Document:

EX-10.1

 Exhibit 10.1 

 
 

 
 June 17, 2013 
 By Hand Delivery 
 Brian McCollum 

2921 Merlin Drive 
 Lewisville, TX 75056

 Dear Brian: 

Reference is made to your Amended and Restated Employment Agreement with Orthofix Inc. (the “Company”) and Orthofix
International N.V. (“Parent”), entered into on October 16, 2012 and effective as of November 6, 2012 (the “Employment Agreement”). As you, the Company and Parent have mutually agreed, you will cease to
serve as an employee of the Company (and cease serving as an officer and director of the Company and any of its subsidiaries, parents and affiliates, as applicable, including as an officer of Parent) as of the close of business on July 15, 2013
(the “Separation Date”). This letter agreement between you, the Company and Parent serves to memorialize the terms that you, the Company and Parent have agreed regarding your cessation of employment on the Separation Date.

 While you are ceasing employment pursuant to Section 4.1 of the Agreement (Termination by Mutual Agreement), such
cessation on the Separation Date shall be treated as a Termination without Cause under Section 4.5 of the Agreement, except as otherwise expressly provided herein. Provided that you accept it, this letter confirms the agreement
(“Agreement”) between you and the Company concerning your severance arrangements, as follows: 
  

	 	1.	Separation Date; Post-Separation Obligations. 

 (a) You and the Company have agreed that your last day in the office and your official employment with the Company will end as of the Separation Date. On the Separation Date, you will tender written
resignations to the Company with respect to all officer and director positions you hold at that time with the Company and any member of the Parent Group as that term is defined in the Employment Agreement. 

(b) Until the Separation Date, you agree to remain available to the Company, when and as requested, to assist in the transition of your
responsibilities. 
 (c) You agree to participate in an exit interview with the Company, at a time mutually agreed-upon but
within two weeks of the Separation Date, and to respond fully and accurately to the questions posed by the Company. 

 2. Final Wages, Vacation Pay and Insurance Benefits. Within ten (10) days
of the Separation Date, you will receive pay, at your final base salary ($380,000 per annum), for all work performed for the Company from the end of the last payroll period through the Separation Date, to the extent not previously paid. In addition,
the Company will pay you at that time for all hours of vacation time you have earned, but not used, as of the Separation Date, determined in accordance with Company policy and as reflected on Company records. These amounts will be paid to you
whether or not you accept this Agreement. 
 3. Severance Benefits. In accordance with your Employment Agreement,
and subject to your fully meeting your obligations under it, the Company will provide you the following severance benefits: 

(a) A one-time lump sum severance payment in an amount equal to (i) $571,588 plus (ii) $12,500 to be used by you for
outplacement services (collectively, the “Severance Payment”). The Severance Payment shall be paid on the 60th day following your Separation Date, provided that prior to such time you have signed the release attached hereto as
Exhibit A (the “Release”) and the applicable revocation period for such Release has expired. In the event that the Release is not signed and effective (with the applicable revocation period having expired) by such 60th day
following your Separation Date, the Severance Payment shall be forfeited and the Company shall have no obligation to pay such Severance Payment to you at any time in the future. 

(b) Eligibility for a 50% pro rata annual incentive program bonus for the 2013 fiscal year (which represents the portion
of the 2013 fiscal year during which you were employed by the Company), to be determined by the Compensation Committee of the Board of Directors of Parent at the time 2013 annual incentive program bonus determinations are made for other senior
executives of the Company, and to be paid (if any bonus is determined to be earned) at the time such incentive compensation is paid to other Company senior executives but in no event later than March 15, 2014; provided, however, that
nothing in this sentence is intended to give you greater rights to such incentive compensation than a pro rata portion of what you would ordinarily be entitled to under the annual incentive program that would have been applicable to
you had your employment not ended, it being understood that your cessation of employment shall not be used to disqualify you from or make you ineligible for a pro rata portion of the annual incentive program bonus to which you would
otherwise have been entitled); 
 (c) The ability to continue certain welfare benefit plans until the earlier of the date that is
twelve (12) months following the Separation Date or the date that you secure coverage from new employment, as set forth in Section 5.1(f) of the Agreement 
 (d) Your separation of employment shall be treated as a termination by Parent “without cause” pursuant to all of your stock option and restricted stock agreements with Parent, and you shall be
entitled to the vesting, exercise, expiration and other related provisions as set forth therein with respect to such a circumstance. 
 4. Tax Withholding. All payments made by the Company under this Agreement will be reduced by all taxes and other amounts that the Company is required to withhold under applicable law and by
all other deductions authorized by you. 

 5. Acknowledgement of Full Payment and Status of Benefits. You acknowledge and
agree that the payments provided under paragraphs 2 and 3 of this Agreement are in full and complete satisfaction of any and all compensation or benefits due to you from the Company, whether for services provided or otherwise, through the Separation
Date and that, except as expressly provided under this Agreement, no further compensation or benefits of any kind are owed or will be paid to you. You will not continue to earn vacation or other paid time off after the Separation Date and, except as
expressly provided in paragraph 3(c) of this Agreement, your participation in all employee benefit plans and programs of the Company will end as of the Separation Date, in accordance with the terms of those plans and programs. 

6. Survival. You acknowledge and agree that, pursuant Section 1.3 of the Employment Agreement, Articles VI and VII of
the Employment Agreement survive the termination or expiration of the Employment Agreement for any reason and that you will continue to comply with each of their provisions. 
 7. Release of Claims. 
 (a) The Company’s obligation to pay or
provide any benefits to you under the Employment Agreement or this Agreement is expressly subject to the requirement that, no later than the 60th day following your Separation Date, you have both previously executed the Release and the revocation
period provided for the Release shall have expired without your having breached or revoked the Release. In the event that you do not timely sign the Release as contemplated by the prior sentence, or sign and later revoke the Release, all of the
Company’s obligations to make payments and provide benefits after the Separation Date under the Employment Agreement and this Agreement will terminate in full, and you understand and agree that you will not be entitled to any severance benefits
in connection with your separation from and cessation of employment. 
 (b) The Company wants to be certain that this Agreement
will resolve any and all concerns that you might have and therefore requests that you carefully consider the terms of this Agreement, including the Release. This Agreement, which includes the Release, creates legally-binding obligations and the
Company therefore advises you to consult an attorney before you sign this Agreement. 
 8. Miscellaneous.

 (a) Following the Separation Date, you will no longer have access to the Company’s offices. If you need to come to the
office, please contact me in advance of coming so that we can discuss your request and make any appropriate arrangements. 
 (b)
The Employment Agreement and this Agreement contain the entire agreement between you and the Company with respect to your separation from and cessation of employment and all related matters, and supersedes all prior and contemporaneous agreements,
communications and understandings, whether written or oral, with respect to such separation from and cessation of employment and all related matters, provided, however, that nothing herein shall supersede anything contained in your
stock option and restricted stock agreements with Parent, or your indemnification agreement with Parent (or any rights contained in articles of incorporation, bylaws or similar organizational documents of the Company and its direct and indirect
subsidiaries and parents, including, without limitation, Parent). 

 (c) This Agreement may not be modified or amended, and no breach shall be deemed to be
waived, unless agreed to in writing by you and an expressly authorized representative of the Company. The captions and headings in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this
Agreement. 
 (d) In signing this Agreement, you give the Company assurance that you have had a full and reasonable opportunity
to consider its terms and to consult with an attorney if you wished to do so; that you have read and understood all of those terms; that your acceptance of this Agreement is freely and voluntarily given; and that, in signing this Agreement, you have
not relied on any promises or representations, express or implied, that are not set forth expressly in this Agreement. 
 If the
terms of this Agreement are acceptable to you, please sign, date and return it to me, together with the Release, no later than twenty one (21) days from the date you receive it. You may revoke this Agreement, and the Release, at any time during
the seven-day period immediately following the date of your signing by notifying me in writing of your revocation within that period. If you do not so revoke this Agreement and the Release, then, on the eighth calendar day following the date of your
signing (the “Effective Date”), this Agreement and the Release shall take effect as legally-binding agreements between you and the Company on the basis set forth above. The enclosed copy of this letter, which you should also sign
and date, is for your records. 
 Formalities aside, I want to take this opportunity to thank you for all of your efforts on
behalf of the Company and to wish you well in your future endeavors. 
 Sincerely, 

/s/ Tonjia Oglesby 
 Tonjia Oglesby 
 Vice President, Human Resources 

 

			
	Accepted and agreed:
		
	Signature:	 	/s/ Brian McCollum
		 	Brian McCollum
	
	Date:     6/18/13

 EXHIBIT A 
 RELEASE 
 In exchange for the consideration set forth in the Agreement to which this
Release is attached, by and among Orthofix Inc. (the “Company”) and myself, the respective terms of which are incorporated herein by reference, I, Brian McCollum, am entering into this Release (this “Release”) for
good and valuable consideration to which I am not otherwise entitled, and agree as follows: 
  

