Document:

First Amendment to Employment Agreement

 Exhibit 10.8 
 FIRST AMENDMENT TO 
 EMPLOYMENT AGREEMENT 

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), effective as of March 7, 2011, is entered
into by and among Excel Trust, Inc., a Maryland corporation (the “REIT”), Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership”), and Spencer G. Plumb (the
“Executive”). 
 WHEREAS, the REIT and the Operating Partnership (collectively, the
“Company”) and the Executive are parties to that certain Employment Agreement (the “Original Agreement”) effective as of the Effective Date (as defined in the Original Agreement). 

WHEREAS, the Company and the Executive desire to amend the Original Agreement on the terms and conditions set forth in this Amendment.

 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows: 

1. Section 4(a)(iv) of the Original Agreement. Section 4(a)(iv) of the Original Agreement is hereby amended to read as
follows: 
 “(iv) (A) On the Date of Termination, one hundred percent (100%) of the Executive’s outstanding
unvested Stock Awards (as defined below) that were granted to the Executive on the Effective Date (the “IPO Awards”) shall become immediately vested and exercisable in full. 

(B) On the Date of Termination, the vesting and/or exercisability of the Executive’s outstanding unvested Stock Awards (other than
performance-based vesting Stock Awards and the IPO Awards) shall be accelerated as to the number of shares subject to such awards that would vest over the twelve (12) month period following the Date of Termination had Executive remained
continuously employed by the Company during such period. 
 (C) In the event the Date of Termination occurs within eighteen
(18) months following the occurrence of a Change in Control (as such term is defined in the Company’s 2010 Equity Incentive Award Plan as in effect on the Effective Date), on the Date of Termination, one hundred percent (100%) of the
Executive’s outstanding unvested Stock Awards (including performance-based vesting awards and the IPO Awards) shall become immediately vested and exercisable in full. 
 (D) For purposes of this Agreement, “Stock Awards” means all stock options, restricted stock and such other equity awards granted pursuant to the Company’s stock equity
incentive plans (or awards substituted therefore covering the securities of a successor company). 

 2. Miscellaneous. This Amendment shall be and is hereby incorporated in and forms a
part of the Original Agreement. All other terms and provisions of the Original Agreement shall remain unchanged except as specifically modified herein. This Amendment may be executed simultaneously in two or more counterparts, each of which shall be
deemed an original but which together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the laws of the State of California, without reference to principles of conflict of laws. The
captions of this Amendment are not part of the provisions hereof and shall have no force or effect. This Amendment may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and
legal representatives. 
 3. Right to Advice of Counsel. The Executive acknowledges that he has the right to, and has
been advised to, consult with an attorney regarding the execution of this Agreement and any release hereunder; by his signature below, the Executive acknowledges that he understands this right and has either consulted with an attorney regarding the
execution of this Agreement or determined not to do so. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth
above. 
  

			
	EXCEL TRUST, INC.
		
	By:	 	      /s/ Gary B.
Sabin

			
	Name:	 	  Gary B.
Sabin

			
	Title:	 	   Chairman and Chief Executive Officer

	
	EXCEL TRUST, L.P.

			
		
	By:	 	     Excel Trust, Inc., its general partner

			
		
	By:	 	      /s/ S. Eric
Ottesen

			
	Name:	 	 S. Eric
Ottesen

			
	Title:	 	   Senior Vice President, General Counsel

  and Secretary

	
	     /s/ Spencer G. Plumb

	Spencer G. PlumbFirst Amendment to Employment Agreement

 Exhibit 10.9 
 FIRST AMENDMENT TO 
 EMPLOYMENT AGREEMENT 

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), effective as of March 7, 2011, is entered
into by and among Excel Trust, Inc., a Maryland corporation (the “REIT”), Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership”), and Mark T. Burton (the
“Executive”). 
 WHEREAS, the REIT and the Operating Partnership (collectively, the
“Company”) and the Executive are parties to that certain Employment Agreement (the “Original Agreement”) effective as of the Effective Date (as defined in the Original Agreement). 

