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exhibit47descriptionofse

                                                                                    Exhibit 4.7                          DESCRIPTION OF THE REGISTRANT’S SECURITIES                         REGISTERED PURSUANT TO SECTION 12 OF THE                              SECURITIES EXCHANGE ACT OF 1934        As  of December  31,  2019,  Physicians Realty Trust  has one  class of  securities registered under  Section  12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), being our common shares.                                DESCRIPTION OF COMMON SHARES        The  following  description  of  our  common  shares  and  preferred  shares  is  a  summary  and  does  not  purport  to  be complete. It is subject to and qualified in its entirety by reference to our declaration of trust (the “Declaration of Trust”) and our Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.7 is a part. We encourage you to read our Declaration of Trust, our Bylaws and the applicable provisions of  the  Maryland  REIT  LAW  (the  “MRL”)  and  the  Maryland  General  Corporation  Law  (the  “MGCL”)  for  additional information.        The terms “we,” “us” and “our” as such terms are used in the following description of common shares and preferred shares refer to Physicians Realty Trust, and not any of its subsidiaries, unless the context requires otherwise.  General        Our declaration of trust provides that we may issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share, and 100,000,000 preferred shares of beneficial interest, $0.01 par value per share. Our declaration of trust authorizes our board of trustees to amend our declaration of trust to increase or decrease the aggregate number of authorized shares or the number of shares of any class or series that we have the authority to issue without shareholder approval. As of December 31, 2019, 189,975,396 common shares were issued and outstanding.        Under Maryland law, shareholders are not personally liable for the obligations of a Maryland real estate investment trust solely as a result of their status as shareholders.  Common Shares        All of the common shares that may be issued in connection with an offering will, upon issuance, be duly authorized, fully paid  and  nonassessable. Subject to the preferential  rights, if any, of holders  of any other class or  series  of  shares  of beneficial interest and to the provisions of our Declaration of Trust regarding the restrictions on ownership and transfer of shares of beneficial interest, holders of our common shares are entitled to receive distributions on such shares of beneficial interest out of assets legally available therefor if, as and when authorized by our board of trustees and declared by us, and the holders of our common shares are entitled to share ratably in our assets legally available for distribution to our shareholders in the event of our liquidation, dissolution or winding up after payment of or adequate provision for all of our known debts and liabilities.        Subject to the provisions of our Declaration of Trust regarding the restrictions on ownership and transfer of common shares of beneficial interest and except as may otherwise be specified in the terms of any class or series of common shares, each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders, including the election of trustees, and, except as provided with respect to any other class or series of shares of beneficial interest, the holders

 

of such common shares will possess the exclusive voting power. There is no cumulative voting in the election of our trustees, which means that the shareholders entitled to cast a majority of the votes entitled to be cast in the election of trustees can elect all of the trustees then standing for election, and the remaining shareholders will not be able to elect any trustees.        Holders of common shares have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities. Subject to the restrictions on ownership and transfer of shares contained in our Declaration of Trust and the terms of any other class or series of common shares, all of our common shares will have equal dividend, liquidation and other rights.  Power to Reclassify Our Unissued Shares of Beneficial Interest        Our Declaration of Trust authorizes our board of trustees to classify and reclassify any unissued common or preferred shares into other classes or series of shares of beneficial interest. Prior to the issuance of shares of each class or series, our board of trustees is required by Maryland law and by our Declaration of Trust to set, subject to the provisions of our Declaration of Trust regarding the restrictions on ownership and transfer of shares of beneficial interest, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption  for each  class or  series. Therefore, our board  of trustees could  authorize  the issuance of common shares  or preferred shares that have priority over our common shares as to voting rights, dividends or upon liquidation or with terms and conditions that could have the effect of delaying, deferring or preventing a change in control or other transaction that might involve a premium price for our common shares or otherwise be in the best interests of our shareholders.  Restrictions on Ownership and Transfer        For us to qualify as a REIT under the Code our shares of beneficial interest must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, not more than 50% of the value of our outstanding shares of beneficial interest may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year.        Because our board of trustees believes it is at present essential for us to qualify as a REIT, among other purposes, our Declaration of Trust provides that, subject to certain exceptions, no person may beneficially or constructively own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our shares of beneficial interest, which we refer to as the ownership limit.  Our board of trustees has granted, and may in the future grant, an exemption to the 9.8% share ownership limit. However, our board of trustees may not grant an exemption from this restriction to any proposed transferee whose ownership in excess of 9.8% of the number or value of our outstanding shares would result in our failing to qualify as a REIT.        Our Declaration of Trust also prohibits any person from (i) beneficially owning shares of beneficial interest to the extent that such beneficial ownership would result in our being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of the taxable year), (ii) transferring our shares of beneficial interest to the extent that such transfer would result in our shares of beneficial interest being beneficially owned  by  less  than  100  persons  (determined  under  the  principles  of  Section  856(a)(5)  of  the  Code),  (iii)  beneficially  or constructively owning our shares of beneficial interest to the extent such beneficial or constructive ownership would cause us to constructively own ten percent or more of the ownership interests in a tenant (other than a taxable REIT subsidiary (“TRS”)) of our real property within the meaning of Section 856(d)(2)(B) of the Code or (iv) beneficially or constructively owning or transferring our shares of beneficial interest if such ownership or transfer would otherwise cause us to fail to qualify as a REIT under the Code, including, but not limited to, as a result of any operators that manage “qualified healthcare properties” for a TRS failing to qualify as “eligible independent contractors” under the REIT rules. Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of our shares of beneficial interest that will or may violate any of the

