Document:

2010 Equity Incentive Plan

 Exhibit 10.1 

 
 RICHMOND HONAN MEDICAL PROPERTIES INC. 

2010 EQUITY INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

					
	 Section
	  	Page
	 Article I DEFINITIONS
	  	1
			
	 1.01.
	  	 Affiliate
	  	1
	 1.02.
	  	 Agreement
	  	1
	 1.03.
	  	 Award
	  	1
	 1.04.
	  	 Board
	  	1
	 1.05.
	  	 Change in Control
	  	1
	 1.06.
	  	 Code
	  	2
	 1.07.
	  	 Committee
	  	3
	 1.08.
	  	 Common Stock
	  	3
	 1.09.
	  	 Company
	  	3
	 1.10.
	  	 Control Change Date
	  	3
	 1.11.
	  	 Corresponding SAR
	  	3
	 1.12.
	  	 Dividend Equivalent Right
	  	3
	 1.13.
	  	 Exchange Act
	  	4
	 1.14.
	  	 Fair Market Value
	  	4
	 1.15.
	  	 Incentive Award
	  	4
	 1.16.
	  	 Initial Value
	  	4
	 1.17.
	  	 LTIP Unit
	  	4
	 1.18.
	  	 Operating Partnership
	  	5
	 1.19.
	  	 Option
	  	5
	 1.20.
	  	 Other Equity-Based Award
	  	5
	 1.21.
	  	 Participant
	  	5
	 1.22.
	  	 Performance Units
	  	5
	 1.23.
	  	 Plan
	  	5
	 1.24.
	  	 REIT
	  	5
	 1.25.
	  	 SAR
	  	6
	 1.26.
	  	 Stock Award
	  	6
	 1.27.
	  	 Ten Percent Shareholder
	  	6
		
	 Article II PURPOSES
	  	6
		
	 Article III ADMINISTRATION
	  	6
		
	 Article IV ELIGIBILITY
	  	7
		
	 Article V COMMON STOCK SUBJECT TO PLAN
	  	7
			
	 5.01.
	  	 Common Stock Issued
	  	7
	 5.02.
	  	 Aggregate Limit
	  	8
	 5.03.
	  	 Reallocation of Shares
	  	8
		
	 Article VI OPTIONS
	  	9
			
	 6.01.
	  	 Award
	  	9
	 6.02.
	  	 Option Price
	  	9

  

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	 6.03.
	  	 Maximum Option Period
	  	9
	 6.04.
	  	 Nontransferability
	  	9
	 6.05.
	  	 Transferable Options
	  	10
	 6.06.
	  	 Employee Status
	  	10
	 6.07.
	  	 Exercise
	  	10
	 6.08.
	  	 Payment
	  	10
	 6.09.
	  	 Shareholder Rights
	  	11
	 6.10.
	  	 Disposition of Shares
	  	11
		
	 Article VII SARS
	  	11
			
	 7.01.
	  	 Award
	  	11
	 7.02.
	  	 Maximum SAR Period
	  	11
	 7.03.
	  	 Nontransferability
	  	12
	 7.04.
	  	 Transferable SARs
	  	12
	 7.05.
	  	 Exercise
	  	12
	 7.06.
	  	 Employee Status
	  	12
	 7.07.
	  	 Settlement
	  	13
	 7.08.
	  	 Shareholder Rights
	  	13
		
	 Article VIII STOCK AWARDS
	  	13
			
	 8.01.
	  	 Award
	  	13
	 8.02.
	  	 Vesting
	  	13
	 8.03.
	  	 Employee Status
	  	13
	 8.04.
	  	 Shareholder Rights
	  	14
		
	 Article IX PERFORMANCE UNIT AWARDS
	  	14
			
	 9.01.
	  	 Award
	  	14
	 9.02.
	  	 Earning the Award
	  	14
	 9.03.
	  	 Payment
	  	14
	 9.04.
	  	 Shareholder Rights
	  	14
	 9.05.
	  	 Nontransferability
	  	15
	 9.06.
	  	 Transferable Performance Units
	  	15
	 9.07.
	  	 Employee Status
	  	15
		