WHEREAS, the Company and the Executive desire to amend the Original Agreement on the terms and conditions set forth in this Amendment.

 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows: 

1. Section 4(a)(iv) of the Original Agreement. Section 4(a)(iv) of the Original Agreement is hereby amended to read as
follows: 
 “(iv) (A) On the Date of Termination, one hundred percent (100%) of the Executive’s outstanding
unvested Stock Awards (as defined below) that were granted to the Executive on the Effective Date (the “IPO Awards”) shall become immediately vested and exercisable in full. 

(B) On the Date of Termination, the vesting and/or exercisability of the Executive’s outstanding unvested Stock Awards (other than
performance-based vesting Stock Awards and the IPO Awards) shall be accelerated as to the number of shares subject to such awards that would vest over the twelve (12) month period following the Date of Termination had Executive remained
continuously employed by the Company during such period. 
 (C) In the event the Date of Termination occurs within eighteen
(18) months following the occurrence of a Change in Control (as such term is defined in the Company’s 2010 Equity Incentive Award Plan as in effect on the Effective Date), on the Date of Termination, one hundred percent (100%) of the
Executive’s outstanding unvested Stock Awards (including performance-based vesting awards and the IPO Awards) shall become immediately vested and exercisable in full. 
 (D) For purposes of this Agreement, “Stock Awards” means all stock options, restricted stock and such other equity awards granted pursuant to the Company’s stock equity
incentive plans (or awards substituted therefore covering the securities of a successor company). 

 2. Miscellaneous. This Amendment shall be and is hereby incorporated in and forms a
part of the Original Agreement. All other terms and provisions of the Original Agreement shall remain unchanged except as specifically modified herein. This Amendment may be executed simultaneously in two or more counterparts, each of which shall be
deemed an original but which together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the laws of the State of California, without reference to principles of conflict of laws. The
captions of this Amendment are not part of the provisions hereof and shall have no force or effect. This Amendment may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and
legal representatives. 
 3. Right to Advice of Counsel. The Executive acknowledges that he has the right to, and has
been advised to, consult with an attorney regarding the execution of this Agreement and any release hereunder; by his signature below, the Executive acknowledges that he understands this right and has either consulted with an attorney regarding the
execution of this Agreement or determined not to do so. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth
above. 
  

			
	EXCEL TRUST, INC.
		
	By:	 	     /s/ Spencer G.
Plumb

			
	Name:	 	 Spencer G. Plumb

	Title:	 	 President and Chief Operating Officer

	
	EXCEL TRUST, L.P.

			
		
	By:	 	Excel Trust, Inc., its general partner
		
	By:	 	     /s/ S. Eric
Ottesen

			
	Name:	 	 S. Eric
Ottesen

			
	Title:	 	   Senior Vice President, General Counsel

  and Secretary

	
	     /s/ Mark T. Burton

	Mark T. BurtonForm of Restricted Stock Award Agreement

 Exhibit 10.10 
 EXCEL TRUST, INC. 
 2010 EQUITY INCENTIVE AWARD PLAN 

RESTRICTED STOCK AWARD GRANT NOTICE AND 
 RESTRICTED STOCK AWARD AGREEMENT 
 Excel Trust, Inc., a Maryland
corporation (the “Company”), pursuant to its 2010 Equity Incentive Award Plan (the “Plan”), hereby grants to the individual listed below (“Participant”) the number of shares of
the Company’s Stock (the “Shares”) set forth below. This Restricted Stock award (the “Award”) is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award
Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this Grant Notice and the Restricted Stock Agreement. 
  

			
	Participant:	  	  

		
	Grant Date:	  	  

		
	Grant Number:	  	  

		
	Total Number of Shares of Restricted Stock:	  	  

 

		
	Vesting Schedule:	  	[To be specified in individual agreements], provided that the Participant continues to be an Employee, Independent Director or Consultant on each such
date.

 By his or her signature, Participant agrees to be bound by the terms and conditions of the Plan, the
Restricted Stock Agreement and this Grant Notice. Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice
and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any
questions arising under the Plan, this Grant Notice or the Restricted Stock Agreement. 
  

