Document:

AMENDED AND RESTATED 2004 EQUITY INCENTIVE PLAN

 Exhibit 10.3 
 CHAMBERS STREET PROPERTIES 
 AMENDED AND RESTATED 

2004 EQUITY INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

							
			
	 1.
	  	Definitions	  	 	1	  
			
	 2.
	  	Effective Date and Termination of Plan	  	 	4	  
			
	 3.
	  	Administration of Plan	  	 	5	  
			
	 4.
	  	Shares and Units Subject to the Plan	  	 	6	  
			
	 5.
	  	Provisions Applicable to Share Options	  	 	6	  
			
	 6.
	  	Provisions Applicable to Restricted Shares	  	 	10	  
			
	 7.
	  	Provisions Applicable to Phantom Shares	  	 	12	  
			
	 8.
	  	Provisions Applicable to Dividend Equivalent Rights	  	 	15	  
			
	 9.
	  	Other Equity-Based Awards	  	 	16	  
			
	 10.
	  	Performance Goals	  	 	16	  
			
	 11.
	  	Tax Withholding	  	 	16	  
			
	 12.
	  	Regulations and Approvals	  	 	17	  
			
	 13.
	  	Interpretation and Amendments; Other Rules	  	 	18	  
			
	 14.
	  	Changes in Capital Structure	  	 	18	  
			
	 15.
	  	Miscellaneous	  	 	20	  

 CHAMBERS STREET PROPERTIES 

AMENDED AND RESTATED 
 2004 EQUITY INCENTIVE PLAN 
 Chambers Street Properties, a Maryland real
estate investment trust, wishes to attract and retain qualified key employees, directors, Trustees, officers, advisors, consultants and other personnel and encourage them to increase their efforts to make the Company’s business more successful
whether directly or through its Subsidiaries or other affiliates. In furtherance thereof, the Chambers Street Properties Amended and Restated 2004 Equity Incentive Plan is designed to provide equity-based incentives to certain Eligible Persons.
Awards under the Plan may be made to Eligible Persons in the form of Options, Restricted Shares, Phantom Shares, Dividend Equivalent Rights or other forms of equity-based compensation. 

 

	1.	DEFINITIONS 

 Whenever
used herein, the following terms shall have the meanings set forth below: 
 “Award” except where referring to
a particular category of grant under the Plan, shall include Incentive Share Options, Non-Qualified Share Options, Restricted Shares, Phantom Shares, Dividend Equivalent Rights and other equity-based Awards as contemplated herein. 

“Award Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company
and the Participant as provided in Section 3. 
 “Board” means the Board of Trustees of the Company.

 “Cause” means, unless otherwise provided in the Participant’s Award Agreement, (i) engaging in
(A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its Subsidiaries or its affiliates;
(iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries, or any affiliate thereof; (iv) fraud, misappropriation or
embezzlement; (v) a material breach of the Participant’s employment agreement (if any) with the Company, its Subsidiaries, or any affiliate thereof; (vi) acts or omissions constituting a material failure to perform substantially and
adequately the duties assigned to the Participant; (vii) any illegal act detrimental the Company, its Subsidiaries, or any affiliate thereof; or (viii) repeated failure to devote substantially all of the Participant’s business time
and efforts to the Company, its Subsidiaries or any affiliate thereof if required by the Participant’s employment agreement; provided, however, that, if at any particular time the Participant is subject to an effective
employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such employment agreement. 

“Change in Control” shall mean the happening of any of the following: 

(i) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act, but excluding the Company, any entity 

 
controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or
any such entity, and with respect to any particular Participant, the Participant and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Participant is a member), is or becomes the “beneficial
owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of either (A) the combined voting power of the Company’s then outstanding securities or
(B) the then outstanding Shares (in either such case other than as a result of an acquisition of securities directly from the Company); provided, however, that, in no event shall a Change in Control be deemed to have
occurred upon an initial public offering of the Common Shares under the Securities Act; or 
 (ii) any
consolidation or merger of the Company where the shareholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3
under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent
corporation, if any); or 
 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately
prior to such sale or (B) the approval by shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or 
 (iv) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Trustees”) cease for any reason other than due to death to constitute at least a
majority of the members of the Board; provided that any trustee whose election, or nomination for election by the Company’s shareholders, was approved or ratified by a vote of at least a majority of the members of the Board then still in
office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Trustee. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Compensation Committee of the Board. 

“Common Shares” means the shares of the Company which are Common Shares, par value $.01 per share, either currently
existing or authorized hereafter. 
 “Company” means the Chambers Street Properties, a Maryland real estate
investment trust. 

  
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 “Disability” means, unless otherwise provided by the Committee in the
Participant’s Award Agreement, a disability which renders the Participant incapable of performing all of his or her material duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period.

 “Dividend Equivalent Right” means a right awarded under Section 8 of the Plan to receive (or have
credited) the equivalent value of dividends paid on Shares. 
 “Eligible Person” means a key employee,
director, Trustee, officer, advisor, consultant or other personnel of the Company and its Subsidiaries or other person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to
the Company or its Subsidiaries. The Committee may provide that affiliates of the Company and employees of the foregoing may be Eligible Persons, and may make such arrangements with the foregoing entities as it may consider appropriate, in light of
tax and other considerations, in the case of grants directly or indirectly to such employees. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” per Share as of a particular date
means (i) if Shares are then listed on a national stock exchange, the closing sales price per Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee, (ii) if
Shares are not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was
a sale of such Shares in such market, as determined by the Committee, or (iii) if Shares are not then listed on a national stock exchange or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith
determine; provided that, where the Shares are so listed or traded, the Committee may make such discretionary determinations where the Shares have not been traded for 10 trading days. 

“Grantee” means an Eligible Person granted Restricted Shares, Phantom Shares, Dividend Equivalent Rights or such other
equity-based Awards as may be granted pursuant to Section 9. 
 “Incentive Share Option” means an
“incentive stock option” within the meaning of Section 422(b) of the Code. 
 “Non-Qualified Share
Option” means an Option which is not an Incentive Share Option. 
 “Option” means the right to
purchase, at a price and for the term fixed by the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee.

