Document:

EX-10.2 FORM OF 2007 MULTI-YEAR INCENTIVE AWARD

 

Exhibit 10.2

MEDICAL PROPERTIES TRUST, INC.

2007 MULTI-YEAR INCENTIVE PLAN

AWARD AGREEMENT

2007 MULTI-YEAR INCENTIVE PLAN AWARD AGREEMENT made as of date set forth on Schedule A
hereto between Medical Properties Trust, Inc., a Maryland corporation (the “Company”), its
subsidiary MPT Operating 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

     1. The Grantee is a key employee of the Company or one of its Subsidiaries or affiliates and
provides services to the Partnership.

     2. The Company has adopted the 2007 Multi-Year Incentive Plan (the “MIP”) pursuant to
the Second Amended and Restated Medical Properties Trust, Inc. 2004 Equity Incentive Plan (the
“2004 Plan”) to provide executive officers 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
shareholders. The MIP
consists of three separate components, all covered by this Agreement, designed collectively to
reward the Grantee for his contribution to the Company’s past superior performance, in terms of
both total return to shareholders and funds from operations, and to incentivize the Grantee to
contribute to superior performance for the benefit of the Company’s shareholders over the next
several years as follows: (i) a time-based restricted equity award (the “TBRE Award”); (ii)
a core performance restricted equity award (the “CPRE Award”); and (iii) a superior
performance restricted equity award (the “SPRE Award”).

     3. The MIP was adopted 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 2004 Plan, or any successor equity plan (as
any such plan may be amended, modified or supplemented from time to time, collectively the
“Equity Plan”)). This Agreement evidences an award to the Grantee under the MIP (this
“Award”), which is subject to the terms and conditions set forth herein.

     4. 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, but conditional upon the execution of this Agreement, the

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Committee awarded to the Grantee the number of LTIP Units (as defined herein) set forth in
Schedule A .

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

     1. Administration. The MIP and all awards thereunder, including this Award, shall be
administered by the Committee, which in the administration of the MIP shall have all the powers and
authority it has in the administration of the Stock Plan, as set forth in the Equity 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 MIP, consistent with the terms hereof and of the
Equity Plan.

     2. Definitions. Capitalized terms used herein without definitions shall have the
meanings given to those terms in the Equity Plan. In addition, as used herein:

     “Annual Base Price” means with regard to each Annual CPRE Performance Period, the Fair
Market Value of one share of Common Stock as of the applicable Annual CPRE Vesting Date (or, if
such day is not a trading day, the most recent trading day immediately preceding such day).

     “Annual CPRE Performance Period” means, with respect to the measurement of Total
Return and whether Award LTIP Units granted as part of the CPRE Award shall vest pursuant to
Section 4(b) hereof as of any particular Annual CPRE Vesting Date, the performance period
that begins January 1 of that Vesting Year and ends on December 31 of that Vesting Year;
provided, however, that the Annual CPRE Vesting Period ending on December 31, 2007
shall begin on the Effective Date and the Total Return hurdle for purposes of Section
4(b)(ii) shall be pro rated to 7.5% from 9%.

     “Annual CPRE Vesting Date” means each of December 31, 2007, 2008, 2009, 2010, 2011,
2012 and 2013.

     “Annual SPRE Vesting Date” means each of December 31, 2011, 2012 and 2013.

     “Annual TBRE Vesting Date” means each of December 31, 2007, 2008, 2009, 2010, 2011,
2012 and 2013.

     “Average Stock Price” means, as of any date, the average of the Fair Market Value of a
share of Common Stock over the thirty (30) consecutive trading days immediately preceding such
date.

     “Award LTIP Units” has the meaning set forth in Section 3.

     “Cause” for termination of the Grantee’s employment shall have the meaning set forth
in the Grantee’s Service Agreement.

     “Change of Control” for purposes of this Award Agreement will be deemed to have taken
place upon the occurrence of any of the following events: (i) any person, entity or affiliated

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group, excluding the Company or any employee benefit plan of the Company, acquiring more than 50%
of the then outstanding voting shares of the Company, (ii) the consummation of any merger or
consolidation of the Company into another company, such that the holders of the voting shares of
the Company immediately prior to such merger or consolidation own less than 50% of the voting power
of the securities of the surviving company or the parent of such surviving company, (iii) adoption
of a plan for complete liquidation of the Company or the sale or disposition of all or
substantially all of the Company’s or the Partnership’s assets, such that after the transaction,
the holders of the voting shares of the Company immediately prior to the transaction own less than
50% of the voting securities of the acquiror or the parent of the acquiror or (iv) during any
period of two (2) consecutive years, individuals who at the beginning of such period constituted
the Board (including for this purpose any new director whose election or nomination for election by
the Company’s stockholders was approved by a vote of at least a majority of the directors then
still in office who were directors at the beginning of such period) cease for any reason to
constitute at least a majority of the Board.

     “Closing Price” of a security other than the Common Stock means the closing price per
share of such security on the primary exchange or other quotation system on which the security is
traded as determined by the Committee consistently with the definition of Fair Market Value.

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

     “Common Stock” means shares of common stock, par value $0.001 per share, of the
Company either currently existing or authorized hereafter.

     “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 service
of the Company and any Subsidiary or affiliate in any capacity of employee or (if the Company
specifically agrees in writing that the Continuous Service is not uninterrupted) a member of the
Board or a consultant. An approved leave of absence shall include sick leave, military leave, or
any other authorized personal leave.

     “Cumulative SPRE Performance Period” means, with respect to the measurement of Total
Return and whether Award LTIP Units granted as part of the SPRE Award shall vest pursuant to
Section 4(c)(iv) hereof as of December 31, 2010, the performance period that begins on the
Effective Date and ends on the Superior Performance Measurement Date.

     “Distribution Value” means, as of a particular date of determination, the aggregate
amount of distributions paid on one Unit that was outstanding as of the Effective Date between the
Effective Date and such date of determination, adjusted to take into account any distributions in
the form of additional Units or other Partnership securities as provided in Section 9
hereof.

     “Effective Date” means March 1, 2007.

