Document:

Form of Registration Rights Agreement

 Exhibit 10.1 

FORM OF REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of             ,
2010, is made and entered into by and between DLC Realty Trust, Inc., a Maryland corporation (the “Company”), and certain persons listed on Schedule 1 hereto. 

RECITALS 

WHEREAS, the Company has prepared a registration statement on Form S-11 (File
No.         ) with respect to the issuance and sale of its common stock, par value $0.01 per share (the “Common Stock”), with the Securities and Exchange Commission (the
“Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to which the Company intends to conduct an underwritten initial public offering of shares of the Company’s Common
Stock (the “IPO”); and 
 WHEREAS, in connection with the IPO, the Company and DLC Realty,
L.P., a Delaware limited partnership (“DLC OP”), have entered into certain Irrevocable Exchange and Subscription Agreements, dated as of April     , 2010, with Adam Ifshin, Stephen Ifshin and the other
Contributors (as defined below), pursuant to which (i) Adam Ifshin exchanged his interests in certain corporations (the “Ifshin Interests”) for shares of Common Stock and pursuant to which the Company agreed that it shall issue
to Adam Ifshin such Common Stock (the “Ifshin Contribution Shares”) and (ii) the existing holders (including Adam Ifshin and Stephen Ifshin) of membership interests or partnership interests (the “Contributor
Interests” and, together with the Ifshin Interest, the “Interests”) in one or more limited liability companies or partnerships (the “Existing Entities”) listed on Schedule 2 (the
“Contributors”) hereto exchanged their Interests in exchange for units representing limited partnership interests (the “OP Units”) of DLC OP, exchangeable, under certain circumstances, into the Common Stock on
a one-for-one basis and pursuant to which DLC OP agreed that it shall issue to such Contributors such OP Units; and 

WHEREAS, the Company has agreed to grant to the members of its senior management team
             LTIP Units (“Management LTIP Units”) pursuant to certain LTIP Award Agreements, dated the date hereof, between the Company and members of the Company’s
senior management team listed on Schedule 3 (the “LTIP Recipients”) as an award under the Company’s 2010 equity incentive plan, as adopted on             , 2010
(the “Equity Plan”); 
 WHEREAS, the Company has agreed to grant to its independent directors
            shares of restricted stock (“Restricted Shares”) pursuant to certain Restricted Stock Agreements, dated the date hereof, between the Company and members of the
Company’s board of directors listed on Schedule 4 (the “Restricted Share Recipients”) as an award under the Company’s Equity Plan; and 

WHEREAS, the Company may, from time to time, grant to members of its senior management team additional awards under the
Equity Plan consisting of, or based upon, shares of Common Stock (the “Additional Plan Shares”). 

WHEREAS, the Company desires to enter into this Agreement with the Holders (as defined below) in order to grant the
Holders the registration rights contained herein. 
 NOW, THEREFORE, in consideration of the premises and the
mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 

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 Section 1. Definitions. As used in this Agreement, the following
terms shall have the following meanings: 
 “Additional Plan Shares” shall have the meaning set
forth in the Recitals hereof. 
 “Agreement” shall mean this Registration Rights Agreement as
originally executed and as amended, supplemented or restated from time to time. 
 “Board”
shall mean the Board of Directors of the Company. 
 “Business Day” shall mean any day other
than Saturday, Sunday or a day on which commercial banks in New York, New York are directed or permitted to be closed. 

“Common Stock” shall have the meaning set forth in the Recitals hereof. 

“Commission” shall have the meaning set forth in the Recitals hereof. 

“Company” shall have the meaning set forth in the introductory paragraph hereof. 

“Contributor Interests” shall have the meaning set forth in the Recitals hereof. 

“Contributor Shares” shall mean the Ifshin Contribution Shares and the Common Stock that may be acquired
by the Holders in connection with the exercise by such Holders of the exchange rights associated with the OP Units. 

“Contributors” shall have the meaning set forth in the Recitals hereof. 

“Controlling Person” shall have the meaning set forth in Section 5(a) of this Agreement.

 “Demand Registration” shall have the meaning set forth in Section 2.2(a) of this
Agreement. 
 “Demand Registration Notice” shall have the meaning set forth in
Section 2.2(a) of this Agreement. 
 “Demand Registration Statement” shall have the
meaning set forth in Section 2.2(a) of this Agreement. 
 “Depositary” shall mean
The Depository Trust Company, or any other depositary appointed by the Company, provided, however, that such depositary must have an address in the Borough of Manhattan, in the City of New York. 

“DLC OP” shall have the meaning set forth in the Recitals hereof. 

“End of Suspension Notice” shall have the meaning set forth in Section 3(a) of this
Agreement. 
 “Equity Plan” shall have the meaning set forth in the Recitals hereof.

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended (or any
corresponding provision of succeeding law) and the rules and regulations thereunder. 
  

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 “Exchangeable OP Units” shall mean OP Units that may be
redeemable for cash or, at the Company’s option, exchangeable for shares of Common Stock pursuant to Section 8.06 of the Amended and Restated Agreement of Limited Partnership of DLC OP. 

“Existing Entities” shall have the meaning set forth in the Recitals hereof. 

“FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

“Holders” shall mean (i) the Contributors, the LTIP Recipients and the Restricted Share Recipients
as holders of Registrable Securities and (ii) any direct or indirect transferee, to the extent permitted under the Company’s charter or DLC OP’s limited partnership agreement, of such Registrable Securities from a Contributor, an LTIP
Recipient or a Restricted Share Recipient, as the case may be, provided, that such transferee agrees in writing to be bound by all the provisions hereof. For purposes of this Agreement, the Company may deem and treat the registered
holder of a Registrable Security as the Holders and absolute owner thereof, unless notified to the contrary in writing by the registered Holders thereof. 

“Ifshin Contribution Shares” shall have the meaning set forth in the Recitals hereof. 

“Ifshin Interests” shall have the meaning set forth in the Recitals hereof. 

“Interests” shall have the meaning set forth in the Recitals hereof. 

“IPO” shall have the meaning set forth in the Recitals hereof. 

“Liabilities” shall have the meaning set forth in Section 5(a)(i) of this Agreement.

 “LTIP Recipients” shall have the meaning set forth in the Recitals hereof. 

“LTIP Units” shall mean units issued by DLC OP classified as LTIP Units. 

“Management LTIP Units” shall have the meaning set forth in the Recitals hereof. 

“Management Shares” shall mean the Common Stock that may be acquired by the LTIP Recipients in
connection with the exercise by such LTIP Recipients of the exchange rights associated with the Management LTIP Units. 

“OP Units” shall have the meaning set forth in the Recitals hereof. 

“Other Registration Statement” shall have the meaning set forth in Section 2.2(a) of this
Agreement. 
 “Person” shall mean any individual, partnership, corporation, limited liability
company, joint venture, association, trust, unincorporated organization or other governmental or legal entity. 

“Registrable Securities” shall mean at any time (i) the Contributor Shares, (ii) the
Management Shares, (iii) the Restricted Shares and (iv) the Additional Plan Shares, each upon original issuance thereof and at all time subsequent thereto, including upon the transfer thereof by the original Holders or any subsequent
Holders and any securities issued in respect of such securities by reason of or in connection with any exchange for or replacement of such securities or any stock dividend, stock distribution, stock split, purchase in any rights offering or in
connection with any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution 

 

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with respect to the Common Stock, until, in the case of any such securities, the earliest to occur of (i) the date on which a Registration Statement with respect to the sale of such
Registrable Securities shall have become effective under the Securities Act and such Registrable Securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement, (ii) the date on which such
Registrable Securities shall have ceased to be outstanding, (iii) the date on which such Registrable Securities are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act or
(iv) the date on which such Registrable Securities have been sold and all transfer restrictions and restrictive legends with respect to such Registrable Securities are removed upon the consummation of such sale. 

“Registration Statement” means any registration statement filed by the Company with the Commission in
compliance with the Securities Act (including any Demand Registration Statement or Other Registration Statement) for a public offering and sale of the Common Stock or other securities of the Company, including the prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement (other than a registration statement
(i) on Form S-4 or Form S-8 or any successor form to Form S-4 or Form S-8 or in connection with any employee or director welfare, benefit or compensation plan, (ii) covering only securities proposed to be issued in exchange for securities
or assets of another entity, (iii) in connection with an exchange offer or an offering of securities exclusively to existing security holders of the Company or its subsidiaries, (iv) relating to a transaction pursuant to Rule 145 of the
Securities Act, (v) for an offering of debt that is convertible into equity securities of the Company, or (vi) for a dividend reinvestment plan). 

“Restricted Shares” shall have the meaning set forth in the Recitals hereof. 

“Restricted Share Recipients” shall have the meaning set forth in the Recitals hereof. 

“Securities Act” shall have the meaning set forth in the Recitals hereof. 

“Selling Holders’ Counsel” shall mean one counsel for the Holders that is selected by the Holders
holding a majority of the Registrable Securities included in a Registration Statement and that is reasonably acceptable to the Company. 

“Shelf Registration Statement” shall have the meaning set forth in Section 2.1(a) of this
Agreement. 
 “Suspension Event” shall have the meaning set forth in Section 3(a)
of this Agreement. 
 “Suspension Notice” shall have the meaning set forth in
Section 3(a) of this Agreement. 
 “Underwritten Offering” shall mean a sale of
securities of the Company to an underwriter or underwriters for reoffering to the public. 
 “Voting
Power” shall mean voting securities or other voting interests ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of board members or Persons performing substantially equivalent
tasks and responsibilities with respect to a particular entity. 
 Section 2. Registrations.

