Document:

Document

Execution Version

Exhibit 4.1
AMENDMENT NO. 1
to the
REGISTRATION RIGHTS AGREEMENT
AMENDMENT NO. 1, dated as of December 8, 2021 (this “Amendment”), to the Registration Rights Agreement, dated as of June 9, 2020, by and among Albertsons Companies, Inc., a Delaware corporation (the “Company”) and each of the other parties thereto (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Registration Rights Agreement”).

WHEREAS, pursuant to Section 4.3 of the Registration Rights Agreement, the Company and the Preferred Investors Holders holding a majority of the Preferred Investors Registrable Securities have the right to amend Section 2.11 of the Registration Rights Agreement;
WHEREAS, the Majority Investors Holders party to this Amendment currently hold a majority of the Preferred Investors Registrable Securities; and
WHEREAS, the Majority Investors Holders and the Company desire to amend Section 2.11(a) of the Registration Rights Agreement to modify the terms and conditions upon which the Company is obligated to file a Preferred Investors Registration Statement.
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:
SECTION 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Registration Rights Agreement.
SECTION 2. Company Status. The Company hereby represents that it qualifies as a “well-known seasoned issuer” pursuant to Rule 405 of the Securities Act as of the date first written above.
SECTION 3. Amendment.
Section 2.11(a) of the Registration Rights Agreement is hereby amended and restated in its entirety as set forth below:
(a) Upon a demand from a Majority Investors Holder in accordance with this Section 2.11(a), the Company shall use its reasonable best efforts to prepare and file a registration statement under the Securities Act to permit the resale of all of the Preferred Investors Registrable Securities from time to time as permitted by Rule 415 (or any similar provision adopted by the SEC then in effect) of the Securities Act (together with any additional registration statements filed pursuant to this Section 2.11 an “Preferred Investors Registration Statement”).  In order for one or more Majority Investors Holders to exercise their right to demand that a registration statement be filed, they must notify the Company in writing indicating the requested filing date of the Preferred Investors Registration Statement (i) at least seven (7) days before the requested filing date if the Company is a “well-known seasoned issuer” under Rule 405 of the Securities Act (or any successor provision) or otherwise is eligible to use Form S-3ASR (including through the application of any applicable grace period after the Company no longer 
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Execution Version

qualifies as a “well-known seasoned issuer” pursuant to the rules and regulations of the SEC), or (ii) at least thirty (30) days before the requested filing date if the Company is not a “well-known seasoned issuer” under Rule 405 of the Securities Act (or any successor provision) or otherwise is ineligible to use Form S-3ASR.  For any Preferred Investors Registration Statement filed under Section 2.11(a)(ii), (x) the Company shall use its reasonable best efforts to cause such Preferred Investors Registration Statement to become effective as promptly as practicable after filing and (y) the Majority Investors Holders shall notify the Company in writing indicating the number of Preferred Investors Registrable Securities sought to be registered, the proposed plan of distribution and the requested filing date of the Preferred Investors Registration Statement as promptly as practicable following such demand.  The Company shall promptly advise the Majority Investors Holders if it believes that it will no longer qualify as a “well-known seasoned issuer” in accordance with the rules and regulations of the SEC, including by way of filing any update to an existing Preferred Investors Registration Statement pursuant to Section 10(a)(3) of the Securities Act (“Section 10(a)(3) Update”).  In the event that the Company reasonably believes that it will no longer qualify as a “well-known seasoned issuer” upon the filing of a Section 10(a)(3) Update, the Company and the Majority Investors Holders agree to take all reasonable steps to maintain the effectiveness of any existing Preferred Investors Registration Statement (through filing a post-effective amendment or otherwise) and file a new Preferred Investors Registration Statement promptly after the filing of the Section 10(a)(3) Update.
SECTION 4. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED FOR ALL PURPOSES BY THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE WHOLLY PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 4.9 AND SECTION 4.10 OF THE REGISTRATION RIGHTS AGREEMENT AS IF SUCH SECTION WAS SET FORTH IN FULL HEREIN.
SECTION 5. Counterparts. This Amendment may be executed in two or more identical counterparts (including by electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (by electronic transmission or otherwise) to the other parties.

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Execution Version

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.
COMPANY: 

ALBERTSONS COMPANIES, INC.

By:    /s/ Juliette Pryor            
                            Name:    Juliette Pryor
Title:    EVP & General Counsel

[Signature Page to Amendment No. 1 to Registration Rights Agreement]

Execution Version

APOLLO: 

AP AL (PREF BORROWER), L.P.

By:     AP A1 Borrower GP, LLC,
    its general partner

By:    /s/ James Elworth                
                            Name:     James Elworth
Title:    Vice President

AP AL CO-INVEST (PREF), L.P.

By:     AP A1 Holdings GP, LLC,
    its general partner

By:    /s/ James Elworth                
                            Name:     James Elworth
Title:    Vice President

AA DIRECT, L.P.

By:     AA Direct GP, LLC,
    its general partner

By:    /s/ James Elworth                
                            Name:     James Elworth
Title:    Vice President

[Signature Page to Amendment No. 1 to Registration Rights Agreement]

Execution Version

APOLLO USREF III AL PREF, L.P.

By:     Apollo U.S. Real Estate Advisors III, L.P.,
    its general partner
By:     Apollo U.S. Real Estate Advisors GP III, 
LLC,
its general partner

By:    /s/ James Elworth                
                            Name:     James Elworth
Title:    Vice President

APOLLO EPF III EQUITY HOLDINGS (DELAWARE), L.P.

By:     Apollo EPF III Advisors, L.P.,
    its general partner
By:     Apollo EPF III Capital Management, LLC,
    its general partner

By:    /s/ James Elworth                
                            Name:     James Elworth
Title:    Vice President
 

[Signature Page to Amendment No. 1 to Registration Rights Agreement]

Execution Version

HPS: 

ASSURED OFFSHORE, L.P.