	 Article X OTHER EQUITY–BASED AWARDS
	  	16
			
	 10.01.
	  	 Award
	  	16
	 10.02.
	  	 Terms and Conditions
	  	16
	 10.03.
	  	 Payment or Settlement
	  	16
	 10.04.
	  	 Employee Status
	  	16
	 10.05.
	  	 Shareholder Rights
	  	17
		
	 Article XI INCENTIVE AWARDS
	  	17
			
	 11.01.
	  	 Award
	  	17
	 11.02.
	  	 Terms and Conditions
	  	17
	 11.03.
	  	 Nontransferability
	  	17
	 11.04.
	  	 Employee Status
	  	17
	 11.05.
	  	 Settlement
	  	18

  

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	 11.06.
	  	 Shareholder Rights
	  	18
		
	 Article XII ADJUSTMENT UPON CHANGE IN COMMON STOCK
	  	18
		
	 Article XIII COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
	  	19
		
	 Article XIV GENERAL PROVISIONS
	  	19
			
	 14.01.
	  	 Effect on Employment and Service
	  	19
	 14.02.
	  	 Unfunded Plan
	  	19
	 14.03.
	  	 Rules of Construction
	  	20
	 14.04.
	  	 Withholding Taxes
	  	20
	 14.05.
	  	 REIT Status
	  	20
		
	 Article XV change in control
	  	21
			
	 15.01.
	  	 Impact of Change in Control.
	  	21
	 15.02.
	  	 Assumption Upon Change in Control.
	  	21
	 15.03.
	  	 Cash-Out Upon Change in Control.
	  	21
	 15.04.
	  	 Limitation of Benefits
	  	22
		
	 Article XVI AMENDMENT
	  	23
		
	 Article XVII DURATION OF PLAN
	  	23
		
	 Article XVIII EFFECTIVE DATE OF PLAN
	  	24

  

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 ARTICLE I 

DEFINITIONS 
  

	1.01.	Affiliate 

Affiliate means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, the
Company (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” shall mean ownership of 50% or more of the total combined voting power or value of all classes of
shares or interests in the entity, or the power to direct the management and policies of the entity, by contract or otherwise. 
  

	1.02.	Agreement 

Agreement means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the
terms and conditions of an Award granted to such Participant. 
  

	1.03.	Award 

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

	1.04.	Board 

 Board means
the Board of Directors of the Company. 
  

	1.05.	Change in Control 

“Change in Control” shall mean a change in control of the Company which will be deemed to have occurred after the date hereof
if: 
  

	(1)	any “person” as such term is used in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof except that such term
shall not include (A) the Company or any of its subsidiaries, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its affiliates, (C) an underwriter temporarily holding
securities pursuant to an offering of such securities, (D) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of the Company’s common stock, or
(E) any person or group as used in Rule 13d-1(b) under the Exchange Act, is or becomes the Beneficial Owner, as such term is defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company representing at
least 50% of the combined voting power or common stock of the Company; 

  

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	(2)	during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than (A) a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (1), (3), or (4) of this Section 1.05 or (B) a director whose initial assumption of office is in connection with an
actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose election by the Board or nomination for election by the Company’s shareholders 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 period or whose election or nomination for election was previously so approved, cease for any reason to constitute at
least a majority thereof; 

  

	(3)	there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any
parent thereof) in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, more than 50% of the combined voting power and common stock of the
Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or 

  

	(4)	there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a
similar effect, including a liquidation) other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, more than fifty percent (50%) of the combined voting power and common stock of which
is owned by shareholders of the Company in substantially the same proportions as their ownership of the common stock of the Company immediately prior to such sale. 

If a change in control constitutes a payment event with respect to any Option, SAR, Stock Award, Performance Unit or Other Equity-Based Award that
provides for the deferral of compensation and is subject to Section 409A of the Code, no payment will be made under that award on account of a Change in Control unless the event described in (1), (2), (3) or (4) above, as applicable,
constitutes a “change in control event” under Treasury Regulation Section 1.409A-3(i)(5). 
  

	1.06.	Code 

 Code means
the Internal Revenue Code of 1986, and any amendments thereto. 
  

