Document:

Exhibit 10.2

 

WAIVER

 

This Waiver (this “Waiver”)
is entered into as of August 17, 2016, by and between Great Basin Scientific, Inc., a Delaware corporation (the “Company”),
and the undersigned holder (the “Holder”) which is one of the investors listed on the Schedule of Buyers (“Schedule
of Buyers”) attached to that certain Securities Purchase Agreement between the Company and all of the investors
listed on the Schedule of Buyers (the “Buyers”) dated June 29, 2016 (the “SPA”) with reference
to the following facts:

 

A.               
On June 29, 2016, the Company and the Buyers (as defined in the Registration Rights Agreement) entered into the SPA in relation
to the issuance and sale by the Company and purchase by the Holders of: (i) that aggregate principal amount of senior secured convertible
notes of the Company, in substantially the form attached to the SPA as Exhibit A (the “Notes”), set forth
opposite such Buyer's name in column (3) on the Schedule of Buyers (which aggregate principal amount of Notes for all Buyers was
$75,000,000) and (ii) related Series H Warrants, in substantially the form attached to the SPA as Exhibit B (the “Warrants”),
representing the right to acquire that number of shares of common stock of the Company, par value $0.0001 (“Common Stock”),
set forth opposite such Buyer's name in column (4) on the Schedule of Buyers (as exercised, collectively, the “Warrant
Shares”), which totaled in the aggregate 56,250,000 Warrant Shares.

 

B.                
The issuance of the Notes and the Warrants occurred at a closing on July 1, 2016 (the “Closing Date”).

 

C.                
In accordance with the terms of Section 4(n)(ii) of the SPA, the Company agreed that until the later of (I) the date
that is ninety (90) days after the date the Company obtains the Stockholder Approval (as defined in the SPA) and (II) the
earlier of (x) the time of the registration of all of the Underlying Shares (as defined in the SPA) pursuant to a registration
statement under the United States Securities Act of 1933, as amended, which registration remains in effect or (y) such time
as all of the Underlying Shares, if a registration statement is not available for the resale of all of the Underlying Shares, may
be sold without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1),
the Company shall not, directly or indirectly, file any registration statement with the SEC, or file any amendment or supplement
thereto, or grant any registration rights to any Person that can be exercised prior to the earlier of such time as set forth in
such Section 4(n)(ii) (the “Lock-up”).

 

D.               
On August 15, 2016, the Company filed a Registration Statement on Form S-1 (the “Offering Registration Statement”)
related to a proposed offering of units of the Company anticipated to consist of a unit comprised of one share of common stock
of the Company and one Series I Warrant to purchase one share of common stock for gross aggregate proceeds from the offering of
approximately $10,000,000, with each Series I Warrant anticipated to be exercisable at a price equal to the per unit price of the
offering for a period of five years (“Subsequent Offering”), and the Company anticipates filing an amendment
to the Offering Registration Statement and closing the Subsequent Offering no later than September 30, 2016.

     

     

    

 

E.                
The Company desires to obtain a waiver of: (i) the Company's failure to comply with the provisions of Section 4(n)(ii) of
the SPA and (ii) the Event of Default (as defined in the Notes) arising under Section 4(a)(x) of the Notes due to the Company's
failure to comply with the provisions of Section 4(n)(ii) of the SPA prior to the date hereof, in each case, solely with respect
to the filing of the Offering Registration Statement.

 

F.                 
In compliance with Section 9(e) of the SPA and Section 19 of the Notes , this Waiver shall only be effective upon the execution
and delivery of this Waiver and waivers in form and substance identical to this Waiver (the “Other Waivers”)
by other holders of Undelrying Shares (as defined in the SPA) (each an “Other Holder”) representing on the Closing
Date at least fifty-one percent (51%) of the aggregate number of Underlying Shares issued or issuable under the Notes and Warrants
issued on the Closing Date and shall include Hudson Bay so long as Hudson Bay and/or any of its affiliates collectively hold at
least five percent (5%) of the Underlying Shares, in the aggregate (the “Required Holders”) (such time, the
“Effective Time”).

 

NOW, THEREFORE, in consideration
of the premises set forth above, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

1.                 
Waiver. The Holder hereby waives, effective as of the Effective Time: (i) the breach by the Company of Section 4(n)(ii)
of the SPA solely with respect to (x) the Company’s filing of the Offering Registration Statement, (y) the Company's filing
of amendments to the Offering Registration Statement to complete the Subsequent Offering substantially as described above no later
than September 30, 2016 and (z) the Company's consummation of the Subsequent Offering as set forth in the Offering Registration
Statement, as amended by the amendments described in the immediately preceding clause (y), and (ii) the Event of Default arising
under Section 4(a)(x) of the Notes due to the Company’s failure to comply with Section 4(n)(ii) of the SPA as described in
the immediately preceding clause (i).

 

2.                 
Acknowledgments. The Company hereby confirms and agrees that (i) except with respect to the waivers set forth in
Section 1 above that are effective as of the Effective Time, the SPA and Notes shall continue to be, in full force and effect;
(ii) the execution, delivery and effectiveness of this Waiver shall not operate as an amendment of any right, power or remedy of
the Holder except to the extent expressly set forth herein.

 

3.                 
Fees And Expenses. [NTD: HB ONLY: The Company shall reimburse the Holder for its legal fees and expenses in connection
with the preparation and negotiation of this Waiver and transactions contemplated thereby, by paying any such amount to Schulte
Roth & Zabel LLP (the "Holder Counsel Expense") by wire transfer of immediately available funds in accordance
with the written instructions of Schulte Roth & Zabel LLP delivered to the Company. The Holder Counsel Expense shall be paid
by the Company whether or not the transactions contemplated by this Waiver are consummated. Except as otherwise set forth above,
each party to this Waiver shall bear its own expenses in connection with the transactions contemplated hereby.] [NTD: ALL OTHERS:
Each party to this Waiver shall bear its own expenses in connection with the transactions contemplated hereby.].

 

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4.                 
No Material, Nonpublic Information. The Company hereby agrees and acknowledges that the transactions contemplated
by this Waiver do not constitute material, nonpublic information of the Company or any of its Subsidiaries, the Company represents
to the Holder that it has publicly disclosed all material, non-public information delivered to the Holder by the Company or any
of its Subsidiaries, or any of their respective officers, directors, employees or agents on or prior to the date hereof and that
the Holder shall not be in possession of any material, nonpublic information received from the Company, any of its Subsidiaries
or any of their respective officers, directors, employees, affiliates or agents, that is not disclosed in the Offering Registration
Statement. The Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether
written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees
or agents on the one hand, and the Holder or any of its affiliates on the other hand, has terminated. The Company shall not, and
shall cause each of its Subsidiaries and its and each of their respective officers, directors, affiliates, employees and agents,
not to, provide any Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after
the date hereof without the express prior written consent of the Holder. To the extent that the Company, any of its Subsidiaries
or any of their respective officers, directors, affiliates employees or agents delivers any material, non-public information to
any Holder without the Holder’s consent, the Company hereby covenants and agrees that the Holder shall not have any duty
of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees
or agents with respect to, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates,
employees or agents not to trade on the basis of, such material, non-public information. The Company understands and confirms that
the Holder will rely on the foregoing representations in effecting transactions in securities of the Company.

