Document:

Exhibit 10.25

 Exhibit 10.25 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of September 25, 2013, by and between QTS
Realty Trust, Inc., a Maryland corporation (the “Company” or the “Indemnitor”) and Stephen E. Westhead (the “Indemnitee”). 

WHEREAS, the Indemnitee is an officer or a member of the Board of Directors of the Company and in such capacity is performing a
valuable service for the Company; 
 WHEREAS, Maryland law permits the Company to enter into contracts with its officers or members
of its Board of Directors with respect to indemnification of, and advancement of expenses to, such persons; 
 WHEREAS, the Articles
of Amendment and Restatement of the Company (the “Charter”) provide that the Company shall indemnify and advance expenses to its directors and officers to the maximum extent permitted by Maryland law in effect from time to time;

 WHEREAS, the Amended and Restated Bylaws of the Company (the “Bylaws”) provide that each director and officer of
the Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement of expenses consistent with Maryland law; and 

WHEREAS, to induce the Indemnitee to provide services to the Company as an officer or a member of the Board of Directors, and to
provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or revocation of the Charter or the Bylaws, or any acquisition transaction
relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Indemnitor and the Indemnitee hereby agree as
follows: 
  

	1.	DEFINITIONS 

 For purposes of this Agreement: 

 

	 	(A)	“Change in Control” shall have the definition set forth in the QTS Realty Trust, Inc. 2013 Equity Incentive Plan. 

 

	 	(B)	 “Corporate Status” describes the status of a person who is or was a director or officer of the Company or is or was serving at the
request of the Company as a director, officer, partner (limited or general), member, employee or agent of any other foreign or domestic corporation, partnership, joint venture, limited liability company, trust, other enterprise (whether conducted
for profit or not for profit) or employee benefit plan. The Company shall be deemed to have requested the Indemnitee to serve an employee benefit plan where the performance of the 

	 	
Indemnitee’s duties to the Company also imposes or imposed duties on, or otherwise involves or involved services by, the Indemnitee to the plan or participants or beneficiaries of the plan.

  

	 	(C)	“Determination” means a determination that either (x) there is a reasonable basis for the conclusion that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee had
met the applicable standard of conduct (a “Favorable Determination”) or (y) there is no reasonable basis for the conclusion that indemnification of the Indemnitee is proper in the circumstances (an “Adverse
Determination”). 

  

	 	(D)	“Disinterested Director” means a director who is not and was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee and does not otherwise have an interest
materially adverse to any interest of the Indemnitee. 

  

	 	(E)	“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to
be a witness in a Proceeding. 

  

	 	(F)	“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any formal or informal internal investigation to which the Indemnitee is made a
party by reason of the Corporate Status of the Indemnitee), administrative hearing, or any other proceeding, including appeals therefrom, whether civil, criminal, administrative, or investigative, except one initiated by the Indemnitee pursuant to
paragraph 8 of this Agreement to enforce such Indemnitee’s rights under this Agreement. 

  

	 	(G)	“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently is, or in the past two years has been, retained to represent
(i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 

 

	2.	INDEMNIFICATION  

 The Indemnitee shall be entitled to the rights of indemnification
provided in this paragraph 2 and under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders or resolution of the Board of Directors or otherwise if, by reason of such Indemnitee’s Corporate Status, such
Indemnitee is, or is threatened to be made, a party to any threatened, pending, or contemplated Proceeding, including a Proceeding by or in the right of the Company. Unless prohibited by paragraph 13 hereof and subject to the other provisions of
this Agreement, the Indemnitee shall be indemnified hereunder, to the maximum extent permitted by 

  
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Maryland law in effect from time to time, against judgments, penalties, fines and settlements and reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with such
Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the Company, indemnification may not be made in respect of such Proceeding if the Indemnitee shall have been finally
adjudged to be liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an employee benefit plan pursuant to applicable law shall be deemed fines. 

 

	3.	INDEMNIFICATION FOR EXPENSES IN CERTAIN CIRCUMSTANCES 

  

	 	(A)	Without limiting the effect of any other provision of this Agreement (including the Indemnitee’s rights to indemnification under paragraph 2 and advancement of expenses under paragraph 4), without regard to whether
the Indemnitee is entitled to indemnification under paragraph 2 and without regard to the provisions of paragraph 6 hereof, to the extent that the Indemnitee is successful, on the merits or otherwise, in any Proceeding to which the Indemnitee is a
party by reason of such Indemnitee’s Corporate Status, such Indemnitee shall be indemnified against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. 

 

	 	(B)	If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Indemnitor shall
indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully resolved claim, issue or matter. 

 

	 	(C)	For purposes of this paragraph 3 and without limitation, the termination of any claim, issue or matter in such Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such
claim, issue or matter. 

  

	4.	ADVANCEMENT OF EXPENSES 

 Notwithstanding anything in this Agreement to the contrary, but
subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a party to or is otherwise involved in any Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any
such Proceeding, by reason of the Indemnitee’s Corporate Status, or by reason of (or arising in part out of) any actual or alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act
or omission on the part of the Indemnitee taken or omitted in or relating to the Indemnitee’s Corporate Status, then the Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within
twenty (20) days after the receipt by the Indemnitor of a statement from the Indemnitee requesting such advance from time to time, whether prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably
evidence the Expenses incurred or to be incurred by the Indemnitee and shall include or be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Indemnitor as authorized by 

  
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this Agreement has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it should ultimately be determined that the standard of conduct
has not been met. The undertaking required by clause (ii) of the immediately preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and may be accepted without reference to financial ability to
make the repayment. 
  

	5.	WITNESS EXPENSES 

 Notwithstanding any other provision of this Agreement, to the extent
that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a witness (or is forced or asked to respond to discovery requests) for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, the
Indemnitor shall advance all Expenses actually incurred by or on behalf of such Indemnitee, on an as-incurred basis in accordance with paragraph 4 of this Agreement, in connection therewith and indemnify the Indemnitee therefor. 

 

	6.	DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION 

  

	 	(A)	To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith such documentation and information reasonably necessary to determine whether and to
what extent the Indemnitee is entitled to indemnification. 

  

	 	(B)	 The Indemnitor agrees that the Indemnitee shall be indemnified to the fullest extent permitted by law. Indemnification under this Agreement may not be
made unless authorized for a specific Proceeding after a Determination has been made in accordance with this paragraph 6(B) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met the following
standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of paragraph 2 hereof, unless it is established that: (a) the act or omission of the Indemnitee was material to the matter giving rise to the
Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate dishonesty; (b) the Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any
criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any Determination shall be made within thirty (30) days after receipt of the Indemnitee’s written request for indemnification
pursuant to Section 6(A) and such Determination shall be made either (i) by the Disinterested Directors, even though less than a quorum, so long as the Indemnitee does not request that such Determination be made by Special Legal Counsel,
or (ii) if so requested by the Indemnitee, in the Indemnitee’s sole discretion, by Special Legal Counsel in a written opinion to the Indemnitor and the Indemnitee. If a Determination is made that the Indemnitee is entitled to
indemnification, payment to the Indemnitee shall be made within fifteen (15) business days after such Determination. The Indemnitee shall reasonably cooperate with the person, persons or entity making such Determination with respect to the
Indemnitee’s 

  
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entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such Determination. Any Expenses incurred by the Indemnitee in so cooperating with the Disinterested Directors or Special Legal Counsel, as the
case may be, making such determination shall be advanced and borne by the Indemnitor in accordance with paragraph 4 of this Agreement (irrespective of the Determination as to Indemnitee’s entitlement to indemnification). If the person, persons
or entity empowered or selected under Section 6(B) of this Agreement to determine whether the Indemnitee is entitled to indemnification shall not have made a Favorable Determination within thirty (30) days after receipt by the Indemnitor
of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent (i) a
misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that such thirty (30) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with
respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this
Section 6(B) shall not apply if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(E). 

  

	 	(C)	The Indemnitor shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse Determination is made, or if for any other reason the Indemnitor does not make timely indemnification
payments or advancement of Expenses required by this Agreement, the Indemnitee shall have the right to commence a Proceeding before a court of competent jurisdiction to challenge such Adverse Determination and/or to require the Indemnitor to make
such payments or advancement of expenses (and the Indemnitor shall have the right to defend their position in such Proceeding and to appeal any adverse judgment in such Proceeding). The Indemnitee shall be entitled to have such Expenses advanced by
the Indemnitor in accordance with paragraph 4 of this Agreement and applicable law. If the Indemnitee fails to challenge an Adverse Determination within ninety (90) business days, or if Indemnitee challenges an Adverse Determination and such
Adverse Determination has been upheld by a final judgment of a court of competent jurisdiction from which no appeal can be made, then, to the extent and only to the extent required by such Adverse Determination or final judgment, the Indemnitor
shall not be obligated to indemnify the Indemnitee under this Agreement. 

  
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	 	(D)	The Indemnitee shall cooperate with the person or entity making such Determination with respect to the Indemnitee’s entitlement to indemnification, including providing upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any reasonable costs or expenses (including reasonable
attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Indemnitor hereby
indemnifies and agrees to hold the Indemnitee harmless therefrom. 

  

	 	(E)	In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(B) hereof, the Indemnitee, or the Indemnitor, as the case may be, may, within seven days
after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the grounds that the Special Legal
Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special Legal Counsel so selected may not serve as Special Legal Counsel
until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to Section 6(A) hereof, no Special Legal Counsel shall have
been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of any objection which shall have been made by the Indemnitor or the Indemnitee to the other’s selection of
Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is so resolved or the person so
appointed shall act as Special Legal Counsel under Section 6(B) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special Legal Counsel incurred in connection with acting pursuant to Section 6(B) hereof, and all
reasonable fees and expenses incident to the selection of such Special Legal Counsel pursuant to this Section 6(D). In the event that a determination of entitlement to indemnification is to be made by Special Legal Counsel and such
determination shall not have been made and delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s request in accordance with Section 6(A), upon the due commencement of any
judicial proceeding in accordance with Section 8(A) of this Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity. 

 

	 	(F)	 If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall not have made a determination within
thirty (30) days after receipt by the Indemnitor of the request therefor, the requisite Determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent:
(i) a misstatement by the Indemnitee of a material fact, or an omission of a material 

  
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fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law. Such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person or entity making said determination in good faith requires additional time for the obtaining or evaluating of
documentation and/or information relating thereto. The foregoing provisions of this Section 6(E) shall not apply if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(B) of this
Agreement. 

  

	7.	PRESUMPTIONS 

  

	 	(A)	It shall be presumed that the Indemnitee is entitled to indemnification under this Agreement (notwithstanding any Adverse Determination), and the Indemnitor or any other person or entity challenging such right shall
have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. 

 

	 	(B)	The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee did not
meet the requisite standard of conduct described herein for indemnification. 

  

	8.	REMEDIES 

  

	 	(A)	In the event that: (i) an Adverse Determination is made, or (ii) advancement of reasonable Expenses is not timely made pursuant to this Agreement, or (iii) payment of indemnification due the Indemnitee
under this Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in an appropriate court of competent jurisdiction of such Indemnitee’s entitlement to such indemnification or advancement of Expenses.

