Document:

Exhibit 4.7

 

 

 

 

 

 

 

 

 

 

 

B.
Riley Financial, Inc.

 

and

 

The
Bank of New York Mellon Trust Company, N.A.,

 

as
Trustee

 

SIXTH
SUPPLEMENTAL INDENTURE

 

Dated
as of August 6, 2021

 

to
the Indenture dated as of May 7, 2019

 

5.25%
Senior Notes due 2028

 

 

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE
    1 APPLICATION OF SIXTH SUPPLEMENTAL INDENTURE	2
	 	 	 	 
	Section
    1.01.	 	Application
    of Sixth Supplemental Indenture.	2
	 	 	 	 
	ARTICLE
    2 DEFINITIONS	2
	 	 	 	 
	Section
    2.01.	 	Certain
    Terms Defined in the Indenture.	2
	 	 	 	 
	Section
    2.02.	 	Definitions.	2
	 	 	 	 
	ARTICLE
    3 FORM AND TERMS OF THE NOTES	3
	 	 	 	 
	Section
    3.01.	 	Form
    and Dating.	3
	 	 	 	 
	Section
    3.02.	 	Terms
    of the Notes.	3
	 	 	 	 
	Section
    3.03.	 	Optional
    Redemption.	4
	 	 	 	 
	ARTICLE
    4 CERTAIN COVENANTS	5
	 	 	 	 
	Section
    4.01.	 	Merger,
    Consolidation or Sale of Assets.	5
	 	 	 	 
	Section
    4.02.	 	Reporting.	5
	 	 	 	 
	Section
    4.03.	 	Payment
    of Taxes.	6
	 	 	 	 
	ARTICLE
    5 EVENTS OF DEFAULT	6
	 	 	 	 
	Section
    5.01.	 	Events
    of Default.	6
	 	 	 	 
	ARTICLE
    6 MISCELLANEOUS	7
	 	 	 	 
	Section
    6.01.	 	Trust
    Indenture Act Controls.	7
	 	 	 	 
	Section
    6.02.	 	New
    York Law to Govern.	7
	 	 	 	 
	Section
    6.03.	 	Counterparts.	7
	 	 	 	 
	Section
    6.04.	 	Severability.	7
	 	 	 	 
	Section
    6.05.	 	Ratification.	8
	 	 	 	 
	Section
    6.06.	 	Effectiveness.	8
	 	 	 	 
	Section
    6.07.	 	Trustee
    Makes No Representation.	8
	 	 	 	 
	EXHIBIT
    A	 	Form
    of 5.25% Senior Note due 2028	A-1

 

     

     

    

 

SIXTH
SUPPLEMENTAL INDENTURE

 

SIXTH
SUPPLEMENTAL INDENTURE (this “Sixth Supplemental Indenture”), dated as of August 6, 2021, between B. Riley Financial,
Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”).

 

RECITALS
OF THE COMPANY

 

WHEREAS,
the Company and the Trustee executed and delivered an Indenture, dated as of May 7, 2019 (the “Base Indenture”), as
supplemented by the First Supplemental Indenture, dated as of May 7, 2019 (the “First Supplemental Indenture”), the
Second Supplemental Indenture, dated as of September 23, 2019 (the “Second Supplemental Indenture”), the Third Supplemental
Indenture, dated as of February 12, 2020 (the “Third Supplemental Indenture”) and the Fourth Supplemental Indenture,
dated as of January 25, 2021 (the “Fourth Supplemental Indenture”) and the Fifth Supplemental Indenture, dated as
of March 29, 2021 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the First Supplemental
Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture, the “Indenture”)
to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the Indenture;

 

WHEREAS,
Section 9.1 of the Base Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental
to the Base Indenture, without the consent of any Holders of Securities, to establish the form of any Security, as permitted by Section
2.1 of the Base Indenture, and to provide for the issuance of the Notes (as defined below), as permitted by Section 3.1 of the Base Indenture,
and to set forth the terms thereof;

 

WHEREAS,
the Company desires to execute this Sixth Supplemental Indenture, pursuant to Section 2.1 of the Base Indenture, to establish the
form and, pursuant to Section 3.1 of the Base Indenture, to provide for the issuance, of a series of its senior notes designated as its
5.25% Senior Notes due 2028 (the “Notes”), in an initial aggregate principal amount of $316,250,000. The Notes are
a series of Securities as referred to in Section 3.1 of the Base Indenture.

 

WHEREAS,
the Company has requested and hereby requests that the Trustee execute and deliver this Sixth Supplemental Indenture;

 

WHEREAS,
the execution and delivery of this Sixth Supplemental Indenture has been duly authorized by the Company and all things necessary
have been done by the Company to make this Sixth Supplemental Indenture, when executed and delivered by the Company, a valid and binding
supplement to the Indenture and agreement of the Company;

 

WHEREAS,
all things necessary have been done by the Company to make the Notes, when executed by the Company and authenticated and delivered
by the Trustee in accordance with the provisions of the Indenture, the valid and binding obligations of the Company; and

 

WHEREAS,
all conditions precedent provided for in the Indenture relating to this Sixth Supplemental Indenture have been complied with.

 

NOW,
THEREFORE, in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the
Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes
as follows:

 

    1

     

    

 

ARTICLE
1

APPLICATION OF SIXTH SUPPLEMENTAL INDENTURE

 

Section
1.01. Application of Sixth Supplemental Indenture.

 

Notwithstanding
any other provision of this Sixth Supplemental Indenture, all provisions of this Sixth Supplemental Indenture are expressly and solely
for the benefit of the Holders of the Notes, and any such provisions shall not be deemed to apply to any other Securities issued under
the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect
to the Notes. Unless otherwise expressly specified, references in this Sixth Supplemental Indenture to specific Article numbers or Section
numbers refer to Articles and Sections contained in this Sixth Supplemental Indenture and not the Base Indenture or any other document.
All Initial Notes and Additional Notes, if any, shall be treated as a single class for all purposes of the Indenture, including waivers,
amendments, redemptions and offers to purchase.

  

ARTICLE
2

DEFINITIONS

 

Section
2.01. Certain Terms Defined in the Base Indenture.

 

For
purposes of this Sixth Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to
such terms in the Base Indenture.

 

Section
2.02. Definitions. (a) For the benefit of the Holders of the Notes, the following terms shall have the meanings set forth in this
Section 2.02:

 

“Additional
Notes” has the meaning specified in Section 3.02(b) of this Sixth Supplemental Indenture.

 

“Depositary”
has the meaning specified in Section 3.01(c) of this Sixth Supplemental Indenture.

 

“Electronic
Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by
the Trustee as available for use in connection with its services under the Indenture, as supplemented by this Sixth Supplemental Indenture.

 

“Global
Notes” means the Notes in the form of Global Securities issued to the Depositary or its nominee, substantially in the form
of Exhibit A.

 

“Initial
Notes” has the meaning specified in Section 3.02(b) of this Sixth Supplemental Indenture.

 

“Make-Whole
Amount” means, in connection with any optional redemption of any Note, the excess, if any, of (i) the sum of the present values,
as of the Redemption Date, of the remaining scheduled payments of principal (including the applicable redemption price of such Note at
August 31, 2023) of, and interest (exclusive of interest accrued to, but excluding, the Redemption Date) on, such Note, assuming such
Note matured on, and that accrued and unpaid interest on such Note was payable through, August 31, 2023, determined by discounting, on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), such principal and interest at the Reinvestment Rate
(determined on the third business day preceding the Redemption Date) over (ii) the aggregate principal amount of such Notes being redeemed.

 

“Notes”
has the meaning specified in the recitals of this Sixth Supplemental Indenture.

 

“OFAC”
has the meaning specified in Section 6.09(a) of this Sixth Supplemental Indenture.

 

“Reinvestment
Rate” means, 0.500%, or 50 basis points, plus the arithmetic mean (rounded to the nearest one-hundredth of one percent) of
the yields displayed for each day in the preceding calendar week published in the most recent Statistical Release under the caption “Treasury
constant maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity of the Notes
(assuming that the Notes matured on August 31, 2023) as of the Redemption Date. If no maturity exactly corresponds to such remaining
life to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of determination of the Reinvestment Rate shall be used.

 

    2

     

    

 

“Sanctions”
has the meaning specified in Section 6.09(a) of this Sixth Supplemental Indenture.

 

“Statistical
Release” means that statistical release designated “H.15” or any successor publication that is published daily
by the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturities,
or, if such statistical release (or a successor publication) is not published at the time of any determination under the Indenture, as
supplemented by this Sixth Supplemental Indenture; then such other reasonably comparable index that shall be designated by us.

 

ARTICLE
3

FORM AND TERMS OF THE NOTES

 

Section
3.01. Form and Dating.

 

a)
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The
Notes shall be executed on behalf of the Company by an Officer of the Company. The Notes may have notations, legends or endorsements
required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes and any beneficial
interest in the Notes shall be in minimum denominations of $25 and integral multiples of $25 in excess thereof.

 

b)
The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture, and the Company,
by its execution and delivery of this Sixth Supplemental Indenture, expressly agrees to such terms and provisions and to be bound thereby.

 

c)
Global Notes. The Notes shall be issued initially in the form of fully registered Global Securities, which shall be deposited on behalf
of the purchasers of the Notes represented thereby with The Depository Trust Company, New York, New York (the “Depositary”)
or its custodian and registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company and authenticated
by the Trustee.

 

d)
Book-Entry Provisions. This Section 3.01(d) shall apply only to the Global Notes deposited with or on behalf of the Depositary. The Company
shall execute and the Trustee shall, in accordance with this Section 3.01(d), authenticate and deliver the Global Notes that shall be
registered in the name of the Depositary or the nominee of the Depositary and shall be delivered by the Trustee to the Depositary or
its custodian.

 

e)
Paying Agent. The Company initially appoints the Trustee as Paying Agent for the payment of the principal of (and premium, if any) and
interest on the Notes and the Corporate Trust Office of the Trustee is hereby designated as the Place of Payment where the Notes may
be presented for payment.

 

Section
3.02. Terms of the Notes. The following terms relating to the Notes are hereby established:

 

a)
Title. The Notes shall constitute a series of Securities having the title “5.25% Senior Notes due 2028”.

 

b)
Principal Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (the
“Initial Notes”) shall be $316,250,000 (except for Notes authenticated and delivered upon registration of, transfer
of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the Base Indenture). The Company
may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”)
having the same terms as to status, redemption or otherwise (except the price to public, the issue date and, if applicable, the initial
interest accrual date and the initial interest payment date) that may constitute a single fungible series with the Initial Notes; provided
that if any such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes
will have one or more separate CUSIP numbers. Any Additional Notes and the Initial Notes shall constitute a single series under the Indenture
and all references to the Notes shall include the Initial Notes and any Additional Notes unless the context otherwise requires.

 

c)
Maturity Date. The entire outstanding principal amount of the Notes shall be payable on August 31, 2028 (the “Maturity Date”).

 

    3

     

    

 

d)
Interest Rate. The rate at which the Notes shall bear interest shall be 5.25% per annum; the date from which interest shall accrue on
the Notes shall be August 6, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest
Payment Dates for the Notes shall be January 31, April 30, July 31 and October 31 of each year and on the Maturity Date, beginning October
31, 2021; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately
available funds, to the Persons in whose names the Notes (or predecessor Notes) are registered (which shall initially be the Depositary)
at the close of business on the Regular Record Date for such interest, which shall be the January 15, April 15, July 15 or October 15
(whether or not a Business Day), as the case may be, preceding such Interest Payment Date, and the January 15 immediately preceding the
Maturity Date. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. For so long as the Notes
are represented in global form by one or more Global Securities, all payments of principal (and premium, if any) and interest shall be
made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of
the Global Security representing such Notes. In the event that definitive Notes shall have been issued, all payments of principal (and
premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts of the registered Holders
thereof; provided, that the Company may elect to make such payments at the office of the Paying Agent in the City of Chicago; and provided
further, that the Company may at its option pay interest by check to the registered address of each Holder of a definitive Note.

 

e)
Currency. The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest and premium, if any,
on the Notes shall be made in United States Dollars.

 

f)
Sinking Fund. The Notes are not subject to any sinking fund.

