Document:

Exhibit 10.2

 

AMENDED AND RESTATED

PROPERTY MANAGEMENT AND LEASING AGREEMENT

 

This amended and restated
property management and leasing agreement (this “Management Agreement”) is made and entered into as of the 17th
day of February, 2017, by and among HEALTHCARE TRUST, INC., a Maryland corporation (the “Company”), HEALTHCARE
TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “OP”), and HEALTHCARE TRUST PROPERTIES,
LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS, the OP was organized
to acquire, own, operate, lease and manage real estate properties on behalf of the Company;

 

WHEREAS,
the Company intends to continue to raise money from the sale of its common stock to be used, net of payment of certain offering
costs and expenses, for investment in the acquisition and rehabilitation of income-producing real estate and other real estate-related
investments, which are to be acquired and held by the Company or by the OP on behalf of the Company;

 

WHEREAS, the Owner desires
to retain the Manager to manage and coordinate the leasing of the real estate properties acquired by the Owner, and the Manager
desires to be so retained, all under the terms and conditions set forth in this Management Agreement;

 

WHEREAS, the Company, the
OP and the Manager entered into that certain Property Management and Leasing Agreement, dated as of February 14, 2013 (the “Original
Management Agreement”); and

 

WHEREAS, the Company, the
OP and the Manager desire to amend and restate the Original Management Agreement in its entirety on the terms and subject to the
conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the foregoing and of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

Except as otherwise specified
or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this
Management Agreement:

 

1.1            “Account” has the meaning set forth in Section 2.3(i) hereof.

 

1.2            “Advisor” means Healthcare Trust Advisors, LLC, a Delaware limited liability company, any successor advisor
to the Company and the OP, or any Person to which Healthcare Trust Advisors, LLC or any successor advisor subcontracts substantially
all of its functions. Notwithstanding the foregoing, a Person hired or retained by Healthcare Trust Advisors, LLC to perform property
management and related services for the Company or the OP that is not hired or retained to perform substantially all of the functions
of Healthcare Trust Advisors, LLC with respect to the Company and the OP as a whole shall not be deemed to be an Advisor.

 

1.3            “Affiliate”
means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to
vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%)
or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote,
by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such
other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity
for which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition,
the terms “controls,” “is controlled by,” or “is under common control with” shall mean
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an
entity, whether through ownership or voting rights, by contract or otherwise.

 

1.4            “Articles of Incorporation” means the Articles of Incorporation of the Company, as amended from time
to time.

 

    	 	 	 

     

    

 1.5            “Budget” has the meaning set forth in Section 2.5(c) hereof.

 

1.6            “Director” means a director of the Company.

 

1.7            “Gross Revenues” means all amounts actually collected as rents or other charges for the use and occupancy
of the Properties, but shall exclude interest and other investment income of the Owner and proceeds received by the Owner for a
sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of the Owner.

 

1.8            “Improvements” means buildings, structures, equipment from time to time located on the Properties and
all parking and common areas located on the Properties.

 

1.9             “Independent Director” means a Director who is not and who has not been within the last two years, directly
or indirectly associated with the Sponsor or the Advisor by virtue of ownership of an interest in the Sponsor, the Advisor or any
of their Affiliates.

 

1.10            “Joint Venture” means the joint venture or partnership arrangements (other than between the Company and
the OP) in which the Company or the OP or any of their subsidiaries is a co-venturer or general partner which are established to
own Properties.

 

 1.11            “Management Fees” has the meaning set forth in Section 4.1(a) hereof.

 

 1.12            “Oversight Fees” has the meaning set forth in Section 4.2 hereof.

 

1.13            “Owner” means the Company, the OP and any Joint Venture that owns, in whole or in part, any Properties.

 

 1.14            “Ownership Agreements” has the meaning set forth in Section 2.3(k) hereof.

 

1.15            “Person” means an individual, corporation, partnership, joint venture, association, company (whether
of limited liability or otherwise), trust, bank or other entity, or government or any agency or political subdivision of a government.

 

 1.16            “Plan” has the meaning set forth in Section 2.5(c) hereof.

 

1.17            “Properties” means all real estate properties owned by the Owner and all tracts as yet unspecified but
to be acquired by the Owner containing income-producing Improvements or on which the Owner will develop or rehabilitate income-producing
Improvements.

 

1.18            “Sponsor” means American Realty Capital VII, LLC, a Delaware limited liability company.

 

ARTICLE II.

APPOINTMENT OF THE MANAGER;
SERVICES TO BE PERFORMED

 

2.1            Appointment of the Manager. The Owner hereby engages and retains the Manager as the sole and exclusive manager and
agent of the Properties, and the Manager hereby accepts such appointment, all on the terms and conditions hereinafter set forth,
it being understood that this Management Agreement shall cause the Manager to be, at law, the Owner’s agent upon the terms
contained herein.

 

2.2            General Duties. The Manager shall use commercially reasonable efforts in performing its duties hereunder to manage,
operate, maintain and lease the Properties in a diligent, careful and vigilant manner. The services of the Manager are to be of
scope and quality not less than those generally performed by professional property managers of other similar properties in the
area. The Manager shall make available to the Owner the full benefit of the judgment, experience and advice of its members and
staff with respect to the policies to be pursued by the Owner relating to the operation and leasing of the Properties.

 

 2.3            Specific Duties. The Manager’s duties include the following:

 

		(a)	Lease Obligations. The Manager shall
perform all duties of the landlord under all leases insofar as such duties relate to the operation, maintenance, and day-to-day
management of the Properties. The Manager shall also provide or cause to be provided, at the Owner’s expense, all services
normally provided to tenants of like premises, including, where applicable and without limitation, gas, electricity or other

    	 	 	 

     

    

utilities
required to be furnished to tenants under leases, normal repairs and maintenance, and cleaning and janitorial service. The Manager
shall arrange for and supervise the performance of all installations and improvements in space leased to any tenant which are
either expressly required under the terms of the lease of such space or which are customarily provided to tenants.

 

		(b)	Maintenance. The Manager shall cause the Properties to be maintained in the same manner as similar
                                                                                  properties in the area. The Manager’s duties and supervision in this respect shall include, without limitation,
                                                                                  cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making
                                                                                  and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance with this
                                                                                  Management Agreement and any applicable leases. Construction and rehabilitation activities undertaken by the Manager, if any,
                                                                                  will be limited to activities related to the management, operation, maintenance, and leasing of the Property (e.g., repairs,
                                                                                  renovations, and leasehold improvements).

 

		(c)	Leasing Functions. The Manager shall
coordinate the leasing of the Properties and shall negotiate and use its best efforts to secure executed leases from qualified
tenants, and to execute same on behalf of the Owner, if requested, for available space in the Properties, such leases to be in
form and on terms approved by the Owner and the Manager, and to bring about complete leasing of the Properties. The Manager shall
be responsible for the hiring of all leasing agents, as necessary for the leasing of the Properties, and to otherwise oversee
and manage the leasing process on behalf of the Owner.

 

		(d)	Notice of Violations. The Manager shall
forward to the Owner, promptly upon receipt, all notices of violation or other notices from any governmental authority, and board
of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall
be appropriate.

 

		(e)	Personnel. Any personnel hired by the
Manager to maintain, operate and lease the Property shall be the employees or independent contractors of the Manager and not of
the Owner. The Manager shall use due care in the selection and supervision of such employees or independent contractors. The Manager
shall be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding
and other payroll taxes with respect to each employee.

 

		(f)	Utilities and Supplies. The Manager shall
enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily
furnished or rendered in connection with the operation of similar rental property in the area.

 

		(g)	Expenses. The Manager shall analyze all
bills received for services, work and supplies in connection with maintaining and operating the Properties, pay all such bills,
and, if requested by the Owner, pay, when due, utility and water charges, sewer rent and assessments, any applicable taxes, including,
without limitation, any real estate taxes, and any other amount payable in respect to the Properties. All bills shall be paid
by the Manager within the time required to obtain discounts, if any. The Owner may from time to time request that the Manager
forward certain bills to the Owner promptly after receipt, and the Manager shall comply with any such request. The payment of
all bills, real property taxes, assessments, insurance premiums and any other amounts payable with respect to the Properties shall
be paid out of the Account by the Manager. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts
and allowances, however designed).

 

		(h)	Monies Collected. The Manager shall collect
all rent and other monies from tenants and any sums otherwise due to the Owner with respect to the Properties in the ordinary
course of business. In collecting such monies, the Manager shall inform tenants of the Properties that all remittances are to
be in the form of a check or money order. The Owner authorizes the Manager to request, demand, collect and provide receipts for
all such rent and other monies and to institute legal proceedings in the name of the Owner for the collection thereof and for
the dispossession of any tenant in default under its lease.

