. 
 2.45 “Program” shall mean any program adopted by the Administrator pursuant to the
Plan containing the terms and conditions intended to govern a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan. 

2.46 “Public Trading Date” shall mean the first date upon which the Common Stock is listed (or approved for listing) upon
notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system. 

2.47 “REIT” shall mean a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

  
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 2.48 “Restricted Stock” shall mean an award of Shares made under Article 8
hereof that is subject to certain restrictions and may be subject to risk of forfeiture. 
 2.49 “Restricted Stock Unit”
shall mean a contractual right awarded under Section 9.4 hereof to receive in the future a Share or the cash value of a Share. 
 2.50
“Securities Act” shall mean the Securities Act of 1933, as amended. 
 2.51 “Services Company” shall mean
Rexford Industrial Realty and Management, Inc., a California corporation. 
 2.52 “Services Company Director” shall mean a
member of the Board of Directors of the Services Company. 
 2.53 “Share Limit” shall have the meaning provided in
Section 3.1(a) hereof. 
 2.54 “Shares” shall mean shares of Common Stock. 

2.55 “Stock Appreciation Right” shall mean a stock appreciation right granted under Article 10 hereof. 

2.56 “Stock Payment” shall mean a payment in the form of Shares awarded under Section 9.3 hereof. 

2.57 “Subsidiary” shall mean (a) a corporation, association or other business entity of which fifty percent
(50%) or more of the total combined voting power of all classes of capital stock is owned, directly or indirectly, by the Company, the Partnership, the Services Company and/or by one or more Subsidiaries, (b) any partnership or limited
liability company of which fifty percent (50%) or more of the equity interests are owned, directly or indirectly, by the Company, the Partnership, the Services Company and/or by one or more Subsidiaries, and (c) any other entity not
described in clauses (a) or (b) above of which fifty percent (50%) or more of the ownership and the power (whether voting interests or otherwise), pursuant to a written contract or agreement, to direct the policies and management or
the financial and the other affairs thereof, are owned or controlled by the Company, the Partnership, the Services Company and/or by one or more Subsidiaries. 

2.58 “Substitute Award” shall mean an Award granted under the Plan in connection with a corporate transaction, such as a
merger, combination, consolidation or acquisition of property or stock, in any case, upon the assumption of, or in substitution for, an outstanding equity award previously granted by a company or other entity that is a party to such transaction;
provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right. 

2.59 “Successor Entity” shall have the meaning provided in Section 2.8(c)(i) hereof. 

  
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 2.60 “Termination of Service” shall mean: 

(a) As to a Consultant, the time when the engagement of a Participant as a Consultant to the Company and its Affiliates is terminated for any
reason, with or without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment and/or service as an Employee and/or
Director with the Company or any Affiliate. 
 (b) As to a Non-Employee Director, the time when a Participant who is a Non-Employee Director
ceases to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Participant simultaneously commences or remains in employment
and/or service as an Employee and/or Consultant with the Company or any Affiliate. 
 (c) As to an Employee, the time when the
employee-employer relationship between a Participant and the Company and its Affiliates is terminated for any reason, including, without limitation, a termination by resignation, discharge, death, disability or retirement, but excluding terminations
where the Participant simultaneously commences or remains in service as a Consultant and/or Director with the Company or any Affiliate. 

The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to any Termination of Service,
including, without limitation, whether a Termination of Service has occurred, whether any Termination of Service resulted from a discharge for cause and whether any particular leave of absence constitutes a Termination of Service; provided,
however, that, with respect to Incentive Stock Options, unless the Administrator otherwise provides in the terms of any Program, Award Agreement or otherwise, or as otherwise required by Applicable Law, a leave of absence, change in status
from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts
employment for the purposes of Section 422(a)(2) of the Code. For purposes of the Plan, a Participant’s employee-employer relationship or consultancy relationship shall be deemed to be terminated in the event that the Affiliate employing
or contracting with such Participant ceases to remain an Affiliate following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off). 

ARTICLE 3. 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. 

(a) Subject to Section 3.1(b) and Section 13.2 hereof, the aggregate number of Shares which may be issued or transferred pursuant to
Awards under the Plan is two million two hundred seventy-two thousand six hundred eighty-nine (2,272,689) Shares (the “Share Limit”). In order that the applicable regulations under the Code relating to Incentive Stock Options
be satisfied, the maximum number of Shares that may be issued under the Plan upon the exercise of Incentive Stock Options shall be two million two hundred seventy-two thousand six hundred eighty-nine (2,272,689) Shares. Subject to
Section 13.2 hereof, each LTIP Unit issued pursuant to an Award shall count as one Share for purposes of calculating the aggregate number of Shares available for issuance under the Plan as set forth in this Section 3.1(a) and for purposes
of calculating the Individual Award Limit set forth in Section 3.3 hereof. 

  
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 (b) If any Shares subject to an Award are forfeited or expire or such Award is settled for cash
(in whole or in part), the Shares subject to such Award shall, to the extent of such forfeiture, expiration or cash settlement, again be available for future grants of Awards under the Plan and shall be added back to the Share Limit in the same
number of Shares as were debited from the Share Limit in respect of the grant of such Award (as may be adjusted in accordance with Section 13.2 hereof). Notwithstanding anything to the contrary contained herein, the following Shares shall not
be added back to the Share Limit and will not be available for future grants of Awards: (i) Shares tendered by a Participant or withheld by the Company in payment of the exercise price of an Option; (ii) Shares tendered by the Participant
or withheld by the Company to satisfy any tax withholding obligation with respect to an Award; (iii) Shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right on
exercise thereof; and (iv) Shares purchased on the open market with the cash proceeds from the exercise of Options. Any Shares repurchased by the Company under Section 8.4 hereof at the same price paid by the Participant so that such
Shares are returned to the Company will again be available for Awards. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan.
Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code.

 (c) Substitute Awards shall not reduce the Shares authorized for grant under the Plan. Additionally, in the event that a company acquired
by the Company or any Affiliate, or with which the Company or any Affiliate combines, has shares available under a pre-existing plan approved by its stockholders and not adopted in contemplation of such acquisition or combination, the shares
available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the
consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided,
however, that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who
were not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition or combination. 
 3.2
Stock Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Common Stock or, if authorized by the Board, Common Stock purchased on the open market. 

3.3 Limitation on Number of Shares Subject to Awards. Notwithstanding any provision in the Plan to the contrary, and subject to
Section 13.2 hereof, (a) the maximum aggregate number of Shares with respect to one or more Awards that may be granted to any one person during any calendar year shall be one million five hundred thousand (1,500,000) Shares

  
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and the maximum aggregate amount of cash that may be paid in cash during any calendar year with respect to one or more Awards payable in cash shall be two million dollars ($2,000,000) (together,
the “Individual Award Limits”), provided, however, that the foregoing limitations shall not apply until the earliest of the following events to occur after the Public Trading Date: (a) the first
material modification of the Plan (including any increase in the Share Limit in accordance with Section 3.1 hereof); (b) the issuance of all of the Shares reserved for issuance under the Plan; (c) the expiration of the Plan;
(d) the first meeting of stockholders at which members of the Board are to be elected that occurs after the close of the third calendar year following the calendar year in which occurred the first registration of an equity security of the
Company under Section 12 of the Exchange Act; or (e) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. 

ARTICLE 4. 
 GRANTING OF
AWARDS 
 4.1 Participation. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom
one or more Awards shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible Individual shall have any right to be granted an Award pursuant to the Plan.

 4.2 Award Agreement. Each Award shall be evidenced by an Award Agreement stating the terms and conditions applicable to such
Award, consistent with the requirements of the Plan and any applicable Program. 
 4.3 Limitations Applicable to Section 16
Persons. Notwithstanding anything contained herein to the contrary, with respect to any Award granted or awarded to any individual who is then subject to Section 16 of the Exchange Act, the Plan, any applicable Program and the applicable
Award Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments
thereto) that are requirements for the application of such exemptive rule, and such additional limitations shall be deemed to be incorporated by reference into such Award to the extent permitted by Applicable Law. 

4.4 At-Will Service. Nothing in the Plan or in any Program or Award Agreement hereunder shall confer upon any Participant any right to
continue as an Employee, Director or Consultant of the Company or any Affiliate, or shall interfere with or restrict in any way the rights of the Company or any Affiliate, which rights are hereby expressly reserved, to discharge any Participant at
any time for any reason whatsoever, with or without cause, and with or without notice, or to terminate or change all other terms and conditions of any Participant’s employment or engagement, except to the extent expressly provided otherwise in
a written agreement between the Participant and the Company or any Affiliate. 
 4.5 Foreign Participants. Notwithstanding any
provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Affiliates operate or have Employees, Non-Employee Directors or Consultants, or in order to comply with the requirements of any
foreign securities exchange, the Administrator, in its sole discretion, 

  
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shall have the power and authority to: (a) determine which Affiliates shall be covered by the Plan; (b) determine which Eligible Individuals outside the United States are eligible to
participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals outside the United States to comply with applicable foreign laws or listing requirements of any such foreign securities exchange;
(d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable; provided, however, that no such subplans and/or modifications shall increase the Share
Limit or Individual Award Limits contained in Sections 3.1 and 3.3 hereof, respectively; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local governmental
regulatory exemptions or approvals or listing requirements of any such foreign securities exchange. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate Applicable
Law. 
 4.6 Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be
granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of
such other Awards. 
 ARTICLE 5. 

PROVISIONS APPLICABLE TO AWARDS INTENDED TO QUALIFY AS 

PERFORMANCE-BASED COMPENSATION 

5.1 Purpose. The Committee, in its sole discretion, may determine whether any Award is intended to qualify as Performance-Based
Compensation. If the Committee, in its sole discretion, decides to grant an Award to an Eligible Individual that is intended to qualify as Performance-Based Compensation, then the provisions of this Article 5 shall control over any contrary
provision contained in the Plan. The Administrator may in its sole discretion grant Awards to Eligible Individuals that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article 5 and that are
not intended to qualify as Performance-Based Compensation. Unless otherwise specified by the Committee at the time of grant, the Performance Criteria with respect to an Award intended to be Performance-Based Compensation payable to a Covered
Employee shall be determined on the basis of Applicable Accounting Standards. 
 5.2 Applicability. The grant of an Award to an
Eligible Individual for a particular Performance Period shall not require the grant of an Award to such Eligible Individual in any subsequent Performance Period and the grant of an Award to any one Eligible Individual shall not require the grant of
an Award to any other Eligible Individual in such period or in any other period. 
 5.3 Procedures with Respect to Performance-Based
Awards. To the extent necessary to comply with the requirements of Section 162(m)(4)(C) of the Code, with respect to any Award which is intended to qualify as Performance-Based Compensation, no later than ninety (90) days following the
commencement of any Performance Period or any designated 

  
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fiscal period or period of service (or such earlier time as may be required under Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Eligible
Individuals; (b) select the Performance Criteria applicable to the Performance Period; (c) establish the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period based on the Performance
Criteria; and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of each
Performance Period, the Committee shall certify in writing whether and the extent to which the applicable Performance Goals have been achieved for such Performance Period. In determining the amount earned under such Awards, unless otherwise provided
in an Award Agreement, the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant, including the
assessment of individual or corporate performance for the Performance Period. 
 5.4 Payment of Performance-Based Awards. Unless
otherwise provided in the applicable Program or Award Agreement (and only to the extent otherwise permitted by Section 162(m)(4)(C) of the Code), the holder of an Award that is intended to qualify as Performance-Based Compensation must be
employed by the Company or an Affiliate throughout the applicable Performance Period. Unless otherwise provided in the applicable Performance Goals, Program or Award Agreement, a Participant shall be eligible to receive payment pursuant to such
Awards for a Performance Period only if and to the extent the Performance Goals for such Performance Period are achieved. 
 5.5
Additional Limitations. Notwithstanding any other provision of the Plan and except as otherwise determined by the Administrator, any Award which is granted to an Eligible Individual and is intended to qualify as Performance-Based Compensation
shall be subject to any additional limitations imposed by Section 162(m) of the Code that are requirements for qualification as Performance-Based Compensation, and the Plan, the Program and the Award Agreement shall be deemed amended to the
extent necessary to conform to such requirements. 
 ARTICLE 6. 

GRANTING OF OPTIONS 
 6.1
Granting of Options to Eligible Individuals. The Administrator is authorized to grant Options to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine which shall not be inconsistent
with the Plan. 
 6.2 Qualification of Incentive Stock Options. No Incentive Stock Option shall be granted to any person who is not
an Employee of the Company or any “parent corporation” or “subsidiary corporation” of the Company (as defined in Sections 424(e) and 424(f) of the Code, respectively). No person who qualifies as a Greater Than 10% Stockholder may
be granted an Incentive Stock Option unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code. Any Incentive Stock Option granted under the Plan may be modified by the Administrator, with the consent
of the Participant, to disqualify such Option from treatment as an “incentive stock option” under Section 422 of the Code. To the extent that 

  
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the aggregate fair market value of stock with respect to which “incentive stock options” (within the meaning of Section 422 of the Code, but without regard to Section 422(d)
of the Code) are exercisable for the first time by a Participant during any calendar year under the Plan and all other plans of the Company or any “parent corporation” or “subsidiary corporation” of the Company (as defined in
Section 424(e) and 424(f) of the Code, respectively) exceeds one hundred thousand dollars ($100,000), the Options shall be treated as Non-Qualified Stock Options to the extent required by Section 422 of the Code. The rule set forth in the
preceding sentence shall be applied by taking Options and other “incentive stock options” into account in the order in which they were granted and the Fair Market Value of stock shall be determined as of the time the respective options
were granted. In addition, to the extent that any Options otherwise fail to qualify as Incentive Stock Options, such Options shall be treated as Nonqualified Stock Options. 

6.3 Option Exercise Price. The exercise price per Share subject to each Option shall be set by the Administrator, but shall not be less
than one hundred percent (100%) of the Fair Market Value of a Share on the date the Option is granted (or, as to Incentive Stock Options, on the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code).
In addition, in the case of Incentive Stock Options granted to a Greater Than 10% Stockholder, such price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date the Option is granted (or the date
the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). 
 6.4 Option Term. The term of each
Option shall be set by the Administrator in its sole discretion; provided, however, that the term shall not be more than ten (10) years from the date the Option is granted, or five (5) years from the date an Incentive Stock
Option is granted to a Greater Than 10% Stockholder. The Administrator shall determine the time period, including the time period following a Termination of Service, during which the Participant has the right to exercise the vested Options, which
time period may not extend beyond the stated term of the Option. Except as limited by the requirements of Section 409A or Section 422 of the Code, the Administrator may extend the term of any outstanding Option, and may extend the time
period during which vested Options may be exercised, in connection with any Termination of Service of the Participant, and may amend any other term or condition of such Option relating to such a Termination of Service. 

6.5 Option Vesting. 
 (a)
The terms and conditions pursuant to which an Option vests in the Participant and becomes exercisable shall be determined by the Administrator and set forth in the applicable Award Agreement. Such vesting may be based on service with the Company or
any Affiliate, any of the Performance Criteria, or any other criteria selected by the Administrator. At any time after the grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects,
accelerate the vesting of the Option. 
 (b) No portion of an Option which is unexercisable at a Participant’s Termination of Service
shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in an applicable Program, the applicable Award Agreement or by action of the Administrator following the grant of the Option. 

  
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 6.6 Substitute Awards. Notwithstanding the foregoing provisions of this Article 6 to the
contrary, in the case of an Option that is a Substitute Award, the price per Share of the Shares subject to such Option may be less than the Fair Market Value per share on the date of grant, provided, however, that the exercise price
of any Substitute Award shall be determined in accordance with the applicable requirements of Sections 424 and 409A of the Code. 
 6.7
Substitution of Stock Appreciation Rights. The Administrator may, in its sole discretion, substitute an Award of Stock Appreciation Rights for an outstanding Option at any time prior to or upon exercise of such Option;
provided, however, that such Stock Appreciation Rights shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable, and shall also have the same exercise price and
remaining term as the substituted Option. 
 ARTICLE 7. 

EXERCISE OF OPTIONS 
 7.1
Partial Exercise. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise
must be with respect to a minimum number of Shares. 
 7.2 Manner of Exercise. All or a portion of an exercisable Option shall be
deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion
thereof, is exercised. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 

(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
Applicable Law. The Administrator may, in its sole discretion, also take such additional actions as it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices
to agents and registrars; 
 (c) In the event that the Option shall be exercised pursuant to Section 11.3 hereof by any person or
persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and 

(d) Full payment of the exercise price and applicable withholding taxes to the stock administrator of the Company for the Shares with respect
to which the Option, or portion thereof, is exercised, in a manner permitted by the Administrator in accordance with Sections 11.1 and 11.2 hereof. 

  
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 7.3 Notification Regarding Disposition. The Participant shall give the Company prompt
written or electronic notice of any disposition of Shares acquired by exercise of an Incentive Stock Option which occurs within (a) two (2) years after the date of granting (including the date the Option is modified, extended or renewed
for purposes of Section 424(h) of the Code) of such Option to such Participant, or (b) one (1) year after the date of transfer of such Shares to such Participant. 

ARTICLE 8. 
 RESTRICTED
STOCK 
 8.1 Award of Restricted Stock. 

(a) The Administrator is authorized to grant Restricted Stock to Eligible Individuals, and shall determine the terms and conditions, including
the restrictions applicable to each award of Restricted Stock, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Stock as it deems appropriate. 

(b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however,
that if a purchase price is charged, such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable Law. In all cases, legal consideration shall be required for each issuance of
Restricted Stock to the extent required by Applicable Law. 
 8.2 Rights as Stockholders. Subject to Section 8.4 hereof, upon
issuance of Restricted Stock, the Participant shall have, unless otherwise provided by the Administrator, all the rights of a stockholder with respect to said shares, subject to the restrictions in an applicable Program or in the applicable Award
Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; provided, however, that, in the sole discretion of the Administrator, any extraordinary distributions with respect
to the shares shall be subject to the restrictions set forth in Section 8.3 hereof. 
 8.3 Restrictions. All shares of
Restricted Stock (including any shares received by Participants thereof with respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of recapitalization) shall, in the terms of an applicable Program or
the applicable Award Agreement, be subject to such restrictions and vesting requirements as the Administrator shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such
restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Participant’s continued
employment, directorship or consultancy with the Company, the Performance Criteria, Company or Affiliate performance, individual performance or other criteria selected by the Administrator. By action taken after the Restricted Stock is issued, the
Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Stock by removing any or all of the restrictions imposed by the terms of any Program or by the applicable Award
Agreement. Restricted Stock may not be sold or encumbered until all restrictions are terminated or expire. 

  
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 8.4 Repurchase or Forfeiture of Restricted Stock. If no purchase price was paid by the
Participant for the Restricted Stock, upon a Termination of Service, the Participant’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such Restricted Stock shall be surrendered to the Company and cancelled
without consideration. If a purchase price was paid by the Participant for the Restricted Stock, upon a Termination of Service the Company shall have the right to repurchase from the Participant the unvested Restricted Stock then-subject to
restrictions at a cash price per share equal to the price paid by the Participant for such Restricted Stock or such other amount as may be specified in an applicable Program or the applicable Award Agreement. The Administrator in its sole discretion
may provide that, upon certain events, including without limitation a Change in Control, the Participant’s death, retirement or disability, any other specified Termination of Service or any other event, the Participant’s rights in unvested
Restricted Stock shall not terminate, such Restricted Stock shall vest and cease to be forfeitable and, if applicable, the Company shall cease to have a right of repurchase. 

8.5 Certificates for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the
Administrator shall determine. Certificates or book entries evidencing shares of Restricted Stock must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, in
its sole discretion, retain physical possession of any stock certificate until such time as all applicable restrictions lapse. 
 ARTICLE
9. 
 PERFORMANCE AWARDS; DIVIDEND EQUIVALENTS; STOCK PAYMENTS; 

RESTRICTED STOCK UNITS; PERFORMANCE SHARES; OTHER INCENTIVE 

AWARDS; LTIP UNITS 
 9.1
Performance Awards. 
 (a) The Administrator is authorized to grant Performance Awards to any Eligible Individual and to determine
whether such Performance Awards shall be Performance-Based Compensation. The value of Performance Awards may be linked to any one or more of the Performance Criteria or other specific criteria determined by the Administrator, in each case on a
specified date or dates or over any period or periods determined by the Administrator. 
 (b) Without limiting Section 9.1(a) hereof,
the Administrator may grant Performance Awards to any Eligible Individual in the form of a cash bonus payable upon the attainment of objective Performance Goals, or such other criteria, whether or not objective, which are established by the
Administrator, in each case on a specified date or dates or over any period or periods determined by the Administrator. Any such bonuses paid to a Participant which are intended to be Performance-Based Compensation shall be based upon objectively
determinable bonus formulas established in accordance with the provisions of Article 5 hereof. 

  
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 9.2 Dividend Equivalents. 