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     “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 share of
Common Stock as 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 Common Stock is
admitted to trading on a national securities exchange, the fair market value of a share of Common
Stock on any date shall be the closing sale price reported for such share on the exchange on such
date on which a sale was reported; (B) if the Common Stock is admitted to quotation on the National
Association of Securities Dealers Automated Quotation System (“NASDAQ”) or a successor quotation
system and has been designated as a National Market System (“NMS”) security, fair market value of a
share Common Stock on any date shall be the closing sale price reported for such share on the
system on such date on which a sale was reported; and (C) if the Common Stock is admitted to
quotation on the NASDAQ but has not been designated as an NMS security, fair market value of a
share of Common Stock on any such date shall be the average of the highest bid and lowest asked
prices for such share of Common Stock on the system on such date on which both the bid and asked
prices were reported.

     “Good Reason” for termination of the Grantee’s shall have the meaning set forth in the
Grantee’s Service Agreement.

     “LTIP Units” means units of limited partnership interest of the Partnership designated
as “LTIP Units” in the Partnership Agreement awarded under the MIP, having the rights, voting
powers, restrictions, limitations as to distributions, qualifications and terms and conditions of
redemption set forth in the Partnership Agreement.

     “MS REIT Index” means the Morgan Stanley REIT Index as published from time to time,
provided that if the MS REIT Index ceases to exist or be published during the term of this
Agreement and the Committee otherwise reasonably determines that it is no longer suitable for the
purposes of this Agreement, then the Committee in its reasonable discretion shall select an a
comparable index for purposes of making the Total Return comparison required by Section
4(c) hereof meaningful and consistent across the relevant measurement periods.

     “Partnership Agreement” means the Second Amended and Restated Agreement of Limited
Partnership of the Partnership, dated as of July ___, 2007, among Medical Properties Trust, LLC, a
Delaware limited liability company and currently the sole general partner of the Partnership, the
Company, as limited partner, and the other limited partners who are parties thereto, as amended
from time to time.

     “50th Percentile” is defined in accordance with standard statistical
methodology, such that for purposes of Section 4(c), if 50% of the REITs included in the MS
REIT Index had a Total Return for the applicable measurement period equal to or worse than the
Company’s Total Return for the same period, then the Company would be at the 50 th
percentile. Notwithstanding the foregoing, the Committee may, upon consideration of the
statistical distribution of the REITs included in the MS REIT Index within the full range of Total
Return for the applicable measurement period, exercise its reasonable discretion to allow for
vesting of LTIP Units granted as part of the SPRE Award under Section 4(c) on a basis other
than a strict mathematical

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calculation of the 50th Percentile. By way of illustration, if for the period the
Total Return of a number of REITs included in the MS REIT Index is clustered within a narrow range
such that the effect of the precise calculation of percentiles is that vesting would not occur, the
Committee could in its discretion conclude that vesting should nonetheless occur to the extent
appropriate in light of all the circumstances, including the Company’s Total Return performance
relative to the REITs included in the MS REIT Index taken as a whole.

     “Permanent Disability” shall have the meaning set forth in the Grantee’s Service
Agreement.

     “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 without Cause, (B) by the Grantee with Good Reason, or (C) as a result of the Grantee’s
death or Permanent Disability.

     “Service Agreement” means, as of a particular date, any employment, consulting or
similar service 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.

     “Total Return” means, with respect to a REIT included in the MS REIT Index or the
Company, as applicable, the total percentage return per share achieved by the common shares of such
REIT or the Company’s Common Stock, as applicable, assuming contemporaneous reinvestment in such
common shares or Common Stock of all dividends and other distributions, in each case measured
following the end of each Vesting Year for the applicable Annual CPRE Performance Period or the
Cumulative SPRE Performance Period, as the case may be. The Total Return performance of the
Company relative to the Total Return performance of the REITs included in the MS REIT Index will be
determined using the Fair Market Value of the Common Stock and the Closing Price of the common
shares of such REITs for the last trading day of the applicable period from the applicable Annual
Base Price (or for the first CPRE Annual Performance Period or the Cumulative SPRE Performance
Period from the Effective Date) and from the Closing Price for the common shares of each such REIT
on the last trading day of the calendar year immediately preceding the applicable Annual CPRE
Performance Period (or for the first CPRE Annual Performance Period or the Cumulative SPRE
Performance Period, from the Effective Date).

     “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.

     “Vesting Year” means each of (i) the period beginning on the Effective date and ending
on December 31, 2007 and (ii) each calendar year in the six-year period beginning January 1, 2008
and ending December 31, 2013.

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     3. Award of LTIP Units. On the terms and conditions set forth in this Agreement, as
well as the terms and conditions of the Equity Plan, the Grantee is hereby granted this Award
consisting of the number of LTIP Units set forth on Schedule A hereto, which is
incorporated herein by reference (the “Award LTIP Units”), divided among the TBRE Award,
the CPRE Award and the SPRE Award as provided in Schedule A. The Award LTIP Units have
been issued to the Grantee and constitute and shall be treated as the property of the Grantee in
accordance with the terms of this Agreement and the Partnership Agreement. Award LTIP Units will
be: (A) subject to forfeiture to the extent provided in Section 4; and (B) subject to
vesting as provided in Section 4 and Section 5 hereof.

     4. Vesting of Award LTIP Units. 

(a) TBRE Award

     (i) Except as otherwise provided in Section 5 hereof, the Award LTIP
Units granted as part of the TBRE Award shall become vested in the following
amounts, provided that the Continuous Service of the Grantee continues
through and on the applicable Annual TBRE Vesting Date or the accelerated vesting
date provided in Section 5 hereof, as applicable.

	 	 	 	 	 	 	 
	 	 	Number of Award LTIP Units	 	 
	 	 	in TBRE Award Becoming	 	Cumulative
	Vesting Date	 	Vested	 	Percentage Vested
	December 31, 2007

	 	                     (14.286%)
	 	 	14.286	%
	 
	 	 	 	 	 	 
	December 31, 2008

	 	                     (14.286%)
	 	 	28.572	%
	 
	 	 	 	 	 	 
	December 31, 2009

	 	                     (14.286%)
	 	 	42.858	%
	 
	 	 	 	 	 	 
	December 31, 2010

	 	                     (14.286%)
	 	 	57.144	%
	 
	 	 	 	 	 	 
	December 31, 2011

	 	                     (14.286%)
	 	 	71.430	%
	 
	 	 	 	 	 	 
	December 31, 2012

	 	                     (14.285%)
	 	 	85.715	%
	 
	 	 	 	 	 	 
	December 31, 2013

	 	                     (14.285%)
	 	 	100.000	%

     (ii) There shall be no proportionate or partial vesting of Award LTIP Units
granted as part of the TBRE Award in or during the months, days or periods prior to
each Annual TBRE Vesting
Date and, subject to Section 5 hereof, vesting of
Award LTIP Units granted as part of the TBRE Award shall occur on the applicable
Annual TBRE Vesting Date. Any Award LTIP Units granted as part of the TBRE Award
that do not become vested pursuant to this Section 4(a) or Section 5
shall, without payment of any consideration by the Partnership,

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automatically and without notice terminate, be forfeited and 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 unvested Award LTIP Units.

