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Exhibit 10.34

TIME-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT

Pursuant to the Phillips Edison & Company, Inc. 2020 Omnibus Incentive Plan, as amended (the “Plan”), Phillips Edison & Company, Inc. (the “Company”) hereby grants an award of the number of Restricted Stock Units set forth on Exhibit A hereto (an “Award”) to the Grantee set forth on Exhibit A.  Each Restricted Stock Unit shall relate to one share of Common Stock, par value $0.01 per share (the “Stock”) of the Company.  Capitalized terms in this award agreement (this “Agreement”) shall have the meaning specified in the Plan, unless a different meaning is specified herein.

1.Restrictions on Transfer of Award.  This Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of until the later of (a) the Restricted Stock Units have vested as provided in Section 2 of this Agreement, (b) shares of Stock have been issued to the Grantee in accordance with the terms of the Plan and this Agreement and (c) 180 days following the listing of the Stock on a national securities exchange, unless waived by the Company’s Board of Directors.

2.Vesting of Restricted Stock Units.  The restrictions and conditions of Section 1 of this Agreement shall lapse as set forth on Exhibit A attached hereto. The Committee may at any time accelerate the vesting schedule specified in this Section 2.

3.Termination of Employment.  Except as otherwise provided on Exhibit A, if the Grantee’s employment with the Company and its Subsidiaries terminates for any reason prior to the satisfaction of the vesting conditions set forth in Section 2 above, any Restricted Stock Units that have not vested as of such date shall automatically and without notice terminate and be forfeited, and neither the Grantee nor any of the Grantee’s successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Restricted Stock Units.

4.Issuance of Shares of Stock.  As soon as practicable following each Vesting Date or such other date as of which the Restricted Stock Units granted herein vest (but in no event later than two and one-half months after the end of the calendar year in which vesting occurs), the Company shall issue to the Grantee the number of shares of Stock equal to the aggregate number of Restricted Stock Units that have vested pursuant to Exhibit A and Section 2 of this Agreement on such date and the Grantee shall thereafter have all the rights of a stockholder of the Company with respect to such shares. 

5.Dividend Equivalents.  The Grantee shall be entitled to receive an amount in cash equal to the product of (a) the per-share amount of any cash dividends, with a record date on or after the Grant Date (as defined in Exhibit A) and prior to settlement pursuant to Section 4, declared with respect to a share of Stock multiplied by (b) the number of Restricted Stock Units granted herein that are outstanding on such record date, which amount shall be paid to the Grantee in cash if and when such dividend is paid to the holders of Stock. The payment of any such dividend equivalents is intended to comply with the 

requirements for a “short term deferral” under Section 409A of the Code and this Agreement, and such equivalents will be construed and administered to comply with such requirements.

6.Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Committee set forth in Section 4.3 of the Plan.  In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Agreement shall control.  

7.Tax Withholding.   The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event.  The Company shall have the authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Grantee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due.

8.Section 409A of the Code.  This Agreement shall be interpreted in such a manner that all provisions relating to the settlement of the Award are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the Code.

9.Share Repurchase Program. Grantee hereby agrees that during the period of employment with the Company or its affiliates and for a period of six (6) months following the end of such employment, Grantee will not, without the prior written consent of the Company, participate in the Company’s Share Repurchase Program (“SRP”). The foregoing sentence shall not prohibit the ability of Grantee to sell, pledge, transfer, hypothecate, or otherwise dispose of shares of Stock in any other manner permitted under federal and state securities laws.  In addition, the foregoing restriction on participation in the SRP shall not apply to repurchase requests in connection with Grantee’s death, “Qualifying Disability” (as defined in the SRP), or “Determination of Incompetence” (as defined in the SRP).

10.No Obligation to Continue Employment.  Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Grantee’s employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Grantee at any time.

11.Integration.  This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning this Award.  

12.Data Privacy Consent.  In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its Subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all 

personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”).  By entering into this Agreement, the Grantee:  (a) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (b) waives any privacy rights the Grantee may have with respect to the Relevant Information; (c) authorizes the Relevant Companies to store and transmit such information in electronic form; and (d) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate.  The Grantee shall have access to, and the right to change, the Relevant Information.  The Relevant Information will only be used in accordance with applicable law.

13.Notices.  Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the Grantee by hand or at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the ____ day of ____________, _____.