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	1.07.	Committee 

Committee means the Compensation Committee of the Board. Unless otherwise determined by the Board, the Committee shall consist solely of
two or more non-employee members of the Board, each of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for purposes of
Section 162(m) of the Code (if awards under the Plan are subject to the deduction limitation of Section 162(m) of the Code) and an “independent director” under the rules of any exchange or automated quotation system on which the
Common Stock is listed, traded or quoted; provided , that any action taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the foregoing
requirements or otherwise provided in any charter of the Committee. If there is no Compensation Committee, then “Committee” means the Board; and provided, further that with respect to awards made to a member of the Board who is not an
employee of the Company or an Affiliate, “Committee” means the Board. 
  

	1.08.	Common Stock 

Common Stock means the common stock, par value $0.01 per share, of the Company. 

 

	1.09.	Company 

 Company
means Richmond Honan Medical Properties Inc., a Maryland real estate investment trust. 
  

	1.10.	Control Change Date 

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

	1.11.	Corresponding SAR 

Corresponding SAR means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender to the
Company, unexercised, of that portion of the Option to which the SAR relates. 
  

	1.12.	Dividend Equivalent Right 

Dividend Equivalent Right means the right, subject to the terms and conditions prescribed by the Committee, of a Participant to receive
(or have credited) cash, shares or other property in amounts equivalent to the cash, shares or other property dividends declared on shares of Common Stock with respect to specified Performance Units or units denominated in shares of Common Stock or
other Company securities subject to an Other Equity-Based Award, as 
  

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determined by the Committee, in its sole discretion. The Committee may provide that such Dividend Equivalents (if any) shall be distributed only when, and to the extent that, the underlying award
is vested or earned and also may provide that Dividend Equivalents (if any) shall be deemed to have been reinvested in additional shares of Common Stock or otherwise reinvested. 

 

	1.13.	Exchange Act 

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

 

	1.14.	Fair Market Value 

Fair Market Value means, on any given date, the reported “closing” price of a share of Common Stock on the New York Stock
Exchange for such date or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which a quotation exists. If, on any given date, the Common
Stock is not listed for trading on the New York Stock Exchange, then Fair Market Value shall be the “closing” price of a share of Common Stock on such other exchange on which the Common Stock is listed for trading for such date (or, if
there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such quotation exists) or, if the Common Stock is not listed on any exchange, the
amount determined by the Committee using any reasonable method in good faith and in accordance with the regulations under Section 409A of the Code. 
  

	1.15.	Incentive Award 

Incentive Award means an award awarded under Article XI which, subject to the terms and conditions prescribed by the Committee, entitles
the Participant to receive a payment from the Company or an Affiliate. 
  

	1.16.	Initial Value 

Initial Value means, with respect to a Corresponding SAR, the option price per share of the related Option and, with respect to an SAR
granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of grant. Except as provided in
Article XII, the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of shareholders. 
  

	1.17.	LTIP Unit 

 LTIP
Unit means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement. An LTIP Unit granted under this Plan represents the right to receive the benefits, 

 

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payments or other rights in respect of an LTIP Unit set forth in that partnership agreement, subject to the terms and conditions of the applicable Agreement and that partnership agreement.

  

	1.18.	Operating Partnership 

Operating Partnership means Richmond Honan Medical Properties LP, a Delaware limited partnership. 

 

	1.19.	Option 

 Option
means a share option that entitles the holder to purchase from the Company a stated number of Common Stock at the price set forth in an Agreement. 
  

	1.20.	Other Equity-Based Award 

Other Equity-Based Award means any award other than an Option, SAR, a Performance Unit award or a Stock Award which, subject to such terms
and conditions as may be prescribed by the Committee, entitles a Participant to receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock (including securities convertible into Common
Stock) or other equity interests including LTIP Units. 
  

	1.21.	Participant 

Participant means an employee or officer of the Company or an Affiliate, a member of the Board, or an individual who provides bona fide
services to the Company or an Affiliate (including an individual who provides services to the Company or an Affiliate by virtue of employment with, or providing services to, the Operating Partnership), and who satisfies the requirements of Article
IV and is selected by the Committee to receive an Award. 
  

	1.22.	Performance Units 

Performance Units means an award, in the amount determined by the Committee, stated with reference to a specified number of shares of
Common Stock, that in accordance with the terms of an Agreement entitles the holder to receive a payment for each specified unit equal to the value of the Performance Unit on the date of payment. 