 “Optionee” means an Eligible Person to whom an Option is granted, or the Successors of the Optionee, as the
context so requires. 

  
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 “Option Price” means the price per Share, determined by the Board or the
Committee, at which an Option may be exercised. 
 “Participant” means a Grantee or Optionee. 

“Phantom Share” means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 

“Phantom Share Value,” per Phantom Share, means the Fair Market Value of a Share of Common Shares, or, if so provided by
the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 
 “Plan” means the Company’s Amended and Restated 2004 Equity Incentive Plan, as set forth herein and as the same may from time to time be amended. 

“Restricted Shares” means an award of Shares that are subject to restrictions hereunder. 

“Retirement” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, the
Termination of Service (other than for Cause) of a Participant on or after the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five consecutive years of service with the Company and or its
Subsidiaries or its affiliates. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Settlement Date” means the date determined under Section 7.4(c). 

“Shares” means shares of beneficial interest of the Company. 

“Subsidiary” means any corporation (other than the Company) that is a “subsidiary corporation” with respect to
the Company under Section 424(f) of the Code. In the event the Company becomes a subsidiary of another company, the provisions hereof applicable to subsidiaries shall, unless otherwise determined by the Committee, also be applicable to any
company that is a “parent corporation” with respect to the Company under Section 424(e) of the Code. 

“Successor of the Optionee” means the legal representative of the estate of a deceased Optionee or the person or persons
who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Optionee. 

“Termination of Service” means a Participant’s termination of employment or other service, as applicable, with the
Company and its Subsidiaries. 
 “Trustee” means a non-employee trustee of the Company or its Subsidiaries.

  

	2.	EFFECTIVE DATE AND TERMINATION OF PLAN 

 The effective date of the Plan is June 16, 2004. The Plan shall not become effective unless and until it is approved by the requisite percentage of the holders of the Common Shares

  
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of the Company. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan by (i) the Board or
(ii) the shareholders of the Company; provided, however, that the Board may at any time prior to that date terminate the Plan. 
  

	3.	ADMINISTRATION OF PLAN 

(a) The Plan shall be administered by the Committee appointed by the Board. The Committee, upon and after such time as it is covered in
Section 16 of the Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as defined in Rule 16b-3 as promulgated by the Securities and Exchange Commission
(“Rule 16b-3”) under the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought with respect to
Awards), qualify as “outside directors” for purposes of Section 162(m) of the Code; provided that no action taken by the Committee (including without limitation grants) shall be invalidated because any or all of the members of
the Committee fails to satisfy the foregoing requirements of this sentence. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved in writing by a majority of the entire
Committee, shall be the acts of the Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member. Notwithstanding the other foregoing
provisions of this Section 3(a), any Award under the Plan to a person who is a member of the Committee shall be made and administered by the Board. If no Committee is designated by the Board to act for these purposes, the Board shall have the
rights and responsibilities of the Committee hereunder and under the Award Agreements. 
 (b) Subject to the provisions of the
Plan, the Committee shall in its discretion as reflected by the terms of the Award Agreements (i) authorize the granting of Awards to Eligible Persons; and (ii) determine the eligibility of Eligible Persons to receive an Award, as well as
determine the number of Shares to be covered under any Award Agreement, considering the position and responsibilities of the Eligible Persons, the nature and value to the Company of the Eligible Person’s present and potential contribution to
the success of the Company whether directly or through its Subsidiaries and such other factors as the Committee may deem relevant. 
 (c) The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the Committee. In the event that any Award Agreement or other
agreement hereunder provides (without regard to this sentence) for the obligation of the Company or any affiliate thereof to purchase or repurchase Shares from a Participant or any other person, then, notwithstanding the provisions of the Award
Agreement or such other agreement, such obligation shall not apply to the extent that the purchase or repurchase would not be permitted under governing state law. The Participant shall take whatever additional actions and execute whatever additional
documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant to the express provisions of the Plan and the Award
Agreement. 

  
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	4.	SHARES AND UNITS SUBJECT TO THE PLAN 

 (a) Subject to adjustments as provided in Section 14, the total number of Shares subject to Awards granted under the Plan, in the aggregate, may not exceed the lesser of (i) 20,000,000 and
(ii) 10% of the number of Shares outstanding at the time of grant. Shares distributed under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Shares or that have been reserved for
distribution in payment for Options, Phantom Shares or other equity-based Awards but are later forfeited or for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan. 

(b) Shares subject to Dividend Equivalent Rights, other than Dividend Equivalent Rights based directly on the dividends payable with
respect to Shares subject to Options or the dividends payable on a number of Shares corresponding to the number of Phantom Shares awarded, shall be subject to the limitation of Section 4(a). If any Phantom Shares, Dividend Equivalent Rights or
other equity-based Awards under Section 9 are paid out in cash, then, notwithstanding the first sentence of Section 4(a) above (but subject to the second sentence thereof) the underlying Shares may again be made the subject of Awards under
the Plan. 
 (c) The certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to
reflect any rights of first refusal or other restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate. 
 (d) Unless otherwise determined by the Board, no Award may be granted under the 2004 Equity Incentive Plan to any person who, assuming exercise of all Options and payment of all Awards held by such
person, would own or be deemed to own more than 3% of the outstanding Shares. 
  

	5.	PROVISIONS APPLICABLE TO SHARE OPTIONS 

 5.1 Grant of Option. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) determine and designate
from time to time those Eligible Persons to whom Options are to be granted and the number of Shares to be optioned to each Eligible Person; (ii) determine whether to grant Options intended to be Incentive Share Options, or to grant
Non-Qualified Share Options, or both (to the extent that any Option does not qualify as an Incentive Share Option, it shall constitute a separate Non-Qualified Share Option); provided that Incentive Share Options may only be granted to
employees; (iii) determine the time or times when and the manner and condition in which each Option shall be exercisable and the duration of the exercise period; (iv) designate each Option as one intended to be an Incentive Share Option or
as a Non-Qualified Share Option; and (v) determine or impose other conditions to the grant or exercise of Options under the Plan as it may deem appropriate. 
 5.2 Option Price. The Option Price shall be determined by the Committee on the date the Option is granted and reflected in the Award Agreement, as the same may be amended from time to time. Any
particular Award Agreement may provide for different Option Prices for specified amounts of Shares subject to the Option. 

