Document:

EX-10.8

 Exhibit 10.8 

Americold Realty Trust 
 2017
Equity Incentive Plan 
 Effective January 23, 2018 

 Contents 
  

 
  

					
	 Section 1. Establishment, Purpose and Duration
	  	 	1	 
	 Section 2. Definitions
	  	 	1	 
	 Section 3. Administration
	  	 	6	 
	 Section 4. Shares Subject to This Plan and Maximum Awards
	  	 	8	 
	 Section 5. Eligibility and Participation
	  	 	10	 
	 Section 6. Stock Options
	  	 	11	 
	 Section 7. Stock Appreciation Rights
	  	 	13	 
	 Section 8. Restricted Stock
	  	 	13	 
	 Section 9. Restricted Stock Units
	  	 	15	 
	 Section 10. Performance Shares
	  	 	15	 
	 Section 11. Performance Units
	  	 	16	 
	 Section 12. Other Stock-Based Awards and Cash-Based Awards
	  	 	16	 
	 Section 13. Effect of Termination of Service
	  	 	17	 
	 Section 14. Transferability of Awards and Shares
	  	 	17	 
	 Section 15. Performance-Based Compensation
	  	 	18	 
	 Section 16. Nonemployee Trustee Awards
	  	 	20	 
	 Section 17. Effect of a Change in Control
	  	 	21	 
	 Section 18. Dividends and Dividend Equivalents
	  	 	23	 
	 Section 19. Beneficiary Designation
	  	 	23	 
	 Section 20. Rights of Participants
	  	 	23	 
	 Section 21. Amendment and Termination
	  	 	24	 
	 Section 22. General Provisions
	  	 	26	 

 Americold Realty Trust 

2017 Equity Incentive Plan 

Section 1. Establishment, Purpose and Duration 

1.1    Establishment. Americold Realty Trust, a Maryland real estate investment trust, establishes an
incentive compensation plan to be known as the Americold Realty Trust 2017 Equity Incentive Plan, as set forth in this document. This Plan permits the grant of various forms of equity- and cash-based awards. This Plan shall become effective
upon shareholder approval (the “Effective Date”) and shall remain in effect as provided in Section 1.3. This Plan and each Award granted hereunder are conditioned on and shall be of no force or effect until this Plan is
approved by the shareholders of the Company within twelve (12) months after its adoption by the Board. 

1.2    Purpose of this Plan. The purpose of this Plan is to enable the Company and its Subsidiaries to
attract and retain qualified individuals for positions of significant responsibility and to provide additional incentives to Participants by providing them with, among other things, an opportunity for investment in the Company. 

1.3    Duration of this Plan. Unless sooner terminated as provided herein, this Plan shall terminate ten
(10) years after the Effective Date. After this Plan is terminated, no Awards may be granted but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and this Plan’s terms and
conditions. 
 Section 2. Definitions 

Whenever used in this Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter
of the word shall be capitalized. 
 2.1     “Award” means a grant under this Plan of
Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based Awards or Other Stock-Based Awards, in each case subject to the terms of this
Plan. 
 2.2    “Award Agreement” means a written agreement entered into by the Company and a
Participant, or a written or electronic statement issued by the Company to a Participant, which in either case contains (either expressly or by reference to this Plan or any subplan created hereunder) the terms and provisions applicable to an Award
granted under this Plan, including any amendment or modification thereof. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic, Internet
or other non-paper means for the acceptance thereof and actions thereunder by a Participant (including, but not limited to, the use of electronic signatures). 

2.3    “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act and the terms “Beneficial Ownership” and “Beneficially Own” shall have the corresponding meanings. 

2.4    “Board” means the Board of Trustees (or equivalent governing body) of the Company.

 2.5    “Cash-Based Award” means an Award, denominated
in cash, granted to a Participant as described in Section 12. 
 2.6    “Cause” means if
the Participant is a party to a written employment or service agreement with the Company or its Subsidiaries and such agreement provides for a definition of Cause, the definition contained therein, or if no such agreement exists, or if such
agreement does not define Cause, (a) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect
to the Company or a Subsidiary; (b) theft or embezzlement of the property of the Company or a Subsidiary; (c) conduct that results in or is reasonably likely to result in material harm to the reputation or business of the Company or any of
its Subsidiaries; (d) gross negligence or willful misconduct with respect to the Company or a Subsidiary; (e) the willful and continued failure to perform substantially the Participant’s duties with the Company or one of its
Subsidiaries; or (f) a material violation of state or federal securities laws. 
 2.7    A “Change
in Control” means, except as may otherwise be provided in an Award Agreement, the occurrence of any one of the following events: 

(a)    the acquisition by any Person (other than the Company or a Subsidiary or any Company employee benefit plan
(including its trustee)), of Beneficial Ownership, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; 

