Document:

EX-10.5

 Exhibit 10.5 

NEXPOINT HOSPITALITY TRUST, INC. 

FORM OF RESTRICTED STOCK AWARD AGREEMENT 

 

							
	 Name of Recipient:
	  	[    ]	  	Award Date:	  	                                [    
]
	 Number of Award Shares:
	  	[    ]	  		  	

 THIS AGREEMENT1 (the “Agreement”)
is made and entered into as of the day and date on the last page hereof (the “Award Date”), by and between NexPoint Hospitality Trust, Inc. (the “Company”), a Maryland corporation, and the individual Recipient noted
above (the “Recipient”).  
 W I T N E S S E T H: 

WHEREAS, the Company has adopted the NexPoint Hospitality Trust, Inc. 2015 Restricted Share Plan (the “Plan”); and

 WHEREAS, the Board of Directors of the Company (the “Board”) or a committee thereof has authorized the grant to
Recipient of a restricted stock award under the Plan or the Plan itself provides for an automatic grant of a restricted stock award to Recipient of the Class A common stock of the Company (“Common Stock”), and the Company and
Recipient wish to confirm herein the terms, conditions, and restrictions of the restricted stock award; 
 NOW, THEREFORE, in
consideration of the premises, the mutual covenants contained herein, and other good and valuable consideration, the parties hereto agree as follows: 
  

	1	AWARD OF SHARES 

 1.1 Award of
Shares. Subject to the terms, restrictions, limitations, and conditions stated herein and in the Plan, the Company hereby awards to Recipient the number of shares of Common Stock (the “Award Shares”) noted above. By the
execution of this Agreement, the Recipient hereby accepts the Award Shares subject to all terms and provisions of this Agreement. 
 1.2
Vesting of Award Shares. Recipient shall become vested in a percentage of the Award Shares shown below based upon the Continuous Service of the Recipient from the Award Date of the Award Shares (as noted hereon): 

 

			
	Vesting Schedule:
	Percentage Vested:	  	Continuous Service from Award Date:
	 0%
	  	Less than one (1) year
	 25%
	  	At least one (1) year, but less than two (2) years
	 50%
	  	At least two (2) years, but less than three (3) years
	 75%
	  	At least three (3) years, but less than four (4) years
	 100%
	  	At least four (4) years

 If the above calculation of vested Shares would result in a fraction, any fraction will be rounded to zero. However,
notwithstanding the foregoing, in the event that the Recipient ceases Continuous Service with the Company (1) by reason of death or Disability, (2) after having attained the age of sixty-five (65), (3) because the Recipient’s
employment with the Company has been terminated by the Company without Cause, (4) because the Recipient has terminated employment with the Company for Good Reason, or (5) because the term of the Recipient’s written employment
agreement with the Company (if any) has come to an end and has not been renewed or extended, then the Recipient shall nonetheless immediately, as of the date of such cessation of Continuous Service, become fully (100%) vested in the Award
Shares. Furthermore, notwithstanding the foregoing, in the event that a Change of Control of the Company occurs while the Recipient is performing Continuous Service with the Company, then the Recipient shall nonetheless immediately, as of the date
of such Change of Control, become fully (100%) vested in the 
  

	1 	Unless otherwise indicated, all capitalized terms used in this Agreement are defined in the Plan as of the Award Date or in the “Definitions” section of Exhibit A. Exhibit A is incorporated by reference and is
included in the definition of “Agreement.” 

  
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Trust, Inc. Restricted Stock Award Agreement 
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Award Shares. Notwithstanding the foregoing, the Board may, in its sole discretion, accelerate the vesting of the Award Shares in whole or in part. The Award Shares which have become vested
pursuant to the vesting schedule or by virtue of such acceleration are herein referred to as the “Vested Award Shares” and all Award Shares which are not Vested Award Shares are sometimes herein referred to as the “Unvested
Award Shares.” 
 1.3 Rights as Stockholder; Dividend & Voting Rights. Recipient (or any subsequent
transferee) shall have no rights as a Stockholder with respect to any Award Shares until shares are issued in Recipient’s name. Recipient shall be entitled to dividends paid or declared on Vested and Unvested Award Shares for which the record
date is on or after the date such Award Shares have been issued in the Recipient’s name; provided, however, any dividends paid in the form of common stock of the Company shall be considered Award Shares and shall be subject to all terms
and provisions of this Agreement as the underlying Award Shares. Recipient shall have all voting rights applicable for all Vested and Unvested Award Shares for which the record date is on or after the date such Award Shares have been issued in the
Recipient’s name. Recipient shall have no rights whatsoever (dividend, voting or otherwise) with respect to Award Shares which have been forfeited under Sections 2.1 or 2.2. 

1.4 Withholding on Award Shares. Recipient hereby agrees that, in consideration for the grant of the Award Shares, the following
federal and state income tax withholding provisions shall apply: 
 (a) Code §83(b) Election Made by
Recipient. If the Recipient makes a Code §83(b) Election with respect to the Award Shares, then, in order not to forfeit Award Shares, the Recipient must deliver to the Company a check payable to the Company in the amount of all withholding
or other tax obligations (whether federal, state or local) imposed on the Company by reason of such Code §83(b) Election simultaneously with the Recipient’s delivery to the Company of a copy of his Code §83(b) Election (which must
occur no later than thirty (30) days after the Award Date). If the Recipient does not timely make such payment, the Award Shares shall be immediately forfeited by the Recipient, and any amounts which must be paid by the Company for any required
withholding or other tax obligations imposed on the Company by reason of such Code §83(b) Election shall be paid by the Recipient by directly withholding all such amounts as quickly as possible consistent with applicable law from any other
compensation payable to the Recipient on or after the date of such Code §83(b) Election. The Recipient hereby agrees to the withholding by the Company outlined in the preceding sentence, and authorizes and directs that such withholding from the
Recipient’s compensation be made if such sentence is applicable. 
 (b) Code §83(b) Election Not Made by
Recipient. If the Recipient does not make a Code §83(b) Election with respect to the Award Shares, then the Recipient shall be entitled to elect one (or, at the discretion of the Board, a combination) of the following methods of satisfying
the Company’s withholding obligations (see EXHIBIT C attached): 
 (1) Direct
Payment on or prior to Substantial Vesting Event. The Recipient may, on or before the date of occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83, deliver to the
Company cash and/or a check payable to the Company in the amount of all withholding or other tax obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of such Award Shares. 

(2) Return of Vested Award Shares upon Substantial Vesting Event. The Recipient may, as of the close of business
on the business day which is coincident with or which immediately follows the occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83, allow the Company to repurchase
from the Recipient the smallest whole number of Vested Award Shares which, when multiplied by the fair market value of the Common Stock on such business date, is sufficient to satisfy the amount of the withholding tax obligations imposed on the
Company by reason of the vesting of the Award Shares. If the Recipient elects this method of satisfying withholding obligations, the Recipient acknowledges and understands that any Vested Award Shares repurchased from the Recipient may result in tax
consequences to the Recipient. 
 (3) Incremental Withholding over Likely Vesting Period. The Recipient may,
beginning as of the Award Date, allow the Company to withhold from future compensation payments to the 

  
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Trust, Inc. Restricted Stock Award Agreement 
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Recipient substantially equal amounts such that the aggregate of such amounts shall, as of the next likely date of occurrence of an event pursuant to which any such Award Shares shall become
“substantially vested” within the meaning of Code §83, be sufficient to satisfy the amount of the withholding tax obligations imposed on the Company by reason of the vesting of the Award Shares. If the Recipient elects this method of
satisfying withholding obligations, the Recipient acknowledges and understands that: 
 (i) The Company shall have
complete discretion to determine how much and when amounts shall be withheld; 
 (ii) Amounts withheld may be
immediately paid to the appropriate tax authority as a prepayment of the withholding obligations, or may be held by the Company until such time as the withholding obligations become due, in the sole and complete discretion of the Company; 