 

5.                 
Independent Nature of Holder Obligations and Rights. The obligations of the Holder under this Waiver are several
and not joint with the obligations of any Other Holder, and the Holder shall not be responsible in any way for the performance
of the obligations of any Other Holder under any Other Waiver. Nothing contained herein or in any Other Waiver, and no action taken
by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holder and Other Holders are in any way acting in concert
or as a group with respect to such obligations or the transactions contemplated by this Waiver or any Other Waiver and the Company
acknowledges that the Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Waiver or any Other Waiver. The Company and the Holder confirm that the Holder has independently participated in the negotiation
of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Waiver or, any Other Waiver, and
it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

6.                 
No Third Party Beneficiaries. This Waiver is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

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7.                 
Counterparts. This Waiver may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument. In the event that any signature is delivered by facsimile transmission or by an e-mail
which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such signature page were an original thereof.

 

8.                 
No Strict Construction. The language used in this Waiver will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

9.                 
Headings. The headings of this Waiver are for convenience of reference and shall not form part of, or affect the
interpretation of, this Waiver.

 

10.             
Severability. If any provision of this Waiver is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Waiver so long as this Waiver as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

11.             
Amendments. No provision of this Waiver may be amended other than by an instrument in writing signed by the Company
and the Required Holders.

 

12.             
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Waiver and the consummation of the transactions
contemplated hereby.

 

13.             
Notice. Whenever notice is required to be given under this Waiver, unless otherwise provided herein, such notice
shall be given in accordance with Section 9(f) of the SPA.

 

14.             
Successors and Assigns. This Waiver shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns.

 

15.             
Capitalized Terms. Capitalized terms used herein and not otherwise defined herein shall have the respective meaning
set forth in the Registration Rights Agreement.

 

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16.             
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Waiver shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Waiver and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS WAIVER OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, each Undersigned and the
Company have caused their respective signature page to this Waiver to be duly executed as of the date first written above.

 

	 	 	 	COMPANY:
	 	 	 	 
	 	 	 	GREAT BASIN SCIENTIFIC, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	

	 	 	 	 	Name: Jeffrey Rona
	 	 	 	 	Title: CFO

 

    
[Signature Page to Waiver]

     

    

 

IN WITNESS WHEREOF, each Undersigned and the
Company have caused their respective signature page to this Waiver to be duly executed as of the date first written above.

 

	 	HOLDER:  
	 	 
	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:

 

    
[Signature Page to Waiver]EX-10.1

 Exhibit 10.1 

PROLOGIS, INC. 
 2016
OUTPERFORMANCE PLAN 
 ARTICLE 1 - GENERAL 

1.1 Purpose and Authority. This 2016 Outperformance Plan (as amended, restated and supplemented from time to time, this “2016
Outperformance Plan”) was adopted by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Prologis, Inc. (the “Company”) effective as of August 12,
2016, pursuant to authority delegated to it by the Board as set forth in the Committee’s charter. Equity awards granted under this 2016 Outperformance Plan shall be issued pursuant to the Company’s existing equity incentive plans, or any
equity incentive plan approved by the Company’s stockholders in the future, and only to the extent there are shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), available under such equity
incentive plans. This 2016 Outperformance Plan will apply to all Awards granted on or after the date hereof. The purpose of this 2016 Outperformance Plan is to create a supplemental long-term incentive opportunity to support the Company’s
multi-year business plans and to drive outstanding performance. 
 1.2 Administration. This 2016 Outperformance Plan and all Awards
issued hereunder shall be administered by the Committee; provided that all powers of the Committee hereunder can be exercised by the full Board if the Board so elects. 

1.3 Definitions. 

“Absolute Shareholder Return” means, with respect to any measurement period, the cumulative return that would have been
realized by a stockholder who (1) bought one share of Common Stock for the Common Stock Price on the last trading day immediately preceding the first date of such measurement period, (2) reinvested each dividend and other distribution
declared and having an ex-dividend date during such measurement period with respect to such share of Common Stock (and any other shares previously received upon reinvestment of dividends or other distributions) in additional shares of Common Stock
at the Fair Market Value on the ex-dividend date for such dividend or other distribution, and (3) sold such shares of Common Stock on the last day of such measurement period for the Common Stock Price on such date. Appropriate adjustments to
the Absolute Shareholder Return shall be made to take into account all stock dividends, stock splits, reverse stock splits and other events that in the good faith judgment of the Committee necessitates action by way of equitable or proportionate
adjustment. 
 “Additional Share Baseline Value” means, with respect to each Additional Share, the gross proceeds received
by the Company upon the issuance of such Additional Share, which amount shall be deemed to equal, as applicable: 
 (a) if such Additional
Share is issued for cash in a public offering or private placement, the gross price to the public or to the purchaser(s); 
 (b) if such
Additional Share is issued in exchange for assets or securities of another Person or upon the acquisition of another Person, the cash value imputed to such Additional Share for purposes of such transaction by the parties thereto, as determined by
the Committee, or, if no such value was imputed, the Common Stock Price as of the date of issuance of such Additional Share; 

 (c) if such Additional Share is issued upon conversion or exchange of equity or debt securities
of the Company or any Related Company, which securities were not previously counted as either Initial Shares or Additional Shares, the conversion or exchange price in effect as of the date of conversion or exchange pursuant to the terms of the
security being exchanged or converted; 
 (d) if such Additional Share is issued in connection with a Time-Based Award granted after the
Initial Date to employees, non-employee directors, consultants, advisors or other persons or entities as incentive or other compensation for services provided or to be provided to the Company or any Related Company, the grant date fair value per
share of Common Stock subject to such Time-Based Award, determined in accordance with generally accepted accounting principles; 
 (e) if
such Additional Share is issued in connection with a Performance-Based Award earned after the Initial Date by employees, non-employee directors, consultants, advisors or other persons or entities as incentive or other compensation for services
provided or to be provided to the Company or any Related Company (without regard to (i) the date when such award was granted or (ii) time-based vesting conditions (if any) that may apply after the award becomes earned on the basis of
performance-based vesting conditions), the Fair Market Value of a share of Common Stock, on the date the Performance-Based Award is earned, used by the Committee to convert Base Value or Excess Value, as applicable, into LTIPs or into shares of
Common Stock (if such Performance-Based Award was granted under this 2016 Outperformance Plan), or otherwise, the Fair Market Value of a share of Common Stock used to determine the number of LTIPs or shares of Common Stock (as applicable) earned
under the terms of the applicable Performance-Based Award; and 
 (f) if the Additional Share is issued in lieu of cash dividends in a
transaction where the stockholder made an election between receipt of cash dividends or Common Stock in lieu thereof, the value of the dividends that would otherwise have been paid. 