  

g)
Additional Interest. At the Company’s election, the sole remedy with respect to an Event of Default due to a failure to comply
with reporting requirements under the Trust Indenture Act or under Section 4.02 below, for the first 180 calendar days after the occurrence
of such Event of Default, consists exclusively of the right to receive additional interest on the Notes at an annual rate equal to (1)
0.25% for the first 90 calendar days after such default and (2) 0.50% for calendar days 91 through 180 after such default. On the 181st
day after such Event of Default, if such violation is not cured or waived, the Trustee or the Holders of not less than 25% of the outstanding
principal amount of the Notes may declare the principal, together with accrued and unpaid interest, if any, on the Notes to be due and
payable immediately. If the Company chooses to pay such additional interest, the Company must notify the Trustee and the Holders of the
Notes by certificate of the Company’s election at any time on or before the close of business on the first business day following
the Event of Default.

 

Section
3.03. Optional Redemption.

 

a)
The provisions of Article 11 of the Base Indenture, as supplemented by the provisions of this Sixth Supplemental Indenture, shall apply
to the Notes.

 

b)
At any time prior to August 31, 2023, the Company may redeem the Notes for cash in whole or in part at any time at its option at a redemption
price equal to 100.0% of the principal amount thereof plus the Make-Whole Amount as of, and accrued and unpaid interest to, but excluding,
the Redemption Date.

 

c)
In addition, the Company may redeem the Notes for cash in whole or in part at any time at its option (i) on or after August 31,
2023 and prior to August 31, 2024, at a price equal to $25.75 per note, plus accrued and unpaid interest to, but excluding, the Redemption
Date, (ii) on or after August 31, 2024 and prior to August 31, 2025, at a price equal to $25.50 per note, plus accrued and unpaid
interest to, but excluding, the Redemption Date, (iii) on or after August 31, 2025 and prior to August 31, 2026, at a price equal
to $25.25 per note, plus accrued and unpaid interest to, but excluding, the Redemption Date, and (iv) on or after August 31, 2026
and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the Redemption
Date.

 

    4

     

    

 

d)
In each case, redemption shall be upon notice not fewer than 30 days and not more than 60 days prior to the Redemption Date. If less
than all of the Notes are to be redeemed, the particular Notes to be redeemed will be selected not more than 45 days prior to the Redemption
Date by the Trustee from the outstanding Notes not previously called for redemption, by lot, or in the Trustee’s discretion, on
a pro-rata basis, provided that the unredeemed portion of the principal amount of any Notes will be in an authorized denomination (which
will not be less than the minimum authorized denomination) for such Notes. The Trustee will promptly notify us in writing of the Notes
selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. The
Trustee shall have no obligation to calculate any redemption price, including any Make-Whole Amount, or any component thereof, and the
Trustee shall be entitled to receive and conclusively rely upon an Officer’s Certificate delivered by the Company that specifies
any redemption price.

 

e)
Unless the Company defaults on the payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on
the Notes called for redemption.

 

ARTICLE
4

CERTAIN COVENANTS

 

The
following covenants shall be applicable to the Company for so long as any of the Notes are Outstanding. Nothing in this Article will,
however, affect the Company’s rights or obligations under any other provision of the Base Indenture or this Sixth Supplemental
Indenture.

 

Section
4.01. Merger, Consolidation or Sale of Assets.

 

The
Company shall not merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company
into the Company) or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for
the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Subsidiaries shall not be deemed
to be any such sale, transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:

  

a)
the Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation
or limited liability company organized and existing under the laws of the United States of America, any state thereof or the District
of Columbia;

 

b)
the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium,
if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants and conditions
of this Indenture to be performed by the Company;

 

c)
immediately before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of
Default shall have occurred and be continuing; and

 

d)
in the case of a merger where the Surviving Person is other than the Company, the Company shall deliver, or cause to be delivered, to
the Trustee, an Officer’s Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture,
if any, in respect thereto comply with this Section 4.01 and that all conditions precedent in this Indenture relating to such transaction
have been complied with.

 

Section
4.02. Reporting.

 

If,
at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic
reports with the Securities and Exchange Commission, the Company agrees to furnish to Holders and the Trustee, for the period of time
during which the Notes are outstanding, its audited annual consolidated financial statements, within 75 days of its fiscal year end,
and unaudited interim consolidated financial statements, within 40 days of its fiscal quarter end (other than the Company’s fourth
fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with Generally Accepted Accounting
Principles, as applicable.

 

Delivery
of such reports, information and documents to the Trustee pursuant to this Section 4.02 is for informational purposes only and the Trustee’s
receipt of such shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee
is entitled to rely exclusively on an Officer’s Certificate).

 

    5

     

    

 

Section
4.03. Payment of Taxes.

 

The
Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and
governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company, except where the failure
to do so would not be reasonably expected to have a material adverse effect on the business, assets, financial condition or results of
operations of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

 

ARTICLE
5

EVENTS
OF DEFAULT

 

Section
5.01. Events of Default.

 

Solely
for the benefit of the Holders of the Notes, Section 5.1 of the Base Indenture is hereby deleted in its entirety and replaced with the
following:

 

“Section
5.1. Events of Default.

 

“Event
of Default”, wherever used herein with respect to the Notes means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)
default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a period of
30 days;

 

(2)
default in the payment of the principal of any Note when due and payable;

  

(3)
default in the performance, or breach, of any covenant of the Company in this Indenture with respect to the Notes, and continuance of
such default or breach for a period of 60 days after there has been sent to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the Notes, a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder;

 

(4)
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering
the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or
order unstayed and in effect for a period of 90 consecutive days; or

 

(5)
the commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry
of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by the Company
of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally
as they become due, or the taking of corporate action by the Company in furtherance of any such action.

 

    6

     

    

 

The
Trustee shall not be deemed to have notice or be charged with knowledge of an Event of Default hereunder (except for those described
in paragraphs (1) and (2) above if the Trustee is then the Paying Agent) unless written notice of such default or Event of Default from
the Company or any Holder is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Notes and this Indenture.”

 

ARTICLE
6

MISCELLANEOUS

 

Section
6.01. Trust Indenture Act Controls.

 

If
any provision of this Sixth Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included
in this Sixth Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Sixth
Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter
provision shall be deemed to apply to this Sixth Supplemental Indenture as so modified or to be excluded, as the case may be.

 

Section
6.02. New York Law to Govern.

 

This
Sixth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

  

Section
6.03. Counterparts.

 

This
Sixth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Sixth Supplemental
Indenture and of signature pages that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic
signing created on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved
by the Trustee, shall constitute effective execution and delivery of this Sixth Supplemental Indenture for all purposes. Signatures of
the parties hereto that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee,
shall be deemed to be their original signatures for all purposes of this Sixth Supplemental Indenture as to the parties hereto and may
be used in lieu of the original.

 

Anything
in the Base Indenture, this Sixth Supplemental Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions
contemplated by the Base Indenture, this Sixth Supplemental Indenture, the Notes and any document to be signed in connection with the
Base Indenture, this Sixth Supplemental Indenture or the Notes (including the Trustee’s Certificate of Authentication on the Notes,
amendments, waivers, consents and other modifications, Officer’s Certificates, Company Requests, Company Orders and Opinions of
Counsel and other issuance, authentication and delivery documents) or the transactions contemplated hereby may be signed by manual signatures
that are scanned, photocopied or faxed or other electronic signatures created on an electronic platform (such as DocuSign) or by digital
signature (such as Adobe Sign), in each case that is approved by the Trustee, and contract formations on electronic platforms approved
by the Trustee, and the keeping of records in electronic form, are hereby authorized, and each shall be of the same legal effect, validity
or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as the case may be.

 

Section
6.04. Severability. If any provision of this Sixth Supplemental Indenture or the Notes shall be held to be illegal or unenforceable
under applicable law, then the remaining provisions hereof shall be construed as though such invalid, illegal or unenforceable provision
were not contained therein.

 

    7

     

    

 

Section
6.05. Ratification.

 

The
Indenture, as supplemented by this Sixth Supplemental Indenture, is in all respects ratified and confirmed. All provisions included in
this Sixth Supplemental Indenture supersede any conflicting provisions included in the Indenture, unless not permitted by law. The Trustee
accepts the trusts created by the Indenture, as supplemented by this Sixth Supplemental Indenture, and agrees to perform the same upon
the terms and conditions of the Indenture.

 

Section
6.06. Effectiveness.

 

The
provisions of this Sixth Supplemental Indenture shall become effective as of the date hereof.

 

Section
6.07. Trustee Makes No Representation.

 

The
recitals and statements contained herein and in the Notes are made solely by the Company and not by the Trustee, and the Trustee assumes
no responsibility for the correctness thereof. The Trustee makes no representation as to the validity, adequacy or sufficiency of this
Sixth Supplemental Indenture or the Notes. All rights, protections, privileges, indemnities, immunities and benefits granted or afforded
to the Trustee under the Base Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions
taken, suffered or omitted to be taken by the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act under this Sixth Supplemental Indenture.

 

Section
6.08. Electronic Means.

 

The
Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to the Indenture, as supplemented by this Sixth Supplemental Indenture and delivered using Electronic Means; provided,
however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such
Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency
certificate shall be amended by the Company whenever a person is to be added or deleted from the listing.  If the Company elects
to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s
understanding of such Instructions shall be deemed controlling.  The Company understands and agrees that the Trustee cannot determine
the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to
have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized
Officer.  The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee
and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and
authorization codes, passwords and/or authentication keys upon receipt by the Company.  The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.  The Company agrees: (i) to
assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed
of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to
be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light
of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized
use of the security procedures.

 

Section
6.09. OFAC Certification and Covenants.

 

a)
The Company covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers are the target
or subject of any sanctions enforced by the US Government, (including, the Office of Foreign Assets Control of the US Department of the
Treasury (“OFAC”)), the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions
authority (collectively “Sanctions”).

 

b)
The Company covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers will use any
payments made pursuant to the Indenture, as supplemented by this Sixth Supplemental Indenture, (i) to fund or facilitate any activities
of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund
or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any
other manner that will result in a violation of Sanctions by any person.

 

    8

     

    

 

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

 

	 	B.
    RILEY FINANCIAL, INC.
	 	 
	 	By:	/s/
    Phillip J. Ahn
	 	 	Name:	 Phillip J. Ahn
	 	 	Title: 	Chief Financial Officer and Chief Operating Officer

  

[Signature
Page to Sixth Supplemental Indenture]

 

     

     

    

  

	 	THE
BANK OF NEW YORK MELLON TRUST COMPANY N.A., as Trustee

	 	 
	 	By:	/s/
    Manjari Purkayastha
	 	 	Name:   	Manjari Purkayastha
	 	 	Title: 	Vice President

 

[Signature
Page to B. Riley Financial, Inc. Sixth Supplemental Indenture]

 

     

     

    

 

EXHIBIT
A

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS
DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

B.
RILEY FINANCIAL, INC.

 

5.25%
Senior Note due 2028

 

	No.
    	Principal
    Amount
	CUSIP
    No. 05580M 819	$[______]             

ISIN
No. US05580M8192

 

B.
Riley Financial, Inc., a Delaware corporation (hereinafter called the “Company”, which term includes any successor
Person under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of [________] Dollars (U.S. $[________]) on August 31, 2028 (the “Maturity Date”) and to pay interest
thereon from August 6, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly
on January 31, April 30, July 31 and October 31 in each year and on the Maturity Date (each an “Interest Payment Date”),
beginning October 31, 2021 at the rate of 5.25% per annum, until the principal hereof is paid or duly made available for payment. The
interest so payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in such Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be the January 15, April 15, July 15 or October 15 (whether or not a Business Day), as the case may
be, preceding such Interest Payment Date, and the January 15 immediately preceding the Maturity Date. Any such interest which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder hereof
on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

The
amount of interest payable for any interest period, including interest payable for any partial interest period, will be computed on the
basis of a 360-day year comprised of twelve 30-day months. If an interest payment date falls on a non-Business Day, the applicable interest
payment will be made on the next Business Day and no additional interest will accrue as a result of such delayed payment.

 

    A-1

     

    

 

Payment
of the principal of (and premium, if any) and the interest on this Note shall be made at the designated office of the Trustee (as defined
below) at The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, 7th Floor, Chicago, IL 60602, in such currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
for so long as the Notes are represented in global form by one or more Global Securities, all payments of principal (and premium, if
any) and interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be,
as the registered owner of the Global Security representing such Notes. In the event that definitive Notes shall have been issued, all
payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts
of the registered Holders thereof; provided, that the Company may at its option pay interest by check to the registered address of each
Holder of a definitive Note.