 2.1(a) Shelf Registration. The Company agrees to use commercially reasonable efforts to file with the
Commission no later than 14 months after the closing of the IPO and during a 
  

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period of time that the issuer of the Registrable Securities is eligible to use Form S-3 (or any similar or successor form), a registration statement with respect to the Registrable Securities
under the Securities Act on Form S-3 (or any similar or successor form) for the offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”), and will use
commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter. The Shelf Registration Statement shall be on an appropriate form and the registration statement
and any form of prospectus included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method of sale as the Holders may from time to time notify the Company. 

(b) Shelf Registration Effectiveness. The Company shall use commercially reasonable efforts to keep the Shelf
Registration Statement continuously effective for the period beginning on the date on which the Shelf Registration Statement is declared effective and ending on the date that all of the Registrable Securities registered under the Shelf Registration
Statement cease to be Registrable Securities. During the period that the Shelf Registration Statement is effective, the Company shall supplement or make amendments to the Shelf Registration Statement, if required by the Securities Act or if
reasonably requested by the Holders (whether or not required by the form on which the securities are being registered), including to reflect any specific plan of distribution or method of sale, and shall use its commercially reasonable efforts to
have such supplements and amendments declared effective, if required, as soon as practicable after filing. 

(c) Registration Term. The Company shall prepare and file such additional registration statements as necessary and
use its commercially reasonable efforts to cause such registration statements to be declared effective by the Commission so that a shelf registration statement remains continuously effective, subject to Section 3, with respect to the
Registrable Securities as and for the periods required under Section 2.1(a), such subsequent registration statement to constitute a Shelf Registration Statement, hereunder. 

2.2(a) Demand Registration. Subject to Sections 2.2(c) and 3 hereof, at any time after 14 months
after the closing date of the IPO, if the Company (i) is not eligible to use Form S-3 or (ii) has failed to file the Shelf Registration Statement, each Holder may deliver to the Company a written notice (a “Demand Registration
Notice”) informing the Company of such Holder’s desire to have some or all of their Registrable Securities registered for sale by the Company (a “Demand Registration”). Each Demand Registration Notice shall specify the
number of Registrable Securities to be registered by the Company. Upon receipt of a Demand Registration Notice from the Holders of at least 25% of the Registrable Securities, if the Company has not already caused such Registrable Securities to be
included as part of an existing Registration Statement and related prospectus that the Company then has on file with, and has been declared effective by, the Commission and which remains in effect and not subject to any stop order, injunction or
other order or requirement of the Commission (in which event the Company shall be deemed to have satisfied its registration obligation under this Section 2), then the Company will cause to be filed with the Commission as soon as
reasonably practicable after receiving the Demand Registration Notice, but in no event more than ninety (90) days following receipt of such notice, a new Registration Statement and related prospectus that complies as to form in all material
respects with applicable Commission rules providing for the sale by such Holder or group of Holders of the Registrable Securities (the “Demand Registration Statement”), and agrees (subject to Section 3 hereof) to use
commercially reasonable efforts to cause the Demand Registration Statement to be declared effective by the Commission as soon as practicable following the filing thereof (if it is not an automatically effective Registration Statement). The Company
shall give written notice of the proposed filing of the Demand Registration Statement to all Holders of Registrable Securities as soon as practicable, and each Holder of Registrable Securities who wishes to participate in such Demand Registration
Statement shall notify the Company in writing within five (5) Business Days after the receipt by the Holder of the notice from the 

 

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Company, and shall specify in such notice the number of Registrable Securities to be included in the Demand Registration Statement. Subject to Section 3 hereof, the Company agrees to
use commercially reasonable efforts to keep the Demand Registration Statement continuously effective (including the preparation and filing of any amendments and supplements necessary for that purpose) until the earlier of (i) the date that is
two (2) years after the date of effectiveness of the Demand Registration Statement, (ii) the date on which all of the Registrable Securities covered by such Demand Registration Statement are eligible for sale without registration pursuant
to Rule 144 (or any successor provision) under the Securities Act without volume limitations or other restrictions on transfer thereunder, or (iii) the date on which all Registrable Securities covered by such Demand Registration Statement are
no longer Registrable Securities. 
 Notwithstanding the foregoing, the Company may at any time, in its sole
discretion and prior to or after receiving a Demand Registration Notice from any Holder, include all of any Holder’s Registrable Securities or any portion thereof in any Registration Statement, including by virtue of adding such Registrable
Securities as additional securities to an existing Registration Statement pursuant to Rule 462(b) under the Securities Act (in which event the Company shall be deemed to have satisfied its registration obligation under this
Section 2.2(a) so long as such Registration Statement remains effective and not the subject of any stop order, injunction or other order of the Commission) (any such Registration Statement, an “Other Registration
Statement”). Furthermore, notwithstanding any provision of this Section 2.2(a) to the contrary, the Company shall have the option, in its sole discretion, to register pursuant to any Demand Registration Statement or Other
Registration Statement, along with Registrable Securities that Holders have requested to be included in such Demand Registration Statement in accordance with this Section 2.2(a), any or all additional Registrable Securities that are
outstanding. 
 (b) Offers and Sales. All offers and sales by a Holder under the Demand Registration
Statement shall be completed within the period during which the Demand Registration Statement remains effective and not the subject of any stop order, injunction or other order of the Commission. Upon notice that such Demand Registration Statement
is no longer effective, no Holder will offer or sell the Registrable Securities under the Demand Registration Statement. If directed in writing by the Company, each Holder will return (at the expense of the Company) all undistributed copies of the
prospectus covering the Registrable Securities in its possession, other than permanent file copies in the possession of such Holder’s counsel, upon the expiration of such period. 

(c) Limitations on Demand Registration Rights. The Company shall not be obligated to effect any Demand
Registration within one year after the effective date of a previous Demand Registration Statement. 

Section 3. Black-Out Periods. 

(a) Notwithstanding the provisions of Sections 2.1(a) or 2.2(a), the Company shall be permitted to postpone
the filing of the Registration Statement, and from time to time to require Holders not to sell under the Registration Statement or to suspend the use or effectiveness thereof, for such times as the Company reasonably may determine is necessary and
advisable (but in no event for more than an aggregate of 120 days in any rolling 12-month period commencing on the date of this Agreement or more than 90 consecutive days, except as a result of a refusal by the Commission to declare any
post-effective amendment to the Registration Statement effective after the Company has used all commercially reasonable efforts to cause the post-effective amendment to be declared effective by the Commission, in which case, the Company must
terminate the black-out period immediately following the effective date of the post-effective amendment), if any of the following events shall occur (each such circumstance a “Suspension Event”): (i) a majority of the Board
determines in good faith that (A) the offer or sale of any Registrable Securities would materially impede, delay or interfere with any proposed financing, offer or 

 

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sale of securities, acquisition, corporate reorganization or other material transaction involving the Company, (B) after the advice of counsel, the sale of Registrable Securities pursuant to
the Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, or (C) (x) the Company has a bona fide business purpose for preserving the confidentiality
of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with Commission
requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post effective
basis, as applicable; or (ii) a majority of the Board determines in good faith, upon the advice of counsel, that it is in the Company’s best interest or it is required by law, rule or regulation to supplement the Registration Statement or
file a post-effective amendment to the Registration Statement in order to ensure that the prospectus included in the Registration Statement (1) contains the information required under Section 10(a)(3) of the Securities Act;
(2) discloses any facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the information set
forth therein; or (3) discloses any material information with respect to the plan of distribution that was not disclosed in the Registration Statement or any material change to such information. Upon the occurrence of any such suspension, the
Company shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post effective basis or to take such action as is necessary to make
resumed use of the Registration Statement as soon as possible. 
 The Company will provide written notice (a
“Suspension Notice”) to the Holders and the Selling Holders’ Counsel, if any, of the occurrence of any Suspension Event. If as a result of a Suspension Event, the Registration Statement or related prospectus contains any untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, each
Holder agrees that (i) it will immediately discontinue offers and sales of the Registrable Securities under the Registration Statement until the Holder receives copies of a supplemental or amended prospectus (which the Company agrees to
promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and
(ii) it will maintain the confidentiality of any information included in the written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, each Holder will deliver to the Company (at the
expense of the Company) all copies of the prospectus covering the Registrable Securities at the time of receipt of the Suspension Notice, other than permanent file copies in the possession of such Holder’s counsel. The Holders may recommence
effecting sales of the Registrable Securities pursuant to the Registration Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice
shall be given by the Company to the Holders and to the Selling Holders’ Counsel, if any, promptly following the conclusion of any Suspension Event and its effect. 

(b) In connection with any Registration Statement utilized by the Company to satisfy its obligations under this
Agreement, each Holder agrees to cooperate with the Company in connection with the preparation of the Registration Statement, and each Holder agrees that it will (i) respond within ten (10) Business Days to any written request by the
Company to provide or verify information regarding the Holder or the Holder’s Registrable Securities (including the proposed manner of sale) that may be required to be included in such Registration Statement and related prospectus pursuant to
the rules and regulations of the Commission, and (ii) provide in a timely manner information regarding the proposed distribution by the Holder of the Registrable Securities and such other information as may be requested by the Company from time
to time in connection with the preparation of and for inclusion in the Registration Statement and related prospectus. 
  

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 (c) If all reports required to be filed by the Company pursuant to the
Exchange Act have not been filed by the required date taking into account any permissible extension, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities
pursuant to any Registration Statement or to require the Company take action with respect to the registration or sale of any Registrable Securities pursuant to any Registration Statement shall be suspended until the date on which the Company has
filed such reports, and the Company shall notify the Holders in writing as promptly as practicable when such suspension is no longer required. 

(d) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to
any Registration Statement pursuant to Section 3(a), the Company agrees that it shall extend the period of time during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days
during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended prospectus necessary to resume
sales, with respect to each Suspension Event; provided, that, such period of time shall not be extended beyond the date that Common Stock covered by such Registration Statement are no longer Registrable Securities. 