  

	 	(B)	In the event that an Adverse Determination shall have been made pursuant to Section 6(B) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced
pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial, or arbitration, on the merits. The fact that an Adverse Determination has been made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not
entitled to indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and (i) the Indemnitee shall not be prejudiced in any way by reason of that Adverse Determination and (ii) the
Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

  

	 	(C)	 If a Favorable Determination shall have been made or deemed to have been made pursuant to Section 6(B) of this Agreement that the Indemnitee is
entitled to 

  
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indemnification, the Indemnitor shall be bound by such Determination in any judicial proceeding or arbitration commenced pursuant to this paragraph 8, absent: (i) a misstatement by the
Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law. 

  

	 	(D)	The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement. 

  

	 	(E)	In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights under, or to recover damages for breach of, this Agreement, if successful on the merits or
otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified by the Indemnitor against, any and all reasonable Expenses
actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

  

	 	(F)	Notwithstanding anything in this Agreement to the contrary, no Determination as to entitlement of the Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the
Proceeding. 

  

	9.	NOTIFICATION AND DEFENSE OF CLAIMS 

 The Indemnitee agrees promptly to notify the
Indemnitor in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered
hereunder, but the failure so to notify the Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this Agreement unless the Indemnitor can establish that such omission to notify resulted in
actual and material prejudice to which it cannot be reversed or otherwise eliminated without any material adverse effect on the Indemnitor. With respect to any such Proceeding as to which Indemnitee notifies the Indemnitor of the commencement
thereof: 
  

	 	(A)	The Indemnitor will be entitled to participate therein at its own expense. 

  

	 	(B)	 Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee.
After notice from the Indemnitor to Indemnitee of the Indemnitor’s election to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee
in connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. The Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of

  
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such counsel incurred after notice from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment of counsel
by the Indemnitee has been authorized by the Indemnitor, (b) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action,
(c) such Proceeding seeks penalties or other relief against the Indemnitee with respect to which the Indemnitor could not provide monetary indemnification to the Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitor
shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the defense of any
Proceeding brought by or on behalf of the Indemnitor, or as to which the Indemnitee shall have reached the conclusion specified in clause (b) above, or which involves penalties or other relief against the Indemnitee of the type referred to in
clause (c) above. 

  

	 	(C)	The Indemnitor shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without the Indemnitor’s written consent. The Indemnitor shall
not settle any action or claim in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee will unreasonably withhold or delay consent to any
proposed settlement. 

  

	10.	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION 

  

	 	(A)	The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under
applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise, except that any payments otherwise required to be made by the Indemnitor hereunder shall be offset by any and
all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained by an indemnitor or otherwise and shall not be duplicative of any other payments received by an Indemnitee from the
Indemnitor in respect of the matter giving rise to the indemnity hereunder; provided, however, that if indemnification rights are provided by an Additional Indemnitor as defined in Section 18(B) hereof, such Section shall govern. No amendment,
alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action taken or omitted by the Indemnitee prior to such amendment, alteration or repeal. 

 

	 	(B)	 To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors and officers of the Company, the
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available and upon any 

  
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Change in Control the Company shall use commercially reasonable efforts to obtain or arrange for continuation and/or “tail” coverage for the Indemnitee to the maximum extent obtainable
at such time. 

  

	 	(C)	Except as otherwise provided in Section 18(B) hereof, in the event of any payment under this Agreement, the Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of the
Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including execution of such documents as are necessary to enable the Indemnitor to bring suit to enforce such rights. 

 

	 	(D)	Except as otherwise provided in Section 18(B) hereof, the Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the
Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise. 

  

	 	(E)	If GA QTS Interholdco, LLC (or any member or other affiliate thereof other than the Indemnitor) pays or causes to be paid, for any reason, any amounts with respect to any Proceeding in which the Indemnitee may be
indemnified or entitled to indemnification hereunder or under any other indemnification agreement with the Indemnitee (whether pursuant to contract, by-laws, charter or other organizational documents) or otherwise in its capacity as a stockholder of
the Company, then (x) GA QTS Interholdco, LLC (or such member or other affiliate, as the case may be) shall be fully subrogated to all rights of the Indemnitee with respect to such payment and (y) the Indemnitor shall fully indemnify,
reimburse and hold harmless GA QTS Interholdco, LLC (or such member and other affiliate) for all such payments actually made by GA QTS Interholdco, LLC (or such member or other affiliate). 

 

	11.	CONTINUATION OF INDEMNITY 

  

	 	(A)	All agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a member of the Board of Directors of the Company and shall continue thereafter so long
as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute of limitations for any act or omission occurring during the Indemnitee’s
term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s heirs, executors and administrators.

  

	 	(B)	 The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Indemnitee, 

  
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expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

  

	12.	SEVERABILITY 

 If any provision or provisions of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to
give effect to the intent manifested by the provisions held invalid, illegal or unenforceable. 
  

	13.	EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES 

 Notwithstanding any
other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses under this Agreement with respect to (i) any Proceeding initiated by such Indemnitee against the Indemnitor other
than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange
Act, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute. 
  

	14.	NOTICE TO THE COMPANY STOCKHOLDERS 

 Any indemnification of, or advancement of reasonable
Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be reported in writing to the stockholders of the Company with the notice of the next Company stockholders’
meeting or prior to the meeting. 
  

	15.	HEADINGS 

 The headings of the paragraphs of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
  

	16.	MODIFICATION AND WAIVER 

 No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver. 

  
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	17.	NOTICES 

 All notices, requests, demands, and other communications hereunder shall be in
writing and shall be deemed to have been duly given if (i) delivered by hand or by a nationally recognized overnight delivery service and received by the party to whom said notice or other communication shall have been directed, or
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, if so delivered or mailed, as the case may be, to the following addresses: 

If to the Indemnitee, to the address set forth in the records of the Company. 

If to the Indemnitor, to: 
 QTS
Realty Trust, Inc. 
 12851 Foster Street 

Overland Park, KS 66213 

Attention: General Counsel 
 or to such other
address as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be. 
  

	18.	CONTRIBUTION 

  

	 	(A)	To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee,
shall contribute to the amount incurred by Indemnitee, whether for judgments, penalties, fines and settlements and reasonable expenses actually incurred by or on behalf of an Indemnitee, in connection with any claim relating to an indemnifiable
event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

  

	 	(B)	 The Company acknowledges and agrees that as between the Company and any other entity that has provided indemnification rights in respect of
Indemnitee’s service as a director of the Company at the request of such entity (an “Additional Indemnitor”), the Company shall be primarily liable to Indemnitee as set forth in this Agreement for any indemnification claim
(including, without limitation, any claim for advancement of Expenses) by Indemnitee in respect of any Proceeding for which Indemnitee is entitled to indemnification hereunder. In the event the Additional Indemnitor is liable to any extent to
Indemnitee by virtue of indemnification rights provided by the Additional Indemnitor to Indemnitee in respect of Indemnitee’s service on the Board of Directors at the request of the Additional Indemnitor and Indemnitee is also entitled to
indemnification under 

  
 12 

	 	
this Agreement (including, without limitation, for advancement of Expenses) as a result of any Proceeding, the Company shall pay, in the first instance, the entire amount of any indemnification
claim (including, without limitation, any claim for advancement of Expenses) brought by the Indemnitee against the Company under this Agreement (including, without limitation, any claim for advancement of Expenses) without requiring the Additional
Indemnitor to contribute to such payment and the Company hereby waives and relinquishes any right of contribution, subrogation or any other right of recovery of any kind it may have against the Additional Indemnitor in respect thereof. The Company
further agrees that no advancement or payment by the Additional Indemnitor on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Additional Indemnitor
shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the Company. Without limiting the generality of the foregoing, the Company hereby acknowledges that certain of its Directors,
including the Directors affiliated with GA QTS Interholdco, LLC (the “Specified Directors”), may have certain rights to indemnification and advancement of expenses provided by GA QTS Interholdco, LLC and certain of its Affiliates
(collectively, the “General Atlantic Indemnitors”), which shall constitute Additional Indemnitors for purposes of this paragraph. To the extent the Indemnitee is a Specified Director, the Company hereby agrees and acknowledges that
with respect to matters for which it is required to provide indemnity pursuant to the terms of this Agreement, (i) it shall be the indemnitor of first resort with respect to the Indemnitee (i.e., its obligations to the Indemnitee are primary
and any obligation of the General Atlantic Indemnitors to advance expenses or to provide indemnification for expenses or liabilities incurred by the Indemnitee are secondary), (ii) it shall advance the full amount of expenses incurred and shall
be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by the Indemnitee to the extent required by the terms of this Agreement (or any other agreement between the Company and the Indemnitee),
without regard to any rights the Specified Directors may have against the General Atlantic Indemnitors and (iii) it irrevocably waives, relinquishes and releases the General Atlantic Indemnitors from any and all claims against the General
Atlantic Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof related to the Company’s obligations set forth in clauses (i) and (ii) in this sentence. The Company further agrees that no
advancement or payment by the General Atlantic Indemnitors on behalf of the Indemnitee with respect to any claim for which the Indemnitee has sought indemnification from the Company shall affect the foregoing and the General Atlantic Indemnitors
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the Company. 

  
 13 

	19.	GOVERNING LAW 

 The parties agree that this Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of laws principles thereof. 
  

	20.	NO ASSIGNMENTS 

 The Indemnitee may not assign its rights or delegate obligations under
this Agreement without the prior written consent of the Indemnitor. Any assignment or delegation in violation of this paragraph 20 shall be null and void. 
  

	21.	NO THIRD PARTY RIGHTS 

 Except for the rights of an Additional Indemnitor under paragraph
18(B) hereof and except for GA QTS Interholdco, LLC, who is expressly made a third party beneficiary of paragraph 10(E) hereof: (a) nothing expressed or referred to in this Agreement will be construed to give any person other than the parties
to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement; and (b) this Agreement and all of its provisions are for the sole and exclusive benefit of the parties
to this Agreement and their successors and permitted assigns. 
  

	22.	COUNTERPARTS 

 This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together constitute an agreement binding on all of the parties hereto. 
 [Signature page
follows] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	QTS REALTY TRUST, INC.
		
	By:	 	 /s/ Shirley E. Goza

	Name:	 	Shirley E. Goza
	Title:	 	Secretary and General Counsel
	
	INDEMNITEE:
		
	By:	 	 /s/ Stephen E. Westhead

	Name:	 	Stephen E. Westhead

 [Signature Page to Indemnification Agreement]Exhibit 10.39

 Exhibit 10.39 
  

 
 QTS REALTY TRUST, INC. 