(b)    individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Trustee subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a
vote of at least two-thirds (2/3) of the Trustees then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Trustees or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or 
 (c)    consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets or stock of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and
entities who were the Beneficial Owners, respectively, of the total number of shares of the Company’s outstanding securities immediately prior to such Business Combination Beneficially Own, directly or indirectly, more than fifty percent (50%)
of the combined voting power of the then outstanding securities of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership of the combined voting power of the Company’s outstanding securities immediately prior to such
Business Combination, (ii) no Person (excluding any corporation resulting from such Business Combination, or any employee benefit plan (including its trustee) of the Company or such corporation resulting from such Business Combination)
Beneficially Owns, directly or indirectly, 50% or more of, respectively, the combined voting power of the then outstanding securities of the corporation resulting from such Business Combination except to the extent that such ownership existed prior
to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were Trustees of the Company immediately prior to the signing of the agreement
providing for such Business Combination. 

  
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 Notwithstanding the foregoing, to the extent that any Award constitutes a deferral of
compensation subject to Code Section 409A, and if that Award provides for payment or a change in the time or form of payment based upon a Change in Control, then, solely for purposes of applying such payment or a change in the time or form of
payment provision, a Change in Control shall be deemed to have occurred upon an event described in Section 2.7 only if the event would also constitute a change in ownership or effective control of, or a change in ownership of a substantial
portion of the assets of, the Company under Code Section 409A. 
 A “Change in Control” shall not result from any transaction
precipitated by the Company’s insolvency, appointment of a conservator, or determination by a regulatory agency that the Company is insolvent, nor from any transaction initiated by the Company in regard to converting from a publicly traded
company to a privately held company. 
 2.8    “Code” means the U.S. Internal Revenue Code of
1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

2.9    “Commission” means the United States Securities and Exchange Commission. 

2.10    “Committee” means the Compensation Committee of the Board or any other committee
designated by the Board to administer this Plan. The members of the Committee shall be appointed from time to time by and shall serve at the discretion of the Board. The Committee shall consist of three or more Nonemployee Trustees. If the Committee
does not exist or cannot function for any reason, the Board may take any action under this Plan that would otherwise be the responsibility of the Committee. To the extent required by applicable law, rule or regulation, it is intended that each
member of the Committee shall be (i) an independent director within the meaning of the rules and regulations of the New York Stock Exchange (or such other national securities exchange or quotation system on which the Shares may be listed or
quoted) and (ii) a non-employee director within the meaning of Exchange Act Rule 16b-3, or alternatively, the Committee may designate a subcommittee or establish
other procedures for purposes of satisfying such requirements. 
 2.11    “Company” means
Americold Realty Trust, and any successor thereto as provided in Section 22.21. 
 2.12    “Dividend
Equivalent” has the meaning set forth in Section 18. 
 2.13    “Effective Date”
has the meaning set forth in Section 1.1. 
 2.14    “Employee” means any individual
performing services for the Company or a Subsidiary and designated as an employee of the Company or the Subsidiary on its payroll records. An Employee shall not include any individual during any period he or she is classified or treated by the
Company or Subsidiary as an independent contractor, a consultant or an employee of an employment, leasing, consulting or temporary agency or any other entity other than the Company or Subsidiary, without regard to whether such individual is
subsequently determined to have been, or is subsequently retroactively reclassified, as a common-law employee of the Company or Subsidiary during such period. 

  
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 2.15    “Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time. 
 2.16    “Exercise Price” means the price at which
a Share may be purchased by a Participant pursuant to an Option. 
 2.17    “Fair Market Value”
means, as applied to a specific date and unless otherwise specified in an Award Agreement, the price of a Share that is equal to the closing price of a Share on the New York Stock Exchange (or, on such other national securities exchange or quotation
system on which the Shares may be listed or quoted) on the date of determination, or if no sales of Shares shall have occurred on such exchange on the date of determination, the closing price of the Shares on such exchange on the most recent date on
which the Shares were publicly traded. Notwithstanding the foregoing, if Shares are not traded on any established stock exchange, the Fair Market Value means the price of a Share as established by the Committee acting in good faith (and to the
extent applicable, based on a reasonable valuation method that is consistent with the requirements of Code Section 409A and the regulations thereunder). 

2.18    “Grant Date” means the date an Award to a Participant pursuant to this Plan is approved by
the Committee (or such later date as specified in such approval by the Committee) or, in the case of an Award granted to a Nonemployee Trustee, the date on which such Award is approved by the Board (or such later date as specified in such approval
by the Board). 
 2.19    “Grant Price” means the per Share price established at the time of
grant of a SAR pursuant to Section 7. 
 2.20    “Incentive Stock Option” or
“ISO” means an Award granted pursuant to Section 6 that is designated as an Incentive Stock Option and that is intended to meet the requirements of Code Section 422 or any successor provision. 

2.21    “Nonemployee Trustee” means a Trustee who is not an Employee. 