 

foregoing restrictions on ownership and transfer, or any person who would have owned our shares of beneficial interest that resulted in a transfer of shares to a charitable trust (as described below), is required to give written notice immediately to us, or in the case of a proposed or attempted transaction, to give at least 15 days’ prior written notice, and provide us with such other information  as  we  may  request  in  order  to  determine  the  effect  of  such transfer  on  our  status  as  a  REIT. The  foregoing restrictions on ownership and transfer will not apply if our board of trustees determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT, or that compliance with the restrictions on ownership and transfer is no longer required for us to qualify as a REIT.        Our board of trustees, in its sole discretion, may prospectively or retroactively exempt a person from the restrictions described  in the paragraph above (other  than the  restriction described in clause  (iv) of the  preceding  paragraph) and  may establish or increase an excepted holder percentage limit for such person. The person seeking an exemption must provide to our board of trustees such representations, covenants and undertakings as our board of trustees may deem appropriate in order to conclude that granting the exemption will not cause us to fail to qualify as a REIT. Our board of trustees may not grant such an exemption to any person if such exemption would result in our failing to qualify as a REIT. Our board of trustees may require a ruling from the IRS or an opinion of counsel, in either case in form and substance satisfactory to the board of trustees, in its sole discretion, in order to determine or ensure our status as a REIT. Our board of trustees may from time to time increase or decrease the ownership limit for one or more persons, but any decreased ownership limit will not be effective for any person whose percentage ownership of our shares is in excess of the decreased ownership limit until the person’s percentage ownership of our  shares  equals  or  falls below the  decreased  ownership limit (although  any  acquisition  of  our shares  in excess  of  the decreased ownership limit will be in violation of the decreased ownership limit). Our board of trustees may not increase the ownership limit if the increase, taking into account any expected holder limits, would allow five or fewer individuals (including certain entities) to beneficially own more than 49.9% in value of our outstanding shares.        Any attempted transfer of our shares of beneficial interest which, if effective, would result in a violation of any of the restrictions described above will result in the number of shares causing the violation (rounded up to the nearest whole share) to be automatically transferred to one or more charitable trusts for the exclusive benefit of one or more charitable beneficiaries, except  that  any  transfer  that  results  in  the  violation  of  the  restriction  relating  to  our  shares  of  beneficial  interest  being beneficially owned by fewer than 100 persons will be void ab initio. In either case, the proposed transferee will not acquire any rights in such shares. The automatic transfer will be deemed to be effective as of the close of business on the business day prior to the date of the purported transfer or other event that results in the transfer to the trust. Shares held in the trust will be issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares held in the trust, will have no rights to dividends or other distributions and will have no rights to vote or other rights attributable to the shares held in the trust. The trustee of the trust will have all voting rights and rights to dividends or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive benefit of the charitable beneficiary. Any dividend or other distribution paid prior to our discovery that shares have been transferred to the trust will be paid by the recipient to the trustee upon  demand. Any dividend or other distribution  authorized  but unpaid  will  be paid when due to the trustee. Any dividend or other distribution paid to the trustee will be held in trust for the charitable beneficiary. Subject to Maryland law, the trustee will have the authority (i) to rescind as void any vote cast by the proposed transferee prior to our discovery that the shares have been transferred to the trust and (ii) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible trust action, then the trustee will not have the authority to rescind and recast the vote.        Within 20 days of receiving notice from us that shares of beneficial interest have been transferred to the trust, the trustee will sell the shares to a person designated by the trustee, whose ownership of the shares will not violate the above restrictions on ownership and transfer. Upon the sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee and to the charitable beneficiary as follows: The proposed transferee will receive the lesser of (i) the price paid by the proposed transferee for the shares or, if the event that resulted in the transfer to the trust did not involve a purchase of the shares at market price, the market price (as defined in our

 

Declaration of Trust) of the shares on the day of the event causing the shares to be held in the trust and (ii) the price per share received by the trustee (net of any commission and other expenses of sale) from the sale or other disposition of the shares. The trustee may reduce the amount payable to the proposed transferee by the amount of dividends or other distributions paid to the proposed transferee and owed by the proposed transferee to the trustee. Any net sale proceeds in excess of the amount payable to the proposed transferee will be paid immediately to the charitable beneficiary. If, prior to our discovery that our shares have been transferred to the trust, the shares are sold by the proposed transferee, then (i) the shares shall be deemed to have been sold on behalf of the trust and (ii) to the extent that the proposed transferee received an amount for the shares that exceeds the amount the proposed transferee was entitled to receive, the excess shall be paid to the trustee upon demand.        In addition, shares of beneficial interest held in the trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in the transfer to the trust (or, if the event that resulted in the transfer to the trust did not involve a purchase of the shares at market price, the market price of the shares on the day of the event causing the shares to be held in trust) and (ii) the market price on the date we, or our designee, accept the  offer,  which  we may reduce by the amount of dividends and other  distributions paid  to the proposed transferee and owed by the proposed transferee to the trustee and pay such amount instead to the trustee for the benefit of the charitable beneficiary. We will have the right to accept the offer until the trustee has sold the shares. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee and any dividends or other distributions held by the trustee must be paid to the charitable beneficiary.        If a transfer to a charitable trust, as described above, would be ineffective for any reason to prevent a violation of the restrictions described above, the transfer that would have resulted in such violation will be void ab initio, and the proposed transferee shall acquire no rights in such shares.        All certificated shares will bear a legend referring to the restrictions described above (or a declaration that we will furnish a full statement about certain restrictions on transfer to a shareholder on request and without charge).        Every owner of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) of all classes or series of our shares of beneficial interest, within 30 days after the end of each taxable year, is required to give us written notice, stating the owner's name and address, the number of shares of each class and series of our shares of beneficial interest beneficially owned and a description of the manner in which the shares are held. Each such owner must also provide us with such additional information as we may request in order to determine the effect, if any, of the beneficial ownership on our status as a REIT and to ensure compliance with the restrictions on ownership and transfer of our shares. In addition, each shareholder will upon demand be required to provide us with such information as we may request in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.        These restrictions on ownership and transfer could delay, defer or prevent a transaction or a change in control that might involve a premium price for our common shares or otherwise be in the best interest of our shareholders.  Listing        Our common shares are listed on the NYSE under the symbol “DOC.”  Transfer Agent and Registrar        The transfer agent and registrar for our common shares is Computershare Trust Company, N.A.

