Document:

EX-10.3

 Exhibit 10.3 
 FIRST AMENDMENT TO BRIDGE CREDIT AGREEMENT AND OMNIBUS 

AMENDMENT TO LOAN DOCUMENTS 
 This First Amendment to Bridge Credit Agreement and Omnibus Amendment to Loan Documents is made as of this 13th day of June, 2013, by and among WILL PARTNERS REIT MEMBER, LLC, THE GC NET LEASE (BEAVER
CREEK) MEMBER, LLC, THE GC NET LEASE (GV QUEBEC COURT) MEMBER, LLC, THE GC NET LEASE (RENTON) MEMBER, LLC, THE GC NET LEASE (HOUSTON ENCLAVE) MEMBER, LLC, THE GC NET LEASE (CHARLOTTE) MEMBER, LLC and THE GC NET LEASE (PHOENIX CHANDLER) MEMBER, LLC,
each a Delaware limited liability company having an address at 2121 Rosecrans, Ste. 3321, El Segundo, California 90245 (“Borrower”), and KEYBANK NATIONAL ASSOCIATION, as Agent (the “Agent”) on behalf of the various Lenders party
to the Bridge Credit Agreement (as defined below) from time to time. 
 W I T N E S S E T H: 

WHEREAS, reference is hereby made to that certain Bridge Credit Agreement dated as of December 11, 2012 (the “Bridge Credit
Agreement”; unless otherwise defined herein, capitalized terms shall have the meanings provided in the Bridge Credit Agreement) entered into by and among the Borrower, KeyBank National Association, as Agent, and the Lenders; and 

WHEREAS, the Borrower, the Agent and the Lenders have agreed to amend and modify the Bridge Credit Agreement and the other Loan Documents
as set forth herein. 
 NOW, THEREFORE, it is agreed by and among the Borrower, the Agent and the Lenders as follows:

 1. The definition of “Commitment” set forth in the Bridge Credit Agreement is hereby deleted in its entirety and
shall be replaced by the following: 
 ““Commitment” means, with respect to each Lender, the commitment of
such Lender to make Revolving Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04 or pursuant to the terms of Section 2.01. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance
pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $35,000,000.00.” 
 2. The definition of “Lead Borrower” set forth in the Bridge Credit Agreement is hereby deleted in its entirety and shall be replaced by the following: 

““Lead Borrower” means Will Partners REIT Member, LLC, a Delaware limited liability company.” 

 3. Section 2.08(b) of the Bridge Credit Agreement is hereby deleted in its entirety and
shall be replaced by the following: 
  

	 	“(b)	So long as the Borrower is not then in Default, the Borrower may, prior to November 18, 2013, request that the Commitments be increased, so long as (a) each
increase is in a minimum amount of $5,000,000 (or such smaller amounts as the Administrative Agent may approve), (b) the lenders under the Senior Revolving Agreement have, as necessary, approved of such increase, and (c) the aggregate
Commitments do not exceed $50,000,000.00 (the “Maximum Commitment”). No Lender shall have any obligation to increase its Commitment, with any such increase by a Lender being in such Lender’s sole and absolute discretion. If the
Borrower requests that the total Commitments be increased, the Administrative Agent shall use its best efforts to obtain increased or additional commitments up to the Maximum Commitment, and to do so the Administrative Agent may obtain additional
lenders of its choice (and approved by Borrower, such approval not to be unreasonably withheld or delayed) without the necessity of approval from any of the Lenders, and any such increase in the total Commitments shall be at Agent’s sole and
absolute discretion. The Borrower and each other Credit Party shall execute an amendment to this Agreement, additional Notes and other documents as the Administrative Agent may reasonably require to evidence the increase of the Commitments, the
addition of new projects as Mortgaged Properties, if applicable, and the admission of additional Persons as Lenders, if necessary. 

 4. Section 2.09(a) of the Bridge Credit Agreement is hereby deleted in its entirety and shall be replaced by the following: 

 

	 	“(a)	 The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each
Revolving Loan upon the earliest to occur of (i) the date which is ninety (90) days following the advance of such Revolving Loan, (ii) the date on which the loan made pursuant to the Senior Revolving Agreement is paid in full, or
(iii) the Maturity Date. At the request of each Lender, the Loans made by such Lender shall be evidenced by a Note payable to such Lender in the amount of such Lender’s Commitment. Prepayments shall be applied to the outstanding Revolving
Loans in the order in which such Revolving Loans were made, beginning with the oldest Revolving Loan first (and 

  
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shall then be applied to each such Revolving Loan in accordance with Section 2.10(f) hereof).” 