“Additional Shares” means (without double-counting), as of a particular date of determination, the sum of: 

(a) shares of Common Stock issued after the Initial Date and on or before such date of determination in a capital raising transaction, in
exchange for assets or securities, upon the acquisition of another entity, upon conversion or exchange of equity or debt securities of the Company, which securities were not previously counted as either Initial Shares or Additional Shares, or
through the reinvestment of dividends; plus 

  
 2 

 (b) the REIT Shares Amount for all Units not held by the Company (assuming that such Units were
converted, exercised, exchanged or redeemed for shares of Common Stock as of such date of determination at the applicable conversion, exercise, exchange or redemption rate (or rate deemed applicable by the Committee if there is no such stated rate)
pursuant to the applicable instrument governing such Units as of such date), issued after the Initial Date and on or before such date of determination in a capital raising transaction, in exchange for assets or securities, or upon the acquisition of
another entity; plus  
 (c) shares of Common Stock (including, without duplication, the REIT Shares Amount for Units, as applicable)
underlying Time-Based Awards granted after the Initial Date and Performance-Based Awards earned after the Initial Date and on or before such date of determination to employees, non-employee directors, consultants, advisors or other persons or
entities as incentive or other compensation for services provided or to be provided to the Company or any Related Company; plus 

(d) shares of Common Stock (including, without duplication, the REIT Shares Amount for Units, as applicable) issued in lieu of cash dividends
in a transaction where the stockholder (or Unit-holders) made an election between receipt of cash dividends or Common Stock (or Units) in lieu thereof. 

For the avoidance of doubt, the definition of “Additional Shares” shall exclude (i) shares of Common Stock issued after the Initial Date upon
exercise of stock options granted to employees, non-employee directors, consultants, advisors or other persons or entities as incentive or other compensation for services provided or to be provided to the Company or any Related Company, whether such
stock options are outstanding on the Initial Date or are awarded thereafter and (ii) all Initial Shares. 
 “Award”
means an award of Participation Points to a Participant under this 2016 Outperformance Plan. 
 “Award Letter” means the
individual letter provided by the Company to a Participant in connection with the Participant’s participation in this 2016 Outperformance Plan that sets forth the number of Participation Points granted to the Participant with respect to a
Performance Period. 
 “Base Value” means, with respect to an Award, the dollar value of such Award multiplied by a
fraction, the numerator of which is the Dollar-Based Cap and the denominator of which is the sum of the Dollar-Based Cap and the Excess Amount. 

“Baseline Value” means the average of the Fair Market Value of one share of Common Stock over the 20 consecutive trading days
immediately preceding the Initial Date of any Performance Period. 
 “Buyback Shares” means (without double-counting), as
of a particular date of determination: 
 (a) shares of Common Stock repurchased or redeemed for cash by the Company after the Initial Date
and on or before such date of determination in a stock buyback or other similar transaction; 

  
 3 

 (b) the REIT Shares Amount for all Units not held by the Company (assuming that such Units were
converted, exercised, exchanged or redeemed for shares of Common Stock as of such date of determination at the applicable conversion, exercise, exchange or redemption rate (or rate deemed applicable by the Committee if there is no such stated rate)
pursuant to the applicable instrument governing such Units as of such date) repurchased or redeemed for cash by the Company after the Initial Date and on or before such date of determination; and 

(c) shares of Common Stock (including, without duplication, the REIT Shares Amount for Units, as applicable) underlying previously granted
Time-Based Awards and Performance-Based Awards (excluding, for the avoidance of doubt, stock options) to employees, non-employee directors, consultants, advisors or other persons or entities as incentive or other compensation for services provided
or to be provided to the Company or any Related Company to the extent they are forfeited for failure to become vested or are repurchased for cash (including in respect of tax withholding) by the Company after the Initial Date and on or before such
date of determination, if such shares were included in either Initial Shares or Additional Shares. 
 “Buyback Value” means
the cash amount paid to repurchase or redeem a Buyback Share, or in the case of a Buyback Share forfeited without any expenditure of cash by the Company, the Fair Market Value of a share of Common Stock on the date of forfeiture. 

“Capitalization-Based Cap” means one-half percent (0.5%) of the product of the Initial Shares and the Common Stock Price as
of the Initial Date. 
 “Cause” means, with respect to a Participant, except as otherwise provided in a separate agreement
between the Participant and the Company, (a) the willful and continued failure by the Participant to substantially perform his or her duties with the Company or any Related Company after written notification by the Company or any Related
Company, (b) the willful engaging by the Participant in conduct which is demonstrably injurious to the Company or any Related Company, monetarily or otherwise, or (c) the engaging by the Participant in egregious misconduct involving
serious moral turpitude, determined in the reasonable judgment of the Committee. For purposes hereof, no act, or failure to act, on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the
Participant not in good faith and without reasonable belief that such action was in the best interest of the Company or any Related Company. 

“Change of Control” means any transaction that constitutes a change in the ownership or effective control of the Company or
in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code and applicable guidance issued thereunder. For purposes of applying the foregoing requirements, the default provisions of
Section 409A of the Code and applicable guidance shall apply; provided, however, that for purposes of determining (a) whether a change in effective control of a corporation has occurred based on the acquisition of stock ownership, the
percentage threshold that shall be applied shall be “50 percent or more” (rather than “30 percent or more”), and (b) whether a change in the ownership of a substantial portion of a corporation’s assets has
occurred, based on an acquisition of threshold of assets having a total gross fair market value equal to or more than 50 percent of the total gross fair market value of all of the assets of the corporation (rather than 40 percent thereof). 

  
 4 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock Price” means, as of a particular date, the average of the Fair Market Value of one share of Common Stock over
the twenty (20) consecutive trading days immediately preceding and including such date; provided, however, that if such date is the date of the Public Announcement of a Transactional Change of Control, the Common Stock Price as of
such date shall be equal to the fair market value, as determined by the Committee, of the total consideration payable in the transaction that ultimately results in the Transactional Change of Control for one share of Common Stock, or if such
transaction is an asset disposition the fair market value of a share of Common Stock after giving affect to receipt of the total consideration payable for the asset so disposed of, in each case as determined by the Committee. 

