Document:

EX-10.4

 Exhibit 10.4 

 
  
 REGISTRATION RIGHTS AGREEMENT 
 by and among 

BRIXMOR PROPERTY GROUP INC. 
 and 
 the other parties hereto 

Dated as of October 29, 2013 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.1
	  	 Certain Definitions
	  	 	1	 
			
	 SECTION 1.2
	  	 Other Definitional Provisions; Interpretation
	  	 	5	 
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	5	 
			
	 SECTION 2.1
	  	 Piggyback Rights
	  	 	5	 
			
	 SECTION 2.2
	  	 Demand Registration
	  	 	7	 
			
	 SECTION 2.3
	  	 Registration Procedures
	  	 	9	 
			
	 SECTION 2.4
	  	 Other Registration-Related Matters
	  	 	12	 
		
	 ARTICLE III INDEMNIFICATION
	  	 	15	 
			
	 SECTION 3.1
	  	 Indemnification by the Company
	  	 	15	 
			
	 SECTION 3.2
	  	 Indemnification by the Holders and Underwriters
	  	 	15	 
			
	 SECTION 3.3
	  	 Notices of Claims, Etc.
	  	 	16	 
			
	 SECTION 3.4
	  	 Contribution
	  	 	17	 
			
	 SECTION 3.5
	  	 Other Indemnification
	  	 	17	 
			
	 SECTION 3.6
	  	 Non-Exclusivity
	  	 	17	 
		
	 ARTICLE IV OTHER
	  	 	18	 
			
	 SECTION 4.1
	  	 Notices
	  	 	18	 
			
	 SECTION 4.2
	  	 Assignment
	  	 	18	 
			
	 SECTION 4.3
	  	 Amendments; Waiver
	  	 	19	 
			
	 SECTION 4.4
	  	 Third Parties
	  	 	19	 
			
	 SECTION 4.5
	  	 Governing Law
	  	 	19	 
			
	 SECTION 4.6
	  	 CONSENT TO JURISDICTION
	  	 	19	 
			
	 SECTION 4.7
	  	 MUTUAL WAIVER OF JURY TRIAL
	  	 	20	 

  
 i 

							
			
	 SECTION 4.8
	  	Specific Performance	  	 	20	 
			
	 SECTION 4.9
	  	Entire Agreement	  	 	20	 
			
	 SECTION 4.10
	  	Severability	  	 	20	 
			
	 SECTION 4.11
	  	Counterparts	  	 	20	 
			
	 SECTION 4.12
	  	Effectiveness	  	 	20	 

  
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 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of October 29, 2013 and is by and among Brixmor
Property Group Inc. (the “Company”), Blackstone (as defined below) and Centerbridge (as defined below). 

BACKGROUND 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (“IPO”) of shares of its Common
Stock (as defined below); and 
 WHEREAS, the Company desires to grant registration rights to Blackstone and Centerbridge on the
terms and conditions set out in this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 
 SECTION 1.1 Certain Definitions. As used in this Agreement: 

“Affiliate” has the meaning ascribed thereto in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date
hereof. 
 “Agreement” has the meaning set forth in the preamble. 

“Blackstone” means the entities listed on the signature pages hereto under the heading “Blackstone.”

 “Blackstone Entities” means the entities comprising Blackstone, their respective Affiliates and the
successors and permitted assigns of the entities and their respective Affiliates. 
 “Board” means the board of
directors of the Company. 
 “BPG Subsidiary Shares” means shares in BPG Subsidiary Inc., a direct subsidiary
of the Company. 
 “Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday
or other day on which commercial banks in New York City are authorized or required by law to close. 

“Centerbridge” means the entities listed on the signature pages hereto under the heading “Centerbridge.”

 “Centerbridge Entities” means the entities comprising Centerbridge, their respective Affiliates and the
successors and permitted assigns of the entities and their respective Affiliates. 

 “Closing Date” means the date of completion of the IPO. 

“Company” has the meaning set forth in the preamble. 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other capital stock
of the Company into which such common stock is reclassified or reconstituted. 
 “Control” (including its
correlative meanings, “Controlled by” and “under common Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or partnership or other ownership interests, by contract or otherwise) of a Person. 
 “Demand
Party” has the meaning set forth in Section 2.2(a). 
 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Holder” means each member of Blackstone and Centerbridge that is a holder of Registrable Securities or Securities
exercisable, exchangeable or convertible into Registrable Securities or any Transferee of such Person to whom registration rights are assigned pursuant to Section 4.2. 
 “Indemnified Party” and Indemnified Parties” have the meanings set forth in Section 3.1. 
 “IPO” has the meaning set forth in the recitals. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Lockup Period” has the meaning set forth in Section 2.4(d)(i). 

“OP Units” means common units of partnership interest in Brixmor Operating Partnership LP, an indirect subsidiary of the
Company. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any
department, agency or political subdivision thereof. 

  
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 “Public Offering” means a public offering of equity securities of the
Company or any successor thereto or any Subsidiary of the Company pursuant to a registration statement declared effective under the Securities Act. 
 “Registrable Securities” means all shares of Common Stock and any Securities into which the Common Stock may be converted or exchanged pursuant to any merger, consolidation, sale of all
or any part of its assets, corporate conversion or other extraordinary transaction of the Company held by a Holder (whether now held or hereafter acquired, and including any such Securities received by a Holder upon the conversion or exchange of, or
pursuant to such a transaction with respect to, other Securities held by such Holder). As to any Registrable Securities, such Securities will cease to be Registrable Securities when: 

 

	 	(a)	a registration statement covering such Registrable Securities has been declared effective and such Registrable Securities have been disposed of pursuant to such
effective registration statement; 

  

	 	(b)	such Registrable Securities shall have been sold pursuant to Rule 144 or 145 (or any similar provision then in effect) under the Securities Act;

  

	 	(c)	such Registrable Securities may be freely sold pursuant to Section 4(a)(1), Rule 144 or 145 (or any similar provision then in effect) under the Securities Act,
without reporting obligations or restriction; or 

  

	 	(d)	such Registrable Securities cease to be outstanding. 

 “Registration Expenses” means any and all expenses incurred in connection with the performance of or compliance with this Agreement, including: 

 

	 	(a)	all SEC, stock exchange, or FINRA registration and filing fees (including, if applicable, the fees and expenses of any “qualified independent underwriter,” as
such term is defined in Rule 5121 of FINRA, and of its counsel); 

  

	 	(b)	all fees and expenses of complying with securities or blue sky Laws (including fees and disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities); 

  

	 	(c)	all printing, messenger and delivery expenses; 

  

	 	(d)	all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or FINRA and all rating agency fees;

  

	 	(e)	the reasonable fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or
“cold comfort” letters required by or incident to such performance and compliance; 

  
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	 	(f)	any fees and disbursements of underwriters customarily paid by the issuers or sellers of Securities, including liability insurance if the Company so desires or if the
underwriters so require, and the reasonable fees and expenses of any special experts retained in connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any; 

 

	 	(g)	the reasonable fees and out-of-pocket expenses of not more than one law firm (as selected by the Holders of a majority of the Registrable Securities included in such
registration) incurred by all the Holders in connection with the registration; 

  

	 	(h)	the costs and expenses of the Company relating to analyst and investor presentations or any “road show” undertaken in connection with the registration and/or
marketing of the Registrable Securities (including the reasonable out-of-pocket expenses of the Holders); and 

  

	 	(i)	any other fees and disbursements customarily paid by the issuers of securities. 