(a) Subject to Section 9.2(b) hereof, Dividend Equivalents may be granted by the Administrator, either alone or in tandem with another
Award, based on dividends declared on the Common Stock, to be credited as of dividend payment dates during the period between the date the Dividend Equivalents are granted to a Participant and the date such Dividend Equivalents terminate or expire,
as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Administrator. In addition, Dividend
Equivalents with respect to Shares covered by a Performance Award shall only be paid out to the Participant at the same time or times and to the same extent that the vesting conditions, if any, are subsequently satisfied and the Performance Award
vests with respect to such Shares. 
 (b) Notwithstanding the foregoing, no Dividend Equivalents shall be payable with respect to Options or
Stock Appreciation Rights. 
 9.3 Stock Payments. The Administrator is authorized to make one or more Stock Payments to any Eligible
Individual. The number or value of Shares of any Stock Payment shall be determined by the Administrator and may be based upon one or more Performance Criteria or any other specific criteria, including service to the Company or any Affiliate,
determined by the Administrator. Stock Payments may, but are not required to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual. 

9.4 Restricted Stock Units. The Administrator is authorized to grant Restricted Stock Units to any Eligible Individual. The number and
terms and conditions of Restricted Stock Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such
conditions to vesting as it deems appropriate, including conditions based on one or more Performance Criteria or other specific criteria, including service to the Company or any Affiliate, in each case, on a specified date or dates or over any
period or periods, as determined by the Administrator. The Administrator shall specify, or permit the Participant to elect, the conditions and dates upon which the Shares underlying the Restricted Stock Units shall be issued, which dates shall not
be earlier than the date as of which the Restricted Stock Units vest and become nonforfeitable and which conditions and dates shall be consistent with the applicable provisions of Section 409A of the Code or an exemption therefrom. On the
distribution dates, the Company shall issue to the Participant one unrestricted, fully transferable Share (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted Stock Unit. 

9.5 Performance Share Awards. Any Eligible Individual selected by the Administrator may be granted one or more Performance Share awards
which shall be denominated in a number of Shares and the vesting of which may be linked to any one or more of the Performance Criteria, other specific performance criteria (in each case on a specified date or dates or over any period or periods
determined by the Administrator) and/or time-vesting or other criteria, as determined by the Administrator. 

  
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 9.6 Other Incentive Awards. The Administrator is authorized to grant Other Incentive
Awards to any Eligible Individual, which Awards may cover Shares or the right to purchase Shares or have a value derived from the value of, or an exercise or conversion privilege at a price related to, or that are otherwise payable in or based on,
Shares, shareholder value or shareholder return, in each case, on a specified date or dates or over any period or periods determined by the Administrator. Other Incentive Awards may be linked to any one or more of the Performance Criteria or other
specific performance criteria determined appropriate by the Administrator. 
 9.7 LTIP Units. The Administrator is authorized to
grant LTIP Units in such amount and subject to such terms and conditions as may be determined by the Administrator; provided, however, that LTIP Units may only be issued to a Participant for the performance of services to or for
the benefit of the Partnership (a) in the Participant’s capacity as a partner of the Partnership, (b) in anticipation of the Participant becoming a partner of the Partnership, or (c) as otherwise determined by the Administrator,
provided that the LTIP Units are intended to constitute “profits interests” within the meaning of the Code, including, to the extent applicable, Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B.
191. The Administrator shall specify the conditions and dates upon which the LTIP Units shall vest and become nonforfeitable. LTIP Units shall be subject to the terms and conditions of the Partnership Agreement and such other restrictions, including
restrictions on transferability, as the Administrator may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Administrator determines at the
time of the grant of the Award or thereafter. 
 9.8 Other Terms and Conditions. All applicable terms and conditions of each Award
described in this Article 9, including without limitation, as applicable, the term, vesting conditions and exercise/purchase price applicable to the Award, shall be set by the Administrator in its sole discretion, provided, however,
that the value of the consideration paid by a Participant for an Award shall not be less than the par value of a Share, unless otherwise permitted by Applicable Law. 

9.9 Exercise upon Termination of Service. Awards described in this Article 9 are exercisable or distributable, as applicable, only
while the Participant is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion may provide that such Award may be exercised or distributed subsequent to a Termination of Service as provided under an
applicable Program, Award Agreement, payment deferral election and/or in certain events, including without limitation, a Change in Control, the Participant’s death, retirement or disability or any other specified Termination of Service. 

  
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 ARTICLE 10. 

STOCK APPRECIATION RIGHTS 

10.1 Grant of Stock Appreciation Rights. 

(a) The Administrator is authorized to grant Stock Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on
such terms and conditions as it may determine consistent with the Plan. 
 (b) A Stock Appreciation Right shall entitle the Participant (or
other person entitled to exercise the Stock Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Stock Appreciation Right (to the extent then-exercisable pursuant to its terms) and to receive from the Company an
amount determined by multiplying the difference obtained by subtracting the exercise price per Share of the Stock Appreciation Right from the Fair Market Value on the date of exercise of the Stock Appreciation Right by the number of Shares with
respect to which the Stock Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose. Except as described in Section 10.1(c) hereof, the exercise price per Share subject to each Stock Appreciation
Right shall be set by the Administrator, but shall not be less than one hundred percent (100%) of the Fair Market Value on the date the Stock Appreciation Right is granted. 

(c) Notwithstanding the foregoing provisions of Section 10.1(b) hereof to the contrary, in the case of a Stock Appreciation Right that is
a Substitute Award, the price per share of the shares subject to such Stock Appreciation Right may be less than 100% of the Fair Market Value per share on the date of grant; provided, however, that the exercise price of any Substitute
Award shall be determined in accordance with the applicable requirements of Sections 424 and 409A of the Code. 
 10.2 Stock Appreciation
Right Vesting. 
 (a) The Administrator shall determine the period during which the Participant shall vest in a Stock Appreciation Right
and have the right to exercise such Stock Appreciation Rights (subject to Section 10.4 hereof) in whole or in part. Such vesting may be based on service with the Company or any Affiliate, any of the Performance Criteria or any other criteria
selected by the Administrator. At any time after grant of a Stock Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which the Stock Appreciation
Right vests. 
 (b) No portion of a Stock Appreciation Right which is unexercisable at Termination of Service shall thereafter become
exercisable, except as may be otherwise provided by the Administrator either in an applicable Program or Award Agreement or by action of the Administrator following the grant of the Stock Appreciation Right. 

10.3 Manner of Exercise. All or a portion of an exercisable Stock Appreciation Right shall be deemed exercised upon delivery of all of
the following to the stock administrator of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Stock Appreciation
Right, or a portion thereof, is exercised. The notice shall be signed by the Participant or other person then-entitled to exercise the Stock Appreciation Right or such portion of the Stock Appreciation Right; 

  
 20 

 (b) Such representations and documents as the Administrator, in its sole discretion, deems
necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional
actions it deems appropriate to effect such compliance; 
 (c) In the event that the Stock Appreciation Right shall be exercised pursuant to
this Section 10.3 by any person or persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Stock Appreciation Right; and 

(d) Full payment of the applicable withholding taxes for the Shares with respect to which the Stock Appreciation Rights, or portion thereof,
are exercised, in a manner permitted by the Administrator in accordance with Sections 11.1 and 11.2 hereof. 
 10.4 Stock Appreciation
Right Term. The term of each Stock Appreciation Right shall be set by the Administrator in its sole discretion; provided, however, that the term shall not be more than ten (10) years from the date the Stock Appreciation Right
is granted. The Administrator shall determine the time period, including the time period following a Termination of Service, during which the Participant has the right to exercise the vested Stock Appreciation Rights, which time period may not
extend beyond the expiration date of the Stock Appreciation Right term. Except as limited by the requirements of Section 409A of the Code, the Administrator may extend the term of any outstanding Stock Appreciation Right, and may extend the
time period during which vested Stock Appreciation Rights may be exercised, in connection with any Termination of Service of the Participant, and may amend any other term or condition of such Stock Appreciation Right relating to such a Termination
of Service. 
 ARTICLE 11. 

ADDITIONAL TERMS OF AWARDS 

11.1 Payment. The Administrator shall determine the methods by which payments by any Participant with respect to any Awards granted
under the Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) held for such period of
time as may be required by the Administrator in order to avoid adverse accounting consequences, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) delivery of a written or electronic
notice that the Participant has placed a market sell order with a broker with respect to Shares then-issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to
the Company in satisfaction of the aggregate payments required; provided, however, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable
to the Administrator. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a Director
or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to
such payment with a loan from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act. 

  
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 11.2 Tax Withholding. The Company and its Affiliates shall have the authority and the
right to deduct or withhold, or require a Participant to remit to the Company or an Affiliate, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s social security, Medicare and any other
employment tax obligation) required by law to be withheld with respect to any taxable event concerning a Participant arising in connection with any Award. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement
allow a Participant to satisfy such obligations by any payment means described in Section 11.1 hereof, including without limitation, by allowing such Participant to elect to have the Company or an Affiliate withhold Shares otherwise issuable
under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase no greater than 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. The Administrator shall
determine the fair market value of the Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of
Shares to pay the Option or Stock Appreciation Right exercise price or any tax withholding obligation. 
 11.3 Transferability of
Awards. 
 (a) Except as otherwise provided in Section 11.3(b) or (c) hereof: 

(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and
distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed; 

(ii) No Award or interest or right therein shall be subject to the debts, contracts or engagements of the Participant or his successors in
interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy,
attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have
lapsed, and any attempted disposition of an Award prior to the satisfaction of these conditions shall be null and void and of no effect, except to the extent that such disposition is permitted by clause (i) of this provision; and 

(iii) During the lifetime of the Participant, only the Participant may exercise an Award (or any portion thereof) granted to him under the
Plan, unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Program or Award
Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Participant’s will or under the then-applicable laws of descent and distribution. 

  
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 (b) Notwithstanding Section 11.3(a) hereof, the Administrator, in its sole discretion, may
determine to permit a Participant or a Permitted Transferee of such Participant to transfer an Award other than an Incentive Stock Option (unless such Incentive Stock Option is to become a Non-Qualified Stock Option) to any one or more Permitted
Transferees of such Participant, subject to the following terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted Transferee (other than to another Permitted Transferee
of the applicable Participant) other than by will or the laws of descent and distribution; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the
original Participant (other than the ability to further transfer the Award); and (iii) the Participant (or transferring Permitted Transferee) and the Permitted Transferee shall execute any and all documents requested by the Administrator,
including without limitation, documents to (A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws and
(C) evidence the transfer. In addition, and further notwithstanding Section 11.3(a) hereof, the Administrator, in its sole discretion, may determine to permit a Participant to transfer Incentive Stock Options to a trust that constitutes a
Permitted Transferee if, under Section 671 of the Code and applicable state law, the Participant is considered the sole beneficial owner of the Incentive Stock Option while it is held in the trust. 

(c) Notwithstanding Section 11.3(a) hereof, a Participant may, in the manner determined by the Administrator, designate a beneficiary to
exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is
subject to all terms and conditions of the Plan and any Program or Award Agreement applicable to the Participant, except to the extent the Plan, the Program and the Award Agreement otherwise provide, and to any additional restrictions deemed
necessary or appropriate by the Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under Applicable Law and resides in a “community property” state, a designation of a person other than
the Participant’s spouse or domestic partner, as applicable, as his or her beneficiary with respect to more than fifty percent (50%) of the Participant’s interest in the Award shall not be effective without the prior written or
electronic consent of the Participant’s spouse or domestic partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of
descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is delivered to the Administrator prior to the Participant’s death. 

11.4 Conditions to Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, neither the Company nor its Affiliates shall be required to issue or deliver any
certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Administrator has 

  
 23 

 
determined, with advice of counsel, that the issuance of such Shares is in compliance with Applicable Law, and the Shares are covered by an effective registration statement or applicable
exemption from registration. In addition to the terms and conditions provided herein, the Administrator may require that a Participant make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems
advisable in order to comply with any such laws, regulations, or requirements. 
 (b) All Share certificates delivered pursuant to the Plan
and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with Applicable Law. The Administrator may place legends on any Share
certificate or book entry to reference restrictions applicable to the Shares. 
 (c) The Administrator shall have the right to require any
Participant to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

(d) No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of
fractional Shares or whether such fractional Shares shall be eliminated by rounding down. 
 (e) Notwithstanding any other provision of the
Plan, unless otherwise determined by the Administrator or required by Applicable Law, the Company and/or its Affiliates may, in lieu of delivering to any Participant certificates evidencing Shares issued in connection with any Award, record the
issuance of Shares in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
 11.5 Forfeiture
and Claw-Back Provisions. 
 (a) Pursuant to its general authority to determine the terms and conditions applicable to Awards under the
Plan, the Administrator shall have the right to provide, in the terms of Awards made under the Plan, or to require a Participant to agree by separate written or electronic instrument, that: (i) any proceeds, gains or other economic benefit
actually or constructively received by the Participant upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate and any
unexercised portion of the Award (whether or not vested) shall be forfeited, if (x) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, (y) the
Participant at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as further defined by the Administrator or (z) the
Participant incurs a Termination of Service for cause; and 
 (b) All Awards (including any proceeds, gains or other economic benefit
actually or constructively received by the Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award) shall be subject to the applicable provisions of any claw-back policy implemented by
the Company, whether implemented prior to or after the grant of such Award, including without limitation, any claw-back policy adopted to comply with the requirements of Applicable Law. 

  
 24 

 11.6 Prohibition on Repricing. Subject to Section 13.2 hereof, the Administrator
shall not, without the approval of the stockholders of the Company, (a) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per share, or (b) cancel any Option or Stock Appreciation Right in
exchange for cash or another Award when the Option or Stock Appreciation Right price per share exceeds the Fair Market Value of the underlying Shares. Subject to Section 13.2 hereof, the Administrator shall have the authority, without the
approval of the stockholders of the Company, to amend any outstanding award to increase the price per share or to cancel and replace an Award with the grant of an Award having a price per share that is greater than or equal to the price per share of
the original Award. 
 11.7 Cash Settlement. Without limiting the generality of any other provision of the Plan, the Administrator
may provide, in an Award Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination thereof. 

11.8 Leave of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder shall be suspended during any
unpaid leave of absence. A Participant shall not cease to be considered an Employee, Non-Employee Director or Consultant, as applicable, in the case of any (a) leave of absence approved by the Company, (b) transfer between locations of the
Company or between the Company and any of its Affiliates or any successor thereof, or (c) change in status (Employee to Director, Employee to Consultant, etc.), provided that such change does not affect the specific terms applying to the
Participant’s Award. 
 11.9 Terms May Vary Between Awards. The terms and conditions of each Award shall be determined by the
Administrator in its sole discretion and the Administrator shall have complete flexibility to provide for varied terms and conditions as between any Awards, whether of the same or different Award type and/or whether granted to the same or different
Participants (in all cases, subject to the terms and conditions of the Plan). 
 ARTICLE 12. 

ADMINISTRATION 
 12.1
Administrator. Unless the Board has otherwise theretofore delegated the administration of the Plan to a Committee as set forth herein, prior to the Public Trading Date, the Board shall administer the Plan. Effective as of the Public Trading
Date, the Committee (or another committee or a subcommittee of the Board assuming the functions of the Committee under the Plan) shall administer the Plan (except as otherwise permitted herein) and, unless otherwise determined by the Board, shall
consist solely of two or more Non-Employee Directors appointed by and holding office at the pleasure 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, an
“outside director” for purposes of Section 162(m) of the Code and an “independent director” under the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded, in each
case, to the extent required under such provision; provided, however, that any action taken by the Committee shall be valid and effective, whether or not members of the 

  
 25 

 
Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 12.l or otherwise provided in the Company’s
charter or Bylaws or any charter of the Committee. Except as may otherwise be provided in any charter of the Committee, appointment of Committee members shall be effective upon acceptance of appointment, Committee members may resign at any time by
delivering written or electronic notice to the Board, and vacancies in the Committee may only be filled by the Board. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general
administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 12.6 hereof. 

12.2 Duties and Powers of Administrator. It shall be the duty of the Administrator to conduct the general administration of the Plan in
accordance with its provisions. The Administrator shall have the power to interpret the Plan and all Programs and Award Agreements, and to adopt such rules for the administration, interpretation and application of the Plan and any Program as are not
inconsistent with the Plan, to interpret, amend or revoke any such rules and to amend any Program or Award Agreement provided that the rights or obligations of the holder of the Award that is the subject of any such Program or Award Agreement are
not affected adversely by such amendment, unless the consent of the Participant is obtained or such amendment is otherwise permitted under Section 13.13 hereof. Any such grant or award under the Plan need not be the same with respect to each
Participant. Any such interpretations and rules with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and
all rights and duties of the Committee under the Plan except with respect to matters which under Rule 16b-3 under the Exchange Act, Section 162(m) of the Code, or the rules of any securities exchange or
automated quotation system on which the Shares are listed, quoted or traded are required to be determined in the sole discretion of the Committee. 

12.3 Action by the Committee. Unless otherwise established by the Board, in the Company’s charter or Bylaws or in any charter of
the Committee or as required by Applicable Law or, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of
the Committee in lieu of a meeting, shall be deemed the acts of the Committee. To the greatest extend permitted by Applicable Law, each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished
to that member by any officer or other employee of the Company or any Affiliate, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the
administration of the Plan. 
 12.4 Authority of Administrator. Subject to any specific designation in the Plan and Applicable Law,
the Administrator has the exclusive power, authority and sole discretion to: 
 (a) Designate Eligible Individuals to receive Awards; 

(b) Determine the type or types of Awards to be granted to each Eligible Individual; 

  
 26 

 (c) Determine the number of Awards to be granted and the number of Shares to which an Award will
relate; 
 (d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise
price, grant price, or purchase price, any performance criteria, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines; 

(e) Determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid
in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f) Prescribe the form of each
Award Agreement, which need not be identical for each Participant; 
 (g) Determine as between the Company, the Services Company, the
Partnership and any Subsidiary which entity will make payments with respect to an Award, consistent with applicable securities laws and other Applicable Law; 

(h) Decide all other matters that must be determined in connection with an Award; 

(i) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 

(j) Interpret the terms of, and any matter arising pursuant to, the Plan, any Program or any Award Agreement; and 

(k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable
to administer the Plan. 
 12.5 Decisions Binding. The Administrator’s interpretation of the Plan, any Awards granted pursuant
to the Plan, any Program, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

12.6 Delegation of Authority. To the extent permitted by Applicable Law, the Board or Committee may from time to time delegate to a
committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this Article 12; provided, however, that in no event shall
an officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange Act, (b) Covered Employees with respect to
Awards intended to constitute Performance-Based Compensation, or (c) officers of the Company (or Directors) to whom authority to grant or 

  
 27 

 
amend Awards has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under
Section 162(m) of the Code and other Applicable Law. Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the
authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 12.6 shall serve in such capacity at the pleasure of the Board and the Committee. 

ARTICLE 13. 

MISCELLANEOUS PROVISIONS 

13.1 Amendment, Suspension or Termination of the Plan. Except as otherwise provided in this Section 13.1, the Plan may be wholly
or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board. However, without approval of the Company’s stockholders given within twelve (12) months before or after the action by the
Administrator, no action of the Administrator may, except as provided in Section 13.2 hereof, (i) increase the Share Limit, (ii) reduce the price per share of any outstanding Option or Stock Appreciation Right granted under the Plan,
or (iii) cancel any Option or Stock Appreciation Right in exchange for cash or another Award in violation of Section 11.6 hereof. Except as provided in Section 13.13 hereof, no amendment, suspension or termination of the Plan shall,
without the consent of the Participant, impair any rights or obligations under any Award theretofore granted or awarded, unless the Award itself otherwise expressly so provides. Notwithstanding anything herein to the contrary, no ISO shall be
granted under the Plan after the tenth (10th) anniversary of the Effective Date. 

13.2 Changes in Common Stock or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate Events. 

(a) In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other
than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the Board may make equitable
adjustments, if any, to reflect such change with respect to (i) the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the Share Limit and Individual Award Limits); (ii) the
number and kind of Shares (or other securities or property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect
thereto); and/or (iv) the grant or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Performance-Based Compensation shall be made consistent with the requirements of
Section 162(m) of the Code unless otherwise determined by the Administrator. 
 (b) In the event of any transaction or event described
in Section 13.2(a) hereof or any unusual or nonrecurring transactions or events affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in Applicable Law or accounting principles, the
Board, in its sole discretion, and on such terms and conditions as it 

  
 28 

 
deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event, is hereby authorized to take any one or more of the following actions
whenever the Board determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate
such transactions or events or to give effect to such changes in laws, regulations or principles: 
 (i) To provide for either
(A) termination of any such Award in exchange for an amount of cash and/or other property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the
avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Section 13.2, the Board determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the
Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property selected by the Board in its sole discretion having an aggregate value not exceeding
the amount that could have been attained upon the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested; 

(ii) To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; 

(iii) To make adjustments in the number and type of securities subject to outstanding Awards and Awards which may be granted in the future
and/or in the terms, conditions and criteria included in such Awards (including the grant or exercise price, as applicable); 
 (iv) To
provide that such Award shall be exercisable or payable or fully vested with respect to all securities covered thereby, notwithstanding anything to the contrary in the Plan or an applicable Program or Award Agreement; and 

(v) To provide that the Award cannot vest, be exercised or become payable after such event. 