 

		(i)	Banking Accommodations. The Manager shall
establish and maintain a separate checking account (the “Account”) for funds relating to the Properties. All
monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of the
Owner and shall be withdrawn and disbursed by the Manager for the account of the Owner only as expressly permitted by this Management
Agreement for the purposes of performing the obligations of the Manager hereunder. No monies collected by the Manager on the Owner’s
behalf shall be commingled with funds of the Manager.

    	 	 	 

     

    

The
Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:

 

(i)            All sums received from rents and other income from the Properties shall be promptly deposited by the Manager in the Account.
The Manager shall have the right to designate two (2) or more persons who shall be authorized to draw against the Account, but
only for purposes authorized by this Management Agreement.

 

(ii)            All sums due to the Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein
provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by the Manager
from the Account prior to the making of any other disbursements therefrom.

 

(iii)            On or before the 30th day following the end of each calendar quarter during the term of this Management Agreement, the Manager
shall forward to the Owner all net operating proceeds from the preceding quarter, retaining at all times, however, a reserve of
$5,000, in addition to any other amounts otherwise provided in the Budget.

 

		(j)	Tenant Complaints. The Manager shall
maintain business-like relations with the tenants of the Properties.

 

		(k)	Ownership Agreements. The Manager has
received copies of the Agreement of Limited Partnership of the OP, Articles of Incorporation and the other constitutive documents
of the Owner (collectively, the “Ownership Agreements”) and is familiar with the terms thereof. The Manager
shall use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, shall in any way conflict
with the terms of the Ownership Agreements.

 

		(l)	Signs. The Manager shall place and remove,
or cause to be placed and removed, such signs upon the Properties as the Manager deems appropriate, subject, however, to the terms
and conditions of the leases and to any applicable ordinances and regulations.

 

2.4            
Approval of Leases, Contracts, Etc. In fulfilling its duties to the Owner, the Manager may and hereby is authorized
to enter into any leases, contracts or agreements on behalf of the Owner in the ordinary course of the management, operation, maintenance
and leasing of the Properties.

 

 2.5            Accounting, Records and Reports.

 

		(a)	Records. The Manager shall maintain all
office records and books of account and shall record therein, and keep copies of, each invoice received from services, work and
supplies ordered in connection with the maintenance and operation of the Properties. Such records shall be maintained on a double
entry basis. The Owner and persons designated by the Owner shall at all reasonable times have access to and the right to audit
and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining
to the Properties and this Management Agreement, all of which the Manager agrees to keep safe, available and separate from any
records not pertaining to the Properties, at a place recommended by the Manager and approved by the Owner.

 

		(b)	Quarterly Reports. On or before the 30th
day following the end of each calendar quarter during the term of this Management Agreement, the Manager shall prepare and submit
to the Owner the following reports and statements:

 

		(i)	Rental collection record;

 

		(ii)	Quarterly operating statement;

 

		(iii)	Copy of cash disbursements ledger entries for such period,
if requested;

 

		(iv)	Copy of cash receipts ledger entries for such period,
if requested;

 

		(v)	The original copies of all contracts entered into by
the Manager on behalf of the Owner during such period, if requested; and

 

    	 	 	 

     

    

		(vi)	Copy of ledger entries for such period relating to security
deposits maintained by the Manager, if requested.

 

		(c)	Budgets and Leasing Plans. On or before
November 15 of each calendar year during the term of this Management Agreement, the Manager shall prepare and submit to the Owner
for its approval an operating budget (a “Budget”) and a marketing and leasing plan (a “Plan”)
on the Properties for the calendar year immediately following such submission. Each Budget and Plan shall be in the form approved
by the Owner prior to the date thereof. As often as reasonably necessary during the period covered by any Budget or Plan, the
Manager may submit to the Owner for its approval an updated Budget or Plan incorporating such changes as shall be necessary to
reflect cost overruns and the like during such period. If the Owner does not disapprove a Budget or Plan within thirty (30) days
after receipt thereof by the Owner, such Budget or Plan shall be deemed approved. If the Owner shall disapprove any Budget or
Plan, it shall so notify the Manager within said thirty (30) day period and explain the reasons therefor. The Manager will not
incur any costs other than those estimated in an approved Budget except for:

 

		(i)	maintenance or repair costs under $5,000 per Property;

 

		(ii)	costs incurred in emergency situations in which action
is immediately necessary for the preservation or safety of the Property, or for the safety of occupants or other persons on the
Property (or to avoid the suspension of any necessary service of the Property);

 

		(iii)	expenditures for real estate taxes and assessments;
and

 

		(iv)	maintenance supplies calling for an aggregate purchase
price of less than $25,000 for all Properties.

 

		(d)	Returns Required by Law. The Manager
shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel.

 

		(e)	Notices. Promptly after receipt, the
Manager shall deliver to the Owner all notices, from any tenant, or any governmental authority, that are not of a routine nature.
The Manager shall also report expeditiously to the Owner notice of any extensive damage to any part of the Properties.

 

2.6            Subcontracting. Notwithstanding anything to the contrary contained in this Agreement, the Manager may subcontract
any of its duties hereunder, without the consent of the Owner, for a fee that may be less than the Management Fees paid hereunder.
In the event that the Manager does so subcontract any its duties hereunder, such fees payable to such third parties may, at the
instruction of the Manager, be deducted from the Management Fee and paid by the Owner to such parties, or paid directly by the
Manager to such parties, in its discretion.

 

ARTICLE III.

EXPENSES

 

3.1            Owner’s Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by the
Manager in fulfilling its duties to the Owner shall be for the account of and on behalf of the Owner. Such costs and expenses may
include, without limitation, reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees
of the Manager who are engaged in the operation, management, maintenance and leasing of the Properties, including taxes, insurance
and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to the operation,
management, maintenance and leasing of specific Properties. All costs and expenses for which the Owner is responsible under this
Management Agreement shall be paid by the Manager out of the Account. In the event the Account does not contain sufficient funds
to pay all of the costs and expenses, the Owner shall fund all sums necessary to meet such additional costs and expenses.

 

3.2            Manager’s Expenses. The Manager shall, out of its own funds, pay all of its general overhead and administrative
expenses.

 

    	 	 	 

     

    

ARTICLE IV.

MANAGER’S
COMPENSATION

 

4.1            Management Fees.

 

		(a)	The Owner shall pay the Manager or any of its Affiliates
property management and leasing fees (the “Management Fees”), on a monthly basis, equal to: (i) with respect
to stand-alone, single-tenant net leased Properties, one and a half percent (1.5%) of Gross Revenues from the Properties managed;
and (ii) with respect to all other types of Properties, two and a half percent (2.5%) of Gross Revenues from the Properties managed,
plus market-based leasing commissions applicable to the geographic location of the Property. Except as otherwise set forth herein,
the Owner shall also reimburse the Manager for any costs and expenses incurred by the Manager in connection with managing the
Properties.

 

		(b)	The Manager may charge a separate fee for the one-time
initial rent-up or leasing-up of newly constructed Properties in an amount not to exceed the fee customarily charged in arm’s
length transactions by others rendering similar services in the same geographic area for similar properties.

 

		(c)	Notwithstanding the foregoing, the Manager may be entitled
to receive higher fees in the event the Manager can demonstrate to the satisfaction of the board of directors of the Company (including
a majority of the Independent Directors) through empirical data that a higher competitive fee is justified for the services rendered
and the type of Property managed. As described in Section 2.6 above, in the event that the Manager properly engages one
or more third parties to perform the services described herein, the fees payable to such parties for such services will be deducted
from the Management Fees, or paid directly by the Manager, at the Manager’s option. The Manager’s compensation under
this Section 4.1 shall apply to all renewals, extensions or expansions of leases which the Manager originally negotiated.

 

4.2            Oversight Fees. If the Owner contracts directly with one or more third parties for the services described in Section
2.3 above, the Owner will pay such third parties customary market fees and shall pay the Manager oversight fees (the “Oversight
Fees”) equal to 1.0% of the Gross Revenues of the particular Property managed by such third parties. In no event shall
the Manager (including any Affiliate of the Manager) be entitled to both Management Fees and Oversight Fees with respect to any
particular Property.

 

4.3            Additional Fees. If the Manager provides services other than those specified herein, the Owner shall pay to the Manager
a monthly fee equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the
Manager to provide such services.

 

4.4            Audit Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment
or underpayment of Management Fees, the Owner or the Manager shall promptly pay to the other party the amount of such overpayment
or underpayment, as the case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than
the correct Management Fees for such fiscal year, the Manager shall bear the cost of such audit.

 

ARTICLE V.