 

                     CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR                             DECLARATION OF TRUST AND BYLAWS  Number of Trustees; Vacancies        Our declaration of trust and bylaws provide that the number of our trustees may be established, increased or decreased by our board of trustees but may not be less than the minimum number required by the MRL, if any, nor more than 15. Pursuant to our declaration of trust, we have also elected to be subject to the provision of Subtitle 8 of Title 3 of the MGCL regarding the filling of vacancies on our board of trustees. Accordingly, except as may be provided by our board of trustees in setting the terms of any class or series of shares of beneficial interest, any and all vacancies on our board of trustees may be filled only by the affirmative vote of a majority of the remaining trustees in office, even if the remaining trustees do not constitute a quorum, and any individual elected to fill such vacancy will serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is duly elected and qualifies.        Each of our trustees will be elected by our shareholders to serve for a one-year term and until his or her successor is duly elected and qualified. A majority of all votes cast with respect to a trustee at a meeting of shareholders at which a quorum is present is sufficient to elect that trustee; provided, however, that the trustees shall be elected by a plurality of all the votes cast at any annual meeting for which the number of nominees exceeds the number of trustees to be elected. The presence in person or by proxy of shareholders entitled to cast a majority of all the votes entitled to be cast at a meeting constitutes a quorum.  Removal of Trustees        Our declaration of trust provides that, subject to the rights of holders of any class or series of preferred shares, a trustee may be removed only for “cause,” and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of trustees. For this purpose, “cause” means, with respect to any particular trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such trustee caused demonstrable, material harm to us through bad faith or active and deliberate dishonesty. These provisions, when coupled with the exclusive power of our board of trustees to fill vacancies on our board of trustees, generally precludes shareholders from (i) removing incumbent trustees except for “cause” and with a substantial affirmative vote and (ii) filling the vacancies created by such removal with their own nominees.  Business Combinations        Under  certain  provisions  of  the  MGCL  applicable  to  Maryland  real  estate  investment  trusts,  certain  “business combinations,” including a merger, consolidation, statutory share exchange or, in certain circumstances, an asset transfer or issuance or reclassification of equity securities, between a Maryland real estate investment trust and an “interested shareholder” or, generally, any person who beneficially, directly or indirectly, owns 10% or more of the voting power of the real estate investment trust’s outstanding voting shares or an affiliate or associate of the real estate investment trust who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding voting shares of beneficial interest of the real estate investment trust, or an affiliate of such an interested shareholder, are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. Thereafter, any such business combination must be recommended by the board of trustees of such real estate investment trust and approved by the affirmative vote of at least (a) 80% of the votes entitled to be cast by holders of outstanding voting shares of beneficial interest in the real estate investment trust and (b) two-thirds of the votes entitled to be cast by holders of voting shares of beneficial interest in the real estate investment trust other than shares held by the interested shareholder with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of the interested shareholder, unless, among other conditions, the real estate investment trust’s common shareholders receive a

 