PHILLIPS EDISON & COMPANY, INC.

By:                                                                         
       Name
       Title:

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.  Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Grantee (including through an online acceptance process) is acceptable.

Dated:                                                                                                                                                 
Grantee’s Signature

Exhibit A1

Name of Grantee:                                                                                                        
No. of Restricted Stock Units:                                                
Grant Date:                                                                              

1.Vesting of Restricted Stock Units.  The restrictions and conditions in Section 1 of the Agreement shall lapse with respect to (i) 50% of Restricted Stock Units set forth above on the eighteenth (18th) month anniversary of the Grant Date, and (ii) 50% of the Restricted Stock Units set forth above on the thirty-sixth (36th) month anniversary of the Grant Date (each a “Vesting Date”).

2.Definitions.  Defined terms used herein but not defined herein shall have the meanings given to such terms in the Agreement or in the Plan, as applicable.  For purposes of this Exhibit A and the Agreement, the following terms shall have the following meanings:

(a)“Cause” shall mean any of the following acts by the Grantee, as determined by the Committee or the Board: (i) the Grantee’s commission of any fraud, misappropriation or gross and willful misconduct which causes demonstrable injury to the Company or an Affiliate; (ii) the Grantee’s act of dishonesty resulting or intended to result, directly or indirectly, in gain or personal enrichment at the expense of the Company or an Affiliate; (iii) the Grantee’s willful and repeated failure to follow specific directives of the Board or the Chief Executive Officer to act or refrain from acting, which directives are consistent with the Participant’s position and title; or (iv) the Grantee’s conviction of, or a plea of nolo contendere with respect to, a felony or a crime involving moral turpitude.

(b)“Disability” shall have the same meaning as provided in the long-term disability plan or policy maintained (or most recently maintained) by the Company or relevant Subsidiary for the Grantee, whether or not such Grantee actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Grantee, Disability means the Grantee’s inability to perform the duties of the occupation at which he or she was employed or served when such disability commenced by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for at least twelve (12) continuous months.

(c)“Good Reason” means the occurrence of any of the following events or circumstances without the Grantee’s express prior written consent: (i)(A) material diminution in the Grantee’s targeted total annual compensation except for across-the-board target annual compensation reductions similarly affecting all or substantially all similarly situated associates of the Company; (B) a material 

diminution in the Grantee’s authority, duties or responsibilities; or (C) any other action or inaction that constitutes a material breach by the Company or a Subsidiary of the terms of any employment agreement to which the Grantee may be a party; and (ii) the Grantee provides written notice of the Grantee’s intent to terminate for Good Reason no later than thirty (30) days after the event or condition purportedly giving rise to Good Reason first occurs; and (iii) the Company or Subsidiary fails to cure such event or condition within thirty (30) days of receiving such notice; and (iv) the Grantee terminates the Grantee’s employment within ninety (90) days of the such event or condition.

(d)“Retirement” means termination of Grantee’s employment with the Company after reaching the age of 65, following at least 10 years of service to the Company.  Notwithstanding the foregoing, a termination by Grantee shall not be deemed to constitute a Retirement for purposes of this Agreement unless (i) Grantee has provided the Company with at least 90 days’ advance written notice of such Retirement (the “Notice Period”), (ii) Grantee remains continuously employed by the Company during the Notice Period, and (iii) Grantee’s employment automatically terminates upon the termination date set forth in such notice (or such other date as may be accepted by the Committee).  A termination for Cause shall not constitute Retirement hereunder.

3.Termination of Employment as a result of Death, Disability, or Retirement.  In the event that the Grantee’s employment with the Company is terminated as a result of Grantee’s death, Disability, or Retirement, the portion of the Restricted Stock Units that would have vested during the 12 month period following the date of Grantee’s termination of employment shall immediately accelerate and vest on the date of termination.  

4.Change in Control.  Notwithstanding anything the contrary in the Plan, including Section 14.8 of the Plan, in the event of a termination of the Grantee’s employment by the Company not for Cause, and not due to the Grantee’s death, Disability or Retirement (which is governed by Section 3 of this Exhibit A above), or the Grantee resigns for Good Reason, in either case upon or during the 24 month period following a Change in Control (as defined in the Plan), the portion of the Restricted Stock Units that would have vested during the 12 month period following the date of Grantee’s resignation or termination of employment shall immediately accelerate and vest on the date of such resignation or termination.

