Document:

Form of Tax Protection Agreement

 Exhibit 10.6 

FORM OF TAX PROTECTION AGREEMENT 

THIS TAX PROTECTION AGREEMENT (this “Agreement”) is made and entered into as of
            , 2010 by and among DLC Realty Trust Inc., a Maryland corporation (the “REIT”), DLC Realty, L.P., a Delaware limited partnership (the “Partnership”), and
each of the persons set forth on Schedule 2.1 hereof (each a “Protected Partner,” and collectively the “Protected Partners”). 

WHEREAS, pursuant to certain transaction agreements, dated as of
            , 2010 (the “Transaction Agreements”), various entities that were owned by the Protected Partners and that directly or indirectly own or lease real property (the
“Existing Entities”), as identified in such Transaction Agreements, subject to specified liabilities merged with the Partnership or a Subsidiary of the Partnership, with the Protected Partners receiving common units (“OP Units”)
of limited partnership interest in the Partnership (the “Transaction”). 
 WHEREAS, it is intended for
federal income tax purposes that the Transaction be treated as a transfer of the equity interests in the Existing Entities to the Partnership in exchange for OP Units under Section 721 of the Code (as defined below) including, where applicable,
pursuant to the “assets over” form of transaction set forth in Treasury Regulation Section 1.708-1(c)(3); 

WHEREAS, in accordance with Section              of the
Transaction Agreements and in consideration for the agreement of the Protected Partners to consummate the Transaction, the parties desire to enter into this Agreement regarding certain tax matters associated with the Transaction; and 

WHEREAS, the REIT and the Partnership desire to evidence their agreement regarding amounts that may be payable as a
result of certain actions being taken by the Partnership regarding certain debt obligations of the Partnership, its partners and its subsidiaries. 

NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements
contained herein and in the Transaction Agreements, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

To the extent not otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them
in the Transaction Agreements (as defined above). 
 “Agreement” has the meaning set forth in
the recitals. 
 “Closing Date” means the date hereof. 

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

“Consent” means the prior written consent to do the act or thing for which the consent is required or
solicited, which consent may be executed by a duly authorized officer or agent of the party granting such consent. 

“Deficit Restoration Obligation” or “DRO” means a written obligation by a Protected
Partner to become a “DRO Partner” as defined in the Partnership Agreement. 
 “DRO
Amounts” has the meaning set forth in Section 3.7. 
 “Existing Entities” has the
meaning set forth in the recitals. 
 “Guaranteed Amount” means the aggregate amount of each
Guaranteed Debt that is guaranteed at any time by Partner Guarantors. 
  

 - 1 - 

 “Guaranteed Debt” means any loan existing, incurred (or
assumed) by the Partnership or any of its Subsidiaries that is guaranteed in whole or in part by Partner Guarantors at any time on or after the Closing Date pursuant to Article 3 hereof. 

“Indirect Owner” means, in the case of a Protected Partner that is an entity classified as a
partnership, S corporation or disregarded entity for federal income tax purposes, any person owning an equity interest in such Protected Partner, and, in the case of any Indirect Owner that itself is an entity classified as a partnership, S
corporation or disregarded entity for federal income tax purposes, any person owning an equity interest in such entity. 

“Minimum Liability Amount” means, for each Protected Partner, the amount set forth on Schedule
3.1 hereto next to such Protected Partner’s name, as amended from time to time. 
 “Nonrecourse
Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2). 
 “OP
Units” means units of limited partnership interest of the Partnership owned by the Protected Partners, as described in the Partnership Agreement, and any other partnership interest into which such OP Units may be converted. 

“Partner Guarantors” means those Protected Partners who have guaranteed any portion of the Guaranteed
Debt. The Partner Guarantors and each Partner Guarantor’s dollar amount share of the Guaranteed Amount with respect to the Guaranteed Debt, of the Closing Date will be set forth on Schedule 3.2 hereto as amended from time to time.

 “Partnership” means DLC Realty, L.P., a Delaware limited partnership. 

“Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of DLC Realty,
L.P., dated as of              as amended through the Closing Date, and as the same may be further amended in accordance with the terms thereof. 

“Proceeding” has the meaning set forth in Section 7.1. 

“Protected Partner” means (i) any person set forth on Schedule 2.1 hereto as a
“Protected Partner” and (ii) any person who acquires OP Units from a Protected Partner (or Indirect Owner) in a transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted
basis, as determined for federal income tax purposes, is determined in whole or in part by reference to the adjusted basis of a Protected Partner (or Indirect Owner) in such OP Units. 

“Protected Property” means each of the properties acquired by the Partnership pursuant to the
Transaction Agreements. 
 “Qualified Guarantee” has the meaning set forth in Section 3.2.

 “Qualified Guarantee Indebtedness” has the meaning set forth in Section 3.2.

 “REIT” means DLC Realty Trust Inc., a Maryland corporation. 

“Subsidiary” means a “pass-through” entity wholly-owned by the Partnership and which entity
owns collateral for a Guaranteed Debt, or that thereafter is a successor entity through which the Partnership holds a direct or indirect interest in collateral for a Guaranteed Debt. 

“Successor Partnership” has the meaning set forth in Section 2.1. 

“Tax Claim” has the meaning set forth in Section 7.1. 

 “Tax Protection Period” means with respect to the
obligations of the Partnership set forth in Article 3 hereof the period commencing on the Closing Date and ending at the earlier of (A) the date on which a Protected Partner no longer owns (directly or indirectly) 50% of the OP Units it
received in the Transaction or (B) 12:01 AM on the day after the twenty (20) year anniversary of the Closing Date. 

“Transaction” has the meaning set forth in the recitals. 

ARTICLE II 

MERGERS OR CONSOLIDATIONS 

2.1. Mergers. In the event of a merger or consolidation of the Partnership (or any Subsidiary) with or into
another entity that qualifies for taxation as a partnership for federal income tax purposes (a “Successor Partnership”), the Successor Partnership shall have agreed in writing for the benefit of the Protected Partners (and the Indirect
Owners thereof) that all of the restrictions contained in this Agreement shall continue to apply. 
 ARTICLE III

 ALLOCATION OF LIABILITIES; GUARANTEE OPPORTUNITY 

AND DEFICIT RESTORATION OBLIGATIONS 

3.1. Minimum Liability Allocation. During the Tax Protection Period, the Partnership will offer to each
Protected Partner at the Protected Partner’s option the opportunity (i) to enter into a “bottom dollar guarantee” (whether individually or as part of a group of partners) of indebtedness of the Partnership or a Subsidiary of the
Partnership or (ii) in the event the Partnership has sufficient recourse debt outstanding and the Protected Partner agrees in lieu of entering into a bottom dollar guarantee pursuant to clause (i) above, to enter into a Deficit Restoration
Obligation, in such amount or amounts so as to cause the amount of Partnership liabilities allocated to such Protected Partner for purposes of Section 752 of the Code to be not less than such Protected Partner’s Minimum Liability Amount
and to cause the amount of Partnership liabilities with respect to which such Protected Partner will be considered to be “at risk” for purposes of Section 465 of the Code to be not less than such Protected Partner’s Minimum
Liability Amount. In order to minimize the need for Protected Partners to enter into guarantees or DROs, the Partnership will use the optional method under Treasury Regulation Section 1.752-3(a)(3) to allocate Nonrecourse Liabilities considered
secured by any property acquired by the Partnership pursuant to the Transaction to and for the benefit of the Protected Partners to the extent that the “built-in gain” allocable to the Protected Partner under Section 704(c) of the
Code with respect to those properties exceeds the amount of the Nonrecourse Liabilities considered secured by such property allocated to the Protected Partners under Treasury Regulation Section 1.752-3(a)(2). A bottom dollar guarantee or a DRO
shall be presumed to cause a Protected Partner to be allocated an amount of liabilities equal to such Protected Partner’s Guaranteed Amounts of Guaranteed Debt or such Protected Partner’s DRO amount, as applicable, for purposes of Sections
465 and 752 of the Code. 
 3.2. Qualified Guarantee Indebtedness and Qualified Guarantee; Treatment of
Qualified Guarantee Indebtedness as Guaranteed Debt. In order for an offer by the Partnership of an opportunity to guarantee indebtedness to satisfy the requirements of this Article 3, (1) the indebtedness to be guaranteed must also satisfy
conditions (i) through (vi) set forth in this Section 3.2 (indebtedness satisfying all such conditions is referred to as “Qualified Guarantee Indebtedness”); (2) the guarantee by the Partner Guarantors must be pursuant
to a Guarantee Agreement substantially in the form attached hereto as Schedule 3.8 that satisfies the conditions set forth in Sections 3.2(i) and (iii) below (a “Qualified Guarantee”); (3) the amount of debt offered to be
guaranteed by the Partner Guarantor, if pursuant to Section 3.4, must not exceed the portion of the Guaranteed Amount for which a replacement guarantee is being offered; and (4) the debt to be guaranteed must be considered indebtedness of
the Partnership for purposes of determining the adjusted tax basis of the interests of partners in the Partnership in their OP Units. If, and to the extent that, a Partner Guarantor elects to guarantee Qualified Guarantee Indebtedness pursuant to an
offer made in accordance with this Article 3, such indebtedness thereafter shall be considered a Guaranteed Debt and subject to all of this Article 3. 

 The conditions that must be satisfied at all times with respect to any
Guaranteed Debt offered pursuant to this Article 3 hereof and the guarantees with respect thereto are as follows: 

(i) each such guarantee shall be a “bottom dollar guarantee” in that the lender for the Guaranteed Debt is
required to pursue all other collateral and security for the Guaranteed Debt (other than any bottom dollar guarantees permitted pursuant to this clause (i) and/or Section 3.3 below) prior to seeking to collect on such a guarantee, and the
lender shall have recourse against the guarantee only if, and solely to the extent that, the total amount recovered by the lender with respect to the Guaranteed Debt after the lender has exhausted its remedies as set forth above is less than the
aggregate of the Guaranteed Amounts with respect to such Guaranteed Debt (plus the aggregate amounts of any other guarantees (x) that are in effect with respect to such Guaranteed Debt at the time the guarantees pursuant to this Article 3 are
entered into, or (y) that are entered into after the date the guarantees pursuant to this Article 3 are entered into with respect to such Guaranteed Debt and that comply with Section 3.5 below, but only to the extent that, in either case,
such guarantees are bottom dollar guarantees with respect to the Guaranteed Debt), and the maximum aggregate liability of each Partner Guarantor for all Guaranteed Debt shall be limited to the amount actually guaranteed by such Partner Guarantor;

 (ii) the fair market value of the property collateral (not including any guarantees) against which the lender
has recourse pursuant to the Guaranteed Debt, determined as of the time the guarantee is entered into (an independent appraisal relied upon by the lender in making the loan will be the conclusive evidence of such fair market value when the guarantee
is being entered into in connection with the closing of such loan), shall not be less than 150% of the sum of (x) Guaranteed Debt, plus (y) the aggregate amounts of any other guarantees that are in effect with respect to such Guaranteed
Debt at the time the guarantees pursuant to this Article 3 are entered into with respect to such Guaranteed Debt and that comply with Section 3.2(v) below, but only to the extent that such guarantees are bottom dollar guarantees with respect to
the Guaranteed Debt); 
 (iii) (A) the executed guarantee must be executed by and delivered to the lender,
(B) the execution of the guarantee by the Partner Guarantors must be acknowledged by the lender, and (C) the guarantee must be enforceable under the laws of the state governing the loan and in which the property securing the loan is
located; 
 (iv) as to each Partner Guarantor that is executing a guarantee pursuant to this Agreement, there
must be no other person that would be considered to “bear the economic risk of loss,” within the meaning of Treasury Regulation Section 1.752-2, or would be considered to be “at risk” for purposes of Section 465(b) with
respect to that portion of such debt for which such Partner Guarantor is being made liable for purposes of satisfying the Partnership’s obligations to such Partner Guarantor under this Article 3; 

(v) the aggregate Guaranteed Amounts with respect to the Guaranteed Debt will not exceed 35% of the amount of the
Guaranteed Debt outstanding at the time the guarantee is executed. Except for guarantees already in place at the time a guarantee opportunity is presented to the Protected Partners, at no time can there be guarantees with respect to the Guaranteed
Debt that are provided by other persons that are “pari passu” with or at a lower level of risk than the guarantees provided by the Protected Partners. If there are guarantees already in place at the time a guarantee opportunity is
presented to the Protected Partners that are “pari passu” with or at a lower level of risk than the guarantees provided by the Protected Partners, then the amount of Guaranteed Debt subject to such existing guarantees shall be added to the
Guaranteed Amount for purposes of calculating the 35% limitation set forth in this Section 3.2(v); and 

(vi) the obligor with respect to the Guaranteed Debt is the Partnership or a non-corporate entity in which the
Partnership owns, directly and indirectly, 100% of the economic interests and which is and will continue to be under the legal control of the Partnership. 

The Partnership shall be deemed to satisfy the requirements of Sections 3.2(i), (ii) and (v) if, in lieu of offering a bottom
dollar guarantee of indebtedness secured by specific properties, it offers a bottom dollar guarantee (or an indemnity of an existing guarantor) of a general unsecured obligation of the Partnership which is recourse, without limitation, to all of the
assets of the Partnership and is made by a third party institutional lender with financial covenants that are standard for such a loan. Such a guarantee may be “pari passu” with or at a higher level of risk than another bottom dollar
guarantee of such indebtedness provided that the aggregate amount of such other guarantee is less than $10 million. 