5. Schedule 2.01 of the Bridge Credit Agreement is hereby deleted in its entirety and replaced with the Schedule 2.01
attached hereto and made a part hereof. 
 6. Schedule 3.15 of the Bridge Credit Agreement is hereby deleted in its
entirety and replaced with the Schedule 3.15 attached hereto and made a part hereof. 
 7. Effective as of the date
hereof, the aggregate amount of the Commitments is hereby increased to Thirty-Five Million and No/100 Dollars ($35,000,000.00). Any and all references in the Loan Documents to “Fifteen Million Dollars” or “$15,000,000.00” are
hereby revised to refer to “Thirty-Five Million Dollars” and “$35,000,000.00” respectively. 
 8. Effective
as of the date hereof the Maximum Commitment is hereby increased to Fifty Million Dollars ($50,000,000.00). Any and all references in the Loan Documents to a loan of up to “Twenty-Five Million Dollars” or “$25,000,000.00” are
hereby revised to refer to “Fifty Million Dollars” and “$50,000,000.00” respectively 
 9. Effective as of
the date hereof, any and all references in the Loan Documents to: (a) “The GC Net Lease REIT Property Management, LLC” are hereby revised to “Griffin Capital Essential Asset Property Management, LLC”; (b) “The GC
Net Lease REIT Advisor, LLC” are hereby revised to “Griffin Capital Essential Asset Advisor, LLC”; (c) “The GC Net Lease REIT Operating Partnership, L.P.” are hereby revised to “Griffin Capital Essential Asset
Operating Partnership, L.P.”, and (d) “Griffin Capital Net Lease REIT, Inc.” are hereby revised to “Griffin Capital Essential Asset REIT, Inc.” 
 10. The Borrower agrees to pay to Fifth Third Bank a commitment fee on Fifth Third’s portion of the increase in the Loans being made in connection with this amendment in the amount of $12,500.00,
which shall be paid at closing. 
 11. The Borrower represents and warrants to the Lenders that after giving effect to this
Amendment (a) the representations and warranties of the Borrower and each other Credit Party contained in the Bridge Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the date hereof, except
to the extent that such representations and warranties (i) relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and
(ii) have been modified to reflect events occurring after the date of the Loan Agreement, as same have been disclosed publicly or in writing to the Agent on or before the date hereof or are permitted or not prohibited under the Loan Documents,
and (b) no event has occurred and is continuing which constitutes a Default or an Event of Default. 
 12. Borrower
represents and warrants as follows: 
  

	 	(a)	It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

  
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	 	(b)	This Amendment has been duly executed and delivered by Borrower and constitutes the Borrower’s legal, valid and binding obligations, enforceable in accordance with
its terms. 

  

	 	(c)	No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in
connection with the execution, delivery or performance by Borrower of this Amendment 

 13. Except as expressly
amended hereby, the remaining terms and conditions of the Bridge Credit Agreement shall continue in full force and effect. All future references to the “Bridge Credit Agreement” shall be deemed to be references to the Bridge Credit
Agreement as amended by this Amendment. It is intended that this Amendment, which may be executed in multiple counterparts, shall be governed by and construed in accordance with the laws of the State of New York. 

14. This Amendment shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto. 

15. For the purpose of facilitating the execution of this Amendment as herein provided and for other purposes, this Amendment may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute and be one and the same instrument. Facsimile signatures shall have the same legal effect as
originals. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the undersigned has executed and delivered this Agreement under seal as
of the date first written above. 
  