 “SEC” means the U.S. Securities and Exchange Commission or any successor agency. 
 “Securities” means capital stock, limited partnership interests, limited liability company interests, beneficial interests, warrants, options, notes, bonds, debentures, and other
securities, equity interests, ownership interests and similar obligations of every kind and nature of any Person. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder, as the same may be amended from time to time. 
 “Subsidiary” means, with respect to any Person,
any corporation, limited liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a
limited liability company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at
the time owned or Controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited
liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the
managing director or general partner of such limited liability company, partnership, association or other business entity. 

  
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 “Transfer” (including its correlative meanings,
“Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a
security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to
such security. When used as a noun, “Transfer” shall have such correlative meaning as the context may require. 

SECTION 1.2 Other Definitional Provisions; Interpretation. 

(a) The words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement
refer to this Agreement as a whole and not to any particular provision of this Agreement, and references in this Agreement to a designated “Article” or “Section” refer to an Article or Section of this Agreement unless otherwise
specified. 
 (b) The headings in this Agreement are included for convenience of reference only and do not limit or otherwise
affect the meaning or interpretation of this Agreement. 
 (c) The meanings given to terms defined herein are equally applicable
to both the singular and plural forms of such terms. 
 ARTICLE II  

REGISTRATION RIGHTS 
 SECTION 2.1 Piggyback Rights. 
 (a) If at any time following expiration of
the Lockup Period (or, if earlier, such time as any Holder exercises a demand right pursuant to Section 2.2(a)) the Company proposes to register Securities for public sale (whether proposed to be offered for sale by the Company or by any other
Person) under the Securities Act (other than a registration on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes or any registration
statement filed solely to cover issuances of Common Stock upon exchange of outstanding BPG Subsidiary Shares and OP Units) in a manner which would permit registration of Registrable Securities for sale to the public under the Securities Act, it
will, at each such time following expiration of the Lockup Period (or if earlier, such time as any Holder exercises a demand right pursuant to Section 2.2(a)), give prompt written notice (which notice shall specify the intended method or
methods of disposition) to the Holders of its intention to do so and of such Holder’s rights under this Section 2.1. Upon the written request of any Holder made within fifteen (15) days after the receipt of any such notice (which
request shall specify the number of Registrable Securities intended to be disposed of by such Holder), the Company will use its best efforts to effect the registration under the Securities Act of all Registrable Securities which the Holders

  
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have so requested to be registered; provided that: (i) if, at any time after giving written notice of its intention to register any Securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company shall determine for any reason not to proceed with the proposed registration of the Securities to be sold by it, the Company may, at its election, give written notice of
such determination to the Holders and, thereupon, the Company shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses incurred in
connection therewith) without prejudice to the rights of any Holder to request that such registration be effected as a registration under Section 2.2(a); and (ii) if such registration involves an underwritten offering, the Holders of
Registrable Securities requesting to be included in the registration must, upon the written request of the Company, sell their Registrable Securities to the underwriters on the same terms and conditions as apply to the other Securities being sold
through underwriters under such registration, with, in the case of a combined primary and secondary offering, only such differences, including any with respect to representations and warranties, indemnification and liability insurance, as may be
customary or appropriate in combined primary and secondary offerings. 
 (b) Expenses. The Company will pay all
Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 2.1. 
 (c) Priority in Piggyback Registrations. If a registration pursuant to this Section 2.1 involves an underwritten offering and the managing underwriter advises the Company in writing (a copy of
which shall be provided to the Holders) that, in its opinion, the number of Registrable Securities and other Securities requested to be included in such registration exceeds the number which can be sold in such offering, so as to be likely to have a
material and adverse effect on the price, timing or distribution of the Securities offered in such offering, then the Company will include in such registration: (i) first, the Securities the Company proposes to sell for its own account; and
(ii) second, such number of Registrable Securities requested to be included in such registration which, in the opinion of such managing underwriter, can be sold without having the material and adverse effect referred to above, which number of
Registrable Securities shall be allocated pro rata among all such requesting Holders of Registrable Securities on the basis of the relative number of Registrable Securities then held by each such Holder (provided that any Securities
thereby allocated to any such Holder that exceed such Holder’s request will be reallocated among the remaining requesting Holders in like manner). Any other selling holders of the Company’s Securities (other than transferees to whom a
Holder has assigned its rights under this Agreement) will be included in an underwritten offering only with the consent of Holders holding a majority of the shares being sold in such offering. 

(d) Excluded Transactions. The Company shall not be obligated to effect any registration of Registrable Securities under this
Section 2.1 incidental to the registration of any of its Securities in connection with: 
 (i) the IPO;

 (ii) a registration statement filed to cover issuances under employee benefits plans or dividend reinvestment
plans; 

  
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 (iii) a registration statement filed solely to cover issuances of Common
Stock upon exchange of outstanding BPG Subsidiary Shares and OP Units; or 
 (iv) any registration statement
relating solely to the acquisition or merger after the date hereof by the Company or any of its Subsidiaries of or with any other businesses. 
 (e) Plan of Distribution, Underwriters and Counsel. If a registration pursuant to this Section 2.1 involves an underwritten offering, the Holders of a majority of the Registrable Securities
included in such underwritten offering shall have the right to (i) determine the plan of distribution, (ii) select the investment banker or bankers and managers to administer the offering, including the lead managing underwriter (provided
that such investment banker or bankers and managers shall be reasonably satisfactory to the Company) and (iii) select counsel for the selling Holders. 
 (f) Shelf Takedowns. In connection with any shelf takedown (whether pursuant to Section 2.2(f) or at the initiative of the Company), the Holders may exercise “piggyback” rights in
the manner described in this Agreement to have included in such takedown Registrable Securities held by them that are registered on such shelf registration statement. 
 SECTION 2.2 Demand Registration. 
 (a) General. At any time, upon
the written request of any Holder (the “Demand Party”) requesting that the Company effect the registration under the Securities Act of Registrable Securities and specifying the amount and intended method of disposition thereof
(including, but not limited to, an underwritten public offering), the Company will (i) promptly give written notice of such requested registration to the other Holders and other holders of Securities entitled to notice of such registration, if
any, and (ii) as expeditiously as possible, use its best efforts to file a registration statement to effect the registration under the Securities Act of: 
 (i) such Registrable Securities which the Company has been so requested to register by the Demand Party in accordance with the intended method of disposition thereof; and 

(ii) the Registrable Securities of other Holders which the Company has been requested to register by written request given
to the Company within fifteen (15) days after the giving of such written notice by the Company. 
 Notwithstanding the foregoing, the
Company shall not be obligated to file a registration statement relating to any registration request under this Section 2.2(a): 
 (x) within a period of one hundred eighty (180) days (or such lesser period as the managing underwriters in an underwritten offering may permit) after the effective date of any other registration
statement relating to any registration request under this Section 2.2(a) or relating to any registration referred to in Section 2.1; 

  
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 (y) if the amount of Registrable Securities which the Company has been so
requested to register by the Demand Party is less than $150,000,000 at the time of such request; or 
 (z) if, in
the good faith judgment of the Board, the Company is in possession of material non-public information the disclosure of which would be materially adverse to the Company and would not otherwise be required under Law, in which case the filing of the
registration statement may be delayed until the earlier of the second Business Day after such conditions shall have ceased to exist and the 60th day after receipt by the Company of the written request from a Demand Party to register Registrable
Securities under this Section 2.2(a); provided that the Company shall not effect such a delay more than two times in any twelve (12) month period. 
 (b) Form. Each registration statement prepared at the request of a Demand Party shall be effected on such form as reasonably requested by the Demand Party, including by a shelf registration
pursuant to Rule 415 under the Securities Act on a Form S-3 (or any successor rule or form thereto) if so requested by the Demand Party and if the Company is then eligible to effect a shelf registration and use such form for such disposition.