2.22    “Nonqualified Stock Option” means an Award granted pursuant to Section 6 that is not
intended to meet the requirements of Code Section 422, or that otherwise does not meet such requirements. 

2.23    “Option” means an Award consisting of a right granted to a Participant pursuant to
Section 6 to purchase a specified number of Shares at a specified Exercise Price, which Award may be an Incentive Stock Option or a Nonqualified Stock Option. 

2.24    “Other Stock-Based Award” means an equity-based or equity-related Award not otherwise
described by the terms of this Plan that is granted pursuant to Section 12. 

2.25    “Participant” means any eligible individual as set forth in Section 5 to whom an
Award is granted, and includes any individual who holds an Award after the death of the original recipient. 

2.26    “Performance-Based Compensation” means compensation payable under an Award which is
conditioned upon the achievement of performance goals based upon one or more Performance Measures as described in Section 15. 

  
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 2.27    “Performance Measures” means measures, as
described in Section 15.2, upon which performance goals are based pursuant to this Plan in order to qualify Awards as Performance-Based Compensation. 

2.28    “Performance Period” means the period of time during which
pre-established performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Award. 

2.29    “Performance Shares” means an Award granted pursuant to Section 10. 

2.30    “Performance Unit” means an Award granted pursuant to Section 11. 

2.31    “Period of Restriction” means the period when Restricted Stock or Restricted Stock Units
are subject to a vesting requirement (based on continued service, the achievement of performance goals or upon the occurrence of other events as determined by the Committee, in its discretion) as provided in Sections 8 and 9. 

2.32    “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the
Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

2.33    “Plan” means this Americold Realty Trust 2017 Equity Incentive Plan, as the same may be
amended from time to time.  
 2.34    “Restricted Stock” means Shares issued to a
Participant that are subject to an Award granted pursuant to Section 8 and to such restrictions on transfer, forfeiture conditions and other restrictions or limitations as may be set forth in this Plan and the applicable Award Agreement. 

2.35    “Restricted Stock Unit” means the right under an Award granted pursuant to Section 9
to receive at a future time one Share, or the Fair Market Value thereof, subject to such restrictions on transfer, forfeiture conditions and other restrictions or limitations as may be set forth in this Plan and the applicable Award Agreement. 

2.36    “Share” means a share of common stock, par value $0.01 per share, of the Company. 

2.37    “Stock Appreciation Right” or “SAR” means the right under an Award
granted pursuant to Section 7 to receive, in cash and/or Shares as determined by the Committee, an amount equal to the appreciation in value of a specified number of Shares between the Grant Date of the SAR and its exercise date. 

2.38    “Subsidiary” means any corporation or other entity, whether domestic or foreign, in which
the Company has or obtains, directly or indirectly, ownership of more than 50% of the total combined voting power of all classes of stock or comparable interests. 

2.39    “Substitute Award” means an Award granted upon the assumption of, or in substitution or
exchange for, outstanding awards granted by a company or other entity acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 

2.40    “Termination of Service” means the following: 

(a)    for an Employee, the date on which the Employee is no longer an Employee; 

  
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 (b)    for a Nonemployee Trustee, the date on which the Nonemployee Trustee
is no longer a member of the Board; and 
 (c)    for a consultant, the date on which service as a consultant to the
Company and its Subsidiaries has ceased. 
 With respect to any payment of an Award subject to Code Section 409A, a Termination of Service shall mean a
“separation from service” within the meaning of Code Section 409A. 
  

	 	2.41	“Trustee” means any individual who is a member of the Board. 

 Section 3.
Administration 
 3.1    General. The Committee shall be responsible for administering this Plan,
subject to this Section 3 and the other provisions of this Plan. The Committee may employ attorneys, consultants, accountants, agents and other individuals, any of whom may be an Employee, and the Committee, the Company, and its officers and
Trustees shall be entitled to rely upon the advice, opinions or valuations of any such individuals. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Participants, the Company or
Subsidiary, and all other interested parties. Any action of the Committee shall be valid and effective even if the members of the Committee at the time of such action are later determined not to have satisfied all of the criteria for membership in
clauses (i) and (ii) of Section 2.10. 
 3.2    Authority of the Committee. Subject to any
express limitations set forth in this Plan, the Committee shall have full and exclusive discretionary power and authority to take such actions as it deems necessary and advisable with respect to the administration of this Plan including, but not
limited to, the following: 
 (a)    To determine from time to time which of the persons eligible under this Plan shall
be granted Awards, when and how each Award shall be granted, what type or combination of types of Awards shall be granted, the provisions of each Award granted (which need not be identical), including the time or times when a person shall be
permitted to receive Shares pursuant to an Award and the number of Shares subject to an Award; 
 (b)    To construe and
interpret this Plan and Awards granted under it, and to establish, amend, and revoke rules and regulations for its administration; 