	 	1.	GENERAL RELEASE. 

 (a) On
behalf of myself, my heirs, executors, successors and assigns, I irrevocably and unconditionally release, waive and forever discharge the Company, its members, divisions, subsidiaries, affiliates and related companies, including the Company Group
(as defined below), or any member of the Company Group, and their present and former agents, employees, officers, directors, attorneys, stockholders, plan fiduciaries, successors and assigns (collectively, the “Releasees”), from any
and all claims, demands, actions, causes of action, costs, fees and all liability whatsoever, whether known or unknown, fixed or contingent, suspected or unsuspected (collectively, “Claims”), which I had, have, or may have against
Releasees relating to or arising out of my employment by or separation from the Company and its direct and indirect subsidiaries and parents, including, without limitation, Orthofix International N.V. (collectively, the “Company
Group”), up to and including the date of execution of this Release, other than my right to receive the severance payments and other benefits and consideration described in the Agreement. This Release includes, without limitation:
(i) claims at law or equity or sounding in contract (express or implied) or tort; (ii) claims arising under any federal, state or local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability, religion,
veteran or military status, sexual orientation or any other form of discrimination, harassment or retaliation (including, without limitation, the Civil Rights Act of 1866, the Age Discrimination in Employment Act, the Older Workers Benefit
Protection Act, the Americans with Disabilities Act, Title VII of the 1964 Civil Rights Act, the Civil Rights Act of 1991, the Rehabilitation Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Employee Polygraph Protection Act, the
Uniformed Services Employment and Reemployment Rights Act of 1994, the Unruh Civil Rights Act, or any other federal, state or local laws, regulations and ordinances governing discrimination, harassment or retaliation in employment; and the right to
bring demands, complaints, causes of action, and claims under any other federal, state, local or common law, statute, regulation or decision); (iii) claims arising under the Employee Retirement Income Security Act; or (iv) any other
statutory or common law claims related to my employment with the Company or my separation from the Company. I further covenant not to sue any of the Releasees with respect to any matters released hereby. 

(b) This release does not include a release or waiver of any rights or claims I have, or might subsequently have in my capacity as a
stockholder of Orthofix International N.V. I am also not waiving, and nothing in this Release is intended to waive, any right to coverage under any directors and officers insurance coverage, if any, provided by the Company, the Company Group, or any
member of the Company Group, or any right to indemnification or 

 
expense advancement under any indemnification agreement, or any applicable Company Group articles of incorporation, bylaws or similar organizational document, if any, in each case, to which I
might be entitled. I am also not waiving, and nothing in this Release is intended to waive any claims I may have for unemployment insurance or workers’ compensation benefits, state disability compensation, claims for any vested benefits under
any Company-sponsored benefit plan, or any claims that, as a matter of law, may not be released by private agreement. I am also not waiving, and nothing in this Release is intended to waive, any claims relating to the validity or enforceability of
this Release; or any non-waivable right to file a charge with the United States Equal Employment Opportunity Commission (the “EEOC”) or the National Labor Relations Board (“NLRB”); provided, however, that I shall
not be entitled to recover any monetary damages or to non-monetary relief if the EEOC or NLRB were to pursue any claims relating to my employment with the Company. 
 EXCEPT AS OUTLINED ABOVE, THIS MEANS THAT, BY SIGNING THIS RELEASE, I WILL WAIVE ANY RIGHT I MAY HAVE HAD TO PURSUE OR BRING A LAWSUIT OR MAKE ANY LEGAL CLAIM AGAINST THE COMPANY OR THE RELEASEES THAT IN
ANY WAY ARISES FROM OR RELATES TO MY EMPLOYMENT OR THE TERMINATION OF THAT EMPLOYMENT, UP TO AND INCLUDING THE DATE OF THE EXECUTION OF THIS RELEASE. 
 (c) I acknowledge that different or additional facts may be discovered in addition to what I now know or believe to be true with respect to the matters herein released, and I agree that this Release shall
be and remain in effect in all respects as a complete and final release of the matters released, notwithstanding any such different or additional facts. I represent and warrant that I have not previously filed or joined in any claims against the
Company or any of the Releasees, that I have not given or sold any portion of any claims released herein to anyone else, and that I will indemnify and hold harmless the Releasees from all liabilities, claims, demands, costs, expenses and/or
attorneys’ fees incurred as a result of any such assignment or transfer. 
 (d) I acknowledge that I have been given an
opportunity of twenty-one (21) days to consider this Release, but I may voluntarily waive that period by signing it earlier, and I acknowledge that I am being advised herein to consult with legal counsel of my own choosing prior to executing this
Release. I understand that for a period ending at the end of the seventh calendar day following my execution of this Release (“Revocation Period”), I shall have the right to revoke this Release by delivering a written notice of
revocation to Jeffrey Schumm, Orthofix Inc., Senior Vice President and General Counsel, Orthofix Inc., 3451 Plano Parkway, Lewisville, TX 75056 no later than the end of the seventh calendar day after I sign this Release. I understand and agree that
this Release will not be effective and enforceable until after the Revocation Period expires without revocation, and if I elect to exercise this revocation right, this Release shall be voided in its entirety, and the Company shall be relieved of all
obligations under this Release and all obligations under the Agreement as provided therein. This Release shall be effective on the eighth calendar day after it is executed by me (“Effective Date”) provided it has not been previously
revoked as provided herein. 

 2. I agree not to disclose, publish or use any confidential information of the Company
Group, except as the Company directs or authorizes unless required by law to do so. I also agree that I will take all reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of confidential information of the Company
Group, and I will immediately notify the Company in the event of any unauthorized use or disclosure of the Company Group’s confidential information of which I become aware. I agree that the obligations set forth in this paragraph do not
supersede, but are in addition to, any previous confidentiality obligations agreed to by me and any member of the Company Group. The confidentiality provisions set forth in this Release are contractual and their terms are material to this Release.
In any proceeding brought to enforce or seek damages for the alleged breach of the confidentiality provisions of this Release, the party successfully prosecuting or defending such action shall be entitled to recover from the opposing party its
reasonable expenses, including attorneys’ fees. 
 3. I agree to hold harmless the Releasees, at my sole cost and expense,
from and against any claims arising from my breach of this Release (including breaches of my post separation obligations under the Agreement). 
 4. I agree that I have not made and shall not make, publicly or privately, any critical or negative comments to the media or any significant critical or negative comments to any other person (including
future or prospective employees) regarding any of the Releasees. 
 5. I understand it is my choice whether or not to enter into
this Release and that my decision to do so is voluntary and is made knowingly. 
 6. I represent and acknowledge that in
executing this Release, I do not rely, and have not relied, on any communications, statements, inducements or representations, oral or written, by any of the Releasees, except as expressly contained in this Release. 

7. I also represent and warrant that, on or before my last date of employment, I will have delivered to the Company (a) all
documents and materials containing confidential information (including without limitation any “soft” copies or computerized or electronic versions thereof) or otherwise containing information relating to the business and affairs of any
member of the Company Group (whether or not confidential), and (b) all other documents, materials and other property belonging to any member of the Company Group that are or were in my possession or under my control. 

8. The Company and I agree that this Release shall be binding on us and our heirs, administrators, representatives, executors, successors
and assigns, and shall inure to the benefit of our heirs, administrators, representatives, executors, successors and assigns. 

9. This Release shall be interpreted under and governed by the laws of the State of Texas. The Company and I agree that the language of
this Release shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either party. 

 10. The Company and I agree that should that any provision of this Release be determined to
be illegal or invalid, the validity of the remaining provisions will not be affected and any illegal or invalid provision will be deemed not to be a part of this Release. 
 11. The Company and I agree that this Release may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall be deemed one and the same
instrument. 
 Please read carefully as this document includes a General Release of claims. 

As evidenced by my signature below, I certify that I have read the above Release and agree to its terms. 

 

	
	 /s/ Brian McCollum

	 Brian McCollum

	
	 Date: 6/18/13

  

			
	 Accepted and Acknowledged:

	
	 ORTHOFIX, INC.

		
	 By:
	 	 /s/ Bradley R. Mason

	 Title:
	 	 President & CEO

		
	 Date:
	 	 6/18/13Exhibit 10.2

 Exhibit 10.2 
 PHYSICIANS REALTY TRUST 
 2013 EQUITY INCENTIVE PLAN 

The Physicians Realty Trust 2013 Equity Incentive Plan (the “Plan”) was adopted by the Board of Trustees of
Physicians Realty Trust, a Maryland real estate investment trust (the “Company”), effective as of
                                         
       , 2013 (the “Effective Date”). 
 ARTICLE 1

 PURPOSE 
 The purpose of the Plan is to attract and retain the services of key Employees, key Consultants, and Outside Trustees upon whom, in large measure, the Company’s sustained progress, growth and
profitability depend, to motivate such persons to achieve the long-term goals of the Company and to more closely align such persons’ interests with those of the Company’s shareholders by providing such persons with a proprietary interest
in the Company’s growth and performance through the granting of Nonqualified Options, Share Appreciation Rights, Restricted Shares, Common Shares, Restricted Share Units, Performance Awards, Dividend Equivalent Rights, and Other Awards.