“Cumulative Index Return” means, with respect to any measurement period, the cumulative return that would have been realized
by an investor who invested in the MSCI US REIT Index on the first date of such measurement period and liquidated the entire investment on the last day of such measurement period on the following basis: (i) determine the initial investment
using the average daily value of the MSCI US REIT Index over the twenty (20) consecutive trading days immediately preceding the first date of such measurement period, (ii) assume full dividend reinvestment based on the methodology used for
the index, and (iii) determine the final proceeds using the average daily value of the MSCI US REIT Index over the twenty (20) consecutive trading days immediately preceding and including the last date of such measurement period, as
calculated by the Committee or its delegate in the Committee’s reasonable discretion. The intent of the Committee is that Cumulative Index Return be calculated in a manner designed to produce a fair comparison between Absolute Shareholder
Return and the MSCI US REIT Index over the applicable period for the purpose of determining whether the conditions set forth in Section 2.4(b)(i)-(iii) have been met. 

“Disability” means, with respect to a Participant, except as otherwise provided by the Committee, the Participant’s
inability, by reason of a medically determinable physical or mental impairment, to engage in the material and substantial duties of his or her regular occupation, which condition is expected to be permanent. 

“Dollar-Based Cap” means $75,000,000. 

“Eligible Person” means any executive or employee of the Company or any Related Company. 

“Ending Value” with respect to any Performance Period means (without double-counting), as of the Valuation Date, a dollar
amount equal to the sum of: 
 (a) the Total Shares as of the Valuation Date multiplied by the Common Stock Price as of the
Valuation Date, plus  
 (b) the Buyback Value for all Buyback Shares, plus 

  
 5 

 (c) an amount equal to the amount that would have been realized had (i) each dividend and
other distribution declared by the Company and having an ex-dividend date during a Performance Period (or the portion thereof for which Additional Shares or Buyback Shares are included in the calculation of the Relative Baseline, as applicable) been
reinvested in additional shares of Common Stock (“Dividend Stock”) at the Fair Market Value on the ex-dividend date for such dividend or other distribution and (ii) such shares of Dividend Stock been sold as of the Valuation
Date for such Performance Period for the Common Stock Price as of such date. For the avoidance of doubt, this dividend reinvestment component of Ending Value shall (i) not include dividends originally paid in Common Stock in lieu of cash
dividends to the extent that such shares are included in Additional Shares pursuant to clause (d) of the definition thereof, and (ii) include dividends and other distributions declared thereafter on such Additional Shares. 

“Excess Amount” means, with respect to the Performance Period for which a Performance Pool has been generated, the excess, if
any, of such Performance Pool above the Dollar-Based Cap, if any, up to the applicable Capitalization-Based Cap. 
 “Excess
Value” means, with respect to an Award, the dollar value of such Award multiplied by a fraction, the numerator of which is the Excess Amount and the denominator of which is the sum of the Dollar-Based Cap and the Excess Amount. 

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

“Fair Market Value” means, as of any given date, the fair market value of a security determined by the Committee using any
reasonable method and in good faith (such determination will be made in a manner that satisfies Section 409A of the Code); provided that with respect to a share of Common Stock, “Fair Market Value” means the value of such share
determined as follows: (a) if on the determination date the Common Stock is listed on the New York Stock Exchange, The NASDAQ Stock Market, Inc. or another national securities exchange or is publicly traded on an established securities market,
the Fair Market Value of a share of Common Stock shall be the last reported sale price at which Common Stock is traded on such exchange or in such market (if there is more than one such exchange or market, the Committee shall determine the
appropriate exchange or market) on the determination date or, if no sale of Common Stock is reported for such trading day, on the next preceding day on which any sale shall have been reported; or (b) if the Common Stock is not listed on such an
exchange, quoted on such system or traded on such a market, Fair Market Value of a share of Common Stock shall be the value determined by the Committee in good faith in a manner consistent with Code Section 409A. 

“First Anniversary” has the meaning set forth in Section 2.4(b)(i) hereof. 

“Good Reason” means, with respect to a Participant, except as otherwise provided in a separate agreement between the
Participant and the Company, (a) a material diminution in the Participant’s responsibilities, authority or duties, (b) a material reduction in the Participant’s base salary and bonus opportunity, or (c) a material change in
the geographical location at which the Participant provides services to the Company, and in any case, the Company fails to take corrective action within 30 days after the Participant notifies the Company of the event giving rise to “Good
Reason.” 

  
 6 

 “Index Return Multiplier” means, with respect to any measurement period, a
factor representing (a) the compound, annualized percentage return for the MSCI US REIT Index (assuming dividends reinvested on a daily basis) plus (b) one percent (1%) per year, converted to a non-annualized percentage return for the
measurement period, which is expressed by the following formula: 
  
 

 
 Where: 
 I0 = The average of the MSCI US REIT Index value over the twenty (20) consecutive trading days (I) immediately preceding the first day of such measurement period (0), such average calculated as of such day. 

I1 = The average of the MSCI US REIT Index value over the twenty (20) consecutive trading
days (I) immediately preceding and including the last day of such measurement period (1), such average calculated as of such day. 

x = The period between the first day of such measurement period (0) and the last day of
such measurement period (1) expressed as a number of years to the fourth decimal (e.g., 365 days = 1.0000 year). 

“Initial Date” with respect to any Performance Period means the first day of the Performance Period. 

“Initial Shares” means a number of shares of Common Stock equal to the sum of: 

(a) the number of shares of Common Stock outstanding as of the Initial Date (including all shares of Common Stock or, without duplication, the
REIT Shares Amount for Units, as applicable, underlying Time-Based Awards and Performance-Based Award granted prior to the Initial Date), plus 

(b) the number of shares of Common Stock representing the REIT Shares Amount for all of the Units (other than those held by the Company and
those underlying Performance-Based Awards or Time-Based Awards, which are provided for in clause (a) above) outstanding as of the Initial Date, assuming that all such Units were exchanged, converted or redeemed for shares of Common Stock as of
such date. 
 For the avoidance of doubt, Initial Shares exclude all shares of Common Stock issuable upon exercise of currently outstanding stock options.

 “LTIPs” means partnership interests intended to be treated as profits interests under the Code which are convertible
into, exchangeable for or redeemable in consideration of shares of Common Stock or the value thereof in cash pursuant to the applicable instrument governing such interests. 