(b) CPRE Award

     (i) The Grantee’s Award LTIP Units granted as part of the CPRE Award shall be
eligible for vesting over a seven-year period, except as otherwise provided in
Section 5 hereof, based on the Company’s performance in terms of Total
Return for (or on a cumulative basis through, as applicable) each Annual CPRE
Performance Period, with vesting occurring at the times, in the amounts and upon the
conditions set forth in this Section 4(b), provided that the
Continuous Service of the Grantee continues through and on the relevant Annual CPRE
Vesting Date or the accelerated vesting date provided in Section 5 hereof,
as applicable.

     (ii) As soon as practicable following the end of each Vesting Year, the
Committee will determine (x) the Total Return of the Company for the applicable
Annual CPRE Performance Period and (y) for Vesting Years after the first Vesting
Year, the Total Return of the Company from the Effective Date through the applicable
Annual CPRE Vesting Date on a cumulative basis, and then perform the following
calculations with respect to the Award LTIP Units granted as part of the CPRE Award:

(A) if both (I) the Company’s Total Return for the applicable Annual
CPRE Performance Period is below 9% (7.5% for the first Annual CPRE
Performance Period) and (II) the Company’s Total Return from the Effective
Date through the applicable Annual CPRE Vesting Date on a cumulative basis
are below a simple 9% per year (7.5% for the first Annual CPRE Performance
Period), then none of the Grantee’s Award LTIP Units granted as part of the
CPRE Award will become vested as of the applicable Annual CPRE Vesting Date;

(B) if for the applicable Annual CPRE Performance Period the Company’s
Total Return is 9% (7.5% for the first Annual CPRE Performance Period) or
higher, then 14.286% of the Grantee’s Award LTIP Units granted as part of
the CPRE Award will become vested as of the applicable Annual CPRE Vesting
Date;

(C) if the Company’s Total Return from the Effective Date through the
applicable Annual CPRE Vesting Date on a cumulative basis is equal to or
greater than a simple 9% per year (7.5% for the first Annual CPRE
Performance Period), then the sum of (I) 14.286% of the Grantee’s Award LTIP
Units granted as part of the CPRE Award (but without duplication of the
vesting percentage set forth in Section 4(b)(ii)(B)) and (II) any
portion of the Grantee’s Award LTIP Units granted as part of the CPRE Award

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that failed to vest on prior Annual CPRE Vesting Dates will become vested as
of the applicable Annual CPRE Vesting Date;

     (iii) For the avoidance of doubt, the intent of the foregoing clauses (A), (B)
and (C) is to give the Grantee the benefit of a full carry-back and carry-forward
feature if the minimum 9% per year (7.5% for the first Annual CPRE Performance
Period) simple Total Return performance criterion is not achieved in any one Annual
CPRE Performance Period, such that LTIP Units granted as part of the CPRE Award that
failed to vest based on performance on an Annual CPRE Vesting Date may still become
vested on a subsequent Annual CBRE Vesting Date upon the satisfaction of the
performance criterion on a cumulative basis. If the cumulative performance
criterion is satisfied, then any LTIP Units granted as part of the CPRE Award that
failed to vest as of any of the prior Annual CPRE Vesting Dates shall become vested
as of the later Annual CPRE Vesting Date.

     (iv) Any Award LTIP Units granted as part of the CPRE Award that do not become
vested pursuant to this Section 4(b) or Section 5 shall, without
payment of any consideration by the Partnership, automatically and without notice
terminate, be forfeited and 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 unvested Award LTIP Units.

(c) SPRE Award

     (i) The Grantee’s Award LTIP Units granted as part of the SPRE Award shall be
eligible for vesting over a seven-year period, except as otherwise provided in
Section 5 hereof, based on a combination of (A) the Company’s performance
over a four-year period in terms of increase in the Average Stock Price as provided
in Sections 4(c)(ii), 4(c)(iii) and 4(c)(iv) and (B) the
passage of time (three years) as provided in Sections 4(c)(v). Vesting will
occur at the times, in the amounts and upon the conditions set forth in this
Section 4(c), provided that the Continuous Service of the Grantee
continues through and on the each Annual SPRE Vesting Date or the accelerated
vesting date provided in Section 5 hereof, as applicable.

     (ii) If after January 1, 2009, but before December 31, 2010, the Average Stock
Price is at or above $26.00 (subject to adjustment as provided in Section 9
hereof) on each trading day in a period of thirty (30) consecutive trading days,
then 100.000% of the Award LTIP Units granted as part of the SPRE Award will be
earned based on performance (subject to time vesting as provided in Section
4(c)(v)) as of the last trading day in such 30-trading day period.

     (iii) If as of December 31, 2010 the Award LTIP Units granted as part of the
SPRE Award have not been earned based on performance pursuant to Section
4(c)(ii), as soon as practicable following December 31, 2010 the Company will
calculate the Average Stock Price as of December 31, 2010 and the

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LTIP Units granted as part of the SPRE Award will be earned based on
performance (subject to time vesting as provided in Section 4(c)(v)) as
follows:

	 	 	 	 	 
	Average Stock Price (Subject to adjustment as provided in Section 9 hereof )	 	Percentage Earned
	Less than $20.00
	 	 	0.000	%
	 
	 	 	 	 
	Equal to or greater than $20.00 and less than $22.00
	 	 	33.334	%
	 
	 	 	 	 
	Equal to or greater than $22.00 and less than $24.00
	 	 	58.334	%
	 
	 	 	 	 
	Equal to or greater than $24.00 and less than $26.00
	 	 	75.000	%
	 
	 	 	 	 
	Equal to or greater than $26.00
	 	 	100.000	%

     (iv) Notwithstanding Section 4(c)(iii), if as of December 31, 2010 the
Award LTIP Units granted as part of the SPRE Award have not been earned based on
performance pursuant to Section 4(c)(ii) or Section 4(c)(iii), and
the Average Stock Price is less than $20 (subject to adjustment as provided in
Section 9 hereof), as soon as practicable following the Superior Performance
Measurement Date:

(A) the Committee will determine the Total Return of the Company for
the Cumulative SPRE Performance Period (from the Effective Date through
December 31, 2010);

(B) the Committee will determine the Total Return of the REITs included
in the MS REIT Index for the Cumulative SPRE Performance Period (from the
Effective Date through December 31, 2010); and

(C) if the Company’s Total Return calculated pursuant to clause (A)
above is at or above the 50th Percentile of the Total Return of
the REITs included in the MS REIT Index calculated pursuant to clause (B)
above, then 33.334% of the Award LTIP Units granted as part of the SPRE
Award will be earned based on performance (subject to time vesting as
provided in Section 4(c)(v)) as of December 31, 2010.