(iii) No interest or earnings shall accrue based on such incremental withholding, and amounts withheld shall constitute
a general liability of the Company to the Recipient, and shall not be segregated from the Company’s general assets; and 

(iv) In the event that the vesting of Award Shares should occur earlier than forecasted in determining the
substantially equal amounts to be withheld from the Recipient’s future compensation payments, the Recipient may nonetheless be required to deliver to the Company a check payable to the Company in the amount of all withholding or other tax
obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of such Award Shares. 
 The Recipient’s
election of a method of withholding under this Section 1.4 must be made prior to the date of occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83; provided,
however, (1) the Recipient’s election of the method specified in Section 1.4(b)(3) above must be made within thirty (30) days of the Award Date and the Recipient’s election of either of the methods specified in Sections
1.4(b)(1) or (2) above with respect to Award Shares must be made at least ten (10) days prior to the vesting event applicable with respect to such Award Shares, and (2) if the Recipient is required to file beneficial ownership reports
pursuant to Section 16(a) of the Securities Exchange Act of 1934, the Recipient’s election of the method specified in Section 1.4(b)(2) must be made either (A) at least six months prior to the date of vesting of any of such Award
Shares, or (B) prior to the date of vesting of any of such Award Shares and in any ten-day period beginning on the third day following the release of the Company’s quarterly or annual summary statement of sales and earnings. The
Recipient’s election of a method of withholding under this Section 1.4 shall, once made, be irrevocable. Notwithstanding the above, if, for any reason, withholding or other tax obligations (whether federal, state or local) are imposed upon
the Company by reason of the grant of the Award Shares or their becoming substantially vested, the Company shall have the power and the right to deduct or withhold, or require the Recipient to remit to the Company as a condition precedent to
immediate forfeiture of the Award Shares, an amount sufficient to satisfy such withholding or other tax obligations (whether federal, state or local), and, in this regard, the Company may offer the Recipient various alternatives for satisfying such
obligations. Upon receipt of payment in full of all withholding tax obligations, the Company shall cause such Vested Award Shares to be issued and delivered to the Recipient. If the Recipient fails to timely make an election with respect to the
vesting of any Award Shares, then the method specified in Section 1.4(b)(2) shall automatically apply unless the Company determines that the method specified in Section 1.4(b)(1) should instead apply, in which case the Recipient shall be
required to comply and the Recipient agrees that the necessary withholding and other tax obligations (whether federal, state or local) imposed upon the Recipient shall be withheld from any amounts due or owing to the Recipient by the Company if the
Recipient does not timely provide such amounts. 
 1.5 Investment Representations. Recipient hereby represents, warrants,
covenants, and agrees with the Company as follows: 
 (a) The Award Shares being acquired by Recipient will be
acquired for Recipient’s own account without the participation of any other person, with the intent of holding the Award Shares for investment and without the intent of participating, directly or indirectly, in a distribution of the Award
Shares and not with a view to, or for resale in connection with, any distribution of the Award Shares, nor is Recipient aware of the existence of any distribution of the Award Shares; 

  
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Trust, Inc. Restricted Stock Award Agreement 
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 (b) Recipient is not acquiring the Award Shares based upon any
representation, oral or written, by any person with respect to the future value of, or income from, the Award Shares but rather upon an independent examination and judgment as to the prospects of the Company; 

(c) The Award Shares were not offered to Recipient by means of publicly disseminated advertisements or sales literature,
nor is the Recipient aware of any offers made to other persons by such means; 
 (d) Recipient is able to bear the
economic risks of the investment in the Award Shares, including the risk of a complete loss of Recipient’s investment therein; 

(e) Recipient understands and agrees that the Award Shares will be issued and sold to Recipient without registration
under any state law relating to the registration of securities for sale, and will be issued and sold in reliance on the exemptions from registration under the Securities Act of 1933 (the “1933 Act”), provided by Sections 3(b) and/or
4(2) thereof and the rules and regulations promulgated thereunder; 
 (f) The Award Shares cannot be offered for sale,
sold or transferred by Recipient other than pursuant to: (A) an effective registration under the 1933 Act or in a transaction otherwise in compliance with the 1933 Act; and (B) evidence satisfactory to the Company of compliance with the
applicable securities laws of other jurisdictions. The Company shall be entitled to rely upon an opinion of counsel satisfactory to it with respect to compliance with the above laws; 

(g) The Company will be under no obligation to register the Award Shares or to comply with any exemption available for
sale of the Award Shares without registration or filing, and the information or conditions necessary to permit routine sales of securities of the Company under Rule 144 of the 1933 Act are not now available and no assurance has been given that it or
they will become available. The Company is under no obligation to act in any manner so as to make Rule 144 available with respect to the Award Shares; 

(h) Recipient has and has had complete access to and the opportunity to review and make copies of all material documents
related to the business of the Company, including, but not limited to, contracts, financial statements, tax returns, leases, deeds, and other books and records. Recipient has examined such of these documents as Recipient has wished and is familiar
with the business and affairs of the Company. Recipient realizes that the purchase of the Award Shares is a speculative investment and that any possible profit therefrom is uncertain; 

(i) Recipient has had the opportunity to ask questions of and receive answers from the Company and any person acting on
its behalf and to obtain all material information reasonably available with respect to the Company and its affairs. Recipient has received all information and data with respect to the Company which Recipient has requested and which Recipient has
deemed relevant in connection with the evaluation of the merits and risks of Recipient’s investment in the Company; 

(j) Recipient has such knowledge and experience in financial and business matters that Recipient is capable of
evaluating the merits and risks of the purchase of the Award Shares hereunder and Recipient is able to bear the economic risk of such purchase; and 

(k) The agreements, representations, warranties, and covenants made by Recipient herein extend to and apply to all of
the Award Shares of the Company issued to Recipient pursuant to this restricted stock award. Acceptance by Recipient of such Award Shares shall constitute a confirmation by Recipient that all such agreements, representations, warranties, and
covenants made herein shall be true and correct at that time. 
  

	2	RESTRICTIONS & FORFEITURE OF AWARD SHARES 

2.1 Forfeiture of Award Shares. As a condition of receiving a grant of Award Shares pursuant to this Agreement, the Recipient
agrees that if, subsequent to the grant of the Award Shares, the Recipient, either directly or indirectly, on the Recipient’s own behalf or in the service or on behalf of others, serves as a principal, partner, officer, director, manager,
supervisor, administrator, consultant or employee engaged in any business which involves the business of investing in income-producing commercial real estate in the hospitality sector (a “Business Competing with the Business of the
Company”) while performing services for the Company and for a period ending one year from the date of the Recipient’s cessation of 

  
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Trust, Inc. Restricted Stock Award Agreement 
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services for the Company, and the Board determines in good faith that the Recipient has violated the provisions of this Section, then notwithstanding any other provisions contained in this
Agreement, (1) the Recipient (or any subsequent holder or transferee of the Award Shares) shall immediately forfeit any and all Vested and Unvested Shares and (2) the Recipient (or such subsequent holder or transferee of the Award Shares)
shall forfeit and return to the Company any amounts which Recipient (or such holder or transferee) received at the time of disposition of any Vested Shares within ten (10) calendar days of notice from the Company. 

