Document:

EX-10.6

 Exhibit 10.6 
 EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT (this
“Agreement”), dated as of October 29, 2013 among Brixmor Property Group Inc., a Maryland corporation, BPG Subsidiary Inc., a Delaware corporation, and the Holders (as defined herein). 

WHEREAS, BPG Subsidiary (as defined herein) and the Holders (as defined herein) desire to provide for the exchange of shares of BPG
Subsidiary Common Stock (as defined herein) for cash or shares of Parent Common Stock (as defined herein), on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows: 
 ARTICLE I 
 SECTION 1.1. Definitions 
 The following definitions shall be for all
purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

“Agreement” has the meaning set forth in the preamble of this Agreement. 

“BPG Subsidiary” means BPG Subsidiary Inc., a Delaware corporation, and any successor thereto. 

“BPG Subsidiary Common Stock” means the common stock, par value $0.01 per share, of BPG Subsidiary. 

“Cash Amount” means the amount of cash per share of Parent Common Stock equal to the Value of such share of Parent
Common Stock on the Exchange Date. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Election of Exchange” means a written election of Exchange in respect of the shares of BPG Subsidiary Common Stock to
be Exchanged substantially in the form of Exhibit A hereto. 
 “Exchange” has the meaning set forth in
Section 2.1(a) of this Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Exchange Date” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Exchange Rate” means the number of shares of Parent Common Stock for which a share of BPG Subsidiary Common Stock is
entitled to be Exchanged. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

 “Financial Sponsor Holder” means the affiliate of The Blackstone Group L.P.
identified as the Financial Sponsor Holder on the signature pages hereto and Permitted Transferees thereof. 

“Holders” means holders of BPG Subsidiary Common Stock (excluding Parent) from time to time thereto. 

“Parent” means Brixmor Property Group Inc., a Maryland corporation, and any successor thereto. 

“Parent Common Stock” means the common stock, par value $0.01 per share, of Parent. 

“Publicly Traded” means listed or admitted to trading on the New York Stock Exchange or another national securities
exchange or designated for quotation on the NASDAQ National Market, or any successor to any of the foregoing. 

“Securities Act” has the meaning set forth in Section 2.1(d) of this Agreement. 

“Value” means, with respect to any outstanding share of Parent Common Stock that is Publicly Traded, the volume weighted
average price per share on the date of receipt of the Election of Exchange. If the shares of Parent Common Stock are not Publicly Traded, the Value of a share of Parent Common Stock means the amount that a holder of a share of Parent Common Stock
would receive if each of the assets of Parent were to be sold for its fair market value on the date of delivery of the Election of Exchange, Parent were to pay all of its outstanding liabilities, and the remaining proceeds were to be distributed to
the holders of Parent’s equity. Such Value shall be determined by Parent, acting in good faith and based upon a commercially reasonable estimate of the amount that would be realized by Parent if each asset of Parent (and each asset of each
partnership, limited liability company, trust, joint venture or other entity in which Parent owns a direct or indirect interest) were sold to an unrelated purchaser in an arms’ length transaction where neither the purchaser nor the seller were
under economic compulsion to enter into the transaction (without regard to any discount in value as a result of Parent’s minority interest in any property or any illiquidity of Parent’s interest in any property). 

ARTICLE II 

SECTION 2.1. Exchange of BPG Subsidiary Common Stock. 
 (a) From and after the first anniversary of the closing of the initial public offering of Parent Common Stock, each Holder shall be entitled at any time and from time to time, upon the terms and subject
to the conditions hereof, to surrender shares of BPG Subsidiary Common Stock to BPG Subsidiary in exchange for the delivery to such Holder of, in the sole and absolute discretion of BPG Subsidiary, either (i) a number of shares of Parent Common
Stock that is equal to the product of the number of shares of BPG Subsidiary Common Stock surrendered multiplied by the Exchange Rate or (ii) pursuant to Section 2.5, the Cash Amount (such exchange, an “Exchange”);
provided, however, that the Financial Sponsor Holder may elect such exchange at any time. 
 (b) The Holders shall exercise
their right to Exchange shares of BPG Subsidiary Common Stock as set forth in Section 2.1(a) above by delivering to BPG Subsidiary 