     (v) If any of the Award LTIP Units granted as part of the SPRE Award have been
earned based on performance as provided in Section 4(c)(ii),
4(c)(iii) or 4(c)(iv) (such LTIP Units, the “Earned SPRE
Award”), then subject to Section 5 hereof, the Earned SPRE Award shall
become vested in the following amounts, provided that the Continuous Service
of the Grantee continues through and on the applicable Annual SPRE Vesting Date or
the accelerated vesting date provided in Section 5 hereof, as applicable:

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     (A) thirty-three and one-third percent (33.33%) of the Earned SPRE Award
shall become vested on December 31, 2011;

     (B) an additional thirty-three and one-third percent (33.33%) of the Earned
SPRE Award shall become vested on December 31, 2012; and

     (C) an additional thirty-three and one-fourth percent (33.34%) of the Earned
SPRE Award shall become vested on December 31, 2013.

     (vi) Any Award LTIP Units granted as part of the CPRE Award that do not become
vested pursuant to this Section 4(b) or Section 5 shall, without
payment of any consideration by the Partnership, automatically and without notice
terminate, be forfeited and 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 unvested Award LTIP Units.

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 Award LTIP Units 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 Award
LTIP Units. 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 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 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, provided that if vesting would not
otherwise occur upon such deemed termination pursuant to this Agreement, 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 Award LTIP Units that have not
previously been forfeited effective immediately prior to such event.

          (b) In the event of a Change of Control or Qualified Termination, then the Grantee
shall become 100% vested in all unvested Award LTIP Units, included LTIP Units granted as
part of the TBRE Award, the CPRE Award and the SPRE Award, automatically as of the date of,
and immediately before, the Change of Control or Qualified Termination, regardless of the
calculations provided or other conditions set forth in Section 4 hereof.

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          (c) Notwithstanding the foregoing, in the event vesting pursuant to this Section
5 is 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 Grantee’s “separation
from service” (as defined in Section 409A of the Code) shall be delayed until the
expiration of such six-month period.

          (d) In the event of a termination of employment or other cessation of the Grantee’s
Continuous Service other than a Qualified Termination, effective as of the date of such
termination or cessation all Award LTIP Units except for those that had previously become
vested pursuant to Section 4 or Section 5 hereof shall automatically and
immediately be forfeited by the Grantee and thereafter no further calculations pursuant to
Section 4 hereof shall be performed with respect to the Grantee’s LTIP Units
granted as part of the CPRE Award or the SPRE Award. Any such forfeited Award LTIP Units
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 Award LTIP Units. If the Grantee’s employment with the Company
or a Subsidiary or affiliate terminates as a result of his or her retirement, the Committee
may, on a case-by-case basis and in its sole discretion, provide for partial or complete
vesting prior to such retirement of all or a portion of his Award LTIP Units that have not
previously been forfeited.

          (e) To the extent that the Grantee’s Service Agreement entitles the Grantee to receive
severance payments or other similar benefit in case of a termination of the Grantee’s
employment following a Change of Control or a similar event (“Change of Control Benefits”),
then for purposes of calculating the Grantee’s entitlement to such Change of Control
Benefits, Award LTIP Units shall be included as part of the Grantee’s bonus amount, or any
other similar term used in the Grantee’s Service Agreement, in the year of vesting only if
and to the extent specifically provided in such Service Agreement. If included, the value
of Award LTIP Units for purposes of determining such bonus amount shall be calculated by
multiplying the Fair Market Value of a share of the Company’s Common Stock at the time of
vesting by the number of Award LTIP Units that became vested.

          (f) To the extent that Schedule A provides for amounts or schedules of vesting
that conflict with the provisions of this Section 5, the provisions of Schedule
A will be controlling and determinative.

     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 Award LTIP Units.

     7. Distributions.

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          (a) 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 modified hereby, if
applicable.

          (b) The Distribution Participation Date (as defined in the Partnership Agreement) with
respect to LTIP Units granted as part of the TBRE Award and the CPRE Award shall be the
Effective Date and such LTIP Units shall be entitled to the full distribution payable on
Units outstanding as of the record dates for the first and second 2007 quarterly
distributions even though they were not outstanding for the whole period.

          (c) The Distribution Participation Date (as defined in the Partnership Agreement) with
respect to LTIP Units granted as part of the SPRE Award shall be the Effective Date,
provided, however, that until the earlier of (i) the date on which such
LTIP Units have been earned based on performance as provided in Section 4(c)(ii),
4(c)(iii) or 4(c)(iv) hereof or (ii) the date on which such LTIP Units have
become fully vested upon a Change of Control or Qualified termination as provided in
Section 5 hereof, such LTIP Units shall only be entitled to per Unit distributions
equal to 20 % of the per Units distributions payable on LTIP Units awarded as part of the
TBRE Award. The Earned SPRE Award shall be entitled to the full distribution payable on
Units outstanding as of the record dates for the quarterly distribution next following the
date on which they are earned based on performance as provided in Section 4(c)(ii),
4(c)(iii) or 4(c)(iv) hereof such Participation Date even though they may
not have been outstanding for the whole period.

          (d) To the extent that any LTIP Units are not issued until a date after the applicable
Participation Date, an amount equal to the Distribution Value attributable to such LTIP
Units (calculated as provided in Section 7(b) or Section 7(c), as
applicable, shall be paid to the Grantee in cash promptly following the date of such
issuance.

          (e) All distributions paid with respect to Award LTIP Units, including amounts paid on
account of the Distribution Value, if any, shall be fully vested and non-forfeitable when
paid, whether or not the underlying Award LTIP Units have been earned based on performance
or have become vested based on the passage of time.