			
	 WILL PARTNERS REIT MEMBER, LLC, a
 Delaware limited liability company
  
 By:   GRIFFIN CAPITAL ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  

By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General
Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title:   Chief Financial
Officer

  

			
	 THE GC NET LEASE (BEAVER CREEK)
MEMBER, LLC, a Delaware limited liability
company

 
 By:   GRIFFIN CAPITAL
ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  
 By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title:   Chief Financial
Officer

 [Signatures Continue on the Following Page] 

  
 [Signature
Page to First Amendment to Bridge Credit Agreement] 

 
			
	 THE GC NET LEASE (GV QUEBEC COURT)
MEMBER, LLC, a Delaware limited liability
company

 
 By:   GRIFFIN CAPITAL
ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  
 By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title:   Chief Financial
Officer

  

			
	 THE GC NET LEASE (RENTON) MEMBER,
LLC, a Delaware limited liability company

 
 By:   GRIFFIN CAPITAL
ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  
 By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title:   Chief Financial
Officer

 [Signatures Continue on the Following Page] 

  
 [Signature
Page to First Amendment to Bridge Credit Agreement] 

 
			
	 THE GC NET LEASE (CHARLOTTE) MEMBER, LLC, a Delaware limited liability company

 
 By:   GRIFFIN CAPITAL
ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  
 By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title:   Chief Financial
Officer

  

			
	 THE GC NET LEASE (HOUSTON ENCLAVE)
MEMBER, LLC, a Delaware limited liability
company

 
 By:   GRIFFIN CAPITAL
ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  
 By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title:   Chief Financial
Officer

 [Signatures Continue on the Following Page] 

  
 [Signature
Page to First Amendment to Bridge Credit Agreement] 

 
			
	 THE GC NET LEASE (PHOENIX CHANDLER)
MEMBER, LLC, a Delaware limited liability
company

 
 By:   GRIFFIN CAPITAL
ESSENTIAL ASSET
OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership
  
 By:   GRIFFIN CAPITAL ESSENTIAL
ASSET REIT, INC., a Maryland
corporation, its General Partner

		
	                    By:	 	/s/ Joseph E. Miller
	
                    Name: Joseph E. Miller

                    Title: Chief Financial
Officer

 [Signatures Continue on the Following Page] 

  
 [Signature
Page to First Amendment to Bridge Credit Agreement] 

 
			
	KEYBANK NATIONAL ASSOCIATION, as
Agent and as a Lender
		
	By:	 	/s/ Christopher T. Neil
	 Name: Christopher T. Neil
 Title:   Senior Relationship Manager

  

			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	/s/ Matthew Rodgers
	 Name: Matthew Rodgers
 Title:   Vice President

  
 [Signature
Page to First Amendment to Bridge Credit Agreement] 

 GUARANTOR CONFIRMATION 

The undersigned hereby acknowledge and consent to the foregoing First Amendment to Bridge Credit Agreement and acknowledge and agree that
they remain obligated for the various obligations and liabilities, as applicable, set forth in those certain Guaranty Agreements (collectively, the “Guaranty”) dated December 11, 2012, executed by each of the undersigned in favor of
the Agent, which Guaranty remains in full force and effect. 
  

			
	GRIFFIN CAPITAL ESSENTIAL ASSET REIT,
INC., a Maryland corporation
		
	By:	 	/s/ Kevin A. Shields
	 Name: Kevin A. Shields
 Title:   Authorized Officer

  

			
	GRIFFIN CAPITAL CORPORATION,
a California corporation,
		
	By:	 	/s/ Kevin A. Shields
	 Name: Kevin A. Shields
 Title: President

  

			
	KEVIN A. SHIELDS FAMILY TRUST 
		
	By:	 	/s/ Kevin A. Shields
	 Name: Kevin A. Shields
 Title:   Trustee

  

	
	
	/s/ Kevin A. Shields
	KEVIN A. SHIELDS, an individual

  
 [Signature
Page to First Amendment to Bridge Credit Agreement] 

 SCHEDULE 2.01 

 

									
	Name	  	Commitments	 	  	Applicable
Percentage	 
	 KEYBANK, NATIONAL ASSOCIATION
	  	$	20,000,000	  	  	 	57.14	% 
	 FIFTH THIRD BANK
	  	$	15,000,000	  	  	 	42.86	% 
	 TOTAL
	  	$	35,000,000	  	  	 	100	% 

  
 Schedule
2.01Exhibit 10.6

 Exhibit 10.6 
 BURLINGTON HOLDINGS, INC. 
 2006 MANAGEMENT INCENTIVE PLAN 

(Amended and Restated May 1, 2013) 
  

	1.	DEFINED TERMS 

 Exhibit A,
which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms. 
  