2013 EQUITY INCENTIVE PLAN 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	 PURPOSE
	  	 	1	  
	 2.
	 	 DEFINITIONS
	  	 	1	  
	 3.
	 	 ADMINISTRATION OF THE PLAN
	  	 	7	  
		 	 3.1.
	 	 Board.
	  	 	7	  
		 	 3.2.
	 	 Committee.
	  	 	8	  
		 	 3.3.
	 	 Terms of Awards.
	  	 	8	  
		 	 3.4.
	 	 Forfeiture; Recoupment.
	  	 	9	  
		 	 3.5.
	 	 No Repricing.
	  	 	10	  
		 	 3.6.
	 	 No Liability.
	  	 	10	  
		 	 3.7.
	 	 Share Issuance/Book-Entry.
	  	 	10	  
	 4.
	 	 SHARES SUBJECT TO THE PLAN
	  	 	10	  
		 	 4.1.
	 	 Number of Shares Available for Awards.
	  	 	10	  
		 	 4.2.
	 	 Adjustments in Authorized Shares.
	  	 	11	  
		 	 4.3.
	 	 Share Usage.
	  	 	11	  
	 5.
	 	 EFFECTIVE DATE, DURATION AND AMENDMENTS
	  	 	11	  
		 	 5.1.
	 	 Effective Date.
	  	 	11	  
		 	 5.2.
	 	 Term.
	  	 	12	  
		 	 5.3.
	 	 Amendment and Termination of the Plan.
	  	 	12	  
	 6.
	 	 AWARD ELIGIBILITY AND LIMITATIONS
	  	 	12	  
		 	 6.1.
	 	 Service Providers and Other Persons.
	  	 	12	  
		 	 6.2.
	 	 Limitation on Shares Subject to Awards and Cash Awards.
	  	 	12	  
		 	 6.3.
	 	 Stand-Alone, Additional, Tandem and Substitute Awards.
	  	 	13	  
	 7.
	 	 AWARD AGREEMENT
	  	 	13	  
	 8.
	 	 TERMS AND CONDITIONS OF OPTIONS
	  	 	13	  
		 	 8.1.
	 	 Option Price.
	  	 	13	  
		 	 8.2.
	 	 Vesting.
	  	 	13	  
		 	 8.3.
	 	 Term.
	  	 	14	  
		 	 8.4.
	 	 Termination of Service.
	  	 	14	  
		 	 8.5.
	 	 Limitations on Exercise of Option.
	  	 	14	  
		 	 8.6.
	 	 Method of Exercise.
	  	 	14	  
		 	 8.7.
	 	 Rights of Holders of Options.
	  	 	14	  
		 	 8.8.
	 	 Delivery of Share Certificates.
	  	 	15	  
		 	 8.9.
	 	 Transferability of Options.
	  	 	15	  
		 	 8.10.
	 	 Family Transfers.
	  	 	15	  
		 	 8.11.
	 	 Limitations on Incentive Share Options.
	  	 	15	  
		 	 8.12.
	 	 Notice of Disqualifying Disposition.
	  	 	15	  
	 9.
	 	 TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS
	  	 	16	  
		 	 9.1.
	 	 Right to Payment and Grant Price.
	  	 	16	  
		 	 9.2.
	 	 Other Terms.
	  	 	16	  
		 	 9.3.
	 	 Term.
	  	 	16	  
		 	 9.4.
	 	 Transferability of SARS.
	  	 	16	  
		 	 9.5.
	 	 Family Transfers.
	  	 	17	  

  
 - i - 

									
	 10.
	 	 TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS
	  	 	17	  
		 	 10.1.
	 	 Grant of Restricted Shares or Share Units.
	  	 	17	  
		 	 10.2.
	 	 Restrictions.
	  	 	17	  
		 	 10.3.
	 	 Restricted Share Certificates.
	  	 	17	  
		 	 10.4.
	 	 Rights of Holders of Restricted Shares.
	  	 	18	  
		 	 10.5.
	 	 Rights of Holders of Share Units.
	  	 	18	  
		 	 10.6.
	 	 Termination of Service.
	  	 	19	  
		 	 10.7.
	 	 Purchase of Restricted Shares and Shares Subject to Share Units.
	  	 	19	  
		 	 10.8.
	 	 Delivery of Shares.
	  	 	19	  
	 11.
	 	 TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS
	  	 	19	  
	 12.
	 	 FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES
	  	 	20	  
		 	 12.1.
	 	 General Rule.
	  	 	20	  
		 	 12.2.
	 	 Surrender of Shares.
	  	 	20	  
		 	 12.3.
	 	 Cashless Exercise.
	  	 	20	  
		 	 12.4.
	 	 Other Forms of Payment.
	  	 	20	  
	 13.
	 	 TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS
	  	 	21	  
		 	 13.1.
	 	 Dividend Equivalent Rights.
	  	 	21	  
		 	 13.2.
	 	 Termination of Service.
	  	 	21	  
	 14.
	 	 TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS
	  	 	21	  
		 	 14.1.
	 	 Grant of Performance Awards and Annual Incentive Awards.
	  	 	21	  
		 	 14.2.
	 	 Value of Performance Awards and Annual Incentive Awards.
	  	 	21	  
		 	 14.3.
	 	 Earning of Performance Awards and Annual Incentive Awards.
	  	 	22	  
		 	 14.4.
	 	 Form and Timing of Payment of Performance Awards and Annual Incentive Awards.
	  	 	22	  
		 	 14.5.
	 	 Performance Conditions.
	  	 	22	  
		 	 14.6.
	 	 Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees.
	  	 	22	  
		 	 14.7.
	 	 Status of Awards Under Code Section 162(m).
	  	 	25	  
	 15.
	 	 TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS
	  	 	25	  
	 16.
	 	 PARACHUTE LIMITATIONS
	  	 	26	  
	 17.
	 	 REQUIREMENTS OF LAW
	  	 	26	  
		 	 17.1.
	 	 General.
	  	 	26	  
		 	 17.2.
	 	 Rule 16b-3.
	  	 	27	  
	 18.
	 	 EFFECT OF CHANGES IN CAPITALIZATION
	  	 	27	  
		 	 18.1.
	 	 Changes in Shares.
	  	 	27	  
		 	 18.2.
	 	 Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.
	  	 	28	  
		 	 18.3.
	 	 Change in Control in which Awards are not Assumed.
	  	 	28	  
		 	 18.4.
	 	 Change in Control in which Awards are Assumed.
	  	 	30	  
		 	 18.5.
	 	 Adjustments.
	  	 	30	  
		 	 18.6.
	 	 No Limitations on Company.
	  	 	30	  

  
 - ii - 

									
	 19.
	 	 GENERAL PROVISIONS
	  	 	31	  
		 	 19.1.
	 	 Disclaimer of Rights.
	  	 	31	  
		 	 19.2.
	 	 Nonexclusivity of the Plan.
	  	 	31	  
		 	 19.3.
	 	 Withholding Taxes.
	  	 	31	  
		 	 19.4.
	 	 Captions.
	  	 	32	  
		 	 19.5.
	 	 Other Provisions.
	  	 	32	  
		 	 19.6.
	 	 Number and Gender.
	  	 	32	  
		 	 19.7.
	 	 Severability.
	  	 	32	  
		 	 19.8.
	 	 Governing Law.
	  	 	32	  
		 	 19.9.
	 	 Code Section 409A.
	  	 	33	  

  
 - iii - 

 QTS REALTY TRUST, INC. 

2013 EQUITY INCENTIVE PLAN 

QTS Realty Trust, Inc., a Maryland corporation (the “Company”), sets forth herein the terms of its 2013 Equity Incentive Plan
(the “Plan”), as follows: 
  

	1.	PURPOSE 

 The Plan is intended to (a) provide incentive to officers, employees,
directors and other eligible persons to stimulate their efforts towards the success of the Company and to operate and manage its business in a manner that will provide for the long term growth and profitability of the Company; and (b) provide a
means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of share options, share appreciation rights, restricted shares, unrestricted shares, share units (including deferred share units), dividend
equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with
the terms hereof. Share options granted under the Plan may be non-qualified share options or incentive share options, as provided herein. 
  

	2.	DEFINITIONS 

 For purposes of interpreting the Plan and related documents (including
Award Agreements), the following definitions shall apply: 
 2.1 “Affiliate” means, with respect to the Company, any
company or other trade or business that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary. For purposes
of granting Options or Share Appreciation Rights, an entity may not be considered an Affiliate of the Company unless the Company holds a “controlling interest” in such entity, where the term “controlling interest” has the same
meaning as provided in Treasury Regulation Section 1.414(c)-2(b)(2)(i), provided that the language “at least 50 percent” is used instead of “at least 80 percent” and, provided further, that where granting of Options or Share
Appreciation Rights is based upon a legitimate business criteria, the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i). 

2.2 “Annual Incentive Award” means an Award, denominated in cash, made subject to attainment of performance goals (as
described in Section 14) over a Performance Period of up to one (1) year (which shall correspond to the Company’s fiscal year, unless otherwise specified by the Board). 

2.3 “Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the
corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein. 

 2.4 “Award” means a grant of an Option, Share Appreciation Right, Restricted
Share, Unrestricted Share, Share Unit, Dividend Equivalent Right, Performance Award, Annual Incentive Award, LTIP Unit, or Other Equity-Based Award under the Plan. 

2.5 “Award Agreement” means the agreement between the Company and a Grantee that evidences and sets out the terms and
conditions of an Award. 
 2.6 “Benefit Arrangement” shall have the meaning set forth in Section 16. 

2.7 “Board” means the Board of Directors of the Company. 

2.8 “Cause” means, as determined by the Board and unless otherwise provided in an applicable agreement (including an
employment agreement) with the Company or an Affiliate, in which case the definition contained in such agreement shall control: (i) gross negligence or willful misconduct in connection with the performance of duties; (ii) conviction of a
felony; (iii) conviction of any other criminal offense involving an act of dishonesty intended to result in substantial personal enrichment of such Grantee at the expense of the Company or an Affiliate; or (iv) material breach of any term
of any employment, consulting or other services, confidentiality, intellectual property or non-competition agreements, if any, between the Service Provider and the Company or an Affiliate. 

2.9 “Change in Control” means: 

(1) Any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company or any corporation owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportion as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the Company’s then outstanding voting securities; 
 (2) During any period of twelve
consecutive months, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
clause (1), (3) or (4) hereof) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or actual threatened solicitation of proxies or consents by or on behalf of a person other than the Board; 

  
 2 

 (3) The consummation of a merger or consolidation of the Company with any other entity or approve
the issuance of voting securities in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable exchange requirements, other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) at least 50.1% of the
combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of either of the then outstanding shares of Common Shares or
the combined voting power of the Company’s then outstanding voting securities; or 
 (4) The consummation of the sale or disposition by
the Company of all or substantially all of the Company’s assets (or any transaction or series of transactions within a period of twelve months ending on the date of the last sale or disposition having a similar effect). 

Notwithstanding anything herein to the contrary, (i) the determination as to whether a “Change in Control” as defined herein has occurred shall
be determined in accordance with the requirements of Code Section 409A and shall be intended to constitute a “change in control event” within the meaning of Code Section 409A, except to that the extent the provisions herein are
more restrictive than the requirements of Code Section 409A, and (ii) in no event shall there be a Change in Control if General Atlantic or one of its Affiliates continues to beneficially own more than 50% of the voting securities of the
Company (or the surviving or parent entity). 
 2.10 “Code” means the Internal Revenue Code of 1986, as now in effect or as
hereafter amended. 
 2.11 “Committee” means a committee of, and designated from time to time by resolution of, the Board,
which shall be constituted as provided in Section 3.2 (or, if no Committee has been designated, the Board itself). 
 2.12
“Company” means QTS Realty Trust, Inc., a Maryland corporation. 
 2.13 “Covered Employee” means a
Grantee who is a covered employee within the meaning of Code Section 162(m)(3). 
 2.14 “Determination Date” means the
Grant Date or such other date as of which the Fair Market Value of a Share is required to be established for purposes of the Plan. 
 2.15
“Disability” means the Grantee is unable to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or
which can be expected to last for a continuous period of not less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive Share Option following termination of the Grantee’s Service,
Disability shall mean the Grantee is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for
a continuous period of not less than 12 months. 