     8. Restrictions on Transfer. None of the Award LTIP Units 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) prior to
vesting, (b) for a period of two (2) years beginning on the Effective Date other than in connection
with a Change of Control, and (c) 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 that, upon the approval of, and subject
to the terms and conditions specified by, the Committee, unvested Award LTIP Units that have been
held for a period of at least two (2) years may be Transferred to (i) the parents, siblings,
spouse, children or grandchildren of the Grantee (“Immediate Family Members”), (ii) a trust
or trusts for the exclusive benefit of the Grantee and such Immediate Family Members, (iii) a

12

 

 

partnership in which the Grantee and such Immediate Family Members are the only partners, or
(iv) one or more entities in which the Grantee has a 10% or greater equity interest, provided that
the Transferee agrees in writing with the Company and the Partnership to be bound by all the terms
and conditions of this Agreement and that subsequent transfers of unvested Award LTIP Units shall
be prohibited except those in accordance with this Section 8. In connection with any
Transfer of Award 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 Award LTIP Units 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 LTIP 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 LTIP Units.
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.

     9. Changes in Capital Structure. Without duplication with the provisions of Section
12.3 of the 2004 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 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 MIP or the LTIP Units, 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 MIP and
the terms of the LTIP Units prior to such event, including, without limitation: (i) adjustments in
the Award LTIP Units, Distribution Value, Total Return or other pertinent terms of this Award; and
(ii) substitution of other awards under the Equity Plan or otherwise. The Grantee shall have the
right to vote the Award LTIP Units 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 acting through the Committee; 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 2004 Plan may be amended or discontinued in
accordance with its terms 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

13

 

 

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.

          (b) Incorporation of Equity Plan; Committee Determinations. The provisions of the
Equity Plan are hereby incorporated by reference as if set forth herein. In the event of a
conflict between this Agreement and the Equity Plan, 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.

          (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 Award LTIP Units issued to the Grantee as of such date pursuant to Section 3 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 Agreement shall be amended from
time to time as applicable to reflect the issuance to the Grantee of Award LTIP Units pursuant to
Section 3 hereof, if any, whereupon the Grantee shall have all the rights of a Limited
Partner of the Partnership with respect to the number of LTIP Units 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 LTIP Units under the 2004 Plan. Insofar as the LTIP has been
established as an incentive program of the Company and the Partnership, the Award LTIP Units are
both issued as equity securities of the Partnership and granted as “OTHER STOCK-BASED awards” under
the 2004 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 Award LTIP Units 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
Equity Plan. The Grantee must be eligible to receive the Award LTIP Units 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 Award LTIP Units shall bear
an appropriate legend, 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 Equity Plan and in the
Partnership Agreement.

          (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 LTIP Units will become

14

 

 

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 and 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 LTIP Units or any other securities issued pursuant to this Agreement or upon conversion or
exchange of LTIP Units. The Grantee agrees that any resale of the shares of Common Stock received
upon the exchange of Units into which LTIP Units 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 each separate issuance of LTIP Units
under this Award pursuant to Section 3 hereof the Grantee hereby agrees to make an election
to include in gross income in the year of transfer the applicable Award LTIP Units pursuant to
Section 83(b) of the Code substantially in the form attached hereto as Exhibit C and to
supply the necessary information 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 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.

          (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.

15

 

 

          (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. 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, 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 Award LTIP Units 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.

          (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]

16

 

 

     IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the
      day of                     , 2007.

	 	 	 	 	 
	 	MEDICAL PROPERTIES TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MPT OPERATING PARTNERSHIP, L.P.

 	 
	 	By:  	Medical Properties Trust, LLC,
 	 
	 	 	its general partner 	 
	 	 	 
	 	By:  	
 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GRANTEE
	 	 	 
	 	
 
	 	Name:  	 	 
	 	 	 

17

 

	 	 	 	 	 

 

EXHIBIT A

FORM OF LIMITED PARTNER SIGNATURE PAGE

     The Grantee, desiring to become one of the within named Limited Partners of MPT Operating
Partnership, 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 Second
Amended and restated Agreement of Limited Partnership, dated as of July ___, 2007, of MPT Operating
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.
	 
	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 Medical Properties
Trust, Inc. (“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 the Partnership
Agreement. 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

18

 

 

	 	 	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.	 	(a) 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,
(x) any amendment to the provisions of
Section 8.04 (Redemption Right) 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 (y) 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).
	 
		 	(b) 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.
	 
	5.	 	The Limited Partner agrees that it will not transfer any interest in the Partnership Units
(x) through (i) a national, non-U.S., regional, local or other securities exchange, (ii)
PORTAL or (iii) 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 (y) 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.
	 
	6.	 	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.

19

 

 

	 	 	 	 	 
	 	 	Signature Line for Limited Partner:
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Date:
	 	                          , 2007
	 
	 	 	 	 
	 	 	Address of Limited Partner:
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 

20

 

 

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 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 by the Company
with the Securities and Exchange Commission since the filing of the Form 10-K described in
clause (iii) above;

          (vi) The Partnership Agreement;

          (vii) The 2004 Plan; and

          (viii) The Company’s Articles of Incorporation, 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 LTIP Units shall not constitute an
offer of 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 with respect to the grant to him of LTIP
Units, the potential conversion of LTIP Units into common 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

21

 

 

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
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 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 LTIP Units 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 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 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.

          (iii) The LTIP Units to be issued, the Common Units issuable upon conversion of the
LTIP Units and any REIT 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 Equity 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 LTIP Units, 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.

22

 

 

          (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 REIT
Shares, the Company may issue such REIT Shares under the Equity 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 Equity 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 LTIP Units
acquired hereby and the Common Units issuable upon conversion of the LTIP Units 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 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 paragraph (b) above.

          (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.

23

 

 

          (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 completed, executed
copy of the election form attached hereto as Exhibit C. The Grantee agrees to file the
election (or to permit the Company 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 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 LTIP Units 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.

24

 

 

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 with respect to the property described below and supplies the following information in
accordance with the regulations promulgated thereunder:

	 	1.	 	The name, address and taxpayer ID number of the undersigned are:
	 
	 	 	 	Name:                                                             (the “Taxpayer”)
	 
	 	 	 	Address:
                                                                                
	 
	 	 	 	                                                                                                    
	 
	 	 	 	Social Security No./Taxpayer Identification No.:                     
	 
	 	2.	 	Description of property with respect to which the election is being made:
	 
	 	 	 	The election is being made with respect to
                     LTIP Units
in MPT Operating Partnership, L.P. (the “Partnership”).
	 