															
	EXCEL TRUST, INC.	 	PARTICIPANT
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	  	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 		 		 		 	
	Address:	  	 17140 Bernardo Center Drive,

Suite 300
	 		 	Address:	 	
		 		  	San Diego, CA 92128	 		 		 		 	  

		 		  		 		 		 		 	  

 EXHIBIT A 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 RESTRICTED STOCK AWARD AGREEMENT

 Pursuant to the Restricted Stock Award Grant Notice (“Grant Notice”) to which this Restricted
Stock Award Agreement (this “Agreement”) is attached, Excel Trust, Inc., a Maryland corporation (the “Company”), has granted to Participant the right to purchase the number of shares of Restricted
Stock under the Company’s 2010 Equity Incentive Award Plan (the “Plan”) indicated in the Grant Notice. The Shares are subject to the terms and conditions of the Plan which are incorporated herein by reference.
Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 

ARTICLE I 

ISSUANCE OF SHARES 
 1.1 Issuance of Shares. Pursuant to the Plan and subject to the terms and conditions of this Agreement, effective on the Grant Date, the Company irrevocably grants to Participant the number of
shares of Stock set forth in the Grant Notice (the “Shares”), in consideration of Participant’s employment with or service to the Company, the Partnership or one of their Subsidiaries on or before the Grant Date, for
which the Administrator has determined Participant has not been fully compensated, and the Administrator has determined that the benefit received by the Company as a result of such employment or service has a value that exceeds the aggregate par
value of the Shares, which Shares, when issued in accordance with the terms hereof, shall be fully paid and nonassessable. 

1.2 Issuance Mechanics. On the Grant Date, the Company shall issue the Shares to Participant and shall (a) cause a stock
certificate or certificates representing the Shares to be registered in the name of Participant, or (b) cause such Shares to be held in book entry form. If a stock certificate is issued, it shall be delivered to and held in custody by the
Company and shall bear the restrictive legends required by Section 4.1 below. If the Shares are held in book entry form, then such entry will reflect that the Shares are subject to the restrictions of this Agreement. Participant’s
execution of a stock assignment in the form attached as Exhibit B to the Grant Notice (the “Stock Assignment”) shall be a condition to the issuance of the Shares. 

ARTICLE II 

FORFEITURE AND TRANSFER RESTRICTIONS 
 2.1 Forfeiture Restriction. Subject to the provisions of Section 2.2 below, in the event of Participant’s cessation of Service for any reason, including as a result of Participant’s
death or Disability, all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action by the Company (the “Forfeiture Restriction”). Upon the occurrence of such a
forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of
Unreleased Shares being forfeited by Participant. The Unreleased Shares and Participant’s executed stock assignment in the form attached as Exhibit B to the Grant Notice shall be held by the Company in accordance with Section 2.4
until the Shares are forfeited as provided in this Section 2.1, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect. Participant hereby authorizes and
directs the Secretary of the Company, or such other person designated by the Committee, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 from Participant to the Company. 

  
 A-1

 2.2 Release of Shares from Forfeiture Restriction. The Shares shall be released from
the Forfeiture Restriction in accordance with the vesting schedule set forth in the Grant Notice. Any of the Shares which, from time to time, have not yet been released from the Forfeiture Restriction are referred to herein as “Unreleased
Shares.” As soon as administratively practicable following the release of any Shares from the Forfeiture Restriction, the Company shall, as applicable, either deliver to Participant the certificate or certificates representing such
Shares in the Company’s possession belonging to Participant, or, if the Shares are held in book entry form, then the Company shall remove the notations on the book form. Participant (or the beneficiary or personal representative of Participant
in the event of Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company or its representatives deem necessary or advisable in connection with any
such delivery. 
 2.3 Transfer Restriction. No Unreleased Shares or any interest or right therein or part thereof shall
be liable for the debts, contracts or engagements of the Participant or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition
be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect.