5.Other Termination.  For the avoidance of doubt, in the event of a termination of the Grantee’s employment by the Company for Cause, and not due to the Grantee’s death, Disability or Retirement (which is governed by Section 3 of this Exhibit A above), or the Grantee’s resignation not for Good Reason, Section 3 of the Agreement shall apply.

6.Lock-up Covenant.  Grantee hereby agrees that, without the prior written consent of the Company, he or she will not, during the period commencing on the Grant Date and ending 180 days thereafter, transfer or dispose of, directly or indirectly, any shares of the Company’s common stock (“Common Stock”) beneficially owned by Grantee or any other securities so owned convertible into or exercisable or exchangeable for Common Stock (including shares of Class B common stock, par value $0.01 per share, of the 

Company), whether now owned or hereafter acquired by Grantee; provided, however, that the foregoing restriction shall not apply to transfers to the Company or its subsidiaries pursuant to (i) the exercise on a net-issuance basis by Grantee of any award granted pursuant to the Company’s employee benefit plans or (ii) share withholding to cover applicable taxes in connection with the vesting or settlement of any award granted pursuant to the Company’s employee benefit plans.

7.Prior Awards. Notwithstanding anything to the contrary in any prior award agreement granted under the Plan or any other prior employee or executive incentive plan of the Company or its Subsidiaries or affiliates, including, without limitation, the Phillips Edison Grocery Center REIT I, Inc. Amended and Restated 2010 Long-Term Incentive Plan (collectively, the “Plans”), the definitions of Cause, Change in Control, Disability, Good Reason, Retirement, and Severance Plan in the Agreement and this Exhibit A shall apply to all awards granted under the Plans on or prior to the date hereof and entirely supersede and replace any similar definitions applicable to such prior awards.    

[1] This exhibit is for time-based awards for employees other than SVPs and Executives.

Exhibit A2

Name of Grantee:                                                                                                        
No. of Restricted Stock Units:                                                
Grant Date:                                                                              

1.Vesting of Restricted Stock Units.  The restrictions and conditions in Section 1 of the Agreement shall lapse with respect to (i) 50% of Restricted Stock Units set forth above on the eighteenth (18th) month anniversary of the Grant Date, and (ii) 50% of the Restricted Stock Units set forth above on the thirty-sixth (36th) month anniversary of the Grant Date (each a “Vesting Date”).

2.Definitions. Defined terms used herein but not defined herein shall have the meanings given to such terms in the Agreement or in the Plan, as applicable.  For purposes of this Exhibit A and the Agreement, the following terms shall have the following meanings:

(a)“Cause” shall mean any of the following acts by the Grantee, as determined by the Committee or the Board: (i) the Grantee’s commission of any fraud, misappropriation or gross and willful misconduct which causes demonstrable injury to the Company or an Affiliate; (ii) the Grantee’s act of dishonesty resulting or intended to result, directly or indirectly, in gain or personal enrichment at the expense of the Company or an Affiliate; (iii) the Grantee’s willful and repeated failure to follow specific directives of the Board or the Chief Executive Officer to act or refrain from acting, which directives are consistent with the Participant’s position and title; or (iv) the Grantee’s conviction of, or a plea of nolo contendere with respect to, a felony or a crime involving moral turpitude.

(b)“Disability” shall have the same meaning as provided in the long-term disability plan or policy maintained (or most recently maintained) by the Company or relevant Subsidiary for the Grantee, whether or not such Grantee actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Grantee, Disability means the Grantee’s inability to perform the duties of the occupation at which he or she was employed or served when such disability commenced by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for at least twelve (12) continuous months.

(c)“Good Reason” means the occurrence of any of the following events or circumstances without the Grantee’s express prior written consent: (i)(A) material diminution in the Grantee’s targeted total annual compensation except for across-the-board target annual compensation reductions similarly affecting all or substantially all similarly situated associates of the Company; (B) a material diminution in the Grantee’s authority, duties or responsibilities; (C) a material diminution in the authority, duties or responsibilities of the supervisor to whom the Grantee reports; or (D) any other action or inaction that constitutes a material 

breach by the Company or a Subsidiary of the terms of any employment agreement to which the Grantee may be a party; and (ii) the Grantee provides written notice of the Grantee’s intent to terminate for Good Reason no later than thirty (30) days after the event or condition purportedly giving rise to Good Reason first occurs; and (iii) the Company or Subsidiary fails to cure such event or condition within thirty (30) days of receiving such notice; and (iv) the Grantee terminates the Grantee’s employment within ninety (90) days of the such event or condition.