 

This
Note is one of the duly authorized series of Securities of the Company, designated as the Company’s “5.25% Senior Notes due
2028”, initially limited to an aggregate principal amount of $316,250,000 all issued or to be issued under and pursuant to an Indenture
(the “Base Indenture”), dated as of May 7, 2019, between the Company and The Bank of New York Mellon Trust Company,
N.A., as trustee (hereinafter referred to as the “Trustee”), as supplemented by the First Supplemental Indenture thereto,
dated as of May 7, 2019 (the “First Supplemental Indenture”), the Second Supplemental Indenture thereto, dated as
of September 23, 2019 (the “Second Supplemental Indenture”), the Third Supplemental Indenture thereto, dated as of
February 12, 2020 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture thereto, dated as of January
25, 2021 (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture thereto, dated as of March 29, 2021
(the “Fifth Supplemental Indenture”) and the Sixth Supplemental Indenture thereto, dated as of August 6, 2021 (the
“Sixth Supplemental Indenture,” and, together with the Base Indenture, the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the
“Indenture”). Reference is hereby made to the Indenture for a description of the respective rights, limitation of
rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes.

 

At
any time prior to August 31, 2023, the Company may redeem the Notes for cash in whole or in part at any time at its option at a redemption
price equal to 100.0% of the principal amount thereof plus the Make-Whole Amount as of, and accrued and unpaid interest to, but excluding,
the Redemption Date.  

 

In
addition, the Company may redeem the Notes for cash in whole or in part at any time at its option (i) on or after August 31, 2023
and prior to August 31, 2024, at a price equal to $25.75 per note, plus accrued and unpaid interest to, but excluding, the Redemption
Date, (ii) on or after August 31, 2024 and prior to August 31, 2025, at a price equal to $25.50 per note, plus accrued and unpaid
interest to, but excluding, the Redemption Date, (iii) on or after August 31, 2025 and prior to August 31, 2026, at a price equal
to $25.25 per note, plus accrued and unpaid interest to, but excluding, the Redemption Date, and (iv) on or after August 31, 2026
and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the Redemption
Date.

 

In
each case, redemption shall be upon notice not fewer than 30 days and not more than 60 days prior to the Redemption Date. If less than
all of the Notes are to be redeemed, the Notes to be redeemed shall be selected not more than 45 days prior to the Redemption Date by
the Trustee from the outstanding Notes not previously called for redemption, by lot, or in the Trustee’s discretion, on a pro-rata
basis, provided that the unredeemed portion of the principal amount of any Notes will be in an authorized denomination (which will not
be less than the minimum authorized denomination) for such Notes. The Trustee will promptly notify the Company in writing of the Notes
selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed.

 

The
Notes are not subject to any sinking fund.

 

The
Trustee shall have no obligation to calculate any redemption price, including any Make-Whole Amount, or any component thereof, and the
Trustee shall be entitled to receive and conclusively rely upon an Officer’s Certificate delivered by the Company that specifies
any redemption price.

 

If
an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

  

    A-2

     

    

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company
and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time
Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in
aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the right of the Holder of
this Note, which is absolute and unconditional, to receive payment of the principal of and interest on this Note at the times herein
and in the Indenture prescribed and to institute suit for the enforcement of any such payment unless the Holder of this Note shall have
consented to the impairment of such right.

 

As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal
of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized
in writing, and thereupon one or more new Notes of this series and of any authorized denominations and of a like aggregate principal
amount and tenor, shall be issued to the designated transferee or transferees.

 

The
Notes are issuable only in registered form without coupons in minimum denominations of $25 and integral multiples of $25 in excess thereof.
Subject to certain limitations therein set forth in the Indenture and in this Note, the Notes are exchangeable for a like aggregate principal
amount of Notes of this series in different authorized denominations, as requested by the Holders surrendering the same.

 

No
service charge shall be made for any such registration of transfer or for exchange of this Note, but the Company or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of a Note, other than in certain cases provided in the Indenture.

 

Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Notes (subject to certain
exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each
case if the Company irrevocably deposits with the Trustee money or U.S. Government Obligations sufficient to pay and discharge the entire
indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture.

 

This
Note shall be governed by and construed in accordance with the laws of the State of New York.

 

All
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    A-3

     

    

 

Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature
(which may be scanned, photocopied or faxed or otherwise signed electronically (including by DocuSign or Adobe Sign)) of one of its authorized
signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose.

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

Dated:

 

	 	B.
    RILEY FINANCIAL, INC.
	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    

 

[Signature
Page to B. Riley Financial, Inc. Global Note]

 

     

     

    

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	The
    Bank of New York Mellon Trust Company, N.A., as
    Trustee
	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    

 

[Authentication
Certificate to B. Riley, Financial, Inc. Global Note]

 

     

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations.

 

	TEN
    COM - as tenants	UNIF
    GIFT MIN ACT - . . .Custodian
	in
    common	(Cust)
    (Minor)
	TEN
    ENT - as tenants by	Under
    Uniform Gifts to
	the
    entireties	Minor
    Act
	JT
    TEN - as joint tenants	 	 
	with
    right of	 
	survivorship
    and	 
	not
    as tenants in	 
	common	 	(State)

 

Additional
abbreviations may also be used though not in the above list.

 

 

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

 

 

 

 (Please insert Assignee’s legal name)

 

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

 

 

 

 

(Please
print or typewrite name and address including postal zip code of Assignee)

 

the
within Note of B. RILEY FINANCIAL, INC. and does hereby irrevocably constitute and appoint attorney to transfer the said
Note on the books of the Company, with full power of substitution in the premises.

Dated:

 

	 	Your

    Signature: 	 
	 	 	(Sign
    exactly as your name appears on the
	 	 	face
    of this Note)

 

 

[NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.]Document

                                                                                                               Exhibit 10.5
THE MACERICH COMPANY 
2021 LTIP UNIT AWARD AGREEMENT 
(PERFORMANCE-BASED)
2021 LTIP UNIT AWARD AGREEMENT (Performance-Based) made as of the date set forth on Schedule A hereto between The Macerich Company, a Maryland corporation (the “Company”), its subsidiary The Macerich Partnership, L.P., a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and the party listed on Schedule A (the “Grantee”).
RECITALS
A.The Grantee is a key employee of the Company or one of its Subsidiaries or affiliates and provides services to the Partnership.
B.Pursuant to its Long-Term Incentive Plan (“LTIP”) the Company can award equity interests of the Company or the Partnership, including shares of the Company’s Common Stock, Stock Units and units of limited partnership interest of the Partnership designated as “LTIP Units” in the Partnership Agreement (as defined herein) under The Macerich Company 2003 Equity Incentive Plan, as amended (the “2003 Plan”), either as standalone awards or as alternatives among which the award recipient can elect, to provide certain key employees of the Company or its Subsidiaries and affiliates, including the Grantee, in connection with their employment with the long-term incentive compensation described in this Award Agreement (this “Agreement” or “Award Agreement”), and thereby provide additional incentive for them to promote the progress and success of the business of the Company and its Subsidiaries and affiliates, including the Partnership, while increasing the total return to the Company’s stockholders.  2021 LTIP Units (PB) (as defined herein) have been awarded by the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) pursuant to authority delegated to it by the Board as set forth in the Committee’s charter, including authority to make grants of equity interests in the Partnership which may, under certain circumstances, become exchangeable for shares of the Company’s Common Stock reserved for issuance under the 2003 Plan, or any successor equity plan (as any such plan may be amended, modified or supplemented from time to time, collectively the “Stock Plan”).  This Agreement evidences an award to the Grantee under the LTIP (this “Award”), which is subject to the terms and conditions set forth herein.  
C.The Grantee was selected by the Committee to receive this Award as one of a select group of highly compensated or management employees who, through the effective execution of their assigned duties and responsibilities, are in a position to have a direct and measurable impact on the Company’s long-term financial results.  Effective as of the grant date specified in Schedule A hereto, the Committee awarded to the Grantee the number of 2021 LTIP Units (PB) (as defined herein) set forth in Schedule A.
NOW, THEREFORE, the Company, the Partnership and the Grantee agree as follows:  
    

1.Administration.  The LTIP and all awards thereunder, including this Award, shall be administered by the Committee, which in the administration of the LTIP shall have all the powers and authority it has in the administration of the Stock Plan, as set forth in the Stock Plan.  The Committee may from time to time adopt any rules or procedures it deems necessary or desirable for the proper and efficient administration of the LTIP, consistent with the terms hereof and of the Stock Plan.  The Committee’s determinations and interpretations with respect to the LTIP and this Agreement shall be final and binding on all parties.
2.Definitions.  Capitalized terms used herein without definitions shall have the meanings given to those terms in the Stock Plan.  In addition, as used herein:
“2021 LTIP Units (PB)” has the meaning set forth in Section 3(a).
“2021-2 LTIP Units (PB)” has the meaning set forth in Section 3(b).
“2021 Performance Period” means, the period commencing on (and including) January 1, 2021 and concluding on the earliest of (a) December 31, 2021 or (b) the date of a Change of Control.
“2022 Performance Period” means, the period commencing on (and including) January 1, 2022 and concluding on the earliest of (a) December 31, 2022 or (b) the date of a Change of Control.
“2023 Performance Period” means, the period commencing on (and including) January 1, 2023 and concluding on the earliest of (a) December 31, 2023 or (b) the date of a Change of Control.
“Cause” for termination of the Grantee’s employment means that the Company, acting in good faith based upon the information then known to the Company, determines that the Grantee has:
(a)failed to perform in a material respect without proper cause his obligations under the Grantee’s Service Agreement (if one exists);
(b)been convicted of or pled guilty or nolo contendere to a felony; or
(c)committed an act of fraud, dishonesty or gross misconduct which is materially injurious to the Company.
Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Applicable Board (as defined below) or upon the instructions of the Chief Executive Officer of the Company or based upon the advice of counsel or independent accountants for the Company shall be conclusively presumed for purposes of this Agreement to be done, or omitted to be done, by the Grantee in good faith and in the best interests of the Company.  The cessation of employment of the Grantee shall not be deemed to be for Cause under clause (a) or (c) above unless and until there shall have been delivered to the Grantee a copy of a resolution duly adopted by the affirmative vote of at least a majority of the entire membership of the Applicable 
    2

Board (excluding the Grantee and any relative of the Grantee, if the Grantee or such relative is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Grantee and the Grantee is given an opportunity, together with counsel for the Grantee, to be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable Board, the Grantee is guilty of the conduct described in clause (a) or (c) above, and specifying the particulars thereof in reasonable detail.  For purposes of the definition of Cause, “Applicable Board” means the Board or, if the Company is not the ultimate parent corporation of the Company and its affiliates and is not publicly-traded, the board of directors of the ultimate parent of the Company.
“Change in Control Arrangement” means [The Macerich Company Change in Control Severance Pay Plan for the Senior Executives] [The Macerich Company Change in Control Severance Pay Plan for Executive Vice Presidents], as may be amended or modified from time to time.
“Change of Control” means any of the following:
(a)The acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 33% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliate of the Company or successor or (iv) any acquisition by any entity pursuant to a transaction that complies with (c)(i), (c)(ii) and (c)(iii) below;
(b)Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board (including for these purposes, the new members whose election or nomination was so approved, without counting the member and his predecessor twice) shall be considered as though such individual were a member of the Incumbent Board, 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 other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
(c)Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (i) all or substantially 
    3

all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets directly or through one or more subsidiaries (“Parent”)) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or a Parent or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination or Parent) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 20% existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors or trustees of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
(d)Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.
“Code” means the Internal Revenue Code of 1986, as amended.
“Common Stock” means shares of the Company’s common stock, par value $0.01 per share, either currently existing or authorized hereafter.
“Competitive Activities” means that the Grantee, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engages, participates, assists or invests in any Competing Business (as hereinafter defined).  The term “Competing Business” shall mean a publicly-traded real estate investment trust that is identified by the National Association of Real Estate Investment Trusts as a “mall REIT” or “shopping center REIT” (other than the Company or a surviving or resulting entity upon a Change of Control, or any of their respective affiliates).  Notwithstanding the foregoing, the Grantee may own equity securities of an entity which constitutes, or is affiliated with, a Competing Business, so long at their value does not exceed two percent (2%) of the aggregate equity market capitalization of the Competing Business.
“Continuous Service” means the continuous service to the Company or any Subsidiary or affiliate, without interruption or termination, in any capacity of employee, or, with the written consent of the Committee, consultant.  Continuous Service shall not be considered interrupted in the case of (A) any approved leave of absence, (B) transfers among the Company and any Subsidiary or affiliate, or any successor, in any capacity of employee, or with the written consent of the Committee, consultant, or (C) any change in status as long as the individual remains in the 
    4