  
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an Election of Exchange no later than 12:00 p.m. (New York City time) on such date, duly executed by such Holder or its duly authorized attorney, in each case delivered at the principal executive
offices of BPG Subsidiary. As promptly as practicable following the delivery of such Election of Exchange, but in no event later than three business days after receipt of the Election of Exchange, BPG Subsidiary shall deliver or cause to be
delivered at the offices of the then-acting registrar and transfer agent of the Parent Common Stock or, if there is no then-acting registrar and transfer agent of the Parent Common Stock, at the principal executive offices of Parent, the number of
shares of Parent Common Stock deliverable upon such Exchange, registered in the name of such Holder or its designee, or the Cash Amount, as applicable (such date of delivery of Parent Common Stock or the Cash Amount, the “Exchange
Date”). To the extent such Holder’s shares are uncertificated, BPG Subsidiary will instead cause the then-acting registrar and transfer agent to record the transfer on Parent’s books. To the extent the Parent Common Stock is
settled through the facilities of The Depository Trust Company and the exchanging Holder is permitted to hold such shares of Parent Common Stock through The Depository Trust Company, BPG Subsidiary will, subject to Section 2.1(c) below, upon
the written instruction of such Holder, use commercially reasonable efforts to deliver the shares of Parent Common Stock deliverable to such Holder, through the facilities of The Depository Trust Company, to the account of the participant of The
Depository Trust Company designated by the Holder. Parent shall take such actions as may be required to ensure the performance by BPG Subsidiary of its obligations under this Section 2.1(b) and the foregoing Section 2.1(a), including the
issuance and sale of shares of Parent Common Stock to or for the account of BPG Subsidiary in exchange for the delivery to Parent of a number of shares of BPG Subsidiary Common Stock that is equal to the number of shares of BPG Subsidiary Common
Stock surrendered by such Holder. 
 (c) BPG Subsidiary, on the one hand, and each exchanging Holder, on the other hand, shall
bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that BPG Subsidiary shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in
connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Parent Common Stock are to be delivered in a name other than that of the exchanging Holder, then such Holder or the person in whose name such Parent
Common Stock is to be delivered shall pay to BPG Subsidiary the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction
of BPG Subsidiary that such tax has been paid or is not payable. 
 (d) Notwithstanding Section 2.6, BPG Subsidiary shall
not be required to effect an Exchange (including pursuant to Section 2.6) if such Exchange would result in any violation of the restrictions on ownership and transfer of Parent’s stock set forth in Parent’s charter; provided that, for
the avoidance of doubt, in such event, BPG Subsidiary shall not be prohibited from delivering cash pursuant to an Exchange in accordance with this Agreement. 
 SECTION 2.2. Adjustment. The Exchange Rate shall be adjusted accordingly if there is: (i) any subdivision (by any unit split, unit distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the BPG Subsidiary Common Stock that is not accompanied by an identical subdivision or combination of the
Parent Common Stock; or (ii) any 

  
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subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
reorganization, recapitalization or otherwise) of the Parent Common Stock that is not accompanied by an identical subdivision or combination of the BPG Subsidiary Common Stock. Any adjustment to the Exchange Rate shall become effective immediately
after the effective date of the event retroactive to the record date, if any, for the event giving rise thereto, it being intended that (i) adjustments to the Exchange Rate are to be made to avoid unintended dilution or anti-dilution as a
result of transactions in which shares of Parent Common Stock are issued, redeemed or exchanged without a corresponding issuance, redemption or exchange of shares of BPG Subsidiary Common Stock, and (ii) if an Exchange Date shall fall between
the record date and the effective date of any event of the type described above, that the Exchange Rate applicable to such Exchange shall be adjusted to take into account such event. If there is any reclassification, reorganization, recapitalization
or other similar transaction in which the Parent Common Stock is converted or changed into another security, securities or other property, then upon any subsequent Exchange, each Holder shall be entitled to receive the amount of such security,
securities or other property that such Holder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any
adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For purposes of the foregoing, if the transaction causes Parent Common Stock to be converted
into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the amount and kind of security, securities or other property into which the shares of BPG
Subsidiary Common Stock will be exchangeable will be deemed to be the weighted average of the types and amounts of consideration received by the holders of Parent Common Stock that affirmatively make such an election. For the avoidance of doubt, if
there is any reclassification, reorganization, recapitalization or other similar transaction in which outstanding Parent Common Stock is converted or changed into another security, securities or other property, this Section 2.2 shall continue
to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to the shares of BPG Subsidiary Common Stock held by the Holders as of the date hereof, as well as any shares of BPG
Subsidiary Common Stock hereafter acquired by any Holder. This Agreement shall apply to, mutatis mutandis, and all references to “BPG Subsidiary Common Stock” shall be deemed to include, any security, securities or other
property of BPG Subsidiary which may be issued in respect of, in exchange for, or in substitution of shares of BPG Subsidiary Common Stock by reason of any distribution or dividend, split, reverse split, combination, reclassification,
reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. In the event that adjustments are made to the Adjustment Factor (as defined in the Amended and Restated Agreement of Limited Partnership of Brixmor
Operating Partnership LP (the “OP LPA”) pursuant to the OP LPA, BPG Subsidiary, in its sole discretion, and without duplication of any adjustments described above, may make similar adjustments to the Exchange Rate. 

  
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 SECTION 2.3. Parent Common Stock to be Issued. 