(c)    To correct any defect, omission or inconsistency in this Plan or in an Award Agreement, in a manner and to the
extent it shall deem necessary or expedient to make this Plan fully effective; 
 (d)    To approve forms of Award
Agreements for use under this Plan; 
 (e)    To determine the Fair Market Value of a Share or whether a Change in
Control shall have occurred; 
 (f)    To amend any Award Agreement as permitted under this Plan; 

(g)    To adopt subplans and/or special provisions applicable to stock awards regulated by the laws of a jurisdiction
other than and outside of the United States, to Cash-Based Awards, or to awards to 

  
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Trustees (as contemplated by Section 16). Such subplans and/or special provisions shall be subject to and consistent with the terms of this Plan, except to the extent the Committee
determines that different terms and conditions are necessary or desirable to comply with the laws of a jurisdiction other than and outside of the United States; 

(h)    To authorize any person to execute on behalf of the Company any instrument required to effect the grant of an
Award; 
 (i)    To determine whether Awards will be settled in Shares of common stock, cash or in any combination
thereof; 
 (j)    To determine whether Awards will provide for Dividend Equivalents; 

(k)    To establish a program whereby Participants designated by the Committee may reduce compensation otherwise payable
in cash in exchange for Awards under this Plan; 
 (l)    To authorize a program permitting eligible Participants to
surrender outstanding Awards in exchange for newly granted Awards subject to any applicable shareholder approval requirements set forth in Section 21.1 of this Plan; 

(m)    To impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of
any resales by a Participant or other subsequent transfers by a Participant of any Shares, including, without limitation, “blackout” periods, restrictions under an insider trading policy and restrictions as to the use of a specified
brokerage firm for such resales or other transfers; 
 (n)    To waive any restrictions, conditions or limitations
imposed on an Award at the time the Award is granted or at any time thereafter including but not limited to forfeiture, vesting and treatment of Awards upon a Termination of Service; 

(o) To permit Participants to elect to defer payments of Awards, provided that any such deferrals shall comply with applicable requirements of
the Code, including Code Section 409A; 
 (p) To certify the satisfaction of, performance goals in compliance with the requirements of
Section 15; and 
 (q) To issue rules and regulations for the administration of the Plan. 

3.3    Delegation. To the extent permitted by law, the Committee may delegate to one or more of its
members or to one or more officers of the Company or any Subsidiary or to one or more agents or advisors such administrative duties or powers as it may deem advisable, and the Committee or any individuals to whom it has delegated duties or powers as
aforesaid may employ one or more individuals to render advice with respect to any responsibility the Committee or such individuals may have under this Plan. To the extent permitted by applicable law and the applicable rules of a stock exchange, the
Committee may, by resolution, authorize one or more officers of the Company to do one or both of the following on the same basis as can the Committee: (a) designate Employees to be recipients of Awards; and (b) determine the size of
any such Awards; provided, however, (i) the Committee shall not delegate such responsibilities to any such officer for Awards granted to a Nonemployee Trustees or an officer (as defined in Rule
16a-1(f) of the Exchange Act); (ii) the resolution providing such authorization sets forth the total number of Awards (including Share limitations) such officer(s) may grant; and (iii) the officer(s)

  
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shall report periodically to the Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated. In the event that the Committee’s authority is delegated
to officers or employees in accordance with the foregoing, all provisions of the Plan relating to the Committee shall be interpreted in a manner consistent with the foregoing by treating any such reference as a reference to such officer or employee
for such purpose. Any action undertaken in accordance with the Committee’s delegation of authority hereunder shall have the same force and effect as if such action was undertaken directly by the Committee and shall be deemed for all purposes of
the Plan to have been taken by the Committee. 
 Section 4. Shares Subject to This Plan and Maximum Awards 

4.1    Number of Shares Authorized and Available for Awards. Subject to adjustment as provided under
Section 4.4, the maximum number of Shares reserved for issuance under this Plan is 9,000,000 Shares. The maximum number of these reserved Shares with respect to which Incentive Stock Options may be granted under the Plan is 9,000,000. Each
Share with respect to which an Option or stock-settled SAR is granted under the Plan shall reduce the aggregate number of Shares that be delivered under the Plan by one Share and each Share with respect to which any other Award denominated in Shares
granted under the Plan shall reduce the aggregate number of Shares that may be delivered under the Plan by one Share. For SARs settled in Shares, each Share with respect to which such stock-settled SAR is exercised shall be counted as one Share
against the maximum aggregate number of Shares that may be delivered pursuant to Awards granted under the Plan, regardless of the number of Shares actually delivered upon settlement of such stock-settled SAR. 