 With respect to Reporting Participants, the Plan and all transactions under the Plan are intended to comply with all
applicable conditions of Rule 16b-3 promulgated under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails to so comply, such provision or action shall be deemed null and void ab initio, to the extent
permitted by law and deemed advisable by the Committee. 
 ARTICLE 2 

DEFINITIONS 
 For the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated: 
 2.1 “Applicable Law” means all legal requirements relating to the administration of equity incentive plans and the issuance and distribution of Common Shares, if any, under
applicable corporate laws, applicable securities laws, the rules of any exchange or inter-dealer quotation system upon which the Company’s securities are listed or quoted, and any other applicable law, rule or restriction. 

2.2 “Award” means the grant of any Nonqualified Option, Restricted Shares, Common Shares, SAR, Restricted Share
Units, Performance Award, Dividend Equivalent Right or Other Award, whether granted singly or in combination or in tandem (each individually referred to herein as an “Incentive”). 

2.3 “Award Agreement” means a written agreement between a Participant and the Company which sets out the terms of
the grant of an Award. 
 2.4 “Award Period” means the period set forth in the Award Agreement during
which one or more Incentives granted under an Award may be exercised. 
 2.5 “Board” means the Board of
Trustees of the Company. 

 2.6 “Change in Control” means the occurrence of the event set forth
in any one of the following paragraphs, except as otherwise provided herein: 
 (a) any Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or
more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (c) below; 

(b) the following individuals cease for any reason to constitute a majority of the number of trustees
then serving: individuals who, on the effective date of this Plan, constitute the Board and any new trustee (other than a trustee whose initial assumption of office is in connection with an actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of trustees of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least
two-thirds (2/3rds) of the trustees then still in
office who either were trustees on the effective date of this Plan or whose appointment, election or nomination for election was previously so approved or recommended; 

(c) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with
any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity or any parent thereof) at least sixty percent (60%) of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding
immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a
business) representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities; or 
 (d) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or
substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least sixty percent (60%) of the combined voting power of the voting
securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

For purposes hereof: 
 “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

  
 - 2 -

 “Person” shall have the meaning given in
Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of Common Shares of the Company. 

Notwithstanding the foregoing provisions of this Section 2.6, if an Award issued under the Plan is subject to
Section 409A of the Code, then an event shall not constitute a Change in Control for purposes of such Award under the Plan unless such event also constitutes a change in the Company’s ownership, its effective control or the ownership of a
substantial portion of its assets within the meaning of Section 409A of the Code. 
 2.7 “Code”
means the United States Internal Revenue Code of 1986, as amended. 
 2.8 “Committee” means the
committee appointed or designated by the Board to administer the Plan in accordance with Article 3 of this Plan. 
 2.9
“Common Shares” means the common shares of beneficial interest, par value $0.01 per share, of the Company, or any securities into which or for which the common shares of the Company may be converted or exchanged, as the case
may be, pursuant to the terms of this Plan. 
 2.10 “Company” means Physicians Realty Trust, a Maryland
real estate investment trust, and any successor entity. 
 2.11 “Consultant” means any natural person,
who is not an Employee, rendering bona fide services to the Company or a Subsidiary, with compensation, pursuant to a written independent Consultant agreement between such person (or any entity employing such person) and the Company or a
Subsidiary, provided that such services are not rendered in connection with the offer or sale of securities in a capital raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities.

 2.12 “Date of Grant” means the effective date on which an Award is made to a Participant as set forth
in the applicable Award Agreement; provided, however, that solely for purposes of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder, the Date of Grant of an Award shall be the date of shareholder approval of
the Plan if such date is later than the effective date of such Award as set forth in the Award Agreement. 
 2.13
“Dividend Equivalent Right” means the right of the holder thereof to receive credits based on the cash dividends that would have been paid on the Common Shares specified in the Award if such shares were held by the
Participant to whom the Award is made. 
 2.14 “Employee” means a common law employee (as defined in
accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c) of the Code) of the Company or any Subsidiary of the Company. 
 2.15 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

  
 - 3 -

 2.16 “Executive Officer” means an officer of the Company or a
Subsidiary subject to Section 16 of the Exchange Act or a “covered employee” as defined in Section 162(m)(3) of the Code. 
 2.17 “Fair Market Value” means, as of a particular date, (a) if the Common Shares are listed on any established national securities exchange, the closing sales price per
Common Share on the consolidated transaction reporting system for the principal securities exchange for the Common Shares on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a
sale was so reported; (b) if the Common Shares are not so listed, but are quoted on an automated quotation system, the closing sales price per Common Share reported on the automated quotation system on that date, or, if there shall have been no
such sale so reported on that date, on the last preceding date on which such a sale was so reported; (c) if the Common Shares are not so listed or quoted, the mean between the closing bid and asked price on that date, or, if there are no
quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by the OTC Bulletin Board operated by the Financial Industry Regulation Authority, Inc. or the OTC Markets Group Inc., formerly
known as Pink OTC Markets Inc.; or (d) if none of the above is applicable, such amount as may be determined by the Committee, in good faith, to be the fair market value per Common Share. The determination of Fair Market Value shall, where
applicable, be in compliance with Section 409A of the Code. 
 2.18 “Incentive” is defined in
Section 2.2 hereof. 
 2.19 “Nonqualified Option” means a nonqualified option, granted
pursuant to this Plan, which is not an “incentive stock option” within the meaning of Section 422 of the Code. 

2.20 “Option Price” means the price which must be paid by a Participant upon exercise of a Nonqualified Option to
purchase a Common Share. 
 2.21 “Other Award” means an Award issued pursuant to Section 6.8
hereof. 
 2.22 “Outside Trustee” means a trustee of the Company who is not an Employee or a Consultant.

 2.23 “Participant” means an Employee or Consultant of the Company or a Subsidiary or an Outside
Trustee to whom an Award is granted under this Plan. 
 2.24 “Performance Award” means an Award
hereunder of cash, Common Shares, units or rights based upon, payable in, or otherwise related to, Common Shares pursuant to Section 6.6 hereof. 
 2.25 “Performance Goal” means any of the goals set forth in Section 6.9 hereof. 
 2.26 “Plan” means this Physicians Realty Trust 2013 Equity Incentive Plan, as amended from time to time. 
 2.27 “Reporting Participant” means a Participant who is subject to the reporting requirements of Section 16 of the Exchange Act. 

2.28 “Restricted Shares” means Common Shares issued or transferred to a Participant pursuant to
Section 6.3 of this Plan which are subject to restrictions or limitations set forth in this Plan and in the related Award Agreement. 

  
 - 4 -

 2.29 “Restricted Share Units” means units awarded to Participants
pursuant to Section 6.5 hereof, which are convertible into Common Shares at such time as such units are no longer subject to restrictions as established by the Committee. 

2.30 “Retirement” means any Termination of Service solely due to retirement upon or after attainment of age
sixty-five (65), or permitted early retirement as determined by the Committee. 
 2.31 “SAR” or
“Share Appreciation Right” means the right to receive an amount, in cash and/or Common Shares, equal to the excess of the Fair Market Value of a specified number of Common Shares as of the date the SAR is exercised (or, as
provided in the Award Agreement, converted) over the SAR Price for such shares. 
 2.32 “SAR Price”
means the exercise price or conversion price of each Common Share covered by a SAR, determined on the Date of Grant of the SAR. 

2.33 “Subsidiary” means (i) any corporation in an unbroken chain of corporations beginning with the Company,
if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain, (ii) any limited
partnership, if the Company or any corporation described in item (i) above owns a majority of the general partnership interest and limited partnership interests entitled to vote on the removal and replacement of the general partner, and
(iii) any partnership or limited liability company, if the partners or members thereof are composed only of the Company, any corporation listed in item (i) above or any limited partnership listed in item (ii) above.
“Subsidiaries” means more than one of any such corporations, limited partnerships, partnerships or limited liability companies. 
 2.34 “Termination of Service” occurs when a Participant who is (i) an Employee of the Company or any Subsidiary ceases to serve as an Employee of the Company and its
Subsidiaries, for any reason; (ii) an Outside Trustee of the Company or a Subsidiary ceases to serve as a trustee of the Company for any reason; or (iii) a Consultant of the Company or a Subsidiary ceases to serve as a Consultant of the
Company and its Subsidiaries for any reason. Except as may be necessary or desirable to comply with applicable federal or state law, a “Termination of Service” shall not be deemed to have occurred when a Participant who is an Employee
becomes an Outside Trustee or Consultant or vice versa. Notwithstanding the foregoing provisions of this Section 2.34, in the event an Award issued under the Plan is subject to Section 409A of the Code, then, in lieu of the
foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the definition of “Termination of Service” for purposes of such Award shall be the definition of “separation from
service” provided for under Section 409A of the Code and the regulations or other guidance issued thereunder. 
 2.35
“Total and Permanent Disability” means a Participant is qualified for long-term disability benefits under the Company’s or Subsidiary’s disability plan or insurance policy; or, if no such plan or policy is then in
existence or if the Participant is not eligible to participate in such plan or policy, that the Participant, because of a physical or mental condition resulting from bodily injury, disease, or mental disorder, is unable to perform his or her duties
of employment for a period of six (6) continuous months, as determined in good faith by the Committee, based upon medical reports or other evidence satisfactory to the Committee. Notwithstanding the foregoing provisions of this
Section 2.35, in the event an Award issued under the Plan is subject to Section 409A of the Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the
Code, the definition of “Total and Permanent Disability” for purposes of such Award shall be the definition of “disability” provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