 2.4 Escrow. The Unreleased Shares and Participant’s executed Stock Assignment shall be held by the Company until
the Shares are forfeited as provided in Section 2.1, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect. In such event, Participant shall not retain
physical custody of any certificates representing Unreleased Shares issued to Participant. Participant, by acceptance of this Award, shall be deemed to appoint, and does so appoint, the Company and each of its authorized representatives as
Participant’s attorney(s)-in-fact to effect any transfer of forfeited Unreleased Shares to the Company as may be required pursuant to the Plan or this Agreement, and to execute such representations or other documents or assurances as the
Company or such representatives deem necessary or advisable in connection with any such transfer. The Company, or its designee, shall not be liable for any act it may do or omit to do with respect to holding the Shares in escrow and while acting in
good faith and in the exercise of its judgment. 
 2.5 Rights as Stockholder. Except as otherwise provided herein, upon
issuance of the Shares by the Company, Participant shall have all the rights of a stockholder with respect to said Shares, subject to the restrictions herein, including the right to vote the Shares and to receive all dividends or other distributions
paid or made with respect to the Shares. 
 2.6 Ownership Limit and REIT Status. The Forfeiture Restriction on the Shares
shall not lapse if the lapsing of such restrictions would likely result in any of the following: 
 (a) a violation of the
restrictions or limitations on ownership provided for from time to time under the terms of the organizational documents of the Company; or 
 (b) income to the Company that could impair the Company’s status as a real estate investment trust, within the meaning of Section 856 through 860 of the Code. 

  
 A-2

 ARTICLE III 
 TAXATION REPRESENTATIONS 
 3.1 Tax Representations. Participant
represents to the Company that Participant has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. Participant is relying solely on
such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be responsible for his or her own tax liability that may arise as a result of the
transactions contemplated by this Agreement. 
 3.2 Tax Withholding. Notwithstanding anything to the contrary in this
Agreement: 
 (a) The Company or the Partnership shall be entitled to require payment of any sums required by federal, state and
local income tax and payroll tax law to be withheld with respect to the issuance, lapsing of restrictions on or sale of the Shares. The Company may permit, but shall not be obligated to allow, Participant to make such payment in one or more of the
forms specified below: 
 (i) by cash or check made payable to the Company or the Partnership; 

(ii) by the deduction of such amount from other compensation payable to Participant; 

(iii) by requesting that the Company withhold a net number of vested Shares otherwise deliverable pursuant to this Agreement having a
then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company and its Affiliates based on the minimum applicable statutory withholding rates for federal, state and local income tax and payroll
tax purposes; 
 (iv) by tendering vested shares of Stock owned by Participant having a then current Fair Market Value not
exceeding the amount necessary to satisfy the withholding obligation of the Company and its Affiliates based on the minimum applicable statutory withholding rates for federal, state and local income tax and payroll tax purposes; or 

(v) in any combination of the foregoing. 
 (b) In the event Participant fails to provide timely payment of all sums required pursuant to Section 3.2(a), the Company shall have the right and option, but not the obligation, to treat such
failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation pursuant to Section 3.2(a)(iii) above. 
 (c) The Company shall not be obligated to deliver any stock certificate representing vested Shares to Participant or Participant’s legal representative, or, if the Shares are held in book entry form,
to remove the notations on the book form, unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of
Participant resulting from the issuance, lapsing of restrictions on or sale of the Shares. 
 3.3 Section 83(b)
Election. Participant covenants that he or she will not make an election under Section 83(b) of the Code with respect to the receipt of any of the Shares without the consent of the Administrator, which the Administrator may grant or
withhold in its sole discretion. 