 3.3. Covenant With Respect to Guaranteed Debt Collateral. The
Partnership covenants with the Partner Guarantors: 
 (i) in the event that a Protected Property is sold,
exchanged, transferred or otherwise disposed of that is secured, directly or indirectly, by indebtedness that is guaranteed by a Partner Guarantor (or for which a Protected Partner otherwise has personal liability) and the transferee is not a
Subsidiary of the Partnership that is and will continue to be under the legal control of the Partnership, (a) either (I) such indebtedness shall be repaid in full or (II) the Partnership shall obtain from the lenders with respect to such
indebtedness a full and complete release of liability for each of the Protected Partners that has guaranteed, or otherwise has liability for, such indebtedness and (b) if such indebtedness is a Guaranteed Debt and the Tax Protection Period
shall not have expired, the Partnership shall comply with its covenants set forth in Section 3.3(ii) below with respect to such Guaranteed Debt and the Partner Guarantors that are considered to have liability for such Guaranteed Debt
(determined under Section 3.4 treating such events as a repayment of the Guaranteed Debt); and 
 (ii) with
respect to the Guaranteed Debt, (a) the Partnership will comply with the requirements set forth in Section 3.3(i) above upon any disposition of any collateral for a Guaranteed Debt, whether during or following the Tax Protection Period,
and (b) will not at any time, whether during or following the Tax Protection Period, pledge collateral for a Guaranteed Debt to secure any other indebtedness (unless such other indebtedness is, by its terms, subordinate in all respects to the
Guaranteed Debt for which such collateral is security) or otherwise voluntarily dispose of or reduce the amount of such collateral unless either (1) after giving effect thereto the conditions in Section 3.2 would continue to be satisfied
with respect to the Guaranteed Debt and the Guaranteed Debt otherwise would continue to be Qualified Guarantee Indebtedness, or (2) the Partnership (A) obtains from the lender with respect to the original Guaranteed Debt a full and
complete release of any Partner Guarantor unless the Partner Guarantor expressly requests that it not be released, and (B) if the Tax Protection Period has not expired, offers to each Partner Guarantor with respect to such original Guaranteed
Debt, not less than 30 days prior to such pledge or disposition, the opportunity to enter into a Qualified Guarantee of other Partnership indebtedness that constitutes Qualified Guarantee Indebtedness (with such replacement indebtedness thereafter
being considered a Guaranteed Debt and subject to this Article 3) in an amount equal to the amount of such original Guaranteed Debt that was guaranteed by such Partner Guarantor. 

3.4. Repayment or Refinancing of Guaranteed Debt. The Partnership shall not, at any time during the Tax
Protection Period applicable to a Partner Guarantor, repay or refinance all or any portion of any Guaranteed Debt or otherwise take any action that would result in a decrease in the amount of Partnership liabilities allocated to a Partner Guarantor,
unless (i) after taking into account such repayment or other action, each Partner Guarantor would be entitled, pursuant to Section 752 of the Code and the Treasury Regulations thereunder, to include in its adjusted tax basis for its OP
Units an amount of Partnership liabilities at least equal to its Minimum Liability Amount or (ii) alternatively, the Partnership, not less than 30 days prior to such repayment, refinancing or other action, offers to the applicable Partner
Guarantors at their election the opportunity either (A) to enter into a qualified guarantee with respect to other indebtedness of the Partnership or a Subsidiary of the Partnership or (B) in the event the Partnership has sufficient
recourse debt outstanding and the Protected Partner agrees in lieu of entering into a qualified guarantee pursuant to clause (A) above, to enter into a DRO, in either case, in an amount sufficient so that, taking into account such guarantees of
such other indebtedness or DROs each such Partner Guarantor would be entitled, pursuant to Section 752 of the Code and the Treasury Regulations thereunder, to include in its adjusted tax basis for its OP Units an amount of Partnership
liabilities equal to the Minimum Liability Amount for such Partner Guarantor. 
 3.5. Limitation on
Additional Guarantees With Respect to Debt Secured by Collateral for Guaranteed Debt. The Partnership shall not offer the opportunity or make available to any person or entity other than a Protected Partner a guarantee of any Guaranteed Debt or
other debt that is secured, directly or indirectly, by any collateral for Guaranteed Debt unless (i) such debt by its terms is subordinate in all respects to the Guaranteed Debt or, if such other guarantees are of the Guaranteed Debt itself,
such guarantees by their terms must be paid in full before the lender can have recourse to the Partner Guarantors (i.e., the first dollar amount of recovery by the applicable lenders must be applied to the Guaranteed Amount); provided that the
foregoing shall not apply with respect to additional guarantees of Guaranteed Debt so long as the conditions set forth in Sections 3.2(ii) and (v) would be satisfied immediately after the implementation of such additional guarantee (determined
in the case of Section 3.2(ii), based upon the fair market value of the collateral for such Guaranteed Debt at the time the additional 

 
guarantee is entered into and adding the amount of such additional guarantee(s) to the sum of the applicable Guaranteed Amounts plus any other preexisting bottom dollar guarantees previously
permitted pursuant to this Section 3.5 or Sections 3.2(i) and (ii) above, for purposes of making the computation provided for in Section 3.2(ii)), and (ii) and such other guarantees do not have the effect of reducing the amount
of the Guaranteed Debt that is includible by any Partner Guarantor in its adjusted tax basis for its Preferred Units or OP Units pursuant to Treasury Regulation Section 1.752-2. 

3.6. Process. Whenever the Partnership is required under this Article 3 to offer to one or more of the
Partner Guarantors an opportunity to guarantee indebtedness or enter into a DRO obligation, the Partnership shall be considered to have satisfied its obligation if the other conditions in this Article 3 are satisfied and, not less than thirty
(30) days prior to the date that such guarantee or DRO obligation would be required to be executed in order to satisfy this Article 3, the Partnership sends by first class certified mail to the last known address of each such Partner Guarantor
(as reflected in the records of the Partnership) a guarantee agreement or consent to DRO obligation form to be executed and a brief letter explaining the relevant circumstances (including, as applicable, that the offer is being made pursuant to this
Article 3, the circumstances giving rise to the offer, a brief summary of the terms of the indebtedness to be guaranteed (or, in the case of a DRO, the terms of the Partnership recourse debt), a brief description of the collateral for the
indebtedness, a statement of the amount to be guaranteed (or DRO amount to be assumed), the address to which the executed guarantee agreement (or consent to DRO obligation form) must be sent and the date by which it must be received, and a statement
to the effect that, if the Protected Partner fails to execute and return such guarantee agreement (or consent to DRO obligation form) within the time period specified, the Partner Guarantor thereafter would lose its rights under this Article 3 with
respect to the amount of debt that the Partnership is required to offer to be guaranteed (or that would be subject to the DRO obligation) and depending upon the Partner Guarantor’s circumstances and other circumstances related to the
Partnership, the Partner Guarantor could be required to recognize taxable gain as a result thereof, either currently or prior to the expiration of the Tax Protection Period, that otherwise would have been deferred). If a notice is properly sent in
accordance with this procedure, the Partnership shall have no responsibility as a result of the failure of a Partner Guarantor either to receive such notice or to respond thereto within the specified time period. 

3.7. Deficit Restoration Obligation. In the event a Protected Partner has elected to enter into a DRO, the
Partnership will maintain an amount of indebtedness of the Partnership that would be considered “recourse” indebtedness equal to or greater than the sum of the “DRO Amounts” (as defined in the Partnership Agreement) of all
Protected Partners (plus, the DRO Amounts, if any, of other partners in the Partnership). The deficit restoration obligation shall be presumed to cause the Protected Partner to be allocated an amount of liabilities equal to the DRO Amount of such
Protected Partner for purposes of Sections 465 and 752 of the Code. 
 3.8. Presumption as to Schedule
3.8. A guarantee in the form of the Guarantee Agreement attached hereto as Schedule 3.8 that is (A) properly executed by the Partner Guarantor and the lender and (B) delivered to the lender shall be conclusively presumed
to satisfy the conditions set forth in Section 3.2(i) and 3.2 (iii) and to have caused the Guaranteed Debt to be considered allocable to the Protected Partner who enters into such Guarantee Agreement pursuant to Treasury Regulation
Section 1.752-2 so long as all of the following conditions are met with respect such Guaranteed Debt: 

(i) there are no other guarantees in effect with respect to such Guaranteed Debt (other than the guarantees
contemporaneously being entered into by the Partner Guarantors pursuant to this Article 3); 
 (ii) the
collateral securing such Guaranteed Debt is not, and shall not thereafter become, collateral for any other indebtedness that is senior to or pari passu with such Guaranteed Debt; 

(iii) no additional guarantees with respect to such Guaranteed Debt will be entered into during the applicable Tax
Protection Period pursuant to the proviso set forth in Section 3.5; 
 (iv) the lender with respect to such
Guaranteed Debt is not the Partnership, any subsidiary (whether or not wholly-owned) or other entity in which the Partnership owns a direct or indirect interest, the REIT, any other partner in the Partnership, or any person related to any partner in
the Partnership as determined for purposes of Treasury Regulation Section 1.752-2 or any person that would be considered a “related party” as determined for purposes of Section 465 of the Code; and 

 (v) none of the REIT, nor any other partner in the Partnership, nor any
person related to any partner in the Partnership as determined for purposes of Treasury Regulation Section 1.752-2 shall have provided, or shall thereafter provide, collateral for, or otherwise shall have entered into, or shall thereafter enter
into, a relationship that would cause such person to be considered to bear the economic risk of loss with respect to such Guaranteed Debt, as determined for purposes of Treasury Regulation Section 1.752-2 or that would cause such entity to be
considered “at risk” with respect to such Guaranteed Debt, as determined for purposes of Section 465 of the Code. 

ARTICLE IV 

REMEDIES FOR BREACH 

4.1. Monetary Damages. In the event that the Partnership or a Subsidiary breaches its obligations set forth
in Article 3 with respect to a Protected Partner (or Indirect Owner thereof), the Protected Partner’s (and Indirect Owner’s) sole right shall be to receive from the Partnership, and the Partnership shall pay to such Protected Partner (or
Indirect Owner thereof) as damages, an amount equal to the aggregate federal, state and local income taxes incurred by the Protected Partner (or its Indirect Owners) as a result of the income or gain allocated to, or otherwise recognized by, such
Protected Partner (or its Indirect Owners) by reason of such breach; plus an additional amount so that, after the payment by such Protected Partner (or Indirect Owner thereof) of all taxes on amounts received pursuant to this Section 4.1
(including any tax liability incurred as a result of such Protected Partner’s receipt of such indemnity payment), such Protected Partner (or Indirect Owner thereof) retains an amount equal to its total tax liability incurred as a result of such
breach. 
 For purposes of computing the amount of federal, state, and local income taxes required to be paid by
a Protected Partner (or an Indirect Owner thereof), (i) any deduction for state income taxes payable as a result thereof shall be treated as fully deductible for purposes of computing federal income taxes, and (ii) a Protected
Partner’s (or Indirect Owner’s) tax liability shall be computed using the highest federal, state and local marginal income tax rates that would be applicable to such Protected Partner’s (or Indirect Owner’s) taxable income
(taking into account the character of such income or gain) for the year with respect to which the taxes must be paid, without regard to any deductions, losses or credits that may be available to such Protected Partner (or Indirect Owner) that would
reduce or offset its actual taxable income or actual tax liability if such deductions, losses or credits could be utilized by the Protected Partner (or Indirect Owner) to offset other income, gain or taxes of the Protected Partner (or Indirect
Owner), either in the current year, in earlier years, or in later years. 
 ARTICLE V 

SECTION 704(C) METHOD AND ALLOCATIONS 

5.1. Application of “Traditional Method.” Notwithstanding any provision of the Partnership
Agreement, the Partnership shall use the “traditional method” under Treasury Regulation Section 1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code with respect to the Protected Properties (with no
“curative allocation” to offset the effects of the “ceiling rule,” including upon any sale of a Protected Property). 

ARTICLE VI 

ALLOCATIONS OF LIABILITIES PURSUANT TO TREASURY REGULATIONS 

UNDER SECTION 752 

6.1. Allocation Methods to be Followed. Absent a determination to the contrary by the Internal Revenue
Service or a court and subject to Section 6.2, all tax returns prepared by the Partnership with respect to the Tax Protection Period that allocate liabilities of the Partnership for purposes of Section 752 and the Treasury Regulations
thereunder shall treat each Partner Guarantor as being allocated for federal income tax purposes an amount of recourse debt (in addition to any nonrecourse debt otherwise allocable to such Partner Guarantor in accordance with the Partnership
Agreement and Treasury Regulation Section 1.752-3 and any other recourse liabilities allocable to such Partner Guarantor by reason of guarantees of indebtedness entered into pursuant to other agreements with the Partnership) pursuant to
Treasury Regulation Section 1.752-2 equal to the sum of such Partner Guarantor’s Minimum Liability Amount, as set forth on Schedule 3.1 hereto and as may be reduced pursuant to the terms of this Agreement, and the Partnership and
the REIT shall not, during or with respect to the Tax Protection 

 
Period, take any contrary or inconsistent position in any federal, state or local income tax returns (including, without limitation, information returns, such as Schedules K-1, provided to
partners in the Partnership and returns of subsidiaries of the Partnership). 
 6.2. Exception to Required
Allocation Method. Notwithstanding the provisions of this Agreement, the Partnership shall not be required to make allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners as set forth in this Agreement
if and to the extent that the Partnership is provided an opinion of a law firm recognized as expert in such matters or a nationally recognized public accounting firm to the effect that there is not “substantial authority” (within the
meaning of Section 6662(d)(2)(B)(i) of the Code) for such allocations, or there has been a judicial determination in a proceeding to which the Partnership is a party and as to which the Protected Partners (or Indirect Owners) have been allowed
to participate as and to the extent contemplated in Article 7 to the effect that such allocations are not correct. In no event shall this Section 6.2 be construed to relieve the Partnership from any liability arising from a failure by the
Partnership to comply with one or more of the provisions of Article 3 of this Agreement. 
 6.3. No
Representation With Regard to Tax Treatment. The REIT and the Partnership make no representation to any Protected Partner or Partner Guarantors regarding the tax consequences to such partners of the Transaction or any other transactions
contemplated herein including whether becoming a Partner Guarantor or entering into a DRO shall be respected for federal income tax purposes as causing such partner to be considered to “bear the economic risk of loss” with respect to
indebtedness for purposes of Section 752 or Section 465 of the Code. 
 ARTICLE VII 

TAX PROCEEDINGS 

7.1. Notice of Tax Audits. If any claim, demand, assessment (including a notice of proposed assessment) or other
assertion is made with respect to Taxes against the Protected Partners (or Indirect Owners) or the Partnership the calculation of which involves a matter covered in this Agreement or the tax treatment of the Transaction (a “Tax Claim”), or
if the REIT or the Partnership receives any notice from any jurisdiction with respect to any current or future audit, examination, investigation or other proceeding (“Proceeding”) involving the Protected Partners (or Indirect Owners) or
the Partnership or that otherwise could involve a matter covered in this Agreement and could directly or indirectly affect the Protected Partners (or Indirect Owners) (adversely or otherwise), then the REIT or the Partnership, as applicable, shall
promptly notify the Protected Partners of such Tax Claim or Proceeding, but in no event later than 20 business days after receipt of such notice. 