INSURANCE AND INDEMNIFICATION

 

5.1            Insurance to be Carried.

 

		(a)	The Manager shall obtain and keep in full force and
effect insurance on the Properties against such hazards as the Owner and the Manager shall deem appropriate, but in any event,
insurance sufficient to comply with the leases and the Ownership Agreements shall be maintained. All liability policies shall
provide sufficient insurance satisfactory to both the Owner and the Manager and shall contain waivers of subrogation for the benefit
of the Manager.

 

		(b)	The Manager shall obtain and keep in full force and
effect, in accordance with the laws of the state in which each Property is located, employer’s liability insurance applicable
to and covering all employees of the Manager at the Properties and all persons engaged in the performance of any work required
hereunder, and the Manager shall furnish the Owner certificates of insurers naming the Owner as a co- insured and evidencing that
such insurance is in effect. If any of the Manager’s duties hereunder are

    	 	 	 

     

    

subcontracted
as permitted under Section 2.6, the Manager shall include in each subcontract a provision that the subcontractor shall
also furnish the Owner with such a certificate.

 

5.2            Cooperation with Insurers. The Manager shall cooperate with and provide reasonable access to the Properties to representatives
of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has
been made. The Manager shall use its best efforts to comply with all requirements of insurers.

 

5.3            Accidents and Claims. The Manager shall promptly investigate and report in detail to the Owner all accidents, claims
for damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties
and the estimated costs of repair thereof, and shall prepare for approval by the Owner all reports required by an insurance company
in connection with any such accident, claim, damage, or destruction. Such reports shall be given to the Owner promptly and any
report not so given within ten (10) days after the occurrence of any such accident, claim, damage or destruction shall be noted
in the report delivered to the Owner pursuant to Section 2.5(b). The Manager is authorized to settle any claim against an
insurance company arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss
and to collect and provide receipts for loss proceeds.

 

5.4            Indemnification. The Manager shall hold the Owner harmless from and indemnify and defend the Owner against any and
all claims or liability for any injury or damage to any person or property whatsoever for which the Manager is responsible occurring
in, on, or about the Properties, including, without limitation, the Improvements when such injury or damage is caused by the negligence
or misconduct of the Manager, its agents, servants, or employees, except to the extent that the Owner recovers insurance proceeds
with respect to such matter. The Owner will indemnify and hold the Manager harmless against all liability for injury to persons
and damage to property caused by the Owner’s negligence and which did not result from the negligence or misconduct of the
Manager, except to the extent the Manager recovers insurance proceeds with respect to such matter.

 

ARTICLE VI.

TERM; TERMINATION

 

6.1            Term. This Management Agreement shall commence on the date first above written and shall continue until terminated
in accordance with the earliest to occur of the following:

 

		(a)	Two years from the date of the commencement of the
term hereof unless any party gives written notice to the other parties of its intention to terminate this Management Agreement
at least ninety (90) days prior to the end of the initial two year term. If no party gives such written notice ninety (90) days
prior to the end of the initial two year term, this Management Agreement will be automatically extended for an unlimited number
of successive one year terms at the end of each year unless any party gives ninety (90) days’ prior written notice to the
other parties of its intention not to renew this Management Agreement;

 

		(b)	Immediately upon the occurrence of any of the following:

 

(i)                
A decree or order is rendered by a court having jurisdiction (A) adjudging the Manager as bankrupt or insolvent, (B) approving
as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the Manager under
the federal bankruptcy laws or any similar applicable law or practice, or (C) appointing a receiver, liquidator, trustee or assignee
in bankruptcy or insolvency of the Manager or a substantial part of the Manager’s assets, or for the winding up or liquidation
of its affairs, or

 

(ii)              
The Manager (A) voluntarily institutes proceedings to be adjudicated bankrupt or insolvent, (B) consents to the filing of
a bankruptcy proceeding against it, (C) files a petition, answer or consent seeking reorganization, readjustment, arrangement,
composition or relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the
appointment of a receiver, liquidator, trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its
assets, (E) makes an assignment for the benefit of creditors, (F) is unable to or admits in writing its inability to pay its debts
generally as they become due, unless such inability shall be the fault of the Owner, or (G) takes corporate or other action in
furtherance of any of the aforesaid purposes; and

 

		(c)	Upon written notice from the Owner in the event that
the Manager commits an act of gross

    	 	 	 

     

    

negligence
or willful misconduct in the performance of its duties hereunder.

 

Upon termination, the obligations
of the parties hereto shall cease; provided, however; that the Manager shall comply with the provisions hereof applicable
in the event of termination and shall be entitled to receive all compensation which may be due to the Manager hereunder up to the
date of such termination; provided, further, however; that if this Management Agreement terminates pursuant
to clauses (b) or (c) of this Section 6.1, the Owner shall have other remedies as may be available at law or in equity.

 

6.2            Manager’s Obligations after Termination. Upon the termination of this Management Agreement, the Manager shall
have the following duties:

 

		(a)	The Manager shall deliver to the Owner, or its designee,
all books and records with respect to the Properties.

 

		(b)	The Manager shall transfer and assign to the Owner,
or its designee, all service contracts and personal property relating to or used in the operation and maintenance of the Properties,
except personal property paid for and owned by the Manager. Manager shall also, for a period of sixty (60) days immediately following
the date of such termination, make itself available to consult with and advise the Owner, or its designee, regarding the operation,
maintenance and leasing of the Properties.

 

		(c)	The Manager shall render to the Owner an accounting
of all funds of the Owner in its possession and shall deliver to the Owner a statement of Management Fees claimed to be due the
Manager and shall cause funds of the Owner held by the Manager relating to the Properties to be paid to the Owner or its designee.

 

		(d)	The Manager shall cooperate with the Owner to provide
an orderly transition of the Manager’s duties hereunder.

 

ARTICLE
VII.

MISCELLANEOUS

 

7.1            Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when
receipt is required to start the running of a period of time, shall be deemed given when delivered in person or on the fifth (5th)
day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested,
to the other party, at the addresses set forth after their respect name below or at such different addresses as either party shall
have theretofore advised the other party in writing in accordance with this Section 7.1.

 

		To the Owner:	Healthcare Trust, Inc.

405 Park
Avenue New York, NY 10022

Attention:
Chief Executive Officer and

Chief
Financial Officer

 

with a copy to:

 

Healthcare Trust Operating Partnership, L.P.

405 Park Avenue New York, NY 10022

Attention: Chief Executive Officer and

Chief Financial Officer

 

and:

 

Proskauer Rose LLP Eleven Times Square

New York, New York 10036

    	 	 	 

     

    

Attention: Peter M. Fass, Esq.

 

		To the Manager:	Healthcare Trust Properties, LLC

405 Park Avenue

New York, NY 10022

Attention: Edward M. Weil, Jr.

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP 1285 Avenue of the Americas

New York, New York 10019

Attention: Jeffrey
D. Marell, Esq.

 

7.2            Governing Law. This Management Agreement shall be governed by and construed in accordance with the laws of the State
of New York, without regard to the principles of conflicts of law thereof.

 

7.3            Assignment. This Management Agreement may be assigned by the Manager (a) to an Affiliate of the Manager, or (b) to
any party with expertise in commercial real estate and which has, together with its Affiliates, over $100 million of assets under
management. Any assignee of the Manager shall be bound hereunder to the same extent as the Manager. This Agreement shall not be
assigned by the Owner without the written consent of the Manager, except to a Person which is a successor to such Owner. Such successor
shall be bound hereunder to the same extent as such Owner. Notwithstanding anything to the contrary contained herein, the economic
rights of the Manager hereunder, including the right to receive all compensation hereunder, may be sold, transferred or assigned
by the Manager without the consent of the Owner.

 

7.4            No Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Management Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrences. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver.

 

7.5            Amendments. This Management Agreement may be amended only by an instrument in writing signed by the party against
whom enforcement of the amendment is sought.

 

7.6            Headings. The headings of the various subdivisions of this Management Agreement are for reference only and shall
not define or limit any of the terms or provisions hereof.

 

7.7            Counterparts. This Management Agreement may be executed (including by facsimile transmission) with counterpart signature
pages or in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument.

 

7.8            Entire Agreement. This Management Agreement contains the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.

 

7.9            Disputes. If there shall be a dispute between the Owner and the Manager relating to this Management Agreement resulting
in litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such
amount as the court shall fix as reasonable attorneys’ fees.

 

7.10            Activities of the Manager. The obligations of the Manager pursuant to the terms and provisions of this Management
Agreement shall not be construed to preclude the Manager from engaging in other activities or business ventures, whether or not
such other activities or ventures are in competition with the Owner or the business of the Owner.

 

7.11            Independent Contractor. The Manager and the Owner shall not be construed as joint venturers or partners of each other
pursuant to this Management Agreement, and neither party shall have the power to bind or obligate the

    	 	 	 

     

    

other except as set forth herein. In all respects,
the status of the Manager to the Owner under this Management Agreement is that of an independent contractor.