	2.	PURPOSE 

 The Plan was
previously known as the Burlington Coat Factory Holdings, Inc. 2006 Management Incentive Plan (the “Prior Plan”) and was sponsored by Burlington Coat Factory Holdings, Inc. (the “Prior Sponsor”). In connection with a Corporate
Transaction the occurred in February, 2013, the Prior Plan and all prior actions undertaken pursuant to the Prior Plan and all outstanding Awards previously issued under the Prior Plan were assumed by the Company. 

The Plan has been established to advance the interests of the Company and its Affiliates by providing for the grant to Participants of
Stock-based and other incentive Awards. Awards under the Plan are intended to compensate members of the Company’s management who contribute to the performance of the Company. Unless the Administrator determines otherwise, Awards to be granted
under this Plan are expected to be substantially in the form attached hereto as Exhibit B. Unless the Administrator determines otherwise, Awards under the Plan are intended to be exempt from registration under the Securities Act of 1933, as amended,
because they are exempt offers pursuant to a compensatory benefit plan in accordance with Rule 701. 
  

	3.	ADMINISTRATION 

 The
Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms,
rules and procedures; and otherwise do all things necessary to carry out the purposes of the Plan. Determinations of the Administrator made under the Plan will be conclusive and will bind all parties. 

 

	4.	LIMITS ON AWARDS UNDER THE PLAN 

 (a) Number of Shares. A maximum of 6,574,302 shares of Class A Common and 730,478 shares of Class L Common may be delivered in satisfaction of Awards under the Plan and the Prior Plan.
As of May 1, 2013, 269,844 shares of Class A Common and 2,428,596 shares of Class L Common had been delivered in satisfaction of Awards issued under the Prior Plan, leaving 460,634 shares of Class A Common and 4,145,706 shares of
Class L Common that may be delivered in satisfaction of Awards under the Plan and 

 
Awards under the Prior Plan outstanding on that date, inclusive of shares reserved for unexercised Stock Options outstanding on that date. The number of shares of Stock delivered in satisfaction
of Awards shall, for purposes of this section, be determined net of shares of Stock withheld by the Company in payment of the exercise price of the Award or in satisfaction of tax withholding requirements with respect to the Award. The limits set
forth in this Section 4(a) shall be construed to comply with Section 422 of the Code and the regulations thereunder. To the extent consistent with the requirements of Section 422 of the Code and regulations thereunder, Stock issued
under awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition shall not reduce the number of shares available for Awards under the Plan. 

(b) Type of Shares. Stock delivered under the Plan may be authorized but unissued Stock or previously issued Stock acquired
by the Company or any of its subsidiaries. No fractional shares of stock will be delivered under the Plan. 
 (c) Effect
of Forfeitures. If any Participant forfeits any shares of Restricted Stock delivered pursuant to Awards granted under the Plan, such shares shall be added back to shares authorized for issuance under the Plan and shall again be available for
granting in connection with future Awards under the Plan. 
  

	5.	ELIGIBILITY AND PARTICIPATION 

 The Administrator will select Participants from among those key Employees and directors of, and consultants and advisors to, the Company or its Affiliates who, in the opinion of the Administrator, are in
a position to make a significant contribution to the success of the Company and its Affiliates. Eligibility for ISOs is limited to employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company
as those terms are defined in Section 424 of the Code. 
  

	6.	RULES APPLICABLE TO AWARDS 

(a) All Awards 
 (1) Award Provisions. The Administrator will determine the terms of all Awards, subject to the limitations provided herein. 

(2) Transferability. Neither ISOs, nor, except as the Administrator otherwise expressly provides, other Awards may be
transferred other than by will or by the laws of descent and distribution, and during a Participant’s lifetime ISOs and, except as the Administrator otherwise expressly provides, other non-transferable Awards requiring exercise may be exercised
only by the Participant. 
 (3) Vesting, Etc. The Administrator may determine the time or times at which an Award
will vest or become exercisable and the terms on which an Award requiring exercise will remain exercisable; provided, however, that no Award shall be exercisable after the expiration of ten (10) years after the effective date of grant of such
Award. Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax 