(d)“Retirement” means termination of Grantee’s employment with the Company after reaching the age of 65, following at least 10 years of service to the Company.  Notwithstanding the foregoing, a termination by Grantee shall not be deemed to constitute a Retirement for purposes of this Agreement unless (i) Grantee has provided the Company with at least 90 days’ advance written notice of such Retirement (the “Notice Period”), (ii) Grantee remains continuously employed by the Company during the Notice Period, and (iii) Grantee’s employment automatically terminates upon the termination date set forth in such notice (or such other date as may be accepted by the Committee).  A termination for Cause shall not constitute Retirement hereunder.

3.Termination of Employment as a result of Death, Disability, or Retirement.  In the event that the Grantee’s employment with the Company is terminated as a result of Grantee’s death, Disability, or Retirement, the portion of the Restricted Stock Units that would have vested during the 12 month period following the date of Grantee’s termination of employment shall immediately accelerate and vest on the date of termination. 

4.Change in Control.  Notwithstanding anything the contrary in the Plan, including Section 14.8 of the Plan, in the event of a termination of the Grantee’s employment by the Company not for Cause, and not due to the Grantee’s death, Disability or Retirement (which is governed by Section 3 of this Exhibit A above), or the Grantee resigns for Good Reason, in either case upon or during the 24 month period following a Change in Control (as defined in the Plan), the portion of the Restricted Stock Units that would have vested during the 12 month period following the date of Grantee’s resignation or termination of employment shall immediately accelerate and vest on the date of such resignation or termination.  

5.Other Termination.   For the avoidance of doubt, in the event of a termination of the Grantee’s employment by the Company for Cause, and not due to the Grantee’s death, Disability or Retirement (which is governed by Section 3 of this Exhibit A above), or the Grantee’s resignation not for Good Reason, Section 3 of the Agreement shall apply.

6.Lock-up Covenant.  Grantee hereby agrees that, without the prior written consent of the Company, he or she will not, during the period commencing on the Grant Date and ending 180 days thereafter, transfer or dispose of, directly or indirectly, any shares of the Company’s common stock (“Common Stock”) beneficially owned by Grantee or any other securities so owned convertible into or exercisable or exchangeable for Common Stock (including shares of Class B common stock, par value $0.01 per share, of the Company), whether now owned or hereafter acquired by Grantee; provided, however, 

that the foregoing restriction shall not apply to transfers to the Company or its subsidiaries pursuant to (i) the exercise on a net-issuance basis by Grantee of any award granted pursuant to the Company’s employee benefit plans or (ii) share withholding to cover applicable taxes in connection with the vesting or settlement of any award granted pursuant to the Company’s employee benefit plans.

7.Prior Awards.  Notwithstanding anything to the contrary in any prior award agreement granted under the Plan or any other prior employee or executive incentive plan of the Company or its Subsidiaries or affiliates, including, without limitation, the Phillips Edison Grocery Center REIT I, Inc. Amended and Restated 2010 Long-Term Incentive Plan (collectively, the “Plans”), the definitions of Cause, Change in Control, Disability, Good Reason, Retirement, and Severance Plan in the Agreement and this Exhibit A shall apply to all awards granted under the Plans on or prior to the date hereof and entirely supersede and replace any similar definitions applicable to such prior awards.

 
[2] This exhibit is for time-based awards for SVPs that are not Named Executive Officers.

Exhibit A3

Name of Grantee:                                                                                                        
No. of Restricted Stock Units:                                                
Grant Date:                                                                              

1.Vesting of Restricted Stock Units.  The restrictions and conditions in Section 1 of the Agreement shall lapse with respect to (i) 50% of Restricted Stock Units set forth above on the eighteenth (18th) month anniversary of the Grant Date, and (ii) 50% of the Restricted Stock Units set forth above on the thirty-sixth (36th) month anniversary of the Grant Date (each a “Vesting Date”).