(a) Parent shall at all times during the period under which shares of Parent Common Stock may be required to be delivered under this
Agreement, reserve and keep available out of its authorized but unissued Parent Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Parent Common Stock as shall be deliverable upon any such Exchange in the
event BPG Subsidiary determines to deliver shares of Parent Common Stock to be issued by Parent as contemplated in Section 2.1(b) in connection with such Exchange; provided that nothing contained herein shall be construed to preclude BPG
Subsidiary from satisfying its obligations in respect of the Exchange by delivery of shares of Parent Common Stock which are held in the treasury of BPG Subsidiary or any of its subsidiaries, by delivery of purchased shares of Parent Common Stock
(which may or may not be held in the treasury of any subsidiary of Parent), or by delivery of the Cash Amount. BPG Subsidiary and Parent covenant that all Parent Common Stock issued in connection with an Exchange will, upon issuance, be validly
issued, fully paid and non-assessable. 
 (b) BPG Subsidiary and Parent covenant that, to the extent that a registration
statement under the Securities Act is effective and available for any shares of Parent Common Stock that are delivered with respect to any Exchange, shares that have been registered under the Securities Act shall be delivered in respect of such
Exchange. In the event that any Exchange for shares of Parent Common Stock in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with
the reasonable cooperation of the Holder, Parent and BPG Subsidiary shall use commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration requirements. Parent and BPG
Subsidiary shall use commercially reasonable efforts to list the Parent Common Stock to be delivered upon exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Parent
Common Stock may be listed or traded at the time of such delivery. 
 SECTION 2.4. Record Date. No Exchange pursuant
to this Article II shall impair the right of any Holder to receive any dividends or distributions payable on the shares of BPG Subsidiary Common Stock so Exchanged in respect of a record date that occurs prior to the Exchange Date for such Exchange.
For the avoidance of doubt, a Holder shall not be entitled to receive, in respect of a single record date, distributions or dividends both on shares of BPG Subsidiary Common Stock Exchanged by such Holder and on shares of Parent Common Stock
received by such Holder in such Exchange. 
 SECTION 2.5. Exchange for Cash Amount. Notwithstanding anything to the
contrary in this Article II, by delivery of an Election of Exchange pursuant to Section 2.1(a), the Holder shall be deemed to have offered to sell its shares of BPG Subsidiary Common Stock described in the Election of Exchange to BPG
Subsidiary, and BPG Subsidiary may, in its sole and absolute discretion, by means of delivery of a notice to such effect by 9:30 a.m. (New York City time) on the day immediately following the delivery of such Election of Exchange, elect to purchase
directly and acquire such shares of BPG Subsidiary Common Stock on the Exchange Date by paying to such Holder the Cash Amount, whereupon BPG Subsidiary shall acquire the shares of BPG Subsidiary Common Stock offered for Exchange by such Holder. As
promptly as practicable following the delivery of notice, BPG Subsidiary shall deposit or cause to be deposited the Cash Amount in the account of such exchanging Holder specified in its Election of

  
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Exchange. In the event that BPG Subsidiary does not deliver such notice of such election to pay the Cash Amount by 9:30 a.m. (New York City time) on the day immediately following the delivery of
such Election of Exchange, it shall be deemed to have elected to settle the Exchange with shares of Parent Common Stock. 

SECTION 2.6. Exchange Via Merger of BPG Subsidiary. Parent agrees that, from and after the first anniversary of the closing
of the initial public offering of Parent Common Stock, upon written request by Holders holding a majority of the outstanding shares of BPG Subsidiary Common Stock held by all Holders, and subject to compliance with applicable law, it shall, as
promptly as practicable following delivery of such request but subject to Section 2.1(d),effect an Exchange by causing BPG Subsidiary to merge with and into Parent or a wholly-owned subsidiary of Parent, with the Holders of all outstanding
shares of BPG Subsidiary Common Stock to receive, in the sole and absolute discretion of BPG Subsidiary, either (i) a number of shares of Parent Common Stock that is equal to the product of the number of shares of BPG Subsidiary Common Stock
held by the Holders multiplied by the Exchange Rate or (ii) pursuant to Section 2.5, the Cash Amount. By executing this Agreement, each Holder hereby grants to BPG Subsidiary, and each officer thereof individually, with full power
of substitution and resubstitution, an irrevocable proxy to vote, consent or otherwise act with respect to all of the Holder’s shares of BPG Subsidiary Common Stock, as fully, to the same extent and with the same effect as such Holder might or
could do under any applicable laws governing the rights and powers of stockholders of a Delaware corporation and directs that such proxy shall be voted in connection with such matters as are the subject of a vote or consent in favor of such merger
of BPG Subsidiary with and into Parent and to otherwise take any action necessary to effect such merger. Each such Holder hereby affirms that this proxy is given as a term of this Agreement and as such is coupled with an interest and is irrevocable.

 ARTICLE III 
 SECTION 3.1. Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly
given upon receipt) by delivery in person, by courier service or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as
specified in a notice given in accordance with this Section 3.1): 
  

	 	(a)	If to Parent, to: 

 Brixmor
Property Group Inc. 
 420 Lexington Avenue, Seventh Floor 

New York, New York 10170 
 Attention: General Counsel 
  

	 	(b)	If to BPG Subsidiary, to: 

 BPG
Subsidiary Inc. 
 420 Lexington Avenue, Seventh Floor 
 New York, New York 10170 
 Attention: General Counsel 

  
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	 	(c)	If to the Financial Sponsor Holder, to: 

 Blackstone Retail Transaction II Holdco L.P. 
 c/o BREA VI L.L.C. 