  
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 5.3 Period of Option and Vesting. 

(a) Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its entirety upon the 10th anniversary of the
date of grant or shall have such other term (which may be shorter, but not longer, in the case of Incentive Share Options) as is set forth in the applicable Award Agreement (except that, in the case of an individual described in
Section 422(b)(6) of the Code (relating to certain 10% owners) who is granted an Incentive Share Option, the term of such Option shall be no more than five years from the date of grant). The Option shall also expire, be forfeited and terminate
at such times and in such circumstances as otherwise provided hereunder or under the Award Agreement. 
 (b) Each Option, to the
extent that the Optionee has not had a Termination of Service and the Option has not otherwise lapsed, expired, terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in the Award Agreement, as
determined by the Committee at the time of grant. Unless otherwise provided in the Award Agreement, no Option (or portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which such Option (or
portion thereof) would otherwise have become exercisable, and any Option that would otherwise become exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the
foregoing provisions of this Section 5.3(b), Options exercisable pursuant to the schedule set forth by the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the
Committee. Upon and after the death of an Optionee, such Optionee’s Options, if and to the extent otherwise exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the
Optionee. 
 5.4 Exercisability Upon and After Termination of Optionee. 

(a) Subject to provisions of the Award Agreement, in the event the Optionee has a Termination of Service other than by the Company or its
Subsidiaries for Cause, or other than by reason of death, Retirement or Disability, no exercise of an Option may occur after the expiration of the three-month period to follow the termination, or if earlier, the expiration of the term of the Option
as provided under Section 5.3(a); provided that, if the Optionee should die after the Termination of Service, such termination being for a reason other than Disability or Retirement, but while the Option is still in effect, the Option
(if and to the extent otherwise exercisable by the Optionee at the time of death) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the
Option expires in accordance with Section 5.3(a). 
 (b) Subject to provisions of the Award Agreement, in the event the
Optionee has a Termination of Service on account of death or Disability or Retirement, the Option (whether or not otherwise exercisable) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the
Optionee, or (ii) the date on which the term of the Option expires in accordance with Section 5.3. 
 (c)
Notwithstanding any other provision hereof, unless otherwise provided in the Award Agreement, if the Optionee has a Termination of Service by the Company for Cause, the Optionee’s Options, to the extent then unexercised, shall thereupon cease
to be exercisable and shall be forfeited forthwith. 

  
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 5.5 Exercise of Options. 

(a) Subject to vesting, restrictions on exercisability and other restrictions provided for hereunder or otherwise imposed in accordance
herewith, an Option may be exercised, and payment in full of the aggregate Option Price made, by an Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be purchased. 

(b) Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions on the
exercise of Incentive Share Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
 5.6 Payment. 
 (a) The aggregate Option Price shall be paid in full upon
the exercise of the Option. Payment must be made by one of the following methods: 
 (i) a certified or bank cashier’s
check; 
 (ii) subject to Section 12(e), the proceeds of a Company loan program or third-party sale program or a notice
acceptable to the Committee given as consideration under such a program, in each case if permitted by the Committee in its discretion, if such a program has been established and the Optionee is eligible to participate therein; 

(iii) if approved by the Committee in its discretion, Shares of previously owned Common Shares, which have been previously owned for more
than six months, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; or 
 (iv)
by any combination of such methods of payment or any other method acceptable to the Committee in its discretion. 
 (b) Except
in the case of Options exercised by certified or bank cashier’s check, the Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition
designed to avoid accounting consequences which may result from the use of Common Shares as payment upon exercise of an Option. 

(c) The Committee may provide that no Option may be exercised with respect to any fractional Share. Any fractional Shares resulting from
an Optionee’s exercise that is accepted by the Company shall in the discretion of the Committee be paid in cash. 
 5.7
Share Appreciation Rights. The Committee, in its discretion, may also permit the Optionee to elect to exercise an Option by receiving a combination of Shares and cash, or, in the discretion of the Committee, either Shares or solely in cash,
with an aggregate Fair Market 

  
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Value (or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to which the Option is being exercised over the aggregate Option
Price, as determined as of the day the Option is exercised. 
 5.8 Exercise by Successors. An Option may be exercised,
and payment in full of the aggregate Option Price made, by the Successors of the Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be purchased. Such notice shall state that
the aggregate Option Price will be paid in full, or that the Option will be exercised as otherwise provided hereunder, in the discretion of the Company or the Committee, if and as applicable. 

5.9 Nontransferability of Option. Each Option granted under the Plan shall be nontransferable by the Optionee except by will or
the laws of descent and distribution of the state wherein the Optionee is domiciled at the time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that
such transferability (i) does not result in accelerated U.S. federal income taxation, (ii) does not cause any Option intended to be an Incentive Share Option to fail to be described in Section 422(b) of the Code, and (iii) is
otherwise appropriate and desirable. 
 5.10 Deferral. The Committee may establish a program under which Participants
will have Phantom Shares subject to Section 7 credited upon their exercise of Options, rather than receiving Shares at that time. 
 5.11 Certain Incentive Share Option Provisions. 
 (a) The aggregate Fair
Market Value, determined as of the date an Option is granted, of the Common Shares for which any Optionee may be awarded Incentive Share Options which are first exercisable by the Optionee during any calendar year under the Plan (or any other stock
option plan required to be taken into account under Section 422(d) of the Code) shall not exceed $100,000. 
 (b) If Shares
acquired upon exercise of an Incentive Share Option are disposed of in a disqualifying disposition within the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such Option or
one year from the transfer of Shares to the Optionee pursuant to the exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as soon as
practicable thereafter of the date and terms of such disposition and, if the Company (or any affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or such affiliate) an amount equal to any withholding tax the
Company (or affiliate) is required to pay as a result of the disqualifying disposition. 
 (c) The Option Price with respect to
each Incentive Share Option shall not be less than 100%, or 110% in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share on the day the Option is granted. In
the case of an individual described in Section 422(b)(6) of the Code who is granted an Incentive Share Option, the term of such Option shall be no more than five years from the date of grant. 