service of the Company and any Subsidiary or affiliate in any capacity of employee, member of the Board or (if the Company specifically agrees in writing that the Continuous Service is not uninterrupted) a consultant.  An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave.
“Cumulative Performance Period” means, the period commencing on (and including) January 1, 2021 and concluding on (and including) the earliest of (a) December 31, 2023 or (b) the date of a Change of Control. 
“Current Distributions” has the meaning set forth in Section 7(b).
“Contingent Distributions” has the meaning set forth in Section 7(c).
“Disability” means (A) a “permanent and total disability” within the meaning of Section 22(e)(3) of the Code, or (B) the absence of the Grantee from his duties with the Company on a full-time basis for a period of nine months as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Grantee or his legal representative (such agreements as to acceptability not to be unreasonably withheld).  “Incapacity” as used herein shall be limited only to a condition that substantially prevents the Grantee from performing his or her duties.
“Effective Date” means January 1, 2021.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fair Market Value” means, as of any given date, the fair market value of a security determined by the Committee using any reasonable method and in good faith (such determination will be made in a manner that satisfies Section 409A of the Code and in good-faith as required by Section 422(c)(1) of the Code); provided that (A) if the security is then listed on a national stock exchange, the fair market value of such security on any date shall be the closing sales price per Share on the principal national stock exchange on which the security is listed on such date (or, if such date is not a trading date on which there was a sale of such security on such exchange, the last preceding date on which there was a sale of such security on such exchange), (B) if the security is not then listed on a national stock exchange but is then traded on an over-the-counter market, the fair market value of such security on any date shall be the average of the closing bid and asked prices for such security in the principal over-the-counter market on which such security is traded on such date (or, if such date is not a trading date on which there was a sale of such security on such market, for the last preceding date on which there was a sale of such security in such market), or (C) if the security is not then listed on a national stock exchange or traded on an over-the-counter market, the fair market value of such security on any date shall be such value as the Committee in its discretion may in good faith determine; provided that, where Shares are so listed or traded, the Committee may make such discretionary determinations where Shares have not been traded for 10 trading days.
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“FFO” means funds from operations on a per share and diluted basis calculated in accordance with the standards of the National Association of Real Estate Investment Trusts (“Nareit”) as reflected in the Company’s public filings, subject to adjustment for the impact of one or more of the following factors: (i) any future changes in accounting principles or Nareit’s definition of funds from operations, (ii) unbudgeted acquisitions or dispositions, (iii) property closures mandated by any governmental agency or authority for public health reasons outside the control of the Company or (iv) material changes in the Company’s capital structure.
“Good Reason” means an action taken by the Company, without the Grantee’s written consent thereto, resulting in a material negative change in the employment relationship, to the extent not remedied by the Company within 30 days after receipt by the Company of written notice from the Grantee provided to the Company within 90 days (the “Cure Period”) of the Grantee’s knowledge of the occurrence of such material negative change in the employment relationship specifying in reasonable detail such occurrence.  For these purposes, a “material negative change in the employment relationship” shall include, without limitation, any one or more of the following reasons, set forth in clauses (a) through (e) below:
(a)the assignment to the Grantee of any duties materially inconsistent in any respect with the Grantee’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities, or any other material diminution in such position, authority, duties or responsibilities (whether or not occurring solely as a result of the Company’s ceasing to be a publicly traded entity); 
(b)a change in the Grantee’s principal office location to a location further away from the Grantee’s home which is more than 30 miles from the Grantee’s current principal office;
(c)the taking of any action by the Company to eliminate benefit plans in which the Grantee participated in or was eligible to participate in immediately prior to a Change of Control without providing substitutes therefor, to materially reduce benefits thereunder or to substantially diminish the aggregate value of the incentive awards or other fringe benefits; provided that if neither a surviving entity nor its parent following a Change of Control is a publicly-held company, the failure to provide stock-based benefits shall not be deemed good reason if benefits of comparable value using recognized valuation methodology are substituted therefor; and provided further that a reduction or elimination in the aggregate of not more than 10% in aggregate benefits in connection with across the board reductions or modifications affecting similarly situated persons of executive rank in the Company or a combined organization shall not constitute Good Reason;
(d)any one or more reductions in the Grantee’s Base Salary that, individually or in the aggregate, exceed 10% of the Grantee’s Base Salary; or 
(e)any material breach by the Company of the Grantee’s Service Agreement (if one exists).
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In the event that the Company fails to remedy the condition constituting Good Reason during the applicable Cure Period, the Grantee’s “separation from service” (within the meaning of Section 409A of the Code) must occur, if at all, within two years following the occurrence of such condition in order for such termination as a result of such condition to constitute a termination for Good Reason.  If the Grantee suffers a Disability or dies following the occurrence of such material negative change in the employment relationship and the Grantee has given the Company the requisite written notice but the Company has failed to remedy the situation prior to such physical or mental incapacity or death, the Grantee’s physical or mental incapacity or death shall not affect the ability of the Grantee or his heirs or beneficiaries, as applicable, to treat the Grantee’s termination of employment as a termination for Good Reason, Retirement, death or Disability.  For purposes of the definition of Good Reason, the term “Base Salary” means the annual base rate of compensation payable to Grantee by the Company prior to any reduction thereof, before deductions or voluntary deferrals authorized by the Grantee or required by law to be withheld from the Grantee by the Company.  Salary excludes all other extra pay such as overtime, pensions, severance payments, bonuses, equity-based incentives, living or other allowances, and other perquisites.
“LTIP Units” means units of limited partnership interest of the Partnership designated as “LTIP Units” in the Partnership Agreement awarded pursuant to this Agreement under the LTIP having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption set forth in the Partnership Agreement. Unless the context otherwise requires, the term “2021 LTIP Units (PB)” shall include all 2021 LTIP Units (PB) and 2021-2 LTIP Units (PB).
“Partial Service Factor” means a factor carried out to the sixth decimal, but never greater than one (1.000000), determined by dividing (A) the number of calendar days that have elapsed since the Effective Date to and including the date of the Grantee’s Retirement, death or Disability (as applicable) by (B) 365.
 “Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of the Partnership, dated as of March 16, 1994, among the Company, as general partner, and the limited partners who are parties thereto, as amended from time to time.
“Peer REIT” means each of the following business entities qualified as real estate investment trusts (“REITs”) that are publicly-traded, U.S.-based “equity REITs” and are categorized in the Nareit Index as “Mall” or “Shopping Center” REITs: Simon Property Group, Inc., Brookfield Property REIT Inc., Regency Centers Corporation, Federal Realty Investment Trust, Kimco Realty Corporation, Brixmor Property Group Inc., Weingarten Realty Investors, SITE Centers Corp. Retail Opportunity Investments Corp., Retail Properties of America, Inc., Urban Edge Properties, Kite Realty Group Trust, Acadia Realty Trust, American Finance Trust, Inc., Tanger Factory Outlet Centers, Inc., Saul Centers, Inc., RPT Realty, Urstadt Biddle Properties Inc., Whitestone REIT, Retail Value Inc., Cedar Realty Trust, Inc.; provided that such business entities must be publicly-traded for the entire Cumulative Performance Period to constitute a Peer REIT; provided further that if any business entity is delisted due to bankruptcy 
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during the Cumulative Performance Period it will remain a Peer REIT (such delisted business entities, “Delisted Peer REITs”).  
“Peer REIT Total Return” means, (a) for a Peer REIT other than a Delisted Peer REIT, with respect to the Cumulative Performance Period, the absolute total stockholder return of the common equity of such Peer REIT during the Cumulative Performance Period, calculated in the same manner as Total Return is calculated for the Company and (b) for a Delisted Peer REIT, an absolute total stockholder return of -100%.
“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, other entity or “group” (as defined in the Exchange Act).
“Qualified Termination” means a termination of the Grantee’s employment (A) by the Company for no reason or for any reason (other than for Cause, death or Disability), or (B) by the Grantee for Good Reason.
“Qualified Termination Factor” means a factor carried out to the six decimal, but never greater than one (1.000000), determined by dividing (A) the number of days between the Effective Date and the date on which the Grantee’s Qualified Termination occurs divided by (B) 1,095.
“Relative TSR Modifier” has the meaning set forth in Section 4(a).
“Retirement” means:  (A) if the Grantee is a party to a Service Agreement immediately prior to such event, and “Retirement” is defined therein, then “Retirement” shall have the meaning set forth in such Service Agreement, or (B) if the Grantee is not party to a Service Agreement immediately prior to such event and/or the Grantee’s Service Agreement does not define “Retirement,” then “Retirement” shall mean the Grantee’s voluntary termination of employment with the Company and its Subsidiaries on or after the attainment of age 55 and completion of ten (10) years of employment with the Company and/or a Subsidiary, provided that following Retirement the Grantee does not engage in Competitive Activities during the balance of the Cumulative Performance Period.
“Service Agreement” means, as of a particular date, any employment, consulting or similar service agreement, including, without limitation, management continuity agreement, then in effect between the Grantee, on the one hand, and the Company or one of its affiliates, on the other hand, as amended or supplemented through such date.
“Share” means a share of Common Stock, subject to adjustments pursuant to Section 6.2 of the Stock Plan.
“Share Price” means, as of a particular date, the Fair Market Value of one Share on such date (or, if such date is not a trading day, the most recent trading day immediately preceding such date); provided further, however, that if such date is the date upon which a Transactional Sale Event occurs, the Share Price as of such date shall be equal to the fair market value in cash, as 
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determined by the Committee, of the total consideration paid or payable in the transaction resulting in the Transactional Sale Event for one Share.
“Total Return” means, with respect to the Cumulative Performance Period, the compounded total annual return that would have been realized by a stockholder who (A) bought one Share on the first day of the Cumulative Performance Period at the Share Price on the date immediately preceding such day, (B) reinvested each dividend and other distribution declared during such period of time with respect to such Share (and any other Shares previously received upon reinvestment of dividends or other distributions) in additional Shares at the Fair Market Value on the applicable dividend payment date, and (C) sold all the Shares described in clauses (A) and (B) on the last day of the Cumulative Performance Period at the Share Price on such date.  As set forth in, and pursuant to, Section 9 hereof, appropriate adjustments to the Total Return shall be made to take into account all stock dividends, stock splits, reverse stock splits and the other events set forth in Section 9 hereof that occur during the Cumulative Performance Period.  In calculating Total Return, it is the current intention of the Committee to use total return to stockholders data for the Company and the Peer REITs available from one or more third party sources, though the Committee reserves the right in its reasonable discretion to retain the services of a consultant to analyze relevant data or perform necessary calculations for purposes of this Award.  If the Committee delegates the calculation of Total Return to a valuation or other expert, including matters such as the determination of dividend reinvestment and the inclusion or exclusion of REITs as Peer REITs, the Committee is entitled to rely on such valuation or other expert.
“Transactional Sale Event” means (A) a Change of Control described in clause (a) of the definition thereof as a result of a tender offer for Shares or (B) a Change of Control described in clause (c) of the definition thereof.
“Units” means Partnership Units (as defined in the Partnership Agreement) that are outstanding or are issuable upon the conversion, exercise, exchange or redemption of any securities of any kind convertible, exercisable, exchangeable or redeemable for Partnership Units.  
“Year-End Permanent Occupancy” means the total leased occupancy of the Company’s portfolio as reflected in the Company’s public filings, subject to adjustment for decreases in total leased occupancy resulting from property closures mandated by any governmental agency or authority for public health reasons outside the control of the Company.
3.Award of 2021 LTIP Units (PB).
(a)On the terms and conditions set forth in this Agreement, as well as the terms and conditions of the Stock Plan, the Grantee is hereby granted this Award consisting of the number of LTIP Units set forth on Schedule A hereto opposite “2021 LTIP Units (PB)”, which is incorporated herein by reference (the “2021 LTIP Units (PB)”).
(b)If pursuant to Section 4 hereof vesting above 100% of the 2021 LTIP Units (PB) occurs, an additional number of 2021 LTIP Units (PB) shall be granted to the Grantee 
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to cover the excess vesting percentage based on the calculations to be made pursuant to Section 4 hereof (the “2021-2 LTIP Units (PB)”) and issued under the Partnership Agreement effective as of the last day of the Cumulative Performance Period. In connection with any such subsequent grant of 2021-2 LTIP Units (PB) the Grantee shall execute and deliver to the Company and the Partnership such documents, comparable to the documents executed and delivered in connection with the Agreement, as the Company and/or the Partnership reasonably request in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws.
(c)If pursuant to Section 3(b) hereof 2021-2 LTIP Units (PB) are granted and issued to the Grantee, a payment in cash shall be made to the Grantee as soon as practicable after the time of such grant and issuance in an amount equal to (i) the total amount of all distributions paid with respect to one Unit between the date of grant of the 2021 LTIP Units (PB) and the LTIP Unit Distribution Participation Date provided in Section 7(a) multiplied by (ii) the number of 2021-2 LTIP Units (PB) granted and issued pursuant to Section 3(b) hereof. 
(d)2021 LTIP Units (PB) shall constitute and be treated as the property of the Grantee as of the applicable grant date, subject to the terms of this Agreement and the Partnership Agreement.  Every grant of 2021 LTIP Units (PB) to the Grantee pursuant to this Award shall be set forth in minutes of the meetings of the Committee.  2021 LTIP Units (PB) will be:  (A) subject to vesting and/or forfeiture to the extent provided in Sections 4 and 5 hereof; and (B) subject to restrictions on transfer as provided in Section 8 hereof.
4.Vesting of 2021 LTIP Units (PB).
(a)The number of 2021 LTIP Units (PB) that will be earned pursuant to this Award will be based on the Company’s FFO and Year-End Permanent Occupancy for the 2021 Performance Period, 2022 Performance Period, 2023 Performance Period and the Cumulative Performance Period, subject to adjustment based on the percentile rank of the Company’s Total Return relative to the Peer REIT Total Return for the Peer REITs for the Cumulative Performance Period (the “Relative TSR Modifier”), as set forth below.
(b)Except as otherwise set forth in this Section 4 and Section 5 below, one-half of the 2021 LTIP Units (PB) shall be earned for the applicable performance period indicated below on the basis of the Company’s FFO performance relative to the “threshold,” “target,” and “maximum” levels indicated below in the percentages indicated below, and will become vested at the end of the Cumulative Performance Period (or at such other date as provided in Section 5 hereof):
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	FFO (50% of 2021 LTIP Units (PB))
	Period		Threshold	Target	Maximum
	2021 Performance Period	20%	$2.00	$2.22	$2.44
	2022 Performance Period	20%	$2.14	$2.38	$2.62
	2023 Performance Period	20%	$2.29	$2.54	$2.79
	Cumulative Performance Period	40%	$6.43	$7.14	$7.85
	Percentage Earned*	50%	100%	150%