By:     HPS Mezzanine Management III, LLC, 
its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

MEZZANINE PARTNERS III, L.P.

By:     HPS Mezzanine Management III, LLC, 
its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

AP MEZZANINE PARTNERS III, L.P.

By:     HPS Mezzanine Management III, LLC, 
its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

[Signature Page to Amendment No. 1 to Registration Rights Agreement]

Execution Version

HPS FUND OFFSHORE SUBSIDIARY XI, L.P.

By:     HPS Mezzanine Management III, LLC, 
its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

MP 2019 OFFSHORE AB SUBSIDIARY, L.P.

By:     HPS Mezzanine Management 2019, LLC, its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

MP 2019 ONSHORE MEZZANINE MASTER, L.P.

By:     HPS Mezzanine Management 2019, LLC, its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

[Signature Page to Amendment No. 1 to Registration Rights Agreement]

Execution Version

MP 2019 AP MEZZANINE MASTER, L.P.

By:     HPS Mezzanine Management 2019, LLC, 
its investment manager
By:     HPS Investment Partners, LLC, 
its sole member

By:    /s/ Shant Babikian                
                            Name:    Shant Babikian
Title:    Managing Director

[Signature Page to Amendment No. 1 to Registration Rights Agreement]Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”) is made effective as of January 10, 2022 (“Effective Date”), by and
among STAG INDUSTRIAL, INC., a Maryland corporation (“Company”), STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.
(“Partnership”), a Delaware limited partnership, and MATTS S. PINARD (“Executive”) to
affirm the terms and conditions of Executive’s employment.

 

The parties agree as follows:

 

1.              
Employment. Employer (as defined below) hereby employs Executive, and Executive hereby accepts such employment,
upon the terms and conditions set forth herein.

 

2.               Duties.

 

2.1  
Position. Executive is employed on a full-time basis from the Effective Date through the first anniversary of the
Effective Date (the “Initial Term”), as Executive Vice President, Chief Financial Officer and Treasurer, shall report
directly to the President of the Company, and shall have the duties and responsibilities commensurate with such position as shall be reasonably
and in good faith determined from time to time by the President, including such duties and responsibilities with respect to the Company,
the Partnership and/or a subsidiary of either (collectively, “Employer”).

 

2.2  
Duties. Executive shall: (i) abide by all applicable federal, state and local laws, regulations and ordinances, and
(ii) except for vacation and illness periods, devote substantially all of his business time, energy, skill and efforts to the performance
of his duties hereunder in a manner that will faithfully and diligently further the business interests of the Employer; provided, that,
notwithstanding the foregoing, Executive may (x) make and manage personal business investments of his choice, subject to the limitations
set forth in Section 8 hereof, (y) serve as a director or in any other capacity of any business enterprise, including an enterprise whose
activities may involve or relate to the Employer’s Business (as defined in Section 8), provided that such service is expressly approved
in advance by the Board of Directors of the Company (the “Board of Directors”), and (z) serve in any capacity with
any civic, educational, religious or charitable organization, or any governmental entity or trade association; provided that all such
other activities do not materially interfere with the performance of the Executive’s duties hereunder.

 

3.               Term
of Employment. The term of this Agreement shall commence on the Effective Date and shall continue until and including the expiration
of the Initial Term unless earlier terminated as herein provided. The Initial Term shall be automatically renewed for successive one-year
periods (each an “Extended Term”) unless either party gives written notice of non-renewal at least sixty (60) days
prior to the end of the Initial Term or any Extended Term. As used herein, “Term” shall include the Initial Term and
any Extended Term, but the Term shall end upon any lawful termination of Executive’s employment with Employer as herein provided.

 

4.               Compensation.

 

4.1  
Base Salary. As compensation for Executive’s performance of Executive’s duties as set forth herein and
as hereafter determined by the compensation committee of the Board of Directors from time to time, effective as of January 10, 2022, Employer
shall pay to Executive a base salary of three hundred seventy-five thousand dollars ($375,000) per year (“Base Salary”),
payable in accordance with the normal payroll practices of Employer, less all legally required or authorized payroll deductions and tax
withholdings. Base Salary shall be reviewed annually, and may be increased, at the sole discretion of the compensation committee of the
Board of Directors, in light of the Executive’s performance and the Employer’s financial performance and other economic conditions
and relevant factors determined by the compensation committee.

 

    	 	 	 

     

    

 

4.2  
LTIP Units, Restricted Stock and Other Equity Awards.

 

(a)                At any time after the execution of this Agreement, as part of the consideration for his employment as an officer of the Company, Executive
shall be eligible to receive grants of LTIP Units (as defined in the Partnership’s agreement of limited partnership), shares of
common stock (“Restricted Stock”) or other equity awards, in such amount and in such form as the compensation committee
of the Board of Directors deems appropriate, should it determine that such a grant is advisable in its sole discretion. Such grants shall
be subject to the terms and conditions of the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (or such subsequent equity
plan as may be in place from time to time) and the applicable award agreement determined by the compensation committee of the Board of
Directors.

 

(b)                Any LTIP Units granted to the Executive during the term of this Agreement shall be deemed to have been granted to the Executive in consideration
of services rendered or to be rendered in Executive’s capacity as a partner of the Partnership. During the Term, the Company and
the Partnership shall (and shall cause each subsidiary that is a component Employer to) allocate the services provided by Executive to
each component Employer and compensate Executive from the respective component Employer on a basis proportionate to the services provided
by Executive to each component Employer. The parties confirm that Employer shall (and intends to) require that a sufficient amount of
services be provided hereunder to the Partnership by Executive in his capacity as a partner of the Partnership to constitute full and
adequate consideration for the issuance of LTIP Units to Executive.