minimum price (as defined in the MGCL) for their shares and the consideration is received in cash or in the same form as previously paid by the interested shareholder for its shares. Under the MGCL, a person is not an “interested shareholder” if the board  of  trustees  approved  in  advance  the  transaction  by  which  the  person  otherwise  would  have  become  an  interested shareholder. A real estate investment trust’s board of trustees may provide that its approval is subject to compliance with any terms and conditions determined by it.        These provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by a board of trustees prior to the time that the interested shareholder becomes an interested shareholder. Pursuant to the statute, our board of trustees has by resolution exempted business combinations between us and any other person from these provisions of the MGCL, provided that the business combination is first approved by our board of trustees, including a majority of trustees who are not affiliates or associates of such person, and, consequently, the five year prohibition and the supermajority vote requirements  will  not  apply  to  such  business  combinations. As  a  result,  any  person  may  be  able  to  enter  into  business combinations with us that may not be in the best interests of our shareholders without compliance by us with the supermajority vote requirements and other provisions of the statute. This resolution, however, may be altered or repealed in whole or in part at any time. If this resolution is repealed, or our board of trustees does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.  Control Share Acquisitions        The MGCL provides that holders of “control shares” of a Maryland real estate investment trust acquired in a “control share acquisition” have no voting rights with respect to the control shares except to the extent approved by the affirmative vote of at  least  two-thirds of the votes  entitled to  be  cast on the  matter,  excluding shares of  beneficial interest in a real estate investment trust in respect of which any of the following persons is entitled to exercise or direct the exercise of the voting power of such shares in the election of trustees: (1) a person who makes or proposes to make a control share acquisition, (2) an officer of the real estate investment trust or (3) an employee of the real estate investment trust who is also a trustee of the real estate investment trust. “Control shares” are voting shares which, if aggregated with all other such shares owned by the acquirer, or in respect of  which the acquirer  is able  to exercise or direct the exercise  of voting  power (except  solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing trustees within one of the following ranges of voting power: (A) one-tenth or more but less than one-third, (B) one-third or more but less than a majority or (C) a majority or more of all voting power. Control shares do not include shares that the acquirer is then entitled to vote as a result of having previously obtained shareholder approval or shares acquired directly from the real estate investment trust. A “control share acquisition” means the acquisition of issued and outstanding control shares, subject to certain exceptions.        A  person  who  has  made  or  proposes to  make a  control  share  acquisition,  upon  satisfaction  of  certain  conditions (including an undertaking to pay expenses and making an “acquiring  person  statement” as described in the MGCL), may compel a board of trustees to call a special meeting of shareholders to be held within 50 days of demand to consider the voting rights of the shares. If no request for a meeting is made, the real estate investment trust may itself present the question at any shareholders’ meeting.        If voting rights are not approved at the meeting or if the acquirer does not deliver an acquiring person statement as required by the statute, then, subject to certain conditions and limitations, the real estate investment trust may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of any meeting of shareholders at which the voting rights of such shares are considered and not approved or, if no such meeting is held, as of the date of the last control share acquisition by the acquirer. If voting rights for control shares are approved at a shareholders’ meeting and the acquirer becomes entitled  to  vote  a  majority  of  the  shares  entitled  to  vote,  all  other  shareholders  may  exercise appraisal  rights,  unless  our declaration of trust or bylaws provide otherwise. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

 

      The control share acquisition statute does not apply to (a) shares acquired in a merger, consolidation or statutory share exchange if  the  real estate  investment  trust  is  a  party  to  the transaction  or  (b)  acquisitions  approved  or  exempted  by  the declaration of trust or bylaws of the real estate investment trust.        Our bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of our shares. There is no assurance that such provision will not be amended or eliminated at any time in the future.  Subtitle 8        Subtitle 8 of Title 3 of the MGCL permits a Maryland real estate investment trust with a class of equity securities registered under the Securities Exchange Act of 1934 (as amended, the “Exchange Act”) and at least three independent trustees to elect to be subject, by provision in its declaration of trust or bylaws or a resolution of its board of trustees and notwithstanding any contrary provision in the declaration of trust or bylaws, to any or all of five provisions:           ·   a classified board;          ·   a two-thirds vote requirement for removing a trustee;          ·   a requirement that the number of trustees be fixed only by vote of the trustees;          ·   a  requirement  that  a  vacancy  on  the  board  be  filled  only  by  the  remaining  trustees  and,  if  the  board  is              classified, for the remainder of the full term of the class of trustees in which the vacancy occurred; and          ·   a majority requirement for the calling of a shareholder-requested special meeting of shareholders.        Pursuant to our declaration of trust, we have elected to be subject to the provision of Subtitle 8 that requires that vacancies on our board may be filled only by the remaining trustees and for the remainder of the full term of the trusteeship in which the vacancy occurred. Through provisions in our declaration of trust and bylaws unrelated to Subtitle 8, we already (1) require the affirmative vote of the holders of not less than two-thirds of all of the votes entitled to be cast on the matter for the removal of any trustee from the board, which removal will be allowed only for cause, (2) vest in the board the exclusive power to fix the number of trusteeships, (3) require that a vacancy on the board be filled only by the remaining trustees and (4) require, unless called by our chairman, chief executive officer, president or a majority of the board of trustees, the written request of shareholders entitled to cast not less than a majority of the votes entitled to be cast at such meeting to call a special meeting of shareholders.  Meetings of Shareholders        Pursuant to our declaration of trust and bylaws, a meeting of our shareholders for the purpose of the election of trustees and the transaction of any business will be held annually on a date and at the time and place set by our board of trustees. A special meeting of our shareholders to act on any matter that may properly be brought before a meeting of our shareholders will also be called by our secretary upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast at the meeting on such matter and containing the information required by our bylaws. Our secretary will inform the requesting shareholders of the reasonably estimated cost of preparing and delivering the notice of meeting (including our proxy materials), and the requesting shareholder must pay such estimated cost before our secretary is required to prepare and deliver the notice of the special meeting.  Mergers; Extraordinary Transactions        Under the MRL, a Maryland real estate investment trust generally cannot merge with, or convert into another entity unless advised by its board of trustees and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a lesser percentage (but not less than a majority of all of the votes entitled