 

	1.23.	Plan 

 Plan means
this Richmond Honan Medical Properties Inc. 2010 Equity Incentive Plan. 
  

	1.24.	REIT 

 REIT means a
real estate investment trust within the meaning of Sections 856 through 860 of the Code. 
  

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	1.25.	SAR 

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

 

	1.26.	Stock Award 

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

	1.27.	Ten Percent Shareholder 

Ten Percent Shareholder means any individual owning more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company. An individual shall be considered to own any voting shares owned (directly
or indirectly) by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately any voting shares owned (directly or indirectly) by or for a corporation, partnership, estate or trust of
which such individual is a shareholder, partner or beneficiary. 
 ARTICLE II 

PURPOSES 

The Plan is intended to assist the Company and its Affiliates in recruiting and retaining employees, directors and other service
providers with ability and initiative by enabling such persons or entities to participate in the future success of the Company and its Affiliates and to associate their interests with those of the Company and its shareholders. The Plan is intended
to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and Options not so qualifying, and the grant of SARs, Stock Awards, Performance Units, Other Equity-Based Awards and Incentive
Awards in accordance with the Plan and any procedures that may be established by the Committee. No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock option. The proceeds received by
the Company from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes. 
 ARTICLE III

 ADMINISTRATION 

The Plan shall be administered by the Committee. The Committee shall have authority to grant SARs, Stock Awards, Performance Units,
Options, Other Equity-Based Awards and Incentive Awards upon such terms (not inconsistent with the provisions of this Plan), as the 

 

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Committee may consider appropriate. Such terms may include conditions (in addition to those contained in this Plan), on the exercisability of all or any part of an Option or SAR or on the
transferability or forfeitability of a Stock Award, an award of Performance Units, an Incentive Award or an Other Equity-Based Award. Notwithstanding any such conditions, the Committee may, in its discretion, accelerate the time at which any Option
or SAR may be exercised, or the time at which a Stock Award or Other Equity-Based Award may become transferable or nonforfeitable or the time at which an Other Equity-Based Award, an award of Performance Units or an Incentive Award may be settled.
In addition, the Committee shall have complete authority to interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan (including rules
and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all other determinations necessary or advisable for the administration of this Plan. The Committee’s determinations under the Plan
(including without limitation, determinations of the individuals to receive awards under the Plan, the form, amount and timing of such awards, the terms and provisions of such awards and the Agreements) need not be uniform and may be made by the
Committee selectively among individuals who receive, or are eligible to receive, awards under the Plan, whether or not such persons are similarly situated. The express grant in the Plan of any specific power to the Committee shall not be construed
as limiting any power or authority of the Committee. Any decision made, or action taken, by the Committee in connection with the administration of this Plan shall be final and conclusive. The members of the Committee shall not be liable for any act
done in good faith with respect to this Plan or any Agreement, Option, SAR, Stock Award, Other Equity-Based Award, Incentive Award or award of Performance Units. All expenses of administering this Plan shall be borne by the Company. 

ARTICLE IV 

ELIGIBILITY 

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

COMMON STOCK SUBJECT TO PLAN 
  

	5.01.	Common Stock Issued 

Upon the award of Common Stock pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an Incentive Award or an award
of Performance Units, the Company 
  

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may deliver to the Participant shares of Common Stock from its treasury shares or authorized but unissued Common Stock. Upon the exercise of any Option, SAR or Other Equity-Based Award
denominated in Common Stock, the Company may deliver to the Participant (or the Participant’s broker if the Participant so directs), shares of Common Stock from its treasury shares or authorized but unissued Common Stock. 

 

	5.02.	Aggregate Limit 

(a) The maximum aggregate number of shares of Common Stock that may be issued under this Plan pursuant to the exercise of Options and
SARs, the grant of Stock Awards or Other Equity-Based Awards and the settlement of Incentive Awards and Performance Units is equal to 2,000,000 shares. Other Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate number of shares
of Common Stock that may be issued under this Plan on a one-for-one basis, i.e., each such unit shall be treated as an award of Common Stock. 