  
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	6.	PROVISIONS APPLICABLE TO RESTRICTED SHARES 

 6.1 Grant of Restricted Shares. 
 (a) In connection with the grant of
Restricted Shares, whether or not performance goals (as provided for under Section 10) apply thereto, the Committee shall establish one or more vesting periods with respect to the Restricted Shares granted, the length of which shall be
determined in the discretion of the Committee. Subject to the provisions of this Section 6, the applicable Award Agreement and the other provisions of the Plan, restrictions on Restricted Shares shall lapse if the Grantee satisfies all
applicable employment or other service requirements through the end of the applicable vesting period. 
 (b) Subject to the
other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Restricted Shares to Eligible Persons; (ii) provide a specified purchase price for the
Restricted Shares (whether or not the payment of a purchase price is required by any state law applicable to the Company); (iii) determine the restrictions applicable to Restricted Shares and (iv) determine or impose other conditions,
including any applicable performance goals, to the grant of Restricted Shares under the Plan as it may deem appropriate. 
 6.2
Certificates. 
 (a) Unless otherwise provided by the Committee, each Grantee of Restricted Shares shall be issued a
share certificate in respect of Restricted Shares awarded under the Plan. Each such certificate shall be registered in the name of the Grantee. Without limiting the generality of Section 4(c), the certificates for Restricted Shares issued
hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the generality of the
foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE CHAMBERS STREET PROPERTIES AMENDED AND RESTATED 2004 EQUITY
INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CHAMBERS STREET PROPERTIES. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF CHAMBERS STREET PROPERTIES, AT 47 HULFISH STREET, SUITE 210,
PRINCETON, NJ 08542. 
 (b) The Committee shall require that any share certificates evidencing such Shares be held in custody by
the Company until the restrictions hereunder shall have lapsed, and that, as a condition of any Award of Restricted Shares, the Grantee shall have delivered a share power, endorsed in blank, relating to the share covered by such Award. If and when
such restrictions so lapse, the share certificates shall be delivered by the Company to the Grantee or his or her designee as provided in Section 6.3 (and the share power shall be so delivered or shall be discarded). 

  
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 6.3 Restrictions and Conditions. Unless otherwise provided by the Committee, the
Restricted Shares awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 
 (i) Subject to
the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Award and ending on the date the period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily or
involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Restricted Shares awarded under the Plan (or have such Shares attached or garnished). Subject to the provisions of the Award Agreements and clauses (iii) and
(iv) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the applicable Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the period of
forfeiture with respect to such Shares shall only lapse as to whole Shares. 
 (ii) Except as provided in the foregoing
clause (i), below in this clause (ii), or in Section 14, or otherwise provided in the Award Agreement, the Grantee shall have, in respect of the Restricted Shares, all of the rights of a shareholder of the Company, including the right
to vote the Shares, and, except as provided below, the right to receive any cash dividends. The Committee may provide in the Award Agreement that cash dividends on such Shares shall be held by the Company (unsegregated as a part of its general
assets) until the period of forfeiture lapses (and forfeited if the underlying Shares are forfeited), and paid over to the Grantee as soon as practicable after such period lapses (if not forfeited), or alternatively may provide for other treatment
of such dividends (including without limitation the crediting of Phantom Shares in respect of dividends or other deferral provisions). Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her
designee promptly after, and only after, the period of forfeiture shall lapse without forfeiture in respect of such Restricted Shares. 
 (iii) Except if otherwise provided in the applicable Award Agreement, and subject to clause (iv) below, if the Grantee has a Termination of Service by the Company and its Subsidiaries for Cause, or
by the Grantee for any reason, during the applicable period of forfeiture, then (A) all Shares still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee, and (B) the Company shall pay to the
Grantee as soon as practicable (and in no event more than 30 days) after such termination an amount equal to the lesser of (x) the amount paid by the Grantee for such forfeited Restricted Shares as contemplated by Section 6.1, and
(y) the Fair Market Value on the date of termination of the forfeited Restricted Shares. 
 (iv) Subject to the provisions
of the Award Agreement, in the event the Grantee has a Termination of Service on account of death, Disability or Retirement, or the Grantee has a Termination of Service by the Company and its Subsidiaries for any reason other than Cause during the
applicable period of forfeiture, then restrictions under the Plan will immediately lapse on all Restricted Shares granted to the applicable Grantee. 

  
 - 11 -

	7.	PROVISIONS APPLICABLE TO PHANTOM SHARES 

 7.1 Grant of Phantom Shares. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the
granting of Phantom Shares to Eligible Persons and (ii) determine or impose other conditions to the grant of Phantom Shares under the Plan as it may deem appropriate. 
 7.2 Term. The Committee may provide in an Award Agreement that any particular Phantom Share shall expire at the end of a specified term. 

7.3 Vesting. Phantom Shares shall vest as provided in the applicable Award Agreement. 

7.4 Settlement of Phantom Shares. 
 (a) Each vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided that, the Committee at the time of grant may provide that a Phantom Share may be
settled in (i) cash at the applicable Phantom Share Value, (ii) cash or by transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee or (iii) cash or by transfer of Shares as elected by
the Company. 
 (b) Phantom Shares shall be settled with a single-sum payment by the Company; provided that, with respect
to Phantom Shares of a Grantee which have a common Settlement Date, the Committee may permit the Grantee to elect in accordance with procedures established by the Committee to receive installment payments over a period not to exceed 10 years.

 (c) (i) Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with respect to a
Phantom Share is the first day of the month to follow the date on which the Phantom Share vests; provided that a Grantee may elect, in accordance with procedures to be established by the Committee, that such Settlement Date will be deferred
as elected by the Grantee to the first day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee. Unless otherwise determined by the Committee, elections under this
Section 7.4(c)(i) must be made at least six months before, and in the year prior to the year in which, the Settlement Date would occur in the absence of such election. 
 (ii) Notwithstanding Section 7.4(c)(i), the Committee may provide that distributions of Phantom Shares can be elected at any time in those cases in which the Phantom Share Value is determined by
reference to Fair Market Value to the extent in excess of a base value, rather than by reference to unreduced Fair Market Value. 
 (iii) Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this Section 7.4(c), is the date of the Grantee’s death. 