 

7.12            Pronouns and Plurals. Whenever the context may require, any pronoun used in this Management Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa.

 

[Remainder of page intentionally left blank]

    	 	 	 

     

    

IN WITNESS WHEREOF, the parties
have executed this Management Agreement as of the date first above written.

 

	 	HEALTHCARE TRUST, INC.	 
	 	 	 
	 	 	 
	 	By: 	/s/ Katie P. Kurtz	 
	 	 	Name:  Katie P. Kurtz

Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.	 
	 	 	 	 
	 	By:	Healthcare Trust, Inc. its General Partner	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Katie P. Kurtz	 
	 	 	Name:  Katie P. Kurtz

Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	HEALTHCARE TRUST PROPERTIES, LLC	 
	 	 	 	 
	 	By:	Healthcare Trust Special Limited Partnership, LLC, its sole member	 
	 	 	 	 
	 	By:	American Realty Capital VII, LLC, its sole member	 
	 	 	 	 
	 	By:	AR Capital, LLC, it sole member	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.	 
	 	 	Name:  Edward M. Weil, Jr.

Title: Chief Executive OfficerExhibit

	
				
	
	 
	6711 Columbia Gateway Drive, Suite 300

	 
	Columbia, Maryland 21046-2104

	 
	Telephone 443-285-5400

	 
	Facsimile 443-285-7650

	 
	www.copt.com

	 
	NYSE: OFC

LETTER AGREEMENT

November 1, 2016

Dear Mr. Mifsud:

We are pleased to inform you that the Board of Trustees of Corporate Office Properties Trust (the “Company”) has determined that, effective as of November 1, 2016 (the “Participation Date”), you will continue to participate in the Corporate Office Properties Trust, Corporate Office Properties L.P. Executive Change in Control and Severance Plan (the “Plan”) as a Covered Executive, subject to the terms and conditions of the Plan, for a period of five years from the Participation Date (the “Participation Period”) at which point you will cease to participate in the Plan unless otherwise agreed by you, the Company and the Employer.  Capitalized terms used herein and not defined herein shall have the meanings given to such terms in the Plan.  
  
The terms of the Plan are detailed in the copy of the Plan that is attached as Exhibit A to this Letter Agreement, and those terms, including without limitation, Sections 5 and 6 of the Plan, are incorporated in and made a part of this Letter Agreement.  As described in more detail in the Plan, the Plan entitles you to certain severance benefits in the event that your employment with the Employer terminates under certain circumstances.  By signing this Letter Agreement and as a condition of your eligibility for the payments and benefits set forth in the Plan, you agree to comply with the provisions of the Plan and you agree to comply with the provisions of the confidentiality, non-competition, non-solicitation and non-disparagement requirements set forth on Exhibit B to this Letter Agreement (collectively the “Restrictive Covenants”) during your employment and, to the extent required by the Restrictive Covenants, after your employment ends regardless of the reason for the ending of such employment (and regardless of whether such termination occurs during the Participation Period); provided that, unless otherwise agreed by you, the provisions of Section 2(a) of the Restrictive Covenants (i.e., the Non-Competition Covenant, as defined therein) will not apply following the termination of your employment in the event that such termination occurs after the end of the Participation Period.  Your Termination Payment Multiple shall be 1.00 and your Change in Control Termination Payment Multiple shall be 2.99.  

This Letter Agreement and the Plan constitute the entire agreement between you and the Company with respect to the subject matter hereof and, as of November 1, 2016, shall supersede in all respects any and all prior agreements between you and the Company, including the Letter Agreement dated January 19, 2015, concerning such subject matter.   

By signing below, you agree to the terms and conditions of the Restrictive Covenants set forth on Exhibit B hereto, and acknowledge (i) your participation in the Plan pursuant to this Letter Agreement as of November 1, 2016, (ii) that you have received and read a copy of the Plan, (iii) that you agree that any termination benefits provided for in the Plan are subject to all of the terms and conditions of the Plan and you agree to such terms, conditions, (iv) that the Company and the Employer may amend or terminate the Plan at any time, (v) that your participation in the Plan will cease as of the end of the Participation Period and, in the event of a termination of your employment after the end of the Participation Period, you will not be entitled to receive any payments or benefits pursuant to the Plan and (vi) that the Restrictive Covenants shall survive and continue to apply notwithstanding (a) any amendment or termination of the Plan (or the benefits to be provided there under) in the future or (b) except as set forth above with respect to the Non-Competition Covenant, the expiration of the Participation Period.

	
	
	“Employer”
Corporate Office Properties L.P., a Delaware limited partnership
By: Corporate Office Properties Trust, a Maryland real estate investment trust

By:  /s/ Stephen E. Budorick                
Name: Stephen E. Budorick
Title: President & Chief Executive Officer

	“Company”
Corporate Office Properties Trust, a Maryland real estate investment trust

By:  /s/ Stephen E. Budorick                 
Name: Stephen E. Budorick
Title: President & Chief Executive Officer

AGREED TO AND ACCEPTED

/s/ Anthony Mifsud     
Anthony Mifsud

EXHIBIT A
TO THE LETTER AGREEMENT

See attached copy of the Plan

EXHIBIT B
TO THE LETTER AGREEMENT

Restrictive Covenants

Capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Corporate Office Properties Trust, Corporate Office Properties L.P. Executive Change in Control and Severance Plan (the “Plan”) and in the Letter Agreement under the Plan to which this Exhibit B is attached.  In consideration of, among other things, the Covered Executive’s participation in the Plan and continued employment by the Employer, the Covered Executive agrees to comply with the covenants, terms and conditions set forth below.  The Covered Executive acknowledges that the covenants, terms and conditions set forth below will continue to apply notwithstanding any amendment or termination of the Plan (or the benefits to be provided thereunder) in the future.
1.Confidentiality and Loyalty.  The Covered Executive acknowledges that heretofore or hereafter during the course of the Covered Executive’s employment the Covered Executive has produced and received, and may hereafter produce, receive and otherwise have access to various materials, records, data, trade secrets and information not generally available to the public (collectively, “Confidential Information”) regarding the Employer and its subsidiaries and affiliates. Accordingly, during and subsequent to termination of the Covered Executive’s employment with the Employer, the Covered Executive shall hold in confidence and not directly or indirectly disclose, use, copy or make lists of any such Confidential Information, except to the extent that such information is or thereafter becomes lawfully available from public sources, or such disclosure is authorized in writing by the Employer, required by law or by any competent administrative agency or judicial authority, or otherwise as reasonably necessary or appropriate in connection with the performance by the Covered Executive of the Covered Executive’s duties hereunder. All records, files, documents, computer diskettes, computer programs and other computer-generated material, as well as all other materials or copies thereof relating to the business of the Employer, which the Covered Executive shall prepare or use, shall be and remain the sole property of the Employer, shall not be removed from the Employer’s premises without its written consent, and shall be promptly returned to the Employer upon termination of the Covered Executive’s employment. The Covered Executive agrees to abide by the reasonable policies of the Employer, as in effect from time to time, respecting confidentiality and the avoidance of interests conflicting with those of the Employer. Notwithstanding anything herein to the contrary, nothing in this Exhibit B or the Plan shall be interpreted or applied to prohibit the Covered Executive from making any good faith report to any governmental agency or other governmental entity concerning any acts or omissions that the Covered Executive may believe to constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of applicable federal or state law or regulation.

2.Non-Competition; Non-Solicitation; Non-Disparagement.

(a)Non-Competition.  The Employer and the Covered Executive have jointly reviewed the tenant lists, property submittals, logs, broker lists, and operations of the Employer, and have agreed that as an essential ingredient of and in consideration of the Covered Executive’s participation in the Plan, the Covered Executive hereby agrees that, except with the express prior written consent of the Employer, while the Covered Executive is employed by the Employer and for a period of 12 months after the termination of the Covered Executive’s employment with the Employer for any reason (the “Restrictive Period”), the Covered Executive will not directly or indirectly compete with the business of the Employer, including, but not by way of limitation, by directly or indirectly owning, managing, operating, controlling, financing, or by directly or indirectly serving as an employee, officer, trustee or director of or consultant to a Similar Business (as defined below) (the “Non-Competition Covenant”). For purposes of this paragraph (a), a business shall be considered to be a “Similar Business” as of a particular date if it is engaged in the ownership, development, operation, management or leasing of real estate in any geographic market or submarket in which the Employer either (i) owned, developed, operated or leased, collectively, more than 1,000,000 square feet of property of the same or similar type (e.g., office, data center, industrial, residential or self-storage) as of the earliest of such date, the date of termination of the Covered Executive’s employment with the Employer or the date of a Change in Control (as defined in the Plan), or (ii) had 

commenced construction or agreed to acquire or manage more than 500,000 square feet of property of the same or similar type within the 12 months preceding the earliest of such date, the date of termination of the Covered Executive’s employment with the Employer or the date of a Change in Control (as defined in the Plan). If the Covered Executive violates the Non-Competition Covenant and the Employer brings legal action for injunctive or other relief, the Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Non-Competition Covenant. Accordingly, the Non-Competition Covenant shall be deemed to have the duration specified in this paragraph (a) computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Non-Competition Covenant by the Covered Executive.  The foregoing Non-Competition Covenant shall not prohibit a Covered Executive from owning, directly or indirectly, capital stock or similar securities which are listed on a securities exchange which do not represent more than five percent of the outstanding capital stock of any corporation.