  
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 ARTICLE 3 
 ADMINISTRATION 
 Subject to the terms of this Article 3, the Plan
shall be administered by the Board or such committee of the Board as is designated by the Board to administer the Plan (the “Committee”). The Committee shall consist of not fewer than two persons. Any member of the Committee
may be removed at any time, with or without cause, by resolution of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the Board. At any time there is no Committee to administer the Plan, any
references in this Plan to the Committee shall be deemed to refer to the Board. 
 If necessary to satisfy the requirements of
Section 162(m) of the Code and/or Rule 16b-3 promulgated under the Exchange Act, membership on the Committee shall be limited to those members of the Board who are “outside trustees” under Section 162(m) of the Code and/or
“non-employee trustees” as defined in Rule 16b-3 promulgated under the Exchange Act. The Committee shall select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the act of a majority of
the members of the Committee present at a meeting at which a quorum is present shall be the act of the Committee. 
 The
Committee shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each related Award Agreement, where applicable, the Award Period, the Date of Grant, and such other terms,
provisions, limitations, and performance requirements, as are approved by the Committee, but not inconsistent with the Plan. The Committee shall determine whether an Award shall include one type of Incentive or two or more Incentives granted in
combination or two or more Incentives granted in tandem (that is, a joint grant where exercise of one Incentive results in cancellation of all or a portion of the other Incentive). Although the members of the Committee shall be eligible to receive
Awards, all decisions with respect to any Award, and the terms and conditions thereof, to be granted under the Plan to any member of the Committee shall be made solely and exclusively by the other members of the Committee, or if such member is the
only member of the Committee, by the Board. 
 The Committee, in its discretion, shall (i) interpret the Plan and Award
Agreements, (ii) prescribe, amend, and rescind any rules and regulations, as necessary or appropriate for the administration of the Plan, (iii) establish performance goals for an Award and certify the extent of their achievement, and
(iv) make such other determinations or certifications and take such other action as it deems necessary or advisable in the administration of the Plan. Any interpretation, determination, or other action made or taken by the Committee shall be
final, binding, and conclusive on all interested parties. 
 The Committee may delegate to officers of the Company, pursuant to
a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have been taken by the Committee. Notwithstanding
the foregoing, to the extent necessary to satisfy the requirements of Section 162(m) of the Code and/or Rule 16b-3 promulgated under the Exchange Act, any function relating to a Reporting Participant or a covered employee (as defined in
Section 162(m) of the Code) shall be performed solely by the Committee. 
 With respect to restrictions in the Plan that
are based on the requirements of Rule 16b-3 promulgated under the Exchange Act, Section 162(m) of the Code, the rules of any exchange or inter-dealer quotation system upon which the Company’s securities are listed or quoted, or any other
Applicable Law, to the extent that any such restrictions are no longer required by Applicable Law, the Committee shall have the sole discretion and authority to grant Awards that are not subject to such mandated restrictions and/or to waive any such
mandated restrictions with respect to outstanding Awards. 

  
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 ARTICLE 4 
 ELIGIBILITY 
 Any Employee (including an Employee who is also a trustee or
an officer), Consultant or Outside Trustee of the Company whose judgment, initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible to participate in the Plan. The Committee, upon
its own action, may grant, but shall not be required to grant, an Award to any Employee, Consultant or Outside Trustee. Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants, or to a
greater or lesser number of Participants, and may include or exclude previous Participants, as the Committee shall determine. Except as required by this Plan, Awards need not contain similar provisions. The Committee’s determinations under the
Plan (including without limitation determinations of which Employees, Consultants or Outside Trustees, if any, are to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing
same) need not be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the Plan. 
 ARTICLE 5 
 SHARES SUBJECT TO PLAN 

5.1 Number Available for Awards. Subject to adjustment as provided in Articles 11 and 12, the maximum number of Common
Shares that may be delivered pursuant to Awards granted under the Plan is Six Hundred Thousand (600,000) shares. Subject to adjustment pursuant to Articles 11 and 12, the maximum number of Common Shares with respect to Awards may be
granted to an Executive Officer during any calendar year is Five Hundred Thousand (500,000) Common Shares. Shares to be issued may be made available from authorized but unissued Common Shares, Common Shares held by the Company in its treasury,
or Common Shares purchased by the Company on the open market or otherwise. During the term of this Plan, the Company will at all times reserve and keep available the number of Common Shares that shall be sufficient to satisfy the requirements of
this Plan. 
 5.2 Reuse of Shares. To the extent that any Award under this Plan shall be forfeited, shall expire or be
canceled, in whole or in part, or shall be settled or paid in cash, then the number of Common Shares covered by the Award or option so forfeited, expired or canceled or settled or paid in cash may again be awarded pursuant to the provisions of this
Plan. In the event that previously acquired Common Shares are delivered to the Company in full or partial payment of the exercise price for the exercise of a Nonqualified Option granted under this Plan, the number of Common Shares available for
future Awards under this Plan shall be reduced only by the net number of Common Shares issued upon the exercise of the Nonqualified Option. Awards that may be satisfied either by the issuance of Common Shares or by cash or other consideration shall
be counted against the maximum number of Common Shares that may be issued under this Plan only during the period that the Award is outstanding or to the extent the Award is ultimately satisfied by the issuance of Common Shares. Awards will not
reduce the number of Common Shares that may be issued pursuant to this Plan if the settlement of the Award will not require the issuance of Common Shares, as, for example, a SAR that can be satisfied only by the payment of cash. 

  
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 ARTICLE 6 
 GRANT OF AWARDS 
 6.1 In General. 

(a) The grant of an Award shall be authorized by the Committee and shall be evidenced by an Award Agreement setting forth
the type of Incentive or Incentives being granted, the total number of Common Shares subject to the Incentive(s), the Option Price (if applicable), the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance
objectives, as are approved by the Committee, but (i) not inconsistent with the Plan, (ii) to the extent an Award issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of
Section 409A of the Code and the regulations or other guidance issued thereunder, and (iii) to the extent the Committee determines that an Award shall comply with the requirements of Section 162(m) of the Code, in compliance with the
applicable requirements of Section 162(m) of the Code and the regulations and other guidance issued thereunder. The Company shall execute an Award Agreement with a Participant after the Committee approves the issuance of an Award. Any Award
granted pursuant to this Plan must be granted within ten (10) years of the date of adoption of this Plan by the Board. The Plan shall be submitted to the Company’s shareholders for approval; however, the Committee may grant Awards under
the Plan prior to the time of shareholder approval. Any such Award granted prior to such shareholder approval shall be made subject to such shareholder approval. The grant of an Award to a Participant shall not be deemed either to entitle the
Participant to, or to disqualify the Participant from, receipt of any other Award under the Plan. 
 (b) If the
Committee establishes a purchase price for an Award, the Participant must accept such Award within a period of thirty (30) days (or such shorter period as the Committee may specify) after the Date of Grant by executing the applicable Award
Agreement and paying such purchase price. 
 (c) Any Award under this Plan that is settled in whole or in part in
cash on a deferred basis may provide for interest equivalents to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such terms and conditions as may be specified by the grant. 

6.2 Option Price. The Option Price for any Common Share which may be purchased under a Nonqualified Option for any Common Share
may be equal to or greater than the Fair Market Value of the share on the Date of Grant. Except as otherwise provided by Article 11 or Article 12, the Option Price for any Nonqualified Option may not be reduced, directly or indirectly
by cancellation and re-grant or otherwise, without the prior approval of the shareholders. 
 6.3 Restricted Shares and
Common Shares. If Restricted Shares or Common Shares are granted to or received by a Participant under an Award (including a Nonqualified Option), the Committee shall set forth in the related Award Agreement: (i) the number of Common Shares
awarded, (ii) the price, if any, to be paid by the Participant for such Common Shares and the method of payment of the price, (iii) the time or times within which such Award may be subject to forfeiture, if at all, (iv) specified
Performance Goals of the Company, a Subsidiary, any division thereof or any group of Employees of the Company, or other criteria, which the Committee determines must be met in order to remove any restrictions (including vesting) on such Award, and
(v) all other terms, limitations, restrictions, and conditions of the Common Shares, which shall be consistent with this Plan, to the extent applicable and in the event the Committee determines that an Award shall comply with the requirements
of Section 162(m) of the Code, in compliance with the requirements of Section 162(m) of the Code and the regulations and 

  
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other guidance issued thereunder and, to the extent Restricted Shares granted under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of
Section 409A of the Code and the regulations or other guidance issued thereunder. The provisions of Restricted Shares need not be the same with respect to each Participant. 