2.2 Forfeiture upon Cessation of Services. Notwithstanding anything to the contrary herein, upon the Recipient’s cessation
of the performance of services for the Company, or any Parent or Subsidiary: 
 (a) by the Company for actions or
omissions which would constitute Cause, all Award Shares (including all Vested Award Shares and Unvested Award Shares) shall be forfeited, effective upon the date of such cessation of the performance of services; or 

(b) for any reason other than as set forth in 2.2(a) above (including, but not limited to, death or disability), all
Unvested Award Shares shall be forfeited, effective upon such cessation of the performance of services. 
 2.3 Restrictions on
Unvested Award Shares. None of the Unvested Award Shares may be conveyed, pledged, assigned, transferred, hypothecated, encumbered, or otherwise disposed of by Recipient, and any attempt to do so with respect to Unvested Award Shares shall be
null and void ab initio, unless the Board expressly authorizes such in writing, in which case the transferee shall be subject to all provisions of this Restricted Stock Award Agreement. If Unvested Award Shares are transferred pursuant to the
preceding sentence, the Recipient agrees to notify the Board at least thirty (30) days prior to such transfer, and the Board may require that the transferee thereof execute and deliver to the Company such documents and agreements as the Company
shall reasonably require to evidence the fact that the Award Shares to be owned, either directly or beneficially, by such transferee shall continue to be subject to all the restrictions set forth in this Agreement and all applicable rights in favor
of the Company set forth elsewhere herein, and that such transferee is subject to and bound by such restrictions and provisions. The restrictions of this Section 2.3 shall not apply to Vested Award Shares. 

2.4 Restrictions on Transfer of Award Shares. Award Shares shall be subject to the following transfer restrictions: 

(a) General Rule. None of the Award Shares may be conveyed, pledged, assigned, transferred, hypothecated,
encumbered, or otherwise disposed of by Recipient, or if the Award Shares are held or owned of record by a transferee, by such transferee, (either being referred to herein as the “Holder”), except as expressly provided in
subsections (b), (c), or (d) below.
 (b) Company Permitted Transfers. The Board may, but shall not be
obligated to, approve the transfer of any or all of the Award Shares upon the condition that the transferee thereof execute and deliver to the Company such documents and agreements as the Company shall require to evidence the fact that the Award
Shares to be owned, either directly or beneficially, by such transferee shall continue to be subject to all the restrictions set forth in this Agreement and all applicable rights in favor of the Company set forth herein, and that such transferee is
subject to and bound by such restrictions and provisions.
 (c) Transfers upon Death. The Award Shares may be
transferred by Holder to a transferee by bequest or by operation of the laws of descent and distribution upon the death of Holder upon the condition that the transferee thereof execute and deliver to the Company such documents and agreements as the
Company shall require to evidence the fact that the Award Shares to be owned, either directly or beneficially, by such transferee shall continue to be subject to all the restrictions set forth in this Agreement and all applicable rights in favor of
the Company set forth herein, and that such transferee is subject to and bound by such restrictions and provisions. 
 (d)
Post Service Period Transfers. The Award Shares may be transferred by Holder after the expiration of the one year period commencing on the date of the Recipient’s cessation of services for the Company (the “Post Service
Period”), if and only if Holder shall have first complied with the right of first refusal described in Section 2.6 below. 

  
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Trust, Inc. Restricted Stock Award Agreement 
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 2.5 Company’s Right to Repurchase. During the Post Service Period, the Company
shall have the right, but not the obligation, to purchase from Holder all or any portion of the Award Shares which have not been forfeited pursuant to Sections 2.1 or 2.2. The purchase price shall be the product of (1) a price per Award Share
(the “Repurchase Price Per Share”), multiplied by (2) the number of Vested Award Shares the Company is repurchasing. If the Company elects to exercise its right to repurchase pursuant to this Section 2.5, it shall do
so by giving written notice thereof to Holder, which notice shall specify the number of Award Shares held by Holder as to which the Company is exercising its repurchase right. The repurchase by the Company and the sale by Holder of such Award
Shares shall be consummated not later than thirty (30) days following the date the Company gives written notice of its exercise of such repurchase right. Payment of the purchase price by the Company shall be in cash or by the
Company’s check against delivery of the Award Shares being repurchased. The Repurchase Price Per Share shall equal the fair market value of a share of Common Stock (on a fully diluted basis) as of the last day of the most recent fiscal quarter
for which financial information is available, as determined by the Board of the Company. In making such determination, the Board may take into account factors that it, in good faith, deems relevant to such valuation, including the absence of a
trading market, the minority status of the Award Shares, and such other facts and circumstances deemed material to the value of the Award Shares in the hands of Recipient. 

2.6 Right of First Refusal. Before any Award Shares held by Holder may be sold or otherwise transferred (except for a transfer
under Sections 2.4(b) or 2.4(c)), the Company or the stockholders of the Company (the “Stockholders”) shall have a right of first refusal to purchase the Award Shares on the terms and conditions set forth in this Section 2.6
(the “Right of First Refusal”). 
 (a) Notice of Proposed Transfer. The Holder of the Award
Shares shall deliver to the Company a written notice (the “Notice”) stating (i) the Holder’s bona fide intention to sell or otherwise transfer such Award Shares, (ii) the name of each proposed purchaser or other
transferee (“Proposed Transferee”), (iii) the number of Award Shares to be transferred to each Proposed Transferee, and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the
Award Shares (the “Offered Price”); in addition, by providing the Notice, the Holder is deemed to be offering to sell the Shares at the Offered Price to the Company or the Stockholders, as the case may be. 

(b) Exercise of Right of First Refusal. At any time within sixty (60) days after receipt of the Notice (the
“Election Period”), the Company may, by giving written notice to the Holder, elect to purchase any or all of the Award Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price
determined in accordance with subsection (c) below. In the event the Company does not so elect to purchase any or all of the Award Shares proposed to be transferred, the Company shall promptly provide the Notice to the Stockholders. In such
event, at any time within the Election Period, the Stockholders may, by giving written notice to the Holder, elect to purchase any or all of the Award Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase
price determined in accordance with subsection (c) below. The Stockholders shall have the right to accept the offer to purchase the Award Shares proposed to be transferred for the consideration and on the terms and conditions specified in the
Notice, with each Stockholder having the right to acquire its Pro Rata Allotment (as defined below). “Pro Rata Allotment” shall mean with respect to any Award Shares proposed to be transferred, as determined for any Stockholder, the
number of such Award Shares multiplied by a fraction, the numerator of which is the number of shares of Common Stock owned of record on the relevant date of determination by such Stockholder (on an as if converted basis), and the denominator of
which is the number of shares of Common Stock owned of record on the relevant date of determination by all Stockholders (on a fully-diluted, as if converted basis). Each Stockholder shall have the right to assign its rights under this subsection
(b) to the Company, or to the other Stockholders (proportionately, based upon proportions of the Pro Rata Allotment allocated to each Stockholder, excluding the assigning Stockholder). 

(c) Purchase Price. The purchase price for the Award Shares purchased under this Section 2.6 shall be the
Offered Price. If the Offered Price includes consideration other than cash, the Board in good faith shall determine the cash equivalent value of the non-cash consideration. 

(d) Payment. Payment of the purchase price shall be made, at the option of the Company or the Stockholders, as
the case may be, either (i) in cash (by certified check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (if the Company shall be the purchasing party) or by any combination thereof within
thirty (30) days after receipt of the Notice or (ii) in the manner and at the time(s) set forth in the Notice. 

  
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 (e) Holder’s Right to Transfer. If all of the Award Shares
proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or the Stockholders as provided in this Section 2.6, then the Holder may sell or otherwise transfer such Award Shares to that Proposed
Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice and provided further that any such sale or other transfer is
effected in accordance with any applicable securities laws and the Proposed Transferee agrees in a manner satisfactory to the Company and in writing that the provisions of this Section 2.6 shall continue to apply to the Award Shares in the
hands of such Proposed Transferee. If the Award Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company or the Stockholders, as the case may be, and the Company
shall again be offered the Right of First Refusal, before any Award Shares held by the Holder may be sold or otherwise transferred. 

(f) Third Party Beneficiaries. Recipient agrees that the Stockholders are third party beneficiaries of the
provisions of this Section 2.6 and that the Stockholders may enforce such provisions as if they were parties hereto. Recipient acknowledges that decisions that the Stockholders make with respect to the Company may be made in reliance upon the
Recipient entering into this Agreement, and the Company would not enter into this Agreement without Recipient agreeing to the provisions of this Section 2.6. 