Section 4. Registration Procedures. 

(a) In connection with the filing of any Registration Statement as provided in this Agreement, the Company shall use
commercially reasonable efforts to, as expeditiously as reasonably practicable: 
 (i) prepare
and file with the Commission a Registration Statement with respect to such Registrable Securities, within the relevant time period specified in Sections 2.1(a), and/or 2.2(a) hereof, on the appropriate form under the Securities Act,
which form (1) shall be selected by the Company, (2) shall be available for the registration and sale of the Registrable Securities by the selling Holders thereof, (3) shall comply as to form in all material respects with the
requirements of the applicable form and include or incorporate by reference all financial statements required by the Commission to be filed therewith or incorporated by reference therein, and (4) shall comply in all respects with the
requirements of Regulation S-T under the Securities Act, and otherwise comply with its obligations under Section 2 hereof; 

(ii) prepare and file with the Commission such amendments and post-effective amendments to such
Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for the applicable period; and cause each prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 (or any similar provision then in force) under the Securities Act and comply with the provisions of the Securities Act, the Exchange Act and the rules and regulations thereunder applicable to them with respect to the
disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 

(iii) (1) notify each Holder of Registrable Securities, at least ten (10) Business Days
after filing, that a Registration Statement with respect to the Registrable Securities has been filed and advising such Holder that the distribution of Registrable Securities will be made in accordance with any method or combination of methods
legally available by the Holders 
  

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of any and all Registrable Securities; (2) furnish to each Holder of Registrable Securities and to each underwriter of an Underwritten Offering of Registrable Securities, if any, without
charge, as many copies of each prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request, including financial statements and schedules in
order to facilitate the public sale or other disposition of the Registrable Securities; and (3) hereby consent to the use of the prospectus or any amendment or supplement thereto by the selling Holders of Registrable Securities in connection
with the offering and sale of the Registrable Securities covered by the prospectus or any amendment or supplement thereto; 

(iv) use its commercially reasonable efforts to register or qualify the Registrable Securities by the time
the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by the Registration Statement and
each underwriter of an Underwritten Offering of Registrable Securities shall reasonably request in writing, and do any and all other acts and things which may be reasonably necessary or advisable to enable each such Holder and underwriter to
consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (1) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(a)(iv), or (2) take any action which would subject it to general service of process or taxation in any such jurisdiction where
it is not then so subject; 
 (v) notify promptly each Holder of Registrable Securities under the
Registration Statement and, if requested by such Holder, confirm such advice in writing promptly at the address determined in accordance with Section 8(f) of this Agreement (1) when the Registration Statement has become effective
and when any post-effective amendments and supplements thereto become effective, (2) of any request by the Commission or any state securities authority for post-effective amendments and supplements to the Registration Statement and prospectus
or for additional information after the Registration Statement has become effective, (3) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of the Registration Statement or the
initiation of any proceedings for that purpose, (4) of the happening of any event or the discovery of any facts during the period the Registration Statement is effective as a result of which the Registration Statement or the related prospectus
or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading or, in the case of the
prospectus, contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading
(which information shall be accompanied by an instruction to suspend the use of the Registration Statement and the prospectus (such instruction to be provided in the same manner as a Suspension Notice) until the requisite changes have been
made, at which time notice of the end of suspension shall be delivered in the same manner as an End of Suspension Notice), (5) of the receipt by the Company of any notification with respect to the suspension of the qualification of the
Registrable Securities, for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (6) of the filing of a post-effective amendment to the Registration Statement; 

(vi) furnish Selling Holders’ Counsel, if any, copies of any comment letters relating to the selling
Holders received from the Commission or any other request by the Commission or any state securities authority for amendments or supplements to the Registration Statement and prospectus or for additional information relating to the selling Holders;

  

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 (vii) make every reasonable effort to obtain the withdrawal
of any order suspending the effectiveness of the Registration Statement at the earliest possible moment; 

(viii) furnish to each Holder of Registrable Securities, and each underwriter, if any, without charge, at
least one conformed copy of each Registration Statement and any post-effective amendment thereto, including financial statements and schedules (without documents incorporated therein by reference and all exhibits thereto, unless requested);

 (ix) cooperate with the selling Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the selling Holders or the underwriters, if any,
may reasonably request at least three (3) Business Days prior to the closing of any sale of Registrable Securities; 

(x) upon the occurrence of any event or the discovery of any facts, as contemplated by
Sections 4(a)(v)(5) and 4(a)(v)(6) hereof, as promptly as practicable after the occurrence of such an event, use its commercially reasonable efforts to prepare a supplement or post-effective amendment to the Registration Statement
or the related prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such prospectus will not contain at the time of such
delivery any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or will remain so qualified, as applicable. At such
time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to
notify each Holder of such determination and to furnish each Holder such number of copies of the prospectus as amended or supplemented, as such Holder may reasonably request; 

(xi) within a reasonable time prior to the filing of any Registration Statement, any prospectus, any
amendment to a Registration Statement or amendment or supplement to a prospectus, provide copies of such document to the Selling Holders’ Counsel, if any, on behalf of such Holder, and make representatives of the Company as shall be reasonably
requested by the Holders of Registrable Securities available for discussion of such document; 

(xii) obtain a CUSIP number for the Registrable Securities not later than the effective date of a
Registration Statement, and provide the Company’s transfer agent with printed certificates for the Registrable Securities, in a form eligible for deposit with the Depositary, in each case, to the extent necessary or applicable; 

(xiii) enter into agreements (including underwriting agreements) and take all other customary appropriate
actions in order to expedite or facilitate the disposition of such Registrable Securities whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration: 

(A) make such representations and warranties to the Holders of such Registrable Securities and the
underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings as may be reasonably requested by them; 

 

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 (B) obtain opinions of counsel to the Company and updates
thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to any managing underwriter(s) and their counsel) addressed to the underwriters, if any, covering the matters customarily covered in opinions
requested in Underwritten Offerings and such other matters as may be reasonably requested by the underwriter(s); 

(C) obtain “comfort” letters and updates thereof from the Company’s independent registered
public accounting firm (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements are, or are required to be, included in the
Registration Statement) addressed to the underwriter(s), if any (to the extent consistent with Statement on Auditing Standards No. 72 of the American Institute of Certified Public Accounts), such letters to be in customary form and
covering matters of the type customarily covered in “comfort” letters to underwriters in connection with similar Underwritten Offerings; 

(D) enter into a securities sales agreement with the Holders and an agent of the Holders providing for,
among other things, the appointment of such agent for the selling Holders for the purpose of soliciting purchases of Registrable Securities, which agreement shall be in form, substance and scope customary for similar offerings; 

(E) if an underwriting agreement is entered into, cause the same to set forth indemnification provisions
and procedures substantially equivalent to the indemnification provisions and procedures set forth in Section 5 hereof with respect to the underwriters and all other parties to be indemnified pursuant to said Section or, at the request
of any underwriters, in the form customarily provided to such underwriters in similar types of transactions; and 

(F) deliver such documents and certificates as may be reasonably requested and as are customarily
delivered in similar offerings to the Holders of a majority in principal amount of the Registrable Securities being sold and the managing underwriters, if any; 

(xiv) make available for inspection by any underwriter participating in any disposition pursuant to a
Registration Statement, Selling Holders’ Counsel and any accountant retained by a majority in principal amount of the Registrable Securities being sold, all financial and other records, pertinent corporate documents and properties or assets of
the Company reasonably requested by any such persons, and cause the respective officers, directors and any other agents of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in
connection with a Registration Statement, and make such representatives of the Company available for discussion of such documents as shall be reasonably requested by the Selling Holders’ Counsel; provided, however, that the
Selling Holders’ Counsel, if any, and the representatives of any underwriters will use commercially reasonable efforts, to the extent reasonably practicable, to coordinate the foregoing inspection and information gathering and to not materially
disrupt the Company’s business operations; 
  

 11 

 (xv) a reasonable time prior to filing any Registration
Statement, any prospectus forming a part thereof, any amendment to such Registration Statement, or amendment or supplement to such prospectus, provide copies of such document to the underwriter(s) of an Underwritten Offering of Registrable
Securities; within five (5) Business Days after the filing of any Registration Statement, provide copies of such Registration Statement to Selling Holders’ Counsel; make such changes in any of the foregoing documents prior to the filing
thereof, or in the case of changes received from Selling Holders’ Counsel by filing an amendment or supplement thereto, as the underwriter or underwriters, or in the case of changes received from Selling Holders’ Counsel relating to the
selling Holders or the plan of distribution of Registrable Securities, as Selling Holders’ Counsel, reasonably requests; not file any such document in a form to which any underwriter shall not have previously been advised and furnished a copy
of or to which any underwriter shall reasonably object; reasonably consider the Selling Holders’ Counsel’s comments, if any, in preparing the Registration Statement; not include in any amendment or supplement to such documents any
information about the selling Holders or any change to the plan of distribution of Registrable Securities that would limit the method of distribution of the Registrable Securities unless Selling Holders’ Counsel has been advised in advance and
has approved such information or change; and make the representatives of the Company available for discussion of such document as shall be reasonably requested by the Selling Holders’ Counsel, if any, on behalf of such Holder, Selling
Holders’ Counsel or any underwriter; 
 (xvi) furnish to each underwriter, if any, a signed
counterpart, addressed to such Holder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) if eligible under Statement on Auditing Standards No. 72 of the American Institute of Certified Public Accounts, a
comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the managing
underwriter or underwriters therefor reasonably requests; 
 (xvii) use its commercially
reasonable efforts to cause all Registrable Securities to be listed on any national securities exchange; 

(xviii) otherwise comply with all applicable rules and regulations of the Commission and make available to
its security holders, as soon as reasonably practicable, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xix) cooperate and assist in any filings required to be made with the FINRA and in the performance of any
due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of the FINRA); and 

(xx) the Company may (as a condition to a Holder’s participation in a Registration) require each
Holder of Registrable Securities to furnish to the Company such information regarding the Holders and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing.

 Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event or the
discovery of any facts of the type described in Section 4(a)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement relating to such Registrable Securities until such
Holder’s receipt of the copies of the supplemented or amended 
  

 12 

 
prospectus contemplated by Section 4(a)(v) hereof, and, if so directed by the Company, such Holder will deliver to the Company (at the Company’s expense) all copies in such
Holder’s possession, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

Section 5. Indemnification. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder, and the
respective officers, directors, partners, employees, representatives and agents of any such Person, and each Person (a “Controlling Person”), if any, who controls (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) any of the foregoing Persons, as follows: 
 (i) against any
and all loss, liability, claim, damage, judgment, actions, other liabilities and expense whatsoever (the “Liabilities”), as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment or supplement thereto) pursuant to which Registrable Securities were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any prospectus (or any
amendment or supplement thereto) or the omission or alleged omission therefrom at such date of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 (ii) against any and all Liabilities, as incurred, to the extent of the aggregate amount paid
in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; provided, that (subject to Section 5(d) below) any such settlement is effected with the written consent of the Company; and 

(iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel
chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon
any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 

provided, however, that this indemnity agreement shall not apply to any Liabilities to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by the Holders expressly for use in a Registration Statement (or any amendment thereto) or
any prospectus (or any amendment or supplement thereto); and provided, further, that the Company shall not be liable to the Holders or any other Person who controls (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) such Holder in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of such Person’s failure to send or give a copy of
the final prospectus or supplement to the Persons asserting an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such
statement or omission was corrected in such final prospectus or supplement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Holders or any such Controlling Person and shall survive the
transfer of such securities by the Holders. 
  

 13 

 (b) Indemnification by the Holders. Each Holder severally, but not
jointly, agrees to indemnify and hold harmless the Company and the other selling Holders, and each of their respective officers, directors, partners, employees, representatives and agents, and each of their respective Controlling Persons, against
any and all Liabilities described in the indemnity contained in Section 5(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto) or any prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in
the Registration Statement (or any amendment thereto) or such prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. 
 (c)
Notices of Claims, etc. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but
failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may
have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense of such action; provided, however, that counsel to the indemnifying party shall not (except with the
consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whosoever in respect of which indemnification or contribution could be sought under this Section 5 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent
(i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party. 
 (d) Indemnification Payments. If at any time
an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
Section 5(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have
received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the
date of such settlement. 
 (e) Contribution. If the indemnification provided for in this
Section 5 is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any Liabilities referred to therein, then each indemnifying party shall contribute to the aggregate amount of such Liabilities
incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holders on the other hand in connection with the statements or omissions which resulted in
such Liabilities, as well as any other relevant equitable considerations. 
  

 14 

 The relative fault of the Company on the one hand and the Holders on the
other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the
Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 5 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 5. The aggregate amount of Liabilities
incurred by an indemnified party and referred to above in this Section 5 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

Section 6. Market Stand-Off Agreement. Each Holder hereby agrees that it shall not, directly or indirectly
sell, offer to sell (including without limitation any short sale), pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of
or transfer any Registrable Securities or other Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock then owned by such Holder (other than to permitted transferees of the Holders who agree to be similarly
bound) for up to 180 days following the date of an underwriting agreement with respect to an underwritten public offering of the Company’s securities; provided, however, that: 

(a) the restrictions above shall not apply to Registrable Securities sold on the Holders’ behalf to the public in an
Underwritten Offering pursuant to a Registration Statement; 
 (b) all officers and directors of the Company
then holding Common Stock or securities convertible into or exchangeable or exercisable for Common Stock enter into similar agreements for not less than the entire time period required of the Holders hereunder; and 

(c) the Holders shall be allowed any concession or proportionate release allowed to any (i) officer,
(ii) director, (iii) other holder of the Company’s Common Stock that entered into similar agreements (with such proportion being determined by dividing the number of shares being released with respect to such officer, director or
other holder of the Company’s Common Stock by the total number of issued and outstanding shares held by such officer, director or holder). 

In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the
certificates representing the securities subject to this Section 6 and to impose stop transfer instructions with respect to the Registrable Securities and such other securities of each Holder (and the securities of every other Person
subject to the foregoing restriction) until the end of such period. 
 Section 7. Termination;
Survival. The rights of each Holder under this Agreement shall terminate upon the date that such Holder ceases to hold any Registrable Securities. Notwithstanding the foregoing, the obligations of the parties under Sections 5 and 8
of this Agreement shall remain in full force and effect following such time. 
  

 15 

 Section 8. Miscellaneous. 

(a) Registration Expenses. The Company shall pay all expenses incident to the performance by the Company of its
registration obligations under Section 2 above, including, without limitation, (i) all expenses incurred in connection with the preparation, printing and distribution of any Registration Statement and prospectus and all amendments
and supplements thereto, (ii) all stock exchange, Commission and state securities registration, listing and filing fees, (iii) all fees and expenses of complying with securities or “blue sky” laws, (iv) all FINRA fees,
(v) fees and disbursements of counsel for the Company and fees and expenses for the independent certified public accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort
letters), (vi) all internal expenses of the Company (including, without limitation, all salaries and expenses of its officers performing legal or accounting duties); and (vii) the fees and expenses of any person, including special experts,
retained by the Company in connection with the preparation of any Registration Statement. In connection with each Demand Registration initiated hereunder, the Company shall reimburse the Holders covered by such registration or sale for the
reasonable fees and disbursements of the Selling Holders’ Counsel. Each Holder shall be responsible for the payment of any brokerage and sales commissions, fees and disbursements of the Holder’s counsel, accountants and other advisors, and
any transfer taxes relating to the sale or disposition of the Registrable Securities by such Holder pursuant to this Agreement. The Company shall have no obligation to pay any other costs or expenses in the course of the transactions contemplated
hereby, including underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the Holders thereof, which underwriting discounts or selling commissions shall be borne by such Holders. In addition, in an
Underwritten Offering, all selling stockholders and the Company shall bear the expenses of the underwriters, pro rata, in proportion to the respective amount of shares each is selling in such offering. 

(b) Covenants Relating To Rule 144. For so long as the Company is subject to the reporting requirements of
Section 13 or 15 of the Securities Act, the Company covenants that it will file the reports required to be filed by it under the Securities Act and Section 13(a) or 15(d) of the Exchange Act and the rules and regulations adopted by the
Commission thereunder. If the Company ceases to be so required to file such reports, the Company covenants that it will upon the request of any Holder of Registrable Securities (a) make publicly available such information as is necessary to
permit sales pursuant to Rule 144 under the Securities Act, (b) deliver such information to a prospective purchaser as is necessary to permit sales pursuant to Rule 144A under the Securities Act and it will take such further action as
any Holder of Registrable Securities may reasonably request, and (c) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, (ii) Rule 144A under the
Securities Act, as such rule may be amended from time to time, or (iii) any similar rules or regulations hereafter adopted by the Commission. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements (at any time after 90 days after the effective date of the first Registration Statement filed by the Company for an offering of its Common Stock to the general public) and of the
Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), a copy of the most recent annual and quarterly report(s) of the Company, and such other reports, documents or
stockholder communications of the Company, and take such further actions consistent with this Section 8(b), as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any
such Registrable Securities without registration. 
  

 16 

 (c) Participation in Underwritten Offerings. No Person may
participate in any Underwritten Offerings hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and these registration rights
provided for in this Agreement. The Company shall select the managing underwriter or underwriters in connection with any Underwritten Offering. 

(d) No Inconsistent Agreements. The Company has not entered into and the Company will not after the date of this
Agreement enter into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities pursuant to this Agreement or otherwise conflicts with the provisions of this Agreement. The rights granted to the Holders
hereunder do not and will not for the term of this Agreement in any way conflict with the rights granted to the holders of the Company’s other issued and outstanding securities under any such agreements. 

(e) Amendments and Waivers. The provisions of this Agreement may be amended or waived at any time only by the
written agreement of the Company and the Holders of a majority of the Registrable Securities; provided, however, that the provisions of this Agreement may not be amended or waived without the consent of the Holders of all the
Registrable Securities adversely affected by such amendment or waiver if such amendment or waiver adversely affects a portion of the Registrable Securities but does not so adversely affect all of the Registrable Securities; provided,
further, that the provisions of the preceding provision may not be amended or waived except in accordance with this sentence. Any waiver, permit, consent or approval of any kind or character on the part of any such Holder of any provision or
condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of Registrable
Securities and the Company. 
 (f) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered first-class mail, facsimile or any courier guaranteeing overnight delivery. 

If to the Company, to: 

DLC Realty Trust, Inc. 

580 White Plains Road 

Tarrytown, New York 10591 

Attention: Adam Ifshin 

Fax No.: (914) 206-4021 

If to the Holder: 

To the address indicated for such Holder in Schedule 1 hereto 

If to a transferee Holder, to the address of such Holder set forth in the transfer documentation provided to the Company.

 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; two (2) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party) and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. 
  

 17 

 (g) Successor and Assigns. This Agreement and the rights, duties and
obligations of the Holders hereunder may be freely assigned or delegated by such Holder in conjunction with and to the extent of any transfer of Registrable Securities held by any such Holder. This Agreement and the provisions hereof shall inure to
the benefit of and be binding upon all of the parties hereto and their respective heirs, executors, personal and legal representatives, successors and permitted assigns, including, without limitation, any successor of the Company by merger,
acquisition, reorganization, recapitalization or otherwise; provided, however, that no such transfer or assignment shall be binding upon or obligate the Company to any such assignee unless and until the Company shall have
received written notice of such transfer or assignment as herein provided and a written agreement of the assignee to be bound by the provisions of this Agreement. This Agreement is not intended to confer any rights or benefits on any Persons that
are not party hereto other than as expressly set forth in Section 5 and this Section 8(g). 