 

4.3  
Bonus. At the sole discretion of the Board of Director’s compensation committee, Executive may be paid a cash
bonus (“Bonus”) relating to each fiscal year during the Term subject to the satisfaction of the terms and conditions
set forth in the Executive Compensation Program approved by the Board of Director’s compensation committee. Such discretionary Bonus,
if any, shall be paid on or before March 15 of the following calendar year.

 

5.               Customary
Fringe Benefits. Executive shall be eligible for all customary and usual fringe benefits generally available to full-time employees
of Employer, subject to the terms and conditions of Employer’s policies and benefit plan documents, as the same may be amended
from time to time. As of the date hereof, Employer provides the following fringe benefits: group health insurance, group dental insurance,
life insurance, short-term disability insurance and flexible health spending program. Employer reserves the right to change or eliminate
the fringe benefits (except the life insurance) on a prospective basis, at any time, effective upon written notice to Executive (which
written notice may be delivered electronically by e-mail to Executive’s Company email account). In addition, Executive shall receive
an allowance for commuting and parking costs of up to five hundred dollars ($500.00) a month. Notwithstanding the Company’s vacation
accrual rates in its vacation policy provisions, Executive shall be entitled to accrue vacation of four (4) weeks per year or, if greater,
the amount provided under the Company’s vacation policy provisions.

 

6.               Business
Expenses. Executive shall be reimbursed for all reasonable, out-of-pocket business expenses incurred in the performance of Executive’s
duties on behalf of Employer. To obtain reimbursement, expenses must be submitted within one (1) month of being incurred with appropriate
supporting documentation in accordance with Employer’s policies. All such expenses shall be reimbursed within one (1) month of
submission and, in any event, in the same fiscal year in which they were incurred or within one (1) month after the end of such year.

 

    	 	-2-	 

     

    

 

7.               Termination of Employment.
Subject to the terms and conditions of this Section 7, either Company or Executive may terminate Executive’s employment with
Employer at any time, with or without Cause (as defined in Section 7.10) or Good Reason (as defined in Section 7.10), during the Term.
Any termination of Executive’s employment during the Term shall be communicated by written notice of termination from the terminating
party to the other party (“Notice of Termination”). The Notice of Termination shall indicate the specific provision(s)
of this Agreement relied upon in effecting the termination and a written statement of the reason(s) for the termination. In the case
of a Notice of Termination provided by Executive to Employer, such Notice of Termination shall not be effective for a period of thirty
(30) days after receipt of such Notice of Termination by Employer. In the case of a Notice of Termination provided by Company to Executive,
such Notice of Termination shall not be effective for a period of thirty (30) days after receipt of such Notice of Termination by Employer,
except that the Company may, in its discretion, pay Executive Base Salary in lieu of the notice period or any portion thereof. If Executive’s
employment is terminated by either party, for any reason, during the Term, Employer shall pay to the Executive accrued and unpaid Base
Salary, any awarded but unpaid Bonus for the most recently completed fiscal year and accrued but unused vacation as of the date of Executive’s
termination of employment. Except as otherwise provided in this Section 7 and its subsections, Employer shall have no further obligation
to make or provide to Executive, and Executive shall have no further right to receive or obtain from Employer, any payments or benefits
in respect of the termination of Executive’s employment with Employer during the Term. In addition, effective immediately upon
termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or
benefit plan covering employees of Employer; provided, however, Executive may effect a rollover or other transfer of his interests in
any such retirement or benefit plan in accordance with the terms of such plan and applicable law. All other Employer obligations to Executive
shall be automatically terminated and completely extinguished.

 

7.1   Severance Upon Involuntary Termination without Cause. If Company terminates Executive’s employment with Employer
without Cause during the Term, such termination is not in connection with Executive’s death or Disability (as defined in Section 7.10),
and such termination qualifies as a “Separation from Service” under Section 409A (as defined in Section 7.10), Executive
shall be entitled to a “Severance Package” that consists of the following:

 

(a) an amount equal
to the product of (a) the Bonus (or deemed Bonus) referenced in Section 7.1(b)(ii) of this Agreement multiplied by (b) a fraction, the
numerator of which is the number of days that have elapsed between the beginning of the fiscal year in which the termination occurs and
the date of termination and the denominator of which is the number of days in the fiscal year in which the termination occurs;

 

(b) a single cash lump-sum
 “Severance Payment” equal to two (2) times the sum of (i) Executive's annual rate of Base Salary in effect immediately
prior to Executive’s termination of employment, and (ii) the Bonus (if any) actually paid to Executive for the most recently completed
fiscal year;

 

(c) Employer’s
direct-to-insurer payment of any group health or other insurance premiums for a period of eighteen (18) months (subject to Executive’s
eligibility for, and proper and timely election of continued group health benefits under the Consolidated Omnibus Budget and Reconciliation
Act (“COBRA”)) to continue Executive’s coverage under the Company’s group health insurance plan, group
dental plan and, if any, the Company’s group life and disability insurance plans;

 

    	 	-3-	 

     

    

 

(d) immediate vesting
of all outstanding LTIP Units (which shall, in accordance with the applicable award agreement, remain subject to achieving parity with
common units of limited partnership interest in the Partnership), Restricted Stock, stock options, and other equity awards granted to
Executive under any of Employer’s equity incentive plans, except that performance units, outperformance plan interests and other
awards subject to achievement of performance criteria will vest only to the extent provided in the STAG Industrial, Inc. 2011 Equity Incentive
Plan, as amended (or other applicable equity plan) and the applicable award agreement; and

 

(e) continuation of coverage under the Company’s
liability insurance for directors and officers with respect to any of the Executive’s actions as an officer of the Company during
the Term;

 

provided,
however, that all of the following conditions are first satisfied:

 

(i) Executive
reaffirms Executive’s commitment to comply with all surviving provisions of this Agreement, including Section 9 and Section 10
hereof; and

 

(ii) Executive
executes a Separation Agreement that includes a general release in favor of Company, and all subsidiary and related entities, and their
officers, directors, shareholders, employees and agents to the fullest extent permitted by law, drafted by Company and in a form reasonably
satisfactory to Company, and the general release becomes effective in accordance with its terms no later than thirty (30) days following
the date of termination of Executive’s employment.