2.7 Pledging of Award Shares. If the Company incurs indebtedness and in connection therewith, at the time the Recipient receives
his Award Shares, all other stockholders of the Company have either pledged their shares of Common Stock, or have been asked to pledge their shares of Common Stock for the benefit of certain lenders of the Company, the Recipient, if so requested by
the Company, shall pledge any exercised Award Shares on the same terms and conditions as the other stockholders of the Company and shall take such actions as may be required to accomplish the pledge as may be requested by the Company. 

2.8 Market-Stand-Off Agreement. Recipient agrees that, if requested by the Company and its underwriters, Recipient will enter
into a lock-up or similar agreement not to sell or offer to sell any securities of the Company during the 180-day period following the effective date of a registration statement of the Company filed under the 1933 Act provided that such agreement
only applies to the first such registration statement of the Company which includes securities to be sold on the Company’s behalf to the public in an underwritten offering. 

2.9 Termination of Restrictions. The restrictions contained in Sections 2.4 through 2.7 above shall continue in effect,
notwithstanding the earlier termination or expiration of this Agreement, until ninety (90) days after the first sale of common stock of the Company to the general public pursuant to a registration statement filed with and declared effective by
the Securities and Exchange Commission (other than a registration statement solely covering an employee benefit plan or corporate reorganization). However, notwithstanding the foregoing, the Award Shares, whether owned by the Recipient or any
transferee thereof shall continue to be subject to all restrictions imposed under Section 2.1 through 2.2 until all Award Shares have become Vested Award Shares. 

2.10 Right of Setoff. At any closing of a purchase by the Company of Award Shares pursuant to Sections 2.5, or 2.6, the Company
shall have the right to set off against and to deduct from any sums payable by it in connection with the purchase of Award Shares, the principal amount of and all accrued but unpaid interest on any indebtedness of Recipient owing to the Company on
the date of the closing. 
  

	3	GENERAL PROVISIONS 

 3.1 Legends. Each
certificate (if any) representing the Award Shares shall, subject to Section 3.2 below, be endorsed with the following legend and Recipient shall not make any transfer of the Award Shares without first complying with the restrictions on
transfer described in such legend: 

  
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Trust, Inc. Restricted Stock Award Agreement 
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 TRANSFER IS RESTRICTED 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE
ARE SUBJECT TO A RIGHT OF FIRST REFUSAL AND OTHER RESTRICTIONS ON
TRANSFER SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT DATED [INSERT DATE OF THIS
AGREEMENT], A COPY OF WHICH IS AVAILABLE FROM THE COMPANY. 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OR HYPOTHECATED UNLESS (1) THERE
IS AN EFFECTIVE REGISTRATION UNDER SUCH ACT COVERING SUCH SECURITIES, (2) THE
TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT,
OR (3) THE ISSUER RECEIVES AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO
THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT. 

Recipient agrees that the Company may also endorse any other legends required by applicable federal or state securities laws. The Company need not register a
transfer of the Award Shares, and may also instruct its transfer agent, if any, not to register the transfer of the Award Shares unless the conditions specified in the foregoing legends are satisfied. 

3.2 Removal of Legend and Transfer Restrictions. 

(a) Any legend endorsed on a certificate pursuant to Section 3.1 and the stop transfer instructions with respect to
the Award Shares shall be removed and the Company shall issue a certificate without such legend to the holder thereof if such Award Shares are registered under the Securities Act and a prospectus meeting the requirements of Section 10 of the
Securities Act is available. 
 (b) The restrictions described in the second sentence of the legend set forth in
Section 3.1 may be removed at such time as permitted by Rule 144(k) promulgated under the Securities Act. 
 3.3
Governing Laws. This Agreement shall be construed, administered and enforced according to the laws of the State of Maryland; provided, however, no Award Shares shall be issued except, in the reasonable judgment of the Board, in compliance
with exemptions under applicable state securities laws of the state in which Recipient resides, and/or any other applicable securities laws. 

3.4 Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors,
and permitted assigns of the parties. 
 3.5 Notice. Except as otherwise specified herein, all notices and other
communications under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed
recipient at the last known address of the recipient. Any party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 

3.6 Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for
any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable
provision or portion thereof had never been contained herein. 
 3.7 Entire Agreement. Subject to the terms and conditions of
the Plan, this Agreement expresses the entire understanding and agreement of the parties with respect to the subject matter. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument. 
 3.8 Violation. Any transfer, pledge, sale, assignment, or hypothecation of the
Award Shares or any portion thereof shall be a violation of the terms of this Agreement and shall be null, void and without effect ab initio. 

3.9 Headings. Paragraph headings used herein are for convenience of reference only and shall not be considered in construing
this Agreement. 

  
 NexPoint Hospitality
Trust, Inc. Restricted Stock Award Agreement 
 Page 8 

 3.10 Specific Performance. In the event of any actual or threatened default in, or
breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in
equity, and all such rights and remedies shall be cumulative. 
 3.11 No Employment Rights Created. Neither the establishment
of the Plan nor the award of Award Shares hereunder shall be construed as giving Recipient the right to continued employment with the Company. 

3.12 Capitalized Terms. All capitalized terms used in this Agreement shall have the meanings given to them herein or in the
Plan. 
 3.13 No Disclosure Duty. The Recipient and the Company acknowledge and agree that the Company and its directors,
officers or employees shall have no duty or obligation to disclose to the Recipient any material information regarding the business of the Company or affecting the value of the Award Shares. 

3.14 Tax Consequences. RECIPIENT REPRESENTS THAT RECIPIENT
HAS BEEN ADVISED BY THE COMPANY TO CONSULT WITH, AND HAS FULLY
CONSULTED WITH, RECIPIENT’S OWN TAX CONSULTANTS REGARDING HIS MAKING A
CODE §83(B) ELECTION WITH RESPECT TO THE AWARD SHARES AND THE
RESULTING IMPACT ON RECIPIENT’S PERSONAL TAX SITUATION, PRIOR TO ENTERING
INTO THIS AGREEMENT AND THAT RECIPIENT IS NOT RELYING ON THE COMPANY
FOR ANY TAX ADVICE. RECIPIENT UNDERSTANDS THAT RECIPIENT MAY SUFFER ADVERSE
TAX CONSEQUENCES AS A RESULT OF RECIPIENT’S RECEIPT AND DISPOSITION
OF THE SHARES. RECIPIENT UNDERSTANDS THAT RECIPIENT MAY OR MAY NOT
MAKE A CODE §83(B) ELECTION WITH RESPECT TO THE AWARD SHARES,
BUT THAT RECIPIENT SHALL BE SUBJECT TO THE WITHHOLDING PROVISIONS OF
SECTION 1.4 HEREIN BASED UPON THE CHOICE OF RECIPIENT REGARDING SUCH CODE
§83(B) ELECTION AND THE CHOICE OF RECIPIENT REGARDING THE TIME AND
MANNER THAT WITHHOLDING OBLIGATIONS SHALL BE SATISFIED. 

IN WITNESS WHEREOF, the parties have executed and sealed this Agreement on the day and year first set forth above. 