  
 7 

 “MSCI US REIT Index” means the MSCI US REIT Index (RMS) as published from time
to time (or a successor index including a comparable universe of publicly traded U.S. real estate investment trusts), provided that if (a) the MSCI US REIT Index ceases to exist or be published prior to the Valuation Date and the Committee
determines that there is no successor to such index or (b) the Committee reasonably determines that the MSCI US REIT Index is no longer suitable for the purposes of this 2016 Outperformance Plan, then the Committee in its good faith reasonable
discretion shall select for subsequent Performance Periods, or if the Committee in its reasonable good faith discretion so determines, for any portion of an outstanding Performance Period, a substitute comparable index for purposes of calculating
the Relative Baseline. 
 “Participant” means an Eligible Person designated by the Committee to receive an Award. 

“Participation Point” means, with respect to a Participant, the unit measurement used to determine the Participant’s
share of the Performance Pool generated with respect to a Performance Period. 
 “Performance-Based Awards” means, as of a
particular date of determination and to the extent that that the sum of (i) and (ii) below is denominated in shares of Common Stock, Units or other equity securities or interests, in each case (if applicable) as converted, exercised,
exchanged or redeemed for a number of shares of Common Stock as of such date of determination at the applicable conversion, exercise, exchange or redemption rate (or rate deemed applicable by the Committee if there is no such stated rate), the sum
of (i) in respect of Awards, if and to the extent that each of the following conditions has been satisfied: (A) the date of determination is after the Valuation Date for the applicable Performance Period, (B) the Base Value and/or
Excess Value, as applicable, has been earned, in whole or in part, (C) such earned portion of the Award has been paid in shares of Common Stock or, if the Award is represented by LTIPs, a number of LTIPs has become vested based on performance,
(D) Positive TSR has been achieved and, (E) with respect to the Excess Value, the Absolute Shareholder Return requirements set forth in Section 2.4(b)(i)-(iii) have been satisfied and (ii) in respect of performance-based
incentive compensation awards other than Awards, if and to the extent that the performance-based vesting conditions applicable to such awards have been satisfied as of the determination date. 

“Performance Period” means the three-year period commencing on January 1 of a calendar year and ending on
December 31 of the second calendar year that follows such calendar year. The first Performance Period under this 2016 Outperformance Plan runs from January 1, 2016 through December 31, 2018. There shall be overlapping Performance
Periods. 
 “Performance Pool” with respect to any Performance Period means, as of the Valuation Date, a dollar amount
determined pursuant to the provisions of Section 2.2. 
 “Person” means an individual, corporation, partnership,
limited liability company, joint venture, association, trust, unincorporated organization, other entity or “group” (as defined in the Exchange Act). 

“Positive TSR” means, as of a particular date of determination, the Company’s Absolute Shareholder Return is positive.

  
 8 

 “Public Announcement” means, with respect to a Transactional Change of Control,
the earliest press release, filing with the SEC or other publicly available or widely disseminated communication issued by the Company or another Person who is a party to such transaction which discloses the consideration payable in and other
material terms of the transaction that ultimately results in the Transactional Change of Control; provided, however, that if such consideration is subsequently increased or decreased, then the term “Public Announcement” shall
be deemed to refer to the most recent such press release, filing or communication disclosing a change in consideration whereby the final consideration and material terms of the transaction that ultimately results in the Transactional Change of
Control are announced. For the avoidance of doubt, the foregoing definition is intended to provide the Committee in the application of the proviso clause in the definition of “Common Stock Price” with the information required to
determine the fair market value of the consideration payable in the transaction that ultimately results in the Transactional Change of Control as of the earliest time when such information is publicly disseminated, particularly if the transaction
consists of an unsolicited tender offer or a contested business combination where the terms of the transaction change over time. 

“Qualified Termination” has the meaning set forth in Section 2.5(b) hereof. 

“REIT Shares Amount” means the per Unit number of shares of Common Stock into which a Unit is convertible, for which a Unit
is exchangeable for or in consideration of which a Unit is redeemable pursuant to the applicable instrument governing such Unit. 

“Related Company” means any corporation, partnership, joint venture or other entity during any period in which a controlling
interest in such entity is owned, directly or indirectly, by the Company (or any entity that is a successor to the Company), and any business venture designated by the Committee in which the Company (or any entity that is a successor to the Company)
has, directly or indirectly, a significant interest (whether through the ownership of securities or otherwise), as determined in the discretion of the Committee. 

“Relative Baseline” with respect to a Performance Period means, as of the applicable Valuation Date, an amount representing
(without double-counting) the sum of: 
  

									
		  	(a)	  	the Baseline Value multiplied by:
				
		  		  	(i)	  	the difference between:
					
		  		  		  	(x)	  	the Initial Shares and
					
		  		  		  	(y)	  	all Buyback Shares repurchased, redeemed or forfeited between the Initial Date and the Valuation Date,
			
		  		  	and then multiplied by:
				
		  		  	(ii)	  	the Index Return Multiplier for the Performance Period; plus
			
		  	(b)	  	with respect to each Additional Share issued after the Initial Date, the product of:

  
 9 

									
		  		  	(i)	  	the Additional Share Baseline Value of such Additional Share, multiplied by
				
		  		  	(ii)	  	the Index Return Multiplier for the period beginning on the date of issuance of such Additional Share and ending on the Valuation Date; plus
			
		  	(c)	  	with respect to each Buyback Share repurchased, redeemed or forfeited after the Initial Date, the product of:
				
		  		  	(i)	  	the Baseline Value multiplied by
				
		  		  	(ii)	  	the Index Return Multiplier for the period beginning on the Initial Date and ending on the date such Buyback Share was repurchased, redeemed or forfeited.

 If the Company consummates an individual issuance involving 500,000 or more Additional Shares and/or an individual repurchase,
redemption or forfeiture involving 500,000 or more Buyback Shares during any calendar quarter, the Company will track the precise issuance date and value of each such individual Additional Share and/or repurchase, redemption or forfeiture date and
value of each such individual Buyback Share. If the Company consummates one or more issuances each involving less than 500,000 Additional Shares and/or repurchases, redemptions or forfeitures each involving less that 500,000 Buyback Shares during
any calendar quarter, it would be impractical to track the precise issuance date and value of each such Additional Share and/or repurchase, redemption or forfeiture date and value of each such Buyback Share, and in such event (a) the Company
will consider all such issuances and/or repurchases, redemptions or forfeitures (on a net basis if both issuances and repurchases, redemptions or forfeitures occur in the same quarter) to have taken place on the last day of the quarter during which
such transaction or transactions occurred and (b) the Additional Share Baseline Value (if the netting of all such transactions results in a net issuance of Additional Shares) or the Buyback Value (if the netting of all such transactions results
in a net repurchase, redemption or forfeiture of Buyback Shares) of the shares of Common Stock involved shall be calculated using the weighted average price at which such shares were issued and/or repurchased, redeemed or forfeited. 