2.Definitions. Defined terms used herein but not defined herein shall have the meanings given to such terms in the Agreement or in the Plan, as applicable.  For purposes of this Exhibit A and the Agreement, the following terms shall have the following meanings:

(a)“Cause” has the meaning set forth in the Severance Plan. 

(b)“Change in Control” has the meaning set forth in the Severance Plan.

(c)“Disability” has the meaning set forth in the Severance Plan.

(d)“Good Reason” has the meaning set forth in the Severance Plan.

(e)“Retirement” means termination of Grantee’s employment with the Company after reaching the age of 65, following at least 10 years of service to the Company.  Notwithstanding the foregoing, a termination by Grantee shall not be deemed to constitute a Retirement for purposes of this Agreement unless (i) Grantee has provided the Company with at least 90 days’ advance written notice of such Retirement (the “Notice Period”), (ii) Grantee remains continuously employed by the Company during the Notice Period, and (iii) Grantee’s employment automatically terminates upon the termination date set forth in such notice (or such other date as may be accepted by the Committee).  A termination for Cause shall not constitute Retirement hereunder.

(f)“Severance Period” has the meaning set forth in the Severance Plan.

(g)“Severance Plan” means the Phillips Edison & Company, Inc. Amended and Restated Executive Severance and Change in Control Plan as in effect as of the Grant Date.

3.Termination of Employment as a result of Death, Disability, or Retirement.  In the event that the Grantee’s employment with the Company is terminated as a result of Grantee’s death, Disability, or Retirement, the portion of the Restricted Stock Units that would have vested during the Severance Period shall thereupon vest. 

4.Executive Severance and Change in Control Plan; Termination without Cause or Resignation for Good Reason.  Notwithstanding anything to the contrary in the Agreement, the terms of the Severance Plan shall remain in effect. In the event of a termination of the Grantee’s employment by the Company and its Affiliates (as defined in the Severance Plan) not for Cause or the Grantee resigns for Good Reason, the Award shall be treated as set forth in Section 4(c) or Section 5(c) of the Severance Plan, as applicable. 

5.Other Termination.  For the avoidance of doubt, in the event of a termination of the Grantee’s employment by the Company for Cause or the Grantee’s resignation not for Good Reason and not due to the Grantee’s death, Disability or Retirement, Section 3 of the Agreement shall apply.

6.Prior Awards.  Notwithstanding anything to the contrary in any prior award agreement granted under the Plan or any other prior employee or executive incentive plan of the Company or its Subsidiaries or affiliates, including, without limitation, the Phillips Edison Grocery Center REIT I, Inc. Amended and Restated 2010 Long-Term Incentive Plan (collectively, the “Plans”), the definitions of Cause, Change in Control, Disability, Good Reason, Retirement, and Severance Plan in the Agreement and this Exhibit A shall apply to all awards granted under the Plans on or prior to the date hereof and entirely supersede and replace any similar definitions applicable to such prior awards. 

[3] This exhibit is for time-based awards for Named Executive Officers.Document

Exhibit 10.35

Restricted Stock Award Agreement

Phillips Edison & Company, Inc.   
2020 Omnibus Incentive Plan
Grantee: [______]
No. of Shares:  [______]
[Month day, Year]

This Restricted Stock Award Agreement (the “Agreement”) evidences the award of [______] shares of Restricted Stock (each, an “Award Share,” and collectively, the “Award Shares”) of the Stock (as adjusted pursuant to Article 15 of the Plan) of Phillips Edison & Company, Inc., a Maryland corporation (the “Company”) to the undersigned (“you” or the “Grantee”).  This award was approved by the Compensation Committee of the Company’s Board of Directors and granted on [________, _____] (the “Grant Date”).  This grant was made pursuant to the Phillips Edison & Company, Inc. 2020 Omnibus Incentive Plan (as may be amended from time to time, the “Plan”), and, in addition to being conditioned on your service as of the Grant Date, is also conditioned upon your agreement to the terms described below.  All of the provisions of the Plan are expressly incorporated into this Agreement.

1.         Definitions.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.  Notwithstanding anything to the contrary in any prior award agreement granted under the Plan, the definitions in this Section 1 shall apply to all awards granted under the Plan on or prior to the date hereof and entirely supersede and replace any similar definitions applicable to such prior awards.

2.         Vesting.

(a)        All of the Award Shares are nonvested and forfeitable.