 

							
	 COMPANY:
	 		 	RECIPIENT:
	 NEXPOINT HOSPITALITY TRUST,
INC.:
	 		 	
			
		 		 	  

				
	 By:
	 	  
	 		 	
	 Its:
	 	  
	 		 	
			
	 Attest:
	 		 	
				
	 By:
	 	  
	 		 	
	 Its:
	 	  
	 		 	

  
 NexPoint Hospitality
Trust, Inc. Restricted Stock Award Agreement 
 Page 9 

 EXHIBIT A 

DEFINITIONS 
 A.
Agreement shall mean this Restricted Stock Award Agreement. 
 B. Award Shares shall mean the shares of common stock of the Company which are
awarded to the Recipient subject to the terms and conditions of this Agreement. 
 C. Code shall mean the Internal Revenue Code of 1986, as amended
from time to time. 
 D. Code §83(b) Election shall mean the election available to the recipient of property transferred in connection with the
performance of services to include in gross income under Code §83(b) the excess of the fair market value of the property transferred determined as of the time of transfer over the amount (if any) paid for such property as compensation for
services. 
 E. Common Stock shall mean the common stock of the Company. 

F. Company shall mean NexPoint Hospitality Trust, Inc., and any successor thereto. 

G. Disability shall mean a physical or mental impairment that substantially limits one or more major life activities and prevents the Recipient from
performing his or her duties for the Company. 
 H. Plan shall mean the NexPoint Hospitality Trust, Inc. 2015 Restricted Share Plan. 

I. Recipient shall mean the individual shown on this Agreement as the Recipient. 

J. Unvested Award Shares shall mean the Award Shares which have not become vested pursuant to the Vesting Schedule or otherwise. 

K. Vested Award Shares shall mean the Award Shares which have become vested pursuant to the Vesting Schedule or otherwise. 

  
 NexPoint Hospitality
Trust, Inc. Restricted Stock Award Agreement 
 Exhibit A - Definitions 

Page 10 

 EXHIBIT B 

ELECTION UNDER SECTION 83(b) 

OF THE INTERNAL REVENUE CODE 

The undersigned taxpayer (the “Taxpayer”) hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as
amended, to include in his gross income for the current taxable year, the amount of any compensation taxable to him in connection with his receipt of the property described below: 

1. The name, address and taxpayer identification number of the undersigned Taxpayer are as follows: 

 

			
	Name:	 	  

	Address:	 	  

	Social Security Number (TIN):	 	  

 2. The property with respect to which the election is made is: 

 

			
	 	 	shares of Class A common stock of NexPoint Hospitality Trust, Inc.

 3. The date on which the property was transferred and the taxable year for which this election is made are:

  

			
	Date on Which Property Was Transferred:	 	  

		
	Taxable Year for Which Election is Made:	 	  

 4. The property is subject to transferability, forfeiture and other restrictions, all as set forth in a
Restricted Stock Award Agreement between the Taxpayer and NexPoint Hospitality Trust, Inc. 
 5. The fair market value at the time of
transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: 
  

											
	 $
	 	  
	 	/Share X	 	  
	 	Shares = $	 	  

 6. No amount was paid for such property. 

The undersigned Taxpayer has submitted copies of this statement to NexPoint Hospitality Trust, Inc., the person for whom the services were
performed in connection with the Taxpayer’s receipt of the above-described property. The Taxpayer is the person performing the services in connection with the transfer of said property. The undersigned Taxpayer understands that the foregoing
election may NOT be revoked except with the consent of the Commissioner, which will only be granted when the Taxpayer is under a mistake of fact as to the underlying transaction and when made within 60 days of the date such mistake of
fact first became known to the Taxpayer. 
 THE UNDERSIGNED TAXPAYER
UNDERSTANDS AND ACKNOWLEDGES THAT, FOR THIS ELECTION TO BE EFFECTIVE, COPIES
OF THIS COMPLETED ELECTION FORM MUST BE FILED WITH THE INTERNAL
REVENUE SERVICE (AT THE LOCATION WHERE THE TAXPAYER’S INCOME TAX
RETURN WOULD BE FILED) NOT LATER THAN 30 DAYS AFTER THE DATE THE
ABOVE-DESCRIBED PROPERTY WAS TRANSFERRED TO THE TAXPAYER, AND MUST ALSO
BE SUBMITTED WITH THE TAXPAYER’S FEDERAL INCOME TAX RETURN FOR
THE TAXABLE YEAR IN WHICH THE ABOVE-DESCRIBED PROPERTY WAS TRANSFERRED. A
COPY OF THIS COMPLETED ELECTION MUST ALSO BE SUBMITTED TO NEXPOINT
HOSPITALITY TRUST, INC., ALONG WITH FULL PAYMENT OF AMOUNTS REQUIRED TO
BE WITHHELD UNDER APPLICABLE LAW, WITHIN 30 DAYS AFTER THE DATE THE
ABOVE-DESCRIBED PROPERTY WAS TRANSFERRED TO THE TAXPAYER. 

 

			
	Dated this             day of             ,
20            .
		
	Signature:	 	  

 
			
	Name of Taxpayer:	 	  

  
 Code §83(b)
Election Form 

 EXHIBIT C 

WITHHOLDING ELECTION 
  

							
	TO: NexPoint Hospitality Trust, Inc.	  	Restricted Stock Award Agreement:
	  
 RE: Withholding Election
	  	Restricted Stock Award Agreement between the Recipient (designated below) and NexPoint Hospitality Trust, Inc. (the “Company”).
	  
 This election relates to the number of shares of common
stock of the Company which will vest on the date noted below (the “Vesting Shares”):
	  	  
 Date of Agreement:  
	 	  
  

	  
 Number of Vesting Shares:
	 	  
  
	  	  
 Total Number of Restricted Shares subject to Restricted
Stock Award
Agreement:                                       
                           

	  

Date of Vesting:                     
                                         
                    
	  		 	

 I, the undersigned Recipient, hereby certify that: 

-My correct name and social security number and my current address are set forth at the end of this document. 

-I have read and understand the Restricted Stock Award Agreement and the various methods by which withholding obligations regarding the Vesting Shares subject
to the Restricted Stock Award Agreement may be satisfied. 
 -I do hereby elect the following method of withholding pursuant to Section 1.4 of the
Restricted Stock Award Agreement with respect to any withholding or other tax obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of the Vesting Shares (the “Withholding
Obligations”), assuming that I have met all requirements under the Plan relative to such election and such election is approved by the Company: 
  

	 ̈	In accordance with Section 1.4(b)(1), I hereby elect to pay to the Company the entire amount of all Withholding Obligations with respect to the Vesting Shares in cash or by check on or before the Date of Vesting.

  

	 ̈	In accordance with Section 1.4(b)(2), I hereby elect that the entire amount of all Withholding Obligations with respect to the Vesting Shares should be paid by having the Company repurchase the smallest whole
number of the Vested Shares which, when multiplied by the fair market value per share of the common stock of the Company as of the close of business on the business day which is coincident with or immediately follows the Date of Vesting, will be
sufficient to satisfy the amount of such Withholding Obligations, and applying all the proceeds from such repurchase to such Withholding Obligations. I further acknowledge and understand that the repurchase by the Company of any Vested Shares may
result in tax consequences to me. 

  

	 ̈	In accordance with Section 1.4(b)(3), I hereby elect for the Company to withhold substantially equal amounts from my future compensation so that the total of such amounts shall, as of the Date of Vesting, be
designed to be sufficient to satisfy the amount of all Withholding Obligations with respect to the Vesting Shares. 

 -I understand that
capitalized terms used in this Notice of Withholding Election without definition herein shall have the meanings given to them in the Restricted Stock Award Agreement and in the Plan. 

-I also understand that if I do not timely (in accordance with the Restricted Stock Award Agreement and the Plan) submit this form properly completed, I shall
be responsible for timely paying all Withholding Obligations and that the Company may withhold an amount sufficient to pay all the Withholding Obligations from any other amounts due or owing to me (including salary) if I do not do so. 

 

							
	Dated this                     day
of                    , 20            	 		  	RECIPIENT:
				
	Recipient’s Address:	 		  		 	
	  
	 		  	  

	  
	 		  	Printed Name:	 	  

	  
	 		  	Social Security Number:
                    -                -     
       

  
 Withholding Election
FormEX-10.57

 EXHIBIT 10.57 

PROLOGIS, INC. 