345 Park Avenue 

New York, New York 10154 
 Attention: A.J. Agarwal 
  

	 	(d)	If to the other Holders: 

 c/o
Brixmor Property Group Inc. 
 420 Lexington Avenue, Seventh Floor 

New York, New York 10170 
 Attention: General Counsel 
 SECTION 3.2. Further Action. The parties
shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

SECTION 3.3. Additional Financial Sponsor Holders. To the extent the Financial Sponsor Holder validly transfers any or all of
its BPG Subsidiary Common Stock to another person in a transaction in accordance with, and not in contravention of, any agreement or agreements with Parent or any of its subsidiaries to which the transferring Financial Sponsor Holder may be party,
then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a
Financial Sponsor Holder hereunder. 
 SECTION 3.4. Binding Effect. This Agreement shall be binding upon and inure
to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 SECTION 3.5. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 SECTION 3.6. Amendment. The provisions of this Agreement may be amended by the affirmative vote or written consent of Holders holding at least a majority of the outstanding voting power of BPG
Subsidiary Common Stock held by all Holders; provided, however, that no amendment may materially and adversely affect the rights of a Holder other 

  
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than on a pro rata basis with other Holders without the consent of such Holder (or if there is more than one such Holder that is so affected, without the consent of a majority of such affected
Holders in accordance with their holdings of BPG Subsidiary Common Stock). 
 SECTION 3.7. Waiver. No failure by any
party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty,
agreement or condition. 
 SECTION 3.8. Submission to Jurisdiction; Waiver of Jury Trial. In any judicial proceeding
involving any dispute, controversy or claim arising out of or relating to this Agreement, each party unconditionally accepts the exclusive jurisdiction and venue of any United States District Court located in the State of Delaware, or of the Court
of Chancery of the State of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required
by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in Section 3.1. EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY
DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 SECTION 3.9. Counterparts. This
Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when
executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file
or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.9. 
 SECTION 3.10. Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.

 SECTION 3.11. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of
the State of Delaware. 
 SECTION 3.12. Independent Nature of BPG Subsidiary Common Stock Holders’ Rights and
Obligations. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. The
decision of each Holder to enter into to this Agreement has been made by such Holder independently of any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

					
	Parent:
	
	BRIXMOR PROPERTY GROUP INC.
		
	By:	 	 /s/ Steven F. Siegel

		 	Name:	 	Steven F. Siegel
		 	Title:	 	Executive Vice President, General Counsel and Secretary
	
	BPG Subsidiary:
	
	BPG SUBSIDIARY INC.
		
	By:	 	 /s/ Steven F. Siegel

		 	Name:	 	Steven F. Siegel
		 	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Financial Sponsor Holder:
	
	BLACKSTONE RETAIL TRANSACTION II HOLDCO L.P.
		
	By:	 	BLACKSTONE REAL ESTATE ASSOCIATES VI L.P., its General Partner
		
	By:	 	BREA VI L.L.C., its General Partner
		
	By:	 	 /s/ William J. Stein

		 	Name:	 	William J. Stein
		 	Title:	 	Senior Managing Director
	
	Other Holders:

 EXHIBIT A 

[FORM OF] 

ELECTION OF EXCHANGE 
 BPG
Subsidiary Inc. 
 420 Lexington Avenue, Seventh Floor 
 New York, New York 10170 
 Reference is hereby made to the Exchange Agreement,
dated as of [            ], 2013 (the “Exchange Agreement”), among Brixmor Property Group Inc., a Maryland corporation, BPG Subsidiary Inc., a Delaware corporation,
and the Holders. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 

The undersigned Holder hereby transfers to BPG Subsidiary the number of shares of BPG Subsidiary Common Stock set forth below in Exchange
for cash or shares of Parent Common Stock to be issued in its name as set forth below (or in the name of a designee as may be set forth below), pursuant to the terms and conditions of the Exchange Agreement. 

 

			
	Legal Name of Holder:	 	  

 

			
	Address:	 	  

 

			
	Number of shares of BPG Common Stock to be exchanged:	 	  

Account information for deposit of Cash Amount, if applicable: 

 

			
	Bank Name:	 	  

 

			
	ABA No.:	 	  

 

			
	Account No.:	 	  

 

			
	Account Name:	 	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal
capacity to execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned; (iii) the shares of BPG
Subsidiary Common Stock subject to this Election of Exchange will be transferred to BPG Subsidiary free and clear of any Lien; and (iv) no consent, approval, authorization, order, registration or qualification of any third party or with any
court or governmental agency or body having jurisdiction over the undersigned or the shares of BPG Subsidiary Common Stock subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of such shares of BPG
Subsidiary Common Stock to BPG Subsidiary or the issuance of shares of Parent Common Stock to the undersigned. 
 The
undersigned hereby irrevocably constitutes and appoints each officer of Parent and of BPG Subsidiary as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and
all actions that may be 

 
necessary to exchange the shares of BPG Subsidiary Common Stock subject to this Election of Exchange on the books of BPG Subsidiary for cash or shares of Parent Common Stock on the books of
Parent. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of Exchange to be executed and
delivered by the undersigned or by its duly authorized attorney. 
  

	
	  

	Name:

  

			
	Dated:	 	  

 EXHIBIT B 

[FORM OF] 

JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
[            ], 2013 (the “Exchange Agreement”), among Brixmor Property Group Inc., a Maryland corporation, BPG Subsidiary Inc., a Delaware corporation, and the
Holders. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. In the event of
any conflict between this Joinder Agreement and the Exchange Agreement, the terms of this Joinder Agreement shall control. 