  
 3 

 2.16 “Dividend Equivalent Right” means a right, granted to a Grantee under
Section 13, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments. 

2.17 “Effective Date” means             , 2013, the date the
Securities and Exchange Commission declares the Company’s registration statement on Form S-11, related to its initial public offering, to be effective. 

2.18 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. 

2.19 “Fair Market Value” means the fair market value of a Share for purposes of the Plan, which shall be determined as of any
Determination Date as follows: 
 (a) If on such Determination Date the Shares are listed on a Stock Exchange, or are
publicly traded on another established securities market (a “Securities Market”), the Fair Market Value of a Share shall be the closing price of the Share as reported on such Stock Exchange or such Securities Market (provided that,
if there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price on
such Determination Date, the Fair Market Value of a Share shall be the closing price of the Share on the next trading day on which any sale of Shares shall have been reported on such Stock Exchange or such Securities Market. 

(b) If on such Determination Date the Shares are not listed on a Stock Exchange or publicly traded on a Securities Market, the
Fair Market Value of a Share shall be the value of the Share as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A. 

Notwithstanding this Section 2.19 or Section 19.3, for purposes of determining taxable income and the amount of the
related tax withholding obligation pursuant to Section 19.3, for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such Shares may first be sold pursuant to the terms of the related Award
Agreement, the Fair Market Value of such Shares shall be the sale price of such Shares on such date. 
 2.20 “Family
Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or
sister-in-law, including adoptive relationships, of the Grantee, any person sharing the Grantee’s household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent (50%) of the
beneficial interest, a foundation in which any one or more of these persons (or the Grantee) control the management of assets, and any other entity in which one or more of these persons (or the Grantee) own more than fifty percent (50%) of the
voting interests. 

  
 4 

 2.21 “Grant Date” means, as determined by the Board, the latest to occur of
(i) the date as of which the Company completes the action constituting the Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6, or (iii) such other later date
as may be specified by the Board. 
 2.22 “Grantee” means a person who receives or holds an Award under the Plan. 

2.23 “Incentive Share Option” means an “incentive stock option” within the meaning of Code Section 422, or the
corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.24 “Long-Term Incentive
Unit” or “LTIP Unit” means an Award under Section 15 of an interest in the operating partnership affiliated with the Company. 

2.25 “Non-qualified Share Option” means an Option that is not an Incentive Share Option. 

2.26 “Option” means an option to purchase one or more Shares pursuant to the Plan. 

2.27 “Option Price” means the exercise price for each Share subject to an Option. 

2.28 “Other Agreement” shall have the meaning set forth in Section 16. 

2.29 “Other Equity-Based Award” means a right or other interest that may be denominated or payable in, valued in whole or in
part by reference to, or otherwise based on, or related to, Shares, other than an Option, Share Appreciation Right, Restricted Share, Unrestricted Share, Share Unit, Dividend Equivalent Right, Performance Award or Annual Incentive Award. 

2.30 “Outside Director” means a member of the Board who is not an officer or employee of the Company. 

2.31 “Performance Award” means an Award made subject to the attainment of performance goals (as described in
Section 14) over a Performance Period of up to ten (10) years. 
 2.32 “Performance-Based Compensation”
means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing, nothing in the Plan
shall be construed to mean that an Award which does not satisfy the requirements for “qualified performance-based compensation” under Code Section 162(m) does not constitute performance-based compensation for other purposes, including
for purposes of Code Section 409A. 
 2.33 “Performance Measures” means measures as described in
Section 14 on which the performance goals are based and which have been approved by the Company’s shareholders pursuant to the Plan in order to qualify Awards as Performance-Based Compensation. 

  
 5 

 2.34 “Performance Period” means the period of time during which the performance
goals must be met in order to determine the degree of payout and/or vesting with respect to an Award. 
 2.35 “Plan” means
this QTS Realty Trust, Inc. 2013 Equity Incentive Plan, as amended from time to time. 
 2.36 “Prior Plan” means the
QualityTech L.P. 2010 Equity Incentive Plan, as amended from time to time. 
 2.37 “Purchase Price” means the purchase
price for each Share pursuant to a grant of Restricted Shares, Share Units or Unrestricted Shares. 
 2.38 “Reporting
Person” means a person who is required to file reports under Section 16(a) of the Exchange Act. 
 2.39 “Restricted
Shares” means Shares, awarded to a Grantee pursuant to Section 10. 
 2.40 “SAR Exercise Price” means
the per share exercise price of a SAR granted to a Grantee under Section 9. 
 2.41 “Securities Act” means the
Securities Act of 1933, as now in effect or as hereafter amended. 
 2.42 “Service” means service as a Service Provider to
the Company or any Affiliate. Unless otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider
to the Company or any Affiliate. Subject to the preceding sentence, whether a termination of Service shall have occurred for purposes of the Plan shall be determined by the Board, which determination shall be final, binding and conclusive.
Notwithstanding any other provision to the contrary, for any individual providing services solely as a director, only service to the Company or any of its Subsidiaries constitutes Service. If the Service Provider’s employment or other service
relationship is with an Affiliate and that entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when the entity ceases to be an Affiliate unless the Service Provider’s employment or other service
relationship has been transferred by the Company or one of its remaining Affiliates to the Company or one of its remaining Affiliates. 

2.43 “Service Provider” means an employee, officer, director, or a consultant or adviser (who is a natural person) providing
services to the Company or any of its Affiliates. 
 2.44 “Shares” means the shares of Class A common stock, par value
$0.01 per share, of the Company. 
 2.45 “Share Appreciation Right” or “SAR” means a right granted to a
Grantee under Section 9. 

  
 6 

 2.46 “Share Units” means an Award representing the equivalent of one Share
awarded to a Grantee pursuant to Section 10 that will be settled in an amount in cash, Shares or both, subject to the terms and conditions of the Award. 

2.47 “Stock Exchange” means the New York Stock Exchange or another established national or regional stock exchange. 

2.48 “Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Code Section 424(f).

 2.49 “Substitute Award” means an Award granted upon assumption of, or in substitution for, outstanding awards previously
granted by a company or other entity acquired by the Company or an Affiliate or with which the Company or an Affiliate combines. 
 2.50
“Ten Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding voting securities of the Company, its parent or any of its Subsidiaries. In
determining Share ownership, the attribution rules of Code Section 424(d) shall be applied. 
 2.51 “Unrestricted Shares”
shall have the meaning set forth in Section 11. 
 Unless the context otherwise requires, all references in the Plan to
“including” shall mean “including without limitation.” 
 References in the Plan to any Code Section shall be deemed to
include, as applicable, regulations promulgated under such Code Section. 
  

	3.	ADMINISTRATION OF THE PLAN 

  

	 	3.1.	Board. 

 The Board shall have such powers and authorities related to the administration
of the Plan as are consistent with the Company’s certificate of incorporation and by-laws and Applicable Laws. The Board shall have full power and authority to take all actions and to make all determinations required or provided for under the
Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be
necessary or appropriate to the administration of the Plan, any Award or any Award Agreement, including the authority to adopt, alter and repeal administrative rules and guidelines governing the Plan. All such actions and determinations shall be by
the affirmative vote of a majority of the members of the Board present at a meeting at which a quorum is present or by unanimous consent of the Board executed in writing in accordance with the Company’s certificate of incorporation and by-laws
and Applicable Laws. The interpretation and construction by the Board of any provision of the Plan, any Award or any Award Agreement shall be final, binding and conclusive. 

  
 7 

	 	3.2.	Committee. 

 The Board from time to time may delegate to the Committee such powers and
authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 above and other applicable provisions, as the Board shall determine, consistent with the Company’s certificate of incorporation
and by-laws and Applicable Laws. 
 (i) Except as provided in Subsection (ii) and except as the Board may otherwise
determine, the Committee, if any, appointed by the Board to administer the Plan shall consist of two or more Outside Directors of the Company who: (a) qualify as “outside directors” within the meaning of Section 162(m) of the
Code; (b) meet such other requirements as may be established from time to time by the Securities and Exchange Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act; and
(c) comply with the independence requirements of the Stock Exchange on which the Shares are listed. 
 (ii) The Board
may also appoint one or more separate committees of the Board, each composed of one or more directors of the Company who need not be Outside Directors, who may administer the Plan with respect to employees or other Service Providers who are not
executive officers (as defined under Rule 3b-7 or the Exchange Act) or directors of the Company, may grant Awards under the Plan to such employees or other Service Providers, and may determine all terms of such Awards, subject to the
requirements of Code Section 162(m), Rule 16b-3 and the rules of the Stock Exchange on which the Shares are listed. 
 In the
event that the Plan, any Award or any Award Agreement entered into hereunder provides for any action to be taken by or determination to be made by the Board, such action may be taken or such determination may be made by a Committee if the power and
authority to do so has been delegated (and such delegated authority has not been revoked) to such Committee by the Board as provided for in this Section. Unless otherwise expressly determined by the Board, any such action or determination by the
Committee shall be final, binding and conclusive. To the extent permitted by law, the Committee may delegate its authority under the Plan to a member of the Board, provided, that such member of the Board to whom the Committee delegates authority
under the Plan must be an Outside Director who satisfies the requirements of Subsection (i)(a)-(c) of this Section 3.2. 
  

	 	3.3.	Terms of Awards. 

 Subject to the other terms and conditions of the Plan, the Board shall
have full and final authority to: 
  

	 	(i)	designate Grantees; 

  

	 	(ii)	determine the type or types of Awards to be made to a Grantee; 

  

	 	(iii)	determine the number of Shares to be subject to an Award; 

  
 8 

	 	(iv)	establish the terms and conditions of each Award (including, but not limited to, the exercise price of any Option, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the
vesting, exercise, transfer, or forfeiture of an Award or the Shares subject thereto, the treatment of an Award in the event of a Change in Control, and any terms or conditions that may be necessary to qualify Options as Incentive Share Options);

  

	 	(v)	prescribe the form of each Award Agreement evidencing an Award; and 

  

	 	(vi)	amend, modify, or reprice (except as such practice is prohibited by Section 3.5 herein) the terms of any outstanding Award. Such authority specifically includes the authority, in order to effectuate the
purposes of the Plan but without amending the Plan, to make or modify Awards to eligible individuals who are foreign nationals or are individuals who are employed outside the United States to recognize differences in local law, tax policy, or
custom. Notwithstanding the foregoing, no amendment, modification or supplement of any Award shall, without the consent of the Grantee, impair the Grantee’s rights under such Award. 