	 	3.	 	The date on which the LTIP Units were transferred is                           , 2007. The
taxable year to which this election relates is calendar year 2007.
	 
	 	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 vest in accordance with the vesting
provisions described in the Schedule attached hereto. Unvested LTIP Units 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 restrictions which by their terms will never lapse) of the
LTIP Units with respect to which this election is being made was: (i) $0 per LTIP
Unit.
	 
	 	6.	 	The amount paid by the Taxpayer for the LTIP Units was $0 per LTIP Unit.
	 
	 	7.	 	A copy of this statement has been furnished to the Partnership and Medical
Properties Trust, Inc.

     Dated:                     , 2007

	 	 	 
	 

	 	 
	 

	 	Name:

25

 

 

SCHEDULE TO EXHIBIT C

Vesting Provisions of LTIP Units

     The LTIP Units are subject to time —based and performance-based vesting as follows:

	 	1.	 	                     LTIP Units are subject to time-based vesting over a seven-year period (or
earlier in certain circumstances) (14.285% per year) based only on continuous service.
	 
	 	2.	 	                     LTIP Units are subject to performance-based vesting over a seven-year
period (assuming continuous service). Performance-based vesting will be from 0-100% based
on Medical Properties Trust, Inc.’s (the “Company”) per-share total return to holders of
the Company’s common stock (the “Total Return”) for the period from March 1, 2007 to
December 31, 2013 (or earlier in certain circumstances) exceeding a simple annual Total
Return of 9%, including a carry-back and carry-forward feature over the entire seven-year
period.
	 
	 	3.	 	                     LTIP Units are subject to a combination of performance-based and time-based
vesting over a combined seven-year period (assuming continuous service) as follows:

(i) Performance-based vesting will be from 0-100% based on the
trading price of the Company’s common stock reaching specified
levels between $20 per share and $26 per share over the period
from March 1, 2007 to December 31, 2010 (or earlier in certain
circumstances). However, if at the end of the four-year
performance period (or earlier in certain circumstances) the price
of the Company’s common stock is below $20 per share, but the
Company’s Total Return over the period on a cumulative basis is at
or above the 50th percentile for all REITs included in
the Morgan Stanley REIT Index, then one third of such LTIP Units
will vest based on performance.

(ii) Time-based vesting of any LTIP Units that have become vested
based on performance as provided in clause (i) above will occur
over a three-year period (or earlier in certain circumstances)
based only on continuous service as follows: one third on each of
December 31, 2011, 2012 and 2013.

     The above vesting is conditioned upon the Taxpayer remaining an employee of the Company or an
affiliate through the applicable vesting dates, and subject to acceleration in the event of a
change of control of the Company or termination of the Taxpayer’s service relationship with the
Company under specified circumstances.

26

 

 

Unvested LTIP Units are subject to forfeiture in the event of failure to vest based on the
applicable criterion.

27

 

 

SCHEDULE A TO 2007 LTIP AWARD AGREEMENT

	 
	Date of Award Agreement:

	 

	Name of Grantee:

	 

	Total of LTIP Units Subject to Grant (X+Y+Z):

	 

	X. TBRE Award:

	 

	Y. CPRE Award:

	 

	Z. SPRE Award:

	 

	Grant Date:

Initials of Company representative:                     

Initials of Grantee:                     

28EX-10.3 FORM OF 2007 MULTI-YEAR INCENTIVE PLAN

 

Exhibit 10.3

MEDICAL PROPERTIES TRUST, INC.

2007 MULTI-YEAR INCENTIVE PLAN

AWARD AGREEMENT FOR RESTRICTED STOCK

THIS MULTI-YEAR INCENTIVE PLAN AWARD AGREEMENT (this “Agreement” or “Award Agreement”) is made and
entered into as of ___by and between MEDICAL PROPERTIES TRUST, INC., a Maryland
corporation (the “Company”), and ___(the “Participant”) pursuant to the Second
Amended and Restated Medical Properties Trust, Inc. 2004 Equity Incentive Plan (the “Plan”).
Capitalized terms used but not defined herein shall have the same meanings set forth in the Plan.

W I T N E S S E T H:

WHEREAS, the Participant is a key employee of the Company or one of its Subsidiaries or affiliates;

WHEREAS, the Company has adopted the 2007 Multi-Year Incentive Plan (the “MIP”) pursuant to the
Plan to provide executive officers of the Company or its Subsidiaries and affiliates, including the
Participant, in connection with their employment with the long-term incentive compensation
described in this 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, while
increasing the total return to the Company’s shareholders . The MIP consists of three
separate components, all covered by this Agreement, designed collectively to reward the Participant
for his contribution to the Company’s past superior performance, in terms of both total return to
shareholders and funds from operations, and to incentivize the Participant to contribute to
superior performance for the benefit of the Company’s shareholders over the next several years as
follows: (i) a time-based restricted equity award (the “TBRE Award”); (ii) a core performance
restricted equity award (the “CPRE Award”); and (iii) a superior performance restricted equity
award (the “SPRE Award”);

WHEREAS, the MIP was adopted 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. This Agreement evidences an award to the Participant under the
MIP (this “Award”), which is subject to the terms and conditions set forth herein; and

WHEREAS, the Participant 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 Exhibit A
hereto, but conditional upon the execution of this Agreement, the Committee awarded to the
Participant the number of shares of Restricted Common Stock set forth in Exhibit A.

NOW, THEREFORE, for and in consideration of the premises, the mutual promises and

 

 

covenants herein contained, and other good and valuable consideration, the receipt, adequacy and
sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

1.     AWARD OF RESTRICTED STOCK. On the date specified on Exhibit A attached hereto (the
“Date of Award”) and conditional upon the execution of this Agreement, the Committee awarded to the
Participant this Award which entitles the Participant to receive the number of shares of Restricted
Common Stock (the “Shares”) as is set forth on Exhibit A from the authorized and unissued or
treasury Common Stock and in accordance with the provisions set forth herein. The Shares for the
TBRE Award component of this Award will be immediately issued and the Participant shall enter into
a Restricted Stock Award Agreement with the Company. No Shares shall be issued for the CPRE Award
and the SPRE Award components of this Award unless the provisions of Section 2 are satisfied.