The undersigned hereby joins and enters into the Exchange Agreement having acquired shares of BPG Subsidiary Common Stock. By signing and
returning this Joinder Agreement to Parent and BPG Subsidiary, the undersigned accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of Holder contained in the Exchange Agreement, with all attendant
rights, duties and obligations of a Holder thereunder. The parties to the Exchange Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Exchange Agreement by the undersigned and, upon
receipt of this Joinder Agreement by Parent and BPG Subsidiary, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Exchange Agreement. 

 

					
	Name:	 	  
	 	

  

							
	Address for Notices:	 		 	With copies to:
			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

				
	Attention:EX-10.3

 Exhibit 10.3 

IMMUNOMEDICS LETTERHEAD 
 Sept. 3, 2013

 BY HAND DELIVERY 
 Gerard G. Gorman 

[ADDRESS] 
  

	 	Re:	Separation from Employment 

 Dear Gerard: 

This letter (“Agreement”) sets forth the agreement reached concerning the termination of your employment with Immunomedics, Inc. For
purposes of this Agreement, Immunomedics, Inc., a Delaware corporation, together with its current and former parents, subsidiaries and affiliated entities, and their respective current and former successors, assigns, representatives, agents,
attorneys, shareholders, officers, directors and employees, both individually and in their official capacities, will be referred to collectively as the “Company.” 

1. Status as of Termination Date. 

a. Termination of Employment. You have been employed on an at will basis by the Company since September 10, 2001, and most recently
served as its Chief Financial Officer. We have agreed that your employment will terminate as of the close of business on September 3, 2013 (the “Termination Date”). You will receive your salary, less applicable withholdings and
deductions, through that date. The Company will also provide you with a lump-sum payment, less applicable withholdings and deductions, which represents the value of your accrued unused vacation, if any. You acknowledge and agree that your employment
with the Company ends for all purposes on the Termination Date. You further agree to take all necessary steps to resign from any position as an officer or director you may hold with the Company effective as of the Termination Date. 

b. Benefits Cessation. Your entitlement to medical, dental and life insurance benefits shall terminate as of October 31, 2013,
except as otherwise required by law. The Company will provide information about your rights to benefit continuation under COBRA under separate cover. Except with respect to benefits accrued as of the Termination Date, your participation in the
Company’s tax-qualified retirement plan shall terminate as of the Termination Date. All of your rights and benefits under that certain Amended and Restated Change of Control and Severance Agreement entered into between the Company and you (the
“Change of Control Agreement”) shall terminate as of the Termination Date. 
 c. Reimbursement of Business Expenses. The
Company will reimburse you for reasonable business expenses incurred through the Termination Date on behalf of the Company, in accordance with its standard policies and procedures, and supported by adequate documentation. You agree to submit all
outstanding requests for reimbursement no later than two (2) weeks after the Termination Date. 

 d. Acknowledgment of Payment of Wages. You represent, warrant and acknowledge that the
Company owes you no wages, commissions, bonuses, sick pay, personal leave pay, severance pay, vacation pay or other compensation or benefits or payments or form of remuneration of any kind or nature, other than as specifically provided for in this
Agreement. 
 e. Consulting Agreement. Immediately following the Termination Date, the Company will engage your services on a
consulting basis pursuant to the terms and conditions set forth in the attached Consulting Agreement (“Consulting Agreement”). 

f. Directors’ and Officers’ Liability Coverage. You shall remain covered under the Company’s Directors’ and
Officers’ Liability Insurance Policy through the Termination Date. In addition, the Company agrees to indemnify you to the fullest extent allowed by applicable law and the Company’s by-laws for acts conducted within the course and scope of
the good faith performance of your duties as a director or officer of the Company consistent with the manner and extent to which it has indemnified other officers and directors. 

g. Treatment of Outstanding Options. Except as otherwise provided herein or in the Consulting Agreement, nothing in this Agreement will
waive or alter your right or ability to exercise your outstanding stock options (“Outstanding Options”), which will be governed by the terms and conditions of the applicable stock option agreement. All Outstanding Options and Restricted
Stock Units will continue to vest during the Term of the Consulting Agreement (defined therein). 
 2. Consideration. In
consideration for signing this Agreement and not revoking it in accordance with its terms, and in exchange for the promises, covenants and waivers set forth herein, which you acknowledge constitutes good and valuable consideration, the Company will
provide you with the following to which you would not otherwise have been entitled to receive absent entering into this Agreement (the “Severance Benefits”): 

a. Severance Pay. The Company will pay you a total gross payment of $162,413.25, which is the equivalent of 26 weeks of base salary
continuation, less applicable withholdings and deductions (“Severance Pay”). The Severance Pay will be made in approximately equal installments over the 3 month period commencing on the first regularly scheduled payroll which is at least
ten (10) business days following the Effective Date of this Agreement (defined below) and will be paid in accordance with the Company’s normal payroll cycle. 