(a) Legend on Shares. The Company shall electronically register the Restricted Shares or Common Shares awarded to a
Participant in the name of such Participant, which shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares or Common Shares, substantially as provided in Section 15.9 of
the Plan. No certificate or certificates in respect of such Restricted Shares or Common Shares shall be issued with respect to such Common Shares, unless, following the expiration of the Restriction Period (as defined in
Section 6.3(b)(i)) without forfeiture in respect of such Restricted Shares, the Participant requests delivery of the certificate or certificates by submitting a written request to the Committee (or such party designated by the Company)
requesting delivery of the certificates and the Company, in its sole discretion, elects to issue such certificates (as opposed to electronic book entry form with respect to its Common Shares). The Company shall deliver the certificates it elects to
issue to the Participant as soon as administratively practicable following the Company’s receipt of such request. 
 (b) Restrictions and Conditions. Restricted Shares shall be subject to the following restrictions and conditions: 

(i) Subject to the other provisions of this Plan and the terms of the particular Award Agreements, during such period as
may be determined by the Committee commencing on the Date of Grant or the date of exercise of an Award (the “Restriction Period”), the Participant shall not be permitted to sell, transfer, pledge or assign Restricted Shares.
Except for these limitations, the Committee may in its sole discretion, remove any or all of the restrictions on such Restricted Shares whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising
after the date of the Award, such action is appropriate. 
 (ii) Except as provided in sub-paragraph
(i) above or in the applicable Award Agreement or under Section 6.6 below, the Participant shall have, with respect to his or her Restricted Shares, all of the rights of a shareholder of the Company, including the right to vote the
shares, and the right to receive any dividends thereon. Certificates for Common Shares free of restriction under this Plan shall be, if requested by the Participant in accordance with Section 6.4(a) above and if the Company elects to
issue certificates (as opposed to electronic book entry form with respect to its Common Shares), delivered to the Participant promptly after, and only after, the Restriction Period shall expire without forfeiture in respect of such Common Shares or
after any other restrictions imposed on such Common Shares by the applicable Award Agreement or other agreement have expired. Certificates, if issued, for the Common Shares forfeited under the provisions of the Plan and the applicable Award
Agreement shall be promptly returned to the Company by the forfeiting Participant. 
 (iii) The Restriction
Period of Restricted Shares shall commence on the Date of Grant or the date of exercise of an Award, as specified in the Award Agreement, and, subject to Article 12 of the Plan, unless otherwise established by the Committee in the Award
Agreement setting forth the terms of the Restricted Shares, shall expire upon satisfaction of the conditions set forth in the Award Agreement; such conditions may provide for vesting based on such Performance Goals, as may be determined by the
Committee in its sole discretion. 

  
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 (iv) Except as otherwise provided in the particular Award Agreement, upon
Termination of Service for any reason during the Restriction Period, the nonvested Restricted Shares shall be forfeited by the Participant. In the event a Participant has paid any consideration to the Company for such forfeited Restricted Shares,
the Committee shall specify in the Award Agreement that either (i) the Company shall be obligated to, or (ii) the Company may, in its sole discretion, elect to, pay to the Participant, as soon as practicable after the event causing
forfeiture, in cash, an amount equal to the lesser of the total consideration paid by the Participant for such forfeited shares or the Fair Market Value of such forfeited shares as of the date of Termination of Service, as the Committee, in its sole
discretion shall select. Upon any forfeiture, all rights of a Participant with respect to the forfeited Restricted Shares shall cease and terminate, without any further obligation on the part of the Company. 

6.4 SARs. The Committee may grant SARs to any Participant, either as a separate Award or in connection with a Nonqualified Option.
SARs shall be subject to such terms and conditions as the Committee shall impose, provided that such terms and conditions are (i) not inconsistent with the Plan, (ii) to the extent a SAR issued under the Plan is subject to
Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder, and (iii) to the extent the Committee determines that a SAR shall comply
with the requirements of Section 162(m) of the Code, in compliance with the applicable requirements of Section 162(m) and the regulations and other guidance issued thereunder. The grant of the SAR may provide that the holder may be paid
for the value of the SAR either in cash or in Common Shares, or a combination thereof. In the event of the exercise of a SAR payable in Common Shares, the holder of the SAR shall receive that number of whole Common Shares having an aggregate Fair
Market Value on the date of exercise equal to the value obtained by multiplying (i) the difference between the Fair Market Value of a Common Share on the date of exercise over the SAR Price as set forth in such SAR (or other value specified in
the agreement granting the SAR), by (ii) the number of Common Shares as to which the SAR is exercised, with a cash settlement to be made for any fractional Common Shares. The SAR Price for any Common Share subject to a SAR may be equal to or
greater than the Fair Market Value of the share on the Date of Grant. The Committee, in its sole discretion, may place a ceiling on the amount payable upon exercise of a SAR, but any such limitation shall be specified at the time that the SAR is
granted. Except as otherwise provided by Article 11 or Article 12, the SAR Price for any SAR may not be reduced, directly or indirectly by cancellation and re-grant or otherwise, without the prior approval of the shareholders.

 6.5 Restricted Share Units. Restricted Share Units may be awarded or sold to any Participant under such terms
and conditions as shall be established by the Committee, provided, however, that such terms and conditions are (i) not inconsistent with the Plan, (ii) to the extent a Restricted Share Unit issued under the Plan is subject to
Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder, and (iii) to the extent the Committee determines that a Restricted Share
Unit award shall comply with the requirements of Section 162(m) of the Code, in compliance with the applicable requirements of Section 162(m) and the regulations and other guidance issued thereunder. Restricted Share Units shall be subject
to such restrictions as the Committee determines, including, without limitation, (a) a prohibition against sale, assignment, transfer, pledge, hypothecation or other encumbrance for a specified period; or (b) a requirement that the holder
forfeit (or in the case of Common Shares or units sold to the Participant, resell to the Company at cost) such shares or units in the event of Termination of Service during the period of restriction. 

  
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 6.6 Performance Awards. 

(a) The Committee may grant Performance Awards to one or more Participants. The terms and conditions of Performance Awards
shall be specified at the time of the grant and may include provisions establishing the performance period, the Performance Goals to be achieved during a performance period, and the maximum or minimum settlement values, provided that such terms and
conditions are (i) not inconsistent with the Plan and (ii) to the extent a Performance Award issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code
and the regulations or other guidance issued thereunder. If the Performance Award is to be in Common Shares, the Performance Awards may provide for the issuance of the Common Shares at the time of the grant of the Performance Award or at the time of
the certification by the Committee that the Performance Goals for the performance period have been met; provided, however, if Common Shares are issued at the time of the grant of the Performance Award: (A) any dividends that would
be payable with respect to such Common Shares shall not be paid to the Participant until, and only if, the Performance Goals are met with respect to such Performance Award; and (B) if, at the end of the performance period, the Performance Goals
are not certified by the Committee to have been fully satisfied, then, notwithstanding any other provisions of this Plan to the contrary, the Common Shares (and any accumulated dividends thereof) shall be forfeited in accordance with the terms of
the grant to the extent the Committee determines that the Performance Goals were not met. The forfeiture of Common Shares issued at the time of the grant of the Performance Award due to failure to achieve the established Performance Goals shall be
separate from and in addition to any other restrictions provided for in this Plan that may be applicable to such Common Shares. Each Performance Award granted to one or more Participants shall have its own terms and conditions. 

To the extent the Committee determines that a Performance Award shall comply with the requirements of Section 162(m)
of the Code and the regulations and other guidance issued thereunder, and if it is determined to be necessary in order to satisfy Section 162(m) of the Code, at the time of the grant of a Performance Award (other than a Nonqualified Option) and
to the extent permitted under Section 162(m) of the Code and the regulations issued thereunder, the Committee shall provide for the manner in which the Performance Goals shall be reduced to take into account the negative effect on the
achievement of specified levels of the Performance Goals which may result from enumerated corporate transactions, extraordinary events, accounting changes and other similar occurrences which were unanticipated at the time the Performance Goal was
initially established. In no event, however, may the Committee increase the amount earned under such a Performance Award, unless the reduction in the Performance Goals would reduce or eliminate the amount to be earned under the Performance Award and
the Committee determines not to make such reduction or elimination. 
 With respect to a Performance Award that
is not intended to satisfy the requirements of Code Section 162(m), if the Committee determines, in its sole discretion, that the established performance measures or objectives are no longer suitable because of a change in the Company’s
business, operations, corporate structure, or for other reasons that the Committee deemed satisfactory, the Committee may modify the performance measures or objectives and/or the performance period. 