 

to be cast on the matter) is set forth in the trust’s declaration of trust. Our declaration of trust provides that these mergers, consolidations and conversions must be advised by our board of trustees and approved by a majority of all of the votes entitled to be cast on the matter. Our declaration of trust also provides that we may sell or transfer all or substantially all of our assets if approved by our board of trustees and by the affirmative vote of a majority of all the votes entitled to be cast on the matter. However, many of  our  operating  assets  will  be  held by  our  subsidiaries, and these subsidiaries  may be able  to  sell all  or substantially all of their assets, merge with or convert into another entity without the approval of our shareholders.  Amendment to Our Declaration of Trust and Bylaws        Under the MRL, a Maryland real estate investment trust generally cannot amend its declaration of trust unless advised by its board of trustees and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a different percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the trust’s declaration of trust.        Except for amendments to the provisions of our declaration of trust related to the removal of trustees and the vote required to amend the provision regarding amendments to the removal provisions itself (each of which require the affirmative vote of not less than two-thirds of all the votes entitled to be cast on the matter) and certain amendments described in our declaration of trust that require only approval by our board of trustees, our declaration of trust may be amended only with the approval of our board of trustees and the affirmative vote of not less than a majority of all of the votes entitled to be cast on the matter.        Our board of trustees is vested with the power to adopt, alter or repeal any provision of our bylaws and to adopt new bylaws.  In addition, our shareholders may alter or repeal any provision of our bylaws and adopt new bylaw provisions if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of the votes entitled to be cast on the matter.        Our Termination        Our declaration of trust provides for us to have a perpetual existence. Our termination must be approved by a majority of our entire board of trustees and the affirmative vote of not less than a majority of all of the votes entitled to be cast on the matter.        Advance Notice of Trustee Nominations and New Business        Our bylaws provide that, with respect to an annual meeting of shareholders, nominations of individuals for election to our board of trustees at an annual meeting and the proposal of other business to be considered by shareholders may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of our board of trustees or (3) by a shareholder of record both at the time of giving of notice and at the time of the annual meeting, who is entitled to vote at the meeting and has complied with the advance notice provisions set forth in our bylaws. Our bylaws currently require the shareholder generally to provide notice to the secretary containing the information required by our bylaws not less than 120 days nor more than 150 days prior to the first anniversary of the date of our proxy statement for the solicitation of proxies for election of trustees at the preceding year’s annual meeting, or if the date of the meeting is advanced or delayed by more than 30 days from the first anniversary of the preceding year’s annual meeting, or with respect to the first annual meeting after this offering, not more than 150 days before the date of such meeting and not less than the later of 120 days before the date of such meeting or 10 days after the date on which we first publicly announce the date of such meeting.        With respect to special meetings of shareholders, only the business specified in our notice of meeting may be brought before the meeting. Nominations of individuals for election to our board of trustees at a special meeting may be made only by or at the direction of our board of trustees or provided that our board of trustees has determined that trustees will be elected at

 

such meeting, by a shareholder who has complied with the advance notice provisions set forth in our bylaws. Such shareholder may nominate one or more individuals, as the case may be, for election as a trustee if the shareholder’s notice containing the information required by our bylaws is delivered to the secretary not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of (1) the 90th day prior to such special meeting or (2) the tenth day following the day on which public announcement is first made of the date of the special meeting and the proposed nominees of our board of trustees to be elected at the meeting.        Indemnification and Limitation of Trustees’ and Officers’ Liability        Maryland  law  permits  a  Maryland  real  estate  investment  trust  to  include  in  its  declaration  of  trust  a  provision eliminating the liability of its trustees and officers to the trust and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. Our declaration of trust contains a provision that eliminates our trustees’ and officers’ liability to the maximum extent permitted by Maryland law.        Maryland law permits a Maryland real estate investment trust to indemnify its present and former trustees and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that: (a) the act or omission of the trustee or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; (b) the trustee or officer  actually  received  an  improper personal  benefit  in  money,  property  or  services;  or  (c)  in  the  case  of  any  criminal proceeding,  the  trustee  or  officer  had  reasonable  cause to believe  that  the act  or  omission  was  unlawful.  However,  under Maryland law, a Maryland real estate investment trust may not indemnify for an adverse judgment in a suit by or in the right of the real estate investment trust or for a judgment of liability on the basis that personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland law permits a Maryland real estate investment trust to advance reasonable expenses to a trustee or officer upon the real estate investment trust’s receipt of (a) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the trust if it is ultimately determined that the standard of conduct was not met.        Our  declaration  of  trust  authorizes  us  to  obligate  ourselves  and  our  bylaws  obligate  us,  to  the  maximum  extent permitted by Maryland law, to indemnify any present or former trustee or officer or any individual who, while a trustee or officer  of  our company  and  at our  request,  serves  or  has  served as a  trustee,  director,  officer,  partner,  member,  manager, employee, or agent of another real estate investment trust, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service in any of the foregoing capacities and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our declaration of trust and bylaws also permit us to  indemnify and  advance expenses  to  any  individual  who  served  a  predecessor  of  our  company  in  any  of  the  capacities described above and any employees or agents of our company or a predecessor of our company.        We have entered into indemnification agreements with each of our executive officers and trustees whereby we agree to indemnify such executive officers and trustees to the fullest extent permitted by Maryland law against all expenses and liabilities, subject to limited exceptions. These indemnification agreements also provide that upon an application for indemnity by an executive officer or trustee to a court of appropriate jurisdiction, such court may order us to indemnify such executive officer or trustee.