(h) Specific Enforcement. Without limiting the remedies available to the Holders, the Company acknowledges that
any failure by the Company to comply with its obligations under Section 2 hereof may result in material irreparable injury to the Holders for which there is no adequate remedy at law, that it would not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, a Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Section 2 hereof. 

(i) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(j) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (k) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (l) Severability. In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and
of the remaining provisions contained herein shall not be affected or impaired thereby. 
 [SIGNATURE PAGE FOLLOWS] 

 

 18 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first written above. 
  

			
	 DLC REALTY TRUST, INC.

a Maryland corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 HOLDERS:

		
	 By:
	 	  

		 	 *                    , for himself and as attorney-in-fact
for the individuals listed on Schedule 1 hereto

 Signature Page to Registration Rights Agreement 

 Schedule 1 

HOLDERS 
  

 Sch. 1 

 Schedule 2 

CONTRIBUTORS 
  

 Sch. 2 

 Schedule 3 

LTIP RECIPIENTS 
  

 Sch. 3 

 Schedule 4 

RESTRICTED SHARE RECIPIENTS 
  

 Sch. 4Form of Tax Protection Agreement

 Exhibit 10.5 

FORM OF TAX PROTECTION AGREEMENT 

THIS TAX PROTECTION AGREEMENT (this “Agreement”) is made and entered into as of
            , 2010 by and among DLC Realty Trust Inc., a Maryland corporation (the “REIT”), DLC Realty, L.P., a Delaware limited partnership (the “Partnership”), Adam
Ifshin and Stephen Ifshin (each a “Protected Partner,” and collectively the “Protected Partners”). 

WHEREAS, pursuant to certain transaction agreements, dated as of
            , 2010 (the “Transaction Agreements”), various entities of which the Protected Partners were members or partners and that directly or indirectly own or lease real
property (the “Existing Entities”), as identified in such Transaction Agreements, subject to specified liabilities merged with the Partnership or a Subsidiary of the Partnership, with the Protected Partners receiving common units (“OP
Units”) of limited partnership interest in the Partnership (the “Transaction”). 
 WHEREAS, it is
intended for federal income tax purposes that the Transaction be treated as a transfer of the equity interests in the Existing Entities to the Partnership in exchange for OP Units under Section 721 of the Code (as defined below) including,
where applicable, pursuant to the “assets over” form of transaction set forth in Treasury Regulation Section 1.708-1(c)(3); 

WHEREAS, in accordance with Section              of the
Transaction Agreements and in consideration for the agreement of the Protected Partners to consummate the Transaction, the parties desire to enter into this Agreement regarding certain tax matters associated with the Transaction; and 

WHEREAS, the REIT and the Partnership desire to evidence their agreement regarding amounts that may be payable as a
result of certain actions being taken by the Partnership regarding the disposition of certain of the assets of Partnership or other contributed assets and certain debt obligations of the Partnership, its partners and its subsidiaries. 

NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements
contained herein and in the Transaction Agreements, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

To the extent not otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them
in the Transaction Agreements (as defined above). 
 “Agreement” has the meaning set forth in
the recitals. 
 “Closing Date” means the date hereof. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Consent” means the prior written consent to do the act or thing for which the consent is required or
solicited, which consent may be executed by a duly authorized officer or agent of the party granting such consent. 

“Deficit Restoration Obligation” or “DRO” means a written obligation by a Protected
Partner to become a “DRO Partner” as defined in the Partnership Agreement. 
 “DRO
Amounts” has the meaning set forth in Section 3.7. 
 “Existing Entities” has the
meaning set forth in the recitals. 
  

 - 1 - 

 “Guaranteed Amount” means the aggregate amount of each
Guaranteed Debt that is guaranteed at any time by Partner Guarantors. 
 “Guaranteed Debt”
means any loan existing, incurred (or assumed) by the Partnership or any of its Subsidiaries that is guaranteed in whole or in part by Partner Guarantors at any time on or after the Closing Date pursuant to Article 3 hereof. 

“Minimum Liability Amount” means, for each Protected Partner, the amount set forth on Schedule
3.1 hereto next to such Protected Partner’s name, as amended from time to time. 
 “Nonrecourse
Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2). 
 “OP
Units” means units of limited partnership interest of the Partnership owned by the Protected Partners, as described in the Partnership Agreement, and any other partnership interest into which such OP Units may be converted. 

“Partner Guarantors” means those Protected Partners who have guaranteed any portion of the Guaranteed
Debt. The Partner Guarantors and each Partner Guarantor’s dollar amount share of the Guaranteed Amount with respect to the Guaranteed Debt, of the Closing Date will be set forth on Schedule 3.2 hereto as amended from time to time.

 “Partnership” means DLC Realty, L.P., a Delaware limited partnership. 

“Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of DLC Realty,
L.P., dated as of              as amended through the Closing Date, and as the same may be further amended in accordance with the terms thereof. 

“Proceeding” has the meaning set forth in Section 7.1. 

“Protected Gain” shall mean all of the gain that would be allocable to and/or recognized by a Protected
Partner under Section 704(c) of the Code in the event of the sale of a Protected Property or a direct or indirect interest therein in a fully taxable transaction, with such initial Protected Gain calculated on the Closing Date assuming the
consideration equal to the Section 704(c) Value of such Protected Property as set forth in Schedule 2.1(ii) hereto, and as adjusted from time to time pursuant to the Code and the Treasury Regulations. For the avoidance of doubt, the
maximum Protected Gain with respect to each Protected Property shall be the initial Protected Gain set forth on Schedule 2.1(ii) hereto. 

“Protected Partner” means (i) any person set forth on Schedule 2.1(i) hereto as a
“Protected Partner” and (ii) any person who acquires OP Units from a Protected Partner in a transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted basis, as determined for
federal income tax purposes, is determined in whole or in part by reference to the adjusted basis of a Protected Partner in such OP Units. 

“Protected Property” means (i) each of the properties identified as a Protected Property on
Schedule 2.1(ii) hereto; (ii) a direct or indirect interest owned by the Partnership in any Subsidiary that owns an interest in a Protected Property, if the disposition of such interest would result in the recognition of Protected Gain
with respect to a Protected Partner; and (iii) any other property that the Partnership directly or indirectly receives that is in whole or in part a “substituted basis property” as defined in Section 7701(a)(42) of the Code with
respect to a Protected Property or interest therein. 
 “Qualified Guarantee” has the meaning
set forth in Section 3.2. 
 “Qualified Guarantee Indebtedness” has the meaning set forth
in Section 3.2. 
 “REIT” means DLC Realty Trust Inc., a Maryland corporation. 

 “Section 704(c) Value” means the fair market value of any
Protected Property as set forth next to each Protected Property on Schedule 2.1(ii). For purposes of this Agreement, the agreed Section 704(c) Value for all Protected Properties acquired by the Partnership from the Protected Partners in
the Transaction will be the agreed value of the OP Units to be issued in the Transaction with respect to the Protected Properties plus the mortgage debt secured by or allocable to such properties outstanding on the Closing Date. The
Section 704(c) Value for each Protected Property shall be as determined pursuant to this Agreement and the Transaction Agreements. The Partnership shall initially carry each Protected Property on its books at a value equal to the
Section 704(c) Value of such Protected Property as set forth above. 
 “Subsidiary” means
any entity in which the Partnership owns a direct or indirect interest. 
 “Successor
Partnership” has the meaning set forth in Section 2.2. 
 “Tax Claim” has the
meaning set forth in Section 7.1. 
 “Tax Protection Period” means (i) with respect
to the Protected Properties set forth on Schedule 2.1(ii) the period commencing on the Closing Date and ending at 12:01 AM on the day after the eight (8) year anniversary of the Closing Date and (ii) with respect to the obligations
of the Partnership set forth in Article 3 hereof the period commencing on the Closing Date and ending at the earlier of (A) the date on which a Protected Partner no longer owns (directly or indirectly) 50% of the OP Units it received in the
Transaction or (B) 12:01 AM on the day after the twenty (20) year anniversary of the Closing Date. 

“Transaction” has the meaning set forth in the recitals. 