4.2    Share Usage. In determining the number of Shares available for grant under this Plan at any time, the
following rules shall apply: 
 (a) If any Option, Stock Appreciation Right, Restricted Stock Unit or Other Stock-Based Award granted under
the Plan expires, terminates or is canceled for any reason without having been exercised in full, the number of Shares subject to such Award that were not issued with respect to such Award shall again be available for the purpose of Awards under the
Plan without reducing the number of Shares that remain available for issuance. 
 (b)    If any shares of Restricted
Stock, Performance Awards or Other Stock-Based Awards denominated in Shares awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited shares of Restricted Stock, Performance Awards or Other Stock-Based Awards
denominated in Shares shall again be available for purposes of Awards under the Plan. 
 (c) Awards that by their terms may only be settled
in cash shall not be counted against the foregoing maximum share limitations. 
 (d)    If any Award is settled in cash
in lieu of Shares pursuant to an Award, such Shares shall not become available again for issuance under this Plan. 

(e)    Any Shares that are surrendered, withheld or tendered to the Company in payment of the exercise price of an Option
or any taxes required to be withheld in respect of any Award shall not become available again to be delivered pursuant to Awards granted under the Plan, and shall be taken into account as Shares issued under this Plan. 

  
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 (f)    Any Shares subject to Substitute Awards shall not be counted against
the share reserve specified in Section 4.1, nor shall they reduce the Shares authorized for grant to a Participant in any calendar year. 

(g)    Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or
Shares acquired by the Company. 
 4.3    Annual Award Limits. Subject to adjustment as set forth in
Section 4.4, the following limits (each an “Annual Award Limit” and, collectively, “Annual Award Limits”) shall apply to grants of such Awards under this Plan: 

(a) The maximum aggregate number of Shares for which Options or SARs may be granted to any Participant other than a Nonemployee Trustees or
consultant in any calendar year shall be 1,000,000 Shares, (for avoidance of doubt, this limit applies, in the aggregate, to all Awards subject to this paragraph (a), including Incentive Stock Options). 

(b) The maximum aggregate number of Shares for which Awards other than Options or SARs that are Performance-Based Compensation that are
denominated in Shares, and granted to any Participant other than a Nonemployee Trustees or consultant in any calendar year shall be 1,500,000 Shares (for avoidance of doubt, this limit applies, in the aggregate, to all forms of Awards subject to
this paragraph (b)). The foregoing maximum shall apply to any Performance Period that is equal to a fiscal year, which maximum shall be adjusted to the corresponding fraction or multiple of that amount for any Performance Period of a different
duration. 
 (c) The maximum aggregate amount that may be paid to any Participant other than a Nonemployee Trustees or consultant in any
calendar year under Awards that are Performance-Based Compensation and that are denominated in cash, shall be $5,000,000 (for avoidance of doubt, this limit applies in the aggregate, to all forms of Awards subject to this paragraph (c)). The
foregoing maximum shall apply to any Performance Period that is equal to a fiscal year, which maximum shall be adjusted to the corresponding fraction or multiple of that amount for any Performance Period of a different duration. 

4.4    Adjustments. All Awards shall be subject to the following provisions: 

(a)    In the event of any equity restructuring (within the meaning of FASB ASC Topic 718 or any successor provision) or
similar event that causes the per share value of Shares to change, such as a stock dividend, stock split, reverse stock split, split up, spin-off, rights offering or recapitalization through an extraordinary
dividend, the Committee, in order to prevent dilution or enlargement of Participants’ rights under this Plan, shall substitute or adjust, as applicable, (i) the number and kind of Shares or other securities that may be issued under this
Plan or under particular forms of Award Agreements, (ii) the number and kind of Shares or other securities subject to outstanding Awards, (iii) the Exercise Price or Grant Price applicable to outstanding Awards, (iv) the Annual Award
Limits, and (v) other value determinations applicable to outstanding Awards. In the event of any other change in corporate capitalization (including, but not limited to, a merger, consolidation, any reorganization (whether or not such
reorganization comes within the definition of such term in Code Section 368), or any partial or complete liquidation of the Company to the extent such events do not constitute equity restructurings or business combinations within the meaning of
FASB ASC Topic 718 or any successor provision, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement of rights. The Committee, in
its discretion, shall determine the methodology or manner of making such substitution or adjustment. In 

  
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either case, any such adjustment shall be conclusive and binding for all purposes of this Plan. Unless otherwise determined by the Committee, the number of Shares subject to an Award shall always
be a whole number. 
 (b)    In addition to the adjustments required and permitted under paragraph (a) above, the
Committee, in its sole discretion, may make such other adjustments or modifications in the terms of any Awards that it deems appropriate to reflect any of the events described in Section 4.4(a), including, but not limited to,
(i) modifications of performance goals and changes in the length of Performance Periods, or (ii) the substitution of other property of equivalent value (including, without limitation, cash, other securities and securities of entities other
than the Company that agree to such substitution) for the Shares available under this Plan or the Shares covered by outstanding Awards, including arranging for the assumption, or replacement with new awards, of Awards held by Participants, and
(iii) in connection with any sale of a Subsidiary, arranging for the assumption, or replacement with new awards, of Awards held by Participants employed by the affected Subsidiary by the Subsidiary or an entity that controls the Subsidiary
following the sale of such Subsidiary. 
 (c)    Any actions taken under Section 4.4 shall be subject to compliance
with the rules under Code Sections 409A, 422 and 424, as and where applicable. The determination of the Committee as to the foregoing adjustments set forth in this Section 4.4, if any, shall be conclusive and binding on Participants under this
Plan. 
 4.5    Effect of Plans Operated by Acquired Companies. If a company acquired by the Company or
any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination,
the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such
acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under this Plan and shall not reduce the Shares authorized for grant
under this Plan, subject to applicable legal requirements. Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan,
absent the acquisition or combination, and shall only be made to individuals who were not Employees, Nonemployee Trustees or consultants providing services to the Company or any Subsidiary prior to such acquisition or combination. 