 

       REIT Qualification        Our declaration of trust provides that our board of trustees may revoke or otherwise terminate our REIT election, without approval of our shareholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT.exhibit1021rsuawardagree

                                                                  Exhibit 10.21                   RESTRICTED SHARE UNIT AWARD AGREEMENT                           PHYSICIANS REALTY TRUST                          2013 EQUITY INCENTIVE PLAN       1.     Grant of Award.  Pursuant to the Physicians Realty Trust 2013 Equity Incentive Plan, as amended and restated (the “Plan”) for Employees, Consultants, and Outside Trustees of Physicians Realty Trust, a Maryland real estate investment trust (the “Company”), the Company grants to                               _____________________                                 (the “Participant”)  an Award of Restricted Share Units in accordance with Section 6.5 of the Plan.  The number of Restricted Share  Units  awarded  under  this  Restricted  Share  Unit  Award  Agreement  (the  “Agreement”)  is _____________________  (__________)  units  (the  “Awarded  Units”).   Each  Restricted  Share  Unit represents  the  right  to  receive  one  Common  Share  if  the  Restricted  Share  Unit  becomes  vested  and nonforfeitable in accordance with Sections 3 and 4 of this Agreement.  The “Date of Grant” of this Award is _____________________.  The Participant shall have no rights as a shareholder of the Company, no dividend  rights  and  no  voting  rights  with  respect to  the  Restricted  Share  Units  or  the Common Shares underlying  the  Restricted  Share  Units  unless  and  until  the  Restricted  Share  Units  become  vested  and nonforfeitable and such Common Shares are delivered to the Participant in accordance with Section 6 of this Agreement.  The Participant is not required to pay any cash consideration for the grant of the Restricted Share Units.        2.    Subject to Plan.  This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control; provided that, in the event of any conflict among this Agreement, the Plan and  an  Employment  Agreement in  effect  between  the  Company  and  the  Participant  (the  “Employment Agreement”),  the  terms  of  the  Employment  Agreement  shall  control  to  the  extent  that  it  results  in accelerated vesting of the Restricted Share Units, and it shall not result in a delay of any vesting or in any non-vesting  of  any Restricted  Share  Units  that  otherwise would  occur  under  the  terms  of the  standard vesting provisions contained in Section 3 of this Agreement.  The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan.  This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.        3.    Vesting.   _____________________  of  the  Awarded  Units  will  vest  on _____________________, provided the Participant is actively employed on such date, and the remaining one-half of the Awarded Units will vest on _____________________, provided the Participant is actively employed on such date.        4.    Forfeiture of Awarded Units.              a.    In General.  Except as otherwise provided in this Section 4, or the Employment       Agreement (if applicable), Awarded Units that are not vested in accordance with Section 3 shall be       forfeited  on  the  date  of  the  Participant’s  Termination  of  Service.   Upon  forfeiture,  all  of  the       Participant’s  rights  and  interest  with  respect  to  the  forfeited  Awarded  Units  shall  cease  and       terminate, without any further obligations on the part of the Company.

 

            b.    Death  or  Total  and  Permanent  Disability.   In  the  event  that  the  Participant’s       Termination  of  Service  is  due  to  death  or  Total  and  Permanent  Disability  at  a  time  that  the       Participant’s Awarded Units have not yet vested, the Participant’s Awarded Units shall vest in full       and become nonforfeitable.              c.    Termination without Cause, for Good Reason or Non-Renewal.  In the event that       the Participant’s Termination of Service is due to involuntary termination by the Company without       "Cause" (as such term is defined in the Employment Agreement), termination by the Participant       for "Good Reason" (as such term is defined in the Employment Agreement) or non-renewal of the       Employment Agreement by the Company as provided in the Employment Agreement at a time that       the Participant’s Awarded Units have not yet vested, the Participant's Awarded Units shall vest in       full and become nonforfeitable.              d.    Change in Control.  In the event of a Change in Control, the surviving or successor       entity (or its parent corporation) may continue or assume this Award or may convert this Award       into a replacement award, which award will remain outstanding and be governed by its terms.  If       and to the extent that this Award is not continued, assumed or converted into a replacement award       or awards in connection with such Change in Control, the Participant's Awarded Units shall vest in       full and become nonforfeitable.        5.    Restrictions on Transfer of Awarded Units.  Subject to the provisions of the Plan and the terms of this Agreement, the Participant shall not be permitted to sell, transfer, pledge, hypothecate, margin, assign or otherwise encumber any of the Awarded Units, related rights to dividend equivalents or any other rights  relating  thereto,  and  the  Awarded  Units,  related  rights  to  dividend  equivalents  and  other  rights relating thereto, shall not be subject to execution, attachment, lien, or similar process; provided, however, the Participant will be entitled to designate a beneficiary or beneficiaries to receive any settlement in respect of the Awarded Units upon the death of the Participant, in the manner and to the extent permitted by the Committee.  Any purported transfer or other transaction not permitted under this Section 5 shall be deemed null and void.        6.    Timing and Manner of Settlement of Awarded Units.           a. Settlement Timing.  Unless and until the Awarded Units become vested and nonforfeitable     in accordance with Sections 3 and 4 of the Agreement, the Participant will have no right to settlement     of any such Awarded Units.  Awarded Units will be settled under the Agreement by the Company     delivering to the Participant (or his beneficiary in the event of death) a number of Common Shares     equal to the number of Awarded Units that have become vested and nonforfeitable in accordance     with Section 3 or 4 of the Agreement and are to be settled at the applicable settlement date.  In the     case of Awarded Units that become vested and nonforfeitable upon an anniversary of the Date of     Grant in accordance with Section 3, such Awarded Units will be settled at a date that is as prompt as     practicable after the date of the applicable anniversary of the Date of Grant but in no event later than     two and one-half (2 1/2) months after the end of the calendar year in which the applicable anniversary     occurs.  The settlement of Awarded Units that become vested and nonforfeitable in accordance with     Section 4(b) or 4(c) will be made at a date that is as prompt as practicable  after the Participant’s     Termination of Service but in no event later than two and one-half (2 1/2) months after the end of the     calendar  year  in  which  Termination  of Service occurred.   The  settlement  of  Awarded  Units  that     become vested and nonforfeitable in accordance with Section 4(d) will be made on or before the     Change in Control.             b.     Manner of Settlement.  The Company may make delivery of Common Shares in       settlement of Awarded Units by either delivering certificates representing such Common Shares to