 (c) Expenses. The Company will pay all Registration Expenses in connection with each registration of Registrable
Securities requested pursuant to this Section 2.2. 
 (d) Plan of Distribution, Underwriters and Counsel. If a
requested registration pursuant to this Section 2.2 involves an underwritten offering, the Holders of a majority of the Registrable Securities included in such underwritten offering shall have the right to (i) determine the plan of
distribution, (ii) select the investment banker or bankers and managers to administer the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the
Company) and (iii) select counsel for the selling Holders. 
 (e) Priority in Demand Registrations. If a requested
registration pursuant to this Section 2.2 involves an underwritten offering and the managing underwriter advises the Company in writing (a copy of which shall be provided to the Holders) that, in its opinion, the number of Registrable
Securities requested to be included in such registration (including Securities of the Company which are not Registrable Securities) exceeds the number which can be sold in such offering, so as to be likely to have a material and adverse effect on
the price, timing or distribution of the Securities offered in such offering, then the number of such Registrable Securities to be included in such registration shall be allocated pro rata among the Demand Party and all other parties that
have requested that their Registrable Securities be sold pursuant to Section 2.1(a) on the basis of the relative number of Securities then held by such Holder (provided that any Securities thereby allocated to any such Holder that exceed
such Holder’s request will be reallocated among all such remaining parties in like manner). Any other selling holders of the Company’s Securities (other than transferees to whom a Holder has assigned its rights under this Agreement) will
be included in an underwritten offering only with the consent of Holders holding a majority of the shares being sold in such offering. 

  
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 (f) Shelf Takedowns. Upon the written request of the Demand Party at any time and
from time to time, the Company will facilitate in the manner described in this Agreement a “takedown” of the Demand Party’s Registrable Securities off of an effective shelf registration statement. Upon the written request of the
Demand Party, the Company will file and seek the effectiveness of a post-effective amendment to an existing shelf registration statement in order to register up to the number of the Demand Party’s Registrable Securities previously taken down
off of such shelf by the Demand Party and not yet “reloaded” onto such shelf registration statement. 
 (g)
Additional Rights. Any grant by the Company to any other holders of Securities of any rights to request the Company to effect the registration under the Securities Act of any Securities will be made pursuant to this Agreement or an amendment
hereto. In the event the Company engages in a merger or consolidation in which the shares of Common Stock are converted into Securities of another company, appropriate arrangements will be made so that the registration rights provided under this
Agreement continue to be provided to Holders by the issuer of such Securities. To the extent such new issuer, or any other company acquired by the Company in a merger or consolidation, was bound by registration rights that would conflict with the
provisions of this Agreement, the Company will use its reasonable best efforts to modify any such “inherited” registration rights so as not to interfere in any material respects with the rights provided under this Agreement, unless
otherwise agreed by Holders then holding a majority of Registrable Securities. 
 SECTION 2.3 Registration Procedures. If
and whenever the Company is required to file a registration statement with respect to, or to use its best efforts to effect or cause the registration of, any Registrable Securities under the Securities Act as provided in this Agreement, the Company
will as expeditiously as possible: 
 (a) promptly prepare and file with the SEC a registration statement on an appropriate form
with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective; provided, however, that the Company may discontinue any registration of Securities which it has initiated
for its own account at any time prior to the effective date of the registration statement relating thereto (and, in such event, the Company shall pay the Registration Expenses incurred in connection therewith); and provided, further,
that before filing a registration statement or prospectus, or any amendments or supplements thereto, the Company will (i) furnish to counsel for the sellers of Registrable Securities covered by such registration statement copies of all
documents proposed to be filed, which documents will be subject to the review of such counsel, (ii) fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the sellers of Registrable
Securities being sold may request, and (iii) make such of the representatives of the Company as shall be reasonably requested by the sellers of the Registrable Securities being sold available for discussion of such documents; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for a period not in excess of two (2) years (which 

  
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period shall not be applicable in the case of a shelf registration effected pursuant to a request under Section 2.2(b)) and to comply with the provisions of the Securities Act and the
Exchange Act with respect to the disposition of all Securities covered by such registration statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration
statement; provided that before filing a registration statement or prospectus, or any amendments or supplements thereto, the Company will (i) furnish to counsel for the sellers of Registrable Securities covered by such registration
statement copies of all documents proposed to be filed, which documents will be subject to the review of such counsel, (ii) fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the
sellers of Registrable Securities being sold may request, and (iii) make such of the representatives of the Company as shall be reasonably requested by the sellers of the Registrable Securities being sold available for discussion of such
documents; 
 (c) furnish to each seller of such Registrable Securities such number of copies of such registration statement and
of each amendment and supplement thereto (in each case including all exhibits filed therewith, including any documents incorporated by reference), such number of copies of the prospectus included in such registration statement (including each
preliminary prospectus and summary prospectus), in conformity with the requirements of the Securities Act, and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities by such
seller; 
 (d) use its best efforts to register or qualify such Registrable Securities covered by such registration in such
jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller; 
 (e) use its best efforts to cause such Registrable Securities covered by such registration statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities; 

(f) notify each seller of any such Registrable Securities covered by such registration statement, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of any such seller, prepare and furnish to such seller a reasonable number of
copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (g) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its Security holders, as soon as reasonably practicable (but not more than eighteen
(18) months) after the effective date of the registration statement, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act; 

  
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 (h) (i) use its best efforts to list such Registrable Securities on any securities exchange
on which other Securities of the Company are then listed if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of such exchange; and (ii) use its best efforts to provide a transfer agent
and registrar for such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; 
 (i) enter into such customary agreements (including an underwriting agreement in customary form), which may include indemnification provisions in favor of underwriters and other Persons in addition to, or
in substitution for the indemnification provisions hereof, and take such other actions as sellers of a majority of such Registrable Securities or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities; 
 (j) obtain a “cold comfort” letter or letters from the Company’s independent public
accountants in customary form and covering matters of the type customarily covered by “cold comfort” letters as the seller or sellers of a majority of such Registrable Securities shall reasonably request; 