4.6. No Limitation on Corporate Actions. The existence of the Plan and any Awards granted hereunder shall not affect in any way the
right or power of the Company or any Subsidiary to make or authorize any adjustment, recapitalization, reorganization or other change in its capital structure or business structure, any merger or consolidation, any issuance of debt, preferred or
prior preference stock ahead of or affecting the Shares, additional shares of capital stock or other securities or subscription rights thereto, any dissolution or liquidation, any sale or transfer of all or part of its assets or business or any
other corporate act or proceeding. 
 Section 5. Eligibility and Participation 

5.1    Eligibility to Receive Awards. The Committee may designate any of the following as a Participant from
time to time: 
 (a) any officer or other Employee of the Company or any of its Subsidiaries; 

  
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 (b) an individual that the Company or any of its Subsidiaries has engaged to become an officer or
other employee; 
 (c) a member of the Board; or 

(d) a consultant who provides bona fide services to the Company or any of its Subsidiaries as an independent contractor. 

The Committee’s designation of a Participant in any year shall not require the Committee to designate such person to receive an Award in another year.

 5.2    Participation in this Plan. Subject to the provisions of this Plan, the Committee may, from time
to time, select from all individuals eligible to participate in this Plan, those individuals to whom Awards shall be granted and shall determine, in its sole discretion, the nature of any and all terms permissible by law and the amount of each
Award. 
 5.3    Award Agreements. The Committee shall have the exclusive authority to determine the terms
of an Award Agreement evidencing an Award granted under this Plan, subject to the provisions herein. The terms of an Award Agreement need not be uniform among all Participants or among similar types of Awards. 

Section 6. Stock Options 

6.1    Grant of Options. Subject to the terms and conditions of this Plan, Options may be granted to
Participants covering such number of Shares, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Each grant of an Option shall be evidenced by an Award Agreement, which shall specify whether the
Option is in the form of a Nonqualified Stock Option or an Incentive Stock Option. 
 6.2    Exercise
Price. The Exercise Price for each Option shall be determined by the Committee and shall be specified in the Award Agreement evidencing such Option; provided, however, the Exercise Price must be at least equal to 100% of the Fair
Market Value of a Share as of the Option’s Grant Date, except in the case of Substitute Awards (to the extent consistent with Code Section 409A and, in the case of Incentive Stock Options, Code Section 424), and subject to adjustment
as provided for under Section 4.4. 
 6.3    Term of Option. The term of an Option granted to a
Participant shall be determined by the Committee; provided, however, no Option shall be exercisable later than the tenth anniversary of its Grant Date. 

6.4    Exercise of Option. An Option shall be exercisable, in whole or in part, at such times and be subject
to such restrictions and vesting conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. 

6.5    Payment of Exercise Price. An Option shall be exercised by the delivery of a notice of exercise to
the Company or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures that may be authorized by the Committee, setting forth the number of Shares with respect to which the
Option is to be exercised, accompanied by full payment for the Shares. Any Shares issued upon exercise of an Option are subject to the transfer 

  
 11 

 
restrictions set forth in Section 14.3. A condition of the issuance of the Shares as to which an Option shall be exercised shall be the payment of the Exercise Price and the payment of
applicable withholding taxes. The Exercise Price of any exercised Option shall be payable to the Company in accordance with one of the following methods: 

(a)    In cash or its equivalent, 

(b)    By tendering (either by actual delivery or by attestation) previously acquired Shares having an aggregate Fair
Market Value at the time of exercise equal to the Exercise Price (subject to such procedures and conditions as the Committee may establish), 

(c)    By a cashless (broker-assisted) exercise, 

(d)    By authorizing the Company to withhold Shares otherwise issuable upon the exercise of the Option having an
aggregate Fair Market Value at the time of exercise equal to the Exercise Price to the extent approved by the Committee, 

(e)    By any combination of (a), (b), (c) or (d), or 

(f)    By any other method approved or accepted by the Committee. 