7.2. Control of Tax Proceedings. The REIT, as the general partner of the Partnership shall have the right to
control the defense, settlement or compromise of any Proceeding or Tax Claim; provided, however, that the Partnership shall keep the Protected Partners (and Indirect Owners) duly informed of the progress thereof to the extent that such Proceeding or
Tax Claim could directly or indirectly affect (adversely or otherwise) the Protected Partners (or Indirect Owners) and that the Protected Partners (or Indirect owners) shall have the right to review and comment on any and all submissions made to the
Internal Revenue Service, a court, or other governmental body with respect to such Tax Claim or Proceeding and that the Partnership will consider such comments in good faith. 

ARTICLE VIII 

AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS; 

APPROVAL OF CERTAIN TRANSACTIONS 

8.1. Amendment. This Agreement may not be amended, directly or indirectly (including by reason of a merger
between the Partnership and another entity) except by a written instrument signed by both the REIT, as general partner of the Partnership, and each of the Protected Partners. 

8.2. Waiver. Notwithstanding the foregoing, upon written request by the Partnership, each Protected Partner
(or Indirect Owner), in its sole discretion, may waive the payment of any damages that is otherwise payable to such Protected Partner (or Indirect Owner) pursuant to Article 4 hereof. Such a waiver shall be effective only if obtained in writing from
the affected Protected Partner (or Indirect Owner). 

 ARTICLE IX 

MISCELLANEOUS 

9.1. Additional Actions and Documents. Each of the parties hereto hereby agrees to take or cause to be
taken such further actions, to execute, deliver, and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the
purposes, terms and conditions of this Agreement. 
 9.2. Assignment. No party hereto shall assign
its or his rights or obligations under this Agreement, in whole or in part, except by operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary to the terms hereof shall be null and void and of
no force and effect. 
 9.3. Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of the Protected Partners, the Indirect Owners. This Agreement shall be binding upon the REIT, the Partnership and any entity that is a direct or indirect successor, whether by merger, transfer, spin-off or otherwise, to
all or substantially all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of this sentence), provided, that none of the foregoing shall result in the release of
liability of the REIT and the Partnership hereunder. The REIT and the Partnership covenant with and for the benefit of the Protected Partners (and Indirect Owners thereof) not to undertake (directly or indirectly) any transfer of all or
substantially all of the assets of either entity (whether by merger, spin-off, transfer, including a transfer by a Subsidiary, or otherwise) unless the transferee has in writing acknowledged and agreed to be bound by this Agreement, provided,
that the foregoing shall not be deemed to permit any transaction otherwise prohibited by this Agreement. 

9.4. Captions. The Article and Section headings contained in this Agreement are inserted for convenience of
reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

9.5. Notices. All notices and other communications given or made pursuant hereto shall be in writing and
shall be deemed to have been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt requested) to the
parties at the following addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier number specified below: 

 

	 	(i)	 if to the Partnership, or the REIT, to: 

DLC Realty, L.P. 

c/o DLC Realty Trust Inc. 

580 White Plains Road 

Tarrytown, NY 10591 

Attention: Bill Comeau 

Facsimile: 914-206-4021 

Telephone: 914-304-5655 

E-mail: bcomeau@dlcmgmt.com 

 

	 	(ii)	 if to a Protected Partner, to the address on file with the Partnership. 

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so
given, served or sent. Each notice, demand, request, or communication which shall be hand delivered, sent, mailed, or faxed in the manner described above, shall be deemed sufficiently given, served, sent, received or delivered for all purposes at
such time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a facsimile) the answerback being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as delivery is
refused by the addressee upon presentation. 

 9.6. Counterparts. This Agreement may be executed in two or
more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 

9.7. Governing Law. The interpretation and construction of this Agreement, and all matters relating
thereto, shall be governed by the laws of the State of Delaware, without regard to the choice of law provisions thereof. 

9.8. Consent to Jurisdiction; Enforceability. 

(i) This Agreement and the duties and obligations of the parties hereunder shall be enforceable against any of the parties
in the courts of the State of Delaware. For such purpose, each party hereto hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Agreement may be heard and determined in any of such
courts. 
 (ii) Each party hereto hereby irrevocably agrees that a final judgment of any of the courts specified
above in any action or proceeding relating to this Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

9.9. Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any
respect, such part shall be ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 

9.10. Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing party
in any dispute arising hereunder shall bear and pay the costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving such dispute.

 IN WITNESS WHEREOF, the REIT, the Partnership, and the Protected Partners
have caused this Agreement to be signed by their respective officers (or general partners) thereunto duly authorized all as of the date first written above. 

 

			
	DLC REALTY TRUST INC., a Maryland corporation
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 DLC REALTY, L.P.,

a Delaware limited partnership

		
	 By:
	 	 DLC REALTY TRUST INC.,

		 	 its sole General Partner

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

 - 11 - 

 Schedule 2.1 

List of Protected Partners 

 Schedule 3.1 

Minimum Liability Amount 
  

			
	 Protected Partner
	  	 Minimum Liability Amount

		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	

 Schedule 3.2 

Guaranteed Debt 
  

			
	 Partner Guarantor
	  	 Guaranteed DebtIrrevocable Exchange and Subscription Agreement

 Exhibit 10.9 

 
  

IRREVOCABLE EXCHANGE AND SUBSCRIPTION AGREEMENT 

 
  

 

 CONTENTS 

 

					
	 Clause
	  	 	  	Page
		
	 Article I CONTRIBUTION
	  	3
	 Section 1.01.
	  	 Exchange, Subscription and Consents
	  	3
	 Section 1.02.
	  	 Consideration
	  	4
	 Section 1.03.
	  	 Further Action
	  	5
	 Section 1.04.
	  	 Transaction Costs
	  	5
	 Section 1.05.
	  	 Pre-Closing Distributions
	  	5
	 Section 1.06.
	  	 Adjusted Consideration
	  	6
	 Section 1.07.
	  	 Allocation of Total Consideration
	  	6
	 Article II CLOSING
	  	6
	 Section 2.01.
	  	 Conditions Precedent
	  	6
	 Section 2.02.
	  	 Time and Place
	  	8
	 Section 2.03.
	  	 Delivery of OP Units
	  	8
	 Section 2.04.
	  	 Delivery of Common Stock
	  	8
	 Section 2.05.
	  	 Closing Deliveries
	  	9
	 Section 2.06.
	  	 Closing Costs
	  	9
	 Section 2.07.
	  	 Term of the Agreement
	  	9
	 Section 2.08.
	  	 Effect of Termination
	  	9
	 Section 2.09.
	  	 Tax Withholding
	  	9
	 Article III REPRESENTATIONS, WARRANTIES AND INDEMNITIES OF THE COMPANY AND DLC OP
	  	10
	 Section 3.01.
	  	 Organization; Authority
	  	10
	 Section 3.02.
	  	 Due Authorization
	  	10
	 Section 3.03.
	  	 Consents and Approvals
	  	11
	 Section 3.04.
	  	 No Violation
	  	11
	 Section 3.05.
	  	 Validity of OP Units and the Offered Shares
	  	11
	 Section 3.06.
	  	 Litigation
	  	11
	 Section 3.07.
	  	 OP Agreement
	  	11
	 Section 3.08.
	  	 Limited Activities
	  	11
	 Section 3.09.
	  	 Continuing Efforts
	  	11
	 Section 3.10.
	  	 No Brokers or Finders
	  	12
	 Section 3.11.
	  	 No Other Representations or Warranties
	  	12

  

 - i - 

					
	 Section 3.12.
	  	 Indemnification
	  	12
	 Article IV REPRESENTATIONS AND WARRANTIES OF THE EXCHANGING MEMBERS
	  	14
	 Section 4.01.
	  	 Organization; Authority
	  	14
	 Section 4.02.
	  	 Due Authorization and Enforceability
	  	14
	 Section 4.03.
	  	 Ownership of Interest
	  	14
	 Section 4.04.
	  	 Consents and Approvals
	  	14
	 Section 4.05.
	  	 No Violation
	  	15
	 Section 4.06.
	  	 Non-Foreign Person
	  	15
	 Section 4.07.
	  	 Taxes
	  	15
	 Section 4.08.
	  	 Solvency
	  	15
	 Section 4.09.
	  	 Litigation
	  	15
	 Section 4.10.
	  	 Investment
	  	15
	 Section 4.11.
	  	 Power-of-Attorney
	  	17
	 Section 4.12.
	  	 Continuing Efforts
	  	17
	 Section 4.13.
	  	 No Brokers or Finders
	  	17
	 Section 4.14.
	  	 No Claims
	  	17
	 Section 4.15.
	  	 No Other Representations or Warranties
	  	17
	 Section 4.16.
	  	 Survival of Representations and Warranties of the Exchanging Member
	  	17
	 Article V COVENANTS AND OTHER AGREEMENTS
	  	17
	 Section 5.01.
	  	 Covenants of the Exchanging Members; Waiver
	  	17
	 Section 5.02.
	  	 Commercially Reasonable Efforts by the Company, DLC OP and the Exchanging Member
	  	19
	 Section 5.03.
	  	 Tax Matters
	  	19
	 Article VI POWER OF ATTORNEY
	  	20
	 Section 6.01.
	  	 Grant of Power-of-Attorney
	  	20
	 Section 6.02.
	  	 Limitation on Liability
	  	20
	 Section 6.03.
	  	 Ratification; Third Party Reliance
	  	21
	 Article VII GENERAL PROVISIONS
	  	21
	 Section 7.01.
	  	 Notices
	  	21
	 Section 7.02.
	  	 Definitions
	  	22
	 Section 7.03.
	  	 Counterparts
	  	23
	 Section 7.04.
	  	 Entire Agreement; Third Party Beneficiaries
	  	23
	 Section 7.05.
	  	 Governing Law
	  	24

  

 - ii - 

					
	 Section 7.06.
	  	 Assignment
	  	24
	 Section 7.07.
	  	 Jurisdiction
	  	24
	 Section 7.08.
	  	 Dispute Resolution
	  	24
	 Section 7.09.
	  	 Changes to Form Agreements
	  	25
	 Section 7.10.
	  	 Severability
	  	26
	 Section 7.11.
	  	 Rules of Construction
	  	26
	 Section 7.12.
	  	 Equitable Remedies
	  	26
	 Section 7.13.
	  	 Further Assurances
	  	27
	 Section 7.14.
	  	 Time of the Essence
	  	27
	 Section 7.15.
	  	 Descriptive Headings
	  	27
	 Section 7.16.
	  	 No Personal Liability Conferred
	  	27
	 Section 7.17.
	  	 Amendments
	  	27

  

 - iii - 

 DEFINED TERMS 

 

			
	 Term
	  	Section
		
	 Accredited Investor
	  	Section 4.10
	 Affiliate
	  	Section 7.02
	 Agreement
	  	Introduction
	 Assumed Entity Valuations
	  	Section 7.02
	 Assumed IPO Price
	  	Section 7.02
	 Attorney-in-Fact
	  	Section 6.01
	 Business Day
	  	Section 7.02
	 Charter
	  	Section 3.05
	 Claim
	  	Section 3.12
	 Claim Notice
	  	Section 3.12
	 Closing Date
	  	Section 1.01
	 Code
	  	Section 7.02
	 Common Stock
	  	Recitals
	 Company
	  	Introduction
	 Company Subsidiary
	  	Section 3.01
	 Confidential Offering Memorandum
	  	Recitals
	 Consent Form
	  	Section 7.02
	 Consideration
	  	Section 1.02
	 Consolidation Transactions
	  	Recitals
	 Delphi
	  	Recitals
	 Dispute
	  	Section 7.08
	 DLC Existing Entities
	  	Recitals
	 DLC Interests
	  	Recitals
	 DLC Management
	  	Recitals
	 DLC OP
	  	Introduction
	 DLC OP Agreement
	  	Section 2.03
	 Elected Securities
	  	Recitals
	 Exchanging Members
	  	Introduction
	 Exchanging Member Indemnified Party
	  	Section 3.12
	 Excluded Assets
	  	Section 1.05
	 Existing Entities
	  	Recitals
	 Existing Member
	  	Introduction
	 Existing Member Interests
	  	Recitals
	 Expiration Date
	  	Section 3.12
	 First Man Corp.
	  	Recitals
	 Governmental Authority
	  	Section 7.02
	 Interests
	  	Recitals
	 Investor Information Page
	  	Recitals
	 IPO
	  	Recitals
	 IPO Price
	  	Section 7.02
	 Laws
	  	Section 7.02
	 Liens
	  	Section 7.02
	 Losses
	  	Section 3.12

  

 - iv - 

			
	 Term
	  	Section
		
	 Material Adverse Effect
	  	Section 7.02
	 Non-Eligible Investor Payment
	  	Recitals
	 Offered OP Units
	  	Recitals
	 Offered Shares
	  	Recitals
	 OP Units
	  	Recitals
	 Outside Date
	  	Section 2.07
	 Person
	  	Section 7.02
	 Principals
	  	Introduction
	 Prospectus
	  	Section 7.02
	 REIT
	  	Introduction
	 Representation, Warranty and Indemnity Agreement
	  	Section 7.02
	 SEC
	  	Section 2.01
	 Securities Act
	  	Section 2.01
	 Selling Party
	  	Section 5.03
	 Sold Interests
	  	Section 5.03
	 Subscription Documents
	  	Section 1.01
	 Subsidiary
	  	Section 7.02
	 Tax
	  	Section 7.02
	 Third Party Claims
	  	Section 3.12
	 Total Consideration
	  	Section 7.02
	 Transaction Agreements
	  	Recitals

  

 - v - 

 IRREVOCABLE EXCHANGE AND SUBSCRIPTION AGREEMENT 

This Irrevocable Exchange and Subscription Agreement is made and entered into as of April     , 2010
(this “Agreement”), by and among DLC Realty Trust, Inc., a Maryland corporation (the “Company”), which intends to qualify as a real estate investment trust (a “REIT”) for federal income tax
purposes, DLC Realty, L.P., a Delaware limited partnership (“DLC OP”), Mr. Adam Ifshin, Mr. Stephen Ifshin (together, the “Principals”) and the members and limited partners of the Existing Entities (as
defined below) set forth on the signature page hereto (each such member and limited partner an “Existing Member” and, collectively, the “Existing Members”). The Existing Members and the Principals are herein
collectively referred to as the “Exchanging Members.” Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings ascribed to them in the Confidential Offering Memorandum, as defined below.