LONG-TERM INCENTIVE PLAN 

LTIP UNIT AWARD AGREEMENT 
 Name of the
Grantee: [                            ] (the “Grantee”) 

No. of LTIP Units Awarded:
[                            ] 

Grant Effective Date: [                    ] 

RECITALS 
 A. The Grantee
is an employee of Prologis, Inc. (the “Company”) or a “Related Company” as defined in the Prologis, Inc. 2012 Long-Term Incentive Plan (as amended and supplemented from time to time, the
“Plan”) and provides services to Prologis, L.P., through which the Company conducts substantially all of its operations (the “Partnership”). 

B. Pursuant to the Limited Partnership Agreement of the Partnership (as amended and supplemented from time to time, the
“Partnership Agreement”), the Company as general partner of the Partnership hereby grants to the Grantee a Full Value Award (as defined in the Plan, referred to herein as an “Award”) in the form of,
and by causing the Partnership to issue to the Grantee, the number of LTIP Units (as defined in the Partnership Agreement) set forth above (the “Award LTIP Units”) having the rights, voting powers, restrictions, limitations
as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Partnership Agreement. 

[C. Pursuant to the Second Amended and Restated Prologis Promote Plan (as amended, restated and supplemented from time to time, the
“Promote Plan”), the Compensation Committee (the “Committee”) of the Board of Directors of the Company has determined that a Bonus (as defined in the Promote Plan) was payable to the Grantee in
connection with certain incentive distributions paid to the Company or its affiliate by [Applicable Fund]. This Award represents the portion of such Bonus payable to the Grantee, who is a Senior Executive (as defined in the Promote Plan), in
shares of Restricted Stock, Restricted Stock Units or LTIP Units (as such terms are defined in the Promote Plan), as determined by the Committee in accordance with the terms of the Promote Plan.] [For Promote Plan awards only] 

[C. This Award represents the Grantee’s award under the Company’s Annual Performance Award earned in 20[    ]]
[For annual awards] 
 [C. This Award represents the Grantee’s stock award received as part of the
Company’s Bonus Exchange program earned in 20[    ]] [For Bonus Exchange awards] 
 D. Upon the close
of business on the Grant Effective Date pursuant to this LTIP Unit Award Agreement (this “Agreement”), the Grantee shall receive the number of LTIP Units 

 
specified above, subject to the restrictions and conditions set forth herein[, in the Promote Plan]1, in the Plan, and in the Partnership
Agreement. [Unless otherwise indicated, capitalized terms used herein but not defined shall have the meanings given to those terms in the Promote Plan.] 

NOW, THEREFORE, the Company, the Partnership and the Grantee agree as follows: 

1. Effectiveness of Award. The Grantee shall be admitted as a partner of the Partnership with beneficial ownership of the Award
LTIP Units as of the Grant Effective Date by (i) signing and delivering to the Partnership a copy of this Agreement, (ii) signing, as a Limited Partner, and delivering to the Partnership a counterpart signature page to the Partnership
Agreement (attached hereto as Exhibit A) and (iii) making a Capital Contribution (as defined in the Partnership Agreement) in cash in the amount of $0.01 per Award LTIP Unit to the Partnership (the “Per Unit
Contribution”). Upon execution of this Agreement by the Grantee, the Partnership and the Company, the books and records of the Partnership maintained by the General Partner shall reflect the issuance to the Grantee of the Award LTIP
Units. Thereupon, the Grantee shall have all the rights of a Limited Partner (as defined in the Partnership Agreement) of the Partnership with respect to a number of LTIP Units equal to the Award LTIP Units, subject, however, to the restrictions and
conditions specified in Section 2 below and elsewhere herein. The LTIP Units are uncertificated securities of the Partnership and upon the Grantee’s request the General Partner shall confirm the number of LTIP Units issued to the Grantee.

 2. Vesting and Forfeiture of Award LTIP Units. 

(i) Subject to Section 11 hereof, and subsection 4.3 of the Plan, the Award LTIP Units will vest on the vesting schedule set forth below,
if the Grantee’s employment with the Company or any of its subsidiaries continues through such date (each a “Vesting Date”); provided, however, that (a) if the Grantee’s Termination Date (as defined in the
Plan) occurs by reason of death or Disability (as defined in the Plan), or if the Grantee satisfies the age and years of service conditions of Retirement (as defined in the Plan) (the “Age and Service Conditions”), any
unvested Award LTIP Units shall vest immediately on the Termination Date or the date on which the Grantee meets the Age and Service Conditions (as applicable) and the Termination Date or the date on which the Grantee meets the Age and Service
Conditions (as applicable) shall be deemed the “Vesting Date” for purposes of this Agreement, and (b) all Award LTIP Units that are not vested on or before the Grantee’s Termination Date shall thereupon, and with no further
action, be forfeited by the Grantee. 
  

			
	 Incremental Number

of Award LTIP Units Vested
	  	 Vesting Date

	                            	  	                    , 201[    ]
	                            	  	                    , 201[    ]
	                            	  	                    , 201[    ]

  

	1 	Bracketed provisions to be included in Promote Plan awards only. 

  
 2 

 (ii) Notwithstanding anything to the contrary set forth in this Agreement, this Award is subject
to the Recoupment Policy set forth in the Prologis Governance Guidelines and any other clawback policies that are adopted by the Company. 

(iii) Except as provided in the foregoing provisions of this Section 2, upon the Grantee’s Termination Date, the unvested Award LTIP
Units will thereupon be forfeited at no cost to the Company and Grantee’s right to vest in the Award LTIP Units will immediately terminate. For purposes of this Award, the Committee shall have the exclusive discretion to determine
Grantee’s Termination Date. 
 3. Distributions. The Grantee shall be entitled to receive distributions with respect to
the Award LTIP Units to the extent provided for in the Partnership Agreement as follows: 
 (a) The Award LTIP Units are
hereby designated as regular “LTIP Units.” 
 (b) The LTIP Unit Distribution Participation Date (as defined in the
Partnership Agreement) with respect to the Award LTIP Units is the Grant Effective Date. 
 (c) All distributions paid with
respect to the Award LTIP Units shall be fully vested and non-forfeitable when paid, whether or not the Award LTIP Units have been earned based on performance or have become vested based on continued employment as provided in Section 2 hereof.

 4. Rights with Respect to Award LTIP Units. Without duplication with the provisions of Section 4 of the Plan[, the
Promote Plan,] or Section 1.14 of Exhibit K to the Partnership Agreement, if (i) 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 capital stock of the Company or a transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization, or other similar change in the
capital structure of the Company, or any distribution to holders of Common Stock other than ordinary cash dividends, shall occur, or (iii) any other event shall occur which, in each case in the judgment of the Committee, necessitates action by
way of adjusting the terms of this Award, then and in that event, the Committee may take such action, if any, as it determines to be reasonably required to maintain the Grantee’s rights hereunder so that they are substantially proportionate to
the rights existing under this Agreement prior to such event, including, but not limited to, substitution of other awards under the Plan. 

5. Incorporation of [Promote Plan and ]the Plan; Interpretation by Committee. This Agreement is subject in all respects to the
terms, conditions, limitations and definitions contained in [the Promote Plan and] the Plan. In the event of any discrepancy or inconsistency between this Agreement[, the Promote Plan] and the Plan, the terms and conditions of the [Promote] Plan
shall control. The Committee may make such rules and regulations and establish such procedures for the administration of this Agreement as it deems appropriate. Without limiting the generality of the foregoing, the Committee may interpret [the
Promote Plan,] the Plan and this Agreement, with such interpretations to be conclusive and binding on all persons 

  
 3 

 
and otherwise accorded the maximum deference permitted by law. In the event of any dispute or disagreement as to interpretation of [the Promote Plan,] the Plan or this Agreement or of any rule,
regulation or procedure, or as to any question, right or obligation arising from or related to [the Promote Plan,] the Plan or this Agreement, the decision of the Committee shall be final and binding upon all persons. 