(c) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in Sections 13.2(a) and
13.2(b) hereof: 
 (i) The number and type of securities subject to each outstanding Award and the exercise price or grant price thereof, if
applicable, shall be equitably adjusted; and/or 
 (ii) The Board shall make such equitable adjustments, if any, as the Board in its
discretion may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments to the Share Limit and the Individual Award
Limits). 

  
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 The adjustments provided under this Section 13.2(c) shall be nondiscretionary and shall be
final and binding on the affected Participant and the Company. 
 (d) Except as may otherwise be provided in any applicable Award Agreement
or other written agreement entered into between the Company (or an Affiliate) and a Participant, if a Change in Control occurs and a Participant’s outstanding Awards are not continued, converted, assumed, or replaced by the surviving or
successor entity in such Change in Control, then immediately prior to the Change in Control such outstanding Awards, to the extent not continued, converted, assumed, or replaced, shall become fully vested and, as applicable, exercisable and shall be
deemed exercised immediately prior to the consummation of such transaction, and all forfeiture, repurchase and other restrictions on such Awards shall lapse immediately prior to such transaction. If an Award vests and, as applicable, is exercised in
lieu of continuation, conversion, assumption or replacement in connection with a Change in Control, the Administrator shall notify the Participant of such vesting and any applicable deemed exercise, and the Award shall terminate upon the Change in
Control. Upon, or in anticipation of, a Change in Control, the Administrator may cause any and all Awards outstanding hereunder to terminate at a specific time in the future, including but not limited to the date of such Change in Control, and shall
give each Participant the right to exercise such Awards during a period of time as the Administrator, in its sole and absolute discretion, shall determine. For the avoidance of doubt, if the value of an Award that is terminated in connection with
this Section 13.2(d) is zero or negative at the time of such Change in Control, such Award shall be terminated upon the Change in Control without payment of consideration therefor. 

(e) The Administrator may, in its sole discretion, include such further provisions and limitations in any Award, agreement or certificate, as
it may deem equitable and in the best interests of the Company that are not inconsistent with the provisions of the Plan. 
 (f) With
respect to Awards which are granted to Covered Employees and are intended to qualify as Performance-Based Compensation, no adjustment or action described in this Section 13.2 or in any other provision of the Plan shall be authorized to the
extent that such adjustment or action would cause such Award to fail to so qualify as Performance-Based Compensation, unless the Administrator determines that the Award should not so qualify. No adjustment or action described in this
Section 13.2 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Plan to violate Section 422(b)(1) of the Code. Furthermore, no such adjustment or action shall be
authorized with respect to any Award to the extent such adjustment or action would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act unless the
Administrator determines that the Award is not to comply with such exemptive conditions. 
 (g) The existence of the Plan, any Program, any
Award Agreement and/or any Award granted hereunder shall not affect or restrict in any way the right or power of the Company, the stockholders of the Company or any Affiliate to make or authorize any adjustment, recapitalization, reorganization or
other change in the Company’s or such Affiliate’s capital structure or its business, any merger or consolidation of the Company or any Affiliate, any issue of stock or of options, warrants or rights to purchase stock or of bonds,
debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock, the 

  
 30 

 
securities of any Affiliate or the rights thereof or which are convertible into or exchangeable for Common Stock or securities of any Affiliate, or the dissolution or liquidation of the Company
or any Affiliate, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

(h) No action shall be taken under this Section 13.2 which shall cause an Award to fail to comply with Section 409A of the Code or
an exemption therefrom, in either case, to the extent applicable to such Award, unless the Administrator determines any such adjustments to be appropriate. 

(i) In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution
(other than normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares or the share price of the Common Stock including any Equity Restructuring, for reasons of administrative convenience, the Company in its
sole discretion may refuse to permit the exercise of any Award during a period of thirty (30) days prior to the consummation of any such transaction. 

13.3 Approval of Plan by Stockholders. The Plan shall be submitted for the approval of the Company’s stockholders within twelve
(12) months after the date of the Board’s initial adoption of the Plan. Awards may be granted or awarded prior to such stockholder approval, provided, however, that such Awards shall not be exercisable, shall not vest and the
restrictions thereon shall not lapse and no Shares shall be issued pursuant thereto prior to the time when the Plan is approved by the Company’s stockholders, and provided, further, that if such approval has not been obtained at
the end of such twelve (12)-month period, all such Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void. 

13.4 No Stockholders Rights. Except as otherwise provided herein or in an applicable Program or Award Agreement, a Participant shall
have none of the rights of a stockholder with respect to Shares covered by any Award until the Participant becomes the record owner of such Shares. 

13.5 Paperless Administration. In the event that the Company establishes, for itself or using the services of a third party, an
automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may be permitted
through the use of such an automated system. 
 13.6 Section 83(b) Election. No Participant may make an election under
Section 83(b) of the Code with respect to any Award under the Plan without the consent of the Administrator, which the Administrator may grant (prospectively or retroactively) or withhold in its sole discretion. If, with the consent of the
Administrator, a Participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Participant
would otherwise be taxable under Section 83(a) of the Code, the Participant shall be required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service. 

  
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 13.7 Grant of Awards to Certain Employees or Consultants. The Company, the Services
Company, the Partnership or any Subsidiary may provide through the establishment of a formal written policy (which shall be deemed a part of this Plan) or otherwise for the method by which Shares or other securities of the Company or the Partnership
may be issued and by which such Shares or other securities and/or payment therefor may be exchanged or contributed among such entities, or may be returned upon any forfeiture of Shares or other securities by the Participant. 

13.8 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: 

(a) to the extent that the grant, vesting, exercise or settlement of such Award could cause the Participant or any other person to be in
violation of the Common Stock Ownership Limit or the Aggregate Stock Ownership Limit (each as defined in the Company’s charter, as amended from time to time) or any other provision of Section 6.2.1 of the Company’s charter; or 

(b) if, in the discretion of the Administrator, the grant, vesting, exercise or settlement of such award could impair the Company’s
status as a REIT. 
 13.9 Effect of Plan upon Other Compensation Plans. The adoption of the Plan shall not affect any other
compensation or incentive plans in effect for the Company or any Affiliate. Nothing in the Plan shall be construed to limit the right of the Company or any Affiliate: (a) to establish any other forms of incentives or compensation for Employees,
Directors or Consultants of the Company or any Affiliate or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or
assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, limited liability company, firm or association. 

13.10 Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan, the issuance and delivery of Shares and LTIP
Units and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Law and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel
for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances
and representations to the Company as the Company may deem necessary or desirable to assure compliance with all Applicable Law. To the extent permitted by Applicable Law, the Plan and Awards granted or awarded hereunder shall be deemed amended to
the extent necessary to conform to such Applicable Law. 
 13.11 Titles and Headings, References to Sections of the Code or Exchange
Act. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the
Exchange Act shall include any amendment or successor thereto. 

  
 32 

 13.12 Governing Law. The Plan and any Programs or Award Agreements hereunder shall be
administered, interpreted and enforced under the internal laws of the State of Maryland without regard to conflicts of laws thereof. 

13.13 Section 409A. To the extent that the Administrator determines that any Award granted under the Plan is subject to
Section 409A of the Code, the Plan, any applicable Program and the Award Agreement covering such Award shall be interpreted in accordance with Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, in the
event that, following the Effective Date, the Administrator determines that any Award may be subject to Section 409A of the Code, the Administrator may adopt such amendments to the Plan, any applicable Program and the Award Agreement or adopt
other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to avoid the imposition of taxes on the Award under
Section 409A of the Code, either through compliance with the requirements of Section 409A of the Code or with an available exemption therefrom. 

13.14 No Rights to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan,
and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Participants or any other persons uniformly. 

13.15 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to
any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate.

 13.16 Indemnification. To the extent allowable pursuant to Applicable Law and the Company’s charter and Bylaws, each member
of the Board and any officer or other employee to whom authority to administer any component of the Plan is delegated shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or
reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and
against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she gives the Company an opportunity, at its own expense, to
handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled
pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
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 13.17 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into
account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other
plan or an agreement thereunder. 
 13.18 Expenses. The expenses of administering the Plan shall be borne by the Company and its
Affiliates. 
 * * * * * 
 I hereby certify
that the foregoing Plan was duly adopted by the Board of Directors of Rexford Industrial Realty, Inc. on July 9, 2013. 
 * * * * * 

I hereby certify that the foregoing Plan was approved by the stockholders of Rexford Industrial Realty, Inc. on July 9, 2013. 

[SIGNATURE PAGE FOLLOWS] 

  
 34 

 Executed on this 24th day of July, 2013. 

 

	
	/s/ Michael Frankel
	Michael S. Frankel, Corporate Secretary

 [Signature Page to 2013 Incentive Award Plan] 

  
 35EX-10.6

 Exhibit 10.6 

TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of July 24, 2013, by and among Rexford Industrial
Realty, Inc., a Maryland corporation (the “REIT”), Rexford Industrial Realty, L.P., a Maryland limited partnership (the “Operating Partnership”), each Protected Partner identified as a signatory on Schedule
I, as amended from time to time, and each Guaranty Partner identified as a signatory on Schedule II, as amended from time to time. 

RECITALS 
 WHEREAS, the
REIT desires to consolidate the ownership of a portfolio of properties currently owned, directly or indirectly, by certain entities, as set forth in the Formation Transaction Documentation. 

WHEREAS, the Formation Transactions relate to the proposed offering of the common stock of the REIT, par value $.01 per share, following which
the REIT will operate as a self-administered and self-managed real estate investment trust within the meaning of Section 856 of the Code (as defined below); and 

WHEREAS, as a condition to engaging in the Formation Transactions, and as an inducement to do so, the parties hereto are entering into this
Agreement; 
 NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
 For
purposes of this Agreement the following terms shall apply: 
 Section 1.1 “50% Termination” has the meaning set forth
in Section 1.17. 
 Section 1.2 “Affiliate” means, with respect to any Person, any Person directly or
indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 Section 1.3 “Agreement” has the meaning set forth in the preamble. 

Section 1.4 “Approval of the Partners’ Representatives” means the written approval of at least two (2) of the
Partners’ Representatives with respect to any matter or transaction (for the avoidance of doubt, no vote in favor of any transaction by any of the Partners’ Representatives or any of their Affiliates in their capacity as owner shares of
the REIT or OP Units, shall constitute such approval). 

 Section 1.5 “Approved Liability” means: 

(a) A liability of the Operating Partnership (or of an entity whose separate existence from the Operating Partnership is disregarded for
Federal income tax purposes) with respect to which all of the following requirements are satisfied: 
 (i) the liability is secured by
real property or other assets (the “Collateral”) owned directly or indirectly by the Operating Partnership (or by an entity whose separate existence from the Operating Partnership is disregarded for Federal income tax purposes); 

(ii) on the date on which the Operating Partnership designated such liability as an Approved Liability, the outstanding principal amount
(and any accrued and unpaid interest) of the liability and any other Approved Liabilities secured by such Collateral at such time was no more than 70% of the fair market value (as reasonably determined in good faith by the Operating Partnership) of
the Collateral at such time, provided that if interest on such liability is not required to be paid at least annually or if the documents evidencing such liability permit the borrower to borrow additional amounts that are secured by the
Collateral, the outstanding principal amount of such liability shall include the maximum amount that could be so added to the principal amount of such liability without a default; 

(iii) the liability constitutes “qualified nonrecourse financing” as defined in Section 465(b)(6) of the Code with
respect to the Protected Partners (disregarding the guaranties by the Guaranty Partners); 
 (iv) no other person has executed any
guarantees with respect to such liability other than: (A) guarantees by the Guaranty Partners; (B) guarantees by Affiliates of the Operating Partnership, provided that each applicable Guaranty Partner indemnifies each such Affiliate
against any liability of such Affiliate (to the extent such liability does not exceed such Guaranty Partner’s Required Liability Amount) arising solely from the existence or performance of such guaranty; and (C) recourse carve out
guaranties (i.e., bad-boy guaranties); and 
 (v) the Collateral does not provide security for another liability (other than
another Approved Liability) that ranks senior to, or pari passu with, the liability described in clause (i) above. 
 For purposes of
determining whether clause (ii) has been satisfied in situations where one or more potential Approved Liabilities are secured by more than one item of Collateral, the Operating Partnership shall allocate such liabilities among such items of
Collateral in proportion to their relative fair market values (as reasonably determined in good faith by the Operating Partnership); 

  
 2 

 (b) A liability of the Operating Partnership that: 

(i) is not secured by any of the assets of the Operating Partnership and is a general, recourse obligation of the Operating Partnership; and

 (ii) is not provided by a lender that has an interest in the Operating Partnership or is related to the Operating Partnership
within the meaning of Section 465(b)(3)(C) or the Code; or 
 (c) Any other indebtedness approved by the Partners’
Representative (or his successor or designee) in his sole and absolute discretion. 
 Section 1.6 “Closing Date” has
the meaning assigned to it in the applicable Formation Transaction Documentation. 
 Section 1.7 “Code” means the
Internal Revenue Code of 1986, as amended. 
 Section 1.8 “Collateral” has the meaning set forth in the definition of
“Approved Liability.” 
 Section 1.9 “Debt Gross Up Amount” has the meaning set forth in definition
of “Make Whole Amount.” 
 Section 1.10 “Debt Notification Event” means, with respect to an Approved
Liability, any transaction in which such liability shall be refinanced, otherwise repaid (excluding for this purpose, scheduled payments of principal occurring prior to the maturity date of such liability), or guaranteed by any of the REIT, the
Operating Partnership, or one or more of their Affiliates, or guaranteed by one or more partners of the Operating Partnership. 

Section 1.11 “Exchange” has the meaning set forth in Section 2.1(b). 

Section 1.12 “Formation Transaction Documentation” means all of the agreements, substantially in the forms accompanying
the Confidential Request for Consent dated February 22, 2013, pursuant to which the REIT or the Operating Partnership will acquire a portfolio of properties currently owned, directly or indirectly, by the entities set forth in such agreements.

 Section 1.13 “Formation Transactions” means the acquisition of a portfolio of properties pursuant to the Formation
Transaction Documentation. 
 Section 1.14 “Fundamental Transaction” means a merger, consolidation or other
combination of the Operating Partnership with or into any other entity, a transfer of all or substantially all of the assets of the Operating Partnership, any reclassification, recapitalization or change of the outstanding equity interests of the
Operating Partnership, or a conversion of the Operating Partnership into another form of entity. 
 Section 1.15 “Gross Up
Amount” has the meaning set forth in definition of “Make Whole Amount.” 

  
 3 

 Section 1.16 “Guaranteed Liability” means any Approved Liability that is
guaranteed, in whole or in part, by one or more Guaranty Partners in accordance with this Agreement. 
 Section 1.17 “Guaranty
Indemnification Period” means the period commencing on the Closing Date and ending on the twelfth (12th) anniversary of the Closing Date; provided, however, that such period shall
end with respect to any Guaranty Partner to the extent that such Partner owns less than fifty percent (50%) of the OP Units originally received by the Protected Partner or Guaranty Partner in the Formation Transactions, disregarding the sale,
exchange or other disposition of any such OP Units sold, exchanged or otherwise disposed of by the Protected Partner or Guaranty Partner in a Permitted Disposition (such an event, a “50% Termination”). 

Section 1.18 “Guaranty Partner” means: (i) each signatory on Schedule II attached hereto, as amended from
time to time; (ii) any person who holds OP Units and who acquired such OP Units from another Guaranty Partner in a transaction in which such person’s adjusted basis in such OP Units, as determined for Federal income tax purposes, is
determined, in whole or in part, by reference to the adjusted basis of the other Guaranty Partner in such OP Units; and (iii) with respect to a Guaranty Partner that is Pass Through Entity, and solely for purposes of computing the amount to be
paid under Section 2.4 with respect to such Guaranty Partner, any person who (y) holds an interest in such Guaranty Partner, either directly or through one or more Pass Through Entities, and (z) is required to include all or a
portion of the income of such Guaranty Partner in its own gross income. 
 Section 1.19 “Guaranty Opportunity” has the
meaning set forth in Section 2.4(b). 
 Section 1.20 “Make Whole Amount” means: 

(a) with respect to any Protected Partner that recognizes gain under Section 704(c) of the Code as a result of an Property
Indemnification Period Transfer, the sum of (i) the product of (x) the income and gain recognized by such Protected Partner under Section 704(c) of the Code in respect of such Property Indemnification Period Transfer
(taking into account any adjustments under Section 743 of the Code to which such Protected Partner is entitled) multiplied by (y) the Make Whole Tax Rate, plus (ii) an amount equal to the combined Federal, applicable
state and local income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by such Protected Partner of a payment under Section 2.2 (the “Gross Up Amount”);
provided, however, that the Gross Up Amount shall be computed without regard to any losses, credit, or other tax attributes that such Protected Partner might have that would reduce its actual tax liability; and 

(b) with respect to any Guaranty Partner that recognizes gain as a result of a breach by the Operating Partnership of the provisions of
Section 2.4 hereof, the sum of (i) the product of (x) the income and gain recognized by such Guaranty Partner by reason of such breach, multiplied by (y) the Make Whole Tax Rate, plus
(ii) an amount equal to the combined Federal, applicable state and local income taxes (calculated using the Make Whole Tax Rate) imposed on such Guaranty Partner as a result of the receipt by such Guaranty Partner of a payment under
Section 2.4 (the “Debt Gross Up Amount”); provided, however, that the Debt Gross Up Amount shall be computed without regard to any losses, credit, or other tax attributes that such Guaranty Partner might have that
would reduce its actual tax liability. 

  
 4 

 For purposes of calculating the amount of Section 704(c) gain that is allocated to a Protected Partner,
(i) subject to clause (ii) below, any “reverse Section 704(c) gain” allocated to such Protected Partner pursuant to Treasury Regulations § 1.704-3(a)(6) shall not be taken into account, and (ii) if, as a result of
adjustments to the Gross Asset Value (as defined in the OP Agreement) of the Protected Properties pursuant to clause (b) of the definition of Gross Asset Value as set forth in the OP Agreement, all or a portion of the gain recognized by the
Operating Partnership that would have been Section 704(c) gain without regard to such adjustments becomes or is treated as “reverse Section 704(c) gain” or Section 704(b) gain under Section 704 of the Code, then such
gain shall continue to be treated as Section 704(c) gain; provided that the total amount of 704(c) gain and income taken into account for purpose of calculating the Make Whole Amount shall not exceed the initial Section 704(c) gain
amount as of the Closing Date (whether or not equal to the estimated amount set forth on Exhibit B). 
 Section 1.21
“Make Whole Tax Rate” means, with respect to a Protected Partner who is entitled to receive a payment under Section 2.2 and with respect to a Guaranty Partner who is entitled to receive payment under
Section 2.4, the highest combined statutory Federal, state and local tax rate in respect of the income or gain that gave rise to such payment, taking into account the character of the income and gain in the hands of such Protected
Partner or Guaranty Partner, as applicable (reduced, in the case of Federal taxes, by the deduction allowed for income taxes paid to a state or locality), for the taxable year in which the event that gave rise to such payment under
Section 2.2 or Section 2.4 occurred. Notwithstanding the foregoing, if a Protected Partner or Guaranty Partner demonstrates to the reasonable satisfaction of the Operating Partnership that such Protected Partner or Guaranty
Partner, as applicable, is not entitled to a Federal income tax deduction for all or a portion of the income taxes paid to a state or locality, the Make Whole Tax Rate applicable to such Protected Partner or Guaranty Partner shall be reduced only by
the deduction, if any, the Protected Partner or Guaranty Partner is entitled to take for such taxes. 
 Section 1.22 “OP
Agreement” means the Agreement of Limited Partnership of Rexford Industrial Realty, L.P., as amended from time to time. 

Section 1.23 “OP Units” means common units of partnership interest in the Operating Partnership. 

Section 1.24 “Operating Partnership” has the meaning set forth in the preamble. 

Section 1.25 “Partners’ Representatives” means Richard Ziman, Howard Schwimmer, Michael Frankel and, in each case,
his executors, administrators or permitted assigns. 
 Section 1.26 “Pass Through Entity” means a partnership, grantor
trust, or S corporation for Federal income tax purposes. 

  
 5 

 Section 1.27 “Permitted Disposition” means a sale, exchange or other
disposition of OP Units (i) by a Protected Partner or Guaranty Partner: (a) to such Protected Partner’s or Guaranty Partner’s children, spouse or issue; (b) to a trust for such Protected Partner or Guaranty Partner or such
Protected Partner’s or Guaranty Partner’s children, spouse or issue; (c) in the case of a trust which is a Protected Partner or Guaranty Partner, to its beneficiaries, or any of them, whether current or remainder beneficiaries;
(d) to a revocable inter vivos trust of which such Protected Partner or Guaranty Partner is a trustee; (e) in the case of any partnership or limited liability company which is a Protected Partner or Guaranty Partner, to its partners
or members; and/or (f) in the case of any corporation which is a Protected Partner or Guaranty Partner, to its shareholders, and (ii) by a party described in clauses (a), (b), (c) or (d) to a partnership, limited liability
company or corporation of which the only partners, members or shareholders, as applicable, are parties described in clauses (a), (b), (c) or (d); provided, that for purposes of the definition of Property Indemnification Period and
Guaranty Indemnification Period, such Protected Partner or Guaranty Partner, as applicable, shall be treated as continuing to own any OP Units which were subject to a Permitted Disposition unless and until there has been a sale, exchange or other
disposition of such OP Units by a permitted transferee which is not another Permitted Disposition. 
 Section 1.28
“Person” means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or other entity. 