 

	 	3.4.	Forfeiture; Recoupment. 

 The Company may reserve the right in an Award Agreement to
cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement,
(b) non-competition agreement, (c) agreement prohibiting solicitation of employees or clients of the Company or any Affiliate, (d) confidentiality obligation with respect to the Company or any Affiliate, or (e) other agreement,
as and to the extent specified in such Award Agreement. The Company may annul an outstanding Award if the Grantee thereof is an employee and is terminated for Cause as defined in the Plan or the applicable Award Agreement or for “cause” as
defined in any other agreement between the Company or any Affiliate and such Grantee, as applicable. 
 Any Award granted pursuant to the
Plan is subject to mandatory repayment by the Grantee to the Company to the extent the Grantee is or in the future becomes subject to any Company “clawback” or recoupment policy that requires the repayment by the Grantee to the Company of
compensation paid by the Company to the Grantee in the event that the Grantee fails to comply with, or violates, the terms or requirements of such policy. Such policy may authorize the Company to recover from a Grantee incentive-based compensation
(including Options awarded as compensation) awarded to or received by such Grantee during a period of up to three (3) years, as determined by the Committee, preceding the date on which the Company is required to prepare an accounting
restatement due to material noncompliance by the Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws. 

Furthermore, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under the federal securities laws, and any Award Agreement so provides, any Grantee of an Award under such Award Agreement who knowingly engaged in such misconduct,

  
 9 

 
was grossly negligent in engaging in such misconduct, knowingly failed to prevent such misconduct or was grossly negligent in failing to prevent such misconduct, shall reimburse the Company the
amount of any payment in settlement of an Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document
that contained information affected by such material noncompliance. 
 Notwithstanding any other provision of the Plan or any provision of
any Award Agreement, if the Company is required to prepare an accounting restatement, Grantees shall forfeit any cash or Shares received in connection with an Award (or an amount equal to the Fair Market Value of such Shares on the date of delivery
if the Grantee no longer holds the Shares) if pursuant to the terms of the Award Agreement for such Award, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set
forth in the Award Agreement (including earnings, gains, or other performance goals) that are later determined, as a result of the accounting restatement, not to have been achieved. 

 

	 	3.5.	No Repricing. 

 Except in connection with a corporate transaction involving the Company
(including, without limitation, any share dividend, distribution (whether in the form of cash, shares, other securities or other property), share split, extraordinary cash dividend, recapitalization, change in control, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other securities or similar transaction), the Company may not, without obtaining shareholder approval: (a) amend the terms of outstanding Options or SARs to
reduce the exercise price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price that is less than the exercise price of the original Options or
SARs; or (c) cancel outstanding Options or SARs with an exercise price above the current share price in exchange for cash or other securities. 
  

	 	3.6.	No Liability. 

 No member of the Board or the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Award or Award Agreement. 
  

	 	3.7.	Share Issuance/Book-Entry. 

 Notwithstanding any provision of the Plan to the contrary,
the issuance of the Shares under the Plan may be evidenced in such a manner as the Board, in its discretion, deems appropriate, including, without limitation, book-entry or direct registration or issuance of one or more share certificates. 

 

	4.	SHARES SUBJECT TO THE PLAN 

  

	 	4.1.	Number of Shares Available for Awards. 

 Subject to adjustment as provided in
Section 18, the number of Shares available for issuance under the Plan shall be one million seven hundred fifty thousand (1,750,000). Subject to 

  
 10 

 
adjustment as provided in Section 18, the number of Shares available for issuance as Incentive Share Options shall be one million seven hundred fifty thousand (1,750,000). Shares
issued or to be issued under the Plan shall be authorized but unissued shares or treasury Shares or any combination of the foregoing, as may be determined from time to time by the Board or by the Committee. 

 

	 	4.2.	Adjustments in Authorized Shares. 

 The Board shall have the right to substitute or
assume Awards in connection with mergers, reorganizations, separations, or other transactions to which Code Section 424(a) applies. The number of Shares reserved pursuant to Section 4 shall be increased by the corresponding number
of awards assumed and, in the case of a substitution, by the net increase in the number of Shares subject to awards before and after the substitution. Available shares under a shareholder approved plan of an acquired company (as appropriately
adjusted to reflect the transaction) may be used for Awards under the Plan and do not reduce the number of Shares available under the Plan, subject to requirements of the Stock Exchange on which the Shares are listed. 

 

	 	4.3.	Share Usage. 

 Shares covered by an Award shall be counted as used as of the Grant Date.
Any Shares that are subject to Awards shall be counted against the limit set forth in Section 4.1 as one (1) Share for every one (1) Share subject to an Award. Awards of LTIP Units shall count against the limit set forth in
Section 4.1 on a one-for-one basis, i.e., each such unit shall be treated as an award of one (1) Share. With respect to SARs, the number of Shares subject to an award of SARs will be counted against the aggregate number of
Shares available for issuance under the Plan regardless of the number of Shares actually issued to settle the SAR upon exercise. If any Shares covered by an Award granted under the Plan are not purchased or are forfeited or expire, or if an Award
otherwise terminates without delivery of any Shares subject thereto, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to such Award shall, to the extent of any such forfeiture,
termination or expiration, again be available for making Awards under the Plan in the same amount as such Shares were counted against the limit set forth in Section 4.1. The number of Shares available for issuance under the Plan shall
not be increased by (i) any Shares tendered or withheld or Award surrendered in connection with the purchase of Shares upon exercise of an Option as described in Section 12.2, (ii) any Shares deducted or delivered from an Award
payment in connection with the Company’s tax withholding obligations as described in Section 19.3 or (iii) any Shares purchased by the Company with proceeds from option exercises. 

 

	5.	EFFECTIVE DATE, DURATION AND AMENDMENTS 

  

	 	5.1.	Effective Date; Prior Plan. 

 The Plan shall be effective as of the Effective Date.
Following the Effective Date, no new awards will be granted under the Prior Plan. 

  
 11 

	 	5.2.	Term. 

 The Plan shall terminate automatically ten (10) years after the Effective
Date and may be terminated on any earlier date as provided in Section 5.3. 
  

	 	5.3.	Amendment and Termination of the Plan. 

 The Board may, at any time and from time to
time, amend, suspend, or terminate the Plan. An amendment shall be contingent on approval of the Company’s shareholders to the extent stated by the Board, required by Applicable Laws or required by the Stock Exchange on which the Shares are
listed. No amendment will be made to the no-repricing provisions of Section 3.5 or the option pricing provisions of Section 8.1 without the approval of the Company’s shareholders. No amendment, suspension, or termination
of the Plan shall, without the consent of the Grantee, impair rights or obligations under any Award theretofore awarded under the Plan. 
  

	6.	AWARD ELIGIBILITY AND LIMITATIONS 

  

	 	6.1.	Service Providers and Other Persons. 

 Subject to this Section 6, Awards may
be made under the Plan to: (i) any Service Provider, as the Board shall determine and designate from time to time and (ii) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the
Board. 
  

	 	6.2.	Limitation on Shares Subject to Awards and Cash Awards. 

 During any time when the
Company has a class of equity security registered under Section 12 of the Exchange Act and the transition period under Treasury Regulation Section 1.162-27(f)(2) has lapsed or does not apply: 

 

	 	(i)	the maximum number of Shares subject to Options or SARs that can be granted under the Plan to any person eligible for an Award under Section 6 is four hundred fifty thousand (450,000) Shares in a
calendar year; 

  

	 	(ii)	the maximum number of Shares that can be granted under the Plan, other than pursuant to an Option or SARs, to any person eligible for an Award under Section 6 is two hundred twenty-five thousand
(225,000) Shares in a calendar year; and 

  

	 	(iii)	the maximum amount that may be paid as an Annual Incentive Award in a calendar year to any person eligible for an Award shall be five million Dollars ($5,000,000) and the maximum amount that may be paid as a
cash-settled Performance Award in respect of a performance period by any person eligible for an Award shall be five million Dollars ($5,000,000). 

The preceding limitations in this Section 6.2 are subject to adjustment as provided in Section 18. 

  
 12 

	 	6.3.	Stand-Alone, Additional, Tandem and Substitute Awards. 

 Subject to
Section 3.5, Awards granted under the Plan may, in the discretion of the Board, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the
Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be
granted at any time. Subject to Section 3.5, if an Award is granted in substitution or exchange for another Award, the Board shall require the surrender of such other Award in consideration for the grant of the new Award. In addition,
Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate. Notwithstanding Section 8.1 and Section 9.1 but subject to
Section 3.5, the Option Price of an Option or the grant price of an SAR that is a Substitute Award may be less than 100% of the Fair Market Value of a Share on the original date of grant; provided, that, the Option Price or grant price
is determined in accordance with the principles of Code Section 424 and the regulations thereunder for any Incentive Share Option and consistent with Code Section 409A for any other Option or SAR. 

 

	7.	AWARD AGREEMENT 

 Each Award granted pursuant to the Plan shall be evidenced by an Award
Agreement, in such form or forms as the Board shall from time to time determine. Award Agreements granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award
Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Share Options or Incentive Share Options, and in the absence of such specification such options shall be deemed Non-qualified Share Options.

  

	8.	TERMS AND CONDITIONS OF OPTIONS 

  

	 	8.1.	Option Price. 

 The Option Price of each Option shall be fixed by the Board and stated in
the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of a Share on the Grant Date; provided, however, that in the event that a
Grantee is a Ten Percent Shareholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Share Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of a Share on the Grant
Date. In no case shall the Option Price of any Option be less than the par value of a Share. 
  

	 	8.2.	Vesting. 

 Subject to Sections 8.3 and 18.3, each Option granted under the
Plan shall become exercisable at such times and under such conditions as shall be determined by the Board and stated in the Award Agreement. For purposes of this Section 8.2, fractional numbers of Shares subject to an Option shall be
rounded down to the next nearest whole number. 

  
 13 

	 	8.3.	Term. 

 Each Option granted under the Plan shall terminate, and all rights to purchase
Shares thereunder shall cease, upon the expiration of ten (10) years from the date such Option is granted, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the
Award Agreement relating to such Option; provided, however, that in the event that the Grantee is a Ten Percent Shareholder, an Option granted to such Grantee that is intended to be an Incentive Share Option shall not be exercisable
after the expiration of five (5) years from its Grant Date. 
  

	 	8.4.	Termination of Service. 

 Each Award Agreement shall set forth the extent to which the
Grantee shall have the right to exercise the Option following termination of the Grantee’s Service, and if an Award Agreement does not contain such a provision, vested Options may be exercised for 90 days following termination of the
Grantee’s Service, unless such termination is for Cause, in which case all Options shall expire upon the termination of the Grantee’s Service. Such provisions shall be determined in the sole discretion of the Board, need not be uniform
among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 
  

	 	8.5.	Limitations on Exercise of Option. 

 Notwithstanding any other provision of the Plan, in
no event may any Option be exercised, in whole or in part, prior to the date the Plan is approved by the shareholders of the Company as provided herein or after the occurrence of an event referred to in Section 18 which results in
termination of the Option. 
  