ARTICLE II 

RESTRICTIONS ON DISPOSITIONS OF 

PROTECTED PROPERTIES 

2.1. General Prohibition on Disposition of Protected Properties. The REIT and the Partnership agree for the
benefit of the Protected Partners, for the term of the Tax Protection Period and without the consent of each Protected Partner not to directly or indirectly sell, exchange, transfer, or otherwise dispose of a Protected Property or any interest
therein (without regard to whether such disposition is voluntary or involuntary) in a transaction that would cause a Protected Partner to recognize any Protected Gain. Without limiting the foregoing, (i) any transaction or event which would
cause a Protected Partner to recognize or be allocated gain for federal income tax purposes with respect to any Protected Property or any direct or indirect interest therein will be treated as a disposition of a Protected Property, and (ii) a
disposition shall include any transfer, voluntary or involuntary, in a foreclosure proceeding, pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding. Notwithstanding anything in this Agreement to the contrary, this Article 2 shall
not apply to a condemnation or other taking of any Protected Property or any direct or indirect interest therein by a governmental entity or authority in an eminent domain proceeding. However, if a transfer of a Protected Property or any direct or
indirect interest therein occurs pursuant to the preceding sentence, the Partnership shall use its best efforts to qualify such transfer as an involuntary conversion under Section 1033 of the Code that does not result in the recognition of
Protected Gain by a Protected Partner. 
 2.2. Exceptions Where No Gain Recognized. Notwithstanding the
restrictions set forth in Section 2.1, the Partnership may dispose of any Protected Property (or an interest therein) if such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under
Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or
consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, does not result (in the year of such disposition or in
a later year within the Tax Protection Period) in the recognition of any Protected Gain to a Protected Partner. In further clarification thereof: 

(i) in the case of a Section 1031 like-kind exchange, if such exchange is with a “related party” within
the meaning of Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party 

 
of the Protected Property or any other transaction prior to the expiration of the two (2) year period following such exchange and within the Tax Protection Period that would cause
Section 1031(f)(1) of the Code to apply with respect to such Protected Property (including by reason of the application of Section 1031(f)(4) of the Code) shall be considered a violation of Section 2.1 by the Partnership; and

 (ii) in the event that at the time of the exchange or other disposition the Protected Property is secured,
directly or indirectly, by indebtedness that is guaranteed by a Partner Guarantor (or for which a Protected Partner otherwise has personal liability) and the transferee is not a “pass-through” Subsidiary of the Partnership that both is
100% owned, directly or indirectly, by the Partnership and is and will continue to be under the legal control of the Partnership, (a) in the Partnership’s sole discretion, either (I) such indebtedness shall be repaid in full or (II)
the Partnership shall obtain from the lenders with respect to such indebtedness a full and complete release of liability for each of the Protected Partners that has guaranteed, or otherwise has liability for, such indebtedness and (b) if such
indebtedness is a Guaranteed Debt and the Tax Protection Period with respect to Article 3 shall not have expired, the Partnership shall comply with its covenants set forth in Article 3 below with respect to such Guaranteed Debt and the Partner
Guarantors that are considered to have liability for such Guaranteed Debt (determined under Section 3.4 treating such events as a repayment of the Guaranteed Debt). 

2.3. Mergers. Any merger or consolidation involving the Partnership or any Subsidiary, whether or not the
Partnership or Subsidiary is the surviving entity in such merger or consolidation, that results in a Protected Partner being required to recognize part or all of the Protected Gain shall be deemed to be a disposition of the Protected Property for
purposes of Section 2.1, and Article 4 shall fully apply. In the event of a merger or consolidation involving the Partnership (or any Subsidiary) and a Successor Partnership, the Successor Partnership shall have agreed in writing for the
benefit of the Protected Partners that all of the restrictions contained in this Agreement shall continue to apply, including but not limited to, those with respect to each Protected Property. 

ARTICLE III 

ALLOCATION OF LIABILITIES; GUARANTEE OPPORTUNITY 

AND DEFICIT RESTORATION OBLIGATIONS 

3.1. Minimum Liability Allocation. During the Tax Protection Period, the Partnership will offer to each Protected
Partner at the Protected Partner’s option the opportunity (i) to enter into a “bottom dollar guarantee” (whether individually or as part of a group of partners) of indebtedness of the Partnership or a wholly-owned
“pass-through” Subsidiary of the Partnership or (ii) in the event the Partnership has sufficient recourse debt outstanding and the Protected Partner agrees in lieu of entering into a bottom dollar guarantee pursuant to clause
(i) above, to enter into a Deficit Restoration Obligation, in such amount or amounts so as to cause the amount of Partnership liabilities allocated to such Protected Partner for purposes of Section 752 of the Code to be not less than such
Protected Partner’s Minimum Liability Amount and to cause the amount of Partnership liabilities with respect to which such Protected Partner will be considered to be “at risk” for purposes of Section 465 of the Code to be not
less than such Protected Partner’s Minimum Liability Amount. In order to minimize the need for Protected Partners to enter into guarantees or DROs, the Partnership will use the optional method under Treasury Regulation
Section 1.752-3(a)(3) to allocate Nonrecourse Liabilities considered secured by any property acquired by the Partnership pursuant to the Transaction to and for the benefit of the Protected Partners to the extent that the “built-in
gain” allocable to the Protected Partner under Section 704(c) of the Code with respect to those properties exceeds the amount of the Nonrecourse Liabilities considered secured by such property allocated to the Protected Partners under
Treasury Regulation Section 1.752-3(a)(2). A bottom dollar guarantee or a DRO shall be presumed to cause a Protected Partner to be allocated an amount of liabilities equal to such Protected Partner’s Guaranteed Amounts of Guaranteed Debt
or such Protected Partner’s DRO amount, as applicable, for purposes of Sections 465 and 752 of the Code. 

3.2. Qualified Guarantee Indebtedness and Qualified Guarantee; Treatment of Qualified Guarantee Indebtedness as
Guaranteed Debt. In order for an offer by the Partnership of an opportunity to guarantee indebtedness to satisfy the requirements of this Article 3, (1) the indebtedness to be guaranteed must also satisfy conditions (i) through
(vi) set forth in this Section 3.2 (indebtedness satisfying all such conditions is referred to as “Qualified Guarantee Indebtedness”); (2) the guarantee by the Partner Guarantors must be pursuant to a Guarantee Agreement
substantially in the form attached hereto as Schedule 3.8 that satisfies the conditions set forth in Sections 3.2(i) and (iii) below (a “Qualified Guarantee”); (3) the amount of debt offered to be guaranteed by the

 
Partner Guarantor, if pursuant to Section 3.4, must not exceed the portion of the Guaranteed Amount for which a replacement guarantee is being offered; and (4) the debt to be guaranteed
must be considered indebtedness of the Partnership for purposes of determining the adjusted tax basis of the interests of partners in the Partnership in their OP Units. If, and to the extent that, a Partner Guarantor elects to guarantee Qualified
Guarantee Indebtedness pursuant to an offer made in accordance with this Article 3, such indebtedness thereafter shall be considered a Guaranteed Debt and subject to all of this Article 3. 

The conditions that must be satisfied at all times with respect to any Guaranteed Debt offered pursuant to this Article 3
hereof and the guarantees with respect thereto are as follows: 
 (i) each such guarantee shall be a
“bottom dollar guarantee” in that the lender for the Guaranteed Debt is required to pursue all other collateral and security for the Guaranteed Debt (other than any bottom dollar guarantees permitted pursuant to this clause (i) and/or
Section 3.3 below) prior to seeking to collect on such a guarantee, and the lender shall have recourse against the guarantee only if, and solely to the extent that, the total amount recovered by the lender with respect to the Guaranteed Debt
after the lender has exhausted its remedies as set forth above is less than the aggregate of the Guaranteed Amounts with respect to such Guaranteed Debt (plus the aggregate amounts of any other guarantees (x) that are in effect with respect to
such Guaranteed Debt at the time the guarantees pursuant to this Article 3 are entered into, or (y) that are entered into after the date the guarantees pursuant to this Article 3 are entered into with respect to such Guaranteed Debt and that
comply with Section 3.5 below, but only to the extent that, in either case, such guarantees are bottom dollar guarantees with respect to the Guaranteed Debt), and the maximum aggregate liability of each Partner Guarantor for all Guaranteed Debt
shall be limited to the amount actually guaranteed by such Partner Guarantor; 
 (ii) the fair market value of
the property collateral (not including any guarantees) against which the lender has recourse pursuant to the Guaranteed Debt, determined as of the time the guarantee is entered into (an independent appraisal relied upon by the lender in making the
loan will be the conclusive evidence of such fair market value when the guarantee is being entered into in connection with the closing of such loan), shall not be less than 150% of the sum of (x) Guaranteed Debt, plus (y) the aggregate
amounts of any other guarantees that are in effect with respect to such Guaranteed Debt at the time the guarantees pursuant to this Article 3 are entered into with respect to such Guaranteed Debt and that comply with Section 3.2(v) below, but
only to the extent that such guarantees are bottom dollar guarantees with respect to the Guaranteed Debt); 

(iii)(A) the executed guarantee must be executed by and delivered to the lender, (B) the execution of the guarantee
by the Partner Guarantors must be acknowledged by the lender, and (C) the guarantee must be enforceable under the laws of the state governing the loan and in which the property securing the loan is located; 

(iv) as to each Partner Guarantor that is executing a guarantee pursuant to this Agreement, there must be no other person
that would be considered to “bear the economic risk of loss,” within the meaning of Treasury Regulation Section 1.752-2, or would be considered to be “at risk” for purposes of Section 465(b) with respect to that portion
of such debt for which such Partner Guarantor is being made liable for purposes of satisfying the Partnership’s obligations to such Partner Guarantor under this Article 3; 

(v) the aggregate Guaranteed Amounts with respect to the Guaranteed Debt will not exceed 35% of the amount of the
Guaranteed Debt outstanding at the time the guarantee is executed. Except for guarantees already in place at the time a guarantee opportunity is presented to the Protected Partners, at no time can there be guarantees with respect to the Guaranteed
Debt that are provided by other persons that are “pari passu” with or at a lower level of risk than the guarantees provided by the Protected Partners. If there are guarantees already in place at the time a guarantee opportunity is
presented to the Protected Partners that are “pari passu” with or at a lower level of risk than the guarantees provided by the Protected Partners, then the amount of Guaranteed Debt subject to such existing guarantees shall be added to the
Guaranteed Amount for purposes of calculating the 35% limitation set forth in this Section 3.2(v); and 

(vi) the obligor with respect to the Guaranteed Debt is the Partnership or a non-corporate entity in which the
Partnership owns, directly and indirectly, 100% of the economic interests and which is and will continue to be under the legal control of the Partnership. 