(b) The maximum number of shares of Common Stock that may be issued under this Plan in accordance with Section 5.02(a) shall be
subject to adjustment as provided in Article XII. 
 (c) The maximum number of shares of Common Stock that may be issued upon
the exercise of Options that are incentive stock options or Corresponding SARs that are related to incentive stock options shall be determined in accordance with Sections 5.02(a) and 5.02(b). 

 

	5.03.	Reallocation of Shares 

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

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 ARTICLE VI 

OPTIONS 
  

	6.01.	Award 

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

 

	6.02.	Option Price 

 The
price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding
sentence, the price per share of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual who is a Ten Percent Shareholder on the date such option is granted, shall not be less than one hundred
ten percent (110%) of the Fair Market Value on the date the Option is granted. Except as provided in Article XII, the price per share of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) without
the approval of shareholders. 
  

	6.03.	Maximum Option Period 

The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Option
shall be exercisable after the expiration of ten years from the date such Option was granted. In the case of an incentive stock option granted to a Participant who is a Ten Percent Shareholder on the date of grant, such Option shall not be
exercisable after the expiration of five years from the date of grant. The terms of any Option may provide that it is exercisable for a period less than such maximum period. 

 

	6.04.	Nontransferability 

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

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	6.05.	Transferable Options 

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

 

	6.06.	Employee Status 

For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock options), or in the event that
the terms of any Option provide that it may be exercised only during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service. 
  

	6.07.	Exercise 

 Subject
to the provisions of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided, however,
that incentive stock options (granted under the Plan and all plans of the Company and its Affiliates) may not be first exercisable in a calendar year for shares of Common Stock having a Fair Market Value (determined as of the date an Option is
granted) exceeding $100,000. An Option granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the Option could be exercised. A partial exercise of an Option shall not affect the right
to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares subject to the Option. The exercise of an Option shall result in the termination of any Corresponding SAR to the
extent of the number of shares with respect to which the Option is exercised. 
  

	6.08.	Payment 

 Subject
to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash, certified check, by tendering shares of Common Stock, by attestation of ownership of Common Stock,
by a broker-
  

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assisted cashless exercise or in such other form or manner acceptable to the Committee. If shares of Common Stock are used to pay all or part of the Option price, the sum of the cash and cash
equivalent and the Fair Market Value (determined as of the day preceding the date of exercise) of the shares surrendered or other consideration paid must not be less than the Option price of the shares for which the Option is being exercised.

  

	6.09.	Shareholder Rights 

No Participant shall have any rights as a shareholder with respect to the shares of Common Stock subject to an Option until the date of
exercise of such Option. 
  

	6.10.	Disposition of Shares 

A Participant shall notify the Company of any sale or other disposition of shares of Common Stock acquired pursuant to an Option that was
an incentive stock option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the shares of Common Stock to the Participant. Such notice shall be in writing and
directed to the Secretary of the Company. 
 ARTICLE VII 

SARS 
  

	7.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom SARs are to be granted and will specify the number of shares of Common Stock covered by such awards. No Participant may be granted Corresponding SARs
(under the Plan and all plans of the Company and its Affiliates) that are related to incentive stock options which are first exercisable in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined as of the date
the related Option is granted) that exceeds $100,000. 
  

	7.02.	Maximum SAR Period 

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten
years from the date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten Percent Shareholder on the date of grant, such Corresponding SAR shall not be exercisable after the
expiration of five years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 
  

 -11- 

	7.03.	Nontransferability 

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

 

	7.04.	Transferable SARs 

Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than a Corresponding SAR that is related to an
incentive stock option, may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on
such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an SAR transferred pursuant to this Section shall be bound by the same terms and conditions that governed the SAR
during the period that it was held by the Participant; provided, however, that such transferee may not transfer the SAR except by will or the laws of descent and distribution. In the event of any transfer of a Corresponding SAR (by the Participant
or his transferee), the Corresponding SAR and the related Option must be transferred to the same person or person or entity or entities. Notwithstanding the foregoing, in no event may an SAR be transferred for consideration absent shareholder
approval. 
  

	7.05.	Exercise 

 Subject
to the provisions of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided, however, that a
Corresponding SAR that is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and only when the Fair Market Value exceeds the option price of the related Option. An SAR granted under this
Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with this
Plan and the applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares with respect to which the SAR
is exercised. 
  