Section 1.29 “Property Indemnification Period” means the period commencing on the Closing Date and ending on the seventh
(7th) anniversary of the Closing Date; provided, however, that such period shall end with respect to any Protected Partner upon a 50% Termination with respect to such Protected Partner.

 Section 1.30 “Property Indemnification Period Transfer” has the meaning set forth in Section 2.1(a).

 Section 1.31 “Protected Partner” means: (i) each signatory on Schedule I attached hereto, as amended
from time to time; (ii) any person who holds OP Units and who acquired such OP Units from another Protected Partner in a transaction in which such person’s adjusted basis in such OP Units, as determined for Federal income tax purposes, is
determined, in whole or in part, by reference to the adjusted basis of the other Protected Partner in such OP Units; and (iii) with respect to a Protected Partner that is Pass Through Entity, and solely for purposes of computing the amount to
be paid under Section 2.2 with respect to such Protected Partner, any person who (y) holds an interest in such Protected Partner, either directly or through one or more Pass Through Entities, and (z) is required to include all
or a portion of the income of such Protected Partner in its own gross income. 
 Section 1.32 “Protected Property”
means each property identified on Exhibit A hereto and each property acquired in Exchange for a Protected Property as set forth in Section 2.1(b). 

Section 1.33 “Required Liability Amount” means, with respect to each Guaranty Partner, 110% of such Guaranty
Partner’s “negative tax capital account” as of the Closing Date, a current estimate of which is set forth on Exhibit C hereto for each such Guaranty Partner. 

  
 6 

 Section 1.34 “REIT” has the meaning set forth in the preamble. 

Section 1.36 “Section 2.4 Notice” has the meaning set forth in Section 2.4(c). 

Section 1.37 “Transfer” means any direct or indirect sale, exchange, transfer or other disposition, whether voluntary or
involuntary. 
 Section 1.38 “Treasury Regulations” means the income tax regulations under the Code, whether such
regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

ARTICLE II 
 TAX
MATTERS 
 Section 2.1 Taxable Transfers. 

(a) Unless the Operating Partnership receives the Approval of the Partners’ Representatives with respect to a Property Indemnification
Period Transfer, during the Property Indemnification Period, the Operating Partnership shall indemnify the Protected Partners as set forth in Section 2.2 if the Operating Partnership or any entity in which the Operating Partnership holds
a direct or indirect interest shall cause or permit (i) any Transfer of all or any portion of a Protected Property (including any interest therein or in the entity owning, directly or indirectly, the Protected Property) in a transaction that
would result in the recognition of taxable income or gain by any Protected Partner under Section 704(c) of the Code, or (ii) any Fundamental Transaction that would result in the recognition of taxable income or gain to any Protected
Partner (such a Fundamental Transaction and such a Transfer, collectively a “Property Indemnification Period Transfer”). 

(b) Section 2.1(a) shall not apply to any Property Indemnification Period Transfer of a Protected Property (including any
interest therein or in the entity owning, directly or indirectly, the Protected Property): (i) in a transaction in which no gain is required to be recognized by a Protected Partner (an “Exchange”), including a transaction
qualifying under Section 1031 or Section 721 (or any successor statutes) of the Code; provided, however, that any property acquired by the Operating Partnership in the Exchange shall remain subject to the provisions of this
Article II in place of the exchanged Protected Property for the remainder of the Property Indemnification Period; (ii) as a result of the condemnation or other taking of any Protected Property by a governmental entity in an eminent
domain proceeding or otherwise, provided that the Operating Partnership shall use commercially reasonable efforts to structure such disposition as either a tax-free like-kind exchange under Section 1031 or a tax-free reinvestment of proceeds
under Section 1033, provided that in no event shall the Operating Partnership be obligated to acquire or invest in any property that it otherwise would not have acquired or invested in. 

(c) For any taxable Transfer of all or any portion of any property of the Operating Partnership which is not a Property Indemnification
Period Transfer, the Operating Partnership shall use commercially reasonable efforts to cooperate with the Limited Partners to minimize any taxes payable by the Limited Partners in connection with any such Transfers. 

  
 7 

 Section 2.2 Indemnification for Taxable Transfers. 

(a) In the event of a Property Indemnification Period Transfer described in Section 2.1(a), each Protected Partner shall, within
30 days after the closing of such Property Indemnification Period Transfer, receive from the Operating Partnership an amount of cash equal to the estimated Make Whole Amount applicable to such Property Indemnification Period Transfer. If it is later
determined that the true Make Whole Amount applicable to a Protected Partner exceeds the estimated Make Whole Amount applicable to such Protected Partner, then the Operating Partnership shall pay such excess to such Protected Partner within 90 days
after the closing of the Property Indemnification Period Transfer, and if such estimated Make Whole Amount exceeds the true Make Whole Amount, then such Protected Partner shall promptly refund such excess to the Operating Partnership, but only to
the extent such excess was actually received by such Protected Partner. 
 (b) Notwithstanding any provision of this Agreement to the
contrary, the sole and exclusive rights and remedies of any Protected Partner under Section 2.1(a) shall be a claim against the Operating Partnership for the Make Whole Amount as set forth in this Section 2.2, and no
Protected Partner shall be entitled to pursue a claim for specific performance of the covenants set forth in Section 2.1(a) or bring a claim against any person that acquires a Protected Property from the Operating Partnership in
violation of Section 2.1(a). 
 (c) For the avoidance of doubt, a vote in favor of a Property Indemnification Period Transfer
by a Protected Partner in its capacity as an owner of OP Units or shares of the REIT shall not constitute a waiver of such Protected Partner’s right to indemnification pursuant to this Section 2.2 as a result of such Property
Indemnification Period Transfer. 
 Section 2.3 Section 704(c) Gains. A good faith estimate of the initial amount of
Section 704(c) gain allocable to each Protected Partner as of the Closing Date of the Formation Transactions is set forth on Exhibit B hereto. The parties acknowledge that the initial amount of such Section 704(c) gain may be
adjusted over time as required by Section 704(c) of the Code and the Regulations promulgated thereunder. 
 Section 2.4
Approved Liability Maintenance and Allocation. 
 (a) During the Guaranty Indemnification Period, the Operating Partnership shall:
(i) maintain on a continuous basis an amount of Approved Liabilities at least equal to the Required Liability Amount; and (ii) provide the Partners’ Representatives, promptly upon request, with a description of the nature and amount
of any Approved Liabilities that are available to be guaranteed by the Guaranty Partners pursuant to Section 2.4(b) of this Agreement. For the avoidance of doubt, and notwithstanding any other provision of this Agreement, the Operating
Partnership shall not be required to maintain any amount of Approved Liabilities in excess of the aggregate Required Liability Amount of all Guaranty Partners. 

  
 8 

 (b) (i) During the Guaranty Indemnification Period, the Operating Partnership shall provide
each Guaranty Partner with the opportunity to execute a guaranty, substantially in the form attached hereto as Exhibit D or otherwise in a form and manner that receives the Approval of the Partners’ Representatives, of one or more
Approved Liabilities in an amount up to such Guaranty Partner’s Required Liability Amount (each such opportunity and each opportunity required by Section 2.4(c), a “Guaranty Opportunity”), and (ii) after the
Guaranty Indemnification Period, and for so long as a Guaranty Partner has not had a 50% Termination, the Operating Partnership shall use commercially reasonable efforts to make Guaranty Opportunities available to each Guaranty Partner, provided
that in the case of this clause (ii), the Operating Partnership shall not be required to incur any indebtedness that it would not otherwise have incurred, as determined by the Operating Partnership in its reasonable discretion; provided,
however, that in the case of clauses (i) and (ii) the aggregate amount of all guarantees required to be made available by the Operating Partnership for execution by all Guaranty Partners need not exceed the aggregate Required Liability
Amount of all Guaranty Partners. The Operating Partnership shall have the discretion to identify the Approved Liability or Approved Liabilities that shall be made available for guaranty by each Guaranty Partner. Each Guaranty Partner and its
indirect owners may allocate the Guaranty Opportunity afforded to such Guaranty Partner in any manner they choose. The Operating Partnership agrees to file its tax returns allocating any debt subject to a Guaranty to the applicable Guaranty
Partners. Each Guaranty Partner shall bear the costs incurred by it in connection with the execution of any guaranty to which it is a party. To the extent a Guaranty Partner executes a guaranty, the Operating Partnership shall deliver a copy of such
guaranty to the lender under the Guaranteed Liability promptly after receiving such copy from the relevant Guaranty Partner. 
 (c) During
the Guaranty Indemnification Period, the Operating Partnership shall not allow a Debt Notification Event to occur unless the Operating Partnership provides at least thirty (30) days’ written notice (a “Section 2.4 Notice”)
to each Guaranty Partner that may be affected thereby. The Section 2.4 Notice shall describe the Debt Notification Event and designate one or more Approved Liabilities that may be guaranteed by the Guaranty Partners pursuant to
Section 2.4(b) of this Agreement in an amount equal to the amount of the refinanced or repaid Approved Liability that was guaranteed by such Guaranty Partner immediately prior to the date of the Debt Notification Event. The
Section 2.4 Notice shall be deemed to have been provided when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy, facsimile, electronic mail or
commercial courier service) to the Guaranty Partner at the address set forth in the Register (as defined in the OP Agreement). Any Guaranty Partner that desires to execute a guaranty following the receipt of a Section 2.4 Notice shall provide
the Operating Partnership with notice thereof within ten (10) days after the date of the Section 2.4 Notice. 
 (d) Provided the
Operating Partnership satisfies its obligations under Section 2.4(a), (b) and (c) of this Agreement, the Operating Partnership shall have no liability to a Guaranty Partner under Section 2.4(e) for
breach of Section 2.4, whether or not such Guaranty Partner timely accepts its Guaranty Opportunity. Furthermore, the Operating Partnership makes no representation or warranty to any Guaranty Partner concerning the treatment or effect of
any guaranty under Federal, state, local, or foreign tax law, and bears no responsibility for any tax liability of any Guaranty Partner or Affiliate thereof that is attributable to a reallocation, by a taxing authority, of debt subject to a guaranty
(other than a reallocation that results from any act or omission taken by the Operating Partnership or one of its Affiliates in violation of this Section 2.4 or an act or omission that is indemnifiable under Section 2.4(e) of
this Agreement). 

  
 9 

 (e) If the Operating Partnership shall fail to comply with any provision of this
Section 2.4, the Operating Partnership shall pay, within thirty (30) days of such failure, a Make Whole Payment to each Guaranty Partner who recognizes income or gain as a result of such failure equal to the estimated Make Whole
Amount applicable to such failure. If it is determined that the true Make Whole Amount applicable to a Guaranty Partner exceeds the estimated Make Whole Amount applicable to such Guaranty Partner, then the Operating Partnership shall pay such excess
to such Guaranty Partner within thirty (30) days after the date of such determination, and if such estimated Make Whole Amount exceeds the true Make Whole Amount, then such Guaranty Partner shall pay such excess to the Operating Partnership
within thirty (30) days after the date of such determination, but only to the extent such excess was actually received by such Guaranty Partner. 

(f) Notwithstanding any provision of this Agreement to the contrary, the sole and exclusive rights and remedies of any Guaranty Partner for a
breach or violation of the covenants set forth in Section 2.4 shall be a claim a claim against the Operating Partnership for the Make Whole Amount as set forth in Section 2.4(e), and no Guaranty Partner shall be entitled to
pursue a claim for specific performance of the covenants set forth in Section 2.4. 
 Section 2.5 Dispute
Resolution. Any controversy, dispute, or claim of any nature arising out of, in connection with, or in relation to the interpretation, performance, enforcement or breach of this Agreement (and any closing document executed in connection
herewith) shall be governed by the dispute resolution provisions set forth in Section 6.08 of the Contribution Agreement, dated as of July 24, 2013, by and among the Operating Partnership, the REIT and the applicable entity in which the
Protected Partner or Guaranty Partner, as applicable, held an equity interest immediately prior to the Formation Transactions. 
 ARTICLE
III 
 GENERAL PROVISIONS 

Section 3.1 Notices. All notices, demands, declarations, consents, directions, approvals, instructions, requests and other
communications required or permitted by the terms of this Agreement shall be given in the same manner as in the OP Agreement. 

Section 3.2 Titles and Captions. All Article or Section titles or captions in this Agreement are for convenience only. They shall
not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles
and Sections of this Agreement. 
 Section 3.3 Pronouns and Plurals. Whenever the context may require, any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

  
 10 

 Section 3.4 Further Action. The parties shall execute and deliver all documents,
provide all information and take or refrain form taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 3.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs,
executors, administrators, successors, legal representatives and permitted assigns. 
 Section 3.6 Creditors. Other than as
expressly set forth herein, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Operating Partnership. 

Section 3.7 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty, agreement or condition. 

Section 3.8 Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one agreement
binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 

Section 3.9 Applicable Law. This Agreement shall be construed and enforced in accordance with and governed by the laws of the
State of California, without regard to the principles of conflicts of law. 
 Section 3.10 Invalidity of Provisions. If any
provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of other remaining provisions contained herein shall not be affected thereby. 

Section 3.11 Entire Agreement. This Agreement contains the entire understanding and agreement among the Partners with respect to
the subject matter hereof and amends, restates and supersedes the OP Agreement and any other prior written or oral understandings or agreements among them with respect thereto. 

Section 3.12 No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of
the OP Units any rights whatsoever as stockholders of the REIT, including, without limitation, any right to receive dividends or other distributions made to stockholders of the REIT or to vote or to consent or to receive notice as stockholders in
respect of any meeting of stockholders for the election of directors of the REIT or any other matter. 
 [Remainder of Page Left Blank
Intentionally] 

  
 11 

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

			
	REIT:
	
	 REXFORD INDUSTRIAL REALTY, INC.,
 a
Maryland corporation

		
	By:	 	/s/ Howard Schwimmer
		 	Name: Howard Schwimmer
		 	Title: Co-Chief Executive Officer

 
			
		
	By:	 	/s/ Michael S. Frankel
		 	Name: Michael S. Frankel
		 	Title: Co-Chief Executive Officer

  

			
	OPERATING PARTNERSHIP:
	
	 REXFORD INDUSTRIAL REALTY, L.P.,
 a
Maryland limited partnership

		
	By:	 	REXFORD INDUSTRIAL REALTY, INC.
a Maryland corporation, Its General Partner

 
					
			
		 	By:	 	/s/ Howard Schwimmer
		 		 	Name: Howard Schwimmer
		 		 	Title: Co-Chief Executive Officer

 
					
			
		 	By:	 	/s/ Michael S. Frankel
		 		 	Name: Michael S. Frankel
		 		 	Title: Co-Chief Executive Officer

 SIGNATURE PAGE TO TAX
MATTERS AGREEMENT 

 
			
	 PROTECTED PARTNERS LISTED ON

SCHEDULE I HERETO:

		
	By:	 	 Rexford Industrial Realty, Inc.,
 a Maryland
corporation
 as attorney-in-fact acting on behalf of the

Protected Partners named on Schedule I
 hereto

 
					
			
		 	By:	 	/s/ Howard Schwimmer
		 		 	Name: Howard Schwimmer
		 		 	Title: Co-Chief Executive Officer

 
					
			
		 	By:	 	/s/ Michael S. Frankel
		 		 	Name: Michael S. Frankel
		 		 	Title: Co-Chief Executive Officer

  

			
	 GUARANTY PARTNERS LISTED ON

SCHEDULE II HERETO:

		
	By:	 	 Rexford Industrial Realty, Inc.,
 a Maryland
corporation
 as attorney-in-fact acting on behalf of the Guaranty Partners named on Schedule II hereto

 
					
			
		 	By:	 	/s/ Howard Schwimmer
		 		 	Name: Howard Schwimmer
		 		 	Title: Co-Chief Executive Officer

 
					
			
		 	By:	 	/s/ Michael S. Frankel
		 		 	Name: Michael S. Frankel
		 		 	Title: Co-Chief Executive Officer