	 	8.6.	Method of Exercise. 

 Subject to the terms of Section 12 and
Section 19.3, an Option that is exercisable may be exercised by the Grantee’s delivery to the Company of notice of exercise on any business day, at the Company’s principal office, on the form specified by the Company and in
accordance with any additional procedures specified by the Board. Such notice shall specify the number of Shares with respect to which the Option is being exercised and shall be accompanied by payment in full of the Option Price of the Shares for
which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to an Award. 

 

	 	8.7.	Rights of Holders of Options. 

 Unless otherwise stated in the applicable Award
Agreement, an individual or entity holding or exercising an Option shall have none of the rights of a shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the
voting of the subject Shares or to receive notice of any meeting of the Company’s shareholders) until the Shares covered thereby are fully paid and issued to him. Except as provided in Section 18, no adjustment shall be made for
dividends, distributions or other rights for which the record date is prior to the date of such issuance. 

  
 14 

	 	8.8.	Delivery of Share Certificates. 

 Promptly after the exercise of an Option by a Grantee
and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled to receive such evidence of such Grantee’s ownership of the Shares subject to such Option as shall be consistent with Section 3.8. 

 

	 	8.9.	Transferability of Options. 

 Except as provided in Section 8.10, during the
lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in Section 8.10, no Option shall be assignable
or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
  

	 	8.10.	Family Transfers. 

 If authorized in the applicable Award Agreement or by the Board, in
its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive Share Option to any Family Member. For the purpose of this Section 8.10, a “not for value” transfer is a transfer
which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty percent
(50%) of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the same terms and
conditions as were applicable immediately prior to transfer, and Shares acquired pursuant to the Option shall be subject to the same restrictions on transfer of shares as would have applied to the Grantee. Subsequent transfers of transferred Options
are prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The events of termination of Service of Section 8.4 shall continue to be
applied with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4. 

 

	 	8.11.	Limitations on Incentive Share Options. 

 An Option shall constitute an Incentive Share
Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair
Market Value (determined at the time the Option is granted) of the Shares with respect to which all Incentive Share Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of
the Grantee’s employer and its Affiliates) does not exceed $100,000. Except to the extent provided in the regulations under Code Section 422, this limitation shall be applied by taking Options into account in the order in which they were
granted. 
  

	 	8.12.	Notice of Disqualifying Disposition. 

 If any Grantee shall make any disposition of
Shares issued pursuant to the exercise of an Incentive Share Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten
(10) days thereof. 

  
 15 

	9.	TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS 

  

	 	9.1.	Right to Payment and Grant Price. 

 A SAR shall confer on the Grantee to whom it is
granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the SAR Exercise Price as determined by the Board. The Award Agreement for a SAR shall specify the SAR
Exercise Price, which shall be at least the Fair Market Value of one (1) Share on the Grant Date. SARs may be granted in conjunction with all or part of an Option granted under the Plan or at any subsequent time during the term of such Option,
in conjunction with all or part of any other Award or without regard to any Option or other Award; provided that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Exercise Price that is no less than the Fair
Market Value of one Share on the SAR Grant Date; and provided further that a Grantee may only exercise either the SAR or the Option with which it is granted in tandem and not both. 

 

	 	9.2.	Other Terms. 

 The Board shall determine on the Grant Date or thereafter, the time or
times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become
exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to
Grantees, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. 
  

	 	9.3.	Term. 

 Each SAR granted under the Plan shall terminate, and all rights thereunder shall
cease, upon the expiration of ten (10) years from the date such SAR is granted, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement relating to
such SAR. 
  

	 	9.4.	Transferability of SARS. 

 Except as provided in Section 9.5, during the
lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise a SAR. Except as provided in Section 9.5, no SAR shall be assignable or
transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 

  
 16 

	 	9.5.	Family Transfers. 

 If authorized in the applicable Award Agreement and by the Board, in
its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose of this Section 9.5, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer
under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by
Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 9.5, any such SAR shall continue to be subject to the same terms and conditions as were applicable immediately prior to
transfer, and Shares acquired pursuant to a SAR shall be subject to the same restrictions on transfer or shares as would have applied to the Grantee. Subsequent transfers of transferred SARs are prohibited except to Family Members of the original
Grantee in accordance with this Section 9.5 or by will or the laws of descent and distribution. 
  

	10.	TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS 

  

	 	10.1.	Grant of Restricted Shares or Share Units. 

 Awards of Restricted Shares or Share Units
may be made for consideration or no consideration (other than the par value of the Shares which shall be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform
future Service to the Company or an Affiliate of the Company). 
  

	 	10.2.	Restrictions. 

 At the time a grant of Restricted Shares or Share Units is made, the
Board may, in its sole discretion, establish a period of time (a “restricted period”) applicable to such Restricted Shares or Share Units. Each Award of Restricted Shares or Share Units may be subject to a different restricted period. The
Board may in its sole discretion, at the time a grant of Restricted Shares or Share Units is made, prescribe restrictions in addition to or other than the expiration of the restricted period, including the satisfaction of corporate or individual
performance objectives, which may be applicable to all or any portion of the Restricted Shares or Share Units as described in Section 14. Neither Restricted Shares nor Share Units may be sold, transferred, assigned, pledged or otherwise
encumbered or disposed of during the restricted period or prior to the satisfaction of any other restrictions prescribed by the Board with respect to such Restricted Shares or Share Units. 

 

	 	10.3.	Restricted Share Certificates. 

 Pursuant to Section 3.8, to the extent that
ownership of Restricted Shares is evidenced by a book-entry registration or direct registration, such registration shall be notated to evidence the restrictions imposed on such Award of Restricted Shares under the Plan and the applicable Award
Agreement. Subject to Section 3.8 and the immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Shares have been granted, share certificates representing the total number of Restricted
Shares granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the

  
 17 

 
Grantee’s benefit until such time as the shares of Restricted Shares are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to
the Company with respect to each certificate, or (ii) such certificates shall be delivered to the Grantee, provided, however, that such certificates shall bear a legend or legends that comply with the applicable securities laws
and regulations and make appropriate reference to the restrictions imposed under the Plan and the Award Agreement. 
  

	 	10.4.	Rights of Holders of Restricted Shares. 

 Unless the Board otherwise provides in an Award
Agreement, holders of Restricted Shares shall have the right to vote such Shares and the right to receive any dividends declared or paid with respect to such Shares. The Board may provide that any dividends paid on Restricted Shares must be
reinvested in Shares, which may or may not be subject to the same vesting conditions and restrictions applicable to such Restricted Shares. All distributions, if any, received by a Grantee with respect to Restricted Shares as a result of any share
split, share dividend, combination of shares, or other similar transaction shall be subject to the restrictions applicable to the original Grant. Holders of Restricted Shares may not make an election under Code Section 83(b) with regard to the
grant of Restricted Shares without Board approval. 
  

	 	10.5.	Rights of Holders of Share Units. 

  

	 	10.5.1.	Voting and Dividend Rights. 

 Holders of Share Units shall have no rights as shareholders
of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the Shares subject to such Share Units, to direct the voting of the Shares subject to such Share Units, or to receive notice of any meeting
of the Company’s shareholders). The Board may provide in an Award Agreement evidencing a grant of Share Units that the holder of such Share Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its
outstanding Shares, a cash payment for each Share Unit held equal to the per-share dividend paid on the Shares. Such Award Agreement may also provide that such cash payment will be deemed reinvested in additional Share Units at a price per unit
equal to the Fair Market Value of a Share on the date that such dividend is paid. Notwithstanding the foregoing, if a grantor trust is established in connection with the Awards of Share Units and Shares are held in the grantor trust for purposes of
satisfying the Company’s obligation to deliver Shares in connection with such Share Units, the Award Agreement for such Share Units may provide that such cash payment shall be deemed reinvested in additional Share Units at a price per unit
equal to the actual price paid for each Share by the trustee of the grantor trust upon such trustee’s reinvestment of the cash dividend received. 
  

	 	10.5.2.	Creditor’s Rights. 

 A holder of Share Units shall have no rights other than those
of a general creditor of the Company. Share Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement. 

  
 18 

	 	10.6.	Termination of Service. 

 Unless the Board otherwise provides in an Award Agreement or in
writing after the Award Agreement is issued, upon the termination of a Grantee’s Service, any Restricted Shares or Share Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have
not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted Shares or Share Units, the Grantee shall have no further rights with respect to such Award, including but not limited to any right to vote Restricted Shares or any
right to receive dividends with respect to Restricted Shares or Share Units. 
  

	 	10.7.	Purchase of Restricted Shares and Shares Subject to Share Units. 

 The Grantee shall be
required, to the extent required by Applicable Laws, to purchase the Restricted Shares or Shares subject to vested Share Units from the Company at a Purchase Price equal to the greater of (i) the aggregate par value of the Shares represented by
such Restricted Shares or Share Units or (ii) the Purchase Price, if any, specified in the Award Agreement relating to such Restricted Shares or Share Units. The Purchase Price shall be payable in a form described in Section 12 or,
in the discretion of the Board, in consideration for past or future Services rendered to the Company or an Affiliate. 
  

	 	10.8.	Delivery of Shares. 

 Upon the expiration or termination of any restricted period and the
satisfaction of any other conditions prescribed by the Board, the restrictions applicable to Restricted Shares or Share Units settled in Shares shall lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct
registration or a share certificate evidencing ownership of such Shares shall, consistent with Section 3.8, be issued, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. Neither
the Grantee, nor the Grantee’s beneficiary or estate, shall have any further rights with regard to a Share Unit once the Shares represented by the Share Unit has been delivered. 

 

	11.	TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS 

 The
Board may, in its sole discretion, grant (or sell at par value or such other higher purchase price determined by the Board) an Unrestricted Share Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions
(“Unrestricted Shares”) under the Plan. Unrestricted Share Awards may be granted or sold to any Grantee as provided in the immediately preceding sentence in respect of past or, if so provided in the related Award Agreement or a separate
agreement, the promise by the Grantee to perform future Service to the Company or an Affiliate or other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee. 

The Board may, in its sole discretion, grant Awards to Participants in the form of Other Equity-Based Awards, as deemed by the Board to be
consistent with the purposes of the Plan. Awards granted pursuant to this Section 11 may be granted with vesting, value and/or payment contingent upon the attainment of one or more performance goals. The Board shall determine the terms
and conditions of such Awards at the date of grant or thereafter. Unless the Board 

  
 19 

 
otherwise provides in an Award Agreement or in writing after the Award Agreement is issued, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee
that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Other Equity-Based Awards, the Grantee shall have no further rights with respect to
such Award. 
  

	12.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES 

  

	 	12.1.	General Rule. 

 Payment of the Option Price for the Shares purchased pursuant to the
exercise of an Option or the Purchase Price for Restricted Shares shall be made in cash or in cash equivalents acceptable to the Company. 
  

	 	12.2.	Surrender of Shares. 

 To the extent the Award Agreement so provides and subject to
Applicable Law, payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Shares may be made all or in part through the tender or attestation to the Company of Shares, which shall be
valued, for purposes of determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender, as applicable. 