(b) Performance Awards may be valued by reference to the Fair Market Value or according to any formula or method deemed
appropriate by the Committee, in its sole discretion, including, but not limited to, achievement of Performance Goals or other specific financial, production, sales or cost performance objectives that the Committee believes to be relevant to the

  
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Company’s business and/or remaining in the employ of the Company or a Subsidiary for a specified period of time. Performance Awards may be paid in cash, Common Shares, or other
consideration, or any combination thereof. If payable in Common Shares, the consideration for the issuance of such shares may be the achievement of the performance objective established at the time of the grant of the Performance Award. Performance
Awards may be payable in a single payment or in installments and may be payable at a specified date or dates or upon attaining the performance objective. The extent to which any applicable performance objective has been achieved shall be
conclusively determined by the Committee. 
 (c) Notwithstanding the foregoing, in order to comply with the
requirements of Section 162(m) of the Code, if applicable, no Participant may receive in any calendar year Performance Awards intended to comply with the requirements of Section 162(m) of the Code which have an aggregate value of more than
$4,000,000, and if such Performance Awards involve the issuance of Common Shares, said aggregate value shall be based on the Fair Market Value of such shares on the time of the grant of the Performance Award. In no event, however, shall any
Performance Awards not intended to comply with the requirements of Section 162(m) of the Code be issued contingent upon the failure to attain the Performance Goals applicable to any Performance Awards granted hereunder that the Committee
intends to comply with the requirements of Section 162(m) of the Code. 
 6.7 Dividend Equivalent Rights. The
Committee may grant a Dividend Equivalent Right to any Participant, either as a component of another Award or as a separate Award, provided, however, that to the extent any Dividend Equivalent Right granted as a component of a
Nonqualified Option or SAR is subject to Section 409A of the Code, both the Dividend Equivalent Right and the Nonqualified Option or SAR, as applicable, must be granted with terms that are compliant with Section 409A of the Code. The terms
and conditions of the Dividend Equivalent Right shall be specified by the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional Common Shares (which
may thereafter accrue additional dividend equivalents). Any such reinvestment shall be at the Fair Market Value at the time thereof. Dividend Equivalent Rights may be settled in cash or Common Shares, or a combination thereof, in a single payment or
in installments. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that
such Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other Award. Notwithstanding anything to the contrary herein, Dividend Equivalent Rights may not be granted as a
component of Restricted Shares. 
 6.8 Other Awards. The Committee may grant to any Participant other forms of Awards,
based upon, payable in, or otherwise related to, in whole or in part, Common Shares, if the Committee determines that such other form of Award is consistent with the purpose and restrictions of this Plan. The terms and conditions of such other form
of Award shall be specified by the grant. Such Other Awards may be granted for no cash consideration, for such minimum consideration as may be required by Applicable Law, or for such other consideration as may be specified by the grant. 

6.9 Performance Goals. Awards of Restricted Shares, Restricted Share Units, Performance Award and Other Awards (whether relating
to cash or Common Shares) under the Plan may be made subject to the attainment of Performance Goals relating to one or more business criteria which, where applicable, shall be within the meaning of Section 162(m) of the Code and consist of one
or more or any combination of the following criteria: cash flow; cost; revenues; sales; ratio of debt to debt plus equity; net borrowing, credit quality or debt ratings; profit before tax; economic profit; earnings before interest and taxes;
earnings before interest, taxes, depreciation and amortization; gross margin; earnings per share 

  
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(whether on a pre-tax, after-tax, operational or other basis); operating earnings; capital expenditures; expenses or expense levels; economic value added; ratio of operating earnings to capital
spending or any other operating ratios; free cash flow; net profit; net sales; net asset value per share; the accomplishment of mergers, acquisitions, dispositions, public offerings or similar extraordinary business transactions; sales growth; price
of the Company’s Common Shares; return on assets, equity or shareholders’ equity; market share; inventory levels, inventory turn or shrinkage; or total return to shareholders (“Performance Criteria”). Any
Performance Criteria may be used to measure the performance of the Company as a whole or any business unit of the Company and may be measured relative to a peer group or index. Any Performance Criteria may include or exclude (i) extraordinary,
unusual and/or non-recurring items of gain or loss, (ii) gains or losses on the disposition of a business, (iii) changes in tax or accounting regulations or laws, (iv) the effect of a merger or acquisition, as identified in the
Company’s quarterly and annual earnings releases, or (v) other similar occurrences. In all other respects, Performance Criteria shall be calculated in accordance with the Company’s financial statements, under generally accepted
accounting principles, or under a methodology established by the Committee prior to the issuance of an Award which is consistently applied and identified in the audited financial statements, including footnotes, or the Compensation Discussion and
Analysis section of the Company’s annual report. However, to the extent Section 162(m) of the Code is applicable, the Committee may not in any event increase the amount of compensation payable to an individual upon the attainment of a
Performance Goal. 
 6.10 Tandem Awards. The Committee may grant two or more Incentives in one Award in the form of a
“tandem Award,” so that the right of the Participant to exercise one Incentive shall be canceled if, and to the extent, the other Incentive is exercised. For example, if a Nonqualified Option and a SAR are issued in a tandem Award, and the
Participant exercises the SAR with respect to one hundred (100) Common Shares, the right of the Participant to exercise the related Nonqualified Option shall be canceled to the extent of one hundred (100) Common Shares. 

ARTICLE 7 

AWARD PERIOD; VESTING 
 7.1 Award Period. Subject to the other provisions of this Plan, the Committee may, in its discretion, provide that an Incentive may not be exercised in whole or in part for any period or periods of
time or beyond any date specified in the Award Agreement. Except as provided in the Award Agreement, an Incentive may be exercised in whole or in part at any time during its term. The Award Period for an Incentive shall be reduced or terminated upon
Termination of Service. No Incentive granted under the Plan may be exercised at any time after the end of its Award Period. No portion of any Incentive may be exercised after the expiration of ten (10) years from its Date of Grant. 

7.2 Vesting. The Committee, in its sole discretion, may determine that an Incentive will be immediately vested in whole or in
part, or that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions
upon vesting, then, subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Incentive may be vested. 

  
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 ARTICLE 8 
 EXERCISE OR CONVERSION OF INCENTIVE 
 8.1 In General. A vested
Incentive may be exercised or converted, during its Award Period, subject to limitations and restrictions set forth in the Award Agreement. 
 8.2 Securities Law and Exchange Restrictions. In no event may an Incentive be exercised or Common Shares be issued pursuant to an Award if a necessary listing or quotation of the Common
Shares on a stock exchange or inter-dealer quotation system or any registration under state or federal securities laws required under the circumstances has not been accomplished. 

8.3 Exercise of Nonqualified Option. 
 (a) In General. If a Nonqualified Option is exercisable prior to the time it is vested, the Common Shares obtained on the exercise of the Nonqualified Option shall be Restricted Shares which is
subject to the applicable provisions of the Plan and the Award Agreement. If the Committee imposes conditions upon exercise, then subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any
portion of the Nonqualified Option may be exercised. No Nonqualified Option may be exercised for a fractional Common Share. The granting of a Nonqualified Option shall impose no obligation upon the Participant to exercise that Nonqualified Option.

 (b) Notice and Payment. Subject to such administrative regulations as the Committee may from time to
time adopt, a Nonqualified Option may be exercised by the delivery of written notice to the Committee setting forth the number of Common Shares with respect to which the Nonqualified Option is to be exercised and the date of exercise thereof (the
“Exercise Date”) which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon. On the Exercise Date, the Participant shall deliver to the Company
consideration with a value equal to the total Option Price of the shares to be purchased, payable as provided in the Award Agreement, which may provide for payment in any one or more of the following ways: (a) cash or check, bank draft, or
money order payable to the order of the Company, (b) Common Shares (including Restricted Shares) owned by the Participant on the Exercise Date, valued at its Fair Market Value on the Exercise Date, and which the Participant has not acquired
from the Company within six (6) months prior to the Exercise Date, (c) by delivery (including by FAX) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions from the
Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the Common Shares purchased upon exercise of the Nonqualified Option or to pledge such shares as collateral for a loan and promptly deliver to the Company
the amount of sale or loan proceeds necessary to pay such purchase price, and/or (d) in any other form of valid consideration that is acceptable to the Committee in its sole discretion. In the event that Restricted Shares are tendered as
consideration for the exercise of a Nonqualified Option, a number of Common Shares issued upon the exercise of the Nonqualified Option equal to the number of Restricted Shares used as consideration therefor shall be subject to the same restrictions
and provisions as the Restricted Shares so tendered. 
 (c) Issuance of Certificate. Except as otherwise
provided in Section 6.3 hereof (with respect to Restricted Shares) or in the applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause the Common Shares then being purchased to be registered in
the Participant’s name (or the person exercising the Participant’s Option in the event of his or her death), but shall not issue certificates for the Common Shares unless the Participant or such other person requests delivery of the
certificates for the Common Shares, in writing in accordance with the procedures established by the Committee, and the Company has elected to issue certificates (as opposed to electronic book entry form with respect to its Common Shares); in which
case, the Company shall deliver certificates to the Participant (or the person exercising the Participant’s Option in the event of his or her death) as soon as administratively practicable following the Company’s receipt of a written
request from the 

  
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Participant or such other person for delivery of the certificates. Any obligation of the Company to deliver Common Shares shall, however, be subject to the condition that, if at any time the
Committee shall determine in its discretion that the listing, registration, or qualification of the Nonqualified Option or the Common Shares upon any securities exchange or inter-dealer quotation system or under any state or federal law, or the
consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Nonqualified Option or the issuance or purchase of Common Shares thereunder, the Nonqualified Option may not be exercised in whole or
in part unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not reasonably acceptable to the Committee. 

(d) Failure to Pay. Except as may otherwise be provided in an Award Agreement, if the Participant fails to pay for
any of the Common Shares specified in such notice or fails to accept delivery thereof, that portion of the Participant’s Nonqualified Option and right to purchase such Common Shares may be forfeited by the Participant. 