 RECITALS 

WHEREAS, reference is made to the Company’s Consent Solicitation Statement and Confidential Offering
Memorandum, dated March 15, 2010 (the “Confidential Offering Memorandum”) relating to the private offering of units of limited partnership interests (the “OP Units”) to be issued by DLC OP to the Exchanging
Members, and, solely with respect to Mr. Adam Ifshin, shares of common stock, par value $0.01 per share, (the “Common Stock”), to be issued by the Company; 

WHEREAS, the Exchanging Members are holders of limited liability company, general or limited partnership interests
in one or more of the limited liability companies or partnerships (the “Existing Entities”) which own, directly or indirectly, the 86 real properties described in the Confidential Offering Memorandum; 

WHEREAS, Mr. Adam Ifshin is a holder of limited liability company, general or limited partnership interests
in certain of the Existing Entities and the sole stockholder of DLC Management Corporation, a New York corporation (“DLC Management”), Delphi Commercial Properties, Inc., a New York corporation (“Delphi”) and First
Man Orange Corp., a Connecticut corporation (the “First Man Corp” and collectively, the “DLC Existing Entities”) all as set forth on Exhibit A hereto (the “Investor Information Page”);

 WHEREAS, the limited liability company, general or limited partnership interests in the Existing
Entities held by the Exchanging Members are referred to herein collectively as the “Existing Member Interests” and the shares of DLC Management, Delphi and the First Man Corp. owned by Mr. Adam Ifshin are referred to herein
collectively as the “DLC Interests.” The Existing Member Interests and the DLC Interests are herein collectively referred to as the “Interests;” 

WHEREAS, in conjunction with the formation transactions and the initial public offering of the Company (the
“IPO”), the Company desires to consolidate the ownership of the Interests into DLC OP and the Company, as applicable, in a consolidation transaction to be completed prior to or concurrently with the completion of the IPO, as a
result of which the Exchanging Members will have exchanged, through a series of merger transactions, their Interests for OP Units (or, in certain limited cases, cash) and, solely with respect to Mr. Adam Ifshin, shares of Common Stock (the
“Consolidation Transactions”); 
  

 - 1 - 

 WHEREAS, various merger agreements (including this Agreement) (the
“Transaction Agreements”) pursuant to which all of the Interests in the Existing Entities and the DLC Existing Entities held by the Exchanging Members are to be acquired, directly or indirectly, by the Company or DLC OP, as part of
the Consolidation Transactions will be executed to effectuate the Consolidation Transactions; 
 WHEREAS,
the Investor Information Page sets forth, for each Exchanging Member, the name of the Existing Entities or DLC Existing Entities in which such Exchanging Member holds Existing Member Interests or DLC Interests, respectively, the number of OP Units
such Exchanging Member will receive (except as otherwise provided in the paragraph immediately below) as part of the Consolidation Transactions and, solely with respect to Mr. Adam Ifshin, the number of shares of Common Stock Mr. Adam
Ifshin will receive in the Consolidation Transactions; such number of OP Units (as the same may be adjusted) offered to the Exchanging Members in the aggregate is referred to herein as the “Offered OP Units” and such number of
shares of Common Stock is referred to herein as the “Offered Shares;” 
 WHEREAS, the
Exchanging Members understand that only Eligible Investors (which are Investors that meet the investor criteria) or a limited number of non-Eligible Investors (as determined by DLC OP in its sole discretion), in each case as described in the
Confidential Offering Memorandum, are eligible to elect to receive OP Units in the Consolidation Transactions. If such Exchanging Member is not an Eligible Investor and DLC OP chooses cash consideration for such non-Eligible Investor, such
Exchanging Member will receive only cash as consideration for his, her or its Interests in an amount equal to the product of the number of OP Units due to such Exchanging Member and set forth on the Investor Information Page and the IPO Price (as
defined herein) (the “Non-Eligible Investor Payment”); 

WHEREAS, it is intended for federal income tax purposes that the Consolidation
Transactions be treated as (i) a transfer of the equity interests in the Existing Entities to DLC OP in exchange for OP Units under Section 721 of the Code (as defined below) including, where applicable, pursuant to the “assets
over” form of transaction set forth in Treasury Regulation Section 1.708-1(c)(3) and (ii) a tax-deferred reorganization of the DLC Existing Entities into the Company pursuant to Section 368(a) of the Code; 

 WHEREAS, the Exchanging Members understand and acknowledge that, as of the date of this
Agreement, neither the Company nor DLC OP knows the value of the OP Units or the shares of Common Stock that will be available for exchange for the Interests and the Exchanging Members acknowledge and understand that the value of the OP Units or
Common Stock to be issued to the Exchanging Members will depend on the Company’s value in the pricing of the Company’s IPO and that the Assumed IPO Price and the assumed range of shares estimated to be offered in the IPO set forth in the
Confidential Offering Memorandum is subject to change and is used in the Confidential Offering Memorandum for illustrative purposes only; 

WHEREAS, by executing this Agreement, the Exchanging Members (A) consent to the Consolidation Transactions
and to the applicable Transaction Agreements with respect to the 
  

 - 2 - 

 
Existing Entities or DLC Existing Entities to which such Exchanging Member is a limited partner, member or stockholder, (B) waive any right they may have to elect to receive any cash or
other consideration, respectively, under the organizational documents for any of the Existing Entities or DLC Existing Entities, respectively, so long as they are Eligible Investors, and (C) irrevocably agree, upon satisfaction of the
conditions in Sections 2.01 of this Agreement, to receive in exchange for such Interests either the Offered OP Units or Offered Shares, as indicated on the Investor Information Page which such securities so elected to be received by the Exchanging
Members as described in Sections 1.01(a) and (b) below are referred to herein as the “Elected Securities,” or, if the Exchanging Member is not an Eligible Investor and DLC OP chooses cash consideration for such non-Eligible
Investor, to accept the Non-Eligible Investor Payment; 
 WHEREAS, a copy of the Confidential Offering
Memorandum has been received and reviewed by the undersigned; and 
 WHEREAS, all necessary approvals
have been obtained by the parties to this Agreement to consummate the transactions contemplated herein. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and other
terms contained in this Agreement, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I

 CONTRIBUTION 

Section 1.01. Exchange, Subscription and Consents. 

(a) Exchanging Member and Mr. Stephen Ifshin. By executing the signature page to this Agreement, subject to
the terms and conditions hereof, the Exchanging Member, if an Eligible Investor (excluding Mr. Adam Ifshin, addressed in paragraph (b) below), hereby agrees to subscribe for and receive, and DLC OP agrees to issue, the Elected Securities
to the undersigned on the closing date of the IPO (the “Closing Date”), in exchange for the consideration set forth in Section 1.02. 

(b) Mr. Adam Ifshin. By executing this agreement, Mr. Adam Ifshin hereby agrees, subject to the terms
and conditions hereof, to transfer to the Company, DLC OP and/or its subsidiaries, as applicable, the Interests shown on the Investor Information Page as being slated for contribution in exchange for which Mr. Adam Ifshin will receive on the
Closing Date the number of Offered Units and the number of Offered Shares set forth in the applicable line on the Investor Information Page, in exchange for the consideration set forth in Section 1.02. 

(c) Reallocation of Interests or DLC Interests. The Company reserves the right, by written notice to an Exchanging
Member, to require such Exchanging Member and the Existing Entities or DLC Existing Entities, as applicable, to reallocate one or more Interests slated for acquisition under the Transaction Agreements, such that the Existing Entity or DLC Existing
Entity in which such Interests are held will be instead acquired by the Company, DLC OP or any subsidiary thereof. The Company shall exercise such right only if in its reasonable 

 

 - 3 - 

 
judgment such reallocation is necessary to protect the status of the Company as a REIT for federal income tax purposes or the tax deferred nature of the transactions contemplated by this
Agreement. The parties agree that any such reallocation of an Interest shall not change the total number of Elected Securities to be received by the Exchanging Members under this Agreement and the Transaction Agreements. 

(d) Other Matters. On the date of this Agreement, the Exchanging Members have delivered to the Company, (a) a
duly completed and executed Consent Form; (b) a duly completed and executed Accredited Investor Questionnaire; (c) a duly completed and executed Substitute Form W-9 and FIRPTA Affidavit; (d) if executing this Agreement in the State of
New York, the Power of Attorney set forth in Exhibit B; and (e) two duly completed and executed signature pages to this Agreement. As provided in Section 6.01 hereof, by executing this Agreement or Exhibit B to this
Agreement, each Exchanging Member grants a power-of-attorney to the Company to execute, on behalf of such Exchanging Member on the Closing Date, the Registration Rights Agreement, the Tax Protection Agreement, the Lock-Up Agreement, the Transaction
Agreements, the Representation, Warranty and Indemnity Agreement, instruments of assignment, and if receiving OP Units, the DLC OP Agreement (as defined herein) (including any amendments thereto approved by the partners in accordance with the terms
of such agreement) and any other documents related to the consummation of the Consolidation Transactions, any reallocation of Interests as described in Section 1.01(c) above or any of the other transactions contemplated by this Agreement on
such Exchanging Member’s behalf and in such Exchanging Member’s name, as may be deemed by the Company as necessary or desirable to effectuate the Consolidation Transactions, the IPO, and the other transactions described herein or in the
Confidential Offering Memorandum. Such agreements together with this Agreement are collectively referred to in this Agreement as the “Subscription Documents.” 

Section 1.02. Consideration. 

(a) Under and subject to the terms and conditions of the respective Subscription Documents, as the result of an
irrevocable election indicated on the Consent Form submitted by a Exchanging Member, each Exchanging Member is irrevocably bound to accept and entitled to receive upon consummation of the Consolidation Transactions, the number of OP Units and,
solely with respect to Mr. Adam Ifshin, shares of Common Stock, indicated on Exhibit A hereto or, in the case of an Exchanging Member that is not an Eligible Investor and DLC OP chooses cash consideration for such non-Eligible Investor,
the Non-Eligible Investor Payment (in aggregate, the “Consideration”). No fractional OP Units or shares of Common Stock shall be issued pursuant to this Agreement. If aggregating all OP Units that an Exchanging Member would
otherwise be entitled to receive as a result of any of the Consolidation Transactions would require the issuance of a fractional OP Unit or share of Common Stock, in lieu of such fractional OP Unit or share of Common Stock, the Exchanging Member
shall be entitled to receive an amount in cash determined by multiplying the fraction of an OP Unit or share of Common Stock to which such Exchanging Member would otherwise have been entitled, by the IPO Price. No interest will be paid or will
accrue on any cash paid or payable in lieu of any fractional OP Unit. 
 (b) Receipt of Consideration is
expressly conditioned upon receipt of each applicable document contained in the Subscription Booklet duly executed and fully completed. 

 

 - 4 - 

 
Therefore, if the necessary consent for an applicable existing entity is obtained, until such documentation is received from an Exchanging Member, whether or not such Exchanging Member wishes to
consent or not, DLC OP shall not issue to such Exchanging Member the Consideration otherwise due to such Exchanging Member whether in the form of OP Units or cash. 

(c) The Company and the Operating Partnership, in their sole discretion, may determine to proportionately increase the
number of OP Units or shares of Common Stock, as applicable, each Exchanging Member may receive. Such determination must be made prior to the marketing of the IPO, through a preliminary prospectus, begins. In no event will the number of shares of OP
Units or shares of Common Stock, as applicable, that each Exchanging Member receives be less than the number of OP Units or shares of Common Stock, as applicable indicated on Exhibit A hereto. 

Section 1.03. Further Action. If, at any time after the Closing Date, the Company shall determine or be
advised that any deeds, bills of sale, assignments, assurances or other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Company, DLC OP or any subsidiary thereof the right, title or interest in
or to the Interests exchanged by a Exchanging Member, each Exchanging Member shall execute and deliver all such deeds, bills of sale, assignments and assurances and take and do all such other actions and things as may be necessary or desirable to
vest, perfect or confirm any and all right, title and interest in the Interests or otherwise to carry out this Agreement; provided, that such Exchanging Member shall not be obligated to take any action or execute any document if the
additional actions or documents impose additional liabilities, obligations, covenants, responsibilities, representations or warranties on such Exchanging Member that are not contemplated by this Agreement or reasonably inferable by the terms herein.

 Section 1.04. Transaction Costs. If the Closing occurs, the Company and DLC OP shall be solely
responsible for all transaction costs and expenses of the Company, DLC OP, the Existing Entities and the DLC Existing Entities in connection with the Consolidation Transactions and the IPO, which include, but are not limited to, the underwriting
discounts and commissions. If the Closing does not occur, Section 2.08 shall govern. 

Section 1.05. Pre-Closing Distributions. On or prior to the Closing Date, the Existing Entities and the DLC
Existing Entities may assign and transfer all of their right, title and interest in and to its cash and other current assets in excess of its liabilities (excluding amounts on deposit with lenders for escrow accounts, prepaid rent, prepaid
management fees or other prepaid income streams, prepaid expense reimbursements, accrued employee benefits, future lease obligations, security deposits and amounts otherwise reserved) to the Exchanging Members (and/or any other Person designated by
a Exchanging Member) in accordance with the provisions of the applicable organizational document of each such applicable Existing Entity or DLC Existing Entity, as applicable (such assets being referred to as the “Excluded Assets”);
provided, however, that other than the distributions by the Existing Entities and the DLC Existing Entities and the mergers contemplated by the Consolidation Transactions, the Existing Entities and the DLC Existing Entities have not
since December 31, 2009 taken, and shall not take, any action not in the ordinary course consistent with past practice to increase current assets or reduce current liabilities, including by increasing long-term liabilities, decreasing long-term

  

 - 5 - 

 
assets, changing reserves or otherwise. DLC OP agrees and acknowledges that none of the Excluded Assets, nor any right, title or interest of the Existing Entities and the DLC Existing Entities or
the Exchanging Members therein, shall be deemed to constitute a part of the Existing Entities and the DLC Existing Entities or its assets and liabilities, and that such assets and liabilities will not be owned or retained by the Existing Entities
and the DLC Existing Entities at the Closing Date. DLC OP agrees and acknowledges that the Existing Entities and the DLC Existing Entities may transfer or distribute the Excluded Assets at any time and from time to time prior to the Closing Date,
and no such transfer or distribution shall be deemed to violate or breach any provision under this Agreement or any other documents contemplated hereby. 