Unless otherwise determined by the Committee, all payments under all of the methods indicated above shall be paid in United States dollars or Shares, as
applicable. 
 6.6    Special Rules Regarding ISOs. Notwithstanding any provision of this Plan to the
contrary, an Option granted in the form of an ISO to a Participant shall be subject to the following rules: 
 (a)    An
Incentive Stock Option may be granted only to an Employee of the Company or of any parent or subsidiary corporation (within the meaning of Code Section 424). 

(b) An Option will constitute an Incentive Stock Option only to the extent that (i) it is so designated in the applicable Award Agreement
and (ii) the aggregate Fair Market Value (determined as of the Option’s Grant Date) of the Shares with respect to which Incentive Stock Options held by the Participant first become exercisable in any calendar year (under this Plan and all
other plans of the Company and its Subsidiaries) does not exceed $100,000. 
 (c)    No Participant may receive an
Incentive Stock Option under this Plan if, immediately after the grant of such Award, the Participant would own Shares possessing more than 10% of the total combined voting power of all classes of stock of the Company or an affiliate (determined in
accordance with Code Section 422), unless (i) the exercise price for that Incentive Stock Option is at least 110% of the Fair Market Value of the Shares subject to that Incentive Stock Option on the Grant Date and (ii) that Option
will expire no later than five years after its Grant Date. 
 (d) Any Incentive Stock Option granted under the Plan shall contain such terms
and conditions, consistent with the Plan, as the Committee may determine to be necessary to qualify such Option as an “incentive stock option” under Code Section 422. 

  
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 Section 7. Stock Appreciation Rights 

7.1    Grant of SARs. Subject to the terms and conditions of this Plan, SARs may be granted to Participants
in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Each grant of SARs shall be evidenced by an Award Agreement. 

7.2    Grant Price. The Grant Price for each grant of a SAR shall be determined by the Committee and shall
be specified in the Award Agreement evidencing the SAR; provided, however, the Grant Price must be at least equal to 100% of the Fair Market Value of a Share as of the Grant Date, except in the case of Substitute Awards (to the extent
consistent with Code Section 409A), and subject to adjustment as provided for under Section 4.4. 

7.3    Term of SAR. The term of a SAR granted to a Participant shall be determined by the Committee;
provided, however, no SAR shall be exercisable later than the tenth anniversary of its Grant Date. 

7.4    Exercise of SAR. A SAR shall be exercisable at such times and be subject to such restrictions and
vesting conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. 

7.5    Notice of Exercise. A SAR shall be exercised by the delivery of a notice of exercise to the Company
or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures that may be authorized by the Committee, setting forth the number of Shares with respect to which the SAR is to
be exercised. 
 7.6    Settlement of SARs. Upon the exercise of a SAR, pursuant to a notice of exercise
properly completed and submitted to the Company in accordance with Section 7.5, a Participant shall be entitled to receive payment from the Company in an amount equal to the product of (a) and (b) below: 

(a)    The excess of the Fair Market Value of a Share on the date of exercise over the Grant Price. 

(b)    The number of Shares with respect to which the SAR is exercised. 

Payment shall be made in cash, Shares or a combination thereof as provided for under the applicable Award Agreement. Any Shares issued in payment of a SAR are
subject to the transfer restrictions set forth in Section 14.3. 
 Section 8. Restricted Stock 

8.1    Grant of Restricted Stock. Subject to the terms and conditions of this Plan, Restricted Stock Awards
may be granted to Participants in such number of Shares, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Each grant of Restricted Stock shall be evidenced by an Award Agreement. 

8.2    Nature of Restrictions. Each grant of Restricted Stock may be subject to a requirement that a
Participant pay a stipulated purchase price for each Share of Restricted Stock, and shall be subject to a Period of Restriction that shall lapse upon the satisfaction of such vesting conditions as are determined by

  
 13 

 
the Committee and set forth in an applicable Award Agreement. Such conditions or restrictions may include, without limitation, one or more of the following: 

(a)    That the Shares of Restricted Stock may not be transferred in any fashion prior to their applicable vesting date,

 (b)    That the Shares of Restricted Stock may vest only to the degree that specific performance goals are achieved,

 (c)    That the Shares of Restricted Stock may vest only upon completion of a specified period of continuous
employment or other service and to the degree that specific performance goals have been achieved, or 
 (d)    That the
Shares of Restricted Stock may vest only upon completion of a specified period of continuous employment or other service. 