 

If the Company terminates Executive’s
employment pursuant to this Section 7.1 before Bonuses are determined and paid for calendar year 2022, then the Bonus referred to in Section
7.1(b)(ii) hereof shall be equal to the annual rate of Base Salary. The Severance Payment shall be subject to all legally required and
authorized deductions and tax withholdings and shall be paid on the date that is the thirtieth (30th) day following the date
of termination of Executive’s employment, provided that Executive has complied with all of the above-referenced conditions to receiving
the Severance Payment.

 

7.2  
Severance Upon Resignation for Good Reason. If Executive resigns from employment with Employer for Good Reason during
the Term and such resignation qualifies as a “Separation from Service” under Section 409A, Executive shall be entitled to
the “Severance Package” set forth in Section 7.1, on the same terms and conditions provided therein.

 

7.3  
Severance Upon Change of Control. If during the last year of the Initial Term or during any Extended Term, a Change
of Control (as defined in Section 7.10) occurs and the Company gives notice of non-renewal of this Agreement within twelve (12) months
following such Change of Control, Executive shall be entitled to the “Severance Package” set forth in Section 7.1, on the
same terms and conditions provided therein.

 

7.4  
Beneficial Excise Tax Treatment. If any payment or benefit received or to be received by Executive pursuant to this
Agreement or otherwise would subject Executive to any excise tax pursuant to Section 4999 of the Code due to the characterization of such
payment or benefit as an excess parachute payment under Section 280G of the Code, Executive may elect, in his sole discretion, to reduce
the amounts of any payments or benefits called for under this Agreement in order to avoid such characterization. To aid Executive in making
any election called for under this Section 7.4, upon the occurrence of any event that might reasonably be anticipated to give rise
to the application of this Section 7.4 (an “Event”), Company shall promptly request a determination
in writing by independent public accountants selected by Employer (the “Accountants”). Unless Company
and Executive otherwise agree in writing, the Accountants, within thirty (30) days after the date of the Event, shall determine and report
to Company and Executive whether any reduction in payments or benefits at the election of Executive would produce a greater after-tax
benefit to Executive and shall provide to Company and Executive a written report containing a sufficiently detailed quantitative substantiation
of their analysis and presented in a manner that Executive can readily understand. For the purposes of such determination, the Accountants
may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. Company and Executive
shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make their required
determination. The Company shall bear all fees and expenses the Accountants may reasonably charge in connection with their services contemplated
by this Section 7.4. Under no circumstances shall Executive be entitled to any tax reimbursement or tax gross-up payment by virtue of
the occurrence of an Event or any additional payment or benefit under this Section 7.4.

 

    	 	-4-	 

     

    

 

7.5  
Section 409A Compliance. The parties intend for this Agreement either to satisfy the requirements of Section
409A or to be exempt from the application of Section 409A, and this Agreement shall be construed and interpreted accordingly. If this
Agreement either fails to satisfy the requirements of Section 409A or is not exempt from the application of Section 409A, then the parties
hereby agree to amend or to clarify this Agreement in a timely manner so that this Agreement either satisfies the requirements of Section
409A or is exempt from the application of Section 409A.

 

(a)                Notwithstanding any provision in this Agreement to the contrary, if Executive is a “specified employee” (as defined
in Section 409A), any Severance Payment, severance benefits or other amounts payable under this Agreement that would be subject to
the special rule regarding payments to “specified employees” under Section 409A(a)(2)(B) of the Code (together, “Specified
Employee Payments”) shall not be paid before the expiration of a period of six (6) months following the date of Executive’s
termination of employment (or before the date of Executive’s death, if earlier). The Specified Employee Payments to which Executive
would otherwise have been entitled during the six-month period following the date of Executive’s termination of employment shall
be accumulated and paid as soon as administratively practicable following the first date of the seventh month following the date of Executive’s
termination of employment.

 

(b)                To ensure satisfaction
of the requirements of Section 409A(b)(3) of the Code, assets shall not be set aside, reserved in a trust or other arrangement, or otherwise
restricted for purposes of the payment of amounts payable under this Agreement.

 

(c)                Notwithstanding anything herein to the contrary, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement
shall be subject to the following conditions: (i) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall
not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (ii) the reimbursement of eligible expenses
or in-kind benefits shall be made promptly, subject to Company’s applicable policies, but in no event later than the end of the
year after the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit.

 

(d)                Employer hereby
informs Executive that the federal, state, local, and/or foreign tax consequences (including without limitation those tax consequences
implicated by Section 409A) of this Agreement are complex and subject to change. Executive acknowledges and understands that Executive
should consult with his or her own personal tax or financial advisor in connection with this Agreement and its tax consequences. Executive
understands and agrees that Employer has no obligation and no responsibility to provide Executive with any tax or other legal advice
in connection with this Agreement and its tax consequences. Executive agrees that Executive shall bear sole and exclusive responsibility
for any and all adverse federal, state, local, and/or foreign tax consequences (including without limitation any and all tax liability
under Section 409A) of this Agreement to Executive.