(d) Notwithstanding the other provisions of this Section 7, in the event of a Change in Control, the Settlement Date shall be the
date of such Change in Control and all amounts due with respect to Phantom Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change in Control, unless such Grantee elects otherwise
in accordance with procedures established by the Committee. 

  
 - 12 -

 (e) Notwithstanding any other provision of the Plan, a Grantee may receive any amounts to be
paid in installments as provided in Section 7.4(b) or deferred by the Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable Emergency”, as
determined by the Committee in its sole discretion, is a severe financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,” as defined in Section 152(a) of the Code, of
the Grantee, loss of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The circumstances that will constitute an Unforeseeable
Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved: 
 (i) through reimbursement or compensation by insurance or otherwise, 
 (ii) by
liquidation of the Grantee’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or 
 (iii) by future cessation of the making of additional deferrals under Section 7.4(b) and (c). 
 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency. Distributions of amounts because of an
Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 
 7.5 Other
Phantom Share Provisions. 
 (a) Rights to payments with respect to Phantom Shares granted under the Plan shall not be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate,
alienate, sell, transfer, assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 
 (b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments payable after his or her death and may amend or revoke such
designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a vested Phantom Share dies, such Phantom Share shall be
settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 7.4(c) shall be accelerated and paid, as soon as practicable (but no later than 60 days) after the
date of death to such Grantee’s beneficiary or estate, as applicable. 
 (c) The Committee may establish a program under
which distributions with respect to Phantom Shares may be deferred for periods in addition to those otherwise contemplated by foregoing provisions of this Section 7. Such program may include, without limitation, provisions

  
 - 13 -

 
for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Participants may select from among hypothetical investment alternatives for
such deferred amounts in accordance with procedures established by the Committee. 
 (d) Notwithstanding any other provision of
this Section 7, any fractional Phantom Share will be paid out in cash at the Phantom Share Value as of the Settlement Date. 
 (e) No Phantom Share shall be construed to give any Grantee any rights with respect to Shares or any ownership interest in the Company. Except as may be provided in accordance with Section 8, no
provision of the Plan shall be interpreted to confer upon any Grantee any voting, dividend or derivative or other similar rights with respect to any Phantom Share. 
 7.6 Claims Procedures. 
 (a) To the extent that the Plan is determined by
the Committee to be subject to the Employee Retirement Income Security Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with respect to Phantom Shares under the Plan by
written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an extension of time for processing, 180 days, in
which case notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 
 (i) approve the claim and take appropriate steps for satisfaction of the claim; or 

(ii) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a written notice of such denial
setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of construction or
interpretation adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation
of the reasons why such material or information is necessary; and (D) a reference to this Section 7.6 as the provision setting forth the claims procedure under the Plan. 

(b) The claimant may request a review of any denial of his claim by written application to the Committee within 60 days after
receipt of the notice of denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial
60-day period) after receipt of written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references
to the Plan provisions on which the decision is based. 

  
 - 14 -

	8.	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS 

 8.1 Grant of Dividend Equivalent Rights. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the Award Agreements, authorize the granting of
Dividend Equivalent Rights to Eligible Persons based on the regular cash dividends declared on Common Shares, to be credited as of the dividend payment dates, during the period between the date an Award is granted, and the date such Award is
exercised, vests or expires, as determined by the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by the Committee. With
respect to Dividend Equivalent Rights granted with respect to Options intended to be qualified performance-based compensation for purposes of Section 162(m) of the Code, such Dividend Equivalent Rights shall be payable regardless of whether
such Option is exercised. If a Dividend Equivalent Right is granted in respect of another Award hereunder, then, unless otherwise stated in the Award Agreement, in no event shall the Dividend Equivalent Right be in effect for a period beyond the
time during which the applicable portion of the underlying Award is in effect. 
 8.2 Certain Terms. 

(a) The term of a Dividend Equivalent Right shall be set by the Committee in its discretion. 

(b) Unless otherwise determined by the Committee, except as contemplated by Section 8.4, a Dividend Equivalent Right is exercisable
or payable only while the Participant is an Eligible Person. 
 (c) Payment of the amount determined in accordance with
Section 8.1 shall be in cash, in Common Shares or a combination of the both, as determined by the Committee. 
 (d) The
Committee may impose such employment-related conditions on the grant of a Dividend Equivalent Right as it deems appropriate in its discretion. 
 8.3 Other Types of Dividend Equivalent Rights. The Committee may establish a program under which Dividend Equivalent Rights of a type whether or not described in the foregoing provisions of this
Section 8 may be granted to Participants. For example, and without limitation, the Committee may grant a dividend equivalent right in respect of each Share subject to an Option or with respect to a Phantom Share, which right would consist of
the right (subject to Section 8.4) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 
 8.4 Deferral. The Committee may establish a program under which Participants (i) will have Phantom Shares credited, subject to the terms of Sections 7.4 and 7.5 as though directly
applicable with respect thereto, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with respect to Dividend Equivalent Rights deferred. In the case of the foregoing clause (ii), such program may include, without
limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Participants may select from among hypothetical investment alternatives for such deferred amounts in
accordance with procedures established by the Committee. 

  
 - 15 -

	9.	OTHER EQUITY-BASED AWARDS 

The Board shall have the right to grant other Awards based upon the Common Shares having such terms and conditions as the Board may
determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Shares and the grant of share appreciation rights. 

 

	10.	PERFORMANCE GOALS 

 The
Committee, in its discretion, (i) may establish one or more performance goals as a precondition to the issuance or vesting of Awards, and (ii) provide, in connection with the establishment of the performance goals, for predetermined Awards
to those Participants (who continue to meet all applicable eligibility requirements) with respect to whom the applicable performance goals are satisfied. In the case of any grant intended to qualify as performance based compensation under
Section 162(m) of the Code (including, for these purposes, grants constituting performance based compensation, as determined without regard to certain shareholder approval and disclosure requirements by virtue of an applicable transition rule),
the Committee shall establish goals intended to be performance goals as contemplated by Section 162(m) and the regulations thereunder. 
  