(k) make available for inspection by any seller of such Registrable Securities covered by such registration statement, by any underwriter
participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such seller or any such underwriter, all pertinent financial and other records, pertinent
corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with
such registration statement; 
 (l) notify counsel for the Holders of Registrable Securities included in such registration
statement and the managing underwriter or agent, immediately, and confirm the notice in writing: (i) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any supplement
to the prospectus or any amendment to any prospectus shall have been filed; (ii) of the receipt of any comments from the SEC; (iii) of any request of the SEC to amend the registration statement or amend or supplement the prospectus or for
additional information; and (iv) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the
qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
 (m) provide each Holder of Registrable Securities included in such registration statement reasonable opportunity to comment on the registration statement, any post-effective amendments to the registration
statement, any supplement to the prospectus or any amendment to any prospectus; 

  
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 (n) make every reasonable effort to prevent the issuance of any stop order suspending the
effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of any such order at the earliest possible moment; 

(o) if requested by the managing underwriter or agent or any Holder of Registrable Securities covered by the registration statement,
promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such Holder reasonably requests to be included therein, including, with
respect to the number of Registrable Securities being sold by such Holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the
Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters
incorporated in such prospectus supplement or post-effective amendment; 
 (p) cooperate with the Holders of Registrable
Securities covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing Securities to be sold under the
registration statement, and enable such Securities to be in such denominations and registered in such names as the managing underwriter or agent, if any, or the Holders may request; 

(q) use its best efforts to make available the executive officers of the Company to participate with the Holders of Registrable
Securities and any underwriters in any “road shows” that may be reasonably requested by the Holders in connection with distribution of Registrable Securities; 
 (r) obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or agent an opinion or opinions from counsel for the Company in customary form and in form,
substance and scope reasonably satisfactory to such Holders, underwriters or agents and their counsel; and 
 (s) cooperate with
each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. 

SECTION 2.4 Other Registration-Related Matters. 
 (a) The Company may require any Person that is Transferring Securities in a Public Offering pursuant to Sections 2.1 or 2.2 to furnish to the Company in writing such information regarding such Person and
pertinent to the disclosure requirements relating to the registration and the distribution of the Registrable Securities which are included in such Public Offering as the Company may from time to time reasonably request in writing. 

  
 -12-

 (b) Each Holder agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 2.3(f), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until its receipt of the copies of the amended or
supplemented prospectus contemplated by Section 2.3(f) and, if so directed by the Company, each Holder will deliver to the Company or destroy (at the Company’s expense) all copies, other than permanent file copies then in their possession,
of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the Company will be required to keep the registration statement effective will
be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 2.3(f) to and including the date when each seller of Registrable Securities covered by such registration statement
has received the copies of the supplemented or amended prospectus contemplated by Section 2.3(f). 
 (c) Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.3(l)(iv), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering
such Registrable Securities until the lifting of such stop order, other order or suspension or the termination of such proceedings and, if so directed by the Company, each Holder will deliver to the Company or destroy (at the Company’s expense)
all copies, other than permanent file copies then in its possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the
Company will be required to keep the registration statement effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 2.3(l)(iv) to and including the date
when such stop order, other order or suspension is lifted or such proceedings are terminated. 
 (d) (i) Each Holder
(x) hereby agrees, with respect to the Registrable Securities owned by such Holder, to be bound by any and all restrictions on the sale, disposition, distribution, hedging or other Transfer of any interest in Registrable Securities imposed on
Blackstone, Centerbridge and/or its or their respective Affiliates in connection with the IPO by the underwriters managing such offering for the duration of the term of such restriction (the period in which such sale, disposition, distribution,
hedging or other Transfer of any interest is restricted, the “Lockup Period”) and (y) will, in connection with a Public Offering of the Company’s equity Securities (whether for the Company’s account or for the account
of any Holder or Holders, or both), upon the request of the Company or of the underwriters managing any underwritten offering of the Company’s Securities, agree in writing not to effect any sale, disposition or distribution of Registrable
Securities (other than those included in the Public Offering) without the prior written consent of the managing underwriter for such period of time commencing seven (7) days before and ending one hundred eighty (180) days (or such earlier
date as the managing underwriter shall agree) after the effective date of such registration; provided that the Company shall cause all directors and officers of the Company, Holders of more than 5% of the Registrable Securities and all other
Persons with registration rights with respect to the Company’s Securities (whether or not pursuant to this Agreement) to enter into agreements similar to those contained in this Section 2.4(d)(i) (without regard to this proviso); and
(ii) the Company and its Subsidiaries will, in connection with an underwritten Public Offering of the Company’s Securities in respect of which Registrable Securities are included, 

  
 -13-

 
upon the request of the underwriters managing such offering, agree in writing not to effect any sale, disposition or distribution of equity Securities of the Company (other than those included in
such Public Offering, offered pursuant to Section 2.2(f), offered on Form S-8, issuable upon conversion of Securities or upon the exercise of options, or the grant of options in the ordinary course of business pursuant to then-existing
management equity plans or equity-based employee benefit plans, in each case outstanding on the date a notice is given by the Company pursuant to Section 2.1(a) or a request is made pursuant to Section 2.2(a), as the case may be), without
the prior written consent of the managing underwriter, for such period of time commencing seven (7) days before and ending one hundred eighty (180) days (or such earlier date as the managing underwriter shall agree) after the effective
date of such registration. 
 (e) With a view to making available the benefits of certain rules and regulations of the SEC which
may at any time permit the sale of Securities of the Company to the public without registration after such time as a public market exists for Registrable Securities, the Company agrees: 

(i) to make and keep public information available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its Securities to the public; 

(ii) to use its commercially reasonable efforts to then file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (iii) so long as a Holder owns any Registrable Securities, to furnish to such Holder promptly upon request: (A) a written statement by the Company as to its compliance with the reporting requirements
of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its Securities to the public), and of the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements); (B) a copy of the most recent annual or quarterly report of the Company; and (C) such other reports and documents of the Company as such Holder may reasonably request in availing
itself or himself of any rule or regulation of the SEC allowing such Holder to sell any such Securities without registration. 

(f) Counsel to represent Holders of Registrable Securities shall be selected by the Holders of at least a majority of the Registrable
Securities included in the relevant registration. 
 (g) Each of the parties hereto agrees that the registration rights provided
to the Holders herein are not intended to, and shall not be deemed to, override or limit any other restrictions on Transfer to which any such Holder may otherwise be subject. 

  
 -14-

 ARTICLE III  
 INDEMNIFICATION 
 SECTION 3.1 Indemnification by the Company. In the
event of any registration of any Securities of the Company under the Securities Act pursuant to Section 2.1 or 2.2, the Company hereby indemnifies and agrees to hold harmless, to the fullest extent permitted by Law, each Holder who sells
Registrable Securities covered by such registration statement, each Affiliate of such Holder and their respective directors and officers or general and limited partners (and the directors, officers, employees, Affiliates and controlling Persons of
any of the foregoing), each other Person who participates as an underwriter in the offering or sale of such Securities and each other Person, if any, who controls such Holder or any such underwriter within the meaning of the Securities Act (each,
and “Indemnified Party” and collectively, the “Indemnified Parties”), against any and all losses, claims, damages or liabilities, joint or several, and reasonable and documented expenses to which such Indemnified
Party may become subject under the Securities Act, common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof, whether or not such Indemnified Party is a party thereto) arise out of
or are based upon: (a) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such Securities were registered under the Securities Act, any preliminary, final or summary
prospectus contained therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document
incorporated by reference therein) or related document or report; (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of a
prospectus, in the light of the circumstances when they were made; or (c) any violation or alleged violation by the Company or any of its Subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or
any of its Subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or related document or report, and the Company will reimburse such Indemnified Party for any legal or other expenses reasonably
incurred by it in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided that the Company will not be liable to any Indemnified Party in any such case to the extent that any such loss,
claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, in any such
preliminary, final or summary prospectus, or any amendment or supplement thereto in reliance upon and in conformity with written information with respect to such Indemnified Party furnished to the Company by such Indemnified Party expressly for use
in the preparation thereof. Such indemnity will remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any Indemnified Party and will survive the Transfer of such Securities by such Holder or any
termination of this Agreement. 
 SECTION 3.2 Indemnification by the Holders and Underwriters. The Company may require,
as a condition to including any Registrable Securities in any registration statement filed in accordance with Section 2.1 or 2.2, that the 