“Retirement” means, with respect to a Participant, the occurrence of the Participant’s Termination Date after the
Participant has attained at least age 62 and provided that the sum of the Participant’s age plus the Participant’s years of service to the Company or any Related Company is equal to at least 75 years. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Second Anniversary” has the meaning set forth in Section 2.4(b)(ii) hereof. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Third Anniversary” has the meaning set forth in Section 2.4(b)(iii) hereof. 

  
 10 

 “Time-Based Awards” means, as of a particular date of determination, the sum of
all then-outstanding (whether or not vested) restricted stock unit awards and other incentive compensation awards denominated in shares of Common Stock, Units, LTIPs or other equity securities or interests, in each case, granted under the
Company’s equity incentive plans and LTIPs, in each case, subject to time-based vesting requirements and (if applicable) assuming that such awards were converted, exercised, exchanged or redeemed for a number of shares of Common Stock as of
such date of determination at the applicable conversion, exercise, exchange or redemption rate (or rate deemed applicable by the Committee if there is no such stated rate). 

“Total Participation Points” with respect to any Performance Period means the total outstanding Participation Points held by
Participants on the Valuation Date (after taking into account all awards and all forfeitures of Participation Points for such Performance Period). 

“Total Shares” with respect to any Performance Period means (without double-counting), as of the Valuation Date, the
algebraic sum of: 
 (a) the Initial Shares, plus  

(b) all Additional Shares issued between the Initial Date and the Valuation Date, minus  

(c) all Buyback Shares repurchased, redeemed or forfeited between the Initial Date and the Valuation Date. 

“Transactional Change of Control” means a Change of Control arising as a result of one of the following events: 

(a) the consummation of a transaction, approved by the stockholders of the Company, to merge the Company into or consolidate the Company with
another entity where the Company is not the surviving entity, or to sell or otherwise dispose of all or substantially all of its assets or adopt a plan of liquidation; or 

(b) a “person” or “group” as defined in Sections 13(d) and 14(d) of the Exchange Act (other than any trustee or other
fiduciary holding securities under an employee benefit or other similar equity plan of the Company) making a tender offer for Common Stock. 

“Units” means interests in limited partnerships, limited liability companies or other similar entities which are convertible
into, exchangeable for or redeemable in consideration of shares of Common Stock or the value thereof in cash pursuant to the applicable instrument governing such interests. 

“Valuation Date” with respect to any Performance Period means the earliest of: 

(a) the last day of such Performance Period, 

(b) in the event of a Change of Control that is not a Transactional Change of Control, the date on which such Change of Control shall occur,
or 

  
 11 

 (c) in the event of a Transactional Change of Control, and subject to the consummation of such
Transactional Change of Control, the date of the Public Announcement of such Transactional Change of Control. 
 ARTICLE 2 - AWARDS,
PERFORMANCE POOL AND PAYMENTS 
 2.1 Awards. For each Performance Period, the Committee, in its discretion, shall (a) select
those Eligible Persons who shall be Participants and (b) determine the size of each Participant’s Award, which will consist of a number of Participation Points. Promptly after the Committee selects a Participant to receive an Award, the
Company will notify the Participant of his or her Award with an Award Letter that may include additional or modified terms that the Committee decided to make applicable to such Award. 

2.2 Determination of Performance Pool. As soon as practical following the Valuation Date of a Performance Period, the Committee shall
determine the size of the Performance Pool in accordance with the following steps: (a) determine the Relative Baseline and the Ending Value, (b) subtract the Relative Baseline from the Ending Value, (c) multiply the
resulting amount by three percent (3%), provided that in no event shall the Performance Pool exceed an amount equal to the greater of (i) the Dollar-Based Cap or (ii) the Capitalization-Based Cap. If the Performance Pool is not a positive
number, no amount shall be payable to any Participant with respect to such Performance Period. If the Performance Pool is a positive number, the Committee shall certify in writing the size of the Performance Pool. 

2.3 Allocation of Performance Pool. The Committee shall then determine the dollar value of the Award (or all Awards in case of multiple
Awards to a particular Participant for the same Performance Period) of each Participant with respect to the Performance Period for which a Performance Pool has been generated by multiplying the Performance Pool by a fraction, the numerator of which
shall be the Participation Points held by such Participant with respect to the Performance Period (after giving effect to all Awards to such Participant with respect to the applicable Performance Period and any forfeitures of Awards by such
Participant with respect to the applicable Performance Period) and the denominator of which shall be the Total Participation Points outstanding for the Performance Period (after giving effect to all Awards to all Participants with respect to the
applicable Performance Period and any forfeitures of Awards by any Participants with respect to the applicable Performance Period). If the Performance Pool exceeds the Dollar-Based Cap, then the Award shall be bifurcated, concurrently with the
Committee’s determination of the dollar value of the Award in accordance with Section 2.3, into the Base Value and the Excess Value. 

2.4 Payment to Participants. 

(a) The Base Value as determined pursuant to Section 2.3 for a Participant shall be payable either in cash or in shares of Common Stock
or other property, as determined by the Committee, to the Participant as soon as reasonably practicable, but no later than 75 days after the end of the Performance Period. If the Participant is paid out in shares of Common Stock, the dollar amount
of the Award determined pursuant to Section 2.3 shall be converted into a fixed number of shares of Common Stock based on the Fair Market Value as of the date the Committee makes its final determination pursuant to Section 2.3. 

  
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 (b) the Excess Value (if any) as determined pursuant to Section 2.3 for a Participant shall
be payable either in cash or in shares of Common Stock or other property, as determined by the Committee, to the Participant as follows, subject to the Participant’s continuous employment with the Company or a Related Company or a Qualified
Termination: 
 (i) one-third on the first anniversary of the Valuation Date for the applicable Performance Period (the
“First Anniversary”) if the Absolute Shareholder Return from the Valuation Date to the First Anniversary equals or exceeds the Cumulative Index Return over the same period; 

(ii) one-third on the second anniversary of the Valuation Date for the applicable Performance Period (the “Second
Anniversary”) if the Absolute Shareholder Return from the Valuation Date to the Second Anniversary equals or exceeds the Cumulative Index Return over the same period; and 

(iii) one-third on the third anniversary of the Valuation Date for the applicable Performance Period (the “Third
Anniversary”) if the Absolute Shareholder Return from the Valuation Date to the Third Anniversary equals or exceeds the Cumulative Index Return over the same period. 