	7.06.	Employee Status 

If the terms of any SAR provide that it may be exercised only during employment or continued service or within a specified period of time
after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental 

 

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or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service. 

 

	7.07.	Settlement 

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

	7.08.	Shareholder Rights 

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

ARTICLE VIII 

STOCK AWARDS 
  

	8.01.	Award 

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

 

	8.02.	Vesting 

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

	8.03.	Employee Status 

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

 -13- 

	8.04.	Shareholder Rights 

Unless otherwise specified in accordance with the applicable Agreement, while the shares of Common Stock granted pursuant to the Stock
Award may be forfeited or are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends and vote the shares; provided, however, that during such period (i) a
Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares granted pursuant to a Stock Award, (ii) the Company shall retain custody of the certificates evidencing shares granted pursuant to a Stock Award,
and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in the preceding sentence shall not apply after the shares granted under the Stock Award are
transferable and are no longer forfeitable. 
 ARTICLE IX 

PERFORMANCE UNIT AWARDS 
  

	9.01.	Award 

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

	9.02.	Earning the Award 

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

 

	9.03.	Payment 

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

 

	9.04.	Shareholder Rights 

A Participant, as a result of receiving an award of Performance Units, shall not have any rights as a shareholder until, and then only to
the extent that, the award of Performance Units is earned and settled in Common Stock. After an award of Performance Units is earned and settled 

 

 -14- 

 
in shares of Common Stock, a Participant will have all the rights of a shareholder as described in Section 8.05. 

 

	9.05.	Nontransferability 

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

 

	9.06.	Transferable Performance Units 

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

	9.07.	Employee Status 

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

 -15- 

 ARTICLE X 

OTHER EQUITY–BASED AWARDS 
  

	10.01.	Award 

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

	10.02.	Terms and Conditions 

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

	10.03.	Payment or Settlement 

Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, shares of Common Stock, shall be payable or
settled in Common Stock, cash or a combination of Common Stock and cash, as determined by the Committee in its discretion; provided, however, that any shares of Common Stock that are issued on account of the conversion of LTIP Units into Common
Stock shall not be issued under the Plan. Other Equity-Based Awards denominated as equity interests other than shares of Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined
by the Committee in its discretion. 
  

	10.04.	Employee Status 

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

 -16- 

	10.05.	Shareholder Rights 

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

INCENTIVE AWARDS 
  

	11.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Incentive Award is to be made. 
  

	11.02.	Terms and Conditions 

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

	11.03.	Nontransferability 

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

	11.04.	Employee Status 

  

 -17- 

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

	11.05.	Settlement 

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

 

	11.06.	Shareholder Rights 

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

ARTICLE XII 

ADJUSTMENT UPON CHANGE IN COMMON STOCK 

The maximum number of shares of Common Stock as to which Options, SARs, Performance Units, Stock Awards and Other Equity-Based Awards may
be granted and the terms of outstanding Stock Awards, Options, SARs, Performance Units and Other Equity-Based Awards shall be adjusted as the Board determines is equitably required in the event that (i) the Company (a) effects one or more
nonreciprocal transactions between the Company and its shareholders such as a stock dividend, extra-ordinary cash dividend, stock split-up, subdivision or consolidation of shares that affects the number or kind of shares of Common Stock (or other
securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair Market Value of the Common Stock subject to outstanding awards or (b) engages in a transaction to which
Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates such action. Any determination made under this Article XII by the Board shall be nondiscretionary, final and
conclusive. 
 The issuance by the Company of shares of any class, or securities convertible into shares of any class, for cash
or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the maximum number of shares as to which Options, SARs, Performance Units, Stock Awards and Other Equity-Based Awards may be granted or the terms of outstanding Stock Awards,
Options, SARs, Performance Shares or Other Equity-Based Awards. 
  