2.     ISSUANCE OF RESTRICTED STOCK. The actual number of shares of Restricted Common Stock to
be issued to the Participant for the CPRE Award and the SPRE Award components of this Award will
vary depending upon the achievement of specific performance thresholds as follows:

     (a) CPRE Award. As soon as practicable following the end of each calendar year
beginning on March 1, 2007 (the “Effective Date”) through December 31, 2013, the Committee will
determine (x) the Total Return (as defined herein) of the Company for the applicable calendar year
and (y) the Total Return of the Company from the Effective Date through the end of the applicable
calendar year on a cumulative basis, and then perform the following calculations with respect to
the number of shares to be issued under the CPRE Award:

          (A) if both (I) the Company’s Total Return for the applicable calendar year is below 9%
(pro-rated to 7.5% for March 1, 2007 through December 31, 2007) and (II) the Company’s Total Return
from the Effective Date through the end of the applicable calendar year on a cumulative basis is
below a simple 9% per year (pro-rated to 7.5% for March 1, 2007 through December 31, 2007), then
none of the Participant’s target shares under the CPRE Award will be issued;

          (B) if for the applicable calendar year the Company’s Total Return is 9% (pro-rated to 7.5%
for March 1, 2007 through December 31, 2007) or higher, then 14.286% of the number of target shares
under the CPRE Award will be issued as of the end of the applicable calendar year and such shares
will be fully vested and nonforfeitable upon grant;

          (C) if the Company’s Total Return from the Effective Date through the end of the applicable
calendar year on a cumulative basis is equal to or greater than a simple 9% per year (pro-rated to
7.5% for March 1, 2007 through December 31, 2007), then the sum of (I) 14.286% of the Participant’s
target shares granted under the CPRE Award (but without duplication of the issuing percentage set
forth in Section 2(a)(B)) and (II) any portion of the Participant’s target shares under the CPRE
Award that failed to be issued for prior calendar years will be issued as of the end of the
applicable calendar year and such shares will be fully vested and nonforfeitable upon grant.

 

 

     (b) SPRE Award. With respect to the issuance of the number of target shares granted
under the SPRE Award:

          (A) If after January 1, 2009, but before December 31, 2010, the Average Stock Price (as
defined herein) is at or above $26.00 on each trading day in a period of thirty (30) consecutive
trading days, then 100.000% of the target shares under the SPRE Award will be issued based on
performance (subject to further time vesting as provided in Exhibit A) as of the last trading day
in such 30-trading day period;

          (B) If as of December 31, 2010 the target shares under the SPRE Award have not been issued
based on performance pursuant to Section 2(b)(A), as soon as practicable following December 31,
2010 the Company will calculate the Average Stock Price as of December 31, 2010 and the target
shares under the SPRE Award will be issued based on performance (subject to further time vesting as
provided in Exhibit A) as follows:

	 	 	 	 	 	 	 	 
	 
	 	Average Stock Price	 	 	Percentage Earned	 
	 	Less than $20.00

	 	 	0.000% 
	 
	 	Equal to or greater than $20.00 and less than $22.00

	 	 	 	33.334	%	 
	 	Equal to or greater than $22.00 and less than $24.00

	 	 	 	58.334	%	 
	 	Equal to or greater than $24.00 and less than $26.00

	 	 	 	75.000	%	 
	 	Equal to or greater than $26.00

	 	 	 	100.000	%	 
	 

          (C) Notwithstanding Section 2(b)(B), if as of December 31, 2010 the target shares under the
SPRE Award have not been issued based on performance pursuant to Section 2(b)(A) or Section
2(b)(B), and the Average Stock Price is less than $20, as soon as practicable following December
31, 2010:

               (i)     the Committee will determine the Total Return of the Company from the Effective Date
through December 31, 2010;

               (ii)     the Committee will determine the Total Return of the real estate investment trusts (the
“REITs”) included in the Morgan Stanley REIT Index from the Effective Date through December 31,
2010; and

               (iii)     if the Company’s Total Return calculated pursuant to clause (i) above is at or above the
50th percentile of the Total Return of the REITs included in the Morgan Stanley REIT
Index calculated pursuant to clause (ii) above, then 33.334% of the target shares under the SPRE
Award will be issued based on performance (subject to further time vesting as provided in Exhibit
A) as of December 31, 2010.

 

 

“Average Stock Price” means, as of any date, the average of the Fair Market Value of a share of
Common Stock over the thirty (30) consecutive trading days immediately preceding such date.

“Total Return” means, with respect to a REIT included in the Morgan Stanley REIT Index or the
Company, as applicable, the total percentage return per share achieved by the common shares of such
REIT or the Company’s Common Stock, as applicable, assuming contemporaneous reinvestment in such
common shares or Common Stock of all dividends and other distributions, in each case measured
following the end of each calendar year for the applicable calendar year or from the Effective Date
through the end of the applicable calendar year, as the case may be.

3.     DIVIDENDS. The Participant shall be entitled to receive dividends with respect
to the Shares as provided in the Plan. In addition:

     (a) For Shares granted as part of the TBRE Award and the CPRE
Award, to the extent Shares are not issued until after the Effective Date, the Participant
shall be entitled to the full dividend paid on shares of the Company’s Common Stock
outstanding as of the record dates for the first and second 2007 quarterly distributions
and periods thereafter, even though such Shares were not outstanding for some or all of
such period. An amount equal to such dividends shall be paid to the Participant in cash
promptly following the date of issuance of the applicable Shares.

     (b) For Shares granted as part of the SPRE Award, then (i) from
the Effective Date until the earlier of (x) the date on which such Shares are issued based
on performance as provided in Section 2 hereof or (y) the date on which such
Shares have become fully vested upon a Change of Control or qualified termination as
provided in Section 4, the Participant shall be entitled to 20% of the dividend
paid/payable on shares of the Company’s Common Stock outstanding as of the record dates
for the first and second 2007 quarterly distributions and periods thereafter, even though
such Shares were not outstanding for some or all of such period; and (ii) thereafter, the
Participant shall be entitled to the full dividend paid on shares of the Company’s Common
Stock outstanding as of the applicable record dates, even though such Shares were not
outstanding for some or all of such period. In the case of (i) or (ii) above, an amount
equal to such dividends shall be paid to the Participant in cash promptly following the
date of issuance of the applicable Shares.