6. Restrictions on Transfer. 

(i) Except as otherwise permitted by the Committee, none of the Award LTIP Units granted hereunder nor any of the common units of the
Partnership into which such Award LTIP Units may be converted (the “Award Common Units”) shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, or encumbered, whether
voluntarily or by operation of law (each such action a “Transfer”) and right to Redemption (as defined in the Partnership Agreement) may not be exercised until such Award LTIP Units have vested pursuant to Section 2
hereof; provided, however, that Award LTIP Units may be Transferred prior to such date in accordance with Section 6.5 of the Plan, so long as the Transferee agrees in writing with the Company and the Partnership to be bound by all the terms and
conditions of this Agreement and the Partnership Agreement and that subsequent Transfers shall be prohibited except those in accordance with this Section 6. 

(ii) The right to Redemption may be exercised with respect to Award Common Units, and Award Common Units may be Transferred to the Partnership
or the Company in connection with the exercise thereof, in accordance with and to the extent otherwise permitted by the terms of the Partnership Agreement. Notwithstanding the foregoing, without the consent of the General Partner, the right to
Redemption shall not be exercisable with respect to any Award Common Units until two (2) years after the Grant Effective Date; provided however, that the foregoing restriction shall not apply (i) if the right of Redemption is exercised in
connection with a Change in Control (as defined in the Plan) or (ii) in connection with an LTIP Unit Forced Conversion in connection with a Capital Transaction as described in the Partnership Agreement. 

(iii) Additionally, all Transfers of Award LTIP Units or Award Common Units must be in compliance with all applicable securities laws
(including, without limitation, the Securities Act (as defined in the Partnership Agreement)) and the applicable terms and conditions of the Partnership Agreement. In connection with any Transfer of Award LTIP Units or Award Common 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). 

(iv) Any attempted Transfer of Award LTIP Units or Award Common Units not in accordance with the terms and conditions of this Section 6
shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any Award LTIP Units or Award Common Units 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 Award LTIP Units or Award Common Units. 

  
 4 

 (v) This Agreement is personal to the Grantee, is non-assignable and is not transferable in any
manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 
 7. Legend. The books
and records of the Partnership or other documentation evidencing the Award LTIP Units shall bear an appropriate legend or notation, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to
restrictions as set forth herein, [in the Promote Plan,] in the Plan and in the Partnership Agreement. 
 8. Tax Matters;
Section 83(b) Election. The Grantee hereby agrees to make an election to include in gross income in the year of transfer the unvested Award LTIP Units hereunder pursuant to Section 83(b) of the Code (as defined in the Plan)
substantially in the form attached hereto as Exhibit B and to supply the necessary information in accordance with the regulations promulgated thereunder. 

9. 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 the Award LTIP Units granted hereunder, the Grantee will pay to the Company or, if appropriate, any of its subsidiaries, 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. If this Award results in the payment of cash to
the Grantee or the issuance of shares of common stock, the Company shall have the right to deduct from all payments hereunder any taxes required by law to be withheld with respect to such payments, either in cash or, with the approval of the
Committee, in the form of shares of common stock, with such shares valued based on the Fair Market Value (as defined in the Plan) as of the date the withholding is in effect. The obligations of the Company under this Agreement will be conditional on
such payment or arrangements, and the Company and its subsidiaries also shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee. 

10. Amendment; Modification. This Agreement may only be modified or amended in a writing signed by the parties hereto, provided
that the Grantee acknowledges that the Plan [and the Promote Plan] may be amended or discontinued in accordance with Section 7 of the Plan [and Section 9 of the Promote Plan], 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 adversely affect the Grantee’s rights under this Agreement without the
Grantee’s written consent. 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. The failure of the Grantee or the Company or the Partnership to insist upon strict compliance with any provision of this Agreement, or to assert any right the Grantee or the
Company or the Partnership, respectively, may have under this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

  
 5 

 11. Change in Control. 

(i) In the event that, prior to the Vesting Date and prior to the date on which any applicable Award LTIP Units have otherwise been forfeited
and (a) while the Grantee is an employee and is providing services to the Company or a Related Company (as defined in the Plan), the Grantee’s employment is terminated by the Company or the successor to the Company or a Related Company
which is the Grantee’s employer for reasons other than Cause (as defined in the Plan), in any such case within 24 months following a Change in Control (as defined in the Plan) or (b) the Plan is terminated by the Company or its successor
following a Change in Control without provision for the continuation of this Award to the extent then unvested, then the Award LTIP Units (or to the extent applicable such other award, security or right to payment into which such Award LTIP Units
converted in connection with the Change in Control, as determined by the parties to such Change in Control) to the extent they have not otherwise cancelled or forfeited, shall immediately vest and the date of the vesting shall be the “Vesting
Date.” 
 (ii) For purposes of this Section 11, the Grantee’s employment shall be deemed to be terminated by the Company or
its successor (or a Related Company) if the Grantee terminates employment after (i) a substantial adverse alteration in the nature of the Grantee’s status or responsibilities from those in effect immediately prior to the Change in Control,
or (ii) a material reduction in the Grantee’s annual base salary and target bonus, if any, as in effect immediately prior to the Change in Control. In any event, if, upon a Change in Control, awards in other shares or securities are
substituted for outstanding Awards pursuant to Section 4 of the Plan (or a successor provision), and immediately following the Change in Control, the Grantee becomes employed by the entity into which the Company merged, or the purchaser of
substantially all of the assets of the Company, or a successor to such entity or purchaser, the Grantee shall not be treated as having terminated employment for purposes of this Section 11 until such time as the Grantee ceases to be an employee
and/or ceases to provide services to the merged entity or purchaser (or successor), as applicable. 
 (iii) Notwithstanding the foregoing,
unless otherwise provided in the Plan or by the Company in its discretion, the Award LTIP Units and the benefits evidenced by this Agreement do not create any entitlement to have the Award LTIP Units or any such benefits transferred to, or assumed
by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the stock of the Company or the equity securities of the Partnership. 

12. 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. 

13. Investment Representation; Registration. The Grantee hereby makes the covenants, representations and warranties set forth on
Exhibit C attached hereto as of the Grant Effective Date. All of such covenants, warranties and representations shall survive the execution and delivery of this Agreement by the Grantee. The Grantee shall immediately notify the Partnership
upon discovering that any of the representations or warranties set forth on Exhibit C  

  
 6 

 
was false when made or have, as a result of changes in circumstances, become false. The Partnership will have no obligation to register under the Securities Act any of the Award LTIP Units or any
other securities issued pursuant to this Agreement or upon conversion or exchange of the Award LTIP Units into other limited partnership interests of the Partnership or shares of capital stock of the Company. 

14. No Obligation to Continue Employment or Other Service Relationship. Neither the Company nor any Related Company is obligated
by or as a result of the Plan, [the Promote Plan] or this Agreement to continue to have the Grantee provide services to it or to continue the Grantee in employment and neither the Plan, the Promote Plan nor this Agreement shall interfere in any way
with the right of the Company or any Subsidiary to terminate its service relationship with the Grantee or the employment of the Grantee at any time. 

15. No Limit on Other Compensation Arrangements. Nothing contained in this Agreement shall preclude the Company from adopting or
continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons. 