 

	 	12.3.	Cashless Exercise. 

 With respect to an Option only (and not with respect to Restricted
Shares), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price for Shares purchased pursuant to the exercise of an Option may be made all or in part (i) by delivery (on a form acceptable
to the Board) by the Grantee of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Shares and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding
taxes described in Section 19.3, or (ii) with the consent of the Company, by the Grantee electing to have the Company issue to Grantee only that the number of Shares equal in value to the difference between the Option Price and the
Fair Market Value of the Shares subject to the portion of the Option being exercised. 
  

	 	12.4.	Other Forms of Payment. 

 To the extent the Award Agreement so provides and/or unless
otherwise specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise of an Option or the Purchase Price for Restricted Shares may be made in any other form that is consistent with Applicable Laws,
regulations and rules, including, without limitation, Service to the Company or an Affiliate or net exercise. 

  
 20 

	13.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

  

	 	13.1.	Dividend Equivalent Rights. 

 A Dividend Equivalent Right is an Award entitling the
recipient to receive credits based on cash distributions that would have been paid on the Shares specified in the Dividend Equivalent Right (or other award to which it relates) if such Shares had been issued to and held by the recipient. A Dividend
Equivalent Right may be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall
be specified in the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional Shares, which may thereafter accrue additional equivalents. Any such
reinvestment shall be at Fair Market Value on the date of reinvestment. Dividend Equivalent Rights may be settled in cash or Shares or a combination thereof, in a single installment or installments, all determined in the sole discretion of the
Board. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other award, and that such
Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from the terms and
conditions of such other Award. A cash amount credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals shall not vest unless such performance
goals for such underlying Award are achieved. 
  

	 	13.2.	Termination of Service. 

 Except as may otherwise be provided by the Board either in the
Award Agreement or in writing after the Award Agreement is issued, a Grantee’s rights in all Dividend Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s termination of Service for any reason. 

 

	14.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS 

  

	 	14.1.	Grant of Performance Awards and Annual Incentive Awards. 

 Subject to the terms and
provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Awards and/or Annual Incentive Awards to a Plan participant in such amounts and upon such terms as the Committee shall determine. 

 

	 	14.2.	Value of Performance Awards and Annual Incentive Awards. 

 Each Performance Award and
Annual Incentive Award shall have an actual or target number of Shares or initial value that is established by the Committee at the time of grant. The Committee shall set performance goals in its discretion which, depending on the extent to which
they are met, will determine the value and/or number of Performance Awards that will be paid out to the Plan participant. 

  
 21 

	 	14.3.	Earning of Performance Awards and Annual Incentive Awards. 

 Subject to the terms of the
Plan, after the applicable Performance Period has ended, the holder of Performance Awards or Annual Incentive Awards shall be entitled to receive payout on the value and number of the Performance Awards or Annual Incentive Awards earned by the Plan
participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved. 
  

	 	14.4.	Form and Timing of Payment of Performance Awards and Annual Incentive Awards. 

 Payment
of earned Performance Awards and Annual Incentive Awards shall be as determined by the Committee and as evidenced in the Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Awards in
the form of cash or in Shares (or in a combination thereof) equal to the value of the earned Performance Awards at the close of the applicable Performance Period, or as soon as practicable after the Committee has determined that the performance goal
or goals relating thereto have been achieved; provided that, unless specifically provided in the Award Agreement pertaining to the grant of the Award, such payment shall occur no later than the 15th day of the third month following the end of the
calendar year in which the Performance Period ends. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Awards shall be set forth in
the Award Agreement pertaining to the grant of the Award. 
  

	 	14.5.	Performance Conditions. 

 The right of a Grantee to exercise or receive a grant or
settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in
establishing any performance conditions. If and to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m), shall be exercised by the Committee and not the
Board. 
  

	 	14.6.	Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees. 

If and to the extent that the Committee determines that a Performance or Annual Incentive Award to be granted to a Grantee who is designated by
the Committee as likely to be a Covered Employee should qualify as “qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award shall be contingent upon
achievement of pre-established performance goals and other terms set forth in this Section 14.6. 
  

	 	14.6.1.	Performance Goals Generally. 

 The performance goals for Performance or Annual Incentive
Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 14.6. Performance

  
 22 

 
goals shall be objective and shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder including the requirement that the level or levels of performance
targeted by the Committee result in the achievement of performance goals being “substantially uncertain.” The Committee may determine that such Awards shall be granted, exercised and/or settled upon achievement of any one performance goal
or that two or more of the performance goals must be achieved as a condition to the grant, exercise and/or settlement of such Awards. Performance goals may differ for Awards granted to any one Grantee or to different Grantees. 

 

	 	14.6.2.	Timing For Establishing Performance Goals. 

 Performance goals shall be established not
later than the earlier of (i) 90 days after the beginning of any performance period applicable to such Awards and (ii) the day on which twenty-five percent (25%) of any performance period applicable to such Awards has expired, or at
such other date as may be required or permitted for “qualified performance-based compensation” under Code Section 162(m). 
  

	 	14.6.3.	Settlement of Awards; Other Terms. 

 Settlement of such Awards shall be in cash, Shares,
other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which
such Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a performance period or settlement of Awards. 

 

	 	14.6.4.	Performance Measures. 

 The performance goals upon which the payment or vesting of a
Performance or Annual Incentive Award to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be limited to the following Performance Measures, with or without adjustment: 

 

	 	(a)	funds from operations; 

  

	 	(b)	adjusted funds from operations; 

  

	 	(c)	net earnings or net income; 

  

	 	(d)	operating earnings; 

  

	 	(e)	pretax earnings; 

  

	 	(f)	earnings per share; 

  

	 	(g)	Share price, including growth measures and total shareholder return; 

  

	 	(h)	earnings before interest and taxes; 

  
 23 

	 	(i)	earnings before interest, taxes, depreciation and/or amortization; 

  

	 	(j)	return measures, including return on assets, capital, investment, equity, sales or revenue; 

  

	 	(k)	cash flow, including operating cash flow, free cash flow, cash flow return on equity and cash flow return on investment; 

  

	 	(l)	expense targets; 

  

	 	(m)	market share; 

  

	 	(n)	financial ratios as provided in credit agreements of the Company and its subsidiaries; 

  

	 	(o)	working capital targets; 

  

	 	(p)	completion of asset acquisitions or dispositions and/or achievement of acquisition or disposition goals; 

  

	 	(q)	revenues under management; 

  

	 	(r)	distributions to shareholders; and 

  

	 	(s)	any combination of any of the foregoing business criteria. 

 Business criteria may be (but are
not required to be) measured on a basis consistent with U.S. Generally Accepted Accounting Principles. 
 Any Performance Measure(s) may be
used to measure the performance of the Company, Subsidiary, and/or Affiliate as a whole or any business unit of the Company, Subsidiary, and/or Affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above
Performance Measures as compared to the performance of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Measure (f) above as
compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this
Section 14. 
  

	 	14.6.5.	Evaluation of Performance. 

 The Committee may provide in any such Award that any
evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws,
accounting principles, or other laws or provisions affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or
in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing in the Company’s 

  
 24 

 
annual report to shareholders for the applicable year; (f) acquisitions or divestitures; and (g) foreign exchange gains and losses. To the extent such inclusions or exclusions affect
Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, they shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility. 

 

	 	14.6.6.	Adjustment of Performance-Based Compensation. 

 Awards that are intended to qualify as
Performance-Based Compensation may not be adjusted upward. The Committee shall retain the discretion to adjust such Awards downward, either on a formula or discretionary basis, or any combination as the Committee determines. 

 

	 	14.6.7.	Board Discretion. 

 In the event that applicable tax and/or securities laws change to
permit Committee discretion to alter the governing Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval provided the
exercise of such discretion does not violate Code Sections 162(m) or 409A. In addition, in the event that the Committee determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation, the Committee
may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in Section 14.6.4. 

 

	 	14.7.	Status of Awards Under Code Section 162(m). 

 It is the intent of the Company that
Awards under Section 14.6 granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and regulations thereunder shall, if so designated by the Committee,
constitute “qualified performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Section 14.6, including the definitions of Covered Employee and other
terms used therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations thereunder. If any provision of the Plan or any agreement relating to such Awards does not comply or is inconsistent with the requirements
of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 
  

	15.	TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS 

 LTIP Units are intended to be profits
interests in the operating partnership affiliated with the Company, if any (such operating partnership, if any, the “Operating Partnership”), the rights and features of which, if applicable, will be set forth in the agreement of limited
partnership for the Operating Partnership (the “Operating Partnership Agreement”). Subject to the terms and provisions of the Plan and the Operating Partnership Agreement, the Committee, at any time and from time to time, may grant LTIP
Units to Plan participants in such amounts and upon such terms as the Committee shall determine. LTIP Units must be granted for service to the Operating Partnership. Subject to Section 18, each LTIP Unit granted under the Plan shall vest
at such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement. 

  
 25 

	16.	PARACHUTE LIMITATIONS 

 If the Grantee is a “disqualified individual,” as
defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered into by a Grantee with the Company or an Affiliate, except an
agreement, contract, or understanding that expressly addresses Code Section 280G or Code Section 4999 (an “Other Agreement”), and notwithstanding any formal or informal plan or other arrangement for the direct or indirect
provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a
“Benefit Arrangement”), any right to exercise, vesting, payment or benefit to the Grantee under the Plan shall be reduced or eliminated: 
  

	 	(i)	to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit
Arrangements, would cause any exercise, vesting, payment or benefit to the Grantee under the Plan to be considered a “parachute payment” within the meaning of Code Section 280G(b)(2) as then in effect (a “Parachute Payment”)
and 

  

	 	(ii)	if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the
maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment. 

The Company shall accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the
future being reduced first), then by reducing or eliminating any accelerated vesting of Performance Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of
Restricted Shares or Share Units, then by reducing or eliminating any other remaining Parachute Payments. 
  

	17.	REQUIREMENTS OF LAW 

  

	 	17.1.	General. 

 No participant in the Plan will be permitted to acquire, or will have any
right to acquire, Shares thereunder if such acquisition would be prohibited by any share ownership limits contained in charter or bylaws or would impair the Company’s status as a REIT. The Company shall not be required to offer, sell or issue
any Shares under any Award if the offer, sale or issuance of such Shares would constitute a violation by the Grantee, any other individual or entity exercising an Option, or the Company or an Affiliate of any provision of any law or regulation of
any governmental authority, including without limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the offering, listing, registration or qualification of any Shares
subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a 

  
 26 

 
condition of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be offered, issued or sold to the Grantee or any other individual or entity exercising an Option
pursuant to such Award unless such offering, listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the
date of termination of the Award. Without limiting the generality of the foregoing, in connection with the Securities Act, upon the exercise of any Option or any SAR that may be settled in Shares or the delivery of any Shares underlying an Award,
unless a registration statement under such Act is in effect with respect to the Shares covered by such Award, the Company shall not be required to offer, sell or issue such Shares unless the Board has received evidence satisfactory to it that the
Grantee or any other individual or entity exercising an Option or SAR or accepting delivery of such Shares may acquire such Shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Board
shall be final, binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to
cause the exercise of an Option or a SAR or the issuance of Shares pursuant to the Plan to comply with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option (or SAR that may be settled in Shares) shall not
be exercisable until the Shares covered by such Option (or SAR) are registered under the securities laws thereof or are exempt from such registration, the exercise of such Option (or SAR) under circumstances in which the laws of such jurisdiction
apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 
  

	 	17.2.	Rule 16b-3. 

 During any time when the Company has a class of equity security registered
under Section 12 of the Exchange Act, it is the intent of the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act will qualify
for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to such
Awards to the extent permitted by Applicable Law and deemed advisable by the Board, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in
any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its replacement. 
  