(b)        So long as your Continuous Status as a Participant has not terminated through each applicable vesting date, 50% of the Award Shares will become cumulatively vested, nonforfeitable, and transferable on the eighteenth (18th) month anniversary of the Grant Date, and 50% of the Award Shares will become cumulatively vested, nonforfeitable, and transferable on the thirty-sixth (36th) month anniversary of the Grant Date (as may be adjusted pursuant to Article 15 of the Plan).

(c)        Notwithstanding the foregoing, if (i) your Continuous Status as a Participant terminates by reason of death or Disability or (ii) a Change in Control occurs, all outstanding unvested Award Shares shall become 100% vested upon such cessation of your Continuous Status as a Participant or the occurrence of the Change in Control, as applicable.

3.         Termination of Service, Unvested Award Shares.  If your service with the Company as an independent director ceases for any reason, except as otherwise specified in Section 2, all Award Shares that are not then vested and nonforfeitable will be immediately forfeited by you and transferred to the Company upon such cessation for no consideration.

4.         Restrictions on Transfer. 

(a)        Until an Award Share becomes vested and nonforfeitable, it may not be sold, assigned, transferred, pledged, hypothecated, or disposed of in any way (whether by operation of law or otherwise), except by will or the laws of descent and distribution, and shall not be subject to execution, attachment or similar process.

(b)        You hereby represent and warrant to the Company as follows:

(i)         You understand that the Company may, in its discretion, impose restrictions on the sale, pledge or other transfer of the Award Shares (including the placement of appropriate legends on stock certificates) if, in the judgment of the Company, such restrictions are necessary or desirable to comply with the 1933 Act, the securities laws of any State or any other law.

(ii)        You are aware that your investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss.

(iii)       You are aware that, as a director of the Company, resales and other transfers by you of the Award Shares (even once vested) are subject to the restrictions and conditions applicable to affiliates under the federal securities laws, including those relating to trading while in the possession of nonpublic material information.

(c)        Any attempt to dispose of any Award Shares in contravention of the restrictions set forth in Section 4(a) shall be null and void and without effect.  The Company shall not be required to (i) transfer on its books any Award Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Award Shares, or otherwise accord voting, dividend, or liquidation rights to, any transferee to whom Award Shares have been transferred in contravention of this Agreement.

5.         Stock Certificates.  You are reflected as the owner of record of the Award Shares as of the Grant Date on the Company’s books.  The Company or an escrow agent appointed by the administrator as set forth in Article 4 of the Plan (the “Administrator”) will hold in escrow the share certificates for safekeeping, or the Company may otherwise retain the Award Shares in uncertificated book entry form, until the Award Shares become vested and nonforfeitable and until they may be transferred freely without restriction under this Agreement.  Until the Award Shares become vested and nonforfeitable, any share certificates representing such shares will include a legend to the effect that you may not sell, assign, transfer, pledge, or hypothecate the Award Shares.  All regular cash dividends on the Award Shares held by the Company will be paid directly to you on the dividend payment date.  As soon as practicable after vesting of the Award Shares, the Company will deliver a share certificate to you, or deliver shares electronically or in certificate form to your designated broker on your behalf, for such vested Award Shares.  Upon the request of the Administrator, you shall deliver to the Company a stock power, endorsed in blank, with respect to any Award Shares that have been forfeited pursuant to this Agreement.

6.         Tax Election and Tax Withholding.  

(a)        Currently because you are not an employee of the Company, no income or employment withholding tax must occur with respect to the issuance of, or vesting of, Award Shares.  If this situation should change, you agree to comply with the income tax withholding provisions set forth in the Plan.

(b)        You hereby acknowledge that you have been advised by the Company to seek independent tax advice from your own advisors regarding the availability and advisability of making an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, and that any such 

election, if made, must be made within 30 days of the Grant Date.  You expressly acknowledge that you are solely responsible for filing any such Section 83(b) election with the appropriate governmental authorities, irrespective of the fact that such election must also be delivered to the Company when and if the election is made (please see, the instructions and sample election attached hereto).  You may not rely on the Company or any of its officers, directors or employees for tax or legal advice regarding this award.  You acknowledge that you have sought tax and legal advice from your own advisors regarding this award or have voluntarily and knowingly foregone such consultation.