  
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 3. General Release of All Claims and Interpretation of Broadest Scope. 

a. General Release. In exchange for the Severance Benefits described in Section 2, and other good and valuable consideration, the
receipt of which you hereby acknowledge, you and your representatives, agents, estate, heirs, successors and assigns (“You”), absolutely and unconditionally hereby release, remise, discharge, indemnify and hold harmless the Company,
including its direct and indirect parents, subsidiaries, affiliates and related companies, partnerships, predecessors and assigns, together with their respective officers, directors, partners, shareholders, employees, insurers, attorneys, agents and
representatives (hereafter referred to as the “Released Parties”), from any and all actions or causes of action, suits, claims, complaints, contracts, liabilities, agreements, promises, torts, debts, damages, controversies, judgments,
rights and demands, whether existing or contingent, known or unknown, suspected or unsuspected, arising on or before the Effective Date of this Agreement (the “Claims”). This general release includes, without limitation, any and all Claims
arising out of or in connection with: 
 i. your employment, consulting relationship, change in consulting status, change in employment
status, and/or termination of employment with the Company; 
 ii. any federal, state or local law, constitution or regulation, or
applicable common law, regarding either employment, employment benefits, or employment discrimination and/or retaliation including, without limitation, the National Labor Relations Act, as amended; Title VII of the Civil Rights Act of 1964, as
amended, 42 U.S.C. 2000e et seq.; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. 1001 et seq.; the Workers
Adjustment and Retraining Notification Act, 29 U.S.C. Section 2101 et seq.; the Immigration Reform and Control Act, as amended; the Americans with Disabilities Act of 1990, as amended; the Age Discrimination In Employment Act of
1967, as amended by the Older Workers Protection Act of 1990 (29 U.S.C. §§ 621 et seq.); the Fair Labor Standards Act, as amended; the Occupational Safety and Health Act, as amended; the Family and Medical Leave Act of 1993
(“FMLA”), as amended; the Genetic Information Non-Discrimination Act, the Consolidated Omnibus Budget Reconciliation Act, as amended; and laws relating to workers compensation, family and medical leave, discrimination on the basis of race,
color, age, religion, creed, sex, sex harassment, sexual orientation, marital status, pregnancy, national origin, ancestry, handicap, disability, veteran’s status, alienage, blindness, present or past history of mental disorders or physical
disability, candidacy for or activity in a general assembly or other public office, constitutionally protected acts of speech, whistleblower status, use of tobacco products outside course of employment, membership in any organization engaged in
civil defense, veteran’s status, any military service, application for military service, or any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; 

iii. any New Jersey state or local law respecting employment or termination of employment, whether arising under statute or common law,
including but not limited to, the New Jersey Family Leave Act, the New Jersey Law Against Discrimination, the New Jersey Wage and Hour Law, the New Jersey Home Work Law and the New Jersey Industrial Home Work Law, the New Jersey Equal Pay Act, the
New Jersey Occupational Safety 

  
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and Health Law, the New Jersey Conscientious Employee Protection Act, the New Jersey Temporary Disability Benefits Law, the New Jersey Family Insurance Law, all as amended, and New Jersey laws
regulating disability benefits; 
 iv. breach of contract (express or implied), breach of the implied covenant of good faith and fair
dealing or quantum meruit; 
 v. wrongful termination, intentional or negligent infliction of emotional distress, negligent
misrepresentation, intentional misrepresentation, fraud, defamation, promissory estoppel, false light invasion of privacy, conspiracy, violation of public policy; and 

vi. any other tort, statutory or common law cause of action. This release is intended by You to be all encompassing and a full and total
release of any Claims, whether specifically enumerated herein or not, that You may have or have had against the Released Parties up to the date You execute this Agreement. You further agree to release and discharge the Released Parties from any and
all claims which might be made by any other person or organization on your behalf and You specifically waive any right to become, and promise not to become, a member of any class in a case in which a claim or claims against the Company are made
involving any matters subject to release pursuant to this Section 3. 
 b. Waiver of Rights and Claims Under the Age Discrimination
in Employment Act of 1967: This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f) of the Age Discrimination and Employment Act of 1967, as amended (the
“ADEA”). 
 i. Because you are 40 years of age or older, you hereby may have specific rights and/or claims under ADEA, and you
agree and understand that: (i) in consideration for the Severance Benefits described in Section 2, which you are not otherwise entitled to receive, you specifically waive such rights and/or claims under the ADEA to the extent that such
rights and/or claims arose prior to or on the date this Agreement was executed; (ii) rights or claims under the ADEA which may arise after the date this Agreement is executed are not waived by you; (iii) by this Agreement, you have been
advised in writing of your right to consult with your counsel of choice prior to executing this Agreement, that you have consulted with such counsel as you deemed necessary and appropriate; (iv) that you have been given twenty-one
(21) days to review this Agreement and consider its terms before signing it (although you may elect not to use the full 21-day period at your option, but that changes to this Agreement, material or
otherwise, do not extend the 21-day period); and (v) you have not been subject to any undue or improper influence interfering with the exercise of your free will in deciding whether to consult with counsel; (vi) you have carefully read and
fully understand all of the provisions of this Agreement, you knowingly and voluntarily agree to all of the terms set forth in this Agreement, and you acknowledge that in entering into this Agreement, you are not relying on any representation,
promise or inducement made by the Immunomedics or its representatives with the exception of those promises contained in this document. 