* Percentage earned for performance below Threshold is zero, with linear interpolation for performance between Threshold and Target and between Target and Maximum.
As soon as practicable following each of the 2021 Performance Period, the 2022 Performance Period, the 2023 Performance Period and the Cumulative Performance Period, the Committee shall determine the Company’s FFO performance for such period. In the event that any of the 2021 Performance Period, the 2022 Performance Period or the 2023 Performance Period concludes (or does not commence) as a result of a Change of Control or the Company’s FFO performance for any such period cannot be determined, FFO shall be deemed to have been achieved at Target performance for any such performance period. In the event that the Cumulative Performance Period concludes as a result of a Change of Control, FFO shall be measured based on the Company’s actual performance from the beginning of the Cumulative Performance Period through the most recently completed fiscal year prior to the Change of Control for which the Company’s FFO performance can be determined and, for any fiscal year during the Cumulative Performance Period that is not completed or for which the Company’s FFO performance cannot be determined, the Company shall be deemed to have achieved Target FFO performance for such fiscal year.
(c)Except as otherwise set forth in this Section 4 and Section 5 below, one-half of the 2021 LTIP Units (PB) shall be earned for the applicable performance period indicated below on the basis of the Company’s Year-End Permanent Occupancy relative to the “threshold,” “target,” and “maximum” levels indicated below in the percentages indicated below, and will become vested at the end of the Cumulative Performance Period (or at such other date as provided in Section 5 hereof):
															
	Year-End Permanent Occupancy (50% of 2021 LTIP Units (PB))
	Year		Threshold	Target	Maximum
	Year-end 2021	20%	83%	86%	89%
	Year-end 2022	20%	85%	88%	91%
	Year-end 2023	60%	87%	90%	93%
	Percentage Earned*	50%	100%	150%

* Percentage earned for performance below Threshold is zero, with linear interpolation for performance between Threshold and Target and between Target and Maximum.
As soon as practicable following each of the 2021 Performance Period, the 2022 Performance Period and the 2023 Performance Period, the Committee shall determine the Company’s Year-
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End Permanent Occupancy performance for such period. In the event that any of the foregoing performance periods concludes (or does not commence) as a result of a Change of Control or the Company’s Year-End Permanent Occupancy performance for any such period cannot be determined, Year-End Permanent Occupancy shall be deemed to have been achieved at Target performance for any such performance period.
(d)As soon as practicable following the conclusion of the Cumulative Performance Period, the number of earned 2021 LTIP Units (PB) determined pursuant to Sections 4(b) and (c) above will be modified by the Relative TSR Modifier as set forth below:
						
	Percentile Rank	Percentage Earned Modifier* (modifies aggregate number of earned 2021 LTIP Units (PB))
	25th percentile or below	-20%
	50th percentile	0% (no modification)
	At or above 75th percentile	+20%