 

      the Participant (if requested by the Participant in accordance with Section 6.3(a) of the Plan and       the Company has elected, in its sole discretion, to issue certificates (as opposed to electronic book       entry  form  with  respect  to  its  Common  Shares))  or  by  registering  the  Common  Shares  in  the       Participant’s name.              c.    Effect  of  Settlement.   Neither  the  Participant  nor  any  of  the  Participant’s       successors, heirs, assigns or personal representatives shall have any further rights or interests in       any Awarded Units that have been paid and settled.  Although a settlement date or range of dates       for settlement are specified above, the Company retains discretion to determine the settlement date,       and no Participant or beneficiary of a Participant shall have any claim for damages or loss by virtue       of  the  fact  that  the  market  price  of  Common  Shares  was  higher  on  a  given  date  upon  which       settlement could have been made as compared to the market price on or after the actual settlement       date (any claim relating to settlement will be limited to a claim for delivery of Common Shares and       related dividend equivalents).        7.    Legend.   The  following  legend  shall  be  inserted  on  a  certificate,  if  issued,  evidencing Common Shares issued under the Plan if the Common 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.”       8.    Dividend Equivalents.  During the period beginning on the Date of Grant and ending on the date that Common Shares are issued in settlement of Awarded Units, the Participant will accrue dividend equivalents equal to the cash dividend or distribution that would have been paid had the Awarded Unit been an issued and outstanding Common Share on the record date for the dividend or distribution.  Such accrued dividend  equivalents  (i)  will  vest  and  become  payable  upon  the  same  terms  and  at  the  same  time  of settlement as the Awarded Units to which they relate; (ii) will be payable with respect to the total number of Awarded Units that become vested and nonforfeitable; and (iii) will be denominated and payable solely in cash.  Dividend equivalent payments, at settlement, will be net of applicable federal, state, local and social insurance withholding taxes (subject to Section 22 of this Agreement).        9.    Adjustment to Number of Awarded Units.  The number of Awarded Units shall be subject to adjustment in accordance with Articles 11 through 13 of the Plan.  Any such adjustment shall be made taking  into  account  any  crediting  of  cash  dividend  equivalents  to  the  Participant  under  Section  8  in connection with such transaction or event.  Restricted Share Units credited to the Participant as a result of an adjustment shall be subject to the same forfeiture and settlement terms as applied to the related Awarded Units prior to the adjustment.        10.   Specific Performance.  The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance.  The remedy of specific performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.

 

      11.   Participant’s Acknowledgments.  The Participant acknowledges that a copy of the Plan has been made available for his review by the Company, and represents that he is familiar with the terms and provisions thereof,  and hereby accepts this Award subject to all the terms and provisions thereof.  The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.  The Participant  acknowledges  and  agrees  that  (i)  sales  of  Common  Shares  delivered  in  settlement  of  the Awarded Units will be subject to the Company’s policies regulating trading by Employees, Consultants and Outside  Trustees,  including  any  applicable  “blackout”  or  other  designated  periods  in  which  sales  of Common Shares are not permitted, and (ii) Common Shares delivered in settlement will be subject to any recoupment or “clawback” policy applied with prospective or retroactive effect.        12.   Law  Governing.   This  Agreement  shall  be  governed  by,  construed,  and  enforced  in accordance with  the laws of the State of Maryland (excluding  any conflict of laws rule or principle of Maryland law that might refer the governance, construction, or interpretation of this agreement to the laws of another state).        13.   No Right to Continue Service or Employment.  Nothing herein shall be construed to confer upon the Participant the right to continue in  the employ or to  provide services to  the Company or any Subsidiary, whether as an Employee or as a Consultant or as an Outside Trustee, or interfere with or restrict in  any  way  the  right  of  the  Company  or  any  Subsidiary  to  discharge  the  Participant  as  an  Employee, Consultant, or Outside Trustee at any time.        14.   Legal  Construction.   In  the  event  that  any  one  or  more  of  the  terms,  provisions,  or agreements that are contained in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been contained herein.        15.   Covenants and Agreements as Independent Agreements.  Each covenant and agreement that is set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement.  The existence of any claim or cause of action of the Participant against the Company,  whether  predicated  on  this  Agreement  or  otherwise,  shall  not  constitute  a  defense  to  the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.        16.   Entire  Agreement.   This  Agreement,  together  with  the  Plan  and  the  Employment Agreement (if applicable), supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements  between  the  parties  with  respect  to  the  said  subject  matter.   All  prior  negotiations  and agreements between the parties with respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied  in  this  Agreement  or  the  Plan  or  the  Employment  Agreement  (if  applicable)  and  that  any agreement, statement or promise that is not contained in this Agreement or the Plan or the Employment Agreement (if applicable) shall not be valid or binding or of any force or effect.        17.   Parties Bound.  The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators,  legal  representatives,  and  permitted  successors and  assigns,  subject  to the  limitation on assignment expressly set forth herein.