  
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 ii. You may revoke this Agreement for a period of seven (7) days following your execution
hereof and all rights and obligations of both parties under this Agreement shall not become effective or enforceable until the day the seven (7) day revocation period has expired. For such a revocation to be effective, it must be delivered so
that the Company will receive it at or before the expiration of the seven (7) day revocation period. Any revocation must be in writing and received by the Company by 5:00 p.m. on or before the seventh day after this Agreement is executed by
you, directed to the attention of the signatory of this Agreement on behalf of the Company. This Agreement shall become effective on the first business day following the expiration of the revocation period (the “Effective Date”). In the
event you revoke this Agreement prior to the Effective Date, you will not be entitled to receive any of the Severance Benefits provided for above. 

c. Change of Control Agreement. All rights and benefits under the Change of Control Agreement are expressly released and waived. 

d. Interpretation: The foregoing release-of-claims provisions set forth in this Sections 3 shall be given the broadest possible
interpretation permitted by law. The enumeration of specific claims or statutes therein shall not be interpreted to exclude any other claims not specifically enumerated therein. 

e. Exclusions from General Release: Notwithstanding the broad scope of this general release, this release does not release: 

i. any claims or rights that cannot be waived by law, including your right to file a charge with an administrative agency, including the
EEOC, or assist or participate in any agency investigation, hearing or proceeding. You, however, are waiving your right to recover money in connection with any such agency charge or investigation, hearing or proceeding. You also are waiving your
right to recover any money in connection with a charge filed by any other individual or individuals, or by the EEOC or any other federal or state agency, on your behalf; 

ii. your right to exercise the Outstanding Options, to the extent they are or become vested and exercisable, according to the terms of the
applicable option agreements (or as otherwise amended by this Agreement or the Consulting Agreement); or 
 iii. your right to seek
coverage under any applicable Directors’ and Officers’ Liability Insurance Policy for acts committed in the good faith performance of your duties and responsibilities as a director or officer of the Company prior to the Termination Date.

 4. No Lawsuits or Claims Filed. You represent and agree that you have not filed any lawsuits or arbitrations against the Company,
or filed or caused to be filed any charges or complaints against the Company with any municipal, state or federal agency charged with the enforcement of any law. In connection with any matter involving or concerning any governmental regulatory, or
enforcement authority or agency, you represent that you are not aware of any factual or legal basis for any legitimate claim that the Company is in violation of any international, federal, state or local law, rule or regulation. 

  
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 5. No Admission. This Agreement may not be cited as, and does not constitute, an admission
by the Company of any violation of any law, rule, regulation or legal obligation in connection with any aspect of your employment or termination of employment with the Company. 

6. Non-Disparagement. Neither party will disparage or criticize the other party or issue any communication, written or otherwise,
including but not limited to electronic communications or internet postings of any kind, that reflects adversely on or encourages any adverse action against such other party, except if testifying truthfully under oath pursuant to any lawful court
order or subpoena or otherwise responding to or providing disclosures required by law. 
 7. Confidentiality and Return of Company
Information. Except as reasonably required in the course and scope of the performance of your duties as a consultant pursuant to the Consulting Agreement and during its Term (as defined therein), you agree not to disclose, nor use for your
benefit or the benefit of any other person or entity, any information received in connection with your employment by or performance of services on behalf of the Company which is confidential or proprietary and (i) which has not been disclosed
publicly by the Company, (ii) which is otherwise not a matter of public knowledge or (iii) which is a matter of public knowledge but you know or have reason to know that such information became a matter of public knowledge through an
unauthorized disclosure. Such information includes, without limitation, Company client lists, trade secrets, any confidential information about (or provided by) any client or prospective or former client of the Company, information concerning the
Company’s business or financial affairs, including its books and records, commitments, procedures, plans and prospects, products developed by the Company or current or prospective transactions or business of the Company and any “inside
information.” You hereby agree that immediately upon the conclusion of the Term of the Consulting Agreement or such extended Term agreed to by the parties, or upon request by the Company, you will deliver to the Company and will not retain
copies of any written materials, records and documents (including those that are electronically stored) made by you or coming into your possession during the course of your employment or consulting engagement with the Company which contain or refer
to any such proprietary or confidential information. You further confirm that you will deliver to the Company at that time any and all property and equipment of the Company, including laptop computers, etc., which may have been in your possession.

 8. Confidentiality of Agreement. You agree not to disclose the terms, contents or execution of this Agreement, or the facts and
circumstances underlying this Agreement, except in the following circumstances: (i) you may disclose the terms of this Agreement to your immediate family, so long as such family member agrees to be bound by the confidential nature of this
Agreement; (ii) you may disclose the terms of this Agreement to your tax advisors, so long as such tax advisors agree in writing to be bound by the confidential nature of this Agreement, taxing authorities if requested by such authorities and
so long as they are advised in 