(b)Non-Solicitation.  The Covered Executive agrees that, except with the express prior written consent of the Employer, while the Covered Executive is employed by the Employer and for a period of 12 months thereafter, the Covered Executive will not directly or indirectly solicit or induce, or attempt to solicit or induce, any employee or agent of Employer to terminate employment with Employer or become employed by any other person, firm, partnership, corporation, trust or other entity

(c)Non-Disparagement.  While the Covered Executive is employed and for 12 months following termination of a Covered Executive’s employment for any reason, the Covered Executive shall not intentionally disclose or cause to be disclosed any negative, adverse or derogatory comments or information about (i) the Employer or its employees or the trustees of the Company; (ii) the properties of or any product or service provided by the Employer; or (iii) the Employer’s prospects for the future.  For 12 months following termination of the Covered Executive’s employment for any reason, the Employer shall not disclose or cause to be disclosed any negative, adverse or derogatory comments or information about the Covered Executive.  Nothing in this Section shall prohibit either the Employer or a Covered Executive from testifying truthfully in any legal or administrative proceeding or making any other truthful disclosure required by applicable law.

(d)Remedies for Certain Breaches.  The Covered Executive acknowledges that the restrictions contained in Sections 1 and 2 of this Exhibit B are reasonable and necessary for the protection of the legitimate proprietary business interests of the Employer; that any violation of these restrictions would cause substantial injury to the Employer and such interests; that the Employer would not have caused the Covered Executive to participate under the Plan without receiving the additional consideration offered by the Covered Executive in binding himself to these restrictions; and that such restrictions were a material inducement to the Employer to offer the benefits set forth in the Plan. In the event of any violation or threatened violation of these restrictions, the Employer shall be relieved of any further obligations under the Plan, shall be entitled to seek any rights, remedies or damages available at law, in equity or otherwise under the Plan, and shall be entitled to seek preliminary and temporary injunctive relief granted by a court of competent jurisdiction to prevent or restrain any such violation by the Covered Executive and any and all persons directly or indirectly acting for or with the Covered Executive, as the case may be, while awaiting the decision of the arbitrator selected in accordance with Section 5 of the Plan, which decision, if rendered adverse to the Covered Executive, may include permanent injunctive relief to be granted by the court.

(e)Definition of Employer.  For purposes of Sections 1 and 2, the term “Employer” shall be deemed to include all of the Employer’s subsidiaries and affiliates.

3.Arbitration of Disputes; Enforcement and Governing Law.  Sections 5 and 6 of the Plan are expressly incorporated by reference into this Exhibit B.

CORPORATE OFFICE PROPERTIES TRUST
CORPORATE OFFICE PROPERTIES L.P.
EXECUTIVE CHANGE IN CONTROL AND SEVERANCE PLAN
1.Adoption of Plan; Covered Executives.  The Board of Trustees (the “Board”) of Corporate Office Properties Trust, a Maryland real estate investment trust (the “Company”) and the general partner of Corporate Office Properties L.P., a Delaware limited partnership (the “Employer”), have determined that this Executive Change in Control and Severance Plan (this “Plan”) should be adopted.  The executives and officers of the Employer and/or the Company covered by this Plan (each such executive or officer a “Covered Executive” and collectively, the “Covered Executives”) will be those executives and officers selected by the Employer and the Company, in their sole discretion, who have entered into the letter agreement provided to the Covered Executive by the Company and the Employer substantially in the form attached hereto as Exhibit I (the “Letter Agreement”) stating, among other things, that such executive or officer will participate in this Plan and comply with certain confidentiality, non-competition, non-solicitation, non-disparagement and other covenants set forth as an exhibit to such Letter Agreement (collectively the “Restrictive Covenants”).  Nothing in this Plan shall be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the Company and the Employer and the Covered Executive, the Covered Executive shall not have any right to be retained in the employ of the Employer.
2.    Definitions.  The following terms shall be defined as set forth below:
(a)    “Average Performance Bonus” shall mean the average of the annual performance bonuses, if any, for the three most recent years for which the amount of the annual performance bonus has been determined (or such fewer number of years for which such amount has been determined and specifically excluding any special bonus or cash award, such as any retention bonus or sign-on bonus), provided that if the Covered Executive was not eligible to receive a performance bonus with respect to all of the prior three fiscal years, such amount shall be calculated based on the Target Bonus.
(b)    “Base Salary” shall mean the annual base salary rate in effect immediately prior to a Terminating Event, without giving effect to any decrease in such Base Salary occurring within 90 days of such date that would result in the Covered Executive being deemed to have been Constructively Discharged. 
(c)    “Cause” shall mean, the termination of employment on the basis or as a result of (i) the Covered Executive’s conviction or disposition other than “not guilty” of a felony, a crime of moral turpitude or any crime in connection with any financial, business or commercial enterprise or transaction; (ii) a final judgment or other finding by a federal or state court or federal or self-regulatory agency that the Covered Executive has committed an intentional or reckless violation of security laws; (iii) any actions engaged in by the Covered Executive constituting a violation of law, dishonesty, bad faith or willful disregard of duties in connection with the Covered Executive’s services with respect to the Employer; (iv) any act of willful misconduct committed by the Covered Executive directly or indirectly related to Covered Executive’s employment or services with respect to the Employer, including but not limited to, misappropriation of funds, dishonesty, fraud, unlawful securities transactions or a material violation of the Employer’s Code of Business Conduct and Ethics or the Company’s Code of Ethics for Financial Officers; or (v)  the willful or negligent failure of the Covered Executive to perform the Covered 

Executive’s duties, which failure continues for a period of thirty 30 days after written notice thereof is given to the Covered Executive.
(d)    “Change in Control” shall mean the following occurring after the effective date of this Plan:
(i)    The consummation of the acquisition by any person, (as such term is defined in Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of 50 percent or more of the combined voting power embodied in the then outstanding voting securities of the Company; or
(ii)    The consummation of (1) a merger or consolidation of the Company, if the stockholders of the Company immediately before such merger or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than 50 percent of the combined voting power of the then outstanding voting securities of the entity resulting from such merger or consolidation in substantially the same proportion as was represented by their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such merger or consolidation; or (2) the sale or other disposition of all or substantially all of the assets of the Company; or
(iii)    Approval by the stockholders of the Company of a complete or substantial liquidation or dissolution of the Company.
(e)    Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because 50 percent or more of the combined voting then outstanding securities is acquired by: (1) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained for employees of the entity; or (2) any corporation or other entity which, immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the Company in the same proportion as their ownership of stock in the Company immediately prior to such acquisition.
(f)    “Change in Control Termination Payment” shall mean an amount equal to (1) the Covered Executive’s Change in Control Termination Payment Multiple multiplied by (2) the sum of the Covered Executive’s (x) Base Salary plus (y) the Average Performance Bonus.
(g)    “Change in Control Termination Payment Multiple” shall mean a number determined by the Company and set forth in a Covered Executive’s Letter Agreement used for purposes of calculating the Covered Executive’s Change in Control Termination Payment.
(h)    “Code” shall mean the Internal Revenue Code of 1986, as amended.
(i)    A Covered Executive shall be deemed to have been “Constructively Discharged” upon the occurrence of any one of the following events:
(i)    the Covered Executive is not re-elected to, or is removed from, the Covered Executive’s position with the Employer, other than as a result of the Covered Executive’s election or appointment to positions of equal or superior scope and responsibility; or
(ii)    a material diminution in the Covered Executive’s responsibilities, authority or duties;