 SIGNATURE PAGE TO TAX
MATTERS AGREEMENT 

 SCHEDULE I 

PROTECTED PARTNERS 
 Protected Partner 1

 Protected Partner 2 
 Protected Partner 3 

Protected Partner 4 
 Protected Partner 5 

Protected Partner 6 
 Protected Partner 7 

Protected Partner 8 
 Protected Partner 9 

Protected Partner 10 
 Protected Partner 11 

Protected Partner 12 
 Protected Partner 13 

Protected Partner 14 
 Protected Partner 15 

Protected Partner 16 
 Protected Partner 17 

Protected Partner 18 
 Protected Partner 19 

Protected Partner 20 
 Protected Partner 21 

Protected Partner 22 
 Protected Partner 23 

Protected Partner 24 
 Protected Partner 25 

Protected Partner 26 
 Protected Partner 27 

Protected Partner 28 
 Protected Partner 29 

Protected Partner 30 
 Protected Partner 31 

Protected Partner 32 
 Protected Partner 33 

Protected Partner 34 
 Protected Partner 35 

Protected Partner 36 
 Protected Partner 37 

Protected Partner 38 
 Protected Partner 39 

Protected Partner 40 
 Protected Partner 41 

Protected Partner 42 

 Protected Partner 43 

Protected Partner 44 
 Protected Partner 45 

Protected Partner 46 
 Protected Partner 47 

Protected Partner 48 
 Protected Partner 49 

Protected Partner 50 
 Protected Partner 51 

Protected Partner 52 
 Protected Partner 53 

Protected Partner 54 
 Protected Partner 55 

Protected Partner 56 
 Protected Partner 57 

Protected Partner 58 
 Protected Partner 59 

Protected Partner 60 
 Protected Partner 61 

Protected Partner 62 
 Protected Partner 63 

Protected Partner 64 
 Protected Partner 65 

Protected Partner 66 
 Protected Partner 67 

Protected Partner 68 
 Protected Partner 69 

Protected Partner 70 
 Protected Partner 71 

Protected Partner 72 
 Protected Partner 73 

Protected Partner 74 
 Protected Partner 75 

Protected Partner 76 
 Protected Partner 77 

Protected Partner 78 
 Protected Partner 79 

Protected Partner 80 
 Protected Partner 81 

Protected Partner 82 
 Protected Partner 83 

Protected Partner 84 
 Protected Partner 85 

Protected Partner 86 

 Protected Partner 87 

Protected Partner 88 
 Protected Partner 89 

Protected Partner 90 
 Protected Partner 91 

Protected Partner 92 
 Protected Partner 93 

Protected Partner 94 
 Protected Partner 95 

Protected Partner 96 
 Protected Partner 97 

Protected Partner 98 
 Protected Partner 99 

Protected Partner 100 
 Protected Partner 101 

Protected Partner 102 
 Protected Partner 103 

Protected Partner 104 
 Protected Partner 105 

Protected Partner 106 
 Protected Partner 107 

Protected Partner 108 
 Protected Partner 109 

Protected Partner 110 
 Protected Partner 111 

Protected Partner 112 
 Protected Partner 113 

Protected Partner 114 
 Protected Partner 115 

Protected Partner 116 
 Protected Partner 117 

Protected Partner 118 
 Protected Partner 119 

Protected Partner 120 
 Protected Partner 121 

Protected Partner 122 
 Protected Partner 123 

Protected Partner 124 
 Protected Partner 125 

Protected Partner 126 
 Protected Partner 127 

Protected Partner 128 
 Protected Partner 129 

 Protected Partner 130 

Protected Partner 131 
 Protected Partner 132 

Protected Partner 133 
 Protected Partner 134 

Protected Partner 135 
 Protected Partner 136 

Protected Partner 137 
 Protected Partner 138 

Protected Partner 139 
 Protected Partner 140 

Protected Partner 141 
 Protected Partner 142 

Protected Partner 143 
 Protected Partner 144 

Protected Partner 145 
 Protected Partner 146 

Protected Partner 147 
 Protected Partner 148 

Protected Partner 149 
 Protected Partner 150 

Protected Partner 151 
 Protected Partner 152 

Protected Partner 153 
 Protected Partner 154 

Protected Partner 155 
 Protected Partner 156 

Protected Partner 157 
 Protected Partner 158 

Protected Partner 159 
 Protected Partner 160 

Protected Partner 161 
 Protected Partner 162 

Protected Partner 163 
 Protected Partner 164 

Protected Partner 165 
 Protected Partner 166 

Protected Partner 167 
 Protected Partner 168 

Protected Partner 169 
 Protected Partner 170 

Protected Partner 171 

 Protected Partner 172 

Protected Partner 173 
 Protected Partner 174 

Protected Partner 175 
 Protected Partner 176 

Protected Partner 177 
 Protected Partner 178 

Protected Partner 179 
 Protected Partner 180 

Protected Partner 181 
 Protected Partner 182 

Protected Partner 183 
 Protected Partner 184 

Protected Partner 185 
 Protected Partner 186 

Protected Partner 187 
 Protected Partner 188 

Protected Partner 189 
 Protected Partner 190 

Protected Partner 191 
 Protected Partner 192 

Protected Partner 193 
 Protected Partner 194 

Protected Partner 195 
 Protected Partner 196 

Protected Partner 197 
 Protected Partner 198 

Protected Partner 199 
 Protected Partner 200 

Protected Partner 201 
 Protected Partner 202 

 SCHEDULE II 

GUARANTY PARTNERS 
 Guaranty Partner 1 

Guaranty Partner 2 
 Guaranty Partner 3 

Guaranty Partner 4 
 Guaranty Partner 5 

Guaranty Partner 6 
 Guaranty Partner 7 

Guaranty Partner 8 
 Guaranty Partner 9 

Guaranty Partner 10 
 Guaranty Partner 11 

Guaranty Partner 12 
 Guaranty Partner 13 

Guaranty Partner 14 
 Guaranty Partner 15 

Guaranty Partner 16 
 Guaranty Partner 17 

Guaranty Partner 18 
 Guaranty Partner 19 

Guaranty Partner 20 
 Guaranty Partner 21 

Guaranty Partner 22 
 Guaranty Partner 23 

Guaranty Partner 24 
 Guaranty Partner 25 

Guaranty Partner 26 
 Guaranty Partner 27 

Guaranty Partner 28 
 Guaranty Partner 29 

Guaranty Partner 30 
 Guaranty Partner 31 

Guaranty Partner 32 
 Guaranty Partner 33 

Guaranty Partner 34 
 Guaranty Partner 35 

Guaranty Partner 36 
 Guaranty Partner 37 

Guaranty Partner 38 
 Guaranty Partner 39 

Guaranty Partner 40 
 Guaranty Partner 41 

Guaranty Partner 42 

 Guaranty Partner 43 

Guaranty Partner 44 
 Guaranty Partner 45 

Guaranty Partner 46 
 Guaranty Partner 47 

Guaranty Partner 48 
 Guaranty Partner 49 

Guaranty Partner 50 
 Guaranty Partner 51 

Guaranty Partner 52 
 Guaranty Partner 53 

Guaranty Partner 54 
 Guaranty Partner 55 

Guaranty Partner 56 
 Guaranty Partner 57 

Guaranty Partner 58 
 Guaranty Partner 59 

Guaranty Partner 60 
 Guaranty Partner 61 

Guaranty Partner 62 
 Guaranty Partner 63 

Guaranty Partner 64 
 Guaranty Partner 65 

Guaranty Partner 66 
 Guaranty Partner 67 

Guaranty Partner 68 
 Guaranty Partner 69 

 EXHIBIT A 

PROTECTED PROPERTIES 
 RIF I - Don Julian

 RIF I - Walnut 
 RIF I - Lewis 

RIF I - Monrovia 
 RIF I - Mulberry 

RIF I - Oxnard 
 RIF I - Valley 

RIF II - Bledsoe 
 RIF II - Easy Street 

RIF II - La Jolla 
 RIF II - Orangethorpe 

RIF II - Pioneer 
 RIF III - Irwindale 

RIF III - Santa Fe Springs 
 RIF IV -
Cornerstone 

 EXHIBIT B 

ESTIMATED ALLOCATIONS OF SECTION 704(c) GAIN 
  

							
	 Protected Property
	  	 Protected Partner
	  	§ 704(c) Gain	 
	RIF I - Don Julian	  	 Protected Partner 203
	  	 	22,590	  
		  	 Protected Partner 204
	  	 	112,937	  
		  	 Protected Partner 205
	  	 	24,693	  
		  	 Protected Partner 206
	  	 	22,589	  
		  	 Protected Partner 207
	  	 	22,587	  
		  	 Protected Partner 208
	  	 	22,588	  
		  	 Protected Partner 209
	  	 	112,938	  
		  	 Protected Partner 210
	  	 	33,883	  
		  	 Protected Partner 211
	  	 	22,588	  
		  	 Protected Partner 212
	  	 	56,469	  
		  	 Protected Partner 213
	  	 	79,059	  
		  	 Protected Partner 214
	  	 	112,941	  
		  	 Protected Partner 215
	  	 	33,882	  
		  	 Protected Partner 216
	  	 	112,941	  
		  	 Protected Partner 217
	  	 	56,470	  
		  	 Protected Partner 218
	  	 	112,940	  
		  	 Protected Partner 219
	  	 	1,614,572	  
		  	 Protected Partner 220
	  	 	33,883	  
		  	 Protected Partner 221
	  	 	12,040	  
		  	 Protected Partner 222
	  	 	33,884	  
		  	 Protected Partner 223
	  	 	67,762	  
		  	 Protected Partner 224
	  	 	12,874	  
		  	 Protected Partner 225
	  	 	13,554	  
		  	 Protected Partner 226
	  	 	56,471	  
		  	 Protected Partner 227
	  	 	22,589	  
		  	 Protected Partner 228
	  	 	22,590	  
		  	 Protected Partner 229
	  	 	2,063	  
		  	 Protected Partner 230
	  	 	12,870	  
		  	 Protected Partner 231
	  	 	10,548	  
		  	 Protected Partner 232
	  	 	2,067	  
		  	 Protected Partner 233
	  	 	33,882	  
		  	 Protected Partner 234
	  	 	11,295	  
		  	 Protected Partner 235
	  	 	859,561	  
		  	 Protected Partner 236
	  	 	22,586	  
		  	 Protected Partner 237
	  	 	2,060	  
		  	 Protected Partner 238
	  	 	10,240	  
		  	 Protected Partner 239
	  	 	22,589	  
		  	 Protected Partner 240
	  	 	112,940	  
		  	 Protected Partner 241
	  	 	22,588	  
		  	 Protected Partner 242
	  	 	11,297	  
		  	 Protected Partner 243
	  	 	45,173	  
		  	 Protected Partner 244
	  	 	22,591	  

							
		 	Protected Partner 245	  	 	56,467	  
		 	Protected Partner 246	  	 	112,941	  
		 	Protected Partner 247	  	 	12,871	  
		 	Protected Partner 248	  	 	45,177	  
		 	Protected Partner 249	  	 	56,472	  
		 	Protected Partner 250	  	 	50,823	  
		 	Protected Partner 251	  	 	10,241	  
		 	Protected Partner 252	  	 	22,586	  
		 	Protected Partner 253	  	 	13,554	  
		 	Protected Partner 254	  	 	56,469	  
		 	Protected Partner 255	  	 	67,762	  
		 	Protected Partner 256	  	 	45,176	  
		 	Protected Partner 257	  	 	22,588	  
		 	Protected Partner 258	  	 	22,588	  
		 	Protected Partner 259	  	 	2,104,670	  
		 	Protected Partner 260	  	 	112,940	  
		 	Protected Partner 261	  	 	225,879	  
	RIF I - Walnut	 	Protected Partner 262	  	 	11,368	  
		 	Protected Partner 263	  	 	56,833	  
		 	Protected Partner 264	  	 	12,526	  
		 	Protected Partner 265	  	 	11,367	  
		 	Protected Partner 266	  	 	11,366	  
		 	Protected Partner 267	  	 	11,367	  
		 	Protected Partner 268	  	 	56,834	  
		 	Protected Partner 269	  	 	17,051	  
		 	Protected Partner 270	  	 	11,367	  
		 	Protected Partner 271	  	 	28,417	  
		 	Protected Partner 272	  	 	39,785	  
		 	Protected Partner 273	  	 	56,835	  
		 	Protected Partner 274	  	 	17,050	  
		 	Protected Partner 275	  	 	56,835	  
		 	Protected Partner 276	  	 	28,417	  
		 	Protected Partner 277	  	 	56,834	  
		 	Protected Partner 278	  	 	802,937	  
		 	Protected Partner 279	  	 	17,051	  
		 	Protected Partner 280	  	 	6,028	  
		 	Protected Partner 281	  	 	17,051	  
		 	Protected Partner 282	  	 	34,100	  
		 	Protected Partner 283	  	 	6,472	  
		 	Protected Partner 284	  	 	6,821	  
		 	Protected Partner 285	  	 	28,417	  
		 	Protected Partner 286	  	 	11,367	  
		 	Protected Partner 287	  	 	11,368	  
		 	Protected Partner 288	  	 	1,046	  
		 	Protected Partner 289	  	 	6,470	  

							
		  	 Protected Partner 290
	  	 	5,339	  
		  	 Protected Partner 291
	  	 	1,048	  
		  	 Protected Partner 292
	  	 	17,050	  
		  	 Protected Partner 293
	  	 	5,684	  
		  	 Protected Partner 294
	  	 	427,446	  
		  	 Protected Partner 295
	  	 	11,366	  
		  	 Protected Partner 296
	  	 	1,045	  
		  	 Protected Partner 297
	  	 	5,103	  
		  	 Protected Partner 298
	  	 	11,367	  
		  	 Protected Partner 299
	  	 	56,835	  
		  	 Protected Partner 300
	  	 	11,367	  
		  	 Protected Partner 301
	  	 	5,685	  
		  	 Protected Partner 302
	  	 	22,732	  
		  	 Protected Partner 303
	  	 	11,368	  
		  	 Protected Partner 304
	  	 	28,416	  
		  	 Protected Partner 305
	  	 	56,835	  
		  	 Protected Partner 306
	  	 	6,470	  
		  	 Protected Partner 307
	  	 	168,668	  
		  	 Protected Partner 308
	  	 	174,352	  
		  	 Protected Partner 309
	  	 	171,510	  
		  	 Protected Partner 310
	  	 	5,104	  
		  	 Protected Partner 311
	  	 	11,366	  
		  	 Protected Partner 312
	  	 	6,821	  
		  	 Protected Partner 313
	  	 	174,351	  
		  	 Protected Partner 314
	  	 	34,099	  
		  	 Protected Partner 315
	  	 	22,734	  
		  	 Protected Partner 316
	  	 	11,367	  
		  	 Protected Partner 317
	  	 	11,367	  
		  	 Protected Partner 318
	  	 	1,049,251	  
		  	 Protected Partner 319
	  	 	56,834	  
		  	 Protected Partner 320
	  	 	113,668	  
		  	 Protected Partner 321
	  	 	145,934	  
		  	 Protected Partner 322
	  	 	145,934	  
		  	 Protected Partner 323
	  	 	145,934	  
		  	 Protected Partner 324
	  	 	145,934	  
	RIF I - Lewis	  	 Protected Partner 325
	  	 	13,673	  
		  	 Protected Partner 326
	  	 	68,355	  
		  	 Protected Partner 327
	  	 	14,946	  
		  	 Protected Partner 328
	  	 	13,672	  
		  	 Protected Partner 329
	  	 	13,671	  
		  	 Protected Partner 330
	  	 	13,671	  
		  	 Protected Partner 331
	  	 	68,356	  
		  	 Protected Partner 332
	  	 	20,507	  
		  	 Protected Partner 333
	  	 	13,671	  
		  	 Protected Partner 334
	  	 	34,177	  
		  	 Protected Partner 335
	  	 	47,850	  

							
		  	 Protected Partner 336
	  	 	68,357	  
		  	 Protected Partner 337
	  	 	20,507	  
		  	 Protected Partner 338
	  	 	68,357	  
		  	 Protected Partner 339
	  	 	34,178	  
		  	 Protected Partner 340
	  	 	68,357	  
		  	 Protected Partner 341
	  	 	977,215	  
		  	 Protected Partner 342
	  	 	20,508	  
		  	 Protected Partner 343
	  	 	7,287	  
		  	 Protected Partner 344
	  	 	20,508	  
		  	 Protected Partner 345
	  	 	41,013	  
		  	 Protected Partner 346
	  	 	7,792	  
		  	 Protected Partner 347
	  	 	8,203	  
		  	 Protected Partner 348
	  	 	34,179	  
		  	 Protected Partner 349
	  	 	13,672	  
		  	 Protected Partner 350
	  	 	13,672	  
		  	 Protected Partner 351
	  	 	1,248	  
		  	 Protected Partner 352
	  	 	7,789	  
		  	 Protected Partner 353
	  	 	6,384	  
		  	 Protected Partner 354
	  	 	1,251	  
		  	 Protected Partner 355
	  	 	20,507	  
		  	 Protected Partner 356
	  	 	6,836	  
		  	 Protected Partner 357
	  	 	520,247	  
		  	 Protected Partner 358
	  	 	13,670	  
		  	 Protected Partner 359
	  	 	1,247	  
		  	 Protected Partner 360
	  	 	6,198	  
		  	 Protected Partner 361
	  	 	13,672	  
		  	 Protected Partner 362
	  	 	68,357	  
		  	 Protected Partner 363
	  	 	13,671	  
		  	 Protected Partner 364
	  	 	6,837	  
		  	 Protected Partner 365
	  	 	27,341	  
		  	 Protected Partner 366
	  	 	13,673	  
		  	 Protected Partner 367
	  	 	34,177	  
		  	 Protected Partner 368
	  	 	68,357	  
		  	 Protected Partner 369
	  	 	7,790	  
		  	 Protected Partner 370
	  	 	27,343	  
		  	 Protected Partner 371
	  	 	34,180	  
		  	 Protected Partner 372
	  	 	30,761	  
		  	 Protected Partner 373
	  	 	6,199	  
		  	 Protected Partner 374
	  	 	13,670	  
		  	 Protected Partner 375
	  	 	8,203	  
		  	 Protected Partner 376
	  	 	34,178	  
		  	 Protected Partner 377
	  	 	41,012	  
		  	 Protected Partner 378
	  	 	27,343	  
		  	 Protected Partner 379
	  	 	13,672	  
		  	 Protected Partner 380
	  	 	13,672	  

							
		  	 Protected Partner 381
	  	 	1,273,845	  
		  	 Protected Partner 382
	  	 	68,357	  
		  	 Protected Partner 383
	  	 	136,713	  
	RIF I - Monrovia	  	 Protected Partner 384
	  	 	15,824	  
		  	 Protected Partner 385
	  	 	79,109	  
		  	 Protected Partner 386
	  	 	17,297	  
		  	 Protected Partner 387
	  	 	15,823	  
		  	 Protected Partner 388
	  	 	15,822	  
		  	 Protected Partner 389
	  	 	15,822	  
		  	 Protected Partner 390
	  	 	79,110	  
		  	 Protected Partner 391
	  	 	23,734	  
		  	 Protected Partner 392
	  	 	15,822	  
		  	 Protected Partner 393
	  	 	39,555	  
		  	 Protected Partner 394
	  	 	55,379	  
		  	 Protected Partner 395
	  	 	79,112	  
		  	 Protected Partner 396
	  	 	23,734	  
		  	 Protected Partner 397
	  	 	79,112	  
		  	 Protected Partner 398
	  	 	39,556	  
		  	 Protected Partner 399
	  	 	79,111	  
		  	 Protected Partner 400
	  	 	1,130,966	  
		  	 Protected Partner 401
	  	 	23,734	  
		  	 Protected Partner 402
	  	 	8,434	  
		  	 Protected Partner 403
	  	 	23,735	  
		  	 Protected Partner 404
	  	 	47,466	  
		  	 Protected Partner 405
	  	 	9,018	  
		  	 Protected Partner 406
	  	 	9,494	  
		  	 Protected Partner 407
	  	 	39,556	  
		  	 Protected Partner 408
	  	 	15,823	  
		  	 Protected Partner 409
	  	 	15,824	  
		  	 Protected Partner 410
	  	 	1,445	  
		  	 Protected Partner 411
	  	 	9,015	  
		  	 Protected Partner 412
	  	 	7,389	  
		  	 Protected Partner 413
	  	 	1,448	  
		  	 Protected Partner 414
	  	 	23,734	  
		  	 Protected Partner 415
	  	 	7,912	  
		  	 Protected Partner 416
	  	 	602,100	  
		  	 Protected Partner 417
	  	 	15,821	  
		  	 Protected Partner 418
	  	 	1,443	  
		  	 Protected Partner 419
	  	 	7,173	  
		  	 Protected Partner 420
	  	 	15,823	  
		  	 Protected Partner 421
	  	 	79,112	  
		  	 Protected Partner 422
	  	 	15,822	  
		  	 Protected Partner 423
	  	 	7,913	  
		  	 Protected Partner 424
	  	 	31,643	  
		  	 Protected Partner 425
	  	 	15,824	  

							
		  	 Protected Partner 426
	  	 	39,554	  
		  	 Protected Partner 427
	  	 	79,112	  
		  	 Protected Partner 428
	  	 	9,016	  
		  	 Protected Partner 429
	  	 	31,645	  
		  	 Protected Partner 430
	  	 	39,557	  
		  	 Protected Partner 431
	  	 	35,600	  
		  	 Protected Partner 432
	  	 	7,174	  
		  	 Protected Partner 433
	  	 	15,821	  
		  	 Protected Partner 434
	  	 	9,494	  
		  	 Protected Partner 435
	  	 	39,555	  
		  	 Protected Partner 436
	  	 	47,465	  
		  	 Protected Partner 437
	  	 	31,645	  
		  	 Protected Partner 438
	  	 	15,823	  
		  	 Protected Partner 439
	  	 	15,823	  
		  	 Protected Partner 440
	  	 	1,474,267	  
		  	 Protected Partner 441
	  	 	79,112	  
		  	 Protected Partner 442
	  	 	158,223	  
	RIF I - Mulberry	  	 Protected Partner 443
	  	 	9,086	  
		  	 Protected Partner 444
	  	 	45,424	  
		  	 Protected Partner 445
	  	 	9,932	  
		  	 Protected Partner 446
	  	 	9,085	  
		  	 Protected Partner 447
	  	 	9,085	  
		  	 Protected Partner 448
	  	 	9,085	  
		  	 Protected Partner 449
	  	 	45,424	  
		  	 Protected Partner 450
	  	 	13,628	  
		  	 Protected Partner 451
	  	 	9,085	  
		  	 Protected Partner 452
	  	 	22,712	  
		  	 Protected Partner 453
	  	 	31,798	  
		  	 Protected Partner 454
	  	 	45,425	  
		  	 Protected Partner 455
	  	 	13,627	  
		  	 Protected Partner 456
	  	 	45,425	  
		  	 Protected Partner 457
	  	 	22,712	  
		  	 Protected Partner 458
	  	 	45,425	  
		  	 Protected Partner 459
	  	 	649,386	  
		  	 Protected Partner 460
	  	 	13,628	  
		  	 Protected Partner 461
	  	 	4,842	  
		  	 Protected Partner 462
	  	 	13,628	  
		  	 Protected Partner 463
	  	 	27,254	  
		  	 Protected Partner 464
	  	 	5,178	  
		  	 Protected Partner 465
	  	 	5,451	  
		  	 Protected Partner 466
	  	 	22,713	  
		  	 Protected Partner 467
	  	 	9,085	  
		  	 Protected Partner 468
	  	 	9,086	  
		  	 Protected Partner 469
	  	 	830	  
		  	 Protected Partner 470
	  	 	5,176	  

							
		  	 Protected Partner 471
	  	 	4,242	  
		  	 Protected Partner 472
	  	 	831	  
		  	 Protected Partner 473
	  	 	13,628	  
		  	 Protected Partner 474
	  	 	4,543	  
		  	 Protected Partner 475
	  	 	345,718	  
		  	 Protected Partner 476
	  	 	9,084	  
		  	 Protected Partner 477
	  	 	829	  
		  	 Protected Partner 478
	  	 	4,119	  
		  	 Protected Partner 479
	  	 	9,085	  
		  	 Protected Partner 480
	  	 	45,425	  
		  	 Protected Partner 481
	  	 	9,085	  
		  	 Protected Partner 482
	  	 	4,544	  
		  	 Protected Partner 483
	  	 	18,169	  
		  	 Protected Partner 484
	  	 	9,086	  
		  	 Protected Partner 485
	  	 	22,711	  
		  	 Protected Partner 486
	  	 	45,425	  
		  	 Protected Partner 487
	  	 	5,177	  
		  	 Protected Partner 488
	  	 	18,170	  
		  	 Protected Partner 489
	  	 	22,713	  
		  	 Protected Partner 490
	  	 	20,441	  
		  	 Protected Partner 491
	  	 	4,119	  
		  	 Protected Partner 492
	  	 	9,084	  
		  	 Protected Partner 493
	  	 	5,451	  
		  	 Protected Partner 494
	  	 	22,712	  
		  	 Protected Partner 495
	  	 	27,254	  
		  	 Protected Partner 496
	  	 	18,170	  
		  	 Protected Partner 497
	  	 	9,085	  
		  	 Protected Partner 498
	  	 	9,085	  
		  	 Protected Partner 499
	  	 	846,508	  
		  	 Protected Partner 500
	  	 	45,425	  
		  	 Protected Partner 501
	  	 	90,849	  
	RIF I - Oxnard	  	 Protected Partner 502
	  	 	3,777	  
		  	 Protected Partner 503
	  	 	18,881	  
		  	 Protected Partner 504
	  	 	4,128	  
		  	 Protected Partner 505
	  	 	3,776	  
		  	 Protected Partner 506
	  	 	3,776	  
		  	 Protected Partner 507
	  	 	3,776	  
		  	 Protected Partner 508
	  	 	18,881	  
		  	 Protected Partner 509
	  	 	5,665	  
		  	 Protected Partner 510
	  	 	3,776	  
		  	 Protected Partner 511
	  	 	9,441	  
		  	 Protected Partner 512
	  	 	13,217	  
		  	 Protected Partner 513
	  	 	18,882	  
		  	 Protected Partner 514
	  	 	5,664	  
		  	 Protected Partner 515
	  	 	18,882	  
		  	 Protected Partner 516
	  	 	9,441	  