 

    	 	-5-	 

     

    

 

7.6  
Effect of Death or Disability. If Executive dies or his employment is terminated by Company upon his experiencing
a Disability (as defined in Section 7.10) during the Term, Executive (or his estate) shall be entitled to (a) payment of his accrued and
unpaid Base Salary as of the date of Executive’s death or termination of employment by the Company upon his experiencing a Disability;
(b) payment of a single cash lump-sum payment equal to the product of (i) the Bonus referenced in Section 7.1(b)(ii) of this Agreement
multiplied by (ii) a fraction, the numerator of which is the number of days that have elapsed between the beginning of the fiscal year
in which Executive’s death or termination of his employment occurs and the date of Executive’s death or termination of employment
and the denominator of which is the number of days in the fiscal year in which Executive’s death or termination of employment occurs;
and (c) payment by Employer of any group health or other insurance premiums for a period of eighteen (18) months (subject to Executive’s
(or his spouse’s) eligibility for, and proper and timely election of continued group health benefits under COBRA) to continue Executive’s
coverage under the Company’s group health insurance plan, group dental plan and, if any, the Company’s group life and disability
insurance plans. The payments described in the previous sentence shall be subject to all legally required and authorized deductions and
tax withholdings, including for wage garnishments, if applicable, to the extent required or permitted by law, and shall be paid on the
thirtieth (30th) day following the date of termination of Executive’s employment. Payment under this Section 7.6
shall be made not more than once, if at all. If Executive dies or his employment is terminated by Company upon his experiencing a Disability
before Bonuses are determined and paid for calendar year 2022, then the Bonus referred to in Section 7.6(b)(ii) hereof shall be equal
to the annual rate of Base Salary.

 

7.7  Employment
Reference. If Executive’s employment is terminated without Cause, or Executive resigns for Good Reason, or this
Agreement is not renewed by Company pursuant to a Change of Control, Executive and Employer will negotiate in good faith to reach an
agreement on a neutral statement for termination or resignation, to the extent necessary or appropriate. This statement will include,
at minimum and as applicable, positions held, date of hire, employment period and confirmation of salary history (if requested by Executive).

 

7.8  Ineligibility
For Severance. For avoidance of doubt, Executive shall not be entitled to any Severance Package under this Agreement,
and none of Sections 7.1, 7.2 and 7.3 shall apply to Executive, if at any time during the Term, either (a) Executive voluntarily
resigns or otherwise terminates employment with Employer other than for Good Reason, (b) Company terminates Executive’s employment
for Cause, or (c) except as provided in Section 7.3, Company provides Executive with a notice of non-renewal. Effective immediately upon
termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or
benefit plan covering employees of Employer; provided, however, Executive may effect a rollover or other transfer of his interests in
any such retirement or benefit plan in accordance with the terms of such plan and applicable law. All other Employer obligations to Executive
shall be automatically terminated and completely extinguished.

 

7.9  Taxes and Withholdings. The Employer may withhold from any amounts payable under this Agreement, including
any benefits or Severance Payment, such federal, state or local taxes as may be required to be withheld pursuant to applicable law or
regulations, which amounts shall be deemed to have been paid to Executive.

 

    	 	-6-	 

     

    

 

7.10   Definitions.

 

(a)               “Cause”
shall mean the occurrence during the Term of any of the following: (i) Executive’s indictment for, formal admission to (including
a plea of guilty or nolo contendere to), or conviction of: a felony, a crime of moral turpitude, fraud and dishonesty, breach
of trust or unethical business conduct, or any crime involving Employer, (ii) gross negligence or willful misconduct by Executive
in the performance of Executive’s duties which has materially damaged Employer’s financial position or reputation; (iii) willful
or knowing unauthorized dissemination with the intent to cause harm by Executive of Confidential Employer Information; (iv) repeated
failure by Executive to perform Executive’s duties that are reasonably and in good faith requested in writing by the President
of the Company (the “Delegator”), and which are not substantially cured by Executive within thirty (30) days following
receipt by Executive of such written request; (v) failure of Executive to perform any lawful and reasonable directive of the Delegator
communicated to Executive in the form of a written request from the Delegator, which is consistent with the Employer Business, and which
failure Executive does not begin to cure within ten (10) days following receipt by Executive of such written request or Executive has
not substantially cured within forty-five (45) days following receipt by Executive of such written request, or (vi) material breach
of this Agreement by Executive which breach has been communicated to Executive in the form of a written notice from a Delegator, which
material breach Executive does not begin to cure within ten (10) days following receipt by Executive of such written notice or Executive
has not substantially cured within forty-five (45) days following receipt by Executive of such written notice.

 

(b)                “Disability”
shall mean the occurrence during the Term of a medically determinable physical or mental impairment of Executive that can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months and which either (i) renders
Executive unable to engage in any substantial gainful activity, with or without leave accommodation, for a period of not less than three
(3) months; or (ii) results in Executive receiving income replacement benefits for a period of not less than three (3) months under any
policy of long-term disability insurance that may be maintained by the Company for the benefit of its employees.

 

(c)                “Change
of Control” shall have the meaning ascribed to it in the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended.

 

(d)                “Good
Reason” shall mean the occurrence during the Term of any of the following: (i) a material breach of this Agreement by
Company which is not cured by Company within thirty (30) days following Company’s receipt of written notice by Executive to Company
describing such alleged breach; (ii) Executive’s Base Salary is materially reduced by Company; (iii) a material reduction
in Executive’s title, duties and/or responsibilities, or the assignment to Executive of any duties materially inconsistent with
Executive’s position; or (iv) a material change in the Company headquarters’ geographic location; provided, however, none
of the occurrences described in (i) through (iv) hereof shall constitute Good Reason unless within ninety (90) days of any such occurrence
Executive provides a Notice of Termination effective no more than thirty-one (31) days after receipt by the Company and specifying the
occurrence.

 

(e)                “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and all
applicable regulations or guidance promulgated thereunder.

 

7.11       Nonduplication
of Benefits. Notwithstanding any provision in this Agreement or in any other Employer benefit plan or compensatory arrangement
to the contrary, but at all times subject to Section 7.4, (a) any payments due under Section 7.1, Section 7.2 or Section 7.3
shall be made not more than once, if at all, (b) payments may be due under Section 7.1, Section 7.2 or Section 7.3, but under no
circumstances shall payments be made under all of or any combination of Section 7.1, Section 7.2 and Section 7.3, (c) no payments
made under Sections 7.1, 7.2 and 7.3 this Agreement shall be considered compensation for purposes of any benefit plan or compensatory
arrangement of Employer, and (d) Executive shall not be entitled to severance benefits from Employer other than as contemplated under
this Agreement, unless such other severance benefits offset and reduce the benefits due under this Agreement on a dollar-for-dollar basis,
but not below zero.