8.4 SARs. Subject to the conditions of this Section 8.4 and such administrative regulations as the Committee may from
time to time adopt, a SAR may be exercised by the delivery (including by FAX) of written notice to the Committee setting forth the number of Common Shares with respect to which the SAR is to be exercised and the date of exercise thereof (the
“Exercise Date”) which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon. Subject to the terms of the Award Agreement and only if permissible under
Section 409A of the Code and the regulations or other guidance issued thereunder (or, if not so permissible, at such time as permitted by Section 409A of the Code and the regulations or other guidance issued thereunder), the Participant
shall receive from the Company in exchange therefor in the discretion of the Committee, and subject to the terms of the Award Agreement: 
 (a) cash in an amount equal to the excess (if any) of the Fair Market Value (as of the Exercise Date, or if provided in the Award Agreement, conversion, of the SAR) per Common Share over the SAR Price per
share specified in such SAR, multiplied by the total number of Common Shares of the SAR being surrendered; 
 (b)
that number of Common Shares having an aggregate Fair Market Value (as of the Exercise Date, or if provided in the Award Agreement, conversion, of the SAR) equal to the amount of cash otherwise payable to the Participant, with a cash settlement to
be made for any fractional share interests; or 
 (c) the Company may settle such obligation in part with Common
Shares and in part with cash. 
 The distribution of any cash or Common Shares pursuant to the foregoing sentence shall be made
at such time as set forth in the Award Agreement. 
 ARTICLE 9 

AMENDMENT OR DISCONTINUANCE 
 Subject to the limitations set forth in this Article 9, the Board may at any time and from time to time, without the consent of the Participants, alter, amend, revise, suspend, or discontinue the
Plan in whole or in part; provided, however, that no amendment for which shareholder approval is required either (i) by any securities exchange or inter-dealer quotation system on which the Common Shares are listed or traded or (ii) in
order for the Plan and Incentives awarded under the Plan to continue to comply with 

  
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Sections 162(m) of the Code, including any successors to such Sections, or other Applicable Law, shall be effective unless such amendment shall be approved by the requisite vote of the
shareholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable by the Committee, be applicable to any outstanding Incentives theretofore granted under the Plan, notwithstanding any
contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Incentive outstanding under the Plan shall, upon request of the Committee and as a condition to the exercisability thereof,
execute a conforming amendment in the form prescribed by the Committee to any Award Agreement relating thereto. Notwithstanding anything contained in this Plan to the contrary, unless required by law, no action contemplated or permitted by this
Article 9 shall adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Incentive theretofore granted under the Plan without the consent of the affected Participant. 

ARTICLE 10 

TERM 
 The
Plan shall be effective from the date that this Plan is adopted by the Board. Unless sooner terminated by action of the Board, the Plan will terminate on the tenth anniversary of the Effective Date, but Incentives granted before that date will
continue to be effective in accordance with their terms and conditions. 
 ARTICLE 11 

CAPITAL ADJUSTMENTS 
 In the event that any dividend or other distribution (whether in the form of cash, Common Shares, other securities, or other property), recapitalization, stock split, reverse stock split, rights offering,
reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Common Shares or other securities of the Company, issuance of warrants or other rights to purchase Common Shares or other
securities of the Company, or other similar corporate transaction or event affects the fair value of an Award, then the Committee shall adjust any or all of the following so that the fair value of the Award immediately after the transaction or event
is equal to the fair value of the Award immediately prior to the transaction or event (i) the number of shares and type of Common Shares (or the securities or property) which thereafter may be made the subject of Awards, (ii) the number of
shares and type of Common Shares (or other securities or property) subject to outstanding Awards, (iii) the number of shares and type of Common Shares (or other securities or property) specified as the annual per-participant limitation under
Section 5.1 of the Plan, (iv) the Option Price of each outstanding Award, (v) the amount, if any, the Company pays for forfeited Common Shares in accordance with Section 6.3, and (vi) the number of or SAR Price
of Common Shares then subject to outstanding SARs previously granted and unexercised under the Plan, to the end that the same proportion of the Company’s issued and outstanding Common Shares in each instance shall remain subject to exercise at
the same aggregate SAR Price; provided however, that the number of Common Shares (or other securities or property) subject to any Award shall always be a whole number. Notwithstanding the foregoing, no such adjustment shall be made or authorized to
the extent that such adjustment would cause the Plan or any Nonqualified Option to violate Section 409A of the Code. Such adjustments shall be made in accordance with the rules of any securities exchange, stock market, or stock quotation system
to which the Company is subject. 
 Upon the occurrence of any such adjustment, the Company shall provide notice to each
affected Participant of its computation of such adjustment which shall be conclusive and shall be binding upon each such Participant. 

  
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 ARTICLE 12 
 RECAPITALIZATION, MERGER AND CONSOLIDATION 
 12.1 No Effect on
Company’s Authority. The existence of this Plan and Incentives granted hereunder shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company’s capital structure and its business, or any Change in Control, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference stocks ranking prior
to or otherwise affecting the Common Shares or the rights thereof (or any rights, options, or warrants to purchase same), or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise. 
 12.2 Conversion of Incentives Where
Company Survives. Subject to any required action by the shareholders and except as otherwise provided by Section 12.4 hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance
issued thereunder, if the Company shall be the surviving or resulting corporation in any merger, consolidation or share exchange, any Incentive granted hereunder shall pertain to and apply to the securities or rights (including cash, property, or
assets) to which a holder of the number of Common Shares subject to the Incentive would have been entitled. 
 12.3 Exchange
or Cancellation of Incentives Where Company Does Not Survive. Except as otherwise provided by Section 12.4 hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance issued
thereunder, in the event of any merger, consolidation or share exchange pursuant to which the Company is not the surviving or resulting corporation, there shall be substituted for each Common Share subject to the unexercised portions of outstanding
Incentives, that number of shares of each class of stock or other securities or that amount of cash, property, or assets of the surviving, resulting or consolidated company which were distributed or distributable to the shareholders of the Company
in respect to each Common Share held by them, such outstanding Incentives to be thereafter exercisable for such stock, securities, cash, or property in accordance with their terms. 

12.4 Cancellation of Incentives. Notwithstanding the provisions of Sections 12.2 and 12.3 hereof, and except as may be
required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, all Incentives granted hereunder may be canceled by the Company, in its sole discretion, as of the effective date of any Change in
Control, merger, consolidation or share exchange, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Shares or the rights thereof (or any rights, options, or warrants to purchase
same), or of any proposed sale of all or substantially all of the assets of the Company, or of any dissolution or liquidation of the Company, by either: 
 (a) giving notice to each holder thereof or his personal representative of its intention to cancel those Incentives for which the issuance of Common Shares involved payment by the Participant for such
shares, and permitting the purchase during the thirty (30) day period next preceding such effective date of any or all of the Common Shares subject to such outstanding Incentives, including in the Board’s discretion some or all of the
shares as to which such Incentives would not otherwise be vested and exercisable; or 
 (b) in the case of
Incentives that are either (i) settled only in Common Shares, or (ii) at the election of the Participant, settled in Common Shares, paying the holder thereof an amount equal to a reasonable estimate of the difference between the net amount
per share payable in such transaction or as a result of such transaction, and the price per share of such Incentive to be paid 

  
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by the Participant (hereinafter the “Spread”), multiplied by the number of shares subject to the Incentive. In cases where the shares constitute, or would after exercise,
constitute Restricted Shares, the Company, in its discretion, may include some or all of those shares in the calculation of the amount payable hereunder. In estimating the Spread, appropriate adjustments to give effect to the existence of the
Incentives shall be made, such as deeming the Incentives to have been exercised, with the Company receiving the exercise price payable thereunder, and treating the shares receivable upon exercise of the Incentives as being outstanding in determining
the net amount per share. In cases where the proposed transaction consists of the acquisition of assets of the Company, the net amount per share shall be calculated on the basis of the net amount receivable with respect to Common Shares upon a
distribution and liquidation by the Company after giving effect to expenses and charges, including but not limited to taxes, payable by the Company before such liquidation could be completed. 

(c) An Award that by its terms would be fully vested or exercisable upon a Change in Control will be considered vested or
exercisable for purposes of Section 12.4(a) hereof. 
 ARTICLE 13 

LIQUIDATION OR DISSOLUTION 
 Subject to Section 12.4 hereof, in case the Company shall, at any time while any Incentive under this Plan shall be in force and remain unexpired, (i) sell all or substantially all of its
property, or (ii) dissolve, liquidate, or wind up its affairs, then each Participant shall be entitled to receive, in lieu of each Common Share of the Company which such Participant would have been entitled to receive under the Incentive, the
same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any such sale, dissolution, liquidation, or winding up with respect to each Common Share of the Company. If the Company shall, at any time prior to
the expiration of any Incentive, make any partial distribution of its assets, in the nature of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of earned surplus and designated
as such) and an adjustment is determined by the Committee to be appropriate to prevent the dilution of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem
equitable, make such adjustment in accordance with the provisions of Article 11 hereof. 
 ARTICLE 14 

INCENTIVES IN SUBSTITUTION FOR 
 INCENTIVES GRANTED BY OTHER ENTITIES 
 Incentives may be granted under the
Plan from time to time in substitution for similar instruments held by employees, independent consultants or trustees of a corporation, partnership, or limited liability company who become or are about to become Employees, Consultants or Outside
Trustees of the Company or any Subsidiary as a result of a merger or consolidation of the employing corporation with the Company, the acquisition by the Company of equity of the employing entity, or any other similar transaction pursuant to which
the Company becomes the successor employer. The terms and conditions of the substitute Incentives so granted may vary from the terms and conditions set forth in this Plan to such extent as the Committee at the time of grant may deem appropriate to
conform, in whole or in part, to the provisions of the Incentives in substitution for which they are granted. To the extent permitted by Applicable Law, any Incentives granted in accordance with this Article 14 shall not reduce the number of
Common Shares available for grant under Section 5.1 above. 