  
 A-3

 ARTICLE IV 
 RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS 
 4.1 Legends. The
certificate or certificates representing the Shares, if any, shall bear the following legend (as well as any legends required by the Company’s charter and applicable state and federal corporate and securities laws): 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY BE TRANSFERRED ONLY IN ACCORDANCE
WITH THE TERMS OF A RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 4.2 Refusal to Transfer; Stop-Transfer Notices. The Company shall not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of
the provisions of this Agreement or (b) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. Participant agrees that, in order
to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. 
 4.3 Removal of Legend. After such time as the Forfeiture Restriction
shall have lapsed with respect to the Shares, and upon Participant’s request, a new certificate or certificates representing such Shares shall be issued without the legend referred to in Section 4.1, and delivered to Participant. If the
Shares are held in book entry form, the Company shall cause any restrictions noted on the book form to be removed. 
 ARTICLE
V 
 MISCELLANEOUS 
 5.1 Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with
the laws of the State of California, without giving effect to principles of conflicts of law. 
 5.2 Entire Agreement;
Enforcement of Rights. This Agreement, the Grant Notice and the Plan set forth the entire agreement and understanding of the parties relating to the subject matter herein and merge all prior discussions between them. No modification of or
amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement.  
 5.3 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the
parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so
excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 

  
 A-4

 5.4 Notices. Any notice required or permitted by this Agreement shall be in
writing and shall be deemed sufficient when delivered personally or sent by electronic mail (with return receipt requested and received) or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail,
with postage prepaid, and addressed to the party to be notified, if to the Company, at its principal offices, and if to Participant, at Participant’s address, electronic mail address or fax number in the Company’s employee records or as
subsequently modified by written notice. 
 5.5 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

5.6 Successors and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by
the Company’s successors and assigns. The Company may assign its rights under this Agreement to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company without the prior written consent of Participant. The rights and obligations of Participant under this Agreement may only be assigned with the prior written consent of the Company. 

5.7 Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with all
provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary,
the Plan shall be administered, and the Shares are to be issued, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations. 
 5.8 Recoupment. To the extent required by applicable law or
any applicable securities exchange listing standards, any amounts paid or payable under this Agreement (including, without limitation, amounts paid prior to the effectiveness of such law or listing standards) shall be subject to forfeiture,
repayment or recapture as determined by the Company in its discretion. 
 5.9 NO RIGHT TO CONTINUED SERVICE. THE
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE LAPSING OF THE FORFEITURE RESTRICTION PURSUANT TO SECTION 2.1 HEREOF IS EARNED ONLY BY CONTINUING SERVICE TO THE COMPANY, THE PARTNERSHIP OR ONE OF THEIR SUBSIDIARIES AS AN “AT WILL” EMPLOYEE OR
CONSULTANT OF THE COMPANY, THE PARTNERSHIP OR ONE OF THEIR SUBSIDIARIES OR AN INDEPENDENT DIRECTOR OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED OR ACQUIRING SHARES HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE FORFEITURE RESTRICTION SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, CONSULTANT OR INDEPENDENT DIRECTOR FOR SUCH PERIOD,
FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH THE COMPANY’S, THE PARTNERSHIP’S OR ANY OF THEIR SUBSIDIARIES’ RIGHT TO TERMINATE THE PARTICIPANT’S EMPLOYMENT OR SERVICE TO THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE.

  
 A-5

 EXHIBIT B 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 STOCK ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned, [Name of Participant], hereby sells, assigns and transfers unto EXCEL TRUST, INC., a Maryland
corporation,      shares of the Common Stock of EXCEL TRUST, INC., a Maryland corporation, standing in its name of the books of said corporation represented by Certificate
No.              herewith and do hereby irrevocably constitute and appoint
                             to transfer the said stock on the books of the within named corporation
with full power of substitution in the premises. 
 This Stock Assignment may be used only in accordance with the Restricted
Stock Award Grant Notice and Restricted Stock Award Agreement between EXCEL TRUST, INC. and the undersigned dated             , 20    . 

 

					
	Dated:             ,         	 		 	                             
                                         
  
		 		 	[Name of Participant]

 INSTRUCTIONS: Please do not
fill in the blanks other than the signature line. The purpose of this assignment is to enable the Company to enforce the Forfeiture Restriction as set forth in the Stock Award Grant Notice and Restricted Stock Award Agreement, without requiring
additional signatures on the part of the stockholder. 

  
 B-1

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