 

    	 	-7-	 

     

    

 

8.               No Competition and
No Conflict of Interest. Except as otherwise provided in Section 2.2 of this Agreement, during the Term, Executive must
not (a) engage in any work, paid or unpaid, that creates an actual conflict of interest with the essential business-related interests
of the Employer where such conflict would materially and substantially disrupt operations, (b) directly or indirectly, whether as an
owner, partner, stockholder, principal, agent, employee, consultant, or in any other relationship or capacity, engage in, or acquire
any interest in any Person, corporation, partnership or other entity (other than Company or any entity directly or indirectly controlled
by Company) engaged in the Employer Business, or (c) in any way other than on behalf of and as an employee of Employer, act as an officer,
director, employee, consultant, shareholder, volunteer, lender, or agent of any business enterprise engaged in the Employer Business
or any business in which Employer becomes actively engaged during the Term. In addition, Executive agrees not to refer any tenant or
potential tenant of Employer to competitors of Employer, without obtaining Company’s prior written consent, during the Term. Notwithstanding
the foregoing, Executive’s passive investment in, or passive ownership of, less than five percent (5%) of the capital stock or
other equity interests of any business entity (including a business entity engaged in the Employer Business) shall not be treated as
a breach of this Section 8. For purposes of this Agreement, the term “Employer Business” shall mean the acquisition,
disposition, development, redevelopment, ownership, operation, management or financing of single tenant industrial properties in the
United States, and “passive” means no employment or involvement in management, operations or policy decisions of the
business entity and excludes any service as a director (or equivalent), manager, officer, employee or consultant or as a general partner
or managing member (or equivalent) of the business entity

 

9.              
Confidentiality. During the Term, Executive has been and will continue to be given access to a wide variety of information
about the Employer, its affiliates and other related businesses that the Employer considers “Confidential Employer Information.”
As a condition of continued employment, Executive agrees to abide by Employer’s business policies and directives on confidentiality
and nondisclosure of Confidential Employer Information. Confidential Employer Information shall mean all information applicable to the
business of the Employer which confers or may confer a competitive advantage upon the Employer over one who does not possess the information;
and has commercial value in the business of the Employer or any other business in which the Employer engages or is preparing to engage
during Executive’s employment with Employer. Confidential Employer Information includes, but is not limited to, information regarding
the Employer’s business plans and strategies; contracts and proposals (including leases and proposed leases); artwork, designs,
drawings and specifications for development and redevelopment projects; tenants and prospective tenants; suppliers and other business
partners and Employer’s business arrangements and strategies with respect to them; current and future marketing or advertising
campaigns; software programs; codes, underwriting models, credit analyses, formulae or techniques; rent rolls; financial information;
personnel information; and all ideas, plans, processes or information related to the current, future and proposed projects or other business
of the Employer that has not been disclosed to the public by an authorized representative of the Employer, acting within the scope of
his or her authority, whether or not such information would be enforceable as a trade secret of the Employer or enjoined or restrained
by a court or arbitrator as constituting unfair competition. Confidential Employer Information also includes confidential information
of any third party who may disclose such information to the Employer or Executive in the course of the Employer’s business.

 

9.1  
Nondisclosure. Executive acknowledges that Confidential Employer Information constitutes valuable, special and unique
assets of the Employer’s business and that the unauthorized disclosure of such information to competitors of the Employer, or to
the general public, will be highly detrimental to the Employer. Executive therefore agrees to hold Confidential Employer Information in
strictest confidence. Except as shall occur as and to the extent that Executive performs his duties to Employer, Executive agrees not
to disclose or allow to be disclosed to any individual or entity, other than those individuals or entities authorized by the Company,
any Confidential Employer Information that Executive has or may acquire during Executive’s employment by Employer (whether or not
developed or compiled by Executive and whether or not Executive has been authorized to have access to such Confidential Employer Information).

 

    	 	-8-	 

     

    

 

9.2  
Continuing Obligation. Executive agrees that the agreement not to disclose Confidential Employer Information will
be effective during Executive’s employment and continue even after Executive is no longer employed by Employer. Any obligation not
to disclose any portion of any Confidential Employer Information will continue indefinitely unless such information (a) has become
public knowledge through no fault of Executive; or (b) has been developed independently without any reference to any information
obtained during Executive‘s employment with Employer; or (c) must be disclosed in response to a valid order by a court or government
agency or is otherwise required by law.

 

9.3  
Return of Employer Property. On termination of employment with Employer for whatever reason, or at the request of
the Employer before termination, Executive agrees to promptly deliver to Employer all records, files, computer disks, memoranda, documents,
lists and other information regarding or containing any Confidential Employer Information, including all copies, reproductions, summaries
or excerpts thereof, then in Executive’s possession or control, whether prepared by Executive or others. Executive also agrees to
promptly return, on termination or the Employer’s request, any and all Employer property issued to Executive, including but not
limited to computers, cellular phones, keys and credits cards. Executive further agrees that should Executive discover any Employer property
or Confidential Employer Information in Executive’s possession after the return of such property has been requested, Executive agrees
to return it promptly to Employer without retaining copies, summaries or excerpts of any kind.

 

9.4  
No Violation of Rights of Third Parties. Executive warrants that the performance of all the terms of this Agreement
does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Executive prior
to Executive’s employment with Employer. Executive agrees not to disclose to Employer, or induce Employer to use, any confidential
or proprietary information or material belonging to any previous employers or others. Executive warrants that Executive is not a party
to any other agreement that will interfere with Executive’s full compliance with this Agreement. Executive further agrees not to
enter into any agreement, whether written or oral, in conflict with the provisions of this Agreement while such provisions remain effective.