							
		  	 Protected Partner 517
	  	 	18,881	  
		  	 Protected Partner 518
	  	 	269,926	  
		  	 Protected Partner 519
	  	 	5,665	  
		  	 Protected Partner 520
	  	 	2,013	  
		  	 Protected Partner 521
	  	 	5,665	  
		  	 Protected Partner 522
	  	 	11,329	  
		  	 Protected Partner 523
	  	 	2,152	  
		  	 Protected Partner 524
	  	 	2,266	  
		  	 Protected Partner 525
	  	 	9,441	  
		  	 Protected Partner 526
	  	 	3,776	  
		  	 Protected Partner 527
	  	 	3,777	  
		  	 Protected Partner 528
	  	 	345	  
		  	 Protected Partner 529
	  	 	2,152	  
		  	 Protected Partner 530
	  	 	1,763	  
		  	 Protected Partner 531
	  	 	346	  
		  	 Protected Partner 532
	  	 	5,664	  
		  	 Protected Partner 533
	  	 	1,888	  
		  	 Protected Partner 534
	  	 	143,703	  
		  	 Protected Partner 535
	  	 	3,776	  
		  	 Protected Partner 536
	  	 	344	  
		  	 Protected Partner 537
	  	 	1,712	  
		  	 Protected Partner 538
	  	 	3,776	  
		  	 Protected Partner 539
	  	 	18,882	  
		  	 Protected Partner 540
	  	 	3,776	  
		  	 Protected Partner 541
	  	 	1,889	  
		  	 Protected Partner 542
	  	 	7,552	  
		  	 Protected Partner 543
	  	 	3,777	  
		  	 Protected Partner 544
	  	 	9,440	  
		  	 Protected Partner 545
	  	 	18,882	  
		  	 Protected Partner 546
	  	 	2,152	  
		  	 Protected Partner 547
	  	 	7,553	  
		  	 Protected Partner 548
	  	 	9,441	  
		  	 Protected Partner 549
	  	 	8,497	  
		  	 Protected Partner 550
	  	 	1,712	  
		  	 Protected Partner 551
	  	 	3,776	  
		  	 Protected Partner 552
	  	 	2,266	  
		  	 Protected Partner 553
	  	 	9,441	  
		  	 Protected Partner 554
	  	 	11,328	  
		  	 Protected Partner 555
	  	 	7,553	  
		  	 Protected Partner 556
	  	 	3,776	  
		  	 Protected Partner 557
	  	 	3,776	  
		  	 Protected Partner 558
	  	 	351,862	  
		  	 Protected Partner 559
	  	 	18,881	  
		  	 Protected Partner 560
	  	 	37,763	  
	RIF I - Valley	  	 Protected Partner 561
	  	 	6,786	  

							
		  	 Protected Partner 562
	  	 	33,928	  
		  	 Protected Partner 563
	  	 	7,418	  
		  	 Protected Partner 564
	  	 	6,786	  
		  	 Protected Partner 565
	  	 	6,785	  
		  	 Protected Partner 566
	  	 	6,786	  
		  	 Protected Partner 567
	  	 	33,928	  
		  	 Protected Partner 568
	  	 	10,179	  
		  	 Protected Partner 569
	  	 	6,786	  
		  	 Protected Partner 570
	  	 	16,964	  
		  	 Protected Partner 571
	  	 	23,750	  
		  	 Protected Partner 572
	  	 	33,929	  
		  	 Protected Partner 573
	  	 	10,179	  
		  	 Protected Partner 574
	  	 	33,929	  
		  	 Protected Partner 575
	  	 	16,964	  
		  	 Protected Partner 576
	  	 	33,928	  
		  	 Protected Partner 577
	  	 	485,035	  
		  	 Protected Partner 578
	  	 	10,179	  
		  	 Protected Partner 579
	  	 	3,617	  
		  	 Protected Partner 580
	  	 	10,179	  
		  	 Protected Partner 581
	  	 	20,356	  
		  	 Protected Partner 582
	  	 	3,868	  
		  	 Protected Partner 583
	  	 	4,072	  
		  	 Protected Partner 584
	  	 	16,964	  
		  	 Protected Partner 585
	  	 	6,786	  
		  	 Protected Partner 586
	  	 	6,786	  
		  	 Protected Partner 587
	  	 	620	  
		  	 Protected Partner 588
	  	 	3,866	  
		  	 Protected Partner 589
	  	 	3,169	  
		  	 Protected Partner 590
	  	 	621	  
		  	 Protected Partner 591
	  	 	10,179	  
		  	 Protected Partner 592
	  	 	3,393	  
		  	 Protected Partner 593
	  	 	258,222	  
		  	 Protected Partner 594
	  	 	6,785	  
		  	 Protected Partner 595
	  	 	619	  
		  	 Protected Partner 596
	  	 	3,076	  
		  	 Protected Partner 597
	  	 	6,786	  
		  	 Protected Partner 598
	  	 	33,929	  
		  	 Protected Partner 599
	  	 	6,786	  
		  	 Protected Partner 600
	  	 	3,394	  
		  	 Protected Partner 601
	  	 	13,571	  
		  	 Protected Partner 602
	  	 	6,786	  
		  	 Protected Partner 603
	  	 	16,963	  
		  	 Protected Partner 604
	  	 	33,929	  
		  	 Protected Partner 605
	  	 	3,867	  
		  	 Protected Partner 606
	  	 	13,572	  

							
		  	 Protected Partner 607
	  	 	16,965	  
		  	 Protected Partner 608
	  	 	15,268	  
		  	 Protected Partner 609
	  	 	3,077	  
		  	 Protected Partner 610
	  	 	6,785	  
		  	 Protected Partner 611
	  	 	4,072	  
		  	 Protected Partner 612
	  	 	16,964	  
		  	 Protected Partner 613
	  	 	20,356	  
		  	 Protected Partner 614
	  	 	13,571	  
		  	 Protected Partner 615
	  	 	6,786	  
		  	 Protected Partner 616
	  	 	6,786	  
		  	 Protected Partner 617
	  	 	632,263	  
		  	 Protected Partner 618
	  	 	33,928	  
		  	 Protected Partner 619
	  	 	67,857	  

 EXHIBIT B 

ESTIMATED ALLOCATIONS OF SECTION 704(c) GAIN 
  

							
	 Protected Property
	  	 Protected Partner
	  	§ 704(c) Gain	 
	 RIF II - Bledsoe
	  	 Protected Partner 620
	  	 	47,877	  
		  	 Protected Partner 621
	  	 	23,694	  
		  	 Protected Partner 622
	  	 	24,556	  
		  	 Protected Partner 623
	  	 	4,655	  
		  	 Protected Partner 624
	  	 	23,738	  
		  	 Protected Partner 625
	  	 	24,550	  
		  	 Protected Partner 626
	  	 	6,202	  
		  	 Protected Partner 627
	  	 	4,746	  
		  	 Protected Partner 628
	  	 	23,700	  
		  	 Protected Partner 629
	  	 	4,661	  
		  	 Protected Partner 630
	  	 	23,701	  
		  	 Protected Partner 631
	  	 	4,732	  
		  	 Protected Partner 632
	  	 	9,886	  
		  	 Protected Partner 633
	  	 	4,564	  
		  	 Protected Partner 634
	  	 	6,113	  
		  	 Protected Partner 635
	  	 	33,711	  
		  	 Protected Partner 636
	  	 	24,147	  
		  	 Protected Partner 637
	  	 	14,643	  
		  	 Protected Partner 638
	  	 	7,198	  
		  	 Protected Partner 639
	  	 	14,645	  
		  	 Protected Partner 640
	  	 	2,069	  
		  	 Protected Partner 641
	  	 	2,549	  
		  	 Protected Partner 642
	  	 	4,746	  
		  	 Protected Partner 643
	  	 	4,647	  
		  	 Protected Partner 644
	  	 	2,584	  
		  	 Protected Partner 645
	  	 	7,439	  
		  	 Protected Partner 646
	  	 	2,367	  
		  	 Protected Partner 647
	  	 	12,052	  
		  	 Protected Partner 648
	  	 	4,736	  
		  	 Protected Partner 649
	  	 	2,555	  
		  	 Protected Partner 650
	  	 	4,740	  
		  	 Protected Partner 651
	  	 	3,282	  
		  	 Protected Partner 652
	  	 	4,732	  
		  	 Protected Partner 653
	  	 	139,399	  
		  	 Protected Partner 654
	  	 	4,561	  
		  	 Protected Partner 655
	  	 	9,741	  
		  	 Protected Partner 656
	  	 	24,550	  
		  	 Protected Partner 657
	  	 	2,587	  
		  	 Protected Partner 658
	  	 	4,653	  
		  	 Protected Partner 659
	  	 	11,626	  
		  	 Protected Partner 660
	  	 	11,851	  
		  	 Protected Partner 661
	  	 	9,739	  

							
		  	 Protected Partner 662
	  	 	12,044	  
		  	 Protected Partner 663
	  	 	12,069	  
		  	 Protected Partner 664
	  	 	4,736	  
		  	 Protected Partner 665
	  	 	50,480	  
		  	 Protected Partner 666
	  	 	14,412	  
		  	 Protected Partner 667
	  	 	2,367	  
		  	 Protected Partner 668
	  	 	12,048	  
		  	 Protected Partner 669
	  	 	4,750	  
		  	 Protected Partner 670
	  	 	24,141	  
		  	 Protected Partner 671
	  	 	4,559	  
		  	 Protected Partner 672
	  	 	4,736	  
		  	 Protected Partner 673
	  	 	4,570	  
		  	 Protected Partner 674
	  	 	9,888	  
		  	 Protected Partner 675
	  	 	347,886	  
		  	 Protected Partner 676
	  	 	4,740	  
		  	 Protected Partner 677
	  	 	12,065	  
		  	 Protected Partner 678
	  	 	24,564	  
		  	 Protected Partner 679
	  	 	24,552	  
		  	 Protected Partner 680
	  	 	9,917	  
		  	 Protected Partner 681
	  	 	257,446	  
	 RIF II - Easy Street
	  	 Protected Partner 682
	  	 	140,781	  
		  	 Protected Partner 683
	  	 	69,671	  
		  	 Protected Partner 684
	  	 	72,206	  
		  	 Protected Partner 685
	  	 	13,688	  
		  	 Protected Partner 686
	  	 	69,801	  
		  	 Protected Partner 687
	  	 	72,189	  
		  	 Protected Partner 688
	  	 	18,237	  
		  	 Protected Partner 689
	  	 	13,955	  
		  	 Protected Partner 690
	  	 	69,688	  
		  	 Protected Partner 691
	  	 	13,705	  
		  	 Protected Partner 692
	  	 	69,694	  
		  	 Protected Partner 693
	  	 	13,915	  
		  	 Protected Partner 694
	  	 	29,069	  
		  	 Protected Partner 695
	  	 	13,422	  
		  	 Protected Partner 696
	  	 	17,976	  
		  	 Protected Partner 697
	  	 	99,126	  
		  	 Protected Partner 698
	  	 	71,004	  
		  	 Protected Partner 699
	  	 	43,058	  
		  	 Protected Partner 700
	  	 	21,166	  
		  	 Protected Partner 701
	  	 	43,063	  
		  	 Protected Partner 702
	  	 	763,097	  
		  	 Protected Partner 703
	  	 	7,495	  
		  	 Protected Partner 704
	  	 	13,955	  
		  	 Protected Partner 705
	  	 	13,665	  
		  	 Protected Partner 706
	  	 	7,597	  
		  	 Protected Partner 707
	  	 	21,875	  

							
		  	 Protected Partner 708
	  	 	6,960	  
		  	 Protected Partner 709
	  	 	35,438	  
		  	 Protected Partner 710
	  	 	13,926	  
		  	 Protected Partner 711
	  	 	7,512	  
		  	 Protected Partner 712
	  	 	13,938	  
		  	 Protected Partner 713
	  	 	9,650	  
		  	 Protected Partner 714
	  	 	13,915	  
		  	 Protected Partner 715
	  	 	409,899	  
		  	 Protected Partner 716
	  	 	13,410	  
		  	 Protected Partner 717
	  	 	28,644	  
		  	 Protected Partner 718
	  	 	72,189	  
		  	 Protected Partner 719
	  	 	7,608	  
		  	 Protected Partner 720
	  	 	13,682	  
		  	 Protected Partner 721
	  	 	34,185	  
		  	 Protected Partner 722
	  	 	34,848	  
		  	 Protected Partner 723
	  	 	28,638	  
		  	 Protected Partner 724
	  	 	35,416	  
		  	 Protected Partner 725
	  	 	35,489	  
		  	 Protected Partner 726
	  	 	13,926	  
		  	 Protected Partner 727
	  	 	148,434	  
		  	 Protected Partner 728
	  	 	42,377	  
		  	 Protected Partner 729
	  	 	6,960	  
		  	 Protected Partner 730
	  	 	35,427	  
		  	 Protected Partner 731
	  	 	13,966	  
		  	 Protected Partner 732
	  	 	70,987	  
		  	 Protected Partner 733
	  	 	13,405	  
		  	 Protected Partner 734
	  	 	13,926	  
		  	 Protected Partner 735
	  	 	13,439	  
		  	 Protected Partner 736
	  	 	29,075	  
		  	 Protected Partner 737
	  	 	1,022,943	  
		  	 Protected Partner 738
	  	 	13,938	  
		  	 Protected Partner 739
	  	 	35,478	  
		  	 Protected Partner 740
	  	 	72,229	  
		  	 Protected Partner 741
	  	 	72,195	  
		  	 Protected Partner 742
	  	 	29,160	  
	 RIF II - La Jolla
	  	 Protected Partner 743
	  	 	Built-in loss property	  
		  	 Protected Partner 744
	  			
		  	 Protected Partner 745
	  			
		  	 Protected Partner 746
	  			
		  	 Protected Partner 747
	  			
		  	 Protected Partner 748
	  			
		  	 Protected Partner 749
	  			
		  	 Protected Partner 750
	  			
		  	 Protected Partner 751
	  			
		  	 Protected Partner 752
	  			

					
		  	 Protected Partner 753
	  	
		  	 Protected Partner 754
	  	
		  	 Protected Partner 755
	  	
		  	 Protected Partner 756
	  	
		  	 Protected Partner 757
	  	
		  	 Protected Partner 758
	  	
		  	 Protected Partner 759
	  	
		  	 Protected Partner 760
	  	
		  	 Protected Partner 761
	  	
		  	 Protected Partner 762
	  	
		  	 Protected Partner 763
	  	
		  	 Protected Partner 764
	  	
		  	 Protected Partner 765
	  	
		  	 Protected Partner 766
	  	
		  	 Protected Partner 767
	  	
		  	 Protected Partner 768
	  	
		  	 Protected Partner 769
	  	
		  	 Protected Partner 770
	  	
		  	 Protected Partner 771
	  	
		  	 Protected Partner 772
	  	
		  	 Protected Partner 773
	  	
		  	 Protected Partner 774
	  	
		  	 Protected Partner 775
	  	
		  	 Protected Partner 776
	  	
		  	 Protected Partner 777
	  	
		  	 Protected Partner 778
	  	
		  	 Protected Partner 779
	  	
		  	 Protected Partner 780
	  	
		  	 Protected Partner 781
	  	
		  	 Protected Partner 782
	  	
		  	 Protected Partner 783
	  	
		  	 Protected Partner 784
	  	
		  	 Protected Partner 785
	  	
		  	 Protected Partner 786
	  	
		  	 Protected Partner 787
	  	
		  	 Protected Partner 788
	  	
		  	 Protected Partner 789
	  	
		  	 Protected Partner 790
	  	
		  	 Protected Partner 791
	  	
		  	 Protected Partner 792
	  	
		  	 Protected Partner 793
	  	
		  	 Protected Partner 794
	  	
		  	 Protected Partner 795
	  	
		  	 Protected Partner 796
	  	
		  	 Protected Partner 797
	  	

							
		  	 Protected Partner 798
	  			
		  	 Protected Partner 799
	  			
		  	 Protected Partner 800
	  			
		  	 Protected Partner 801
	  			
		  	 Protected Partner 802
	  			
		  	 Protected Partner 803
	  			
		  	 Protected Partner 804
	  			
		  	 Protected Partner 805
	  			
		  	 Protected Partner 806
	  			
		  	 Protected Partner 807
	  			
	 RIF II - Orangethorpe
	  	 Protected Partner 808
	  	 	26,661	  
		  	 Protected Partner 809
	  	 	13,194	  
		  	 Protected Partner 810
	  	 	13,674	  
		  	 Protected Partner 811
	  	 	2,592	  
		  	 Protected Partner 812
	  	 	13,219	  
		  	 Protected Partner 813
	  	 	13,671	  
		  	 Protected Partner 814
	  	 	3,454	  
		  	 Protected Partner 815
	  	 	2,643	  
		  	 Protected Partner 816
	  	 	13,197	  
		  	 Protected Partner 817
	  	 	2,595	  
		  	 Protected Partner 818
	  	 	13,198	  
		  	 Protected Partner 819
	  	 	2,635	  
		  	 Protected Partner 820
	  	 	5,505	  
		  	 Protected Partner 821
	  	 	2,542	  
		  	 Protected Partner 822
	  	 	3,404	  
		  	 Protected Partner 823
	  	 	18,772	  
		  	 Protected Partner 824
	  	 	13,447	  
		  	 Protected Partner 825
	  	 	8,154	  
		  	 Protected Partner 826
	  	 	4,008	  
		  	 Protected Partner 827
	  	 	8,155	  
		  	 Protected Partner 828
	  	 	144,514	  
		  	 Protected Partner 829
	  	 	1,419	  
		  	 Protected Partner 830
	  	 	2,643	  
		  	 Protected Partner 831
	  	 	2,588	  
		  	 Protected Partner 832
	  	 	1,439	  
		  	 Protected Partner 833
	  	 	4,143	  
		  	 Protected Partner 834
	  	 	1,318	  
		  	 Protected Partner 835
	  	 	6,711	  
		  	 Protected Partner 836
	  	 	2,637	  
		  	 Protected Partner 837
	  	 	1,423	  
		  	 Protected Partner 838
	  	 	2,640	  
		  	 Protected Partner 839
	  	 	1,828	  
		  	 Protected Partner 840
	  	 	2,635	  
		  	 Protected Partner 841
	  	 	77,626	  
		  	 Protected Partner 842
	  	 	2,540	  
		  	 Protected Partner 843
	  	 	5,424	  

							
		  	 Protected Partner 844
	  	 	13,671	  
		  	 Protected Partner 845
	  	 	1,441	  
		  	 Protected Partner 846
	  	 	2,591	  
		  	 Protected Partner 847
	  	 	6,474	  
		  	 Protected Partner 848
	  	 	6,600	  
		  	 Protected Partner 849
	  	 	5,423	  
		  	 Protected Partner 850
	  	 	6,707	  
		  	 Protected Partner 851
	  	 	6,721	  
		  	 Protected Partner 852
	  	 	2,637	  
		  	 Protected Partner 853
	  	 	28,110	  
		  	 Protected Partner 854
	  	 	8,025	  
		  	 Protected Partner 855
	  	 	1,318	  
		  	 Protected Partner 856
	  	 	6,709	  
		  	 Protected Partner 857
	  	 	2,645	  
		  	 Protected Partner 858
	  	 	13,443	  
		  	 Protected Partner 859
	  	 	2,539	  
		  	 Protected Partner 860
	  	 	2,637	  
		  	 Protected Partner 861
	  	 	2,545	  
		  	 Protected Partner 862
	  	 	5,506	  
		  	 Protected Partner 863
	  	 	193,724	  
		  	 Protected Partner 864
	  	 	2,640	  
		  	 Protected Partner 865
	  	 	6,719	  
		  	 Protected Partner 866
	  	 	13,679	  
		  	 Protected Partner 867
	  	 	13,672	  
		  	 Protected Partner 868
	  	 	5,522	  
	 RIF II - Pioneer
	  	 Protected Partner 869
	  	 	Built-in loss property	  
		  	 Protected Partner 870
	  			