Any portion of the Excess Value that becomes payable to a Participant pursuant to this Section 2.4(b) shall be payable either in cash or in shares of
Common Stock or other property, as determined by the Committee, to the Participant as soon as reasonably practicable, but no later than 75 days after the First Anniversary, Second Anniversary or Third Anniversary, as applicable. Any portion of the
Excess Value that does not become payable in accordance with Section 2.4(b)(i)-(iii) shall be immediately cancelled after the Committee’s determination following the anniversary on which such amount could become payable. If the
Participant receives shares of Common Stock, the dollar amount of the applicable portion of the Excess Value payable pursuant to this Section 2.4(b) shall be converted into a fixed number of shares of Common Stock based on the Fair Market Value
as of the date the Committee makes its final determination pursuant to this Section 2.4(b). 
 (c) Subject to Section 2.6 below in
the event of a Change of Control, except as otherwise permitted by the Committee, if any portion of the Base Value or Excess Value is paid to the Participant in shares of Common Stock or LTIPs, such shares (or LTIPs) shall not be sold, assigned,
transferred, pledged, hypothecated, given away or in any other manner disposed of, or encumbered, whether voluntarily or by operation of law (each such action a “Transfer”) until after the Third Anniversary; provided, however, that
(i) the Participant may elect to have a portion of such shares of Common Stock or LTIPs, as applicable, used to satisfy taxes with respect to such payments in accordance with Section 3.6 hereof and (ii) such shares of Common Stock or
LTIPs may be Transferred prior to such date in accordance with the Company’s equity incentive plan pursuant to which such shares of Common Stock or LTIPs were granted, so long as the transferee agrees in writing with the Company to be bound by
all the terms and conditions of this Agreement and that subsequent Transfers shall be prohibited except those in accordance with this Section 2.4(c). Any attempted Transfer of such shares of Common Stock or LTIPs not in accordance with the
terms and conditions of this Section 2.4(c) shall be null and void, and the Company shall not reflect on its records any change in record ownership of any such shares of Common Stock or LTIPs as a result of any such Transfer, shall otherwise
refuse to recognize any such Transfer and shall not in any way give effect to any such Transfers. 

  
 13 

 (d) Notwithstanding the foregoing, subject to Section 2.6 below in the event of a Change of
Control, if Positive TSR has not been achieved, then no payments to Participants (including the Base Value and the Excess Value) shall be made unless Positive TSR is achieved within seven (7) years following the end of the Performance Period.
For purposes of the preceding sentence, the Company’s Absolute Shareholder Return shall be measured at the end of each quarter, beginning with the first quarter following the end of the applicable Performance Period, and it shall be measured
from the beginning of the Performance Period through the end of such quarter. With respect to the Positive TSR requirement, the Participant’s employment with the Company or a Related Company need not continue past the Valuation Date for delayed
payment of the Base Value in accordance with Section 2.4(d) or past the First Anniversary, Second Anniversary or Third Anniversary, as applicable, for delayed payment of the applicable portion of the Excess Value in accordance with
Section 2.4(b). 
 (e) If Positive TSR is achieved within the seven (7) year period following the end of the Performance Period,
then all amounts (including the Base Value and any portion of the Excess Value) that would otherwise have been payable prior thereto shall be paid either in cash or in shares of Common Stock or other property, as determined by the Committee, to the
Participant as soon as reasonably practicable, but no later than 75 days after the end of the quarter during which Positive TSR is achieved. If the Participant is paid out in shares of Common Stock, the dollar amount of the Base Value or Excess
Value, as applicable, shall be converted into a fixed number of shares of Common Stock based on the Fair Market Value as of the last day of the quarter during which Positive TSR is achieved. Any portion of the Excess Value that had not become
payable as of the last day of the quarter during which Positive TSR is achieved shall be paid in accordance with Section 2.4(b) above without further regard to the Company’s Absolute Shareholder Return being a positive or negative number
as of the date such payment is due. 
 (f) Subject to Section 2.6 below in the event of a Change of Control, if Positive TSR is not
achieved within the seven (7) year period following the end of the Performance Period, then notwithstanding Section 2.3 all Awards held by the Participant with respect to the applicable Performance Period shall, without payment of any
consideration by the Company, automatically and without notice terminate, be forfeited and be and become null and void, and neither the Participant nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have
any further rights or interests in such Awards. 
 2.5 Termination of Participant’s Employment; Death and Disability. 

(a) If a Participant’s employment with the Company or a Related Company terminates, the provisions of this Section 2.5 shall govern
the treatment of the Participant’s Award exclusively, regardless of the provision of any employment or other agreement to which the Participant is a party or any termination or severance policies of the Company then in effect, which shall be
superseded by this 2016 Outperformance Plan such that, by way of illustration, any provisions thereof with respect to payout or the lapse of forfeiture restrictions relating to the Participant’s incentive or other compensation awards in the
event of certain types of termination of the Participant’s employment with the Company (such as, for example, termination at the end of the term, termination without Cause by the employer) shall not be interpreted as requiring that any
calculations set forth in Sections 2.2 and 2.3 hereof be performed. 

  
 14 

 (b) In the event of termination of a Participant’s employment (i) by the Participant
upon Retirement or (ii) by reason of the Participant’s death or Disability (each a “Qualified Termination”) after the Initial Date, but prior to the Valuation Date of any Performance Period, then the Participant will retain the
number of Participation Points initially granted to him or her with respect to such Performance Period, but all calculations and payments, if any, with respect to the Participant’s Award shall be made at the same time and on the same conditions
set forth in Sections 2.2, 2.3 and 2.4 hereof for all other Participants. 
 (c) In the event of a termination of a Participant’s
employment for any reason other than a Qualified Termination prior to a Valuation Date for a Performance Period, all Awards held by the Participant shall, without payment of any consideration by the Company, automatically and without notice
terminate, be forfeited and be and become null and void, and neither the Participant nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Awards or any related
Participation Points. 
 2.6 Change of Control. 

(a) In the event of a Change of Control, the Committee will determine the size of the Performance Pool for each outstanding Performance Period
in accordance with Section 2.2 and the dollar value of the Awards in accordance with Section 2.3 no later than the date of consummation of the Change of Control. For avoidance of doubt, in the event of a Change of Control, the performance
of all calculations and actions pursuant to Sections 2.2 and 2.3 hereof using the applicable Valuation Date shall be conditioned upon the final consummation of such Change of Control. 