Section 1.06. Adjusted Consideration. 

The Company reserves the right not to acquire any Interest, directly or indirectly, if in good faith the Company
determines that the ownership of such Interest would be inappropriate for the Company. Each Exchanging Member hereby agrees that, in such event, such Exchanging Member’s Total Consideration (as defined below) as indicated on the Investor
Information Form may be reduced by the amount and type of Consideration allocated to such Interest pursuant to Section 1.07 below, as shown on the Investor Information Form. 

Section 1.07. Allocation of Total Consideration. 

The Consideration paid to each Exchanging Member shall be allocated in a manner reasonably agreed upon by the Company and
each Exchanging Member. The Company, DLC OP and such Exchanging Member agree to (i) be bound by the allocation, (ii) act in accordance with the allocation in the preparation of financial statements and filing of all tax returns and in the
course of any tax audit, tax review or tax litigation relating thereto and (iii) take no position and cause their affiliates to take no position inconsistent with the allocation for income tax purposes. 

ARTICLE II 

CLOSING 

Section 2.01. Conditions Precedent. 

(a) Condition to Each Party’s Obligations. The respective obligation of each party to effect the actions
contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date is subject to the satisfaction or waiver on or prior to the effective time of the mergers and other actions contemplated in the
applicable Subscription Documents of the closing conditions set forth therein and of the following conditions: 

(i) Registration Statement. The initial registration statement of the Company for the IPO shall have become
effective under the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder (the “Securities Act”) and shall not be the subject of any stop order or proceedings by the Securities and Exchange
Commission (“SEC”) seeking a stop order. This condition may not be waived by any party. 
  

 - 6 - 

 (ii) IPO Proceeds. The Company shall have received the gross
proceeds from the IPO. This condition may not be waived by any party. 
 (iii) No Injunction. No
Governmental Authority (as defined herein) shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any
case which is in effect and which prevents or prohibits consummation of any of the transactions contemplated in this Agreement (which condition may not be waived by any party) nor shall any of the same brought by a Governmental Authority of
competent jurisdiction be pending that seeks the foregoing. 
 (iv) Consolidation Transactions. The
Consolidation Transactions shall have been consummated not later than the Closing Date. This condition may not be waived by any party. 

(b) Conditions to Obligations of the Company and DLC OP. The obligations of DLC OP and the Company to effect the
actions contemplated by this Agreement are further subject to satisfaction of the following conditions (any of which may be waived by DLC OP or the Company in whole or in part in their sole discretion): 

(i) Representations and Warranties. Except as would not have a Material Adverse Effect (as defined herein), the
representations and warranties of each Exchanging Member contained in this Agreement, as well as those of the Principals contained in the Representation, Warranty and Indemnity Agreement, shall be true and correct at the Closing Date as if made
again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date). 

(ii) Performance by the Exchanging Members. Each Exchanging Member shall have performed in all material respects
all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for each Exchanging Member to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the ability of such Exchanging Member to consummate the transactions
contemplated by this Agreement) shall have been obtained. 
 (iv) No Material Adverse Change. There
shall have not occurred between the date hereof and the Closing Date any material adverse change in any of the assets, business, financial condition, results of operation or prospects of the Existing Entities and the DLC Existing Entities or their
subsidiaries. 
 (v) Representation, Warranty and Indemnity Agreement. The Principals shall have entered
into the Representation, Warranty and Indemnity Agreement. 
 (vi) Bankruptcy. There shall not have been
a bankruptcy or similar insolvency proceeding with respect to an Existing Entity or DLC Existing Entity; provided that the Company and DLC OP shall have the right to elect to proceed with the Consolidation Transaction with respect to all
Existing Entities and DLC Existing Entities that are not the subject of such proceeding. 
  

 - 7 - 

 (c) Conditions to Obligations of the Exchanging Members. The
obligation of each Exchanging Member to effect the actions contemplated by this Agreement are further subject to satisfaction of the following conditions: 

(i) Representations and Warranties. Except as would not have a Material Adverse Effect, the representations and
warranties of the Company and DLC OP contained in this Agreement shall be true and correct at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it
must be true and correct only as of that earlier date). 
 (ii) Performance by the Company and DLC OP.
The Company and DLC OP shall have performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for the Exchanging Members to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the ability of the Exchanging Members to consummate the transactions
contemplated by this Agreement) shall have been obtained. 
 (iv) Registration Rights Agreement. The
Company and DLC OP shall have entered into the registration rights agreement substantially in the form attached as Exhibit A to the Confidential Offering Memorandum. This condition may not be waived by any party. 

Section 2.02. Time and Place. Unless this Agreement shall have been terminated pursuant
to Section 2.07 hereof, and subject to satisfaction or waiver of the conditions in Section 2.01 hereof, the closing of the Consolidation Transactions contemplated by Section 1.01 and the other transactions contemplated hereby shall
occur on the Closing Date. The closing shall take place at the offices of Clifford Chance US LLP,
31 West 52nd Street, New York, New York 10019 or
such other place as determined by the Company in its sole discretion. The Consolidation Transactions described in Section 1.01 hereof and all closing deliveries shall be deemed concurrent for all purposes. 

Section 2.03. Delivery of OP Units. The issuance of the OP Units shall be evidenced by an amendment to the
Agreement of Limited Partnership of DLC OP (the “DLC OP Agreement”). On the Closing Date (or as soon as reasonably practicable thereafter), DLC OP shall deliver or cause to be delivered to each Exchanging Member an executed copy of
such amendment. 
 Section 2.04. Delivery of Common Stock. On the Closing Date (or as soon as
reasonably practicable thereafter), the Company shall deliver or cause to be delivered to Mr. Adam Ifshin a certificate (which may be electronically registered with the Depository Trust Company) representing the Common Stock issuable hereunder
to Mr. Adam Ifshin and bearing the following legend: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE
CORPORATION AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY”
LAWS. 
  

 - 8 - 

 In addition, such certificate representing the Common Stock so issuable
shall bear a legend reflecting certain transfer and other restrictions for the purpose of maintaining the REIT’s status as a REIT under the Code, in accordance with applicable Law (as defined herein). 

Section 2.05. Closing Deliveries. On the Closing Date, the parties shall make, execute, acknowledge and
deliver, or cause to be made, executed, acknowledged and delivered through the Attorney-in-Fact (described in Article VI hereof) or the Power of Attorney set forth as Exhibit B hereto, any other documents reasonably requested by the
Company or reasonably necessary or desirable to assign, transfer, convey, contribute and deliver the Interests, free and clear of all Liens (as defined herein) and to effectuate the transactions contemplated hereby. 

Section 2.06. Closing Costs. The Company and DLC OP shall pay any documentary transfer taxes, escrow charges,
title charges and recording taxes or fees incurred in connection with the transactions contemplated hereby. 

Section 2.07. Term of the Agreement. This Agreement shall terminate automatically if the Contribution
Transactions shall not have been consummated on or prior to April 2, 2011 (such date is hereinafter referred to as the “Outside Date”). 

Section 2.08. Effect of Termination. In the event of termination of this Agreement for any reason, all
obligations on the part of DLC OP, the Company and the Exchanging Members under this Agreement shall terminate, except that the obligations set forth in Article VII shall survive; it being understood and agreed, however, for the avoidance of
doubt, that if this Agreement is terminated because one or more of the conditions to a non-breaching party’s obligations under this Agreement is not satisfied by the Outside Date as a result of the other party’s material breach of a
covenant, representation, warranty or other obligation under this Agreement or any other Subscription Documents, the non-breaching party’s right to pursue all legal remedies with respect to such breach will survive such termination unimpaired.
If this Agreement shall terminate for any reason prior to completion of the Consolidation Transactions, the Existing Entities and the DLC Existing Entities shall bear all transaction costs and expenses related thereto in proportion to the aggregate
number of Offered OP Units, Offered Shares or Non-Eligible Investor Payment allocated to the Interests therein, as set forth on Exhibit A (as completed by each Exchanging Member). 

Section 2.09. Tax Withholding. The Company and DLC OP shall be entitled to deduct and withhold, from the
consideration payable pursuant to this Agreement to any Exchanging Member, such amounts as the Company or DLC OP is required to deduct and withhold with 

 

 - 9 - 

 
respect to the making of such payment under the Code or any provision of federal, state, local or foreign tax law. To the extent that amounts are so withheld by the Company or DLC OP, such
withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Exchanging Member in respect of which such deduction and withholding was made by the Company or DLC OP. 

ARTICLE III 

REPRESENTATIONS, WARRANTIES AND INDEMNITIES OF THE COMPANY AND DLC OP 

The Company and DLC OP hereby represent and warrant to and covenants with each Exchanging Member as follows: 

Section 3.01. Organization; Authority. 

(a) The Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of
Maryland. The Company has all requisite power and authority to enter this Agreement and the other Subscription Documents and to carry out the transactions contemplated hereby and thereby, and to own, lease or operate its property and to carry on its
business as presently conducted and, to the extent required under applicable Law, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification
necessary, other than in such jurisdictions where the failure to be so qualified would not have a Material Adverse Effect. 

(b) Each Subsidiary of the Company (each a “Company Subsidiary”) has been duly organized or formed and
is validly existing under the laws of its jurisdiction of organization or formation, as applicable, has all power and authority to own, lease or operate its property and to carry on its business as presently conducted and, to the extent required
under applicable Law, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, except where the failure to be so qualified would
not have a Material Adverse Effect. 
 (c) DLC OP is a limited partnership duly organized, validly existing and
in good standing under the Laws of the State of Delaware. DLC OP has all requisite power and authority to enter this Agreement and the other Subscription Documents and to carry out the transactions contemplated hereby and thereby, and to own, lease
or operate its property and to carry on its business as presently conducted and, to the extent required under applicable Law, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the
character of its property make such qualification necessary, other than in such jurisdictions where the failure to be so qualified would not have a Material Adverse Effect. 

Section 3.02. Due Authorization. The execution, delivery and performance of this Agreement and the other
Subscription Documents by the Company and DLC OP have been duly and validly authorized by all necessary action of the Company and DLC OP. This Agreement, the other Subscription Documents and each agreement, document and instrument executed and
delivered by or on behalf of the Company or DLC OP pursuant to this Agreement or the other 
  

 - 10 - 

 
Subscription Documents constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Company or DLC OP, each enforceable against the Company or DLC
OP in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. 

Section 3.03. Consents and Approvals. Except in connection with the IPO and the consummation of the
Consolidation Transactions, no consent, waiver, approval or authorization of, or filing with, any Person (as defined herein) or Governmental Authority or under any applicable Laws is required to be obtained by the Company or DLC OP in connection
with the execution, delivery and performance of this Agreement and the transactions contemplated hereby. 

Section 3.04. No Violation. None of the execution, delivery or performance of this Agreement, the other
Subscription Documents, any agreement contemplated hereby between the parties to this Agreement and the transactions contemplated hereby between the parties to this Agreement does or will, with or without the giving of notice, lapse of time, or
both, violate, conflict with, result in a breach of, or constitute a default under (a) the organizational documents of the Company or DLC OP, (b) any term or provision of any judgment, order, writ, injunction, or decree binding on the
Company or DLC OP, or (c) any other agreement to which the Company or DLC OP is a party thereto. 

Section 3.05. Validity of OP Units and the Offered Shares. The OP Units and the Offered Shares to be issued
to each Exchanging Member, as applicable, pursuant to this Agreement will have been duly authorized by the Company or DLC OP, as applicable, and, when issued against the consideration therefor, will be validly issued by the Company or DLC OP, fully
paid and non-assessable (with respect to the Offered Shares) and free and clear of all Liens created by the Company or DLC OP (other than Liens created by the DLC OP Agreement or the Articles of Amendment and Restatement of the Company (the
“Charter”)). 
 Section 3.06. Litigation. There is no action, suit or proceeding
pending or, to the Company or DLC OP’s knowledge, threatened against the Company or DLC OP or any Company Subsidiaries which, if adversely determined, would have a Material Adverse Effect or which challenges or impairs the ability of the
Company or DLC OP to execute or deliver, or perform its obligations under, this Agreement and the documents executed by it pursuant to this Agreement or to consummate the transactions contemplated hereby or thereby. 

Section 3.07. OP Agreement. Attached as Exhibit B to the Confidential Offering Memorandum is a true and
correct copy of the DLC OP Agreement in substantially final form. 
 Section 3.08. Limited
Activities. Except for activities in connection with the IPO or the Consolidation Transactions, none of the Company, the Company Subsidiaries and DLC OP have engaged in any material business or incurred any material obligations. 

Section 3.09. Continuing Efforts. Subject to the terms and conditions herein provided, the Company and DLC OP
covenant and agree to use their best efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper and/or appropriate to consummate and make effective the transactions contemplated by this Agreement.

  

 - 11 - 

 Section 3.10. No Brokers or Finders. The Company and DLC OP have
not entered into any agreement and are not otherwise liable or responsible to pay any brokers’ or finders’ fees or expenses to any person or similar agent or firm with respect to this Agreement or the purchase and issuance of any Elected
Securities contemplated hereby. 
 Section 3.11. No Other Representations or Warranties. Other than
the representations and warranties expressly set forth in this Article III, the Company and DLC OP shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby.

 Section 3.12. Indemnification. 

(a) From and after the Closing Date, the Company and DLC OP shall indemnify and hold harmless each Exchanging Member and
its Affiliates (each of which is a “Exchanging Member Indemnified Party”) from and against any and all charges, complaints, claims, actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever,
including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds
(collectively, “Losses”) arising out of or relating to, asserted against, imposed upon or incurred by the Exchanging Member Indemnified Party in connection with or as a result of any breach of a representation, warranty or
covenant of the Company or the DLC OP contained in this Agreement or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Company or the DLC OP pursuant to this Agreement or the Confidential Offering Memorandum;
provided, however, that the Company and DLC OP shall not have any obligation under this Section to indemnify any Exchanging Member Indemnified Party against any Losses to the extent that such Losses arise by virtue of (i) any
diminution in value of the shares of Common Stock or OP Units or (ii) an Exchanging Member’s breach of this Agreement, gross negligence, willful misconduct or fraud or (iii) the Existing Entities and DLC Existing Entities operation of
its business or the ownership and operation of its assets in the ordinary course of business prior to the Closing Date. Nothing contained in this Section 3.12(a) shall relieve the parties to the Representation, Warranty and Indemnity
Agreement of any liability under the express terms thereof. 
 (b) At the time when any Exchanging Member
Indemnified Party learns of any potential claim under this Section 3.12 (a “Claim”) against the Company or DLC OP it will promptly give written notice (a “Claim Notice”) to the Company or DLC OP;
provided, that failure to do so shall not prevent recovery under this Agreement, except to the extent that the Company or DLC OP shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the
facts known to such Exchanging Member Indemnified Party giving rise to such Claim, and the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by Law, such Exchanging Member Indemnified Party shall deliver to
the Company or DLC OP, promptly after such Exchanging Member Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by such Exchanging Member Indemnified Party relating to a Third Party Claim
(as defined herein). Any Exchanging Member Indemnified Party may at its option demand indemnity under this Section 3.12 as soon as a Claim has been threatened by a third party, regardless of whether an actual Loss has been suffered, so long as
such Exchanging Member Indemnified Party shall in good faith determine that such claim is not frivolous and that such Exchanging Member Indemnified Party may be liable for, or otherwise incur, a Loss as a result thereof. 