		  	 Protected Partner 871
	  			
		  	 Protected Partner 872
	  			
		  	 Protected Partner 873
	  			
		  	 Protected Partner 874
	  			
		  	 Protected Partner 875
	  			
		  	 Protected Partner 876
	  			
		  	 Protected Partner 877
	  			
		  	 Protected Partner 878
	  			
		  	 Protected Partner 879
	  			
		  	 Protected Partner 880
	  			
		  	 Protected Partner 881
	  			
		  	 Protected Partner 882
	  			
		  	 Protected Partner 883
	  			
		  	 Protected Partner 884
	  			
		  	 Protected Partner 885
	  			
		  	 Protected Partner 886
	  			
		  	 Protected Partner 887
	  			
		  	 Protected Partner 888
	  			
		  	 Protected Partner 889
	  			

					
		  	 Protected Partner 890
	  	
		  	 Protected Partner 891
	  	
		  	 Protected Partner 892
	  	
		  	 Protected Partner 893
	  	
		  	 Protected Partner 894
	  	
		  	 Protected Partner 895
	  	
		  	 Protected Partner 896
	  	
		  	 Protected Partner 897
	  	
		  	 Protected Partner 898
	  	
		  	 Protected Partner 899
	  	
		  	 Protected Partner 900
	  	
		  	 Protected Partner 901
	  	
		  	 Protected Partner 902
	  	
		  	 Protected Partner 903
	  	
		  	 Protected Partner 904
	  	
		  	 Protected Partner 905
	  	
		  	 Protected Partner 906
	  	
		  	 Protected Partner 907
	  	
		  	 Protected Partner 908
	  	
		  	 Protected Partner 909
	  	
		  	 Protected Partner 910
	  	
		  	 Protected Partner 911
	  	
		  	 Protected Partner 912
	  	
		  	 Protected Partner 913
	  	
		  	 Protected Partner 914
	  	
		  	 Protected Partner 915
	  	
		  	 Protected Partner 916
	  	
		  	 Protected Partner 917
	  	
		  	 Protected Partner 918
	  	
		  	 Protected Partner 919
	  	
		  	 Protected Partner 920
	  	
		  	 Protected Partner 921
	  	
		  	 Protected Partner 922
	  	
		  	 Protected Partner 923
	  	
		  	 Protected Partner 924
	  	
		  	 Protected Partner 925
	  	
		  	 Protected Partner 926
	  	
		  	 Protected Partner 927
	  	
		  	 Protected Partner 928
	  	
		  	 Protected Partner 929
	  	
		  	 Protected Partner 930
	  	
		  	 Protected Partner 931
	  	
		  	 Protected Partner 932
	  	
		  	 Protected Partner 933
	  	

 EXHIBIT B 

ESTIMATED ALLOCATIONS OF SECTION 704(c) GAIN 
  

							
	 Protected Property
	  	 Protected Partner
	  	§ 704(c) Gain	 
	 RIF III - Irwindale
	  	 Protected Partner 934
	  	 	17,588	  
		  	 Protected Partner 935
	  	 	17,588	  
		  	 Protected Partner 936
	  	 	8,794	  
		  	 Protected Partner 937
	  	 	35,177	  
		  	 Protected Partner 938
	  	 	17,588	  
		  	 Protected Partner 939
	  	 	4,397	  
		  	 Protected Partner 940
	  	 	17,588	  
		  	 Protected Partner 941
	  	 	7,035	  
		  	 Protected Partner 942
	  	 	35,177	  
		  	 Protected Partner 943
	  	 	15,478	  
		  	 Protected Partner 944
	  	 	5,277	  
		  	 Protected Partner 945
	  	 	3,518	  
		  	 Protected Partner 946
	  	 	6,156	  
		  	 Protected Partner 947
	  	 	17,588	  
		  	 Protected Partner 948
	  	 	7,035	  
		  	 Protected Partner 949
	  	 	4,397	  
		  	 Protected Partner 950
	  	 	3,518	  
		  	 Protected Partner 951
	  	 	4,397	  
		  	 Protected Partner 952
	  	 	1,759	  
		  	 Protected Partner 953
	  	 	7,035	  
		  	 Protected Partner 954
	  	 	8,794	  
		  	 Protected Partner 955
	  	 	3,518	  
		  	 Protected Partner 956
	  	 	3,518	  
		  	 Protected Partner 957
	  	 	8,794	  
		  	 Protected Partner 958
	  	 	3,518	  
		  	 Protected Partner 959
	  	 	3,518	  
		  	 Protected Partner 960
	  	 	17,588	  
		  	 Protected Partner 961
	  	 	3,518	  
		  	 Protected Partner 962
	  	 	8,794	  
		  	 Protected Partner 963
	  	 	8,794	  
		  	 Protected Partner 964
	  	 	7,035	  
		  	 Protected Partner 965
	  	 	3,518	  
		  	 Protected Partner 966
	  	 	8,794	  
		  	 Protected Partner 967
	  	 	8,794	  
		  	 Protected Partner 968
	  	 	8,794	  
		  	 Protected Partner 969
	  	 	17,588	  
		  	 Protected Partner 970
	  	 	14,071	  
		  	 Protected Partner 971
	  	 	3,518	  
		  	 Protected Partner 972
	  	 	7,035	  
		  	 Protected Partner 973
	  	 	5,277	  
		  	 Protected Partner 974
	  	 	7,035	  
		  	 Protected Partner 975
	  	 	8,794	  
		  	 Protected Partner 976
	  	 	769,999	  

							
		  	 Protected Partner 977
	  	 	8,794	  
		  	 Protected Partner 978
	  	 	1,759	  
		  	 Protected Partner 979
	  	 	3,518	  
		  	 Protected Partner 980
	  	 	1,055	  
		  	 Protected Partner 981
	  	 	7,035	  
		  	 Protected Partner 982
	  	 	7,035	  
		  	 Protected Partner 983
	  	 	8,794	  
		  	 Protected Partner 984
	  	 	3,518	  
		  	 Protected Partner 985
	  	 	3,518	  
		  	 Protected Partner 986
	  	 	10,553	  
		  	 Protected Partner 987
	  	 	3,518	  
		  	 Protected Partner 988
	  	 	8,794	  
		  	 Protected Partner 989
	  	 	3,518	  
		  	 Protected Partner 990
	  	 	5,628	  
		  	 Protected Partner 991
	  	 	8,794	  
		  	 Protected Partner 992
	  	 	8,794	  
		  	 Protected Partner 993
	  	 	17,588	  
		  	 Protected Partner 994
	  	 	3,518	  
		  	 Protected Partner 995
	  	 	1,759	  
		  	 Protected Partner 996
	  	 	7,035	  
		  	 Protected Partner 997
	  	 	3,518	  
		  	 Protected Partner 998
	  	 	410,000	  
		  	 Protected Partner 999
	  	 	3,518	  
		  	 Protected Partner 1000
	  	 	3,518	  
		  	 Protected Partner 1001
	  	 	7,035	  
		  	 Protected Partner 1002
	  	 	3,518	  
		  	 Protected Partner 1003
	  	 	8,794	  
		  	 Protected Partner 1004
	  	 	3,518	  
		  	 Protected Partner 1005
	  	 	3,518	  
		  	 Protected Partner 1006
	  	 	8,794	  
		  	 Protected Partner 1007
	  	 	1,055	  
		  	 Protected Partner 1008
	  	 	8,794	  
		  	 Protected Partner 1009
	  	 	3,518	  
		  	 Protected Partner 1010
	  	 	10,553	  
		  	 Protected Partner 1011
	  	 	8,794	  
		  	 Protected Partner 1012
	  	 	3,518	  
		  	 Protected Partner 1013
	  	 	2,638	  
		  	 Protected Partner 1014
	  	 	3,518	  
		  	 Protected Partner 1015
	  	 	22,865	  
		  	 Protected Partner 1016
	  	 	5,863	  
		  	 Protected Partner 1017
	  	 	17,588	  
		  	 Protected Partner 1018
	  	 	8,794	  
		  	 Protected Partner 1019
	  	 	10,553	  
		  	 Protected Partner 1020
	  	 	5,716	  
		  	 Protected Partner 1021
	  	 	8,794	  
		  	 Protected Partner 1022
	  	 	5,277	  

							
		  	 Protected Partner 1023
	  	 	35,177	  
		  	 Protected Partner 1024
	  	 	5,716	  
		  	 Protected Partner 1025
	  	 	7,035	  
		  	 Protected Partner 1026
	  	 	1,055	  
		  	 Protected Partner 1027
	  	 	1,759	  
		  	 Protected Partner 1028
	  	 	24,624	  
		  	 Protected Partner 1029
	  	 	43,971	  
		  	 Protected Partner 1030
	  	 	3,518	  
		  	 Protected Partner 1031
	  	 	4,397	  
		  	 Protected Partner 1032
	  	 	3,518	  
		  	 Protected Partner 1033
	  	 	7,035	  
		  	 Protected Partner 1034
	  	 	3,518	  
		  	 Protected Partner 1035
	  	 	3,518	  
		  	 Protected Partner 1036
	  	 	3,518	  
		  	 Protected Partner 1037
	  	 	35,177	  
		  	 Protected Partner 1038
	  	 	887,945	  
		  	 Protected Partner 1039
	  	 	3,518	  
		  	 Protected Partner 1040
	  	 	3,518	  
		  	 Protected Partner 1041
	  	 	1,759	  
		  	 Protected Partner 1042
	  	 	17,588	  
	RIF III - Santa Fe	  	 Protected Partner 1043
	  	 	Built-in loss property	  
	 Springs
	  	 Protected Partner 1044
	  			
		  	 Protected Partner 1045
	  			
		  	 Protected Partner 1046
	  			
		  	 Protected Partner 1047
	  			
		  	 Protected Partner 1048
	  			
		  	 Protected Partner 1049
	  			
		  	 Protected Partner 1050
	  			
		  	 Protected Partner 1051
	  			
		  	 Protected Partner 1052
	  			
		  	 Protected Partner 1053
	  			
		  	 Protected Partner 1054
	  			
		  	 Protected Partner 1055
	  			
		  	 Protected Partner 1056
	  			
		  	 Protected Partner 1057
	  			
		  	 Protected Partner 1058
	  			
		  	 Protected Partner 1059
	  			
		  	 Protected Partner 1060
	  			
		  	 Protected Partner 1061
	  			
		  	 Protected Partner 1062
	  			
		  	 Protected Partner 1063
	  			
		  	 Protected Partner 1064
	  			
		  	 Protected Partner 1065
	  			
		  	 Protected Partner 1066
	  			
		  	 Protected Partner 1067
	  			

					
		  	 Protected Partner 1068
	  	
		  	 Protected Partner 1069
	  	
		  	 Protected Partner 1070
	  	
		  	 Protected Partner 1071
	  	
		  	 Protected Partner 1072
	  	
		  	 Protected Partner 1073
	  	
		  	 Protected Partner 1074
	  	
		  	 Protected Partner 1075
	  	
		  	 Protected Partner 1076
	  	
		  	 Protected Partner 1077
	  	
		  	 Protected Partner 1078
	  	
		  	 Protected Partner 1079
	  	
		  	 Protected Partner 1080
	  	
		  	 Protected Partner 1081
	  	
		  	 Protected Partner 1082
	  	
		  	 Protected Partner 1083
	  	
		  	 Protected Partner 1084
	  	
		  	 Protected Partner 1085
	  	
		  	 Protected Partner 1086
	  	
		  	 Protected Partner 1087
	  	
		  	 Protected Partner 1088
	  	
		  	 Protected Partner 1089
	  	
		  	 Protected Partner 1090
	  	
		  	 Protected Partner 1091
	  	
		  	 Protected Partner 1092
	  	
		  	 Protected Partner 1093
	  	
		  	 Protected Partner 1094
	  	
		  	 Protected Partner 1095
	  	
		  	 Protected Partner 1096
	  	
		  	 Protected Partner 1097
	  	
		  	 Protected Partner 1098
	  	
		  	 Protected Partner 1099
	  	
		  	 Protected Partner 1100
	  	
		  	 Protected Partner 1101
	  	
		  	 Protected Partner 1102
	  	
		  	 Protected Partner 1103
	  	
		  	 Protected Partner 1104
	  	
		  	 Protected Partner 1105
	  	
		  	 Protected Partner 1106
	  	
		  	 Protected Partner 1107
	  	
		  	 Protected Partner 1108
	  	
		  	 Protected Partner 1109
	  	
		  	 Protected Partner 1110
	  	
		  	 Protected Partner 1111
	  	
		  	 Protected Partner 1112
	  	
		  	 Protected Partner 1113
	  	

					
		  	 Protected Partner 1114
	  	
		  	 Protected Partner 1115
	  	
		  	 Protected Partner 1116
	  	
		  	 Protected Partner 1117
	  	
		  	 Protected Partner 1118
	  	
		  	 Protected Partner 1119
	  	
		  	 Protected Partner 1120
	  	
		  	 Protected Partner 1121
	  	
		  	 Protected Partner 1122
	  	
		  	 Protected Partner 1123
	  	
		  	 Protected Partner 1124
	  	
		  	 Protected Partner 1125
	  	
		  	 Protected Partner 1126
	  	
		  	 Protected Partner 1127
	  	
		  	 Protected Partner 1128
	  	
		  	 Protected Partner 1129
	  	
		  	 Protected Partner 1130
	  	
		  	 Protected Partner 1131
	  	
		  	 Protected Partner 1132
	  	
		  	 Protected Partner 1133
	  	
		  	 Protected Partner 1134
	  	
		  	 Protected Partner 1135
	  	
		  	 Protected Partner 1136
	  	
		  	 Protected Partner 1137
	  	
		  	 Protected Partner 1138
	  	
		  	 Protected Partner 1139
	  	
		  	 Protected Partner 1140
	  	
		  	 Protected Partner 1141
	  	
		  	 Protected Partner 1142
	  	
		  	 Protected Partner 1143
	  	
		  	 Protected Partner 1144
	  	
		  	 Protected Partner 1145
	  	
		  	 Protected Partner 1146
	  	
		  	 Protected Partner 1147
	  	
		  	 Protected Partner 1148
	  	
		  	 Protected Partner 1149
	  	
		  	 Protected Partner 1150
	  	
		  	 Protected Partner 1151
	  	
		  	 Protected Partner 1152
	  	
		  	 Protected Partner 1153
	  	
		  	 Protected Partner 1154
	  	
		  	 Protected Partner 1155
	  	

 EXHIBIT B 

ESTIMATED ALLOCATIONS OF SECTION 704(c) GAIN 
  

					
	 Property
	  	 Protected Partner
	  	 § 704(c) Gain

	 RIF IV - Cornerstone
	  	 Protected Partner 1156
	  	
		  	 Protected Partner 1157
	  	
		  	 Protected Partner 1158
	  	
		  	 Protected Partner 1159
	  	
		  	 Protected Partner 1160
	  	
		  	 Protected Partner 1161
	  	
		  	 Protected Partner 1162
	  	
		  	 Protected Partner 1163
	  	
		  	 Protected Partner 1164
	  	
		  	 Protected Partner 1165
	  	
		  	 Protected Partner 1166
	  	
		  	 Protected Partner 1167
	  	
		  	 Protected Partner 1168
	  	
		  	 Protected Partner 1169
	  	
		  	 Protected Partner 1170
	  	
		  	 Protected Partner 1171
	  	
		  	 Protected Partner 1172
	  	
		  	 Protected Partner 1173
	  	
		  	 Protected Partner 1174
	  	
		  	 Protected Partner 1175
	  	
		  	 Protected Partner 1176
	  	
		  	 Protected Partner 1177
	  	
		  	 Protected Partner 1178
	  	
		  	 Protected Partner 1179
	  	
		  	 Protected Partner 1180
	  	
		  	 Protected Partner 1181
	  	
		  	 Protected Partner 1182
	  	
		  	 Protected Partner 1183
	  	
		  	 Protected Partner 1184
	  	
		  	 Protected Partner 1185
	  	
		  	 Protected Partner 1186
	  	
		  	 Protected Partner 1187
	  	
		  	 Protected Partner 1188
	  	
		  	 Protected Partner 1189
	  	
		  	 Protected Partner 1190
	  	
		  	 Protected Partner 1191
	  	
		  	 Protected Partner 1192
	  	1,064,377
		  	 Protected Partner 1193
	  	
		  	 Protected Partner 1194
	  	
		  	 Protected Partner 1195
	  	
		  	 Protected Partner 1196
	  	
		  	 Protected Partner 1197
	  	
		  	 Protected Partner 1198
	  	

					
		  	 Protected Partner 1199
	  	
		  	 Protected Partner 1200
	  	
		  	 Protected Partner 1201
	  	
		  	 Protected Partner 1202
	  	
		  	 Protected Partner 1203
	  	
		  	 Protected Partner 1204
	  	
		  	 Protected Partner 1205
	  	
		  	 Protected Partner 1206
	  	
		  	 Protected Partner 1207
	  	
		  	 Protected Partner 1208
	  	
		  	 Protected Partner 1209
	  	
		  	 Protected Partner 1210
	  	
		  	 Protected Partner 1211
	  	
		  	 Protected Partner 1212
	  	
		  	 Protected Partner 1213
	  	
		  	 Protected Partner 1214
	  	
		  	 Protected Partner 1215
	  	
		  	 Protected Partner 1216
	  	
		  	 Protected Partner 1217
	  	566,746
		  	 Protected Partner 1218
	  	
		  	 Protected Partner 1219
	  	
		  	 Protected Partner 1220
	  	
		  	 Protected Partner 1221
	  	
		  	 Protected Partner 1222
	  	
		  	 Protected Partner 1223
	  	
		  	 Protected Partner 1224
	  	
		  	 Protected Partner 1225
	  	
		  	 Protected Partner 1226
	  	
		  	 Protected Partner 1227
	  	
		  	 Protected Partner 1228
	  	
		  	 Protected Partner 1229
	  	
		  	 Protected Partner 1230
	  	
		  	 Protected Partner 1231
	  	
		  	 Protected Partner 1232
	  	
		  	 Protected Partner 1233
	  	
		  	 Protected Partner 1234
	  	
		  	 Protected Partner 1235
	  	
		  	 Protected Partner 1236
	  	
		  	 Protected Partner 1237
	  	
		  	 Protected Partner 1238
	  	
		  	 Protected Partner 1239
	  	
		  	 Protected Partner 1240
	  	
		  	 Protected Partner 1241
	  	
		  	 Protected Partner 1242
	  	
		  	 Protected Partner 1243
	  	
		  	 Protected Partner 1244
	  	
		  	 Protected Partner 1245
	  	
		  	 Protected Partner 1246
	  	1,105,847
		  	 Protected Partner 1247
	  	

 EXHIBIT C 

REQUIRED LIABILITY AMOUNT 
  

					
	 GUARANTY PARTNER
	  	REQUIRED
LIABILITY
AMOUNT	 
	 Guaranty Partner 1
	  	$	—  	  
	 Guaranty Partner 2
	  	$	39,110	  
	 Guaranty Partner 3
	  	$	—  	  
	 Guaranty Partner 4
	  	$	—  	  
	 Guaranty Partner 5
	  	$	—  	  
	 Guaranty Partner 6
	  	$	—  	  
	 Guaranty Partner 7
	  	$	—  	  
	 Guaranty Partner 8
	  	$	39,108	  
	 Guaranty Partner 9
	  	$	—  	  
	 Guaranty Partner 10
	  	$	—  	  
	 Guaranty Partner 11
	  	$	—  	  
	 Guaranty Partner 12
	  	$	—  	  
	 Guaranty Partner 13
	  	$	—  	  
	 Guaranty Partner 14
	  	$	—  	  
	 Guaranty Partner 15
	  	$	17,066	  
	 Guaranty Partner 16
	  	$	—  	  
	 Guaranty Partner 17
	  	$	—  	  
	 Guaranty Partner 18
	  	$	—  	  
	 Guaranty Partner 19
	  	$	—  	  
	 Guaranty Partner 20
	  	$	6,534,722	  
	 Guaranty Partner 21
	  	$	58,662	  
	 Guaranty Partner 22
	  	$	—  	  
	 Guaranty Partner 23
	  	$	—  	  
	 Guaranty Partner 24
	  	$	—  	  
	 Guaranty Partner 25
	  	$	27,881	  
	 Guaranty Partner 26
	  	$	—  	  
	 Guaranty Partner 27
	  	$	117,314	  
	 Guaranty Partner 28
	  	$	22,646	  
	 Guaranty Partner 29
	  	$	30,474	  
	 Guaranty Partner 30
	  	$	39,113	  
	 Guaranty Partner 31
	  	$	—  	  
	 Guaranty Partner 32
	  	$	—  	  
	 Guaranty Partner 33
	  	$	3,169	  
	 Guaranty Partner 34
	  	$	—  	  
	 Guaranty Partner 35
	  	$	686	  
	 Guaranty Partner 36
	  	$	—  	  
	 Guaranty Partner 37
	  	$	3,466,580	  
	 Guaranty Partner 38
	  	$	—  	  
	 Guaranty Partner 39
	  	$	—  	  

					
	 Guaranty Partner 40
	  	$	 3,146	  
	 Guaranty Partner 41
	  	$	—  	  
	 Guaranty Partner 42
	  	$	61,089	  
	 Guaranty Partner 43
	  	$	19,560	  
	 Guaranty Partner 44
	  	$	78,209	  
	 Guaranty Partner 45
	  	$	—  	  
	 Guaranty Partner 46
	  	$	30,217	  
	 Guaranty Partner 47
	  	$	195,541	  
	 Guaranty Partner 48
	  	$	—  	  
	 Guaranty Partner 49
	  	$	—  	  
	 Guaranty Partner 50
	  	$	—  	  
	 Guaranty Partner 51
	  	$	—  	  
	 Guaranty Partner 52
	  	$	—  	  
	 Guaranty Partner 53
	  	$	—  	  
	 Guaranty Partner 54
	  	$	—  	  
	 Guaranty Partner 55
	  	$	—  	  
	 Guaranty Partner 56
	  	$	87,991	  
	 Guaranty Partner 57
	  	$	—  	  
	 Guaranty Partner 58
	  	$	—  	  
	 Guaranty Partner 59
	  	$	—  	  
	 Guaranty Partner 60
	  	$	—  	  
	 Guaranty Partner 61
	  	$	—  	  
	 Guaranty Partner 62
	  	$	—  	  
	 Guaranty Partner 63
	  	$	—  	  
	 Guaranty Partner 64
	  	$	—  	  
	 Guaranty Partner 65
	  	$	—  	  
	 Guaranty Partner 66
	  	$	—  	  
	 Guaranty Partner 67
	  	$	39,109	  
	 Guaranty Partner 70
	  	$	6,743,465	  
	 Guaranty Partner 68
	  	$	195,532	  
	 Guaranty Partner 69
	  	$	391,064	  

 EXHIBIT D 

FORM OF GUARANTY 

[See Attached] 

 GUARANTY AGREEMENT 

THIS GUARANTY (this “Guaranty”) is made as of [—], 2013, by and among the
guarantors identified on Exhibit A attached hereto (collectively, the “Guarantors”), and Rexford Industrial Realty, L.P., a Maryland limited partnership (the “Operating Partnership”) in favor of [—] (the “Lender”). 
 RECITALS 

Pursuant to that certain [—] dated [—], by
and among [—] (the “Borrower”) and Lender (the “Loan Agreement”), the Lender made a loan to the Borrower in the original maximum principal amount of $[—] (the “Loan”), which Loan is secured by, among other collateral, [—] (the “Deed of Trust”), which grants to Lender a
security interest in certain real property located in [—] and further described in the Deed of Trust and related personal property (the foregoing, collectively, the “Property” and
together with any other property securing the Loan, if any, the “Collateral”). The documents which evidence the Loan or the Collateral, including, without limitation, the Deed of Trust, are collectively referred to as the
“Loan Documents.” 
 In order to assure the Borrower’s payment of its obligations under the Loan and the performance
of the Borrower’s obligations under the Loan and the Deed of Trust, the Guarantors are willing to guarantee a portion of the amounts due under the Loan on the terms set forth below. 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Guarantors hereby agree as follows: 
 1. Guaranty. 