	18.	EFFECT OF CHANGES IN CAPITALIZATION 

  

	 	18.1.	Changes in Shares. 

 If the number of outstanding Shares is increased or decreased or the
Shares are changed into or exchanged for a different number or kind of Shares or other securities of the Company on account of any recapitalization, reclassification, share split, reverse share split, spin-off, combination of share, exchange of
shares, share dividend or other distribution payable in capital shares, or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for
which grants 

  
 27 

 
of Options and other Awards may be made under the Plan, including, without limitation, the limits set forth in Section 6.2, shall be adjusted proportionately and accordingly by the
Company in a manner deemed equitable by the Committee in order to prevent undue dilution or enlargement of a Grantee’s benefits under an Award. In addition, the number and kind of shares for which Awards are outstanding shall be adjusted
proportionately and accordingly so that the proportionate interest of the Grantee immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs
shall not change the aggregate Option Price or SAR Exercise Price payable with respect to shares that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall include a corresponding proportionate adjustment
in the Option Price or SAR Exercise Price per share. The conversion of any convertible securities of the Company shall not be treated as an increase in shares affected without receipt of consideration. Notwithstanding the foregoing, in the event of
any distribution to the Company’s shareholders of securities of any other entity or other assets (including an extraordinary dividend but excluding a non-extraordinary dividend of the Company) without receipt of consideration by the Company,
the Company shall, in such manner as the Company deems appropriate, adjust (i) the number and kind of shares subject to outstanding Awards and/or (ii) the exercise price of outstanding Options and Share Appreciation Rights to reflect such
distribution. 
  

	 	18.2.	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control. 

Subject to Section 18.3, if the Company shall be the surviving entity in any reorganization, merger, or consolidation of the
Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply to the securities to which a holder of the number of Shares subject to such
Option or SAR would have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR Exercise Price per share so that the aggregate Option Price or SAR
Exercise Price thereafter shall be the same as the aggregate Option Price or SAR Exercise Price of the Shares remaining subject to the Option or SAR immediately prior to such reorganization, merger, or consolidation. Subject to any contrary language
in an Award Agreement evidencing an Award, or in another agreement with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement shares received by the Grantee as a result of
the reorganization, merger or consolidation. In the event of a transaction described in this Section 18.2, Performance Awards shall be adjusted (including any adjustment to the Performance Measures applicable to such Awards deemed
appropriate by the Committee) so as to apply to the securities that a holder of the number of Shares subject to the Performance Awards would have been entitled to receive immediately following such transaction. 

 

	 	18.3.	Change in Control in which Awards are not Assumed. 

 Except as otherwise provided in the
applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Share Units, Dividend Equivalent Rights, Restricted Shares,
LTIP Units or other Equity-Based Awards are not being assumed or continued: 
  

	 	(i)	in each case with the exception of any Performance Award, all outstanding Restricted Shares and LTIP Units shall be deemed to have vested, all Share Units shall be deemed to have vested and the Shares subject thereto
shall be delivered, and all Dividend Equivalent Rights shall be deemed to have vested and the Shares subject thereto shall be delivered, immediately prior to the occurrence of such Change in Control, and 

  
 28 

	 	(ii)	either or both of the following two actions shall be taken: 

  

	 	(A)	five (5) days prior to the scheduled consummation of a Change in Control, all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a period of five
(5) days, or 

  

	 	(B)	the Board may elect, in its sole discretion, to cancel any outstanding Awards of Options, Restricted Shares, Share Units, and/or SARs and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount
in cash or securities having a value (as determined by the Board acting in good faith), in the case of Restricted Shares or Share Units, equal to the formula or fixed price per share paid to holders of Shares and, in the case of Options or SARs,
equal to the product of the number of Shares subject to the Option or SAR (the “Award Shares”) multiplied by the amount, if any, by which (I) the formula or fixed price per share paid to holders of Shares pursuant to such transaction
exceeds (II) the Option Price or SAR Exercise Price applicable to such Award Shares. In the event that the Option Price or SAR Exercise Price of an Award exceeds the formula or fixed price per share paid to holders of Shares pursuant to such
transaction, such Options or SARs may be terminated for no consideration. 

  

	 	(iii)	for Performance Awards denominated in Shares, Share Units or LTIP Units, if less than half of the Performance Period has lapsed, the Awards shall be converted into Restricted Shares or Share Units assuming target
performance has been achieved (or Unrestricted Shares if no further restrictions apply). If more than half the Performance Period has lapsed, the Awards shall be converted into Restricted Shares or Share Units based on actual performance to date (or
Unrestricted Shares if no further restrictions apply). If actual performance is not determinable, then Performance Awards shall be converted into Restricted Shares or Share Units assuming target performance has been achieved, based on the discretion
of the Committee (or Unrestricted Shares if no further restrictions apply). 

  

	 	(iv)	Other-Equity Based Awards shall be governed by the terms of the applicable Award Agreement. 

With respect to the Company’s establishment of an exercise window, (i) any exercise of an Option or SAR during such five (5)-day
period shall be conditioned upon the consummation of the event and shall be effective only immediately before the consummation of the event, and 

  
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(ii) upon consummation of any Change in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Board shall send notice of an event that will result in
such a termination to all individuals and entities that hold Options and SARs not later than the time at which the Company gives notice thereof to its shareholders. 
  

	 	18.4.	Change in Control in which Awards are Assumed. 

 Except as otherwise provided in the
applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to
such Award, to the extent assumed or continued: 
 The Plan, Options, SARs, Share Units, Restricted Shares and Other Equity-Based Awards
theretofore granted shall continue in the manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of
the Options, SARs, Share Units, Restricted Shares and Other Equity-Based Awards theretofore granted, or for the substitution for such Options, SARs, Share Units, Restricted Shares and Other Equity-Based Awards for new common stock options and stock
appreciation rights and new common stock units, restricted stock and other equity-based awards relating to the stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any
consideration that is not common stock) and option and stock appreciation rights exercise prices. 
  

	 	18.5.	Adjustments 

 Adjustments under this Section 18 related to Shares or
securities of the Company shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting
from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Board shall determine the effect of a Change in Control upon Awards other than Options, SARs, Share Units and Restricted Shares, and such
effect shall be set forth in the appropriate Award Agreement. The Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those
described in Sections 18.1, 18.2, 18.3 and 18.4. This Section 18 does not limit the Company’s ability to provide for alternative treatment of Awards outstanding under the Plan in the event of change in control
events that do not constitute a Change in Control. 
  

	 	18.6.	No Limitations on Company. 

 The making of Awards pursuant to the Plan shall not affect
or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part
of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other transaction or activity. 

  
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	19.	GENERAL PROVISIONS 

  

	 	19.1.	Disclaimer of Rights. 

 No provision in the Plan or in any Award or Award Agreement shall
be construed to confer upon any individual or entity the right to remain in the employ or Service of the Company or an Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to
increase or decrease the compensation or other payments to any individual or entity at any time, or to terminate any employment or other relationship between any individual or entity and the Company or an Affiliate. In addition, notwithstanding
anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or
position of the Grantee, so long as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the
manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee
or beneficiary under the terms of the Plan. 
  

	 	19.2.	Nonexclusivity of the Plan. 

 Neither the adoption of the Plan nor the submission of the
Plan to the shareholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either
generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable. 
  

	 	19.3.	Withholding Taxes. 

 The Company or an Affiliate, as the case may be, shall have the
right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the
issuance of any Shares upon the exercise of an Option or pursuant to an Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or an
Affiliate may reasonably determine to be necessary to satisfy such withholding obligation; provided, that if there is a same-day sale of Shares subject to an Award, the Grantee shall pay such withholding obligation on the day on which such
same-day sale is completed. Subject to the prior approval of the Company or an Affiliate, which may be withheld by the Company or an Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole
or in part, (i) by causing the Company or an Affiliate to withhold Shares otherwise issuable to the Grantee or (ii) by delivering to the Company or an Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld shall
have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or an Affiliate as of the date that the amount of tax to be
withheld is to be determined. A Grantee who has made an 

  
 31 

 
election pursuant to this Section 19.3 may satisfy his or her withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other
similar requirements. The maximum number of Shares that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable to such Award or payment of
Shares pursuant to such Award, as applicable, cannot exceed such number of Shares having a Fair Market Value equal to the minimum statutory amount required by the Company or an Affiliate to be withheld and paid to any such federal, state or local
taxing authority with respect to such exercise, vesting, lapse of restrictions or payment of Shares. Notwithstanding Section 2.19 or this Section 19.3, for purposes of determining taxable income and the amount of the related
tax withholding obligation pursuant to this Section 19.3, for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award
Agreement, the Fair Market Value of such shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date), so long as
such Grantee has provided the Company or an Affiliate, or its designee or agent, with advance written notice of such sale. 
  

	 	19.4.	Captions. 

 The use of captions in the Plan or any Award Agreement is for the convenience
of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement. 
  

	 	19.5.	Other Provisions. 

 Each Award granted under the Plan may contain such other terms and
conditions not inconsistent with the Plan as may be determined by the Board, in its sole discretion. 
  

	 	19.6.	Number and Gender. 

 With respect to words used in the Plan, the singular form shall
include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. 
  

	 	19.7.	Severability. 

 If any provision of the Plan or any Award Agreement shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other
jurisdiction. 
  

	 	19.8.	Governing Law. 

 The validity and construction of the Plan and the instruments evidencing
the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of
the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction. 

  
 32 

	 	19.9.	Code Section 409A. 

 The Company intends to comply with Code Section 409A, or
an exemption to Code Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning of Code Section 409A. To the extent that the Company determines that a Grantee would be subject to the
additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the
minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Board. Notwithstanding any other provision of the Plan or an Award Agreement to the contrary, if at the time of payment
or settlement of an Award, a Grantee is a specified employee (within the meaning of Code Section 409A and using the identification methodology selected by the Company, from time to time), and the Company makes a good faith determination that an
amount payable to such a Grantee constitutes nonqualified deferred compensation (within the meaning of Code Section 409A) the payment of which is required to be delayed pursuant to the six (6) month delay rule set forth in Code
Section 409A in order to avoid taxes or penalties under Code Section 409A, then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day after such six
(6) month period (or upon Grantee’s death, if earlier). Notwithstanding anything to the contrary in the Plan or an Award Agreement, in no event shall the Company or an Affiliate be required to indemnify a Grantee for any taxes imposed by
Code Section 409A. 
 *    *    * 

  
 33 

 To record adoption of the Plan by the Board as of
            , 2013, and approval of the Plan by the shareholders on             , 2013, the Company has caused its authorized
officer to execute the Plan. 
  

			
	QTS REALTY TRUST, INC.
	
	  

	By:	 	
	Title:

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