 

 - 12 - 

 (c) The Company and DLC OP shall be entitled, at their own expense, to
assume and control the defense of any Claims based on claims asserted by third parties (“Third Party Claims”), through counsel chosen by the Company or DLC OP and reasonably acceptable to such Exchanging Member Indemnified Party (or
any person authorized by such Exchanging Member Indemnified Parties to act on its behalf), if it gives written notice of its intention to do so to such Exchanging Member Indemnified Party within thirty (30) days of the receipt of the applicable
Claim Notice; provided, however, that such Exchanging Member Indemnified Party may at all times participate in such defense at its expense. Without limiting the foregoing, in the event that the Company or DLC OP exercises the right to
undertake any such defense against a Third Party Claim, such Exchanging Member Indemnified Party shall cooperate with the Company or DLC OP in such defense and make available to the Company or DLC OP (unless prohibited by Law), at the Company or DLC
OP’s expense, all witnesses, pertinent records, materials and information in such Exchanging Member Indemnified Party’s possession or under such Exchanging Member Indemnified Party’s control relating thereto as is reasonably required
by the Company or DLC OP. No compromise or settlement of such Third Party Claim may be effected by either such Exchanging Member Indemnified Party, on the one hand, or the Company or DLC OP, on the other hand, without the other’s consent (which
shall not be unreasonably withheld or delayed) unless (i) there is no finding or admission of any violation of Law and no effect on any other claims that may be made against such other party and (ii) each Exchanging Member Indemnified
Party that is party to such claim is released from all liability with respect to such claim. 
 (d) All
representations, warranties and covenants of the Company and DLC OP contained in this Agreement shall survive after the effective time of the mergers or other transactions contemplated in the applicable Subscription Documents until the first
anniversary of the Closing Date (the “Expiration Date”). If written notice of a claim in accordance with the provisions of this Section 3.12 has been given prior to the Expiration Date, then the relevant representation,
warranty and covenant shall survive, but only with respect to such specific claim, until such claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date may not thereafter be asserted and shall
forever be waived. In furtherance of the foregoing, each Exchanging Member hereby waives, as of the Closing Date, to the fullest extent permitted under applicable Law, any and all rights, claims and causes of action (other than claims of, or causes
of action arising from, fraud) it may have against the other parties hereto arising under or based upon any federal, state, local or foreign Law, other than the right to seek indemnity pursuant to this Section 3.12. The foregoing sentence shall
not (i) limit a Exchanging Member’s right to specific performance or injunctive relief in connection with the breach by the Company or DLC OP of its covenants in this Agreement or (ii) constitute a waiver of any rights or remedies of
a Exchanging Member under any organizational documents governing the Exchanging Member’s Interests or DLC Interests, as applicable. 

(e) All indemnity payments made hereunder shall be treated as adjustments to the consideration paid hereunder for federal
income tax purposes. 
  

 - 13 - 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE EXCHANGING MEMBERS 

Except as disclosed in the Prospectus, each Exchanging Member, severally, hereby represents, warrants and agrees that as
of the Closing Date: 
 Section 4.01. Organization; Authority. If such Exchanging Member is an
individual, such Exchanging Member has the legal capacity and authority to execute, deliver and perform its obligations under this Agreement, and no Person has any community property rights, by virtue of marriage or otherwise, with respect to such
Exchanging Member’s Interests. If such Exchanging Member is a Person other than an individual, such Exchanging Member has been duly organized, is validly existing and in good standing under the Laws of its jurisdiction of organization, and has
all requisite power and authority to enter this Agreement, each agreement contemplated hereby and to carry out the transactions contemplated hereby and thereby. 

Section 4.02. Due Authorization and Enforceability. If such Exchanging Member is a Person other than an
individual, the execution, delivery and performance of this Agreement by such Exchanging Member has been duly and validly authorized by all necessary action required of such Exchanging Member. This Agreement and each agreement, document and
instrument executed and delivered by or on behalf of such Exchanging Member pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Exchanging Member, each enforceable
against such Exchanging Member in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. 

Section 4.03. Ownership of Interest. Such Exchanging Member is the record owner of the Interests owned by it
as set forth on Exhibit A, and has the power and authority to transfer, sell, assign and convey to DLC OP or the Company, as applicable, such Interests, free and clear of any Liens and, upon delivery of the consideration for such Interests as
provided herein, DLC OP or the Company, as applicable, will acquire good and valid title thereto, free and clear of any Liens. Except as provided for or contemplated by this Agreement or the other applicable Subscription Documents, there are no
rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding (i) relating to the Interests owned by such Exchanging Member or (ii) to purchase, transfer
or to otherwise acquire, or to in any way encumber, any of the interests which comprise such Interests or any securities or obligations of any kind convertible into any of the interests which comprise such Interests, or other equity interests or
profit participation of any kind in the Existing Entities and the DLC Existing Entities, as applicable. All of the issued and outstanding Interests have been duly authorized and are validly issued, fully paid and non-assessable. 

Section 4.04. Consents and Approvals. Except as shall have been satisfied on or prior to the Closing Date, no
consent, waiver, approval, authorization, order, license, certificate or permit of, or filing or registration with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by such Exchanging Member in connection
with the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not have a Material
Adverse Effect. 
  

 - 14 - 

 Section 4.05. No Violation. None of the execution, delivery or
performance of this Agreement, any agreement contemplated hereby between the parties to this Agreement and the transactions contemplated hereby between the parties to this Agreement does or will, with or without the giving of notice, lapse of time,
or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right under, (A) the organizational documents, if any, of such Exchanging
Member, (B) any agreement, document or instrument to which such Exchanging Member is a party or by which such Exchanging Member is bound or (C) any term or provision of any judgment, order, writ, injunction, or decree binding on such
Exchanging Member is (or its assets or properties), except, in the case of clause (B) and (C) any such breaches or defaults that would not have a Material Adverse Effect. 

Section 4.06. Non-Foreign Person. Such Exchanging Member is a United States person (as defined in the Code)
and is, therefore, not subject to the provisions of the Code relating to the withholding of sales or exchange proceeds to foreign persons. 

Section 4.07. Taxes. Such Exchanging Member has paid all taxes relating to its Interests in each of the
Existing Entities and the DLC Existing Entities, as applicable, required to be paid by it (after giving effect to any filing extension properly granted by a Governmental Authority having authority to do so). 

Section 4.08. Solvency. Such Exchanging Member has been and will be solvent at all times prior to and for the
ninety (90) day period following the transfer of its Interests to DLC OP or the Company, as applicable. 

Section 4.09. Litigation. There is no action, suit or proceeding pending or, to such Exchanging Member’s
knowledge, threatened against such Exchanging Member affecting all or any portion of the Interests owned by it or such Exchanging Member’s ability to consummate the transactions contemplated hereby which, if adversely determined, would
adversely affect the Exchanging Member’s ability to so consummate the transactions contemplated hereby. Such Exchanging Member knows of no outstanding order, writ, injunction or decree of any Governmental Authority against or affecting all or
any portion of the Interest owned by it, which in any such case would impair the Exchanging Member’s ability to enter into and perform all of its obligations under this Agreement. 

Section 4.10. Investment. Such Exchanging Member acknowledges that the offering and issuance of the OP Units
or Common Stock to be acquired pursuant to this Agreement are intended to be exempt from registration under the Securities Act and that the Company’s and DLC OP’s, as applicable, reliance on such exemptions is predicated in part on the
accuracy and completeness of the representations and warranties of the Exchanging Members contained herein. In furtherance thereof, such Exchanging Member represents and warrants to the Company and DLC OP as follows: 

(a) Such Exchanging Member is an “accredited investors” (as such term is defined in Rule 501(a) of Regulation D
promulgated under the Securities Act) (“Accredited Investor”). In this regard, such undersigned Exchanging Member confirms that the information previously provided in the Accredited Investor Questionnaire which confirms the status
of the undersigned as an accredited investor remains true and correct. Such Exchanging Member will, upon request, execute and/or deliver any additional documents deemed by the Company to be necessary or desirable to confirm such Exchanging
Member’s Accredited Investor status. 
  

 - 15 - 

 (b) Such Exchanging Member is acquiring the OP Units or Common Stock, as
applicable, solely for his, her or its own account for the purpose of investment and not as a nominee or agent for any other Person and not with a view to, or for offer or sale in connection with, any distribution of any thereof in violation of the
securities Laws. 
 (c) Such Exchanging Member is knowledgeable, sophisticated and experienced in business and
financial matters; such Exchanging Member has previously invested in securities similar to the OP Units or Common Stock, as applicable, and fully understands the limitations on transfer imposed by the federal securities Laws. Such Exchanging Member
has received and carefully reviewed this Agreement, the Confidential Offering Memorandum and the other Subscription Documents as well as all information and documents about or pertaining to the Company or DLC OP, as applicable, and the business and
prospects of the Company or DLC OP, as applicable, and the issuance of the OP Units and the Common Stock, as applicable, as such Exchanging Member deems necessary or desirable, and has been given the opportunity to obtain, and has obtained, any
additional information or documents and to ask questions and receive answers about such information and documents, the Company or DLC OP, as applicable, and the business and prospects of the Company or DLC OP, as applicable, which such Exchanging
Member deems necessary or desirable to evaluate the merits and risks related to its investment in the OP Units or the Common Stock, as applicable; and such Exchanging Member understands and has taken cognizance of all risk factors related to the
purchase of the OP Units and the Common Stock, as applicable. Such Exchanging Member is relying upon its own independent analysis and assessment (including with respect to taxes), and the advice of such Exchanging Member’s advisors (including
tax advisors), and not upon that of the Company or DLC OP, as applicable, or any of the Company’s or DLC OP’s, as applicable, Affiliates, for purposes of evaluating, entering into, and consummating the transactions contemplated hereby;

 (d) Such Exchanging Member acknowledges that the Common Stock or OP Units, as applicable, have not been
registered under the Securities Act and, therefore, may not be sold unless registered under the Securities Act or an exemption from registration is available. 

(e) Such Exchanging Member represents and warrants that such Exchanging Member has such knowledge and experience in
financial and business matters such that such Exchanging Member is capable of evaluating the merits and risks of making a subscription for the Elected Securities, and that such Exchanging Member has evaluated the risks of investing in the Elected
Securities and has determined that they are a suitable investment for such Exchanging Member. Such Exchanging Member represents and warrants that such Exchanging Member understands that an investment in the Elected Securities is a speculative
investment that involves very significant risks and tax uncertainties and that such Exchanging Member is prepared to bear the economic, tax and other risks of an investment in the Elected Securities for an indefinite period of time, and is able to
withstand a total loss of such Exchanging Member’s investment in the Elected Securities. 
  

 - 16 - 

 Section 4.11. Power-of-Attorney. Each Exchanging Member
represents and warrants that he, she or it will not execute this Agreement in the State of New York; provided however, that if the Exchanging Member does execute this Agreement in the State of New York that he, she or it will complete, sign
and notarize the power-of-attorney attached hereto as Exhibit B. 
 Section 4.12. Continuing
Efforts. Subject to the terms and conditions herein provided, such Exchanging Member covenants and agrees to use its best efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper and/or
appropriate to consummate and make effective the transactions contemplated by this Agreement. 

Section 4.13. No Brokers or Finders. The Exchanging Member has not entered into any agreement and is not
otherwise liable or responsible to pay any brokers’ or finders’ fees or expenses to any person similar agent or firm with respect to this Agreement or the purchase and issuance of any Elected Securities contemplated hereby, except for any
such person or similar agent or firm the fees and expenses for which such Exchanging Member shall be solely responsible for and pay. 

Section 4.14. No Claims. Each Exchanging Member represents and warrants that it does not have any claims
against any Existing Entity or any DLC Existing Entity or any of their respective members, managers, managing members, officers, directors or agents for breach of fiduciary obligations, breach of the terms of applicable organizational documents,
fraud, self-dealing or any other similar cause of action. 
 Section 4.15. No Other Representations or
Warranties. Other than the representations and warranties expressly set forth in this Article IV, the Exchanging Members shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions
contemplated hereby. 
 Section 4.16. Survival of Representations and Warranties of the Exchanging
Member. The parties hereto agree and acknowledge that (a) the representations and warranties set forth in Sections 4.01, 4.02, 4.03, 4.04, 4.05, 4.10 and 4.14 shall survive indefinitely, and
(b) all other representations and warranties set forth in this Article IV shall survive for a period of three (3) months following the Closing Date. 

ARTICLE V 

COVENANTS AND OTHER AGREEMENTS 

Section 5.01. Covenants of the Exchanging Members; Waiver. From the date hereof through the Closing Date,
except as otherwise provided for or as contemplated by this Agreement or the other applicable Subscription Documents, each Exchanging Member shall not: 

(a) sell, transfer or otherwise dispose of all or any portion of such Exchanging Member’s Interests; 

 

 - 17 - 

 (b) mortgage, pledge, hypothecate, encumber (or permit to become encumbered)
all or any portion of such Exchanging Member’s Interests; 
 (c) authorize or consent to, or cause any
Existing Entity or DLC Existing Entity to take, any of the actions prohibited by the Subscription Documents; 

(d) amend the organizational document, except as otherwise contemplated or permitted by the Consent Form, of any Existing
Entity or DLC Existing Entity; 
 (e) take or allow any action (or fail to take any action) that would result in
any of the Existing Entities or DLC Existing Entities, if applicable, failing to be a validly electing “S corporation” with the meaning of Code Sections 1361 and 1362; 

(f) adopt a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization
with respect to any Existing Entity or DLC Existing Entity, as applicable; or 
 (g) exercise rights, if any,
under applicable organizational documents, to initiate any buy-sell procedures or to commence any process to market and sell the Property held (directly or indirectly) by any Existing Entity or DLC Existing Entity. 