  
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writing of the confidential nature of this Agreement, or your legal counsel; and (iii) pursuant to the order of a court or governmental agency of competent jurisdiction, or for purposes of
securing enforcement of the terms and conditions of this Agreement. 
 9. Notice of Subpoena or Service. Upon service on you, or
anyone acting on your behalf, of any subpoena, order, directive or other legal process requiring you to engage in conduct encompassed within paragraphs 6, 7 or 8 of this Agreement, you or your attorney shall immediately notify the Company of such
service and of the content of any testimony or information to be provided pursuant to such subpoena, order, directive or other legal process and within two (2) business days send to the undersigned representative of the Company via overnight
delivery (at the Company’s expense) a copy of the documents that have been served upon you. 
 10. Cooperation. You agree that
you will assist and cooperate with the Company in connection with the defense or prosecution of any claim that may be made against or by the Company, or in connection with any ongoing or future investigation or dispute or claim of any kind involving
the Company, including any proceeding before any arbitral, administrative, judicial, legislative, or other body or agency, including testifying in any proceeding to the extent such claims, investigations or proceedings relate to services performed
or required to be performed by you, pertinent knowledge possessed by you, or any act or omission by you. You further agree to perform all acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this
paragraph. The Company will reimburse you for your reasonable expenses incurred in connection with any such efforts. The per diem compensation terms of the Consulting Agreement shall apply to services provided in connection with such efforts. 

11. Entire Agreement. This Agreement, together with the Consulting Agreement referenced herein, constitutes the entire agreement
between the Company and you, and supersedes and cancels all prior and contemporaneous written and oral agreements, if any, between the Company and you, including, for the avoidance of doubt, the Change of Control Agreement. You affirm that, in
entering into this Agreement, you are not relying upon any oral or written promise or statement made by anyone at any time on behalf of the Company. 

12. Successors and Assigns. This Agreement is binding upon you and your successors, assigns, heirs, executors, administrators and legal
representatives, and inures to the benefit of the successors and assigns of the Company. 
 13. Severability. If any of the
provisions, terms or clauses of this Agreement is declared illegal, unenforceable or ineffective in a legal forum, those provisions, terms and clauses shall be deemed severable, such that all other provisions, terms and clauses of this Agreement
shall remain valid and binding upon both parties. However, the illegality or unenforceability of any such provision shall have no effect upon and shall not impair the enforceability of the release language set forth in paragraph 3 provided that,
upon a finding by a court of competent jurisdiction that the release language in paragraph 3 is unenforceable, the Company shall rewrite paragraph 3 to cure the defect and you shall re-execute the release upon request and you shall not be entitled
to any additional monies, benefits, and/or compensation. 

  
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 14. Acknowledgements. This Agreement has been reached by mutual and purely voluntary
agreement of the parties, and the parties by their respective signatures indicate their full agreement with, and understanding of, its terms. You affirm that you have no physical or mental impairment of any kind that has interfered with your ability
to read and understand the meaning of this Agreement or its terms. You acknowledge that you have been given a reasonable period of time to consider this Agreement, that you have freely, knowingly and voluntarily decided to accept these benefits, and
that this Agreement has binding legal effect. 
 15. No Oral Modifications/Choice of Law and Venue/Waiver of Jury Trial. This
Agreement may not be changed or altered, except by a writing signed by the Company and you. This Agreement is entered into in the State of New Jersey, and the laws of the State of New Jersey will apply to any dispute concerning it, excluding the
conflict-of-law principles thereof. This Agreement and any claims arising out of this Agreement (or any other claims arising out of the relationship between the parties) shall be governed by and construed in accordance with the laws of the State of
New Jersey and shall in all respects be interpreted, enforced and governed under the internal and domestic laws, without giving effect to the principles of conflicts of laws of such State. Any claims or legal actions by one party against the other
arising out of or in connection with this Agreement and shall be commenced and maintained in any state or federal court located in New Jersey, and you hereby submit to the jurisdiction and venue of any such court. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

16. 409A Compliance. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue
Code. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that no payments due under this Agreement shall be subject to an
“additional tax” as defined in Section 409(a)(1)(B) of the Code. If the Company determines in good faith that any provision of this Agreement would cause you to incur an additional tax, penalty, or interest under Section 409A of
the Code, the Company and you shall use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision without violating the
provisions of Section 409A of the Code or causing the imposition of such additional tax, penalty, or interest under Section 409A of the Code. The preceding provisions, however, shall not be construed as a guarantee by the Company of any
particular tax effect to you under this Agreement. For purposes of Section 409A, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. “Termination of
employment,” or words of similar import, as used in this Agreement means, for purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A, your “separation from service” as
defined in Section 409A. With respect to any 

  
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reimbursement of expenses of or any provision of in-kind benefits to you, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to
the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any
other taxable year; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit. 
 17. Counterparts/PDF. This Agreement may be executed and delivered (including by
facsimile or electronic transmission of PDF file) in one or more counterparts, and by the different parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement. 
 You must sign and return this Agreement to the Company no later than 5:00 p.m. on the 21st day following receipt of this
document or irrevocably lose the opportunity to receive the consideration detailed herein. You received this Agreement on September 3, 2013. 
 We
wish you all the best in your future endeavors. 
  

							
		 		 	IMMUNOMEDICS, INC.
				
	Date: 9/3/2013	 		 	By:	 	 /s/ Cynthia L. Sullivan

		 		 	Name:	 	Cynthia L. Sullivan
		 		 	Title:	 	President and CEO
				
	ACCEPTED AND AGREED TO:	 		 		 	
			
		 		 	EMPLOYEE
			
	Date: 9/3/2013	 		 	 /s/ GERARD G. GORMAN

		 		 	GERARD G. GORMAN

  
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