(iii)    a material breach of Section 15 of this Plan by the Company, the Employer or their or its successor in a Change in Control due to such successor’s failure to expressly assume and perform this Plan in accordance with such Section; 
(iv)    the Employer changes the primary employment location of the Covered Executive to a place that is more than 50 miles from 6711 Columbia Gateway Drive, Suite 300, Columbia, Maryland 21046.
Notwithstanding the foregoing, the Covered Executive shall not be deemed to be Constructively Discharged unless (1) the Covered Executive notifies the Employer in writing of the occurrence of the condition that would constitute a Constructive Discharge hereunder within 90 days after the first occurrence of such condition; (ii) the Employer fails to remedy the condition within 30 days after such notice is provided (the “Cure Period”); and (iii) the Covered Executive terminates the Covered Executive’s employment within 10 days after the end of the Cure Period.
(j)    “Pro-Rata Bonus” shall mean, if and to the extent that a bonus pool is funded by the Company and/or the Employer with respect to the applicable annual cash performance bonus plan or program of the Employer in which the Covered Executive participates, a pro-rated annual cash performance bonus for the year of termination through the Covered Executive’s Date of Termination, determined based on the Covered Executive’s Target Bonus.  Notwithstanding the foregoing, if a Terminating Event occurs with respect to a Covered Executive in connection with or within 12 months following a Change in Control, the Covered Executive’s Pro-Rata Bonus shall equal a pro-rated annual cash performance bonus for the year of termination through the Date of Termination based on the Covered Executive’s Target Bonus, without regard to whether a bonus pool is funded by the Company and/or the Employer with respect to the applicable annual cash bonus plan or program.  In addition, if the Covered Executive’s cash performance bonus, if any, with respect to the prior year has not been paid as of the Covered Executive’s Date of Termination, then the Pro‐Rata Bonus shall also include an amount equal to the Covered Executive’s actual cash performance bonus for such prior year, determined based on and under the terms and conditions of the applicable performance bonus plan or program regardless of any condition under such plan or program requiring the Covered Executive to remain employed by the Employer or the Company for any period subsequent to the Covered Executive’s Date of Termination in order to receive such bonus.  
(k)    “Termination Payment Multiple” shall mean a number determined by the Company and set forth in a Covered Executive’s Letter Agreement used for purposes of calculating the Covered Executive’s Termination Payment. 
(l)    “Target Bonus” shall mean the Covered Executive’s target annual cash performance bonus as determined by the Employer for the year of termination (or prior year, if a target has not yet been set for the year of termination).
(m)    “Terminating Event” shall mean any of the following events: (i) termination by the Employer of the employment of the Covered Executive for any reason other than for Cause, death or disability; or (ii) termination by the Covered Executive of the Covered Executive’s employment with the Employer because the Covered Executive has been Constructively Discharged.  Notwithstanding the foregoing, a Terminating Event shall not be deemed to have occurred herein solely as a result of the Covered Executive being an employee of any direct or indirect successor to the business or assets of the Company and/or the Employer.

(n)    “Termination Payment” shall mean an amount equal to (1) the Covered Executive’s Termination Payment Multiple multiplied by (2) the sum of the Covered Executive’s (x) Base Salary plus (y) the Average Performance Bonus.     
3.    Termination Benefits.  
(a)    If a Terminating Event occurs with respect to a Covered Executive while this Plan remains in effect and the Covered Executive remains a Covered Executive under this Plan, the Company or the Employer (as applicable) shall pay or provide to the Covered Executive any earned but unpaid Base Salary, unpaid expense reimbursements, accrued but unused vacation and any vested benefits the Covered Executive may be entitled to under any employee benefit plan of the Employer within the time required by law but in no event more than 30 days after the Covered Executive’s Date of Termination (the “Accrued Benefit”).  In addition, in such event, subject to the execution of a release in substantially the form attached hereto as Exhibit II (which the Company and the Employer may amend from time-to-time) (the “Release”), by the Covered Executive and the expiration of any revocation period with respect to such Release no later than 60 days following the Covered Executive’s Date of Termination, the Covered Executive shall be entitled to the following payments and benefits:
(i)    the Covered Executive’s Termination Payment;
(ii)    the Covered Executive’s Pro-Rata Bonus, if any;
(iii)    continuing coverage under the Employer’s group medical, dental and vision plans as would have applied (and at such cost to the Covered Executive) if the Covered Executive remained employed by the Employer for a period equal to the lesser of (i) 12 months following the Covered Executive’s Date of Termination or (ii) the period from the Covered Executive’s Date of Termination until such items are available to the Covered Executive under another group health plan;
(iv)    the Company shall allow a period of 18 months following the Covered Executive’s Date of Termination (but in no event beyond the expiration of any option term or period specified in the option agreement with the Covered Executive) to exercise any options granted to the Covered Executive under any stock option or share incentive plan established by the Company (“Stock Plan”); and
(v)    notwithstanding the vesting schedule otherwise applicable, (1) the Covered Executive shall be fully vested in all of the Covered Executive’s equity awards under any Stock Plan or similar program to the extent such equity awards are subject to a time-based vesting schedule, and (2) any accelerated vesting of the Covered Executive’s equity awards under any Stock Plan or similar program that is subject to performance-based vesting shall occur in accordance with the terms of the applicable award agreement.
(b)    Subject, to the extent applicable, to the six-month delay described in Section 8(a), below, (x) the Termination Payment described in Section 3(a)(i) above shall be paid in substantially equal installments in accordance with the Employer’s payroll practice over 12 months, commencing on the first payroll date that occurs 60 days after the Covered Executive’s Date of Termination; provided, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Covered Executive’s Date of Termination; (y) the bonus(es) described in Section 3(a)(ii) above, if any, shall be paid in a lump-sum in the year following the year to which such bonus(es) relate at such time as such bonus(es) are paid to continuing executives of the Employer under the applicable bonus 

plan or program (or, if later, on the first payroll date that occurs 60 days following the Covered Executive’s Date of Termination); and (z) notwithstanding the terms of the existing award agreements otherwise applicable, accelerated vesting described in Section 3(a)(v) above will occur on the 60th day after the Covered Executive’s Date of Termination.  If a Terminating Event occurs with respect to a Covered Executive pursuant to which the Covered Executive is entitled to the payments and benefits set forth above, subject to the Covered Executive’s execution of the Release and the expiration of the related revocation period, then any termination or forfeiture of unvested equity awards eligible for acceleration of vesting pursuant to Section 3(a)(v) above that otherwise would have occurred on or within 60 days after the Covered Executive’s Date of Termination will be delayed until the 60th day after the Covered Executive’s Date of Termination (but, in the case of any stock option, not later than the expiration date of such stock option specified in the option agreement with the Covered Executive) and will only occur to the extent such equity awards do not vest pursuant to Section 3(a)(v) above.
(c)    Notwithstanding the foregoing, if a Terminating Event occurs with respect to a Covered Executive in connection with or within 12 months following a Change in Control while this Plan remains in effect and the Covered Executive remains a Covered Executive under this Plan (and subject to the Covered Executive’s execution, without revocation, of the Release):
(i)    the Covered Executive shall be entitled receive an amount equal to the Change in Control Termination Payment in lieu of the Termination Payment payable pursuant to Section 3(a)(i), above;
(ii)    the Change in Control Termination Payment and the Pro-Rata Bonus shall each be paid in a single lump-sum on the first payroll date that occurs 60 days following the Covered Executive’s Date of Termination, subject, to the extent applicable, to the six-month delay described in Section 8(a), below and provided such Change in Control also constitutes a “change in ownership or effective control” of the Company or a “change in the ownership of a substantial portion of the Company’s assets” for purposes of Section 409A of the Code and the regulations promulgated thereunder.  
(d)    Notwithstanding anything herein, if the Covered Executive breaches any of the provisions of the Restrictive Covenants set forth in the Letter Agreement, all payments and benefits described in this Section 3 shall immediately cease  and the Company and the Employer shall have the right to terminate or recoup the payments and benefits previously provided pursuant to this Section 3.
4.    Additional Limitation.
(a)    Anything in this Plan to the contrary notwithstanding, in the event that any compensation, payment or distribution by the Company to or for the benefit of a Covered Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise (the “Compensatory Payments”), would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision), then the Covered Executive’s Compensatory Payments shall be reduced (but not below zero) so that the sum of all of the Covered Executive’s Compensatory Payments shall be $1.00 less than the amount at which the Covered Executive becomes subject to the excise tax imposed by Section 4999 of the Code (or any successor provision); provided that such reduction shall only occur if it would result in the Covered Executive receiving a higher After Tax Amount (as defined below) than the Covered Executive would receive if the Compensatory Payments were not subject to such reduction.  In such event, the Covered Executive’s Compensatory Payments shall be reduced in the following order:  (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits.  To the extent any 

payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order.
(b)    For purposes of this Section 4, the “After Tax Amount” means the amount of the Covered Executive’s Compensatory Payments less all federal, state, and local income, excise and employment taxes imposed on the Covered Executive as a result of the Covered Executive’s receipt of such Compensatory Payments.  For purposes of determining the After Tax Amount, each Covered Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Covered Executive’s residence on the Terminating Event, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.
(c)    The determination as to whether a reduction in a Covered Executive’s Compensatory Payments shall be made pursuant to Section 4(a) shall apply to the Covered Executive shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Covered Executive within 15 business days of the Terminating Event, if applicable, or at such earlier time as is reasonably requested by the Company or the Covered Executive.  Any determination by the Accounting Firm shall be binding upon the Company and the Covered Executive.
5.    Arbitration of Disputes.  Except as provided in the Restrictive Covenants attached as an exhibit to the Letter Agreement, any dispute or controversy arising under or in connection with this Plan or the Covered Executive’s employment by the Employer shall be settled exclusively by arbitration, conducted by a single arbitrator sitting in Columbia, MD in accordance with the rules of the American Arbitration Association (the “AAA”) then in effect. The arbitrator shall be selected by the parties from a list of 11 arbitrators provided by the AAA, provided that no arbitrator shall be related to or affiliated with either of the parties. No later than 10 days after the list of proposed arbitrators is received by the parties, the parties, or their respective representatives, shall meet at a mutually convenient location in Columbia, Maryland, or telephonically. At that meeting, the party who sought arbitration shall eliminate one proposed arbitrator and then the other party shall eliminate one proposed arbitrator. The parties shall continue to alternatively eliminate names from the list of proposed arbitrators in this manner until each party has eliminated five proposed arbitrators. The remaining arbitrator shall arbitrate the dispute. Each party shall submit, in writing, the specific requested action or decision it wishes to take, or make, with respect to the matter in dispute, and the arbitrator shall be obligated to choose one party’s specific requested action or decision, without being permitted to effectuate any compromise or “new” position; provided, however, that the arbitrator is authorized to award amounts not in dispute during the pendency of any dispute or controversy arising under or in connection with this Plan. All third-party costs of the arbitration proceeding, including, without limitation, the fees, costs and expenses of the arbitrator shall be shared equally by the parties; provided, however, that each party shall bear its own attorney’s fees and costs and all other fees and costs that it incurs in representing itself and participating in the arbitration proceeding and provided further that the Employer shall reimburse a Covered Employee for such reasonable attorney’s fees and costs if the Covered Employee prevails on the merits with respect to at least one material issue in such arbitration.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction; including, if applicable, entry of a permanent injunction under the Restrictive Covenants attached as an exhibit to the Letter Agreement.
6.    Enforcement and Governing Law.  The provisions of this Plan and each Letter Agreement (including the Restrictive Covenants) shall be regarded as divisible and separate; if any of said provisions should be declared invalid or unenforceable by a court of competent jurisdiction, the validity and 

enforceability of the remaining provisions shall not be affected thereby.  This Plan and each Letter Agreement (including the Restrictive Covenants) shall be construed and the legal relations of the parties hereto shall be determined in accordance with the laws of the State of Maryland as it constitutes the situs of the corporation and the employment hereunder, without reference to the law regarding conflicts of law.
7.    Withholding.  All payments made under this Plan shall be net of any tax or other amounts required to be withheld by the Employer under applicable law.
8.    Section 409A.
(a)    Anything in this Plan to the contrary notwithstanding, if at the time of the Covered Executive’s “separation from service” within the meaning of Section 409A of the Code, the Company determines that the Covered Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Covered Executive becomes entitled to under this Plan would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Covered Executive’s separation from service, or (B) the Covered Executive’s death.  
(b)    It is intended that this Plan will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Plan is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  Each payment pursuant to this Plan, including but not limited to each installment payment of the Termination Payment and/or the Change in Control Termination Payment (as applicable), is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A‐2(b)(2).    
(c)    To the extent that any payment or benefit described in this Plan constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Covered Executive’s termination of employment, then such payments or benefits shall be payable only upon the Covered Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A‐1(h).
(d)    The Company and the Employer make no representation or warranty and shall have no liability to the Covered Executive or any other person if any provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
9.    Notice and Date of Termination.  
(a)    Notice of Termination.  After the occurrence of a Termination Event, such event shall be communicated by written Notice of Termination from the Company to the Covered Executive or vice versa in accordance with this Section 9.  For purposes of this Plan, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Plan relied upon and the Covered Executive’s Date of Termination.

(b)    Date of Termination.  “Date of Termination,” with respect to any purported termination of a Covered Executive’s employment, shall mean the date the Covered executive’s employment terminates, as specified in the Covered Executive’s Notice of Termination.
(c)    Notice to the Company and the Employer.  Covered Executive will send all communications to the Company and the Employer relating to this Plan, in writing, by hand delivery or by registered or certified mail, postage prepaid, addressed as follows, subject to change when notified by the Company and the Employer:
Corporate Office Properties L.P.
Corporate Office Properties Trust
Attention:  General Counsel
6711 Columbia Gateway Drive, Suite 300
Columbia, MD 21046

and to:

Corporate Office Properties L.P.
Corporate Office Properties Trust
Attention:  Senior Vice President, Human Resources
6711 Columbia Gateway Drive, Suite 300
Columbia, MD 21046

(d)    Notice to the Covered Executive.  The Company and the Employer will send all communications to the Covered Executive, relating to this Plan, in writing, addressed to the Covered Executive at the last address the Covered Executive has filed in writing with the Company.
10.    No Mitigation.  The Covered Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Covered Executive by the Company under this Plan.  Further, the amount of any payment provided for in this Plan shall not be reduced by any compensation earned by the Covered Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Covered Executive to the Company, or otherwise.
11.    Benefits and Burdens.  This Plan shall inure to the benefit of and be binding upon the Company and the Covered Executives, their respective successors, executors, administrators, heirs and permitted assigns.  In the event of a Covered Executive’s death after a Terminating Event but prior to the completion by the Company of all payments due the Covered Executive under this Plan, the Company shall continue such payments to the Covered Executive’s beneficiary designated in writing to the Company prior to the Covered Executive’s death (or to the Covered Executive’s estate, if the Covered Executive fails to make such designation).
12.    Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
13.    Effect on Other Plans.  Nothing in this Plan shall be construed to limit the rights of the Covered Executives under the Company benefit plans, programs or policies.

14.    Amendment or Termination of Plan.  The Company and the Employer may amend or terminate this Plan at any time or from time to time for any reason, provided that the provisions of Sections 5 and 6 of this Plan and the Restrictive Covenants set forth in the Letter Agreement shall survive the termination of this Plan.  The Company and the Employer shall provide reasonable notice to affected Covered Executives in the event of any such amendment or termination.  Notwithstanding the foregoing, a Covered Executive’s rights to receive payments and benefits pursuant to this Plan in connection with a Terminating Event occurring in connection with or within 12 months following a Change in Control may not be adversely affected, without the Covered Executive’s consent, by an amendment or termination of this Plan occurring within 12 months before or after the Change in Control.
15.    Obligations of Successors.  In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) in a Change in Control to expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company and the Employer would be required to perform if no such succession had taken place and failure to so expressly assume and agree to perform shall be a material breach of this Plan.
Adopted:  As of March 8, 2013

EXHIBIT I
LETTER AGREEMENT

[COPT Letterhead]

_____________, 2013

Dear [Covered Executive]:

We are pleased to inform you that the Board of Trustees of Corporate Office Properties Trust (the “Company”) has determined that you are eligible to participate in the Corporate Office Properties Trust, Corporate Office Properties L.P. Executive Change in Control and Severance Plan (the “Plan”) as a Covered Executive, subject to the terms and conditions of the Plan.  Capitalized terms used herein and not defined herein shall have the meanings given to such terms in the Plan.  

The terms of the Plan are detailed in the copy of the Plan that is attached as Exhibit A to this Letter Agreement, and those terms, including without limitation, Sections 5 and 6 of the Plan, are incorporated in and made a part of this Letter Agreement.  As described in more detail in the Plan, the Plan entitles you to certain severance benefits in the event that your employment with the Employer terminates under certain circumstances.  By signing this Letter Agreement and as a condition of your eligibility for the payments and benefits set forth in the Plan, you agree to comply with the provisions of the Plan and you agree to comply with the provisions of the confidentiality, non-competition, non-solicitation and non-disparagement requirements set forth on Exhibit B to this Letter Agreement (collectively the “Restrictive Covenants”) during your employment and, to the extent required by the Restrictive Covenants, after your employment ends regardless of the reason for the ending of such employment.  Your Termination Payment Multiple shall be [__] and your Change in Control Termination Payment Multiple shall be [__].    

This Letter Agreement and the Plan constitute the entire agreement between you and the Company with respect to the subject matter hereof and supersede in all respects any and all prior agreements between you and the Company concerning such subject matter.

By signing below, you agree to the terms and conditions of the Restrictive Covenants set forth on Exhibit B hereto, and acknowledge (i) your participation in the Plan, (ii) that you have received and read a copy of the Plan, (iii) that you agree that any termination benefits provided for in the Plan are subject to all of the terms and conditions of the Plan and you agree to such terms, conditions, (iv) that the Company and the Employer may amend or terminate the Plan at any time, and (v) that the Restrictive Covenants shall survive and continue to apply notwithstanding any amendment or termination of the Plan (or the benefits to be provided thereunder) in the future.