*Percentage earned modifier is subject to linear interpolation for performance between 25th and 50th percentiles and between 50th and 75th percentiles.
The percentile rank above shall be calculated using the following conventions:  
Percentile Rank =    X 
    Y
Where:
X =    the number of Peer REITs with a Peer REIT Total Return lower than the Company’s Total Return during the Cumulative Performance Period.
Y =    the total number of Peer REITs minus 1.
If Percentile Rank as calculated above is a not a whole number, then the award vesting shall be calculated as if the calculation resulted in a percentile rank equal to the next higher whole integer. 
Subject to Section 5 hereof, vesting of the Grantee’s 2021 LTIP Units (PB) shall occur as of the last day of the Cumulative Performance Period, provided that the Continuous Service of the Grantee continues through the last day of the Cumulative Performance Period, regardless of when the Committee completes its determination of FFO, Year-End Permanent Occupancy, percentile rank or any other calculations or assessments related to its determination of the vesting percentage.  If, after giving effect to the Relative TSR Modifier, the percentage of the Grantee’s 2021 LTIP Unit (PB) that will become vested as of the end of the Cumulative Performance Period exceeds 100%, then 2021-2 LTIP Units (PB) shall be granted and issued as of the vesting date pursuant to Section 3(b) above shall be immediately vested upon such grant and issuance.
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For the avoidance of doubt, assuming no Change of Control (i.e., the last day of the Cumulative Performance Period is December 31, 2023), the intent of this Section 4(d) is that (i) the Company’s Total Return will be calculated using as the first input the Share Price on December 31, 2020 and as the last input the Share Price on December 31, 2023, and (ii) each Peer REIT’s Total Return will be calculated in the same manner with respect to the common equity of each such Peer REIT.  
(e)The Committee may, upon consideration of FFO, Year-End Permanent Occupancy and the statistical data for the Peer REITs relative to Peer REIT Total Return for the Cumulative Performance Period, exercise its reasonable discretion to allow for vesting of 2021 LTIP Units (PB) under Sections 4(b),  (c) and (d) above on a basis other than strict mathematical calculations to the extent appropriate in light of the circumstances.  By way of illustration, the foregoing would allow the Committee to provide for vesting to occur at a particular level if the Peer REIT Total Return of a number of Peer REITs is clustered within a narrow range such that the effect of the precise calculation of percentile rank would be that vesting would not occur or occur at a lower level.  The Committee does not have the discretion to adjust downward the vesting of 2021 LTIP Units (PB).
(f)The Grantee agrees to provide Continuous Service to the Company in consideration for the conditional rights to the unvested 2021 LTIP Units (PB).  Except as otherwise provided in Section 5 or pursuant to the Stock Plan, the vesting of the 2021 LTIP Units (PB) requires Continuous Service through the last day of the Cumulative Performance Period as a condition to the vesting of the 2021 LTIP Units (PB).  Partial service, even if substantial, during any vesting period will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service except as provided in Section 5 below or under the Stock Plan.
(g)Any 2021 LTIP Units (PB) that do not become vested pursuant to this Section 4 or Section 5 below shall, without payment of any consideration by the Partnership, automatically and without notice terminate, be forfeited and be and become null and void as of the end of the Cumulative Performance Period, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested 2021 LTIP Units (PB).
5.Change of Control or Termination of Grantee’s Service Relationship.
(a)If the Grantee is a party to a Service Agreement, the provisions of this Section 5 shall govern the vesting of the Grantee’s 2021 LTIP Units (PB) exclusively in the event of a Change of Control or termination of the Grantee’s service relationship with the Company or any Subsidiary or affiliate, unless the Service Agreement contains provisions that expressly refer to this Section 5 and provides that those provisions of the Service Agreement shall instead govern the vesting of the Grantee’s 2021 LTIP Units (PB).  The foregoing sentence will be deemed an amendment to any applicable Service Agreement to the extent required to apply its terms consistently with this Section 5, such that, by way of illustration, any provisions of the Service Agreement with respect to accelerated vesting or payout of the Grantee’s bonus or incentive compensation awards in the event of certain types of terminations of Grantee’s service 
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relationship (such as, for example, termination at the end of the term, termination without Cause by the employer or termination for Good Reason by the employee) shall not (unless the Service Agreement contains provisions that expressly refer to this Section 5 and provides that those provisions of the Service Agreement shall instead govern the vesting of the Grantee’s 2021 LTIP Units (PB)) be interpreted as requiring that any calculations set forth in Section 4 hereof be performed, or vesting occur with respect to this Award other than as specifically provided in this Section 5.  In the event an entity ceases to be a Subsidiary or affiliate of the Company, such action shall be deemed to be a termination of employment of all employees of that entity for purposes of this Agreement resulting in any then unvested 2021 LTIP Units (PB), without payment of any consideration by the Partnership, being automatically and without notice forfeited; provided that the Committee, in its sole and absolute discretion, may make provision in such circumstances for accelerated vesting of some or all of the Grantee’s remaining unvested 2021 LTIP Units (PB) that have not previously been forfeited and, if applicable, for the granting of 2021-2 LTIP Units (PB) effective immediately prior to such event.
(b)In the event of a Change of Control prior to December 31, 2023, then:
(i)the Cumulative Performance Period, and any of the 2021 Performance Period, 2022 Performance Period and 2023 Performance Period that had not previously concluded in the absence of the Change of Control shall end on such date and the calculations provided in Section 4 hereof shall be performed effective as of the date of the Change of Control and following the date of the Change of Control no further calculations pursuant to Section 4 hereof shall be performed with respect to the Grantee; and
(ii)if the 2021 LTIP Units (PB) remain outstanding after a Change of Control or equivalent replacement awards (as defined in Section 5(b)(iv) hereof) are substituted for the 2021 LTIP Units (PB) at the time of the Change of Control, then the number of 2021 LTIP Units (PB) that are determined as of the date of the Change of Control pursuant to the calculations provided in Section 4 shall remain subject to vesting tied to the Grantee’s Continuous Service until December 31, 2023 as if no Change of Control had occurred, except that the Grantee shall become fully vested in such 2021 LTIP Units (PB) immediately (A) upon the Grantee’s Qualified Termination in connection with or within twenty-four (24) months after the Change of Control, or (B) upon the Grantee’s death, Disability or Retirement; 
(iii)if neither the 2021 LTIP Units (PB) remain outstanding after a Change of Control nor equivalent replacement awards (as defined in Section 5(b)(iv) hereof) are substituted for the 2021 LTIP Units (PB) at the time of the Change of Control, then the Grantee shall become fully vested in the number of 2021 LTIP Units (PB) that are determined pursuant to the calculations provided in Section 4 as of the date of the Change of Control; and 
(iv)an award shall qualify as an “equivalent replacement award” if the following conditions are met in the good faith discretion of the Committee:  
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(A)the replacement award is of the same type as the 2021 LTIP Units (PB) being replaced, including, without limitation, income tax attributes relating to the extent and timing of recognition of taxable income, gain or loss by the Grantee; 
(B)the replacement award has a value equal to the Fair Market Value of the 2021 LTIP Units being replaced as of the effective date of the Change of Control; 
(C)the equity securities issuable upon the conversion, exercise, exchange or redemption of the replacement award, or securities underlying the replacement award, as applicable, are listed on a national stock exchange; 
(D)the replacement award contains terms relating to vesting (including with respect to the Grantee’s Qualified Termination, death, Disability or Retirement) that are substantially identical to those of the 2021 LTIP Units (PB); and 
(E)the other terms and conditions of the replacement award are not less favorable to the Grantee than the terms and conditions of the 2021 LTIP Units (PB).
(c)Except as otherwise provided in Section 5(b), in the event of the Grantee’s Qualified Termination, death or Disability or Retirement (as applicable below) prior to the end of the Cumulative Performance Period, conditioned (except in the case of death) upon the execution and delivery by the Grantee of a customary release of claims and covenant not to solicit employees of the Company or its Subsidiaries or Affiliates following termination, the Grantee will not forfeit the 2021 LTIP Units (PB) upon such event, but the following provisions of this Section 5(c) shall modify the determination of vesting for the Grantee, subject, in each case, to the provisions of Sections 6.4 and 6.5 of the Stock Plan:
(i)the calculations provided in Section 4 hereof shall be performed as of the end of the 2021 Performance Period, 2022 Performance Period, 2023 Performance Period and Cumulative Performance Period, to the extent not previously calculated prior to such Qualified Termination, death, Disability or Retirement, as if such Qualified Termination, death, Disability or Retirement (as applicable below) had not occurred, and, following such calculations, the Grantee shall become vested in the number of 2021 LTIP Units (PB) determined in accordance with this Section 5(c); 
(ii)if the Grantee experiences a Retirement, death or Disability, in each case, prior to the first anniversary of the Effective Date, the number of 2021 LTIP Units (PB) resulting from the calculations provided in Section 4 hereof shall be multiplied by the Partial Service Factor (with the resulting number being rounded to the nearest whole LTIP Unit), and such adjusted number of 2021 LTIP Units (PB) shall become vested and any other 2021 LTIP Units (PB) that are not included in the foregoing calculation shall be immediately forfeited);
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(iii)if the Grantee experiences a Retirement, death or Disability, in each case, on or after the first anniversary of the Effective Date, there will be no reduction in the number of 2021 LTIP Units (PB) resulting from the calculations provided in Section 4 hereof, and such unadjusted number of 2021 LTIP Units (PB) shall become vested; and
(iv)if the Grantee experiences a Qualified Termination prior to the end of the Cumulative Performance Period, the number of 2021 LTIP Units (PB) resulting from the calculations provided in Section 4 hereof with respect to any performance period that concluded after the date of the Qualified Termination shall be multiplied by the Qualified Termination Factor (with the resulting number being rounded to the nearest whole LTIP Unit), and such adjusted number of 2021 LTIP Units (PB) (plus the unadjusted number of 2021 LTIP Units (PB) resulting from the calculations provided in Section 4 hereof with respect to any performance period that concluded on or prior to the date of the Qualified Termination) shall become vested and any other 2021 LTIP Units (PB) that are not included in the foregoing calculation shall be immediately forfeited.
(d)If the Grantee becomes engaged in Competitive Activities at any time on or following the effective date of Retirement and before the end of the applicable Cumulative Performance Period, then the provisions relating to vesting due to Retirement under  Section 5(b) or 5(c), as applicable, will not apply, and, upon the date the Grantee becomes engaged in any such Competitive Activities during such period, all 2021 LTIP Units (PB), except for those that, prior to such engagement in Competitive Activities, had previously been vested pursuant to Section 4 hereof during the Grantee’s Continuous Service or that otherwise became vested under this Section 5, shall automatically and immediately be forfeited by the Grantee.  Any forfeited 2021 LTIP Units (PB) shall, without payment of any consideration by the Partnership, automatically and without notice be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such forfeited 2021 LTIP Units (PB).
(e)If the Grantee’s employment with the Company or a Subsidiary or affiliate terminates as a result of a retirement under circumstances that do not meet the definition of “Retirement” under this Agreement, the Committee may, on a case-by-case basis and in its sole discretion, provide for accelerated or continued vesting of some or all of the Grantee’s unvested 2021 LTIP Units (PB) that have not previously been forfeited and, if applicable, for the granting of 2021-2 LTIP Units (PB), in each case effective prior to the effective date of retirement, but in any such event, the provisions of Section 5(d) will apply as if such retirement was deemed a “Retirement” for purposes of this Agreement, and any such vesting will be conditioned upon the execution and delivery by the Grantee of a customary release of claims and covenant not to solicit employees of the Company or its Subsidiaries or Affiliates following such termination.  
(f)In the event of a termination of employment or other cessation of the Grantee’s Continuous Service prior to the end of the Cumulative Performance Period, effective as of the date of such termination or cessation, all 2021 LTIP Units (PB) except for those that had previously vested pursuant to Section 4 hereof and those that otherwise become vested or 
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will continue to vest pursuant to this Section 5 shall automatically and immediately be forfeited by the Grantee.  Any forfeited 2021 LTIP Units (PB) shall, without payment of any consideration by the Partnership, automatically and without notice be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such forfeited 2021 LTIP Units (PB).
6.Payments by Award Recipients.  No amount shall be payable to the Company or the Partnership by the Grantee at any time in respect of this Award.
7.Distributions.  Distributions on 2021 LTIP Units (PB) will be paid in accordance with the Partnership Agreement as modified hereby as follows:  
(a)The LTIP Unit Distribution Participation Date (as defined in the Partnership Agreement) shall be (i) the date of grant, with respect to 10% of the 2021 LTIP Units (PB) issued pursuant to this Agreement, and (ii) the last day of the Cumulative Performance Period, with respect to all other 2021 LTIP Units (PB) issued pursuant to this Agreement (to the extent they became vested in accordance with Sections 4 and 5 hereof).  Vested 2021 LTIP Units (PB) shall be entitled to receive the full distribution payable on Units outstanding as of the record date next following the last day of the Cumulative Performance Period, whether or not they will have been outstanding for the whole period.  
(b)Prior to the last day of the Cumulative Performance Period, 2021 LTIP Units (PB) not otherwise forfeited in accordance with Section 4 or 5 hereof shall be entitled to receive 10% of regular periodic distributions payable to holders of Units (the “Current Distributions”) and 0% of special, extraordinary or other distributions made not in the ordinary course.
(c)An amount equal to (i) the difference between (x) all distributions (regular, special, extraordinary or otherwise) paid with respect to one Unit between the date of grant of the 2021 LTIP Units (PB) and the last day of the Cumulative Performance Period  and (y) the Current Distributions paid with respect to one 2021 LTIP Unit up to the last day of the Cumulative Performance Period (such difference, the “Contingent Distributions”) multiplied by (ii) the number of 2021 LTIP Units (PB) shall be credited to a notional (unfunded) account for the benefit of the Grantee on the books and records of the Partnership subject to vesting.  As promptly as practicable after the last day of the Cumulative Performance Period, an amount equal to the positive difference (if any) between (A) the Contingent Distributions that would have been paid with respect to those 2021 LTIP Units (PB) that have become vested pursuant to Sections 4 or 5 hereof and (B) if any, the Current Distributions paid to the Grantee prior to the last day of the Cumulative Performance Period in accordance with Section 7(b) in respect of the Unearned 2021 LTIP Units (PB) shall be paid to the Grantee.  The “Unearned 2021 LTIP Units (PB)” means the number of 2021 LTIP Units (PB), if any, that are forfeited following vesting pursuant to Sections 4 or 5 hereof.  Any portion of the notional account that is not payable to the Grantee shall be forfeited and revert to the Partnership free and clear of any claims by the Grantee.  
    17

(d)To the extent that the Partnership makes distributions to holders of Units partially in cash and partially in additional Units or other securities, unless the Committee in its sole discretion determines to allow the Grantee to make a different election, the Grantee shall be deemed to have elected with respect to all 2021 LTIP Units (PB) eligible to receive such distribution to receive 10% of such distribution in cash and 90% in Units, with the cash component constituting the Current Distribution prior to the last day of the Cumulative Performance Period.
(e)To the extent that the allocations of income, gain, loss and deduction actually reported on each Partner’s K-1 for any taxable year differ from the allocations that would have been made for such year if this Amendment has been in effect at such time, the Partnership shall adjust allocations for the current and future taxable periods in such manner as the General Partner deems appropriate to fully offset such difference. The intent of this Section 7(e) is to put each Partner as quickly as possible in the same position as he or she would have been in had this Amendment been in effect at all relevant times. This Section 7(e) shall be interpreted consistently with such intent.
8.Restrictions on Transfer.  None of the 2021 LTIP Units (PB) shall be sold, assigned, transferred, pledged or otherwise disposed of or encumbered (whether voluntarily or involuntarily or by judgment, levy, attachment, garnishment or other legal or equitable proceeding) (each such action a “Transfer”), or redeemed in accordance with the Partnership Agreement (a) until the date that is one year after they have become vested pursuant to Section 4 or Section 5 other than in connection with a Change of Control, and (b) unless such Transfer is in compliance with all applicable securities laws (including, without limitation, the Securities Act of 1933, as amended (the “Securities Act”)), and such Transfer is in accordance with the applicable terms and conditions of the Partnership Agreement; provided, however, that clause (a) above shall not apply with respect to (i) the conversion into Units of 2021 LTIP Units (PB) that have become vested in accordance with Sections 4 or 5 hereof (“Converted LTIP Units”), but, for the avoidance of doubt, any such Converted LTIP Units may not be redeemed in accordance with the Partnership Agreement until the date that the restrictions in clause (a) above would cease to apply to the corresponding 2021 LTIP Units (PB) or (ii) any Transfer either of 2021 LTIP Units (PB) that have become vested in accordance with Sections 4 or 5 hereof or of Converted LTIP Units, so long as such Transfer is (A) permitted under the Partnership Agreement and (B) in connection with donative, estate or tax planning by the Grantee; and provided, further, that the Transferee agrees in writing with the Company and the Partnership not to make any further Transfer of such vested 2021 LTIP Units (PB) or Converted LTIP Units other than as permitted by this Section 8.  In connection with any Transfer of 2021 LTIP Units (PB) or Converted LTIP Units, the Partnership may require the Grantee to provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act).  Any attempted Transfer of 2021 LTIP Units (PB) not in accordance with the terms and conditions of this Section 8 shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any 2021 LTIP Units (PB) as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of any 2021 LTIP Units (PB).  The restrictions on Transfer in this Section 8 shall not be interpreted to 
    18

prohibit the Grantee from designating one or more beneficiaries to receive the Grantee’s LTIP Units or Converted LTIP Units that are payable in the event of the Grantee’s death.  Any such beneficiary designation shall be on a form provided or approved by the Company.
9.Changes in Capital Structure.  Without duplication with the provisions of Section 6.2 of the Stock Plan, if (a) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company, spin-off of a Subsidiary, business unit or significant portion of assets or other fundamental transaction similar thereto, (b) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization, significant repurchases of stock, or other similar change in the capital structure of the Company shall occur, (c) any extraordinary dividend or other distribution to holders of shares of Common Stock or Units other than regular cash dividends shall be made, or (d) any other event shall occur that in each case in the good faith judgment of the Committee necessitates action by way of appropriate equitable adjustment in the terms of this Award, the LTIP or the 2021 LTIP Units (PB), then the Committee shall take such action as it deems necessary to maintain the Grantee’s rights hereunder so that they are substantially proportionate to the rights existing under this Award, the LTIP and the terms of the 2021 LTIP Units (PB) prior to such event, including, without limitation:  (i) adjustments in the 2021 LTIP Units (PB) and the 2021-2 LTIP Units (PB), Share Price, Total Return or other pertinent terms of this Award; and (ii) substitution of other awards under the Stock Plan or otherwise.  The Grantee shall have the right to vote the 2021 LTIP Units (PB) if and when voting is allowed under the Partnership Agreement, regardless of whether vesting has occurred.
10.Miscellaneous.
(a)Amendments; Modifications.  This Agreement may be amended or modified only with the consent of the Company and the Partnership; provided that any such amendment or modification materially and adversely affecting the rights of the Grantee hereunder must be consented to by the Grantee to be effective as against him; and provided, further, that the Grantee acknowledges that the Stock Plan may be amended or discontinued in accordance with Section 6.6 thereof and that this Agreement may be amended or canceled by the Committee, on behalf of the Company and the Partnership, for the purpose of satisfying changes in law or for any other lawful purpose, so long as no such action shall impair the Grantee’s rights under this Agreement without the Grantee’s written consent.  Notwithstanding the foregoing, this Agreement may be amended in writing signed only by the Company to correct any errors or ambiguities in this Agreement and/or to make such changes that do not materially adversely affect the Grantee’s rights hereunder.  No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by the parties which are not set forth expressly in this Agreement.  This grant shall in no way affect the Grantee’s participation or benefits under any other plan or benefit program maintained or provided by the Company.
    19