  
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Company shall have received an undertaking reasonably satisfactory to it from the Holder of such Registrable Securities or any prospective underwriter to indemnify and hold harmless (in the same
manner and to the same extent as set forth in Section 3.1) the Company, all other Holders or any prospective underwriter, as the case may be, and any of their respective Affiliates, directors, officers and controlling Persons, with respect to
any untrue statement in or omission from such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment or supplement, if such untrue statement or omission was made in reliance upon and in conformity
with written information with respect to such Holder or underwriter furnished to the Company by such Holder or underwriter expressly for use in the preparation of such registration statement, preliminary, final or summary prospectus or amendment or
supplement, or a document incorporated by reference into any of the foregoing. Such indemnity will remain in full force and effect regardless of any investigation made by or on behalf of the Company or any of the Holders, or any of their respective
Affiliates, directors, officers or controlling Persons and will survive the Transfer of such Securities by such Holder. In no event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar
amount of the proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 SECTION 3.3 Notices of Claims, Etc.. Promptly after receipt by an Indemnified Party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for
indemnification may be made pursuant to this Article III, such Indemnified Party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided
that the failure of the Indemnified Party to give notice as provided herein will not relieve the indemnifying party of its obligations under Section 3.1 or 3.2, except to the extent that the indemnifying party is actually prejudiced by such
failure to give notice. In case any such action is brought against an Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of
such claim, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel selected by the Holders of at least a
majority of the Registrable Securities included in the relevant registration, and after notice from the indemnifying party to such Indemnified Party of its election so to assume the defense thereof, the indemnifying party will not be liable to such
Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. If, in such Indemnified Party’s reasonable judgment, having common
counsel would result in a conflict of interest between the interests of such indemnified and indemnifying parties, then such Indemnified Party may employ separate counsel reasonably acceptable to the indemnifying party to represent or defend such
Indemnified Party in such action, it being understood, however, that the indemnifying party will not be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such Indemnified Parties (and not
more than one separate firm of local counsel at any time for all such Indemnified Parties) in such action. No indemnifying party will consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation. 

  
 -16-

 SECTION 3.4 Contribution. If the indemnification provided for hereunder from the
indemnifying party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein for reasons other than those described in the proviso in the first sentence of
Section 3.1, then the indemnifying party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 3.4 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. In no event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the
proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 3.4 were determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 SECTION 3.5 Other
Indemnification. Indemnification similar to that specified in this Article III (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration or other
qualification of Securities under any Law or with any Governmental Authority other than as required by the Securities Act. 

SECTION 3.6 Non-Exclusivity. The obligations of the parties under this Article III will be in addition to any liability which any
party may otherwise have to any other party. 

  
 -17-

 ARTICLE IV  
 OTHER 
 SECTION 4.1 Notices. Any notice, request, instruction or
other document to be given hereunder by any party hereto to another party hereto shall be in writing and shall be deemed given (a) when delivered personally, (b) five (5) Business Days after being sent by certified or registered mail,
postage prepaid, return receipt requested, (c) one (1) Business Day after being sent by Federal Express or other nationally recognized overnight courier, or (d) if transmitted by facsimile, if confirmed within 24 hours thereafter
by a signed original sent in the manner provided in clause (a), (b) or (c) to parties at the following addresses (or at such other address for a party as shall be specified by prior written notice from such party): 

if to the Company: 
 Brixmor Property Group Inc. 
 420 Lexington Avenue 

New York, NY 10170 
 Attention: Legal Department 
 Fax: (212) 869-3989 

if to Blackstone: 

The Blackstone Group L.P. 
 345 Park Avenue 
 New York, NY 10154 

Attention: Jonathan D. Gray 
 Fax: (212) 583-5639 
 with an additional copy (not constituting notice) to:

 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017 

Attention: Joshua Ford Bonnie, Esq. 
 Fax: (212) 455-2502 
 if to Centerbridge 

Centerbridge Partners L.P. 
 375 Park Avenue, 12th Floor 
 New York, NY 10152 

Attention: William D. Rahm 
 Fax: (212) 672-5001 
 SECTION 4.2 Assignment. Neither the Company nor
any Holder shall assign all or any part of this Agreement without the prior written consent of the Company, Blackstone and Centerbridge; provided, however, that any Blackstone Entity and any Centerbridge Entity may assign their respective rights and
obligations under this Agreement in whole or in part to any of their respective Affiliates. Except as otherwise provided herein, this Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and
permitted assigns. 

  
 -18-

 SECTION 4.3 Amendments; Waiver. This Agreement may be amended, supplemented or
otherwise modified only by a written instrument executed by the Company and the Holders holding a majority of the Registrable Securities subject to this Agreement; provided that no such amendment, supplement or other modification shall
adversely affect the economic interests of any Holder hereunder disproportionately to other Holders without the written consent of such Holder. For the avoidance of doubt, no consent pursuant to this Section 4.3 shall be required in connection
with any amendment or revision to Schedule A unless such amendment or revision is to remove a Holder from such schedule at a time when such Holder would otherwise be entitled to registration rights herein. No waiver by any party of any of the
provisions hereof will be effective unless explicitly set forth in writing and executed by the party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including without limitation, any
investigation by or on behalf of any party, will be deemed to constitute a waiver by the party taking such action of compliance with any covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this
Agreement will not operate or be construed as a waiver of any subsequent breach. 
 SECTION 4.4 Third Parties. This
Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 
 SECTION 4.5 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York. 

SECTION 4.6 CONSENT TO JURISDICTION. EACH OF THE PARTIES HERETO CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL
COURT LOCATED WITHIN THE STATE OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS. EACH OF THE PARTIES HERETO ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS RESPECTIVE
PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY FINAL AND NONAPPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF VIA OVERNIGHT COURIER, TO SUCH PARTY AT
THE ADDRESS SPECIFIED IN THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE FOURTEEN CALENDAR DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF EITHER 

  
 -19-

 
PARTY HERETO TO SERVE ANY SUCH LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER OR TO BRING ACTIONS, SUITS OR
PROCEEDINGS AGAINST THE OTHER PARTY HERETO IN SUCH OTHER JURISDICTIONS, AND IN SUCH MANNER, AS MAY BE PERMITTED BY ANY APPLICABLE LAW. 
 SECTION 4.7 MUTUAL WAIVER OF JURY TRIAL. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT. 
 SECTION 4.8 Specific Performance. Each of the parties hereto acknowledges and agrees that in the event of
any breach of this Agreement by any of them, the non-breaching party would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy
at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of this Agreement. 