 

10.             
Interference with Business Relations.

 

10.1      Interference
with Sellers, Tenants, Brokers and Other Business Partners. Executive acknowledges that Employer’s seller information,
tenant base, broker network, pipeline, leasing and acquisitions/sales strategies and its other business arrangements have been developed
through substantial effort and expense, and its nonpublic business information regarding these matters is confidential and constitutes
trade secrets. In addition, because of Executive’s position, Executive understands that Employer will be particularly vulnerable
to significant harm from Executive’s use of such information for purposes other than to further Employer’s business interests.
Accordingly, Executive agrees that during Executive’s employment with Employer, and for a period of twelve (12) months thereafter,
regardless of the reason for termination of employment, Executive will not, either directly or indirectly, separately or in association
with others, interfere with, impair, disrupt or damage Employer’s relationship with any of the sellers, tenants, brokers or other
business partners of Employer with whom Executive has had contact, or conducted business, during the Term of Employment by contacting
them for the purpose of inducing or encouraging any of them to divert or take away business from Employer.

 

    	 	-9-	 

     

    

 

10.2      
Interference with Employer’s Employees. Executive acknowledges that the services provided by Employer’s employees
are unique and special, and that Employer’s employees possess trade secrets and Confidential Employer Information that is protected
against misappropriation and unauthorized use. As such, Executive agrees that during, and for a period of twelve (12) months after, Executive’s
employment with Employer, regardless of the reason for termination of employment, Executive will not, either directly or indirectly,
separately or in association with others, interfere with, impair, disrupt or damage Employer’s business by contacting any Employer
employees for the purpose of inducing or encouraging them to discontinue their employment with Employer.

 

10.3       Negative
Information. During the Term and thereafter, Executive shall not disclose confidential or negative non-public information or
make any disparaging or defamatory remarks, comments or statements regarding Employer or its directors, officers, employees, investors,
shareholders or advisors and any affiliates of any of the foregoing (collectively, the “Employer Affiliates”); provided,
however, that nothing contained in this Section 10.3 shall affect any legal obligation of Executive to respond to mandatory governmental
inquiries concerning the Employer or the Employer Affiliates or to act in accordance with, or to establish, his rights under this Agreement.
Employer likewise agrees that no one acting with the actual authority of Employer shall disclose negative non-public information or make
any disparaging or defamatory remarks, comments or statements regarding Executive; provided, however, that nothing contained in this
Section 10.3 shall affect any legal obligation of the Employer or the Employer Affiliates to respond to mandatory governmental inquiries
concerning Executive or to act in accordance with, or to establish, the rights of the Employer and the Employer Affiliates under this
Agreement.

 

10.4                Post-Termination
Noncompetition. For a period of twelve (12) months following the termination of Executive’s employment with the Employer,
regardless of the reason for termination of employment, Executive will not engage in Competitive
Activities (as hereinafter defined). Notwithstanding any other provision herein to the contrary, this Section 10.4 shall terminate and
be null and void if the Employer terminates Executive’s employment without Cause, or Executive resigns from employment with Employer
for Good Reason, or if the Employer elects to send Executive notice of non-renewal pursuant to Section 3 hereof. The term “Competitive
Activities,” for purposes of this Section 10.4, shall mean the taking of any of the following actions by Executive: (a) Executive’s
direct or indirect participation (for his own account or jointly with others) in the management of, or as an employee, board member, partner,
manager, member, joint venturer, representative or other agent of, or advisor or consultant to, any other business operation if a material
portion (either in comparison to the size of Employer’s Business or, if smaller, to such business operation’s business) of
such operation is engaging in the Employer Business or any business in which Employer has been actively engaged at the time of the termination
of Executive’s employment with Employer (a “Competitive Operation”); (b) Executive’s investment in,
or ownership of, the capital stock or other equity interests in any business entity that is a Competitive Operation; or (c) Executive’s
lending of funds for the purpose of establishing or operating any Competitive Operation, or otherwise giving advice to any Competitive
Operation, or lending or allowing his name or reputation to be used by any Competitive Operation or otherwise allowing his skill,
knowledge or experience to be so used. Notwithstanding the foregoing, Executive’s passive investment in, or passive ownership of,
up to five percent (5%) of the capital stock or other equity interests of any business entity (including a business entity engaged
in the Employer Business) shall not be treated as a breach of this Section 10.4. For purposes of this Section 10.4, “Employer
Business” and “passive” have the meanings set forth in Section 8 above and “material portion”
shall mean that either (i) the total assets engaged in a Competitive Operation exceeds 20% of such business operation’s total assets
or (ii) the total assets engaged in a Competitive Operation of such business operation equals or exceeds 20% of the Employer’s Business.
This Section 10.4 governs the period of time following Executive’s employment with Employer, and Section 8 above governs during
the Term.

 

    	 	-10-	 

     

    

 

11.             Injunctive Relief. Executive acknowledges that Executive’s breach of the covenants contained in Sections 8
through 10 of this Agreement inclusive (collectively “Covenants”) would cause irreparable injury and continuing harm
to Employer for which there will be no adequate remedy at law, and agrees that Employer shall be entitled to temporary and preliminary
injunctive relief upon a showing of a likelihood of such a breach, and shall be entitled to permanent injunctive relief upon establishing
such a breach, to the fullest extent allowed by Massachusetts law, without the necessity of proving irreparable harm or actual damages
or of posting any bond or other security.

 

12.             
Agreement to Arbitrate.

 

12.1       Mandatory
Arbitration. Any dispute or controversy arising out of or relating to any interpretation, construction, performance, termination
or breach of this Agreement, will be settled by final and binding arbitration by a single arbitrator to be held in Boston, Massachusetts,
in accordance with the American Arbitration Association national rules for resolution of employment disputes then in effect, except as
provided herein. The arbitrator selected shall have the authority to grant any party all remedies otherwise available by law, including
injunctions, but shall not have the power to grant any remedy that would not be available in a state or federal court. The arbitrator
shall have the authority to hear and rule on dispositive motions (such as motions for summary adjudication or summary judgment). The
arbitrator shall have the powers granted by Massachusetts law and the rules of the American Arbitration Association which conducts the
arbitration, except as modified or limited herein. In aid of arbitration, either party may seek temporary and/or preliminary injunctive
relief in the Business Litigation Session of the Suffolk County Massachusetts Superior Court (or in a regular session of that court if
the case is not accepted into the Business Litigation Session).