  
 2 

 
consequences resulting from such acceleration, and in any event, if a Participant’s Employment with the Company is terminated without Cause in connection with a Corporate Transaction, then
the vesting of any Award held by such Participant shall be accelerated. Unless the Administrator expressly provides otherwise, the following will apply if a Participant’s Employment ceases: Immediately upon the cessation of Employment an Award
requiring exercise will cease to be exercisable and will terminate, and all other Awards to the extent not already vested will be forfeited, except that — 
 (A) subject to (B) below, all Stock Options and other Awards requiring exercise held by the Participant or the Participant’s permitted transferee, if any, immediately prior to the cessation of
the Participant’s Employment, to the extent then exercisable, will remain exercisable for the shorter of (i) a period of (x) 365 days from the date such Participant’s Employment ceases in the case of cessation of Employment
as a result of Participant’s Death, or (y) 60 days from the date of such Participant’s Employment ceases in the case of cessation of Employment for any other reason, except Cause (and for the avoidance of doubt, in the case of
cessation of Employment due to Participant’s Disability, such cessation shall be deemed to occur at such time as the Participant has received notice from the Company that his or her Employment is being terminated due to such Disability, not the
date such Disability occurs), and (ii) the period ending on the latest date on which such Award could have been exercised without regard to this Section 6(a)(3), and will thereupon terminate; and 

(B) all Stock Options and other Awards requiring exercise held by a Participant or the Participant’s permitted
transferee, if any, immediately prior to the cessation of the Participant’s Employment will immediately terminate upon any cessation of Employment by the Company for Cause or upon a breach by Participant of any non-competition obligation he or
she has to the Company under any agreement. 
 (4) Taxes. The Administrator will make such provision for the
withholding of taxes as it deems necessary. The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in
excess of the minimum withholding required by law). 
 (5) Dividend Equivalents, Etc. The Administrator may in its
sole discretion provide for the payment of amounts in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award. 
 (6) Rights Limited. Nothing in the Plan will be construed as giving any person the right to continued employment or service with the Company or its Affiliates, or any rights as a stockholder
except as to shares of Stock actually issued under the Plan. The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of employment or service for any reason, even if the termination is
in violation of an obligation of the Company or its Affiliate to the Participant. 

  
 3 

 (7) Stockholders’ Agreement. Unless otherwise specifically provided, all
Awards issued under the Plan and all Stock issued thereunder will be subject to the Stockholders’ Agreement. 
 (8)
Awards Settled with Restricted Stock. The Administrator may, at the time any Award is granted, provide that any or all of the Stock delivered pursuant to the Award will be Restricted Stock. 

(9) Section 409A. Awards under the Plan are intended either to be exempt from the rules of Section 409A of the
Code or to satisfy those rules, and the Plan and such Awards shall be construed accordingly. Granted Awards may be modified at any time, in the Administrator’s discretion, so as to increase the likelihood of exemption from or compliance with
the rules of Section 409A of the Code. 
 (b) Awards Requiring Exercise 

(1) Time And Manner Of Exercise. Unless the Administrator expressly provides otherwise, an Award requiring exercise by the
holder will not be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator) signed by the appropriate person and accompanied by any payment required under the Award. If the Award
is exercised by any person other than the Participant, the Administrator may require satisfactory evidence that the person exercising the Award has the right to do so. 
 (2) Exercise Price. The Administrator will determine the exercise price, if any, of each Award requiring exercise. Except as otherwise permitted pursuant to Section 7(b)(1) hereof,
(i) the exercise price of an Award requiring exercise will not be less than 100% of the fair market value of the Stock subject to the Award (to the extent consistent with Section 409A of the Code), determined as of the date of grant, and
in the case of an ISO granted to a ten-percent shareholder within the meaning of Section 422(b)(6) of the Code, the exercise price will not be less than 110% of the fair market value of the Stock subject to the Award, determined as of the date
of grant and (ii) the purchase price of any Award not requiring exercise will not be less than 100% of the fair market value of the Stock subject to the Award, determined as of the date of grant. 