SECTION 4.9 Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject
matter hereof. There are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all other prior agreements and
understandings between the parties with respect to such subject matter. 
 SECTION 4.10 Severability. If one or more of
the provisions, paragraphs, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of
any such provision, paragraph, word, clause, phrase or sentence in every other respect and of the remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way impaired, it being intended that all rights,
powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by Law. 
 SECTION 4.11
Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which together will be deemed to be one and the same instrument. 

SECTION 4.12 Effectiveness. This Agreement shall become effective, as to any Holder, as of the date signed by the Company and
countersigned by such Holder. 

  
 -20-

 [Remainder of Page Intentionally Left Blank] 

  
 -21-

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

			
	COMPANY:
	
	 BRIXMOR PROPERTY GROUP INC.

		
	By:	 	 /s/ Steven F. Siegel

	 Name:
	 	 Steven F. Siegel

	 Title:
	 	 Executive Vice President, General

Counsel and Secretary

  

[Signature Page to Registration Rights Agreement] 

 
							
	BLACKSTONE:
		
		 	 BRE RETAIL 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

		
		 	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

		
		 	BRE SOUTHEAST RETAIL HOLDINGS LLC
			
		 	 By:
	 	 /s/ William J. Stein

		 		 	Name:	 	William J. Stein
		 		 	Title:	 	 Senior Managing Director

		
		 	 BRE THRONE JV MEMBER LLC

			
		 	 By:
	 	 /s/ William J. Stein

		 		 	Name:	 	William J. Stein
		 		 	Title:	 	 Senior Managing Director

  

[Signature Page to Registration Rights Agreement] 

							
	CENTERBRIDGE PARTNERS:
		
		 	CENTERBRIDGE CREDIT PARTNERS, L.P.
			
		 	By:	 	Centerbridge Credit Partners General Partner, L.L.C., its general partner
			
		 	By:	 	 /s/ Susanne V. Clark

		 		 	Name:	 	Susanne V. Clark
		 		 	Title:	 	 Senior Managing Director

		
		 	CENTERBRIDGE SPECIAL CREDIT PARTNERS, L.P.
			
		 	By:	 	Centerbridge Special Credit Partners General Partner, L.L.C., its general partner
			
		 	By:	 	 /s/ Susanne V. Clark

		 		 	Name:	 	Susanne V. Clark
		 		 	Title:	 	 Senior Managing Director

		
		 	CENTERBRIDGE CREDIT PARTNERS TE INTERMEDIATE I, L.P.
			
		 	By:	 	Centerbridge Credit Partners General Partner, L.L.C., its general partner
			
		 	By:	 	 /s/ Susanne V. Clark

		 		 	Name:	 	Susanne V. Clark
		 		 	Title:	 	 Senior Managing Director

		
		 	CENTERBRIDGE CREDIT PARTNERS OFFSHORE INTERMEDIATE III, L.P.
			
		 	By:	 	Centerbridge Credit Partners Offshore General Partner, L.L.C., its general partner
			
		 	By:	 	 /s/ Susanne V. Clark

		 		 	Name:	 	Susanne V. Clark
		 		 	Title:	 	 Senior Managing Director

  

[Signature Page to Registration Rights Agreement]EX-10.5

 Exhibit 10.5 
 STOCKHOLDERS AGREEMENT 
 DATED AS OF October 29, 2013

 AMONG 
 BRIXMOR PROPERTY GROUP INC. 
 AND 

THE OTHER PARTIES HERETO 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	ARTICLE I. INTRODUCTORY MATTERS	  	 	1	  
	1.1  	  	Defined Terms	  	 	1	  
	1.2  	  	Construction	  	 	4	  
	ARTICLE II. CORPORATE GOVERNANCE MATTERS	  	 	4	  
	2.1  	  	Election of Directors	  	 	4	  
	ARTICLE III. INFORMATION; VCOC	  	 	5	  
	3.1  	  	Books and Records; Access	  	 	5	  
	3.2  	  	Certain Reports	  	 	6	  
	3.3  	  	VCOC	  	 	6	  
	ARTICLE IV. ADDITIONAL COVENANTS	  	 	8	  
	4.1  	  	Ownership Limits	  	 	8	  
	ARTICLE V. GENERAL PROVISIONS	  	 	8	  
	5.1  	  	Termination	  	 	8	  
	5.2  	  	Notices	  	 	8	  
	5.3  	  	Amendment; Waiver	  	 	9	  
	5.4  	  	Further Assurances	  	 	9	  
	5.5  	  	Assignment	  	 	9	  
	5.6  	  	Third Parties	  	 	10	  
	5.7  	  	Governing Law	  	 	10	  
	5.8  	  	Jurisdiction; Waiver of Jury Trial	  	 	10	  
	5.9  	  	Specific Performance	  	 	10	  
	5.10	  	Entire Agreement	  	 	10	  
	5.11	  	Severability	  	 	10	  
	5.12	  	Table of Contents, Headings and Captions	  	 	11	  
	5.13	  	Grant of Consent	  	 	11	  
	5.14	  	Counterparts	  	 	11	  
	5.15	  	Effectiveness	  	 	11	  
	5.16	  	No Recourse	  	 	11	  

  

  
 i 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement is entered into as of October 29, 2013 by and among Brixmor Property Group Inc. (the
“Company”), and each of the other parties identified on the signature pages hereto (the “Investor Parties”). 
 BACKGROUND: 
 WHEREAS, the Company is currently contemplating an underwritten
initial public offering (“IPO”) of shares of its Common Stock (as defined below); and 
 WHEREAS, in connection
with the IPO, the Company and the Investor Parties wish to set forth certain understandings between such parties, including with respect to certain governance matters. 
 NOW, THEREFORE, the parties agree as follows: 
 ARTICLE I. 

INTRODUCTORY MATTERS 
 1.1 Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters: 

“Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof.

 “Agreement” means this Stockholders Agreement, as the same may be amended, supplemented, restated or
otherwise modified from time to time in accordance with the terms hereof. 
 “Beneficially Own” has the meaning
set forth in Rule 13d-3 promulgated under the Exchange Act. 
 “Blackstone Designee” has the meaning set forth
in Section 2.1(b). 
 “Blackstone Designator” means the Blackstone Party, or any group of Blackstone
Parties collectively, then holding of record a majority of Outstanding Brixmor Interests held of record by all Blackstone Parties. 
 “Blackstone Entities” means the entities comprising the Blackstone Parties and their Affiliates. 
 “Blackstone Parties” means the entities listed on the signature pages hereto under the heading “Blackstone Parties” and any other Blackstone Entities that may from time to time
become parties hereto. 
 “Board” means the board of directors of the Company. 

“BPG Subsidiary” means BPG Subsidiary Inc., a Delaware corporation. 

  

 “BPG Subsidiary Exchange Agreement” means the exchange agreement, dated on
or about the date hereof, among the Company, BPG Subsidiary and the holders of BPG Subsidiary shares party thereto, as amended and in effect from time to time. 
 “BPG Subsidiary Shares” means the shares of common stock, par value $0.01 per share, of BPG Subsidiary. 
 “Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial banks in New York City are authorized or required by law to
close. 
 “Closing Date” means the date of the closing of the IPO. 