(a) If (i) an event of a default which permits the Lender to accelerate the repayment of the obligations of the Borrower to the Lender
secured by the Deed of Trust (collectively, the “Obligations”) has occurred (such default and repayment obligation referred to hereinafter as a “Default”), and (ii) the Lender has accelerated the Loan as a
result of such Default, then each Guarantor, severally and not jointly, absolutely and unconditionally guarantees and promises to pay directly to the Lender on behalf of the Borrower in lawful money of the United States of America an amount equal to
such Guarantor’s Guaranty Percentage (as defined below) of the Shortfall Amount (as defined below); provided that no demand shall be made under this Guaranty for payment by any Guarantor as a result of a Default (x) until such time
as the Lender shall have fully and completely exercised (and not waived) all rights, powers, and remedies it has with respect to foreclosure on the Property and pursued all of its available rights and remedies against other assets of the Borrower
which secure the Loan, if any, and any recoveries from such actions have been applied to reduce the amount of the Obligations or (y) following the date any such Default is cured. For purposes of this Guaranty, the following definitions shall
apply. The “Shortfall Amount” shall equal the positive excess of (i) the lesser of: (A) the aggregate of the “Maximum Liability” (as listed opposite the Guarantors’ names on Exhibit A attached hereto) of all
Guarantors whose obligations under this Guaranty are then 

 
outstanding; and (B) the aggregate outstanding amount of the Obligations immediately prior to the Default (the “Aggregate Maximum Liability”), over (ii) the sum of all
cash and other amounts received or otherwise recovered by the Lender together with the fair market value of the Property obtained by the Lender (without regard to whether such amounts and value are applied to principal, interest, late fees,
penalties and costs of collection), if any, after the Default from or on behalf of the Borrower in proceedings against the Borrower or the Property under the Loan Documents. Each Guarantor’s “Guaranty Percentage” shall equal
the quotient of (i) such Guarantor’s Maximum Liability (as listed opposite the Guarantors’ names on Exhibit A attached hereto) over (ii) the Aggregate Maximum Liability. Notwithstanding anything to the contrary in the foregoing,
the maximum amount of each Guarantor’s liability hereunder shall in no event be greater than the “Maximum Liability” listed opposite the Guarantor’s name on Exhibit A attached hereto, and under no circumstances shall a Guarantor
be obligated to pay an aggregate amount under this Guaranty in excess of such Guarantor’s Maximum Liability. The obligations of each Guarantor hereunder are separate and distinct from the obligations of any other Guarantor hereunder and are not
joint and several. 
 (b) Notwithstanding any provision to the contrary in this Guaranty, no Guarantor shall have any obligation to make any
payment pursuant to this Guaranty to the extent that the Default occurs as a result of, or in connection with “material uninsured damage” to the Property caused by an earthquake or act of terrorism. For purposes of this Guaranty, the term
“material uninsured damage” shall refer to damage to the Property that is not compensated for by insurance and which is in an amount greater than twenty percent (20%) of the original principal amount of the Loan. 

2. Term of Guaranty. This Guaranty, as well as all of the rights, duties, requirements and obligations created hereunder, shall
expire and be of no further force or effect with respect to each Guarantor as of the earlier of (a) the date on which the Obligations under the Loan are satisfied in full, or (b) the Termination Date with respect to such Guarantor. The
“Termination Date” with respect to a Guarantor shall be the effective date set forth in a written notice from such Guarantor to the Borrower and the Lender, stating that such Guarantor is terminating its obligations under this
Guaranty, provided that (i) such date shall not be earlier than the earlier of (x) three (3) months after the date such Guarantor has disposed of all of its equity interest in the Operating Partnership or (y) six (6) months
after such Guarantor has given written notice to the Operating Partnership that he wishes to be released from his obligations under this Guaranty, and (ii) the fair market value of the Collateral exceeds the outstanding balance of the
Obligations, including accrued and unpaid interest, as of the Termination Date. Notwithstanding the foregoing, the obligations of a Guarantor hereunder shall continue after the Termination Date with respect to such Guarantor to the extent of any
claims that are attributable fully and solely to an event or action that occurred on or before the Termination Date with respect to such Guarantor. 

3. Remedies. If a Guarantor fails to promptly perform his obligations under this Guaranty, the Lender may from time to time
bring an action at law or in equity, or both, to compel such Guarantor to perform his obligations hereunder, and to collect in any such action compensation for all loss, cost, damage, injury and expense sustained or incurred by the Lender as a
consequence of the failure of such Guarantor to perform his obligations together with interest thereon at the rate of interest applicable to the principal balance of the Loan. 

  
 2 

 4. Rights of the Lender. Without in any manner limiting the generality of the
foregoing, the Borrower, the Lender, or any subsequent holder of the Loan or beneficiary of the Deed of Trust may, from time to time, without notice to or consent of the Guarantors, agree to any amendment, waiver, modification or alteration of the
Loan or the Deed of Trust relating to the Borrower and its rights and obligations thereunder (including, without limitation, renewal, waiver or variation of the maturity of the indebtedness pursuant to the Loan, increase or reduction of the rate of
interest payable under the Loan, release, substitution or addition of any guarantor or endorser and acceptance of any security for the Loan). The Loan may be extended one or more times without notice to or consent from the Guarantors, and the
Guarantors shall remain at all times bound to its obligations under this Guaranty, notwithstanding such extensions. 
 5.
Guarantors’ General Waivers. Until the Obligations are paid in full, each Guarantor waives: (a) any defense now existing or hereafter arising based upon any legal disability or other defense of the Borrower, such Guarantor or
any other guarantor or other Person (as defined below), or by reason of the cessation or limitation of the liability of the Borrower, such Guarantor or any other guarantor or other Person from any cause other than full payment and performance of all
obligations due under the Loan Documents; (b) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act on behalf of the Borrower or any other Person, or any defect in the formation
of the Borrower or any other Person; (c) the unenforceability or invalidity of any security or guarantee or the lack of perfection or continuing perfection, or failure of priority of any security for the obligations guarantied hereunder;
(d) subject to Section 1(a), any and all rights and defenses arising out of an election of remedies by the Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed
obligation, has destroyed such Guarantor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise (or any other comparable laws of any other
State applicable to this Guaranty or the security for the Loan); (e) any defense based upon the Lender’ failure to disclose to such Guarantor any information concerning Borrower’s or any other Person’s financial condition or any
other circumstances bearing on the Borrower’s or any other Person’s ability to pay and perform all obligations due under the Loan or any of the other Loan Documents; (f) any failure by the Lender to give notice to the Borrower, such
Guarantor or any other Person of the sale or other disposition of security held for the Loan, and any defect in notice given by the Lender in connection with any such sale or disposition of security held for the Loan; (g) any failure of the
Lender to comply with applicable laws in connection with the sale or disposition of security held for the Loan, including, without limitation, any failure by the Lender to conduct a commercially reasonable sale or other disposition of such security;
(h) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal, or that reduces a surety’s or
guarantor’s obligations in proportion to the principal’s obligation; (i) any use of cash collateral under Section 363 of the Federal Bankruptcy Code; (j) any defense based upon the Lender’ election, in any proceeding
instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (k) any defense based upon any borrowing or any grant of a security interest under
Section 364 of the Federal Bankruptcy Code; and (l) any defense based upon the application by the Borrower of the proceeds of the Loan for purposes other than the purposes represented by the Borrower to the Lender or intended or understood
by 

  
 3 

 
the Lender or such Guarantor. Each Guarantor agrees that the payment and performance of all obligations due under the Loan or any of the other Loan Documents or any part thereof or other act
which tolls any statute of limitations applicable to the Loan or the other Loan Documents shall similarly operate to toll the statute of limitations applicable to such Guarantor’s liability hereunder. Without limiting the generality of the
foregoing or any other provision hereof, and subject to the proviso in Section 1(a), each Guarantor further waives any and all rights and defenses that such Guarantor may have because the Borrower’s debt is secured by real property; this
means, among other things, that if the Lender forecloses on any real property collateral, including the Property, pledged by the Borrower, then the Lender may collect from such Guarantor in accordance with the terms of this Guaranty even if the
Lender, by foreclosing on the real property collateral, has destroyed any right such Guarantor may have to collect from the Borrower. Subject to Section 1(a), the foregoing sentence is an unconditional and irrevocable waiver of any rights and
defenses such Guarantor may have because the Borrower’s debt is secured by real property. Without limiting the generality of the foregoing or any other provision hereof, until the Obligations are paid in full (and subject to the provisos set
forth in Paragraph 6), and subject to the proviso in Section 1(a), each Guarantor expressly waives to the extent permitted by law any and all rights and defenses, including without limitation any rights of subrogation, reimbursement,
indemnification and contribution, which might otherwise be available to such Guarantor under California Civil Code Sections 2787 to 2844, inclusive, 2846 to 2855, inclusive, 2899 and 3433 and under California Code of Civil Procedure Sections 580a,
580b, 580d and 726 (or any of such sections), or any other jurisdiction to the extent the same are applicable to this Guaranty or the agreements, covenants or obligations of such Guarantor hereunder (or any other comparable laws of any other State
applicable to this Guaranty or the security for the Loan). 
 6. Waiver of Rights of Subrogation. Subject to
Section 1(a), this is a guarantee of payment and not of collection, and the obligations of the Guarantors hereunder shall be in addition to and shall not limit or in any way affect the obligations of the Guarantors under any other existing or
future guaranties unless said other guaranties are expressly modified or revoked in writing. Each Guarantor expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such
Guarantor may now or hereafter have against the Borrower or any other Person directly or contingently liable for the payment or performance of the Loan or Deed of Trust (including, without limitation, any property collateralizing the Obligations),
arising solely from the existence or performance of this Guaranty. Each Guarantor further agrees that it will not enter into any agreement providing, directly or indirectly, for contribution, reimbursement or repayment by the Borrower or any other
Person on account of any payment by such Guarantor and further agrees that any such agreement, whether existing or hereafter entered into, would be void. In furtherance, and not in limitation, of the preceding waiver, each Guarantor and the
Operating Partnership by their acceptance hereof agree that (i) any payment to the Lender or any Indemnified Party by such Guarantor pursuant to this Guaranty shall be treated as a contribution by such Guarantor to the capital of the Operating
Partnership, followed by a contribution by the Operating Partnership to the capital of Borrower, or, if the Operating Partnership owns Borrower through one or more entities, as a contribution by the Operating Partnership to the capital of Borrower
through successive contributions through each such entity, and any such payment shall not cause such Guarantor to be a creditor of the Operating Partnership, the Borrower or any partner or affiliate thereof, and (ii) such Guarantor shall not be
entitled to, and shall not receive, the return of any such capital contribution or receive any consideration in exchange therefor (including, but not limited to, any distribution from the Operating Partnership with respect to such contribution or
interests or units in the Operating Partnership). 

  
 4 

 7. Indemnification of Other Parties. If, for any reason, (A) the Operating
Partnership or any of its partners or affiliates, other than Borrower (each, an “Indemnified Party”), is required to make (i) any payment to the Lender or (ii) any contribution to the Operating Partnership or the Borrower
with respect to the portion of the Loan for which a payment pursuant to this Guaranty is required, or (B) the Lender’ ability to make a claim against any Guarantor is reduced solely as a result of the Lender’s concurrent status as an
Indemnified Party (collectively, an “Indemnified Party Outlay”), each Guarantor shall absolutely and unconditionally reimburse the Indemnified Party for, or pay to the Lender (as applicable), the lesser of (i) such
Guarantor’s Guaranty Percentage of the full amount of such Indemnified Party Outlay or (ii) the maximum amount such Guarantor would have been obligated to pay the Lender under Paragraph 1 hereof had such payment not been made by the
Indemnified Party or had such reduction not occurred and provided the conditions set forth in Paragraph 1 hereof triggering such obligations by such Guarantor shall have occurred. Each Guarantor shall reimburse the Indemnified Party, or make a
payment to the Lender, as and to the extent required by this Paragraph 7 within 60 days after receiving written notice of an Indemnified Party Outlay from the Indemnified Party. It is intended that each Indemnified Party be a third party beneficiary
of the obligations of the Guarantors under this Paragraph 7, and that each Indemnified Party shall have the right to enforce the obligations of the Guarantors hereunder, except as expressly provided in this Guaranty. Any payments to an Indemnified
Party or the Lender hereunder shall for all purposes hereunder be treated by each Guarantor and the Operating Partnership as capital contributions by each Guarantor to the Operating Partnership, followed by capital contributions by the Operating
Partnership to the Borrower, or, if the Operating Partnership owns Borrower through one or more entities, as a contribution by the Operating Partnership to the capital of Borrower through successive contributions through each such entity, in
accordance with the provisions of Paragraph 6 above. 
 8. Unsecured Obligations. This Guaranty is not secured and shall not
be deemed to be secured by any security instrument unless such security instrument expressly recites that it secures this Guaranty. Notwithstanding the foregoing, in no event shall the Deed of Trust secure this Guaranty. 

9. Understanding With Respect to Waivers. Each Guarantor warrants and agrees that each of the waivers set forth in this Guaranty
are made with such Guarantor’s full knowledge of their significance and consequences, and that under the circumstances the waivers are reasonable and not contrary to public policy or law. If any of said waivers shall hereafter be determined by
a court of competent jurisdiction to be contrary to any applicable law or against public policy, such waivers shall be effective only to the maximum extent permitted by law. 

10. Rules of Construction. The term “Borrower” as used herein shall include the Borrower and any other Person
at any time assuming or otherwise becoming primarily liable for all or any part of the obligations of the Borrower under the Loan or any of the other Loan Documents. The term “Person” as used herein shall include any individual,
corporation, partnership, limited liability company, trust or other legal entity of any kind whatsoever. When the context and construction so require, all words used in the singular herein shall be deemed to have been used in the plural and vice
versa. All headings appearing in this Guaranty are for convenience only and shall be disregarded in construing this Guaranty. 

  
 5 

 11. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF CALIFORNIA, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAWS. EACH GUARANTOR AND ALL PERSONS AND ENTITIES IN ANY MANNER OBLIGATED TO THE LENDER UNDER THIS GUARANTY CONSENT TO THE JURISDICTION OF ANY FEDERAL OR STATE
COURT WITHIN THE STATE OF CALIFORNIA AND ALSO CONSENT TO SERVICE OF PROCESS BY ANY MEANS AUTHORIZED BY CALIFORNIA OR FEDERAL LAW (OR THE LAW OF ANY OTHER STATE APPLICABLE TO THIS GUARANTY OR THE SECURITY FOR THE LOAN). 

12. Disclosure. The Operating Partnership shall furnish a copy of this Guaranty to the Lender immediately after its execution by
the Guarantors. 
 13. No Assignment. None of the parties shall be entitled to assign their rights or obligations under this
Guaranty to any other Person without the written consent of the other parties. 
 14. Entire Agreement. The Guarantors, the
Operating Partnership and, by the Lender’s acceptance of the delivery of a copy of this Guaranty pursuant to Paragraph 12, the Lender agree that this Guaranty contains the entire understanding and agreement between them with respect to the
subject matter hereof and cannot be amended, modified or superseded, except by an agreement in writing signed by all of such parties in accordance with Paragraph 16. 

15. Notices. Any notice given pursuant to this Guaranty shall be in writing and shall be deemed given when delivered personally
to the other party, or sent by registered or certified mail, postage prepaid, to the addresses listed below or to such other address with respect to which notice is subsequently provided in the manner set forth above. 

[—] 

[—] 

[—] 

[—] 

[—] 

[—] 

16. Amendments. This Guaranty shall not be modified, amended or (except as expressly provided herein) terminated in a manner
which is materially adverse to the Lender, the Borrower or any Indemnified Party without the written consent of such party. 
 17.
Miscellaneous. The provisions of this Guaranty shall bind and benefit, the heirs, executors, administrators, legal representatives, successors and assigns of each Guarantor, the Borrower, the Lender and the Indemnified Parties. If any
provision of this Guaranty shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this Guaranty and the remaining parts shall remain in full force as though the
invalid, illegal or unenforceable portion had never been part of this Guaranty. 

  
 6 

 18. Counterparts. This Guaranty may be executed in counterparts (including by scan
or facsimile) with the same effect as if all parties hereto had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 

19. Condition of the Borrower. The Guarantors are not relying in any manner upon any representation or statement of the Lender
or any other Person. Each Guarantor hereby represents and warrants that it is not relying upon or expecting the Lender to furnish to it any information now or hereafter in the Lender’s possession concerning the same or any other matter. By
executing this Guaranty, each Guarantor knowingly accepts the full range of risks encompassed within a contract of this type, which risks it acknowledges. The Guarantors shall have no right to require the Lender to obtain or disclose any information
with respect to the Obligations, the financial condition or character of the Property, the Borrower’s ability to pay or perform the Obligations, the existence or non-existence of any guaranties of all or any part of the Obligations, any action
or non-action on the part of the Lender, the Borrower or any other Person, or any other matter, fact or occurrence whatsoever. 
 20.
Ambiguity. Each Guarantor hereby waives any provision of law (including without limitation California Civil Code section 1654) (or any other comparable laws of any other State applicable to this Guaranty or the security for the Loan) to
the effect that an ambiguity in a contract or agreement should be interpreted against the party that drafted the contract or agreement or was responsible for the drafting of the contract or agreement. 

[Signature page follows] 

  
 7 

 IN WITNESS WHEREOF, the Guarantors have duly authorized and executed this
Guaranty as of the date first above written. 
  

	
	GUARANTORS:
	   

	   

	   

	   

	   

	

 
							
	 BORROWER:
 [—], a [—]

		
		 	 By: Rexford Industrial Realty, L.P., a

Maryland limited partnership, its [—]

			
		 		 	By: Rexford Industrial Realty, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:

  

							
	OPERATING PARTNERSHIP
	
	Rexford Industrial Realty, L.P., a Maryland limited partnership
			
		 		 	By: Rexford Industrial Realty, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:

  
 9 

 Exhibit A 
  

							
	 Guarantors
	  	Maximum
Liability	  	Current
Guaranty
Percentage	 
		  		  			
		  		  			
		  		  			
		  		  			
		  		  			
		  		  			
		  		  			
		  		  			
		  		  			
		  		  			
		  	  
	  	  
	  
	 
	 Aggregate Maximum Liability
	  		  	 	100	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]