(b)Incorporation of Stock Plan and Change in Control Arrangement; Committee Determinations.  The provisions of the Stock Plan and Change in Control Arrangement are hereby incorporated by reference as if set forth herein.  In the event of a conflict between this Agreement and the Stock Plan or this Agreement and the Change in Control Arrangement, this Agreement shall be controlling and determinative.  The Committee will make the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications.  In the event of a Change of Control, the Committee will perform any calculations set forth in Section 4 or Section 5 hereof required in connection with such Change of Control and make any determinations relevant to vesting with respect to this Award within a period of time that enables the Company to conclude whether 2021 LTIP Units (PB) become vested or are forfeited and whether any 2021-2 LTIP Units (PB) need to be granted not later than prior to the effective date of the Change of Control, which determinations could, for the avoidance of doubt, include good faith assumptions.
(c)Status as a Partner.  As of the grant date set forth on Schedule A, the Grantee shall be admitted as a partner of the Partnership with beneficial ownership of the number of 2021 LTIP Units (PB) issued to the Grantee as of such date pursuant to Section 3(a) hereof by:  (A) signing and delivering to the Partnership a copy of this Agreement; and (B) signing, as a Limited Partner, and delivering to the Partnership a counterpart signature page to the Partnership Agreement (attached hereto as Exhibit A).  The Partnership records shall reflect the issuance to the Grantee of 2021-2 LTIP Units (PB) pursuant to Section 3(b) hereof, if any, whereupon the Grantee shall have the rights of a Limited Partner of the Partnership with respect to the total number of 2021 LTIP Units (PB) then held by the Grantee, as set forth in the Partnership Agreement, subject, however, to the restrictions and conditions specified herein and in the Partnership Agreement.
(d)Status of 2021 LTIP Units (PB) under the Stock Plan.  Insofar as the LTIP has been established as an incentive program of the Company and the Partnership, the 2021 LTIP Units (PB) are both issued as equity securities of the Partnership and granted as awards under the Stock Plan.  The Company will have the right at its option, as set forth in the Partnership Agreement, to issue shares of Common Stock in exchange for Units into which 2021 LTIP Units (PB) may have been converted pursuant to the Partnership Agreement, subject to certain limitations set forth in the Partnership Agreement, and such shares of Common Stock, if issued, will be issued under the Stock Plan.  The Grantee must be eligible to receive the 2021 LTIP Units (PB) in compliance with applicable federal and state securities laws and to that effect is required to complete, execute and deliver certain covenants, representations and warranties (attached as Exhibit B).  The Grantee acknowledges that the Grantee will have no right to approve or disapprove such determination by the Committee.
(e)Legend.  The records of the Partnership evidencing the 2021 LTIP Units (PB) shall bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such 2021 LTIP Units (PB) are subject to restrictions as set forth herein, in the Stock Plan and in the Partnership Agreement.
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(f)Compliance With Securities Laws.  The Partnership and the Grantee will make reasonable efforts to comply with all applicable securities laws.  In addition, notwithstanding any provision of this Agreement to the contrary, no 2021 LTIP Units (PB) will become vested or be issued at a time that such vesting or issuance would result in a violation of any such laws.
(g)Investment Representations; Registration.  The Grantee hereby makes the covenants, representations and warranties set forth on Exhibit B attached hereto.  All of such covenants, warranties and representations shall survive the execution and delivery of this Agreement by the Grantee.  The Partnership will have no obligation to register under the Securities Act any 2021 LTIP Units (PB) or any other securities issued pursuant to this Agreement or upon conversion or exchange of 2021 LTIP Units (PB).  The Grantee agrees that any resale of the shares of Common Stock received upon the exchange of Units into which 2021 LTIP Units (PB) may be converted shall not occur during the “blackout periods” forbidding sales of Company securities, as set forth in the then applicable Company employee manual or insider trading policy.  In addition, any resale shall be made in compliance with the registration requirements of the Securities Act or an applicable exemption therefrom, including, without limitation, the exemption provided by Rule 144 promulgated thereunder (or any successor rule).
(h)Section 83(b) Election.  In connection with the issuance of 2021 LTIP Units (PB) under this Award pursuant to Section 3 hereof the Grantee may (but is not required to) make an election to include in gross income in the year of transfer the applicable 2021 LTIP Units (PB) pursuant to Section 83(b) of the Code substantially in the form attached hereto as Exhibit C and, if such an election is made, the Grantee shall provide to the Company a copy thereof and supply to the Company such other information as the Company is required to maintain or file in accordance with the regulations promulgated thereunder.  
(i)Severability.  If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect.  If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in full force and effect.
(j)Governing Law.  This Agreement is made under, and will be construed in accordance with, the laws of the State of Delaware, without giving effect to the principles of conflict of laws of such state.
(k)No Obligation to Continue Position as an Employee, Consultant or Advisor.  Neither the Company nor any affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this Agreement shall not interfere in any way with the right of the Company or any affiliate to terminate the Grantee’s service relationship at any time.
    21

(l)Notices.  Any notice to be given to the Company shall be addressed to the Secretary of the Company at its principal place of business and any notice to be given the Grantee shall be addressed to the Grantee at the Grantee’s address as it appears on the employment records of the Company, or at such other address as the Company or the Grantee may hereafter designate in writing to the other.
(m)Withholding and Taxes.  No later than the date as of which an amount first becomes includible in the gross income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to this Award, the Grantee will pay to the Company or, if appropriate, any of its affiliates, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount.  The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company and its affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee.
(n)Headings.  The headings of paragraphs hereof are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.
(o)Counterparts.  This Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same document.  All counterparts shall be construed together and constitute the same instrument.
(p)Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and any successors to the Company and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will or the laws of descent and distribution, but this Agreement shall not otherwise be assignable or otherwise subject to hypothecation by the Grantee.  
(q)409A.  To the extent applicable, this Agreement shall be construed, administered and interpreted in accordance with a good faith interpretation of Section 409A of the Code.  Any provision of this Agreement that is inconsistent with Section 409A of the Code, to the extent applicable, or that may result in penalties under Section 409A of the Code, shall be amended, in consultation with the Grantee and with the reasonable cooperation of the Grantee and the Company, in the least restrictive manner necessary to (i) exclude the applicable payment or benefit under this Agreement from the definition of “deferred compensation” within the meaning of such Section 409A or (ii) comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions, in each case without diminution in the value of the benefits granted hereby to the Grantee.  Notwithstanding anything herein to the contrary, in the event the amounts payable under this Agreement are determined to constitute “nonqualified deferred compensation” subject to Section 409A of the Code, then, to the extent the Grantee is a “specified employee” under Section 409A of the Code subject to the six-month delay thereunder, any such vesting or related payments to be made during the six-month period commencing on the 
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Grantee’s “separation from service” (as defined in Section 409A of the Code) shall be delayed until the expiration of such six-month period.
(r)Complete Agreement.  This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

[signature page follows]

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IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the 1st day of January, 2021.
			
	THE MACERICH COMPANY
	By:
	
	THE MACERICH PARTNERSHIP, L.P.
	By:      The Macerich Company,
its general partner    

	
	By:
	
	GRANTEE
	

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EXHIBIT A
FORM OF LIMITED PARTNER SIGNATURE PAGE
The Grantee, desiring to become one of the within named Limited Partners of The Macerich Company, L.P., hereby accepts all of the terms and conditions of (including, without limitation, the provisions related to powers of attorney), and becomes a party to, the Agreement of Limited Partnership, dated as of March 16, 1994, of The Macerich Partnership, L.P., as amended (the “Partnership Agreement”).  The Grantee agrees that this signature page may be attached to any counterpart of the Partnership Agreement and further agrees as follows (where the term “Limited Partner” refers to the Grantee):
1.The Limited Partner hereby confirms that it has reviewed the terms of the Partnership Agreement and affirms and agrees that it is bound by each of the terms and conditions of the Partnership Agreement, including, without limitation, the provisions thereof relating to limitations and restrictions on the transfer of Partnership Units.  Without limitation of the foregoing, the Limited Partner is deemed to have made all of the acknowledgements, waivers and agreements set forth in Sections 10.6 and 13.11 of the Partnership Agreement.
2.The Limited Partner hereby confirms that it is acquiring the Partnership Units for its own account as principal, for investment and not with a view to resale or distribution, and that the Partnership Units may not be transferred or otherwise disposed of by the Limited Partner otherwise than in a transaction pursuant to a registration statement filed by the Partnership (which it has no obligation to file) or that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and all applicable state and foreign securities laws, and the General Partner may refuse to transfer any Partnership Units as to which evidence of such registration or exemption from registration satisfactory to the General Partner is not provided to it, which evidence may include the requirement of a legal opinion regarding the exemption from such registration.  If the General Partner delivers to the Limited Partner shares of common stock of the General Partner (“Common Shares”) upon redemption of any Partnership Units, the Common Shares will be acquired for the Limited Partner’s own account as principal, for investment and not with a view to resale or distribution, and the Common Shares may not be transferred or otherwise disposed of by the Limited Partner otherwise than in a transaction pursuant to a registration statement filed by the General Partner with respect to such Common Shares (which it has no obligation under the Partnership Agreement to file) or that is exempt from the registration requirements of the Securities Act and all applicable state and foreign securities laws, and the General Partner may refuse to transfer any Common Shares as to which evidence of such registration or exemption from such registration satisfactory to the General Partner is not provided to it, which evidence may include the requirement of a legal opinion regarding the exemption from such registration.
3.The Limited Partner hereby affirms that it has appointed the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, in accordance with Section 6.10 of the Partnership Agreement, which Section is hereby incorporated by reference.  The foregoing 
    A-1

power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and not be affected by the death, incompetency, dissolution, disability, incapacity, bankruptcy or termination of the Limited Partner and shall extend to the Limited Partner’s heirs, executors, administrators, legal representatives, successors and assigns.
4.The Limited Partner hereby irrevocably consents in advance to any amendment to the Partnership Agreement, as may be recommended by the General Partner, intended to avoid the Partnership being treated as a publicly-traded partnership within the meaning of Section 7704 of the Internal Revenue Code, including, without limitation, (a) any amendment to the provisions of Section 9.1 or the Redemption Rights Exhibit of the Partnership Agreement intended to increase the waiting period between the delivery of a notice of redemption and the redemption date to up to sixty (60) days or (b) any other amendment to the Partnership Agreement intended to make the redemption and transfer provisions, with respect to certain redemptions and transfers, more similar to the provisions described in Treasury Regulations Section 1.7704 1(f).
5.The Limited Partner hereby appoints the General Partner, any liquidator and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, to execute and deliver any amendment referred to in the foregoing paragraph 4(a) on the Limited Partner’s behalf.  The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and not be affected by the death, incompetency, dissolution, disability, incapacity, bankruptcy or termination of the Limited Partner and shall extend to the Limited Partner’s heirs, executors, administrators, legal representatives, successors and assigns.
6.The Limited Partner agrees that it will not transfer any interest in the Partnership Units (i) through a national, non-U.S., regional, local or other securities exchange or (ii) an over-the-counter market (including an interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers by electronic means or otherwise) or (iii) to or through (a) a person, such as a broker or dealer, that makes a market in, or regularly quotes prices for, interests in the Partnership or (b) a person that regularly makes available to the public (including customers or subscribers) bid or offer quotes with respect to any interests in the Partnership and stands ready to effect transactions at the quoted prices for itself or on behalf of others.  
7.The Limited Partner acknowledges that the General Partner shall be a third party beneficiary of the representations, covenants and agreements set forth in Sections 4 and 5 hereof.  The Limited Partner agrees that it will transfer, whether by assignment or otherwise, Partnership Units only to the General Partner or to transferees that provide the Partnership and the General Partner with the representations and covenants set forth in Sections 4 and 5 hereof.
8.This Acceptance shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.