As of the Closing, each Exchanging Member waives and relinquishes all rights and benefits otherwise afforded to such Exchanging Member
(i) under the applicable Existing Entity’s or DLC Existing Entity’s organizational documents in connection with the IPO, including without limitation any rights of appraisal, rights of first offer or first refusal, buy/sell
agreements, put, option or similar parallel exit or dissenter rights, and any right to consent to or approve the sale or contribution by any partner or member, as applicable of its Interests to DLC OP or to the Company, and any and all notice
provisions relating thereto; and (ii) to raise claims against any Existing Entity or DLC Existing Entity or any of its respective present or former officers, directors, managing members or general partners, or any of their respective
Affiliates, for (A) breach of fiduciary duties or similar obligations (including duties of disclosure) to any of their respective present or former shareholders, members or partners or their respective Affiliates, (B) fraud, or
(C) self-dealing or any other similar cause of action. Each Exchanging Member acknowledges that the agreements contained herein and the transactions contemplated hereby and any actions taken in anticipation of the transactions contemplated
hereby may conflict with, and may not have been contemplated by, the organizational documents of the applicable Existing Entity or DLC Existing Entity, or by other agreements among one or more holders of Interests. With respect to each applicable
Existing Entity or DLC Existing Entity and each property in which the Interests represent a direct or indirect interest, each Exchanging Member expressly gives all consents and waivers they are entitled to give that are necessary or desirable to
facilitate the Consolidation Transactions (including any consents necessary to authorize the proper parties in interest to give consents in connection therewith). In addition, if the transactions contemplated hereby occur, this Agreement shall be
deemed to be an amendment to the organizational documents of the applicable Existing Entity or DLC Existing Entity to the extent the terms herein conflict with the terms thereof, including without limitation, terms with respect to allocations,
distributions and the like. In the event the transactions contemplated by this Agreement do not occur, nothing in this Agreement shall be deemed to be or construed as an 

 

 - 18 - 

 
amendment or modification of, or commitment of any kind to amend or modify, the organizational documents of any Existing Entity or DLC Existing Entity, which shall, in such case, remain in full
force and effect without modification. 
 Section 5.02. Commercially Reasonable Efforts by the Company,
DLC OP and the Exchanging Member. Each of the Company, DLC OP and each Exchanging Member shall use commercially reasonable efforts and cooperate with each other in (i) promptly determining whether any filings are required to be made or
consents, approvals, waivers, permits or authorizations are required to be obtained (under any applicable Law or regulation or from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement,
and (ii) promptly making any such filings, in furnishing information required in connection therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations. 

Section 5.03. Tax Matters. 

(a) In accordance with Section 704(c) of the Code, DLC OP shall adopt and use only the so-called “traditional
method” described in Treasury Regulation Section 1.704-3(b) with respect to the Interests, and therefore shall not make any curative or remedial allocations. 

(b) From the date hereof and subsequent to the Closing Date, each Exchanging Member agrees to provide the Company and DLC
OP with such Tax information relating to the Existing Entities or DLC Existing Entities that is in Exchanging Member’s possession or control and that is reasonably requested by the Company or DLC OP and not otherwise in the Company’s or
DLC OP’s possession or control and to cooperate with the Company and DLC OP with respect to the filing of their tax returns. 

(c) The parties hereto intend and agree, that for federal income tax purposes, the Consolidation Transactions be treated:

 (i) as a transfer of the equity interests in the Existing Entities to DLC OP in exchange for OP Units under
Section 721 of the Code including, where applicable, pursuant to the “assets over” form of transaction set forth in Treasury Regulation Section 1.708-1(c)(3). To the extent any Exchanging Member transfers all or any portion of an
Existing Member Interest in an Existing Entity to DLC OP in exchange for cash, or to the extent any portion of a Exchanging Member’s transfer of an Existing Member Interest is otherwise treated as a “disguised sale” pursuant to
Section 707 of the Code or the Treasury Regulations promulgated thereunder (such Exchanging Member referred to as a “Selling Party,” and the portion of the Existing Member Interests sold referred to as a “Sold
Interest”), such transfer shall be treated as a sale by the Selling Party and a purchase of the Sold Interest by DLC OP directly from the Selling Party in accordance with the provisions of Treasury Regulation Section 1.708-1(c)(4). To
the extent that a Exchanging Member constitutes a Selling Party, such Exchanging Member expressly agrees and consents to treat the transfer of the Sold Interests as a sale of an interest in the Existing Entity for all federal tax purposes. DLC OP
and Exchanging Member agree that the transaction shall be treated for federal income tax purposes as if the Selling Party first sold the Sold Interests in the Existing Entity to DLC OP, the Existing Entity then transferred its assets and liabilities
(except to the extent attributable to the Sold Interests) to 
  

 - 19 - 

 
DLC OP in exchange for OP Units, and then the Existing Entity liquidated, distributing the OP Units to its partners or members (other than the Selling Parties with respect to the Sold Interests)
and distributing the balance of its assets and liabilities to DLC OP in redemption of the Sold Interests acquired by DLC OP. Any cash paid to a Exchanging Member pursuant to this Agreement shall be paid only after the receipt of a consent from such
Exchanging Member that, for federal income tax purposes, such payment of cash shall be treated as a sale of the Sold Interests by the Exchanging Member that is a Selling Party and a purchase of such Sold Interests by DLC OP for the cash so paid; and

 (ii) a tax-deferred reorganization of the DLC Existing Entities into the Company pursuant to
Section 368(a) of the Code. 
 ARTICLE VI 

POWER OF ATTORNEY 

Section 6.01. Grant of Power-of-Attorney. By executing this Agreement or Exhibit B to this Agreement,
the undersigned Exchanging Member hereby irrevocably constitutes and appoints the Company (or a substitute appointed by Company) as his, her or its attorney-in-fact (the “Attorney-in-Fact”) and agent with full power of substitution
to take any and all actions and execute any of the following agreements on such Exchanging Member’s behalf and in such Exchanging Member’s name: Registration Rights Agreement, the Tax Protection Agreement, the Lock-Up Agreement, the
Transaction Agreements, the Representation, Warranty and Indemnity Agreement (each of the foregoing substantially in the form attached to the Confidential Offering Memorandum or included in the Subscription Booklet, but with such change as the
Attorney-in-Fact in its reasonable discretion deems necessary or desirable to effectuate the Consolidation Transactions, the IPO and the other transactions described herein or in the Confidential Offering Memorandum), instruments of assignment, and
if receiving OP Units, the DLC OP Agreement (as defined herein) (including any amendments thereto approved by the partners in accordance with the terms of such agreement) and any other documents related to the consummation of the Consolidation
Transactions, any reallocation of Interests as described in Section 1.01(c) above or any of the other transactions contemplated by this Agreement on such Exchanging Member’s behalf and in such Exchanging Member’s name, as may be
deemed by the Company as necessary or desirable to effectuate the Consolidation Transactions, the IPO, and the other transactions described herein or in the Confidential Offering Memorandum. The undersigned hereby grants to each Attorney-in-Fact
full power and authority to do and perform each and every act and thing which may be necessary, or convenient, in connection with the foregoing, as fully, to all intents and purposes, as the undersigned might or could do if personally present,
hereby ratifying and confirming all that such Attorney-in-Fact shall lawfully do or cause to be done by authority hereof. Such power-of-attorney shall be deemed to be coupled with an interest and shall be irrevocable and shall survive the death,
disability or dissolution of the Exchanging Member, as applicable. 
 Section 6.02. Limitation on
Liability. It is understood that the Attorney-in-Fact assumes no responsibility or liability to any Person by virtue of the power-of-attorney granted by 

 

 - 20 - 

 
each Exchanging Member hereby. The Attorney-in-Fact makes no representations with respect to and shall have no responsibility for the Contributions Transactions or the IPO, or the acquisition of
the Interests by the Company or DLC OP and shall not be liable for any error or judgment or for any act done or omitted or for any mistake of fact or Law except for its own gross negligence or bad faith. Each Exchanging Member agrees to indemnify
the Attorney-in-Fact for and to hold the Attorney-in-Fact harmless against any loss, claim, damage or liability incurred on its part arising out of or in connection with it acting as the Attorney-in-Fact under the power-of-attorney created by such
Exchanging Member hereby, as well as the cost and expense of investigating and defending against any such loss, claim, damage or liability, except to the extent such loss, claim, damage or liability is due to the gross negligence or bad faith of the
Attorney-in-Fact. Each Exchanging Member agrees that the Attorney-in-Fact may consult with counsel of its own choice (who may be counsel for the Company or DLC OP or its successors or Affiliates), and it shall have full and complete authorization
and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel. It is understood that the Attorney-in-Fact may, without breaching any express or implied obligation to any Exchanging
Member hereunder, release, amend or modify any other power of attorney granted by any other Person under any related agreement. 

Section 6.03. Ratification; Third Party Reliance. Each Exchanging Member hereby ratifies and confirms any and
all actions that the Attorney-in-Fact shall lawfully do or cause to be done by virtue of the exercise of the powers granted unto it by the Exchanging Member under this Article VI, and each Exchanging Member authorizes the reliance of third parties
on the power-of-attorney and waives its rights, if any, as against any such third party for its reliance hereon. 
 ARTICLE
VII 
 GENERAL PROVISIONS 

Section 7.01. Notices. All notices and other communications under this Agreement shall be in writing and
shall be deemed given when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (c) one (1) Business Day after being sent by a nationally
recognized overnight courier or (d) transmitted by facsimile if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to the parties at the following addresses (or at such
other address for a party as shall be specified by notice from such party): 
 if to the Company or DLC OP to:

 580 White Plains Road 

Tarrytown, New York 10591 

Tel: (914) 631-3131 

Fax: (914) 206-4021 

Attention: Adam Ifshin 
  

 - 21 - 

 with a copy to: 

Clifford Chance US LLP 

31 West 52nd Street 

New York, New York 10019 

Attention: Larry P. Medvinsky 

Facsimile: (212) 878-8375 

if to a Exchanging Member: 

To the address indicated for such Exchanging Member the signature page to this Agreement. 

Section 7.02. Definitions. For purposes of this Agreement, the following terms shall have the following
meanings. 
 (a) “Affiliate” means, with respect to any Person, a Person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise. 
 (b) “Assumed Entity
Valuations” means the assumed valuations for DLC Management (including Delphi) and each Existing Entity (including each DLC Existing Entity). 

(c) “Assumed IPO Price” means the mid-point of the range or assumed per share price that the shares of
common stock in the IPO are, as of the date of the Confidential Offering Memorandum, expected to be offered to the public. 

(d) “Business Day” means any day that is not a Saturday, Sunday or legal holiday in the State of
Maryland. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended, together with the
rules and regulations promulgated or issued thereunder. 
 (f) “Consent Form” means the forms
provided to each holder of Interests to consent to the Consolidation Transactions, including the transactions described in the exhibits thereto. 

(g) “FIRPTA Affidavit” means a certification substantially in accordance with Treasury Regulation
Section 1.1445-2(b)(2)(iv) to the effect that the Exchanging Member is a United States person (as defined in the Code) and is, therefore, not subject to the provisions of the Code relating to the withholding of sales or exchange proceeds to
foreign persons. 
 (h) “Governmental Authority” means any government or agency, bureau, board,
commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 
  

 - 22 - 

 (i) “IPO Price” the public offering price of the Common
Stock in the IPO. 
 (j) “Laws” means applicable laws, statutes, rules, regulations, codes,
orders, ordinances, judgments, injunctions, decrees and policies of any Governmental Authority. 
 (k)
“Liens” means all pledges, claims, liens, charges, restrictions, controls, easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, encumbrances and security interests of any kind or
nature whatsoever. 
 (l) “Material Adverse Effect” means a material adverse effect on the
Company, DLC OP, the Company Subsidiaries and the properties owned or leased pursuant to a ground lease by the Existing Entities and the DLC Existing Entities (after giving effect to the Consolidation Transactions), taken as a whole. 

(m) “Person” means an individual, corporation, partnership, limited liability company, joint venture,
association, trust, unincorporated organization or other entity. 
 (n) “Prospectus” means the
Company’s final prospectus as filed with the SEC. 
 (o) “Representation, Warranty and Indemnity
Agreement” means the Representation, Warranty and Indemnity Agreement, dated as of the date hereof, by and among the Company, DLC OP and the Principals. 

(p) “Subsidiary” of any Person means any corporation, partnership, limited liability company, joint
venture, trust or other legal entity of which such Person owns (either directly or through or together with another Subsidiary of such Person) either (i) a general partner, managing member or other similar interest, or
(ii) (A) 10% or more of the voting power of the voting capital stock or other equity interests, or (B) 10% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited
liability company, joint venture or other legal entity. 
 (q) “Tax” means all applicable
federal, state, local and foreign income, property, withholding, sales, franchise, employment, excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or
additions to Tax with respect thereto. 
 (r) “Total Consideration” means the total value of
the Offered Shares and the Offered Units and, if applicable, any Non-Eligible Investor Payments. 

Section 7.03. Counterparts. This Agreement may be executed in counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. 

Section 7.04. Entire Agreement; Third Party Beneficiaries. This Agreement, including, without limitation, the
exhibits and schedules hereto constitute the entire agreement and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement. This Agreement is not intended to confer
any rights or remedies on any Person other than the parties hereto. 
  

 - 23 - 

 Section 7.05. Governing Law. This Agreement shall be governed
by, and construed in accordance with, the Laws of the State of Maryland, regardless of any Laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

Section 7.06. Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure to the
benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without the prior written
consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Company or DLC OP may assign its rights and obligations hereunder to an Affiliate. 

Section 7.07. Jurisdiction. The parties hereto hereby (a) submit to the exclusive jurisdiction of any
state or federal court sitting in New York County, New York, with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such
dispute, and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or
immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper. 