(b) After the determination of the dollar value of the Awards payable to each Participant, the Awards (including both the Base Value and the
Excess Value, if any) payable to Participants who have incurred a Qualified Termination shall be paid out in cash as soon as reasonably practicable, but no later than 30 days following consummation of a Change of Control. The Awards (including both
the Base Value and the Excess Value, if any) payable to all other Participants shall be fixed at the dollar amount determined pursuant to Sections 2.2 and 2.3 hereof and be payable in cash, but shall only be paid to them upon the earlier of
(i) the last day of the Performance Period if the Participant remains employed by the Company (or its successor) until such day, or (ii) the termination of the Participant’s employment by the Company (or its successor) without Cause
or by the Participant with Good Reason prior to the end of the Performance Period if such termination of employment occurs within 24 months following the Change of Control. Notwithstanding the foregoing, if the Company’s successor does not
irrevocably and unconditionally agree to assume the Awards in connection with the Change of Control, the Awards (including both the Base Value and the Excess Value, if any) shall be fully paid out to the Participants in cash within 30 days of the
consummation of the Change of Control. 

  
 15 

 (c) In the event of a Change of Control: (i) payment of the Excess Value, if any, shall no
longer be subject to the performance-based and employment-based conditions set forth in Section 2.4(b); (ii) the Positive TSR requirement shall no longer apply; and (iii) the Transfer restrictions set forth in Section 2.4(c)
shall no longer apply to shares of Common Stock or LTIPs issued in respect of the Awards. 
 2.7 LTIP Units. The Committee may award
LTIPs to a Participant. In such event, the agreement granting such LTIPs shall set forth (i) whether and how the LTIPs will be subject to forfeiture to reflect the economic terms of this 2016 Outperformance Plan in light of the different award
structure, (ii) whether LTIPs will be issued prior to or after the Valuation Date, it being understood that the Committee may decide to award LTIPs in multiple tranches with respect to a single Award to a Participant, and (iii) the
methodology to be followed to convert the dollar amount of any Award determined under Section 2.3 or 2.6 to a number of LTIPs to be earned, or forfeited, as the case may be, and (iv) if such LTIPs constitute equity awards, under which
equity incentive plan of the Company they are being issued, whether shares of Common Stock need to be reserved for issuance under such plan, and if so how that number will be determined, which may, depending on the circumstances, include
calculations made or to be made under Sections 2.2 or 2.3, capital account allocations and/or balances under the applicable partnership agreement, and the conversion ratio between LTIPs (directly or indirectly) and Common Stock. 

2.8 Nature of Awards. The Awards granted under this 2016 Outperformance Plan shall be used solely as a device for the measurement and
determination of certain amounts to be paid to each Participant as provided herein and such Awards shall not constitute or be treated as property or as a trust fund of any kind or as stock options or other form of equity or security of the Company
or any Related Company. A Participant shall have only those rights set forth in this 2016 Outperformance Plan and the Participant’s Award Letter with respect to Awards granted to such Participant and shall have no ownership rights in the
Company or any Related Company by virtue of having been granted Awards. Any benefits which become payable hereunder shall be paid from the general assets of the Company. 

ARTICLE 3 - MISCELLANEOUS 

3.1 Amendments. This 2016 Outperformance Plan and any Awards granted hereunder may be amended or modified only with the consent of the
Company acting through the Committee or the Board; provided that any amendment or modification which adversely affects a Participant must be consented to by such Participant to be effective as against him or her. 

3.2 Interpretation by Committee. The Committee may interpret this 2016 Outperformance Plan, with such interpretations to be conclusive
and binding on all persons and otherwise accorded the maximum deference permitted by law, provided that the Committee’s interpretation shall not be entitled to deference on and after a Change of Control except to the extent that such
interpretations are made exclusively by members of the Committee who are individuals who served as Committee members before the Change of Control and take any other actions and make any other determinations or decisions that it deems necessary or
appropriate in connection with this 2016 Outperformance Plan or the administration or interpretation thereof. In the event of any dispute or disagreement as to interpretation of this 2016 Outperformance Plan or of any rule, regulation or procedure,
or as to any question, right or obligation arising from or related to this 2016 Outperformance Plan, the decision of the Committee, except as provided above, shall be final and binding upon all persons. 

  
 16 

 3.3 Assignability. Except as otherwise provided by law, no benefit hereunder shall be
assignable, or subject to alienation, garnishment, execution or levy of any kind, and any attempt to cause any benefit to be so subject shall be void. 

3.4 No Contract for Continuing Services. This 2016 Outperformance Plan shall not be construed as creating any contract for continued
services between the Company and any Participant and nothing herein contained shall give any Participant the right to be retained as an employee of the Company. 

3.5 Governing Law. This 2016 Outperformance Plan shall be construed, administered, and enforced in accordance with the laws of the
State of California, without giving effect to the principles of conflict of laws of such State. 
 3.6 Tax Withholding. The Company
shall have the right to deduct from all payments hereunder any taxes required by law to be withheld with respect to such payments. In the event payment is made in the form of shares of Common Stock, with the approval of the Committee, the minimum
tax withholding may be satisfied by the Company withholding from shares of Common Stock to be issued, shares having an aggregate Fair Market Value (as of the date the withholding is in effect) that would satisfy the minimum withholding amount due
(or other rates that will not have a negative accounting impact). 
 3.7 Effect on Other Plans. Nothing in this 2016 Outperformance
Plan shall be construed to limit the rights of Participants under the Company’s benefit plans, programs or policies. 
 3.8 Benefits
and Burdens. This 2016 Outperformance Plan shall inure to the benefit of and be binding upon the Company and the Participants, their respective successors, executors, administrators, heirs and permitted assigns. 

3.9 Enforceability. If any portion or provision of this 2016 Outperformance Plan shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this 2016 Outperformance Plan, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall
not be affected thereby, and each portion and provision of this 2016 Outperformance Plan shall be valid and enforceable to the fullest extent permitted by law. 

3.10 Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure
of any party to require the performance of any term or obligation of this 2016 Outperformance Plan, or the waiver by any party of any breach of this 2016 Outperformance Plan, shall not prevent any subsequent enforcement of such term or obligation or
be deemed a waiver of any subsequent breach. 
 3.11 Notices. Any notices, requests, demands, and other communications provided for
by this 2016 Outperformance Plan shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid, to a Participant at the last address the Participant has filed in writing with the Company, or to
the Company at their main office, attention of the Committee. 

  
 17 

 3.12 Section 409A. The provisions regarding all payments to be made hereunder shall
be interpreted in such a manner that all such payments either comply with Section 409A of the Code or are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the
Code. To the extent that any amounts payable hereunder are determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code, such amounts shall be subject to such additional rules and
requirements as specified by the Committee from time to time in order to comply with Section 409A of the Code and the payment of any such amounts may not be accelerated or delayed except to the extent permitted by Section 409A of the Code.
The Company makes no representation or warranty and shall have no liability to any Participant or any other person if any payments under any provisions of this Plan are determined to constitute deferred compensation under Section 409A of the
Code that are subject to the twenty percent (20%) additional tax under Section 409A of the Code. 

  
 18

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