	11.	TAX WITHHOLDING 

 11.1
In General. The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding determined by the Committee to be required by law. Without limiting the generality of the foregoing, the Committee may,
in its discretion, require the Participant to pay to the Company at such time as the Committee determines the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold federal, state or local income or other
taxes incurred by reason of (i) the exercise of any Option, (ii) the lapsing of any restrictions applicable to any Restricted Shares, (iii) the receipt of a distribution in respect of Phantom Shares or Dividend Equivalent Rights or
(iv) any other applicable income-recognition event (for example, an election under Section 83(b) of the Code). 
 11.2
Share Withholding. 
 (a) Upon exercise of an Option, the Optionee may, if approved by the Committee in its discretion,
make a written election to have Shares then issued withheld by the Company from the Shares otherwise to be received, or to deliver previously owned Shares, in order to satisfy the liability for such withholding taxes. In the event that the Optionee
makes, and the Committee permits, such an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. Where the exercise of an
Option does not give rise to an obligation by the Company to withhold federal, state or local income or other taxes on the date of exercise, but may give rise to such an obligation in the future, the Committee may, in its discretion, make such
arrangements and impose such requirements as it deems necessary or appropriate. 
 (b) Upon lapsing of restrictions on
Restricted Shares (or other income-recognition event), the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be released from

  
 - 16 -

 
restriction, or to deliver previously owned Shares (not subject to restrictions hereunder), in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and
the Committee permits, such an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. 

(c) Upon the making of a distribution in respect of Phantom Shares or Dividend Equivalent Rights, the Grantee may, if approved by the
Committee in its discretion, make a written election to have amounts (which may include Shares) withheld by the Company from the distribution otherwise to be made, or to deliver previously owned Shares (not subject to restrictions hereunder), in
order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such an election, any Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise
sufficient to satisfy the applicable withholding taxes. 
 11.3 Withholding Required. Notwithstanding anything contained
in the Plan or the Award Agreement to the contrary, the Participant’s satisfaction of any tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided
hereunder to provide Shares to the Participant and to the release of any restrictions as may otherwise be provided hereunder, as applicable; and the applicable Option, Restricted Shares, Phantom Shares or Dividend Equivalent Rights shall be
forfeited upon the failure of the Participant to satisfy such requirements with respect to, as applicable, (i) the exercise of the Option, (ii) the lapsing of restrictions on the Restricted Shares (or other income-recognition event) or
(iii) distributions in respect of any Phantom Share or Dividend Equivalent Right. 
  

	12.	REGULATIONS AND APPROVALS 

(a) The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all applicable laws,
rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

(b) The Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations of any
government authority or to obtain tax benefits applicable to an Award. 
 (c) Each grant of Options, Restricted Shares, Phantom
Shares (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or issuance of Shares in respect thereof), or other Award under Section 9 (or issuance of Shares in respect thereof), is subject to the requirement that, if at any
time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Restricted Shares, Phantom Shares, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made, or
Phantom Shares or Shares issued or grant of Restricted Shares or other Award made, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to
the Committee. 

  
 - 17 -

 (d) In the event that the disposition of shares acquired pursuant to the Plan is not covered
by a then current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Committee may require
any individual receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired for investment only and not with a view to distribution and that such
Shares will be disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition. 
 (e) Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action under the Plan or any Award Agreement which, in the good-faith determination of the
Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 
  

	13.	INTERPRETATION AND AMENDMENTS; OTHER RULES 

 The Committee may make such rules and regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without limiting the generality of the foregoing, the Committee
may (i) determine the extent, if any, to which Options, Phantom Shares or Shares (whether or not Restricted Shares) or Dividend Equivalent Rights shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder);
(ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law; and (iii) take any other actions and make any
other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule,
regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the Committee shall be final and binding upon all persons. Unless otherwise expressly provided hereunder, the Committee, with
respect to any grant, may exercise its discretion hereunder at the time of the Award or thereafter. No action which is otherwise permitted under or in connection with the Plan shall be prohibited hereunder merely because it constitutes a repricing
of an Award, and, in furtherance of the foregoing, the Committee is expressly authorized and empowered, without limitation, to effect repricings that are consistent with the terms of the Plan. The Board may amend the Plan as it shall deem advisable,
except that no amendment may adversely affect a Participant with respect to an Award previously granted unless such amendments are required in order to comply with applicable laws; provided, however, that the Plan may not be
amended without shareholder approval in any case in which amendment in the absence of shareholder approval would cause the Plan to fail to comply with any applicable legal requirement or applicable exchange or similar rule. 

 

	14.	CHANGES IN CAPITAL STRUCTURE 

 (a) if (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or

  
 - 18 -

 
substantially all of the assets or shares of the Company or its Subsidiaries or a transaction similar thereto, (ii) any share dividend, share split, reverse share split, share combination,
reclassification, recapitalization or other similar change in the capital structure of the Company or its Subsidiaries, or any distribution to holders of Common Shares other than cash dividends, shall occur or (iii) any other event shall occur
which in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Awards, then: 
 (x)
the maximum aggregate number of Shares which may be made subject to Options and Dividend Equivalent Rights under the Plan, the maximum aggregate number and kind of Restricted Shares that may be granted under the Plan, the maximum aggregate number of
Phantom Shares and other Awards which may be granted under the Plan may be appropriately adjusted by the Committee in its discretion; and 
 (y) the Committee may take any such action as in its discretion shall be necessary to maintain each Participants’ rights hereunder (including under their Award Agreements) with respect to Options,
Phantom Shares and Dividend Equivalent Rights (and, as appropriate, other Awards under Section 9), so that they are substantially proportionate to the rights existing in such Options, Phantom Shares and Dividend Equivalent Rights (and other
Awards under Section 9) prior to such event, including, without limitation, adjustments in (A) the number of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9) granted, (B) the number and
kind of shares or other property to be distributed in respect of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9 as applicable), (C) the Option Price and Phantom Share Value, and
(D) performance-based criteria established in connection with Awards; provided that, in the discretion of the Committee, the foregoing clause (D) may also be applied in the case of any event relating to a Subsidiary if the event
would have been covered under this Section 14(a) had the event related to the Company. 
 To the extent that such action
shall include an increase or decrease in the number of Shares (or units of other property then available) subject to all outstanding Awards, the number of Shares (or units) available under Section 4 shall be increased or decreased, as the case
may be, proportionately, as may be determined by the Committee in its discretion. 
 (b) Any Shares or other securities
distributed to a Grantee with respect to Restricted Shares or otherwise issued in substitution of Restricted Shares shall be subject to the restrictions and requirements imposed by Section 6, including depositing the certificates therefor with
the Company together with a share power and bearing a legend as provided in Section 6.2(a). 
 (c) If the Company shall be
consolidated or merged with another corporation or other entity, each Grantee who has received Restricted Shares that is then subject to restrictions imposed by Section 6.3(a) may be required to deposit with the successor corporation the
certificates, if any, for the shares or securities or the other property that the Grantee is entitled to receive by reason of ownership of Restricted Shares in a manner consistent with Section 6.2(b), and such shares, securities or other
property shall become subject to the restrictions and requirements imposed by Section 6.3(a), and the certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in
Section 6.2(a). 