Section 7.08. Dispute Resolution. The parties intend that this Section 7.08 will be valid, binding,
enforceable, exclusive and irrevocable and that it shall survive any termination of this Agreement. 
 (a) Upon
any dispute, controversy or claim arising out of or relating to this Agreement or the enforcement, breach, termination or validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties to
the Dispute describing the nature of the Dispute following which the parties to such Dispute shall attempt for a period of ten (10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation
between representatives of the parties hereto who have authority to settle such Dispute. All such negotiations shall be confidential and any statements or offers made therein shall be treated as compromise and settlement negotiations for purposes of
any applicable rules of evidence and shall not be admissible as evidence in any subsequent proceeding for any purpose. The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration
hereunder, except that no defense based on the running of the statute of limitations will be available based upon the passage of time during any such negotiation. Regardless of the foregoing, a party shall have the right to seek immediate injunctive
relief pursuant to Section 7.08(c) below without regard to any such 10-day negotiation period. 
 (b) Any
Dispute (including the determination of the scope or applicability of this agreement to arbitrate) that is not resolved pursuant to Section 7.08(a) above shall be submitted to final and binding arbitration in New York before one neutral and
impartial arbitrator, in accordance with the Laws of the State of New York for agreements made in and to be performed in that State. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Within
fifteen (15) days following a demand 
  

 - 24 - 

 
for arbitration, the arbitrator shall be appointed by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures, as in effect on the date hereof. The arbitrator shall designate
the place and time of the hearing. The hearing shall be scheduled to begin as soon as practicable and no later than sixty (60) days after the appointment of the arbitrator (unless such period is extended by the arbitrator for good cause shown)
and shall be conducted as expeditiously as possible. The award, which shall set forth the arbitrator’s findings of fact and conclusions of law, shall be filed with JAMS and mailed to the parties no later than thirty (30) days after the
close of the arbitration hearing. The arbitration award shall be final and binding on the parties and not subject to collateral attack. Judgment upon the arbitration award may be entered in any federal or state court having jurisdiction thereof.

 (c) Notwithstanding the parties’ agreement to submit all Disputes to final and binding arbitration
before JAMS, the parties shall have the right to seek and obtain temporary or preliminary injunctive relief in any court having jurisdiction thereof. Such courts shall have authority to, among other things, grant temporary or provisional injunctive
relief in order to protect any party’s rights under this Agreement. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional
remedies and to direct the parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect.

 (d) The prevailing party shall be entitled to recover its costs and reasonable attorneys’ fees, and the
non-prevailing party shall pay all expenses and fees of JAMS, all costs of the stenographic record, all expenses of witnesses or proofs that may have been produced at the direction of the arbitrator, and the fees, costs, and expenses of the
arbitrator. The arbitrator shall allocate such costs and designate the prevailing party or parties for these purposes. 

Section 7.09. Changes to Form Agreements. The Exchanging Members agree and confirm that the terms of the OP
Units and Common Stock described in the Confidential Offering Memorandum and the Exhibits thereto are not final and may be modified depending on the prevailing market conditions at the time of the IPO. By executing this Agreement such Exchanging
Member hereby authorizes DLC OP and the Company to and understands and agrees that DLC OP and the Company may make changes (including changes that may be deemed material) to the Charter, the Company’s bylaws, the Registration Rights Agreement,
the Representation, Warranty and Indemnity Agreement, the Tax Protection Agreement, the Lock-Up Agreement and the DLC OP Agreement, to the Confidential Offering Memorandum, and such Exchanging Member agrees to receive the Elected Securities or cash,
as the case may be, with such final terms and conditions as the Company and DLC OP determine. In addition, the Exchanging Members acknowledge that they understand that the information presented in the Confidential Offering Memorandum is preliminary
and is subject to change (particularly management’s discussion and analysis of financial condition and results of operation, the financial statements and footnotes thereto, the preliminary pro forma financial statements and footnotes thereto,
the property information, the Assumed IPO Price, the Assumed Entity Valuations and the assumed range of shares estimated to be offered in the IPO) in connection with the completion of the audit, the review and comments of the SEC and the investor
feedback received during the course of the IPO. 
  

 - 25 - 

 Section 7.10. Severability. Each provision of this Agreement
will be interpreted so as to be effective and valid under applicable Law, but if any provision is held invalid, illegal or unenforceable under applicable Law in any jurisdiction, then such invalidity, illegality or unenforceability will not affect
any other provision, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been included herein. 

Section 7.11. Rules of Construction. 

(a) The parties hereto agree that they have had the opportunity to be represented by counsel during the negotiation,
preparation and execution of this Agreement and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such
agreement or document. Any ambiguities or questions concerning the undersigned’s completion or execution of the Consent Form will be resolved by the Company, and its determination will be final and binding upon undersigned. 

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and
schedules of this Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” All terms defined in this Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in
this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Unless explicitly stated otherwise herein, any agreement, instrument or statute
defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including (in the case of agreements and instruments) by
waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

Section 7.12. Equitable Remedies. The parties agree that irreparable damage would occur to the Company and
DLC OP in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Company and DLC OP shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement by a Exchanging Member and to enforce specifically the terms and provisions hereof in any federal or state court located in New York, this being in addition to any other remedy to which the Company
and DLC OP is entitled under this Agreement or otherwise at law or in equity. Notwithstanding the foregoing, this Agreement shall not bar any equitable remedies otherwise available to the Exchanging Member pursuant to the terms and provisions
contained in Section 3.12. 
  

 - 26 - 

 Section 7.13. Further Assurances. The Exchanging Members will,
from time to time, execute and deliver to the Company all such other and further instruments and documents and take or cause to be taken all such other and further action as the Company or DLC OP may reasonably request in order to effect the
transactions contemplated by this Agreement. Notwithstanding the foregoing, the Company or DLC OP may request from the Exchanging Member such additional information as it may deem necessary to evaluate the eligibility of such Exchanging Member to
acquire Elected Securities, and may request from time to time such information as it may deem necessary to determine the eligibility of such Exchanging Member to hold Elected Securities or to enable DLC OP or the Company to determine the Exchanging
Member’s compliance with applicable regulatory requirements or tax status, and such Exchanging Member shall provide such information as may reasonably be requested. 

Section 7.14. Time of the Essence. Time is of the essence with respect to all obligations under this
Agreement. 
 Section 7.15. Descriptive Headings. The descriptive headings herein are inserted for
convenience only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 

Section 7.16. No Personal Liability Conferred. This Agreement shall not create or permit any personal
liability or obligation on the part of any officer, director, partner, employee or stockholder of DLC OP or the Company. 

Section 7.17. Amendments. This Agreement may be amended by appropriate instrument, without the consent of any
Exchanging Member, at any time prior to the Closing Date; provided, that no such amendment, modification or supplement shall be made that alters the amount or changes the form of the consideration to be delivered to the Exchanging Member as
set forth in Exhibit A. 
 [SIGNATURE PAGES FOLLOW] 

 

 - 27 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be signed by their respective duly authorized officers or representatives, all as of the date first written above. 
  

							
	 EXCHANGING MEMBER:
	 		  	 Address:

			
	  
	 		  	 c/o DLC Realty Trust, Inc.

		 	     By:
	 		  	 580 White Plains Road

		 	     Title:
	 		  	 Tarrytown, New York 10591

	
	 Signature (on behalf of himself, herself or itself individually

        and the entities listed on Exhibit A)

			
	 DLC REALTY, L.P.
	 		  	
				
	 By:
	 	 DLC Realty Trust, Inc., its General Partner
	 		  	
				
	 By:
	 	  
	 		  	
		 	     Name: William M. Comeau
	 		  	
		 	     Title: Chief Financial Officer
	 		  	
			
	 DLC REALTY TRUST, INC.
	 		  	
				
	 By:
	 	  
	 		  	
		 	     Name: William M. Comeau
	 		  	
		 	     Title: Chief Financial Officer
	 		  	
			
	 Mr. Stephen Ifshin
	 		  	
				
	 By:
	 	  
	 		  	
			
	 Mr. Adam Ifshin
	 		  	
				
	 By:
	 	  
	 		  	

 EXHIBITS 

Exhibit A: Investor Information Page 

Exhibit B: Form of NY State Power of Attorney 

 Exhibit A 

INVESTOR INFORMATION PAGE 
  

							
	 Exchanging Member:
	  		  		  	
	 Name of Entity
	  	Percentage
(%) Ownership	  	Number of
Offered OP Units	  	Number of
Offered Shares

 Exhibit B 

FORM OF NY STATE POWER OF ATTORNEY 

KNOW ALL PERSONS BY THESE PRESENTS, that pursuant to the Irrevocable Exchange and Subscription Agreement by and among DLC
Realty Trust, Inc. (the “Company”), DLC Realty, L.P., Mr. Adam Ifshin, Mr. Stephen Ifshin (together, the Principals) and the Existing Members (as defined therein and together with the Principals, the “Exchanging
Members”) (the “Irrevocable Exchange and Subscription Agreement”), the undersigned Exchanging Member hereby irrevocably constitutes and appoints the Company as his, her or its attorney-in-fact and agent with full power of substitution
to take any and all actions and execute any of the following agreements on such Exchanging Member’s behalf and in such Exchanging Member’s name: Registration Rights Agreement, the Tax Protection Agreement, the Lock-Up Agreement, the
Transaction Agreements, the Representation, Warranty and Indemnity Agreement, instruments of assignment, and if receiving OP Units, the DLC OP Agreement (as defined herein) (including any amendments thereto approved by the partners in accordance
with the terms of such agreement) and any other documents related to the consummation of the Consolidation Transactions, any reallocation of Interests or the DLC Interests as described in Section 1.01(c) of the Irrevocable Exchange and
Subscription Agreement or any of the other transactions contemplated by the Irrevocable Exchange and Subscription Agreement on such Exchanging Member’s behalf and in such Exchanging Member’s name, as may be deemed by the Company as
necessary or desirable to effectuate the Consolidation Transactions, the IPO, and the other transactions described in the Irrevocable Exchange and Subscription Agreement or in the Confidential Offering Memorandum. The undersigned hereby grants to
each attorney-in-fact full power and authority to do and perform each and every act and thing which may be necessary, or convenient, in connection with the foregoing, as fully, to all intents and purposes, as the undersigned might or could do if
personally present, hereby ratifying and confirming all that such attorney-in-fact shall lawfully do or cause to be done by authority hereof. Such power-of-attorney shall be deemed to be coupled with an interest and shall be irrevocable and shall
survive the death, disability or dissolution of the Exchanging Member. Capitalized terms used, but not otherwise defined herein shall have the meanings ascribed to them in the Irrevocable Exchange and Subscription Agreement. 

Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in
whole or in part any power-of-attorney that each person whose signature appears below has previously executed. This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute,
unless such subsequent power specifically refers to this power-of-attorney or specifically states that the instrument is intended to revoke all prior general powers-of- attorney or all prior powers of attorney. 

CAUTION TO THE PRINCIPAL: Your power-of-attorney is an important document. As the “principal,” you give the person whom you
choose (your “agent”) powers to spend your money and sell or dispose of your property during your lifetime without telling you. You do not lose your authority to act even though you have given your agent similar powers. When your agent
exercises these powers, he or she must act according to any instructions you have provided, or, where there are no specific instructions, in your best interest. “Important Information for the 

  

 - 1 - 

 
Agent” near the end of this document describes your agent’s responsibilities. Your agent can act on your behalf only after signing the power-of-attorney before a notary public. You can
request information from your agent at any time. If you are revoking a prior power-of-attorney by executing this power-of-attorney, you should provide written notice of the revocation to your prior agent(s) and to the financial institutions where
your accounts are located. You can revoke or terminate your power-of-attorney at any time for any reason as long as you are of sound mind. If you are no longer of sound mind, a court can remove an agent for acting improperly. Your agent cannot make
health care decisions for you. You may execute a “Health Care Proxy” to do this. The law governing powers-of-attorney is contained in the New York General Obligations Law, Article 5, Title 15. This law is available at a law library, or
online through the New York State Senate or Assembly websites, www.senate.state.ny.us or www.assembly.state.ny.us. If there is anything about this document that you do not understand, you should ask a lawyer of your own choosing to explain it to
you. 

 IN WITNESS WHEREOF, I, the undersigned, have executed this Power-of-Attorney as of this
     day of                 , 2010. 
  

			
	  

	 Name:
	 	
		
	 Title:
	 	

 State of
                     
 County of
                     ss.: 

On the      day of                 
in the year before me, the undersigned, personally appeared                     , personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument. 
  

	
	  

	
	Signature and Office of individual taking acknowledgment

 IMPORTANT INFORMATION FOR THE AGENT: When you accept the authority granted under this
power-of-attorney, a special legal relationship is created between you and the principal. This relationship imposes on you legal responsibilities that continue until you resign or the power-of-attorney is terminated or revoked. You must:

 (1) act according to any instructions from the principal, or, where there are no instructions, in the principal’s
best interest; 
 (2) avoid conflicts that would impair your ability to act in the principal’s best interest; 

 (3) keep the principal’s property separate and distinct from any assets you own or control, unless otherwise
permitted by law; 
 (4) keep a record of all receipts, payments, and transactions conducted for the principal; and 

 (5) disclose your identity as an agent whenever you act for the principal by writing or printing the principal’s name
and signing your own name as “agent” in the following manner: (Principal’s Name) by (Your Signature) as Agent. 

You may not use the principal’s assets to benefit yourself or give gifts to yourself or anyone else unless there is a Statutory
Major Gifts Rider attached to this Power-of-Attorney that specifically gives you that authority. If you have that authority, you must act according to any instructions of the principal, or, where there are no such instructions, in the
principal’s best interest. You may resign by giving written notice to the principal and to any co-agent, successor agent, monitor if one has been named in this document, or the principal’s guardian if one has been appointed. If there is
anything about this document or your responsibilities that you do not understand, you should seek legal advice. 

LIABILITY OF AGENT: The meaning of the authority given to you is defined in New York’s General Obligations Law, Article 5, Title
15. If it is found that you have violated the law or acted outside the authority granted to you in the Power-of-Attorney, you may be liable under the law for your violation. 

 I,
                    , have read the foregoing Power-of-Attorney. I am a person identified therein as agent for the principal named therein. I
acknowledge my legal responsibilities to the principal. 
 Agent signs here: ==>
                                         
                                         
                                         
  
 State of                  

County of                      ss.: 

On the      day of                 
in the year before me, the undersigned, personally appeared                     , personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument. 
  

	
	  

	
	Signature and Office of individual taking acknowledgment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]