  
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 ARTICLE 15 
 MISCELLANEOUS PROVISIONS 
 15.1 Investment Intent. The Company may
require that there be presented to and filed with it by any Participant under the Plan, such evidence as it may deem necessary to establish that the Incentives granted or the Common Shares to be purchased or transferred are being acquired for
investment and not with a view to their distribution. 
 15.2 No Right to Continued Employment. Neither the Plan nor any
Incentive granted under the Plan shall confer upon any Participant any right with respect to continuance of employment by the Company or any Subsidiary. 
 15.3 Indemnification of Board and Committee. No member of the Board or the Committee, nor any officer or Employee of the Company acting on behalf of the Board or the Committee, shall be personally
liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company, and each Employee of the Company acting on behalf of the Board
or the Committee shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination, or interpretation. 
 15.4 Effect of the Plan. Neither the adoption of this Plan nor any action of the Board or the Committee shall be deemed to give any person any right to be granted an Award or any other rights
except as may be evidenced by an Award Agreement, or any amendment thereto, duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and upon the terms and conditions expressly set forth therein.

 15.5 Compliance With Other Laws and Regulations. Notwithstanding anything contained herein to the contrary, the
Company shall not be required to sell or issue Common Shares under any Incentive if the issuance thereof would constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority or any
national securities exchange or inter-dealer quotation system or other forum in which Common Shares are quoted or traded (including without limitation Section 16 of the Exchange Act and Section 162(m) of the Code); and, as a condition of
any sale or issuance of Common Shares under an Incentive, the Committee may require such agreements or undertakings, if any, as the Committee may deem necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant
and exercise of Incentives hereunder, and the obligation of the Company to sell and deliver Common Shares, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency
as may be required. 
 15.6 Tax Requirements. The Company or, if applicable, any Subsidiary (for purposes of this
Section 15.6, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any Federal, state,
local, or other taxes required by law to be withheld in connection with an Award granted under this Plan. The Company may, in its sole discretion, also require the Participant receiving Common Shares issued under the Plan to pay the Company the
amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to the Award. Such payments shall be required to be made when requested by the Company and may be required to be made
prior to the delivery of any certificate representing Common Shares, if such certificate is requested by the Participant in accordance with Section 6.4(a) or Section 8.3(c) above and the Company has elected to issue
certificates (as opposed to electronic book entry form with respect to its Common Shares). Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the

  
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issuance of fractional shares under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual
delivery by the exercising Participant to the Company of Common Shares that the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value
that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of
shares to be delivered upon the exercise of the Nonqualified Option, which shares so withheld have an aggregate Fair Market Value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or
(iii). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant. The Committee may in the Award Agreement impose any additional tax requirements or provisions
that the Committee deems necessary or desirable. 
 15.7 Assignability. Except as otherwise provided herein, Awards may
not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered other than by will or the laws of descent and distribution. The Committee may, in its discretion, authorize all or a portion of a Award to be granted to a
Participant on terms which permit transfer by such Participant to (i) the spouse (or former spouse), children or grandchildren of the Participant (“Immediate Family Members”), (ii) a trust or trusts for the
exclusive benefit of such Immediate Family Members, (iii) a partnership in which the only partners are (1) such Immediate Family Members and/or (2) entities which are controlled by Immediate Family Members, (iv) an entity exempt
from federal income tax pursuant to Section 501(c)(3) of the Code or any successor provision, or (v) a split interest trust or pooled income fund described in Section 2522(c)(2) of the Code or any successor provision, provided
that (x) there shall be no consideration for any such transfer, (y) the Award Agreement pursuant to which such Award is granted must be approved by the Committee and must expressly provide for transferability in a manner consistent
with this Section 15.7, and (z) subsequent transfers of transferred Awards shall be prohibited except those by will or the laws of descent and distribution. 
 Following any transfer, any such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of Articles 8, 9, 11,
12, 13 and 15 hereof the term “Participant” shall be deemed to include the transferee. The events of Termination of Service shall continue to be applied with respect to the original Participant, following which, if such
Awards are Nonqualified Options or SARs, such Nonqualified Options and SARs shall be exercisable or convertible by the transferee only to the extent and for the periods specified in the Award Agreement. The Committee and the Company shall have no
obligation to inform any transferee of an Award of any expiration, termination, lapse or acceleration of such Award. The Company shall have no obligation to register with any federal or state securities commission or agency any Common Shares
issuable or issued under a Nonqualified Option or SAR that has been transferred by a Participant under this Section 15.7. 
 15.8 Use of Proceeds. Proceeds from the sale of Common Shares pursuant to Incentives granted under this Plan shall constitute general funds of the Company. 

  
 - 20 -

 15.9 Legend. Restricted Shares electronically registered in a Participant’s name
shall note that the shares are Restricted Shares. If a certificate for Restricted Shares is issued to a Participant, the certificate shall bear the following legend, or a similar legend deemed by the Company to constitute an appropriate notice of
the provisions hereof: 
 On the face of the certificate: 

“Transfer of these Common Shares is restricted in accordance with conditions printed on the reverse of this certificate.”

 On the reverse: 
 “The Common Shares are subject to and transferable only in accordance with that certain Physicians Realty Trust 2013 Equity Incentive Plan, a copy of which is on file at the principal office of the
Company in Milwaukee, Wisconsin. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan and Award Agreement. By acceptance of these Common Shares, any holder, transferee
or pledgee hereof agrees to be bound by all of the provisions of said Plan and Award Agreement.” 
 If a certificate for
Common shares is issued to a Participant, the following legend shall be inserted on a certificate evidencing Common Shares issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state
securities laws: 
 “Common Shares represented by this certificate have been acquired by the holder for investment and not
for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective
registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the
Company.” 
 ARTICLE 16 
 ACCELERATION OF AWARD VESTING 
 16.1 Application. The provisions of
this Article 16 shall apply notwithstanding any provisions of this Plan to the contrary. 
 16.2 Definitions.

 (a) “Exempt Shares” means Common Shares designated as “Exempt Shares” pursuant to
Section 16.3. 
 (b) “Full Value Award” means any Award with a net benefit to the
Participant, without regard to any restrictions such as those described in Section 6.3(b), equal to the aggregate Fair Market Value of the total Common Shares subject to the Award. Full Value Awards include Restricted Shares and
Restricted Share Units, but do not include Nonqualified Options and SARs. 
 (c) “Tenure Award” means an
Award hereunder of cash, Common Shares, units or rights based upon, payable in, or otherwise related to, Common Shares that vests over time based upon the Participant’s continued employment with or service to the Company or its Subsidiaries.

  
 - 21 -

 16.3 Number of Shares Available for Awards. No more than ten percent (10%) of
the Common Shares that may be delivered pursuant to Awards under Section 5.1 may be shares designated as “Exempt Shares.” 
 16.4 Full Value Award Vesting. Except as otherwise provided herein, the Committee must grant all Full Value Awards in accordance with the following provisions: 

(a) All Full Value Awards granted by the Committee that constitute Performance Awards must vest no earlier than one
(1) year after the Date of Grant. 
 (b) All Full Value Awards granted by the Committee that constitute
Tenure Awards must vest no earlier than over the three (3) year period commencing on the Date of Grant on a pro rata basis. 
 (c) The Committee may not accelerate the date on which all or any portion of a Full Value Award may be vested or waive the Restriction Period on a Full Value Award except upon the Participant’s
death, Total and Permanent Disability or Retirement or the occurrence of a Change in Control. 
 Notwithstanding the foregoing, the
Committee may, in its sole discretion, grant Full Value Awards with more favorable vesting provisions than set forth in this Section 16.4 or accelerate the vesting or waive the Restriction Period for Full Value Awards at any time,
provided that the Common Shares subject to such Awards shall be Exempt Shares.  
 A copy of this Plan shall be kept on
file in the principal office of the Company in                     ,
                    . 

*************** 

  
 - 22 -

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed as of
                                , 2013, by its Chief Executive Officer and
Secretary pursuant to prior action taken by the Board. 
  

			
	PHYSICIANS REALTY TRUST
		
	By:	 	 
	Name:	 	 
	Title:	 	Chief Executive Officer

  

			
	Attest:
		
	By:	 	 
	Name:	 	 
	Title:	 	Secretary

  
 - 23 -

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