 The Partnership shall be deemed to satisfy the requirements of Sections 3.2(i),
(ii) and (v) if, in lieu of offering a bottom dollar guarantee of indebtedness secured by specific properties, it offers a bottom dollar guarantee (or an indemnity of an existing guarantor) of a general unsecured obligation of the
Partnership which is recourse, without limitation, to all of the assets of the Partnership and is made by a third party institutional lender with financial covenants that are standard for such a loan. Such a guarantee may be “pari passu”
with or at a higher level of risk than another bottom dollar guarantee of such indebtedness provided that the aggregate amount of such other guarantee is less than $10 million. 

3.3. Covenant With Respect to Guaranteed Debt Collateral. The Partnership covenants with the Partner Guarantors
with respect to the Guaranteed Debt that (A) it will comply with the requirements set forth in Section 2.2(ii) upon any disposition of any collateral for a Guaranteed Debt, whether during or following the Tax Protection Period, and
(B) it will not at any time, whether during or following the Tax Protection Period, pledge the collateral for a Guaranteed Debt to secure any other indebtedness (unless such other indebtedness is, by its terms, subordinate in all respects to
the Guaranteed Debt for which such collateral is security) or otherwise voluntarily dispose of or reduce the amount of such collateral unless either (i) after giving effect thereto the conditions in Section 3.2 would continue to be
satisfied with respect to the Guaranteed Debt and the Guaranteed Debt otherwise would continue to be Qualified Guarantee Indebtedness, or (ii) the Partnership (A) obtains from the lender with respect to the original Guaranteed Debt a full
and complete release of any Partner Guarantor unless the Partner Guarantor expressly requests that it not be released, and (B) if the Tax Protection Period has not expired, offers to each Partner Guarantor with respect to such original
Guaranteed Debt, not less than 30 days prior to such pledge or disposition, the opportunity to enter into a Qualified Guarantee of other Partnership indebtedness that constitutes Qualified Guarantee Indebtedness (with such replacement indebtedness
thereafter being considered a Guaranteed Debt and subject to this Article 3) in an amount equal to the amount of such original Guaranteed Debt that was guaranteed by such Partner Guarantor. 

3.4. Repayment or Refinancing of Guaranteed Debt. The Partnership shall not, at any time during the Tax Protection
Period applicable to a Partner Guarantor, repay or refinance all or any portion of any Guaranteed Debt or otherwise take any action that would result in a decrease in the amount of Partnership liabilities allocated to a Partner Guarantor, unless
(i) after taking into account such repayment or other action, each Partner Guarantor would be entitled, pursuant to Section 752 of the Code and the Treasury Regulations thereunder, to include in its adjusted tax basis for its OP Units an
amount of Partnership liabilities at least equal to its Minimum Liability Amount or (ii) alternatively, the Partnership, not less than 30 days prior to such repayment, refinancing or other action, offers to the applicable Partner Guarantors at
their election the opportunity either (A) to enter into a qualified guarantee with respect to other indebtedness of the Partnership or a wholly-owned “pass-through” Subsidiary of the Partnership or (B) in the event the
Partnership has sufficient recourse debt outstanding and the Protected Partner agrees in lieu of entering into a qualified guarantee pursuant to clause (A) above, to enter into a DRO, in either case in an amount sufficient so that, taking into
account such guarantees of such other indebtedness or DROs, each such Partner Guarantor would be entitled, pursuant to Section 752 and the Treasury Regulations thereunder, to include in its adjusted tax basis for its OP Units an amount of
Partnership liabilities equal to the Minimum Liability Amount for such Partner Guarantor. 
 3.5. Limitation
on Additional Guarantees With Respect to Debt Secured by Collateral for Guaranteed Debt. The Partnership shall not offer the opportunity or make available to any person or entity other than a Protected Partner a guarantee of any Guaranteed Debt
or other debt that is secured, directly or indirectly, by any collateral for Guaranteed Debt unless (i) such debt by its terms is subordinate in all respects to the Guaranteed Debt or, if such other guarantees are of the Guaranteed Debt itself,
such guarantees by their terms must be paid in full before the lender can have recourse to the Partner Guarantors (i.e., the first dollar amount of recovery by the applicable lenders must be applied to the Guaranteed Amount); provided that the
foregoing shall not apply with respect to additional guarantees of Guaranteed Debt so long as the conditions set forth in Sections 3.2(ii) and (v) would be satisfied immediately after the implementation of such additional guarantee (determined
in the case of Section 3.2(ii), based upon the fair market value of the collateral for such Guaranteed Debt at the time the additional guarantee is entered into and adding the amount of such additional guarantee(s) to the sum of the applicable
Guaranteed Amounts plus any other preexisting bottom dollar guarantees previously permitted pursuant to this Section 3.5 or Sections 3.2(i) and (ii) above, for purposes of making the computation provided for in Section 3.2(ii)), and
(ii) and such other guarantees do not have the effect of reducing the amount of the Guaranteed Debt that is 
 includible by
any Partner Guarantor in its adjusted tax basis for its Preferred Units or OP Units pursuant to Treasury Regulation Section 1.752-2. 

 3.6. Process. Whenever the Partnership is required under this Article
3 to offer to one or more of the Partner Guarantors an opportunity to guarantee indebtedness or enter into a DRO obligation, the Partnership shall be considered to have satisfied its obligation if the other conditions in this Article 3 are satisfied
and, not less than thirty (30) days prior to the date that such guarantee or DRO obligation would be required to be executed in order to satisfy this Article 3, the Partnership sends by first class certified mail to the last known address of
each such Partner Guarantor (as reflected in the records of the Partnership) a guarantee agreement or consent to DRO obligation form to be executed and a brief letter explaining the relevant circumstances (including, as applicable, that the offer is
being made pursuant to this Article 3, the circumstances giving rise to the offer, a brief summary of the terms of the indebtedness to be guaranteed (or, in the case of a DRO, the terms of the Partnership recourse debt), a brief description of the
collateral for the indebtedness, a statement of the amount to be guaranteed (or DRO amount to be assumed), the address to which the executed guarantee agreement (or consent to DRO obligation form) must be sent and the date by which it must be
received, and a statement to the effect that, if the Protected Partner fails to execute and return such guarantee agreement (or consent to DRO obligation form) within the time period specified, the Partner Guarantor thereafter would lose its rights
under this Article 3 with respect to the amount of debt that the Partnership is required to offer to be guaranteed (or that would be subject to the DRO obligation) and depending upon the Partner Guarantor’s circumstances and other circumstances
related to the Partnership, the Partner Guarantor could be required to recognize taxable gain as a result thereof, either currently or prior to the expiration of the Tax Protection Period, that otherwise would have been deferred). If a notice is
properly sent in accordance with this procedure, the Partnership shall have no responsibility as a result of the failure of a Partner Guarantor either to receive such notice or to respond thereto within the specified time period. 

3.7. Deficit Restoration Obligation. In the event a Protected Partner has elected to enter into a DRO, the
Partnership will maintain an amount of indebtedness of the Partnership that would be considered “recourse” indebtedness equal to or greater than the sum of the “DRO Amounts” (as defined in the Partnership Agreement) of all
Protected Partners (plus, the DRO Amounts, if any, of other partners in the Partnership). The deficit restoration obligation shall be presumed to cause the Protected Partner to be allocated an amount of liabilities equal to the DRO Amount of such
Protected Partner for purposes of Sections 465 and 752 of the Code. 
 3.8. Presumption as to Schedule
3.8. A guarantee in the form of the Guarantee Agreement attached hereto as Schedule 3.8 that is (A) properly executed by the Partner Guarantor and the lender and (B) delivered to the lender shall be conclusively presumed to
satisfy the conditions set forth in Section 3.2(i) and 3.2(iii) and to have caused the Guaranteed Debt to be considered allocable to the Protected Partner who enters into such Guarantee Agreement pursuant to Treasury Regulation
Section 1.752-2 so long as all of the following conditions are met with respect such Guaranteed Debt: 

(i) there are no other guarantees in effect with respect to such Guaranteed Debt (other than the guarantees
contemporaneously being entered into by the Partner Guarantors pursuant to this Article 3); 
 (ii) the
collateral securing such Guaranteed Debt is not, and shall not thereafter become, collateral for any other indebtedness that is senior to or pari passu with such Guaranteed Debt; 

(iii) no additional guarantees with respect to such Guaranteed Debt will be entered into during the applicable Tax
Protection Period pursuant to the proviso set forth in Section 3.5; 
 (iv) the lender with respect to such
Guaranteed Debt is not the Partnership, any Subsidiary or other entity in which the Partnership owns a direct or indirect interest, the REIT, any other partner in the Partnership, or any person related to any partner in the Partnership as determined
for purposes of Treasury Regulation Section 1.752-2 or any person that would be considered a “related party” as determined for purposes of Section 465 of the Code; and 

(v) none of the REIT, nor any other partner in the Partnership, nor any person related to any partner in the Partnership
as determined for purposes of Treasury Regulation Section 1.752-2 shall have provided, or shall thereafter provide, collateral for, or otherwise shall have entered into, or shall thereafter enter into, a

 
relationship that would cause such person to be considered to bear the economic risk of loss with respect to such Guaranteed Debt, as determined for purposes of Treasury Regulation
Section 1.752-2 or that would cause such entity to be considered “at risk” with respect to such Guaranteed Debt, as determined for purposes of Section 465 of the Code. 

ARTICLE IV 

REMEDIES FOR BREACH 

4.1. Monetary Damages. In the event that the Partnership or a Subsidiary breaches its obligations set forth in
Article 2 or Article 3 with respect to a Protected Partner, the Protected Partner’s sole right shall be to receive from the Partnership, and the Partnership shall pay to Protected Partner as damages, an amount equal to: 

(i) in the case of a violation of Article 3, the aggregate federal, state and local income taxes incurred by the
Protected Partner as a result of the income or gain allocated to, or otherwise recognized by, such Protected Partner by reason of such breach; and 

(ii) in the case of a violation of Article 2, the aggregate federal, state, and local income taxes incurred with respect
to the Protected Gain incurred with respect to the Protected Property that is allocable to such Protected Partner under the Partnership Agreement; 

plus an additional amount so that, after the payment by such Protected Partner of all taxes on amounts received pursuant to this
Section 4.1 (including any tax liability incurred as a result of such Protected Partner’s receipt of such indemnity payment), such Protected Partner retains an amount equal to its total tax liability incurred as a result of such breach.