     (c) All dividends and equivalent cash amounts paid with respect
to the Shares hereunder shall be fully vested and non-forfeitable when paid, whether or
not the underlying Shares have been earned based on performance or have become vested
based on the passage of time.

4.     RESTRICTIONS. Immediately before the earliest of (A) the occurrence of a Change of
Control; (B) a termination of such Participant’s employment by the Company without Cause (as
defined in such Participant’s employment agreement with the Company); (C) a resignation by the
Participant for Good Reason (as defined in such Participant’s employment agreement with the
Company); (D) the Participant’s death or (E) the Participant becoming Permanently Disabled (as
defined in such Participant’s employment agreement with the Company) ((A) through (E) collectively,
the “Qualified Events”), all target shares under the CPRE Award that had not previously been issued
pursuant to Section 2 shall be issued and such shares will be fully vested and nonforfeitable upon
grant. For the avoidance of doubt, all Shares except for those that had previously been issued
pursuant to Section 1, Section 2 or Section 4 hereof shall automatically and immediately be
forfeited by the Participant upon the Participant’s Termination of Employment and thereafter no
further calculations pursuant to Section 2 shall be performed with respect to the Participant’s
target shares under the CPRE Award or the SPRE Award. The Shares as to which the restrictions
shall not have lapsed and which are not vested shall be forfeited upon the Participant’s
Termination of Employment; provided, however, that all unvested Shares actually issued shall be
100% vested and no longer subject to forfeiture immediately before the earliest of any of the
Qualified Events. The Shares may not be sold, transferred, pledged, assigned or otherwise
alienated or hypothecated until such restrictions lapse and the Shares vest. During the period
prior to the lapse of such restrictions and the vesting of such Shares, any stock dividends paid
with respect to the Shares shall be subject to the same restrictions and vesting period as the
Shares with respect to which they are paid.

5.     CERTIFICATES FOR SHARES OF RESTRICTED COMMON STOCK. Certificates respecting the Shares
shall be registered in the Participant’s name or the Shares shall be issued to the Participant
through the book-entry system, as determined by the Company.

6.     NO RIGHT TO CONTINUED EMPLOYMENT. Neither the Plan nor this Agreement shall give the
Participant the right to continued employment by the Company or by any Subsidiary or shall
adversely affect the right of the Company or any Subsidiary to terminate the Participant’s
employment with or without cause at any time.

7.     SECURITIES LAW RESTRICTIONS. Acceptance of this Agreement shall be deemed to constitute
the Participant’s acknowledgement that the Shares shall be subject to such restrictions and
conditions on any resale and on any other disposition as the Company shall deem necessary under any
applicable laws or regulations or in light of any stock exchange requirements.

 

 

8.     LEGEND. In order to enforce the restrictions imposed on the Shares, the certificates
representing such Shares shall bear the following legend:

THESE SHARES ARE HELD SUBJECT TO THE TERMS OF THE SECOND AMENDED AND RESTATED 2004
EQUITY INCENTIVE PLAN (THE “PLAN”) AND SUCH SHARES MAY ONLY BE TRANSFERRED IN
ACCORDANCE WITH THE TERMS THEREOF. A COPY OF THE PLAN IS AVAILABLE AT THE OFFICE OF
THE COMPANY.

Such legend shall be removed as the restrictions lapse with respect to such Shares and the Shares
vest.

     9.     MISCELLANEOUS.

     (a)     The Participant’s rights under this Agreement can be modified, suspended or canceled only
in accordance with the terms of the Plan. This Agreement may not be changed orally, but may be
changed only by an agreement in writing signed by the party against whom enforcement of any waiver,
change, modification or discharge is sought.

     (b)     The invalidity or unenforceability of any provision hereof shall in no way affect the
validity of enforceability of any other provision of this Agreement.

     (c)     This Agreement shall bind all parties, their respective heirs, executors, administrators
and assigns. Nothing contained herein shall be construed as an authorization or right of any party
to assign their respective rights or obligations hereunder and the Participant shall have no right
to assign this Agreement, and any such attempted assignment shall be ineffective. This Agreement
shall be binding upon the Company and its successors or assigns.

     (d)     This Agreement shall be subject to the applicable provisions, definitions, terms and
conditions set forth in the Plan, all of which are incorporated by this reference in this Agreement
and the terms of the Plan shall govern in the event of any inconsistency between the Plan and this
Agreement.

     (e)     This Agreement shall be interpreted and construed according to and governed by the laws of
the State of Alabama.

[Signatures appear on the following page.]

 

 

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

	 	 	 	 	 
	 	MEDICAL PROPERTIES TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	
[PARTICIPANT]

 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

 

EXHIBIT A

TO

2007 MULTI-YEAR INCENTIVE PLAN AWARD AGREEMENT FOR RESTRICTED STOCK dated as of ___
between Medical Properties Trust, Inc. and ___.

	 	 	 	 	 	 	 
	1.

	 	Date of Award:
	 	 
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	2.	 	Number of Target Shares of Restricted Common Stock:
	 
	 	 	 	 	 	 
	 

	 	The TBRE Award:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	The CPRE Award:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	The SPRE Award:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	3.

	 	Vesting Schedule	 	 	 	 

The TBRE Award:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Date Restrictions Lapse
	Number of Target Shares Becoming Vested	 	and Shares Vest
	 

	 	 	(14.286	%)	 	December 31, 2007
	 
	 	 	 	 	 	 
	 

	 	 	(14.286	%)	 	December 31, 2008
	 
	 	 	 	 	 	 
	 

	 	 	(14.286	%)	 	December 31, 2009
	 
	 	 	 	 	 	 
	 

	 	 	(14.286	%)	 	December 31, 2010
	 
	 	 	 	 	 	 
	 

	 	 	(14.286	%)	 	December 31, 2011
	 
	 	 	 	 	 	 
	 

	 	 	(14.286	%)	 	December 31, 2012
	 
	 	 	 	 	 	 
	 

	 	 	(14.286	%)	 	December 31, 2013
	 
	 	 	 	 	 	 

With respect to the shares actually issued as part of the SPRE Award on December 31, 2010:

	 	 	 
	 	 	Date Restrictions Lapse
	Percentage of Issued Shares Becoming Vested	 	and Shares Vest
	 
	 	 
	33.33%

	 	December 31, 2011
	33.33%

	 	December 31, 2012
	33.34%

	 	December 31, 2013

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