(3) Payment Of Exercise Price. Where the exercise of an Award is to be accompanied by payment, the Administrator may
determine the required or permitted forms of payment, subject to the following: (a) all payments will be by cash or check acceptable to the Administrator, or (b)(i) through the delivery of shares of Stock that have a Fair Market Value
equal to the exercise price, except where payment by delivery of shares would adversely affect the Company’s results of operations under Generally Accepted Accounting Principles or where payment by delivery of shares outstanding for less than
six months would require application of securities laws relating to profit realized on such shares, (ii) at such time, if any, as the Stock is publicly traded, through a broker-assisted exercise program acceptable to the Administrator,
(iii) by authorizing the Company to withhold from issuance a number of shares of Stock issuable upon exercise of the Award which, when multiplied by the Fair Market Value of such 

  
 4 

 
shares of Stock on the date of exercise, is equal to the aggregate exercise price payable with respect to the Award so exercised, (iv) by other means acceptable to the Administrator, or
(v) by any combination of the foregoing permissible forms of payment. The delivery of shares in payment of the exercise price under clause (b)(i) above may be accomplished either by actual delivery or by constructive delivery through
attestation of ownership, subject to such rules as the Administrator may prescribe. 
 (4) ISOs. No ISO may be
granted under the Plan after April 13, 2016, but ISOs previously granted may extend beyond that date. 
 (5) Stock
Options etc. Except as determined by the Administrator, no Stock Option shall be exercisable as to Shares of a single class but instead shall be exercisable only as to Units. 

(c) Awards Not Requiring Exercise 
 Awards of Restricted Stock and Unrestricted Stock, whether delivered outright or under Awards of Units or other Awards that do not require exercise, may be made in exchange for such lawful consideration,
including services, as the Administrator determines. 
  

	7.	EFFECT OF CERTAIN TRANSACTIONS 

 (a) Corporate Transactions. Except as otherwise provided in an Award Agreement: 
 (1) Assumption or Substitution. In the event of a Corporate Transaction in which there is an acquiring or surviving entity, the Administrator may, unless the Administrator determines that
doing so is inappropriate or unfeasible, provide for the continuation or assumption of some or all outstanding Awards, or for the grant of new awards in substitution therefor (including, without limitation, the cancellation of such Awards in
exchange for cash), by the acquiror or survivor or any entity controlling, controlled by or under common control with the acquiror or survivor, in each case on such terms and subject to such conditions (including vesting or other restrictions) as
the Administrator determines are appropriate. Unless the Administrator determines otherwise, the continuation or assumption shall be done on terms and conditions consistent with Section 409A of the Code. 

(2) Acceleration of Certain Awards. In the event of a Corporate Transaction (whether or not there is an acquiring or
surviving entity) in which there is no assumption or substitution as to some or all outstanding Awards, the Administrator may provide (unless the Administrator determines otherwise, on terms and conditions consistent with Section 409A of the
Code) for treating as satisfied any vesting condition on any such Award on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the issuance of the shares, as the
case may be, to participate as a stockholder in the Corporate Transaction. 

  
 5 

 (3) Termination of Awards. Except as otherwise provided in an Award Agreement,
each unvested Award (unless assumed pursuant to the Section 7(a)(1)), will terminate upon consummation of the Corporate Transaction. 
 (4) Additional Limitations. Any share of Stock delivered pursuant to Section 7(a)(2) above with respect to an Award may, in the discretion of the Administrator, contain such
restrictions, if any, as the Administrator deems appropriate to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse in connection with the Corporate Transaction. In the case of Restricted Stock,
the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of Stock in connection with the Corporate Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems
appropriate to carry out the intent of the Plan. 
 (b) Changes In And Distributions With Respect To The Stock

 (1) Basic Adjustment Provisions. In the event of any stock dividend or other similar distribution of stock
or other securities of the Company, stock split or combination of shares (including a reverse stock split), recapitalization, conversion, reorganization, consolidation, split- up, spin-off, combination, merger, exchange of stock, redemption or
repurchase of all or part of the shares of any class of stock or any change in the capital structure of the Company or an Affiliate or other transaction or event, the Administrator shall, as appropriate in order to prevent enlargement or dilution of
benefits intended to be made available under the Plan, make proportionate adjustments to the maximum number of shares that may be delivered under the Plan under Section 4(a) and shall also make appropriate, proportionate adjustments to the
number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any other provision of Awards affected by such change. Unless the Administrator determines
otherwise, any adjustments hereunder shall be done on terms and conditions consistent with Section 409A of the Code. 