 -18- 

 The Committee may make Stock Awards and may grant Options, SARs, Performance Units or Other
Equity-Based Awards in substitution for performance shares, phantom shares, stock awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate in connection with a
transaction described in the first paragraph of this Article XII. Notwithstanding any provision of the Plan, the terms of such substituted Stock Awards, SARs, Other Equity-Based Awards, Options or Performance Units shall be as the Committee, in
its discretion, determines is appropriate. 
 ARTICLE XIII 

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 

No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be
delivered, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company is a
party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to evidence shares of Common
Stock when a Stock Award is granted, a Performance Unit, Incentive Award or Other Equity-Based Award is settled or for which an Option or SAR is exercised may bear such legends and statements as the Committee may deem advisable to assure compliance
with federal and state laws and regulations. No Option or SAR shall be exercisable, no Stock Award or Performance Unit shall be granted, no shares of Common Stock shall be issued, no certificate for shares of Common Stock shall be delivered, and no
payment shall be made under this Plan until the Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 

ARTICLE XIV 

GENERAL PROVISIONS 
  

	14.01.	Effect on Employment and Service 

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

	14.02.	Unfunded Plan 

This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at
any time be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be 

 

 -19- 

 
based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on,
any property of the Company. 
  

	14.03.	Rules of Construction 

Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any
statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 
  

	14.04.	Withholding Taxes 

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

	14.05.	REIT Status 

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

 

 -20- 

 ARTICLE XV 

CHANGE IN CONTROL 
  

	15.01.	Impact of Change in Control. 

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

 

	15.02.	Assumption Upon Change in Control. 

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

	15.03.	Cash-Out Upon Change in Control. 

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

 -21- 

	15.04.	Limitation of Benefits 

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

The Accounting Firm will next determine the largest amount of Payments that may be made to the Participant without subjecting the
Participant to tax under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped Payments. 

The Participant will receive the total Parachute Payments or the Capped Payments, whichever provides the Participant with the higher Net
After Tax Amount. If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any benefits under this Plan or any other plan, agreement or arrangement that are not subject to
Section 409A of the Code (with the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under this Plan or any other plan, agreement or arrangement that are subject to Section 409A of
the Code (with the source of the reduction to be directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically equivalent, in a pro rata manner). The Accounting Firm will notify
the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations supporting that determination. 

As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its
determinations under this Section 15.04, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under this Section 15.04 (“Overpayments”), or that
additional amounts should be paid or distributed to the Participant under this Section 15.04 (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against
the Company or the Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, the Participant must repay to the Company, without
interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by the Participant to the Company unless, and then only to the extent that, the deemed 

 

 -22- 

 
loan and payment would either reduce the amount on which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999. If the
Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will
be paid to the Participant promptly by the Company. 
 For purposes of this Section 15.04, the term “Accounting
Firm” means the independent accounting firm engaged by the Company immediately before the Control Change Date. For purposes of this Section 15.04, the term “Net After Tax Amount” means the amount of any Parachute Payments or
Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any State or local income taxes applicable to the Participant on the date of payment. The determination of the Net After Tax Amount shall be made using
the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this Section 15.04, the term
“Parachute Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder. 

Notwithstanding any other provision of this Section 15.04, the limitations and provisions of this Section 15.04 shall not apply
to any Participant who, pursuant to an agreement with the Company or the terms of another plan maintained by the Company, is entitled to indemnification for any liability that the Participant may incur under Code Section 4999. In addition,
nothing in this Section 15.04 shall limit or otherwise supersede the provisions of any other agreement or plan which provides that a Participant cannot receive Payments in excess of the Capped Payments. 

ARTICLE XVI 

AMENDMENT 

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

DURATION OF PLAN 
  

 -23- 

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

EFFECTIVE DATE OF PLAN 

Options, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based Awards may be granted under this Plan on and after the
date that the Plan is adopted by the Board, provided that no award shall be exercisable, vested or settled unless, within twelve months after the Board’s adoption of the Plan, the Plan is approved by holders of a majority of the outstanding
Common Stock entitled to vote and present or represented by properly executed and delivered proxies at a duly held shareholders’ meeting at which a quorum is present or by unanimous consent of the shareholders. 

 

 -24-Form of Non-Employee Director Restricted Stock Award

 Exhibit 10.2 

FORM OF NON-EMPLOYEE DIRECTOR RESTRICTED STOCK AWARD 

RICHMOND HONAN MEDICAL PROPERTIES INC. 

Stock Award Agreement 

THIS STOCK AWARD AGREEMENT (the “Agreement”), dated as of the      day of
                    , 20    , governs the Stock Award granted by RICHMOND HONAN MEDICAL PROPERTIES INC., a Maryland
real estate investment trust (the “Company”), to             (the “Participant”), in accordance with and subject to the provisions of the Richmond Honan Medical
Properties Inc. 2010 Equity Incentive Plan (the “Plan”). A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan. 