  
 - 19 -

 (d) If a Change in Control shall occur, then the Committee may make such adjustments as it,
in its discretion, determines are necessary or appropriate in light of the Change in Control, provided that the Committee determines that such adjustments do not have an adverse economic impact on the Participant as determined at the time of
the adjustments. 
 (e) The judgment of the Committee with respect to any matter referred to in this Section 13 shall be
conclusive and binding upon each Participant without the need for any amendment to the Plan. 
  

	15.	MISCELLANEOUS 

 15.1 No
Rights to Employment or Other Service. Nothing in the Plan or in any grant made pursuant to the Plan shall confer on any individual any right to continue in the employ or other service of the Company or its Subsidiaries or interfere in any way
with the right of the Company or its Subsidiaries and its shareholders to terminate the individual’s employment or other service at any time. 
 15.2 Right of First Refusal; Right of Repurchase. At the time of grant, the Committee may provide in connection with any grant made under the Plan that Shares received hereunder shall be subject to
a right of first refusal pursuant to which the Company shall be entitled to purchase such Shares in the event of a prospective sale of the Shares, subject to such terms and conditions as the Committee may specify at the time of grant or (if
permitted by the Award Agreement) thereafter, and to a right of repurchase, pursuant to which the Company shall be entitled to purchase such Shares at a price determined by, or under a formula set by, the Committee at the time of grant or (if
permitted by the Award Agreement) thereafter. 
 15.3 No Fiduciary Relationship. Nothing contained in the Plan (including
without limitation Sections 7.5(c) and 8.4), and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company or its Subsidiaries, or
their officers or the Committee, on the one hand, and the Participant, the Company, its Subsidiaries or any other person or entity, on the other. 
 15.4 No Fund Created. Any and all payments hereunder to any Participant under the Plan shall be made from the general funds of the Company (or, if applicable, a Participating Company), no special
or separate fund shall be established or other segregation of assets made to assure such payments, and the Phantom Shares (including for purposes of this Section 15.4 any accounts established to facilitate the implementation of
Section 7.4(c)) and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Shares and shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided,
however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax purposes or for purposes of
Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and constitute a mere promise by the Company to make benefit payments in the future and, to the extent that
any person acquires a right to receive payments under the Plan from the Company, such right shall be no greater than the right of a general unsecured creditor of the Company. (If any affiliate of the Company is or is made responsible with respect to
any Awards, the foregoing 

  
 - 20 -

 
sentence shall apply with respect to such affiliate.) Without limiting the foregoing, Phantom Shares and any other similar devices issued hereunder to account for Plan obligations are solely a
device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom Shares and any such other devices is limited to the right to receive payment, if any, as may herein be
provided. 
 15.5 Notices. All notices under the Plan shall be in writing, and if to the Company, shall be delivered to
the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally, sent by facsimile transmission or mailed to the Participant at the address appearing in the records of
the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 15.5. 
 15.6 Exculpation and Indemnification. The Company shall indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and
expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities and obligations under the Plan, to the maximum extent permitted by law. 

15.7 Captions. The use of captions in this Plan is for convenience. The captions are not intended to provide substantive rights.

 15.8 Governing Law. THE PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICT OF LAWS. 

  
 - 21 -AMENDED AND RESTATED 2004 PERFORMANCE BONUS PLAN

 Exhibit 10.4 
 CHAMBERS STREET PROPERTIES 
 AMENDED AND RESTATED 2004 PERFORMANCE BONUS
PLAN 
  

	 	1.	Purpose of the Plan 

 The
Plan is intended to advance the interests of the Company by providing an opportunity to selected employees of the Company to earn bonuses, and to encourage and motivate them to achieve superior operating results for Chambers Street Properties. The
Plan is effective as of June 16, 2004. 
  

	 	2.	Definitions 

 As used in
this Plan, the following definitions apply: 
 “Board” means the Board of Directors of the Chambers Street
Properties. 
 “Bonus” means the bonus to which a Key Employee is entitled under a bonus arrangement
established by the Committee under the Plan. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Committee” means the Compensation Committee of the Board. 

“Company” means Chambers Street Properties, a Maryland real estate investment trust. 

“Key Employee” means an officer or other employee of the Company whose position and responsibilities, in the judgment of
the Committee, enable the employee to have a significant impact on the operating results of the Company. 
 “Performance
Period” means each applicable fiscal year of the Company, or such other period as the Committee may determine. 

“Plan” means this Chambers Street Properties Amended and Restated 2004 Performance Bonus Plan, as the same may be
amended from time to time. 
 “Subsidiary” means any corporation (other than the Company), partnership or other
entity at least 50% of the economic interest in the equity of which is owned by the Company or by another subsidiary. 

“Termination of Service” means a Key Employee’s termination of employment or other service, as applicable, with the
Company. Cessation of service as an officer, employee, director or consultant shall not be treated as a Termination of Service if the Key Employee continues without interruption to serve thereafter in another one (or more) of such other capacities.

	 	3.	Bonuses – In General 

Eligibility from among Key Employees shall be determined by the Committee. The Committee may determine the Bonus a Key Employee will
receive with regard to a Performance Period or other period. Subject to the provisions of the Plan, the Committee shall (i) determine and designate from time to time those Key Employees to whom Bonuses are to be granted; (ii) determine,
consistently with the Plan, the amount of the Bonus to be granted to any Key Employee for any Performance Period; and (iii) determine, consistently with the Plan, the terms and conditions of each Bonus. Bonuses may be so awarded by the
Committee prior to the commencement of, during or after any Performance Period. 
  