(2) Certain Other Adjustments. The Administrator may also make adjustments of the type described in paragraph (1)
above to take into account distributions to stockholders or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan and to preserve the value of Awards made hereunder, having
due regard for the qualification of ISOs under Section 422 of the Code, where applicable. 
 (3) Continuing
Application of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section 7. 

 

	8.	LEGAL CONDITIONS ON DELIVERY OF STOCK 

 Neither the Company nor any Affiliate will be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until:
(i) the Company is satisfied that all legal matters in 

  
 6 

 
connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national
market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. If the sale of Stock has not
been registered under the Securities Act of 1933, as amended, the Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of such Act.
The Company may require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable
restrictions. At such time as the Company shall become eligible to do so, the Company shall file a registration statement on Form S-8 (or any successor form) registering the issuance of securities under the Plan. 

 

	9.	AMENDMENT AND TERMINATION 

The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by
law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Administrator may not, without the Participant’s consent, alter the terms of an Award so
as to affect adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so at the time of the Award. Any amendments to the Plan shall be conditioned upon stockholder approval only to the
extent, if any, such approval is required by applicable law (including the Code), as determined by the Administrator. 
  

	10.	OTHER COMPENSATION ARRANGEMENTS 

 The existence of the Plan or the grant of any Award will not in any way affect the right of the Company or an Affiliate to Award a person bonuses or other compensation in addition to Awards under the
Plan. 
  

	11.	GOVERNING LAW 

 Except as
otherwise provided by the express terms of an Award Agreement, the provisions of the Plan and of Awards under the Plan shall be governed by and interpreted in accordance with the laws of the State of Delaware. 

 

	12.	TERM 

 The Plan will be
deemed to terminate on April 12, 2016. 
  

	13.	SEVERABILITY 

 Whenever
possible, each provision of the Plan shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the Plan. 

  
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 EXHIBIT A 
 Definition of Terms 
 The following terms, when used in the Plan,
will have the meanings and be subject to the provisions set forth below: 
 “Administrator”: The Board or, if
one or more has been appointed, the Committee. The Administrator may delegate ministerial tasks to such persons as it deems appropriate. 
 “Affiliate”: Any corporation or other entity that is an “Affiliate” of the Company within the meaning of the Stockholders Agreement. 

“Award”: Any or a combination of the following: 

(i) Stock Options, 
 (ii) Restricted Stock, 
 (iii) Unrestricted Stock, 

(iv) Securities (other than Stock Options) that are convertible into or exchangeable for Stock on such terms and
conditions as the Administrator determines, and/or 
 (v) Performance Awards. 

“Award Agreement”: A written agreement between the Company and the Participant evidencing the Award. 

“Board”: The Board of Directors of the Company. 

“Cause”: shall mean the Participant (i) is convicted of a felony or other crime involving dishonesty towards the
Company or any of its subsidiaries or material misuse of property of the Company or any of its subsidiaries; (ii) engages in willful misconduct or fraud with respect to the Company or any of its subsidiaries or any of their customers or
suppliers or an intentional act of dishonesty or disloyalty in the course of the Participant’s employment; (iii) refuses to perform the Participant’s material obligations under any employment agreement and/or as reasonably directed by
the officer to which the Participant reports, which failure is not cured within 15 days after written notice thereof to the Participant; (iv) misappropriates one or more of the Company’s or any of its subsidiaries material assets or
business opportunities; or (v) breaches any obligations regarding confidentiality, non-competition or non-solicitation to the Company or any of its subsidiaries which breach, if capable of being cured, is not cured within 10 days of written
notice thereof has been delivered to the Participant. The Board may allow Participant an extension of time to cure if the Board, in its sole discretion, determines such extension to be appropriate under the circumstances. 

  
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 “Class A Common”: Class A Common Stock of the Company, par value $.001
per share. 
 “Class L Common”: Class L Common Stock of the Company, par value $.001 per share. 

“Code”: The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as
from time to time in effect. 
 “Committee”: One or more committees of the Board. 

“Company”: Burlington Holdings, Inc., a Delaware corporation. 