    A-2

Signature Line for Limited Partner:

Date:  January 1, 2021
Address of Limited Partner:

    A-3

EXHIBIT B
GRANTEE’S COVENANTS, REPRESENTATIONS AND WARRANTIES
The Grantee hereby represents, warrants and covenants as follows:
(a)The Grantee has received and had an opportunity to review the following documents (the “Background Documents”):
(i)The Company’s latest Annual Report to Stockholders; 
(ii)The Company’s Proxy Statement for its most recent Annual Meeting of Stockholders; 
(iii)The Company’s Report on Form 10-K for the fiscal year most recently ended;
(iv)The Company’s Form 10-Q, if any, for the most recently ended quarter filed by the Company with the Securities and Exchange Commission since the filing of the Form 10-K described in clause (iii) above;
(v)Each of the Company’s Current Report(s) on Form 8-K, if any, filed since the end of the fiscal year most recently ended for which a Form 10-K has been filed by the Company;
(vi)The Partnership Agreement; 
(vii)The Stock Plan; and
(viii)The Company’s Articles of Amendment and Restatement, as amended.
The Grantee also acknowledges that any delivery of the Background Documents and other information relating to the Company and the Partnership prior to the determination by the Partnership of the suitability of the Grantee as a holder of 2021 LTIP Units (PB) shall not constitute an offer of 2021 LTIP Units (PB) until such determination of suitability shall be made.
(b)The Grantee hereby represents and warrants that 
(i)The Grantee either (A) is an “accredited investor” as defined in Rule 501(a) under the Securities Act, or (B) by reason of the business and financial experience of the Grantee, together with the business and financial experience of those persons, if any, retained by the Grantee to represent or advise him with respect to the grant to him of 2021 LTIP Units (PB), the potential conversion of 2021 LTIP Units (PB) into units of limited partnership of the Partnership (“Common Units”) and the potential redemption of such Common Units for shares the Company’s common stock (“REIT Shares”), has such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that the Grantee (I) is capable of evaluating the merits 
    B-1

and risks of an investment in the Partnership and potential investment in the Company and of making an informed investment decision, (II) is capable of protecting his own interest or has engaged representatives or advisors to assist him in protecting his interests, and (III) is capable of bearing the economic risk of such investment.
(ii)The Grantee, after due inquiry, hereby certifies that for purposes of Rule 506(d) and Rule 506(e) of the Securities Act, he is not subject to any felony or misdemeanor conviction related to any securities matter; any federal or state order, judgment, decree or injunction related to any securities, insurance, banking or U.S. Postal Service matter; any SEC disciplinary or cease and desist order; or any suspension, expulsion or bar related to a registered national securities exchange, national or affiliated securities association or member thereof, whether it occurred or was issued before, on or after September 23, 2013, and agrees that he will notify the Company immediately upon becoming aware that the foregoing is not, or is no longer, complete and accurate in every material respect, including as a result of events occurring after the date hereof.
(iii)The Grantee understands that (A) the Grantee is responsible for consulting his own tax advisors with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of the award of 2021 LTIP Units (PB) may become subject, to his particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the Grantee provides services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the Partnership, as the Grantee believes to be necessary and appropriate to make an informed decision to accept the award of 2021 LTIP Units (PB); and (D) an investment in the Partnership and/or the Company involves substantial risks.  The Grantee has been given the opportunity to make a thorough investigation of matters relevant to the 2021 LTIP Units (PB) and has been furnished with, and has reviewed and understands, materials relating to the Partnership and the Company and their respective activities (including, but not limited to, the Background Documents).  The Grantee has been afforded the opportunity to obtain any additional information (including any exhibits to the Background Documents) deemed necessary by the Grantee to verify the accuracy of information conveyed to the Grantee.  The Grantee confirms that all documents, records, and books pertaining to his receipt of 2021 LTIP Units (PB) which were requested by the Grantee have been made available or delivered to the Grantee.  The Grantee has had an opportunity to ask questions of and receive answers from the Partnership and the Company, or from a person or persons acting on their behalf, concerning the terms and conditions of the 2021 LTIP Units (PB).  The Grantee has relied upon, and is making its decision solely upon, the Background Documents and other written information provided to the Grantee by the Partnership or the Company.
(iv)The 2021 LTIP Units (PB) to be issued, the Common Units issuable upon conversion of the 2021 LTIP Units (PB) and any REIT Shares issued in connection with 
    B-2

the redemption of any such Common Units will be acquired for the account of the Grantee for investment only and not with a current view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein, without prejudice, however, to the Grantee’s right (subject to the terms of the 2021 LTIP Units (PB), the Stock Plan, the agreement of limited partnership of the Partnership, the articles of organization of the Company, as amended, and the Award Agreement) at all times to sell or otherwise dispose of all or any part of his 2021 LTIP Units (PB), Common Units or REIT Shares in compliance with the Securities Act, and applicable state securities laws, and subject, nevertheless, to the disposition of his assets being at all times within his control.  
(v)The Grantee acknowledges that (A) neither the 2021 LTIP Units (PB) to be issued, nor the Common Units issuable upon conversion of the 2021 LTIP Units (PB), have been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws and, if such 2021 LTIP Units (PB) or Common Units are represented by certificates, such certificates will bear a legend to such effect, (B) the reliance by the Partnership and the Company on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of the Grantee contained herein, (C) such 2021 LTIP Units (PB) or Common Units, therefore, cannot be resold unless registered under the Securities Act and applicable state securities laws, or unless an exemption from registration is available, (D) there is no public market for such 2021 LTIP Units (PB) and Common Units and (E) neither the Partnership nor the Company has any obligation or intention to register such 2021 LTIP Units (PB) or the Common Units issuable upon conversion of the 2021 LTIP Units (PB) under the Securities Act or any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws, except, that, upon the redemption of the Common Units for REIT Shares, the Company may issue such REIT Shares under the Stock Plan and pursuant to a Registration Statement on Form S-8 under the Securities Act, to the extent that (I) the Grantee is eligible to receive such REIT Shares under the Stock Plan at the time of such issuance, (II) the Company has filed a Form S-8 Registration Statement with the Securities and Exchange Commission registering the issuance of such REIT Shares and (III) such Form S-8 is effective at the time of the issuance of such REIT Shares.  The Grantee hereby acknowledges that because of the restrictions on transfer or assignment of such 2021 LTIP Units (PB) acquired hereby and the Common Units issuable upon conversion of the 2021 LTIP Units (PB) which are set forth in the Partnership Agreement or this Agreement, the Grantee may have to bear the economic risk of his ownership of the 2021 LTIP Units (PB) acquired hereby and the Common Units issuable upon conversion of the 2021 LTIP Units (PB) for an indefinite period of time.
(vi)The Grantee has determined that the 2021 LTIP Units (PB) are a suitable investment for the Grantee.
    B-3

(vii)No representations or warranties have been made to the Grantee by the Partnership or the Company, or any officer, director, stockholder, agent, or affiliate of any of them, and the Grantee has received no information relating to an investment in the Partnership or the 2021 LTIP Units (PB) except the information specified in paragraph (b) above.
(c)So long as the Grantee holds any 2021 LTIP Units (PB), the Grantee shall disclose to the Partnership in writing such information as may be reasonably requested with respect to ownership of 2021 LTIP Units (PB) as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code, applicable to the Partnership or to comply with requirements of any other appropriate taxing authority.
(d)The Grantee hereby agrees to make an election under Section 83(b) of the Code with respect to the 2021 LTIP Units (PB) awarded hereunder, and has delivered with this Agreement a completed, executed copy of the election form attached hereto as Exhibit C.  The Grantee agrees to file the election (or to permit the Partnership to file such election on the Grantee’s behalf) within thirty (30) days after the award of the 2021 LTIP Units (PB) hereunder with the IRS Service Center at which such Grantee files his personal income tax returns, and to file a copy of such election with the Grantee’s U.S. federal income tax return for the taxable year in which 2021 LTIP Units (PB) are issued or awarded to the Grantee.
(e)The address set forth on the signature page of this Agreement is the address of the Grantee’s principal residence, and the Grantee has no present intention of becoming a resident of any country, state or jurisdiction other than the country and state in which such residence is sited.

    B-4

EXHIBIT C
ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF 
TRANSFER OF PROPERTY PURSUANT TO SECTION 83(b) 
OF THE INTERNAL REVENUE CODE
The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, Treasury Regulations Section 1.83-2 promulgated thereunder, and Rev. Proc. 2012-29, 2012-28 IRB, 06/26/2012, to include in gross income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property. 
1.The name, address and taxpayer identification number of the undersigned are:
Name:         (the “Taxpayer”)
Address:        
        
Social Security No./Taxpayer Identification No.:      
Taxable Year:  Calendar Year 2021
2.Description of property with respect to which the election is being made:
The election is being made with respect to [________] 2021 LTIP Units (PB) in The Macerich Partnership, L.P. (the “Partnership”).
3.The date on which the 2021 LTIP Units (PB) were transferred to the undersigned is January 1, 2021. 
4.Nature of restrictions to which the 2021 LTIP Units (PB) are subject:
(a)Until the 2021 LTIP Units (PB) vest, the Taxpayer may not transfer in any manner any portion of the 2021 LTIP Units (PB) without the consent of the Partnership. 
(b)The Taxpayer’s 2021 LTIP Units (PB) vest in accordance with the vesting provisions described in the Schedule attached hereto.  Unvested 2021 LTIP Units (PB) are forfeited in accordance with the vesting provisions described in the Schedule attached hereto.
5.The fair market value at time of transfer (determined without regard to any restrictions other than a nonlapse restriction as defined in Treasury Regulations Section 1.83-3(h)) of the 2021 LTIP Units (PB) with respect to which this election is being made was $0 per 2021 LTIP Unit (PB).
    C-1

6.The amount paid by the Taxpayer for the 2021 LTIP Units (PB) was $0 per 2021 LTIP Unit (PB).
7.The amount to include in gross income is $0.
The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property.  A copy of the election also will be furnished to the person for whom the services were performed.  The undersigned is the person performing the services in connection with which the property was transferred.

    
Dated:      

    C-2

SCHEDULE TO 83(b) ELECTION
Vesting Provisions of 2021 LTIP Units (PB)
The 2021 LTIP Units (PB) are subject to performance-based vesting for the period from January 1, 2021 through December 31, 2023 (or earlier in certain circumstances) (the “Measurement Period”).  Performance-based vesting will be from 0-150% based: (i) one-half on how The Macerich Company (the “Company”) performs in terms of Funds From Operations (“FFO”) per share on a diluted basis over the Measurement Period on a year-by-year and cumulative three-year basis relative to pre-set levels, (ii) one-half on how the Company performs in terms of occupancy over the Measurement Period on a year-by-year basis, and (iii) in each case with the number of vested 2021 LTIP Units (PB) to be adjusted on a range from target plus 20% to target minus 20% (linear interpolation) based on the Company’s percentile rank performance with respect to per-share total return to holders of common stock ( “Total Return”) relative to the Total Return of a group of peer REITs, as measured at the end of the Measurement Period.
The above vesting is conditioned upon the Taxpayer remaining an employee of the Company through the applicable vesting date, subject to acceleration under specified circumstances.  Unvested 2021 LTIP Units (PB) are subject to forfeiture in the event of failure to vest.

SCHEDULE A TO 2021 LTIP UNIT AWARD AGREEMENT 
(PERFORMANCE-BASED)
						
	Date of Award Agreement:	January 1, 2021
	Name of Grantee:	 
	Number of 2021 LTIP Units (PB) Subject to Grant:	 
	Grant Date:	January 1, 2021

Initials of Company representative:      
Initials of Grantee:

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