1. Grant of Stock Award. In accordance with the Plan, and effective as of
                    , 20     (the “Date of Grant”), the Company granted to the Participant, subject to
the terms and conditions of the Plan and this Agreement, a Stock Award of              shares of Common Stock (the “Stock Award”). 

2. Vesting. The Participant’s interest in the shares of Common Stock covered by the Stock Award shall become vested and
nonforfeitable to the extent provided in paragraphs (a), (b) and (c) below. 
 (a) Continued Service. The
Participant’s interest in one-third of the shares of Common Stock covered by the Stock Award shall become vested and nonforfeitable on the first anniversary of the Date of Grant if the Participant serves continuously as a member of the Board
from the Date of Grant until the first anniversary of the Date of Grant. The Participant’s interest in an additional one-third of the shares of Common Stock covered by the Stock Award shall become vested and nonforfeitable on the second
anniversary of the Date of Grant if the Participant serves continuously as a member of the Board from the Date of Grant until the second anniversary of the Date of Grant. The Participant’s interest in the remaining one-third of the shares of
Common Stock covered by the Stock Award shall become vested and nonforfeitable on the third anniversary of the Date of Grant if the Participant serves continuously as a member of the Board from the Date of Grant until the third anniversary of the
Date of Grant. 
 (b) Change in Control. The Participant’s interest in all of the shares of Common Stock covered by
the Stock Award (if not sooner vested), shall become vested and nonforfeitable on a Control Change Date if the Participant serves continuously as a member of the Board from the Date of Grant until the Control Change Date. 

(c) Death or Disability. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award (if not
sooner vested), shall become vested and nonforfeitable on the date that the Participant’s service on the Board ends if (i) such service ends on account of the Participant’s death or because the Participant is “disabled” (as
defined in Code 

 
section 409A(a)(2)(c)) and (ii) the Participant serves continuously as a member of the Board from the Date of Grant until the date such service ends on account of the Participant’s
death or because the Participant is disabled. 
 Except as provided in this Section 2, any shares of Common Stock covered by the Stock
Award that are not vested and nonforfeitable on or before the date that the Participant’s service on the Board ends shall be forfeited on the date that such service terminates. 

3. Transferability. Shares of Common Stock covered by the Stock Award that have not become vested and nonforfeitable as provided
in Section 2 cannot be transferred. Shares of Common Stock covered by the Stock Award may be transferred, subject to the requirements of applicable securities laws, after they become vested and nonforfeitable as provided in Section 2.

 4. Shareholder Rights. On and after the Date of Grant and prior to their forfeiture, the Participant shall have all of
the rights of a shareholder of the Company with respect to the shares of Common Stock covered by the Stock Award, including the right to vote the shares and to receive, free of all restrictions, all dividends declared and paid on the shares.
Notwithstanding the preceding sentence, the Company shall retain custody of the certificates evidencing the shares of Common Stock covered by the Stock Award until the date that the shares of Common Stock become vested and nonforfeitable and the
Participant hereby appoints the Company’s Chief Executive Officer and its Secretary as the Participant’s attorneys in fact, with full power of substitution, with the power to transfer to the Company and cancel any shares of Common Stock
covered by the Stock Award that are forfeited under Section 2. 
 5. No Right to Continued Service. This Agreement
and the grant of the Stock Award does not give the Participant any rights with respect to continued service to the Company or an Affiliate. 

6. Governing Law. This Agreement shall be governed by the laws of the State of Georgia except to the extent that Georgia law would
require the application of the laws of another State. 
 7. Conflicts. In the event of any conflict between the
provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant. 

8. Participant Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the
Participant and the Participant agrees to be bound by all the terms and provisions of the Plan. 
 9. Binding Effect.
Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company. 

[signature page follows] 
  

 2 

 IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the
date first set forth above. 
  

					
	RICHMOND HONAN MEDICAL	  	[NAME OF PARTICIPANT]
	PROPERTIES INC.	  	
			
	By:	 	  
	  	  

			
	Title:	 	  
	  	

  

 3

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