Congratulations on being selected to participate in the Plan.  

	
	
	“Employer”
Corporate Office Properties L.P., a Delaware limited partnership
By: Corporate Office Properties Trust, a Maryland real estate investment trust

By:  ______________________________
Name:
Title:

	“Company”
Corporate Office Properties Trust, a Maryland real estate investment trust

By:  ______________________________
Name:
Title:

AGREED TO AND ACCEPTED

___________________________________
[Covered Executive Name]

EXHIBIT II

RELEASE

This Release (the “Release”) is entered into by [___________] (the “Covered Executive”) pursuant to the Corporate Office Properties Trust, Corporate Office Properties L.P. Executive Change in Control and Severance Plan (the “Plan”).  This Release is the “Release” referenced in the Plan.  Terms with initial capitalization that are not otherwise defined in this Release have the meanings set forth in the Plan.  The consideration for the Covered Executive’s agreement to this Release consists of the [Termination Payment/Change in Control Termination Payment]1 and other consideration set forth in Section 3 of the Plan.  
1.    In consideration of the [Termination Payment/Change in Control Termination Payment] and other consideration set forth in Section 3 of the Plan, the Covered Executive hereby releases and forever discharges the Company and the Employer, the predecessors, successors, assigns and affiliates of each of the Company and the Employer, and current and former members, partners, trustees, officers, employees, representatives, attorneys, agents and all persons acting by, through, under or in concert with any of the foregoing (any and all of whom or which are referred to hereinafter as the “Releasees”) from any claim, demand, right, action or cause of action, of whatever nature or kind, in law, equity, administrative proceedings, or otherwise, whether based upon any law, statute, ordinance, rule, regulation, common law, or otherwise, or any entitlement to attorneys’ fees, costs or expenses, and from any other matter under any other theory, whether known or unknown, suspected or claimed, liquidated or unliquidated, absolute or contingent (collectively, “Claims”), which arose or occurred at any time prior to the date the Covered Executive signed this Release, including, but not limited to, any Claim relating in any way to the Covered Executive’s employment, or the termination thereof, by the Employer, the Company and/or any subsidiary of either, saving and excepting however, the Covered Executive’s rights to any earned but unpaid base salary, unpaid expense reimbursements, accrued but unused vacation and any vested benefits the Covered Executive may have under any employee benefit plan of the Employer (the “Accrued Benefit”), the Covered Executive’s rights under Section 2(c) of Exhibit B to the Letter Agreement, any Claim that cannot be waived as a matter of law and, subject to this Release becoming effective, the Covered Executive’s right to receive payment of the [Termination Payment/Change in Control Termination Payment] and provision of the other consideration set forth in Section 3 of the Plan, nor shall this Release constitute a waiver of any vested rights under any 401(k), retirement or other ERISA-governed plan, or a waiver of any of vested stock options or restricted shares, if any. Without restricting the foregoing, this Release Agreement includes: (1) any Claim brought under any federal, state, or local fair employment practices law, including, but not limited to: the Age Discrimination in Employment Act (ADEA), Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the Americans with Disabilities Act (ADA) as amended, the Equal Pay Act (EPA), the Genetic Information Nondiscrimination Act (GINA), and the Uniformed Services Employment and Reemployment Rights Act (USERRA); (2) any Claim brought under any state or federal law regarding wages, benefits, or employment practices, including the Family and Medical Leave Act; (3) any contract Claims; (4) any intentional or unintentional tort Claims, including, but not limited to: defamation, libel, slander, abusive or wrongful discharge, fraud or misrepresentation; and (5) any Claims alleging retaliation and/or any whistleblower Claims, including Claims arising under the Sarbanes-Oxley Act and the Dodd Frank Act.  
2.    The Covered Executive promises and covenants not to commence any action or proceeding against any Releasee for any released Claim before any federal or state court or, except as expressly stated herein, administrative agency, civil rights commission or other forum.  If the Covered Executive 

1. Include only the applicable payment.

commences any action or proceeding in violation of this paragraph, the Employer and the Company shall be excused from making any further payments, continuing any other benefits, or providing other consideration otherwise owed under the Plan other than the Accrued Benefit.  Notwithstanding the foregoing, the parties recognize the authority of the Equal Employment Opportunity Commission (“EEOC”) to enforce the statutes which come under its jurisdiction, and this Release is not intended to prevent the Covered Executive from filing a charge or participating in any investigation or proceeding conducted by the EEOC.   To the extent any proceeding is commenced against any of the Releasees by any person, entity or agency in any forum, the Covered Executive waives any Claim or right to money damages, attorneys’ fees, or other legal or equitable relief awarded by any jury, court or governmental agency related to any released Claim.  Further notwithstanding the foregoing, this paragraph shall not apply to any proceeding initiated by the Covered Executive to the extent that the Covered Executive asserts that any Releasee has violated ADEA, including any challenge to the effectiveness of the release of Claims under ADEA.  For the avoidance of doubt, this exception for the pursuit of ADEA Claims shall not be construed as an acknowledgment that the release of ADEA Claims is in any way ineffective, shall not be construed to affect the effectiveness of the Covered Executive’s release of ADEA Claims and shall not affect the right of any Releasee to rely on the Covered Executive’s release of ADEA Claims as a defense to any claim under ADEA.  This exception is solely for the purpose of conforming this paragraph to the limitations set forth in 29 C.F.R. Sec. 1625.23.
3.    Ongoing Obligations of the Covered Executive.  The Covered Executive reaffirms the Covered Executive’s ongoing obligations under the Plan and the Letter Agreement, including without limitation the Covered Executive’s obligations under Exhibit B to the Letter Agreement.
4.    No Assignment.  The Covered Executive represents that the Covered Executive has not assigned to any other person or entity any Claims against any Releasee.  
5.    Right to Consider and Revoke Release.  The Covered Executive acknowledges that this Release is deemed to be delivered to the Covered Executive on the Covered Executive’s Date of Termination; provided that the Covered Executive’s employment is terminated in connection with a Terminating Event.  The Covered Executive acknowledges that the Covered Executive has been given the opportunity to consider this Release for a period ending forty-five (45) days after the Date of Termination.  In the event the Covered Executive executed this Release within less than forty-five (45) days after the delivery of this Release to the Covered Executive, the Covered Executive acknowledges that such decision was entirely voluntary and that the Covered Executive had the opportunity to consider this Release until the end of the forty-five (45) day period.  To accept this Release, the Covered Executive shall deliver a signed Release to the Senior Vice President, Human Resources of the Company (the “SVP-HR”) within such forty-five (45) day period.  For a period of seven (7) days from the date when the Covered Executive executes this Release (the “Revocation Period”), the Covered Executive shall retain the right to revoke this Release by written notice that is received by the SVP-HR on or before the last day of the Revocation Period.  This Release shall take effect only if it is executed and delivered within the forty-five (45) day period as set forth above and if it is not revoked pursuant to the preceding sentence.  If those conditions are satisfied, this Release shall become effective and enforceable on the date immediately following the last day of the Revocation Period (the “Effective Date”).  The signed Release and any revocation may be delivered to the SVP-HR by hand or by a PDF copy attached to an email to the SVP-HR.  If the Release is sent by email of a PDF copy, the Covered Executive shall separately send an original of the signed Release to the SVP-HR by first class mail or otherwise promptly after sending such email.    

6.    Other Terms.
(a)    Legal Representation; Review of Release.  The Covered Executive acknowledges that the Covered Executive has been advised to discuss all aspects of this Release with the Covered Executive’s attorney, that the Covered Executive has carefully read and fully understands all of the provisions of this Release and that the Covered Executive is voluntarily entering into this Release.  
(b)    Binding Nature of Release.  This Release shall be binding upon the Covered Executive and upon the Covered Executive’s heirs, administrators, representatives and executors.  
(c)    Amendment.  This Release may be amended only upon a written agreement executed by the Covered Executive, the Company and the Employer.  
(d)    Governing Law and Interpretation.  This Release shall be deemed to be made and entered into in the State of Maryland, and shall in all respects be interpreted, enforced and governed under the laws of the State of Maryland, without giving effect to the conflict of laws provisions of Maryland law.  The language of all parts of this Release shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against the Company, the Employer or the Covered Executive.  
(e)    Absence of Reliance.  The Covered Executive acknowledges that the Covered Executive is not relying on any promises or representations by the Company or the Employer or any of their respective agents, representatives or attorneys regarding any subject matter addressed in this Release.  
So agreed.  

_____________________    ______________
[Covered Executive]    Date

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