 

12.2        Principles Governing Arbitration. Notwithstanding anything to the contrary in the rules of the American Arbitration Association,
the arbitration shall provide (i) for written discovery and depositions as provided under Massachusetts law and (ii) for a written decision
by the arbitrator that includes the essential findings and conclusions upon which the decision is based which shall be issued no later
than thirty (30) days after a dispositive motion is heard and/or an arbitration hearing has completed. Except in disputes where Executive
asserts a claim otherwise under a state or federal statute prohibiting discrimination in employment (a “Statutory Discrimination
Claim”), each side shall split equally the fees and administrative costs charged by the arbitrator and American Arbitration
Association. In disputes where Executive asserts a Statutory Discrimination Claim against Employer, Executive shall be required to pay
the American Arbitration Association’s filing fee only to the extent such filing fee does not exceed the fee to file a complaint
in state or federal court. In such cases where Executive asserts a Statutory Discrimination Claim, Employer shall pay the balance of
the arbitrator’s fees and administrative costs.

 

12.3      
Rules Governing Arbitration. Executive and Employer shall have the same amount of time to file any claim against
any other party as such party would have if such a claim had been filed in state or federal court. In conducting the arbitration, the
arbitrator shall follow the rules of evidence of the Commonwealth of Massachusetts (including but not limited to all applicable privileges),
and the award of the arbitrator must follow Massachusetts and/or federal law, as applicable.

 

12.4       Selection of Arbitrator. The arbitrator shall be selected by the mutual agreement of the parties. If the parties cannot
agree on an arbitrator, the parties shall alternately strike names from a list provided by the American Arbitration Association until
only one name remains.

 

    	 	-11-	 

     

    

 

12.5       Arbitrator Decision. The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration.
In disputes where Executive asserts a Statutory Discrimination Claim, reasonable attorneys’ fees shall be awarded by the arbitrator
based on the same standard as such fees would be awarded if the Statutory Discrimination Claim had been asserted in state or federal
court. Judgment may be entered on the arbitrator's decision in any court having jurisdiction.

 

13.            
General Provisions.

 

13.1       Successors
and Assigns. The rights and obligations of Employer under this Agreement shall inure to the benefit of and shall be binding upon
the successors and assigns of Employer. The Employer will require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) or assignee to all or substantially all of the business and/or assets of the Employer to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession
or assignment had taken place. Executive shall not be entitled to assign any of Executive’s rights or obligations under this Agreement
without Employer’s written consent.

 

13.2        Nonexclusivity of Rights. Except as expressly provided in this Agreement, Executive is not prevented from continuing
or future participation in any Employer benefit, bonus, incentive or other plans, programs, policies or practices provided by Employer
subject to the terms and conditions of such plans, programs, or practices.

 

13.3       Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be construed
as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

13.4       Attorneys’ Fees. Each side will bear its own attorneys’ fees in any dispute except as provided in Section 12.5.

 

13.5       Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court
of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as
so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If
a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted,
and the validity and enforceability of the remaining provisions shall not be affected thereby.

 

13.6        Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be used in
interpreting this Agreement. This Agreement has been drafted by legal counsel representing Employer, but Executive has participated in
the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement
and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

13.7       Governing Law. This Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.
Except as and to the extent that Section 12 does not properly apply, each party consents to the jurisdiction and venue of the state
or federal courts in Suffolk County, Massachusetts in any action, suit, or proceeding arising out of or relating to this Agreement.

 

    	 	-12-	 

     

    

 

13.8       Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as
follows with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier
upon written verification of receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission;
or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses
set forth below, or such other address as either party may specify in writing.

 

13.9       Survival. The following provisions shall survive Executive’s employment with Employer to the extent reasonably
necessary to fulfill the parties’ expectations in entering this Agreement: Section 7 (“Termination of Employment”),
Section 9 (“Confidentiality”), 10 (“Interference with Business Relations”) Section 11 (“Injunctive
Relief”), Section 12 (“Agreement to Arbitrate”), Section 13 (“General Provisions”), and Section
14 (“Entire Agreement”).

 

14.            
Entire Agreement. This Agreement, together with the other agreements and documents governing the benefits described
in this Agreement, constitute the entire agreement among the parties relating to this subject matter hereof and supersedes all prior or
simultaneous representations, discussions, negotiations, and agreements, whether written or oral. This Agreement may be amended or modified
only with the written consent of Board of Directors of the Company and Executive. No oral waiver, amendment or modification will be effective
under any circumstances whatsoever.

 

    	 	-13-	 

     

    

 

THE PARTIES TO THIS AGREEMENT HAVE READ THE
FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT
ON THE DATES SHOWN BELOW.

 

	 	STAG INDUSTRIAL, INC.
	 	 
	Dated: January 10, 2022	By:	/s/ Benjamin S. Butcher
	 	 	Name: 	Benjamin S. Butcher
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	STAG INDUSTRIAL
    OPERATING PARTNERSHIP, L.P.
	 	 	 	 
	 	By: 	STAG Industrial GP, LLC, its sole general partner
	 	 	 	 
	 	 	 	 
	Dated: January 10, 2022	By:	/s/ Benjamin S. Butcher
	 	 	Name: 	Benjamin S. Butcher
	 	 	Title:	President
	 	 	 	 
	 	MATTS S. PINARD
	 	 	 	 
	Dated: January 10, 2022	/s/ Matts S. Pinard
	 	Address:

  

    	 	-14-

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