“Corporate Transaction”: Any of the following: any sale of all or substantially all of the assets of the Company and its
subsidiaries on a consolidated basis, change in the ownership of the capital stock of the Company, reorganization, recapitalization, merger (whether or not the Company is the surviving entity), consolidation, exchange of capital stock of the Company
or other restructuring involving the Company, provided, that, in each case, to the extent any amount constituting “nonqualified deferred compensation” subject to Section 409A of the Code would become payable under an Award by
reason of a Corporate Transaction, it shall become payable only if the event or circumstances constituting the Corporate Transaction would also constitute a change in the ownership or effective control of the Company, or a change in the ownership of
a substantial portion of the Company’s assets, within the meaning of subsection (a)(2)(A)(v) of Section 409A of the Code. 
 “Disability”: means Participant’s inability to perform the essential duties, responsibilities and functions of Participant’s position with the Company and its subsidiaries for a
continuous period of 180 days as a result of any mental or physical disability or incapacity, as determined under the definition of disability in the Company’s long-term disability plan so as to qualify Participant for benefits under the terms
of that plan or as determined by an independent physician to the extent no such plan is then in effect. Participant shall cooperate in all respects with the Company if a question arises as to whether Participant has become disabled (including,
without limitation, submitting to an examination by a medical doctor or other health care specialists selected by the Company and authorizing such medical doctor or such other health care specialist to discuss Participant’s condition with the
Company). 
 “Employee”: Any person who is employed by the Company or an Affiliate. 

“Employment”: A Participant’s employment or other service relationship with the Company and its Affiliates. Unless
the Administrator provides otherwise: A Participant who receives an Award in his or her capacity as an Employee will be deemed to cease Employment when the employee-employer relationship with the Company and its Affiliates ceases. A Participant who
receives an Award in any other capacity will be deemed to continue Employment so long as the Participant is providing services in a capacity described in Section 5. If a Participant’s relationship is with an Affiliate and that entity
ceases to be an Affiliate, the Participant will be deemed to cease Employment when the entity ceases to be an Affiliate unless the Participant transfers Employment to the Company or its remaining Affiliates. 

  
 9 

 “Fair Market Value”: shall mean, as of any date, as to any security, the
Administrator’s good faith determination of the fair value of such security as of the applicable reference date. 

“Good Reason”: means the occurrence of any of the following events without the written consent of the Participant:
(i) a material diminution of the Participant’s duties or the assignment to the Participant of duties that are inconsistent in any substantial respect with the position, authority or responsibilities associated with the Participant’s
position as set forth in any employment agreement to which the Participant is a party or as by the officer to which the Participant reports, other than any such authorities, duties or responsibilities assigned at any time which are by their nature,
or which are identified at the time of assignment, as being temporary or short-term; (ii) the Company’s requiring the Participant to be based at a location which is fifty (50) or more miles from the Participant’s principal office
location on the date hereof; or (iii) a material breach by the Company of its obligations pursuant to any employment agreement to which the Participant is a party (which such breach goes uncured after notice and a reasonable opportunity to
cure). 
 “ISO”: A Stock Option intended to be an “incentive stock option” within the meaning of
Section 422 of the Code. Each option granted pursuant to the Plan will be treated as providing by its terms that it is to be a non-incentive option unless, as of the date of grant, it is expressly designated as an ISO. 

“Participant”: A person who is granted an Award under the Plan. 

“Performance Award”: An Award subject to Performance Criteria. 

“Performance Criteria”: Specified criteria the satisfaction of which is a condition for the grant, exercisability,
vesting or full enjoyment of an Award. 
 “Plan”: The Burlington Holdings, Inc. 2006 Management Incentive Plan
as from time to time amended and in effect. 
 “Restricted Stock”: An Award of Stock for so long as the Stock
remains subject to restrictions under this Plan or such Award requiring that it be redelivered or offered for sale to the Company if specified conditions are not satisfied. 
 “Stock”: Class A Common and Class L Common. 

“Stockholders’ Agreement”: Stockholders’ Agreement, dated as of February 14, 2013, among the Company and
certain investors and managers, as amended from time to time. 
 “Stock Options”: Options entitling the
recipient to acquire shares of Stock upon payment of the exercise price. 

  
 10 

 “Unit”: An undivided interest in 9 shares of Class A Common and 1
share of Class L Common, determined at the date of grant, as it may be adjusted as provided herein or in the Award Agreement. 
 “Unrestricted Stock”: An Award of Stock not subject to any restrictions under the Plan. 

  
 11

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