 For purposes of computing the amount of federal, state, and local income taxes required to be paid by a
Protected Partner, (i) any deduction for state income taxes payable as a result thereof shall be treated as fully deductible for purposes of computing federal income taxes, and (ii) a Protected Partner’s tax liability shall be
computed using the highest federal, state and local marginal income tax rates that would be applicable to such Protected Partner’s taxable income (taking into account the character of such income or gain) for the year with respect to which the
taxes must be paid, without regard to any deductions, losses or credits that may be available to such Protected Partner that would reduce or offset its actual taxable income or actual tax liability if such deductions, losses or credits could be
utilized by the Protected Partner to offset other income, gain or taxes of the Protected Partner, either in the current year, in earlier years, or in later years. 

ARTICLE V 

SECTION 704(C) METHOD AND ALLOCATIONS 

5.1. Application of “Traditional Method.” Notwithstanding any provision of the Partnership Agreement,
the Partnership shall use the “traditional method” under Treasury Regulation Section 1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code with respect to the Protected Properties and all other
properties acquired by the Partnership pursuant to the Transaction Agreements (with no “curative allocation” to offset the effects of the “ceiling rule,” including upon any sale of such a property). 

ARTICLE VI 

ALLOCATIONS OF LIABILITIES PURSUANT TO TREASURY REGULATIONS 

UNDER SECTION 752 

6.1. Allocation Methods to be Followed. Absent a determination to the contrary by the Internal Revenue Service or
a court and subject to Section 6.2, all tax returns prepared by the Partnership with respect to the Tax Protection Period that allocate liabilities of the Partnership for purposes of Section 752 and the Treasury Regulations thereunder
shall treat each Partner Guarantor as being allocated for federal income tax purposes an amount of recourse debt (in addition to any nonrecourse debt otherwise allocable to such Partner Guarantor in accordance with the Partnership Agreement and
Treasury Regulation Section 1.752-3 and any other recourse liabilities allocable to such Partner Guarantor by reason of guarantees of indebtedness entered into pursuant to other 

 
agreements with the Partnership) pursuant to Treasury Regulation Section 1.752-2 equal to the sum of such Partner Guarantor’s Minimum Liability Amount, as set forth on Schedule
3.1 hereto and as may be reduced pursuant to the terms of this Agreement, and the Partnership and the REIT shall not, during or with respect to the Tax Protection Period, take any contrary or inconsistent position in any federal, state or local
income tax returns (including, without limitation, information returns, such as Schedules K-1, provided to partners in the Partnership and returns of Subsidiaries of the Partnership). 

6.2. Exception to Required Allocation Method. Notwithstanding the provisions of this Agreement, the Partnership
shall not be required to make allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners as set forth in this Agreement if and to the extent that the Partnership is provided an opinion of a law firm recognized
as expert in such matters or a nationally recognized public accounting firm to the effect that there is not “substantial authority” (within the meaning of Section 6662(d)(2)(B)(i) of the Code) for such allocations or there has been a
judicial determination in a proceeding to which the Partnership is a party and as to which the Protected Partners have been allowed to participate as and to the extent contemplated in Article 7 to the effect that such allocations are not correct. In
no event shall this Section 6.2 be construed to relieve the Partnership from any liability arising from a failure by the Partnership to comply with one or more of the provisions of Article 3 of this Agreement. 

6.3. No Representation With Regard to Tax Treatment. The REIT and the Partnership make no representation to any
Protected Partner or Partner Guarantors regarding the tax consequences to such partners of the Transaction or any other transactions contemplated herein including whether becoming a Partner Guarantor or entering into a DRO shall be respected for
federal income tax purposes as causing such partner to be considered to “bear the economic risk of loss” with respect to indebtedness for purposes of Section 752 or Section 465 of the Code. 

ARTICLE VII 

TAX PROCEEDINGS 

7.1. Notice of Tax Audits. If any claim, demand, assessment (including a notice of proposed assessment) or other
assertion is made with respect to Taxes against the Protected Partners or the Partnership the calculation of which involves a matter covered in this Agreement or the tax treatment of the Transaction (a “Tax Claim”), or if the REIT or the
Partnership receives any notice from any jurisdiction with respect to any current or future audit, examination, investigation or other proceeding (“Proceeding”) involving the Protected Partners or the Partnership or that otherwise could
involve a matter covered in this Agreement and could directly or indirectly affect the Protected Partners (adversely or otherwise), then the REIT or the Partnership, as applicable, shall promptly notify the Protected Partners of such Tax Claim or
Proceeding, but in no event later than 20 business days after receipt of such notice. 
 7.2. Control of Tax
Proceedings. The REIT, as the general partner of the Partnership shall have the right to control the defense, settlement or compromise of any Proceeding or Tax Claim; provided, however, that the Partnership shall keep the Protected Partners duly
informed of the progress thereof to the extent that such Proceeding or Tax Claim could directly or indirectly affect (adversely or otherwise) the Protected Partners and that the Protected Partners shall have the right to review and comment on any
and all submissions made to the Internal Revenue Service, a court, or other governmental body with respect to such Tax Claim or Proceeding and that the Partnership will consider such comments in good faith. 

ARTICLE VIII 

AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS; 

APPROVAL OF CERTAIN TRANSACTIONS 

8.1. Amendment. This Agreement may not be amended, directly or indirectly (including by reason of a merger between
the Partnership and another entity) except by a written instrument signed by the REIT, as general partner of the Partnership, and each of the Protected Partners. 

 8.2. Waiver. Notwithstanding the foregoing, upon written request by
the Partnership, each Protected Partner in its sole discretion, may waive the payment of any damages that is otherwise payable to such Protected Partner pursuant to Article 4 hereof. Such a waiver shall be effective only if obtained in writing from
the affected Protected Partner. 
 ARTICLE IX 

MISCELLANEOUS 

9.1. Additional Actions and Documents. Each of the parties hereto hereby agrees to take or cause to be taken such
further actions, to execute, deliver, and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the purposes, terms
and conditions of this Agreement. 
 9.2. Assignment. No party hereto shall assign its or his rights or
obligations under this Agreement, in whole or in part, except by operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary to the terms hereof shall be null and void and of no force and effect.

 9.3. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of
the Protected Partners. This Agreement shall be binding upon the REIT, the Partnership, and any entity that is a direct or indirect successor, whether by merger, transfer, spin-off or otherwise, to all or substantially all of the assets of either
the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of this sentence), provided, that none of the foregoing shall result in the release of liability of the REIT and the Partnership hereunder. The
REIT and the Partnership covenant with and for the benefit of the Protected Partners not to undertake (directly or indirectly) any transfer of all or substantially all of the assets of either entity (whether by merger, spin-off or transfer,
including a transfer by a Subsidiary, or otherwise) unless the transferee has in writing acknowledged and agreed to be bound by this Agreement, provided, that the foregoing shall not be deemed to permit any transaction otherwise prohibited by
this Agreement. 
 9.4. Captions. The Article and Section headings contained in this Agreement are
inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

9.5. Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be
deemed to have been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt requested) to the parties
at the following addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier number specified below: 

 

	 	(i)	 if to the Partnership, or the REIT, to: 

DLC Realty, L.P. 

c/o DLC Realty Trust Inc. 

580 White Plains Road 

Tarrytown, NY 10591 

Attention: Bill Comeau 

Facsimile: 914-206-4021 

Telephone: 914-304-5655 

E-mail: bcomeau@dlcmgmt.com 

 

	 	(ii)	 if to a Protected Partner, to the address on file with the Partnership. 

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so
given, served or sent. Each notice, demand, request, or communication which shall be hand delivered, sent, mailed, or faxed in the manner described above, shall be deemed sufficiently given, 

 
served, sent, received or delivered for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a facsimile) the
answerback being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 

9.6. Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered
one and the same agreement and each of which shall be deemed an original. 
 9.7. Governing Law. The
interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by the laws of the State of Delaware, without regard to the choice of law provisions thereof. 

9.8. Consent to Jurisdiction; Enforceability. 

(i) This Agreement and the duties and obligations of the parties hereunder shall be enforceable against any of the
parties in the courts of the State of Delaware. For such purpose, each party hereto hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Agreement may be heard and determined in any
of such courts. 
 (ii) Each party hereto hereby irrevocably agrees that a final judgment of any of the courts
specified above in any action or proceeding relating to this Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

9.9. Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any
respect, such part shall be ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 

9.10. Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing party in any
dispute arising hereunder shall bear and pay the costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving such dispute. 

 IN WITNESS WHEREOF, the REIT, the Partnership, and the Protected Partners
have caused this Agreement to be signed by their respective officers (or general partners) thereunto duly authorized all as of the date first written above. 

 

			
	DLC REALTY TRUST INC., a Maryland corporation
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 DLC REALTY, L.P.,

	 a Delaware limited partnership

		
	 By:
	 	 DLC REALTY TRUST INC.,

		 	 its sole General Partner

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

 - 12 - 

 Schedule 2.1(ii) 

Protected Properties, Section 704(c) Value and Estimated Initial Protected Gain 

for Protected Partners (000s omitted) 

 Schedule 3.1 

Minimum Liability Amount 
  

			
	 Protected Partner
	 	 Minimum Liability Amount

		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	

 Schedule 3.2 

Guaranteed Debt 
  

			
	 Partner Guarantor
	 	 Guaranteed Debt

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