	 	4.	Amount of Awards 

 (a)
Each Key Employee’s Bonus shall be based on corporate factors or individual factors (or a combination of both) selected before the end of the applicable Performance Period by the Committee. No bonus shall exceed 200% of the Key
Employee’s aggregate annual salary for the Performance Period. The Committee may provide for partial Bonus payments at target and other levels. The Committee may provide for partial Bonus payments at target and other levels. The Committee may
allocate portions of the Bonus to specified indexed factors. Corporate performance hurdles for any Bonuses may be adjusted by the Committee in its discretion to reflect (i) dilution from corporate acquisitions and share offerings and
(ii) changes in applicable accounting rules and standards. 
 (b) The Committee may determine that Bonuses shall be paid in
cash or shares (or other equity-based grants), or a combination thereof. The Committee may provide that any such shares or equity-based grants be made under the Chambers Street Properties Amended and Restated 2004 Equity Incentive Plan (the
“EIP”) or any other equity-based plan or program of the Company and, notwithstanding any provision of the Plan to the contrary, in the case of any such grant, the grant shall be governed in all respects by the EIP or such other plan
or program of the Company. 
 (c) The Committee may provide for programs under which the payment of Bonuses may be deferred at
the election of the Key Employee. 
  

	 	5.	Termination of Employment 

Unless otherwise determined by the Committee, no Bonus payments shall be made to any Key Employee who is not employed on the date payment
is to be made; provided that no Bonus shall be made in any event to a Key Employee who is terminated for “Cause.” For these purposes, Cause shall mean, unless otherwise provided in the grantee’s award agreement,
(i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its
Subsidiaries or its affiliates; (iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries, or any affiliate thereof;
(iv) fraud, misappropriation or embezzlement; (v) a material breach of the Key Employee’s employment agreement (if any) with the Company or its Subsidiaries, or any affiliate thereof; (vi) acts or omissions constituting a

  
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material failure to perform substantially and adequately the duties assigned to the Key Employee; (vii) any illegal act detrimental the Company or its Subsidiaries, or any affiliate thereof;
or (viii) repeated failure to devote substantially all of the Key Employee’s business time and efforts to the Company or its Subsidiaries or its affiliates if required by the Key Employee’s employment agreement; provided,
however, that, if at any particular time the Key Employee is subject to an effective employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified
in such employment agreement. 
  

	 	6.	Administration of the Plan; Amendment and Termination 

 (a) The Plan shall be administered by the Committee. 
 (b) The Committee will have
full power to construe, interpret and administer the Plan and to amend and rescind the rules and regulations for its administration, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference
permitted by law. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the Committee
shall be final and binding upon all persons. 
 (c) The Committee will have discretion to determine whether a Bonus is
established for particular Key Employees. The Committee’s decisions and determinations under the Plan need not be uniform and may be made selectively among Key Employees, whether or not such Key Employees are similarly situated. 

(d) No Key Employee shall have any claim to a Bonus until it is actually granted under the Plan. To the extent that any person acquires a
right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments provided for under the Plan shall be paid in cash from the general funds of the
Company. The Plan does not create a fiduciary relationship between the Board or Committee on one hand, and employees, their beneficiaries or any other persons on the other. 
 (e) The Board or the Committee may, at any time, amend or terminate the Plan. No amendment to or termination of the Plan may affect any Key Employee’s right to receive a Bonus which, before the
amendment or termination, has been earned by the Key Employee and is payable without any contingency or other further action, unless the Key Employee consents to the change. 
 (f) In the case of any grant intended to qualify as performance based compensation under Section 162(m) of the Code (including, for these purposes, grants constituting performance based compensation,
as determined without regard to certain shareholder approval and disclosure requirements by virtue of an applicable transition rule), the Committee shall establish goals intended to be performance goals as contemplated by Section 162(m) and the
regulations thereunder. 

  
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	 	7.	Beneficiaries 

 Each Key
Employee shall designate a beneficiary to receive such Key Employee’s Bonus, if any, in the event of death. In the event of a failure to designate a beneficiary, amounts, if any, so payable to a Key Employee in the event of death shall be
payable to the estate of such Key Employee. The last designation received by the Company shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Company prior to the
Key Employee’s death, and in no event shall it be effective as of a date prior to such receipt. If no such beneficiary designation is in effect at the time of a Key Employee’s death, or if no designated beneficiary survives the Key
Employee or if such designation conflicts with law, the Key Employee’s estate shall be entitled to receive the amounts, if any, payable under the Plan upon his or her death. If the Company is in doubt as to the right of any person to receive
such amounts, the Company may retain such amounts, without liability for any interest thereon, until the Company determines the rights thereto, or the Company may pay such amounts into any court of appropriate jurisdiction and such payment shall be
a complete discharge of the liability of the Company therefor. No rights to Bonuses granted hereunder shall be transferable by a Key Employee otherwise than by will or the laws of descent and distribution. 

 

	 	8.	Miscellaneous 

 (a) The
Company may cause to be made, as a condition precedent to the payment of any Bonus, or otherwise, appropriate arrangements with the Key Employee or his or her beneficiary for the withholding of any federal, state, local or foreign taxes. 

(b) Nothing in the Plan and no award of any Bonus which is payable immediately or in the future (whether or not future payments may be
forfeited), will give any Key Employee a right to continue to be an employee of the Company or in any other way affect the right of the Company to terminate the employment of any Key Employee at any time. 

(c) All elections, designations, requests, notices, instructions and other communications from a Key Employee, beneficiary or other
person, required or permitted under the Plan, shall be in such form as is prescribed from time to time by the Committee. 
 (d)
In the event that the Company’s fiscal year is changed, the Committee may make such adjustments to the Plan, as he or she may deem necessary or appropriate to effectuate the intent of the Plan. All such adjustments, without the need for Plan
amendment, shall be effective and binding for all Bonuses and otherwise for all purposes of the Plan. 
 (e) The use of captions
in this Plan is for convenience. The captions are not intended to provide substantive rights. 

  
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