7.         Adjustments for Corporate Transactions and Other Events.

(a)        Stock Dividend, Stock Split and Reverse Stock Split.  Upon a stock dividend of, or stock split or reverse stock split affecting, the Common Stock, the number of Award Shares and the number of such Award Shares that are nonvested and forfeitable shall, without further action of the Administrator, be adjusted to reflect such event.  The Committee shall make adjustments, in its discretion, and in accordance with Article 15 of the Plan, to address the treatment of the Award Shares as a result of the stock dividend, stock split or reverse stock split; provided that such adjustments do not result in the issuance of fractional Award Shares.  Adjustments under this Section 7 will be made by the Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

(b)        Binding Nature of Agreement.  The terms and conditions of this Agreement shall apply with equal force to any additional and/or substitute securities received by you in exchange for, or by virtue of your ownership of, the Award Shares, to the same extent as the Award Shares with respect to which such additional and/or substitute securities are distributed, whether as a result of any spin-off, stock split-up, stock dividend, stock distribution, other reclassification of the Common Stock of the Company, or similar event, except as otherwise determined by the Administrator.  If the Award Shares are converted into or exchanged for, or stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity, or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) received upon such conversion, exchange or distribution in the same manner and to the same extent as the Award Shares.

8.         Non-Guarantee of Employment or Service Relationship.  Nothing in the Plan or this Agreement shall alter your service relationship with the Company, nor be construed as a contract of employment or service relationship between the Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any Award Shares or any other adverse effect on your interests under the Plan.

9.         Share Repurchase Program.  You hereby agree that during the period you are providing services as an independent director to the Company or its affiliates and for a period of six (6) months following the end of such service, you will not, without the prior written consent of the Company, participate in the Company’s Share Repurchase Program (“SRP”).  The foregoing sentence shall not prohibit your ability to sell, pledge, transfer, hypothecate, or otherwise dispose of shares of Common Stock in any other manner permitted under federal and state securities laws.  In addition, the foregoing 

restriction on participation in the SRP shall not apply to repurchase requests in connection with your death, “Qualifying Disability” (as defined in the SRP), or “Determination of Incompetence” (as defined in the SRP).

10.       Rights as Stockholder.  Except as otherwise provided in this Agreement with respect to the nonvested and forfeitable Award Shares, you will possess all incidents of ownership of the Award Shares, including the right to vote the Award Shares and receive dividends and/or other distributions declared on the Award Shares.

11.       The Company’s Rights.  The existence of the Award Shares shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

12.       Notices.  All notices and other communications made or given pursuant to this Agreement shall be in writing and shall be sufficiently made or given if hand delivered or mailed by certified mail, addressed to you at the address contained in the records of the Company, or addressed to the Administrator, care of the Company for the attention of its General Counsel at its principal executive office or, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties.

13.       Entire Agreement.  This Agreement contains the entire agreement between the parties with respect to the Award Shares granted hereunder.  Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the Award Shares granted hereunder shall be void and ineffective for all purposes.

14.       Amendment.  This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement may not be modified in a manner that would have a materially adverse effect on the Award Shares as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

15.       Conformity with Plan.  This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan.  Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.  In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern.  A copy of the Plan is provided to you with this Agreement.

16.       Governing Law.  The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Maryland, without regard to its provisions concerning the applicability of laws of other jurisdictions.  Any suit with respect hereto will be brought in the federal or state courts in Baltimore City, Maryland, and you hereby agree and submit to the personal jurisdiction and venue thereof.

17.       Headings.  The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

18.       Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

19.       Electronic Delivery of Documents.  By your signing this Agreement, you: (a) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the Award Shares and any reports of the Company provided generally to the Company’s stockholders; (b) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (c) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (d) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

[Signature Page Follows]

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer.

                                                                        PHILLIPS EDISON & COMPANY, INC.
                                                                        By:   

                                                                        Name:  Jeffrey S. Edison
                                                                        Title:    Chairman & Chief Executive Officer
                                                                        Date:    [________, _____]

            The undersigned hereby acknowledges that he/she has carefully read this Agreement and agrees to be bound by all of the provisions set forth herein.  The undersigned also consents to electronic delivery of all notices or other information with respect to the Award Shares or the Company.

                                                                        GRANTEE

                                                                        Name: [_____]
                                                                        Date: [________, _____]

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