 

      18.   Modification.  No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties.  Notwithstanding the preceding sentence, the Company may amend the Plan or this Agreement to the extent permitted by the Plan.        19.   Headings.   The  headings  that  are  used  in  this  Agreement  are  used  for  reference  and convenience purposes only  and do not constitute  substantive matters to be considered in construing the terms and provisions of this Agreement.        20.   Gender  and  Number.   Words  of  any  gender  used  in  this  Agreement  shall  be  held  and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.        21.   Notice.  Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:             a.     Notice to the Company shall be addressed and delivered as follows:                    Physicians Realty Trust                   309 N. Water Street, Suite 500                   Milwaukee, Wisconsin  53202                   Attn: Corporate Secretary                   Fax: (414) 249-4720                    Notice to the Participant shall be addressed and delivered as set forth on the                   signature page.        22.   Tax Requirements. The Participant is hereby advised to consult immediately with his or  her  own  tax  advisor  regarding  the  tax  consequences  of  this  Agreement. The  Company  or,  if applicable, any Subsidiary (for purposes of this Section 22, 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 this Award.  The Company may, in its sole discretion, also require the Participant receiving Common  Shares  in  settlement  of  Awarded  Units  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 this 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 6.3(a) of the Plan.  Such payment may be made (i) by the delivery of cash to  the Company in  an amount that  equals or exceeds (to avoid the 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 Participant to the Company of  Common  Shares,  other  than  (A)  Restricted  Shares,  or  (B)  Common  Shares  that  the  Participant  has acquired  from  the  Company  within  six  (6)  months  prior  thereto,  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 vesting of this Award, 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.        23.   REIT Status.  This Agreement shall be interpreted and construed in a manner consistent with the Company’s status as a real estate investment trust.        24.   Unfunded Plan.  The Participant acknowledges and agrees that any rights of the Participant to  the  Participant’s  Awarded  Units  and  related  dividend  equivalents  and  any  other  related  rights  shall constitute bookkeeping entries on the books of the Company and shall not create in the Participant any right to or claim against any specific assets of the Company or any Subsidiary, nor result in the creation of any trust or escrow account for the Participant.  With respect to the Participant’s entitlement to any payment hereunder, the Participant shall be a general creditor of the Company.        25.   Code Section 409A.  Payments made pursuant to this Agreement are intended to be exempt from, or to otherwise comply with, Section 409A of the Code and the Treasury regulations and guidance issued thereunder (collectively, “Code Section 409A”).  Accordingly, other provisions of the Plan or this Agreement notwithstanding, the provisions of this Section 25 will apply in order that the Awarded Units, and related dividend equivalents and any other related rights, will be exempt from or otherwise comply with Code Section 409A.  In addition, the Company and the Committee reserve the right, to the extent the Company or the Committee deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Agreement to ensure that all Awarded Units, and related dividend equivalents and any other related rights, are exempt from or otherwise comply, and in operation comply, with Code Section 409A (including, without limitation, the avoidance of penalties thereunder).  Other provisions of the Plan and this Agreement notwithstanding, the Company makes no representations that the Awarded Units, and related dividend equivalents and any other related rights, will  be exempt from or avoid any penalties that may apply under Code Section 409A, makes no undertaking to preclude Code Section 409A from applying to the Awarded Units and related dividend equivalents and any other related rights, and will not indemnify or provide a gross up payment to a Participant (or his beneficiary) for any taxes, interest or penalties imposed under Code Section 409A.  The settlement of Awarded Units that constitute nonqualified deferred compensation within the meaning of Code Section 409A (“409A Awarded Units”) may not be accelerated by the Company except to the extent permitted under Code Section 409A.  The Company may, however, accelerate the vesting of 409A Awarded Units, without changing the settlement terms of such 409A Awarded Units.  In the case of any settlement of 409A Awarded Units during a specified period following  any  date  triggering  a  right  to  settlement,  the  Participant  shall  have  no  influence  on  any determination as to the tax year in which the settlement will be made.  Notwithstanding any other provision in this Agreement, if the Participant is a “specified employee” for purposes of Code Section 409A as of the date  of  the  Participant’s  Termination  of  Service,  then  to  the  extent  any  amount  payable  under  this Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Code Section 409A, (ii) is payable upon the Participant’s Termination of Service for a reason other than death, and (iii) under the terms of this Agreement would be payable prior to the six-month anniversary of the Participant’s Termination of Service, such payment shall be delayed and paid to the Participant on the day that is six months and one day following the Participant’s Termination of Service or, if earlier, within ninety (90) days following the Participant’s death.

 

       IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.                                      COMPANY:                                      PHYSICIANS REALTY TRUST                                       By:                                      Name:                                      Title:                                       PARTICIPANT:                                        Signature                                       Name:                                      Address:

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