“Company” has the meaning set forth in the Preamble. 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other stock of the
Company into which outstanding shares of such stock is reclassified or reconstituted and any other common stock of the Company. 

“Control” (including its correlative meanings, “Controlled by” and “under common Control
with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a
Person. 
 “Director” means any director of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder, as the same may be amended from time to time. 
 “Governmental Authority” means any nation or
government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Investor Parties” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Background. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“OP” means Brixmor Operating Partnership LP, a Delaware limited partnership. 

“OP Units” means the common units of partnership interest in the OP. 

“Outstanding Brixmor Interests” means, collectively, (i) the outstanding shares of Common Stock, (ii) the BPG
Subsidiary Shares held by persons other than the Company and (iii)

  
 2 

 
the OP Units held by persons other than the Company, BPG Subsidiary Inc. and its wholly owned subsidiary. For purposes of calculating any proportion of Outstanding Brixmor Interests, the number
of Outstanding Brixmor Interests held by any Person shall consist of the sum of (a) the number of shares of Common Stock held by such Person, (b) the number of shares of Common Stock such Person would receive upon the exchange of all BPG
Subsidiary Shares held by such Person in accordance with the BPG Subsidiary Exchange Agreement and (c) the number of shares of Common Stock such Person would receive upon the acquisition by the Company or BPG Subsidiary of all of the OP Units
held by such Person upon the tender of such OP Units for redemption in accordance with the Amended and Restated Agreement of Limited Partnership of the OP dated on or about the date hereof. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political
subdivision thereof. 
 “Plan Asset Regulation” has the meaning set forth in Section 3.3. 

“Pre-IPO Owners” means the Blackstone Entities and the other Persons who held Outstanding Brixmor Interests at the time
of the IPO and any Affiliate thereof that shall become a holder of any Outstanding Brixmor Interests. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees
thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly, by that
Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business
entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing member, managing director or other governing body or
general partner of such limited liability company, partnership, association or other business entity. 
 “Total Number
of Directors” means the total number of directors comprising the Board. 
 “Transfer” (including its
correlative meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge,
encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or 

  
 3 

 
warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall have such
correlative meaning as the context may require. 
 “VCOC Investor” has the meaning set forth in
Section 3.3. 
 1.2 Construction. The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular
include the plural, and in the plural include the singular, and (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 ARTICLE II. 
 CORPORATE GOVERNANCE MATTERS 

2.1 Election of Directors. 
 (a) Following the Closing Date, the Blackstone Designator shall have the right, but not the obligation, to designate, and the individuals nominated for election as Directors by or at the direction of the
Board or a duly-authorized committee thereof shall include, a number of individuals such that, upon the election of each such individual, and each other individual nominated by or at the direction of the Board or a duly-authorized committee of the
Board, as a Director and taking into account any Director continuing to serve as such without the need for re-election, the number of Blackstone Designees (as defined below) serving as Directors of the Company will be equal to: (i) if the
Pre-IPO Owners collectively Beneficially Own 50% or more of the total Outstanding Brixmor Interests as of the record date for such meeting, the lowest whole number that is greater than 50% of the Total Number of Directors; (ii) if the Pre-IPO
Owners collectively Beneficially Own at least 40% (but less than 50%) of the total Outstanding Brixmor Interests as of the record date for such meeting, the lowest whole number that is greater than 40% of the Total Number of Directors; (iii) if
the Pre-IPO Owners collectively Beneficially Own at least 30% (but less than 40%) of the total Outstanding Brixmor Interests as of the record date for such meeting, the lowest whole number that is greater than 30% of the Total Number of Directors;
(iv) if the Pre-IPO Owners collectively Beneficially Own at least 20% (but less than 30%) of the total Outstanding Brixmor Interests as of the record date for such meeting, the lowest whole number that is greater than 20% of the Total Number of
Directors; and (v) if the Pre-IPO Owners collectively Beneficially Own at least 5% (but less than 20%) of the total Outstanding Brixmor Interests as of the record date for such meeting, the lowest whole number that is greater than 10% of the
Total Number of Directors. 
 (b) If at any time the Blackstone Designator has designated fewer than the total number of
individuals that the Blackstone Designator is then entitled to designate pursuant to Section 2.1(a), the Blackstone Designator shall have the right to designate such additional individuals which it is entitled to so designate, in which case,
any individuals nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to 

  
 4 

 
fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the election of such additional designees, whether by increasing the size
of the Board or otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing vacancies. Each such individual whom the Blackstone Designator shall actually designate
pursuant to this Section 2.1 and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a “Blackstone Designee”. 
 (c) In the event that a vacancy is created at any time by the death, disability, retirement or resignation of any Blackstone Designee, any individual nominated by or at the direction of the Board or any
duly-authorized committee thereof to fill such vacancy shall be, and the Company shall use its best efforts to cause such vacancy to be filled, as soon as possible, by a new designee of the Blackstone Designator, and the Company shall take, to the
fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same. 
 (d) The
Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board at any meeting of stockholders called for the purpose of electing directors, the persons designated pursuant to this Section 2.1
and use its best efforts to cause the election of each such designee to the Board, including nominating each such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or
consents in favor thereof. 
 (e) In addition to any vote or consent of the Board or the stockholders of the Company required by
applicable Law or the charter or bylaws of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as this Agreement is in effect, any action by the Board to increase or decrease the Total Number of Directors (other
than any increase in the Total Number of Directors in connection with the election of one or more directors elected exclusively by the holders of one or more classes or series of the Company’s stock other than Common Stock) shall require the
prior written consent of the Blackstone Designator, delivered in accordance with Section 5.13 of this Agreement. 
 ARTICLE
III. 
 INFORMATION; VCOC 
 3.1 Books and Records; Access. The Company shall, and shall cause its Subsidiaries to, permit the Blackstone Entities and their respective designated representatives, at reasonable times and upon
reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any
such Subsidiary; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to
which it may provide such information to the Blackstone Entities without the loss of any such privilege. 

  
 5 

 3.2 Certain Reports. The Company shall deliver or cause to be delivered to the
Blackstone Entities, at their request: 
 (a) to the extent otherwise prepared by the Company, operating and capital expenditure
budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries; and 

(b) to the extent otherwise prepared by the Company, such other reports and information as may be reasonably requested by the Blackstone
Entities; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it
may provide such information to the Blackstone Entities without the loss of any such privilege. 
 3.3 VCOC. With respect
to each Blackstone Entity that is intended to qualify its direct or indirect investment in the Company as a “venture capital investment” as defined in the Department of Labor regulations codified at 29 CFR Section 2510.3-101 (the
“Plan Asset Regulation”) (each, a “VCOC Investor”), for so long as the VCOC Investor, directly or through one or more subsidiaries, continues to hold any shares of Common Stock (or other securities of the company
into which such shares of Common Stock may be converted or for which such shares of Common Stock may be exchanged), without limitation or prejudice of any the rights provided to the Blackstone Entities hereunder, the Company shall, with respect to
each such VCOC Investor: 
 (a) provide each VCOC Investor or its designated representative with: 