16. Status of Award LTIP Units under the Plan. The Award LTIP Units are both issued as equity securities of the Partnership and
granted as a “Full Value Award” under the Plan. The Company will have the right at its option, as set forth in the Partnership Agreement, to issue Common Stock in exchange for partnership units into which Award LTIP Units may have been
converted pursuant to the Partnership Agreement, subject to certain limitations set forth in the Partnership Agreement, and such Common Stock, if issued, will be issued under the Plan. The Grantee acknowledges that the Grantee will have no right to
approve or disapprove such election by the Company. 
 17. Severability. If any term or provision of this Agreement is or
becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be
so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of Award LTIP Units hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the
award hereunder shall remain in full force and effect). 
 18. Section 409A. If any compensation provided by this
Agreement may result in the application of Section 409A of the Code, the Company shall, in consultation with the Grantee, modify the Agreement in the least restrictive manner necessary in order to, where applicable, (i) exclude such
compensation 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 and to make such modifications, in each case, without any diminution in the value of the benefits granted hereby to the Grantee. 

  
 7 

 19. Law Governing. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND. 

20. Headings. Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference.
Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof. 

21. Notices. Notices hereunder shall be mailed or delivered to the Partnership at its principal place of business and shall be
mailed or delivered to the Grantee at the address on file with the Partnership or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

22. Counterparts. This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and
all of which together shall constitute one and the same agreement. 
 23. Successors and Assigns. The rights and obligations
created hereunder shall be binding on the Grantee and his heirs and legal representatives and on the successors and assigns of the Partnership. 

24. Data Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants,
the Company and its agents may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary
or desirable for the administration of the Plan and/or this Agreement. 
 [Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, the undersigned have caused this Award to be executed on the
[    ] day of [                    ], 20    . 

 

			
	PROLOGIS, INC.
		
	By:		  

	Name:		
	Title:		
	
	PROLOGIS, L.P.
		
	By:		PROLOGIS, INC.,
	Its General Partner
		
	By:		  

	Name:		
	Title:		
		
	Grantee		
	
	  

	Name:		
		
	Address:		

  
 9 

 EXHIBIT A 

FORM OF LIMITED PARTNER SIGNATURE PAGE 

The Grantee, desiring to become one of the within named Limited Partners of Prologis, L.P., hereby becomes a party to the Thirteenth
Amended and Restated Agreement of Limited Partnership of Prologis, L.P., as amended through the date hereof (the “Partnership Agreement”).  

The Grantee constitutes and 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 the Grantee’s true and lawful agent and attorney-in-fact, with full power and authority in the Grantee’s name, place and stead to carry out all acts described in Section 2.4.A(i) and (ii) of the Partnership Agreement, such power of
attorney to be irrevocable and a power coupled with an interest pursuant to Section 2.4.B of the Partnership Agreement. 
 The Grantee
agrees that this signature page may be attached to any counterpart of the Partnership Agreement. 
  

			
	Signature Line for Grantee:
	
	  

	Name:		  

	Date:		  

	
	Address of Grantee:
	
	  

  
 10 

 EXHIBIT B 

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 20[    ]. 
  

	 	2.	Description of property with respect to which the election is being made: 

 The election is
being made with respect to [                 ] LTIP Units in Prologis, L.P. (the “Partnership”). 

 

	 	3.	The date on which the LTIP Units were transferred is [                 ]. The taxable year to which this election relates is calendar year
20 [    ]. 

  

	 	4.	Nature of restrictions to which the LTIP Units are subject: 

  

	 	(a)	With limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the consent of the Partnership. 

 

	 	(b)	The Taxpayer’s LTIP Units are subject to risk of forfeiture upon termination of the Taxpayer’s service relationship prior to vesting. 

 

	 	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 of the LTIP Units with respect
to which this election is being made was $0.01 per LTIP Unit. 

  

	 	6.	The amount paid by the Taxpayer for the LTIP Units was $0.01 per LTIP Unit. 

  

	 	7.	The amount to include in gross income is $0. 

  
 11 

 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. Additionally, the undersigned will include
a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing the services in connection with which the property was transferred. 

Dated: [                    ], 201[  ] 

 

			
	
	  

	Name:		

  
 12 

 EXHIBIT C 

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 latest Annual Report to Stockholders that has been provided 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 for the most recently ended quarter if one has been filed by the Company with the Securities
and Exchange Commission since the filing of the Form 10-K described in clause (iv) above; 
 (v) Each of the
Company’s Current Report(s) on Form 8-K, if any, filed since the later of the end of the fiscal year most recently ended for which a Form 10-K has been filed by the Company; 

(vi) The Thirteenth Amended and Restated Agreement of Limited Partnership of Prologis, L.P., as then amended; 

(vii) The Company’s 2012 Long-Term Incentive Plan; 

(viii) [The Company’s Promote Plan]; and 

(ix) The Company’s Articles of Incorporation, as then 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 Award LTIP Units shall not constitute an offer of Award LTIP Units 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 or her with respect to

  
 13 

 
the grant to him or her of LTIP Units, the potential conversion of LTIP Units into common units of the Partnership (“Common Units”) and the potential redemption of such Common
Units for shares of Common Stock (“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 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 or her own interest or has engaged representatives or advisors to assist
him or her in protecting his or her interests, and (III) is capable of bearing the economic risk of such investment. 
 (ii)
The Grantee understands that (A) the Grantee is responsible for consulting his or her 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 LTIP Units may become subject, to his or her 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 or will provide 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 this Award of LTIP Units; 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 LTIP Units 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 or her receipt of LTIP Units 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 LTIP Units. 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. The Grantee did not receive
any tax, legal or financial advice from the Partnership or the Company and, to the extent it deemed necessary, has consulted with its own advisors in connection with its evaluation of the Background Documents and this Agreement and the
Grantee’s receipt of LTIP Units. 
 (iii) The LTIP Units to be issued, the Common Units issuable upon conversion of the
LTIP Units and any Shares issued in connection with 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 LTIP Units, the Plan[, the Promote Plan] and this Agreement) at all times to sell or
otherwise dispose of all or any 

  
 14 

 
part of his or her LTIP Units, Common Units or Shares in compliance with the Securities Act, and applicable state securities laws, and subject, nevertheless, to the disposition of his or her
assets being at all times within his or her control. 
 (iv) The Grantee acknowledges that (A) neither the LTIP Units to
be issued, nor the Common Units issuable upon conversion of the LTIP Units, 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 LTIP Units 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 LTIP Units, 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 LTIP Units and Common Units and (E) neither the Partnership nor the Company has any obligation or intention to register such
LTIP Units or the Common Units issuable upon conversion of the LTIP Units 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 Shares, the Company currently intends to issue such Shares under the 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 Shares under the Plan at the time of such issuance and (II) the Company has filed an effective Form S-8 Registration Statement with the Securities and Exchange Commission registering the issuance of such Shares. The Grantee
hereby acknowledges that because of the restrictions on transfer or assignment of such LTIP Units acquired hereby and the Common Units issuable upon conversion of the LTIP Units which are set forth in the Partnership Agreement and this Agreement,
the Grantee may have to bear the economic risk of his or her ownership of the LTIP Units acquired hereby and the Common Units issuable upon conversion of the LTIP Units for an indefinite period of time. 

(v) The Grantee has determined that the LTIP Units are a suitable investment for the Grantee. 

(vi) No representations or warranties have been made to the Grantee by the Partnership or the Company, or any officer,
director, shareholder, agent, or affiliate of any of them, and the Grantee has received no information relating to an investment in the Partnership or the LTIP Units except the information specified in this Paragraph (b). 

(c) So long as the Grantee holds any LTIP Units, the Grantee shall disclose to the Partnership in writing such information as may be
reasonably requested with respect to ownership of LTIP Units 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 LTIP Units awarded hereunder, and has delivered with this Agreement a 

  
 15 

 
completed, executed copy of the election form attached to this Agreement as Exhibit B. 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 LTIP Units hereunder with the IRS Service Center at which such Grantee files his or her 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 the unvested LTIP Units are 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. 
 (f) The representations of the Grantee as set forth above are true and complete to the best of
the information and belief of the Grantee, and the Partnership shall be notified promptly of any changes in the foregoing representations. 

  
 16

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