(i) the right to visit and inspect any of the offices and properties of the Company and its Subsidiaries and inspect and
copy the books and records of the Company and its Subsidiaries, at such times as the VCOC Investor shall reasonably request; 
 (ii) as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the Company, consolidated balance sheets of the Company and its
Subsidiaries as of the end of such period, and consolidated statements of income and cash flows of the Company and its Subsidiaries for the period then ended prepared in conformity with generally accepted accounting principles in the United States
applied on a consistent basis, except as otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments; 
 (iii) as soon as available and in any event within 120 days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its Subsidiaries as of the end of such year,
and consolidated statements of income and cash flows of the Company and its Subsidiaries for the year then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as
otherwise noted therein, together with an auditor’s report thereon of a firm of established national reputation; 

  
 6 

 (iv) to the extent the Company is required by law or pursuant to the terms
of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to Section 13 or 15(d) of the Exchange Act, actually prepared by the Company as soon as
available; and 
 (v) copies of all materials provided to the Board, subject to appropriate protections with
respect to confidentiality and preservation of attorney-client privilege; 
 provided, that, in each case, if the Company makes
the information described in clauses (ii), (iii) and (iv) of this clause (a) available through public filings on the EDGAR System or any successor or replacement system of the U.S. Securities and Exchange Commission, the delivery of
such information shall be deemed satisfied; 
 (b) make appropriate officers and/or Directors of the Company available,
and cause the officers and directors of its Subsidiaries to be made available, periodically and at such times as reasonably requested by each VCOC Investor for consultation with such VCOC Investor or its designated representative with respect to
matters relating to the business and affairs of the Company and its Subsidiaries; 
 (c) to the extent consistent with
applicable law, rule, regulation or listing standards (and with respect to events which require public disclosure, only following the Company’s public disclosure thereof through applicable securities law filings or otherwise), inform each VCOC
Investor or its designated representative in advance with respect to any significant corporate actions, and to provide (or cause to be provided) each VCOC Investor or its designated representative with the right to consult with the Company and its
Subsidiaries with respect to such actions should the VCOC Investor elect to do so and provided that the Company shall be under no obligation to provide the VCOC Investor with any material non-public information with respect to such corporate action;
and 
 (d) provide each VCOC Investor or its designated representative with such other rights of consultation which the VCOC
Investor’s counsel may determine to be reasonably necessary under applicable legal authorities promulgated after the date hereof to qualify its investment in the Company as a “venture capital investment” for purposes of the United
States Department of Labor Regulation published the Plan Asset Regulation. 
 The Company agrees to consider, in good faith, the recommendations
of each VCOC Investor or its designated representative in connection with the matters on which it is consulted as described above in this Section 3.3, recognizing that the ultimate discretion with respect to all such matters shall be retained
by the Company. 
 In the event the VCOC Investor or any of its Affiliates transfers all or any portion of their investment in the Company to an
Affiliated entity that is intended to qualify as a “venture capital operating company” (as defined in the Plan Asset Regulation), such Transferee shall be afforded the same rights with respect to the Company afforded to the VCOC Investor
hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder. 

  
 7 

 In the event that the Company ceases to qualify as an “operating company” (as defined in the first
sentence of 2510.3-101(c)(1) of the Plan Asset Regulation), or the investment in the Company by a VCOC Investor does not qualify as a “venture capital investment” as defined in the Plan Asset Regulation, then the Company and each
Blackstone Entity will cooperate in good faith to take all reasonable actions necessary, subject to applicable law, to preserve the VCOC status of each VCOC Investor or the qualification of the investment as a “venture capital investment,”
it being understood that such reasonable actions shall not require a VCOC Investor to purchase or sell any investments. 

ARTICLE IV. 

ADDITIONAL COVENANTS 
 4.1 Ownership Limits. The Board has granted to the Blackstone Entities an exemption from the Common Stock Ownership Limit and Aggregate Stock Ownership Limit set forth in Article VII of the charter
of the Company. 
 ARTICLE V. 
 GENERAL PROVISIONS 
 5.1 Termination. This Agreement shall terminate on the
earlier to occur of (i) such time as the Blackstone Designator is no longer entitled to designate a Director pursuant to Section 2.1(a) and (ii) the delivery of a written notice by the Blackstone Designator to the Company requesting
that this Agreement terminate. 
 5.2 Notices. Any notice, designation, request, request for consent or consent provided
for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to
any other recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices and other such
documents will be deemed to have been given or made hereunder when sent by facsimile (receipt confirmed) delivered personally, five (5) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier
service. 
 The Company’s address is: 
 Brixmor Property Group Inc. 
 420 Lexington Avenue, Seventh Floor 

New York, New York 10170 

  
 8 

 
Attention: General Counsel 
 Fax: (212) 869-9585 

with a copy (not constituting notice) to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 
 Fax: (212) 455-2502 

The Blackstone Entities’ address is: 
 The Blackstone Group L.P. 
 345 Park Avenue 

New York, NY 10154 
 Attention: A.J. Agarwal 
 Fax: (212) 583-5749 

with a copy (not constituting notice) to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 
 Fax: (212) 455-2502 

5.3 Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by
the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

5.4 Further Assurances. The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed,
exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof. To the fullest extent permitted by law, the Company
shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, Blackstone or any Blackstone Entity being deprived of the rights contemplated by this Agreement. 

5.5 Assignment. This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors
and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any 

  
 9 

 
attempted assignment, without such consents, will be null and void; provided, however, that, without the prior written consent of the Company, a Blackstone Party may assign this
Agreement to an Affiliate that becomes a party hereto. 
 5.6 Third Parties. Except as provided for in Article II,
Section 3.3 and Section 4.1 with respect to any Blackstone Entity, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto.

 5.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Maryland, without regard to principles of conflicts of laws thereof. 
 5.8 Jurisdiction; Waiver of Jury Trial. In any
judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the courts of the State of Maryland or if jurisdiction over the
matter is vested exclusively in federal courts, the United States District Court for the District of Maryland, 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 5.2. EACH OF THE PARTIES
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

5.9 Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of
them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees
that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

5.10 Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter
hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior
agreements and understandings between the parties with respect to such subject matter. 
 5.11 Severability. If any
provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected
thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the
fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

  
 10 

 5.12 Table of Contents, Headings and Captions. The table of contents, headings,
subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

5.13 Grant of Consent. Any vote, consent or approval of, or designation by, or other action of, the Blackstone Designator
hereunder shall be effective if notice of such vote, consent, approval, designation or action is provided in accordance with Section 5.2 by the Blackstone Party or Parties holding of record a majority of the Outstanding Brixmor Interests then
held of record by Blackstone Parties as of the latest date any such notice is so provided. 
 5.14 Counterparts. This
Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

5.15 Effectiveness. This Agreement shall become effective upon the Closing Date. 

5.16 No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out
of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director, officer,
employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect
of, or by reason of, the transactions contemplated hereby. 
 [Remainder Of Page Intentionally Left Blank]

  
 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement on the day
and year first above written. 
  

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

	Name:	 	Steven F. Siegel
	Title:	 	Executive Vice President, General Counsel and Secretary

 [Signature Page to Stockholders’ Agreement] 

  

 
					
	BLACKSTONE PARTIES:
	
	BRE RETAIL 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

 [Signature Page to Stockholders’ Agreement]

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