8.3    Delivery of Shares. Unvested Shares subject to a Restricted Stock Award shall be evidenced by a
book-entry in the name of the Participant with the Company’s transfer agent or Plan agent or by one or more stock certificates issued in the name of the Participant. Any such stock certificate shall be deposited with the Company or its
designee, together with an assignment separate from the certificate, in blank, signed by the Participant, and bear an appropriate legend referring to the restricted nature of the Restricted Stock evidenced thereby. Any book-entry Shares shall be
subject to comparable restrictions and corresponding stop transfer instructions. Upon the vesting of Shares of Restricted Stock, and the Company’s determination that any necessary conditions precedent to the release of vested Shares (such as
satisfaction of tax withholding obligations and compliance with applicable legal requirements) have been satisfied, such vested Shares shall be made available to the Participant in such manner as may be prescribed or permitted by the Committee. Such
vested Shares are subject to the transfer restrictions set forth in Section 14.3. 
 8.4    Voting
Rights. As set forth in a Participant’s applicable Award Agreement, the Committee shall determine the extent to which a Participant holding Shares of Restricted Stock shall be granted the right to exercise full voting rights with respect to
those Shares. 
 8.5    Section 83(b) Election. The Committee may provide in an Award Agreement that the
Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Code Section 83(b). If permitted by the Award Agreement and a Participant makes an election pursuant to
Code Section 83(b) concerning a Restricted Stock Award, the Participant shall be required to file promptly a copy of such election with the Company. 

8.6    Certificate Legend. In addition to any legends placed on certificates pursuant to Section 8.3,
each certificate representing Shares of Restricted Stock granted pursuant to this Plan may bear a legend such as the following or as otherwise determined by the Committee in its sole discretion: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeiture) of the Americold Realty Trust 2017 Equity Incentive Plan and a Restricted Stock Award Agreement entered into between the registered owner and Americold Realty Trust. Copies of such Plan and Agreement are on file in the offices of
Americold Realty Trust, 10 Glenlake Parkway, South Tower, Suite 600, Atlanta, Georgia 30328.” 

  
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 Section 9. Restricted Stock Units 

9.1    Grant of Restricted Stock Units. Subject to the terms and conditions of this Plan, Restricted Stock
Units may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. A grant of Restricted Stock Units shall not represent the grant of Shares but shall represent a
promise to deliver a corresponding number of Shares or the value of such number of Shares based upon the completion of service, performance conditions, or such other terms and conditions as specified in the applicable Award Agreement over the Period
of Restriction. Each grant of Restricted Stock Units shall be evidenced by an Award Agreement. 

9.2    Nature of Restrictions. Each grant of Restricted Stock Units shall be subject to a Period of
Restriction that shall lapse upon the satisfaction of such vesting conditions as are determined by the Committee and set forth in an applicable Award Agreement. Such conditions or restrictions may include, without limitation, one or more of the
following: 
 (a)    That the Restricted Stock Units may not be transferred in any fashion, subject to
Section 14.1; 
 (b)    That the Restricted Stock Units may vest only to the degree that specific performance goals
are achieved; 
 (c)    That the Restricted Stock Units may vest only upon completion of a specified period of
continuous employment or other service and to the degree that specific performance goals have been achieved; or 

(d)    That the Restricted Stock Units may vest only upon completion of a specified period of continuous employment or
other service. 
 9.3    Voting Rights. A Participant shall have no voting rights with respect to any
Restricted Stock Units granted hereunder. 
 9.4    Settlement and Payment of Restricted Stock Units.
Unless otherwise elected by the Participant as permitted under the Award Agreement, or otherwise provided for in the Award Agreement, Restricted Stock Units shall be settled upon the date such Restricted Stock Units vest (or as soon as
administratively practicable thereafter). Such settlement shall be made in Shares unless otherwise specified in the Award Agreement. Any Shares issued in settlement of Restricted Stock Units are subject to the transfer restrictions set forth in
Section 14.3. 
 Section 10. Performance Shares 

10.1    Grant of Performance Shares. Subject to the terms and conditions of this Plan, Performance Shares may
be granted to Participants in such number, and upon such terms and at any time and from time to time as shall be determined by the Committee. Each grant of Performance Shares shall be evidenced by an Award Agreement. 

10.2    Value of Performance Shares. Each Performance Share shall have a value equal to the Fair Market
Value of a Share on the Grant Date. The Committee shall set performance goals that, depending on the extent to which they are met over the specified Performance Period and the satisfaction of applicable service-based vesting conditions, shall
determine the number of Performance Shares that shall vest, which may be greater than the target number of Performance Shares granted, and be paid to a Participant. 

  
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 10.3    Earning of Performance Shares. After the applicable
Performance Period has ended, the number of Performance Shares earned by the Participant for the Performance Period shall be determined as a function of the extent to which the applicable corresponding performance goals have been achieved. This
determination shall be made by the Committee. 
 10.4    Form and Timing of Payment of Performance Shares.
The Company shall pay at the close of the applicable Performance Period, or as soon as practicable thereafter, any earned Performance Shares in the form of Shares unless otherwise specified in the Award Agreement. Any Shares issued in settlement of
Performance Shares are subject to the transfer restrictions set forth in Section 14.3. 
 Section 11. Performance Units 

11.1    Grant of Performance Units. Subject to the terms and conditions of this Plan, Performance Units may
be granted to a Participant in such number, and upon such terms and at any time and from time to time as shall be determined by the Committee. Each grant of Performance Units shall be evidenced by an Award Agreement. 

11.2    Value of Performance Units. Each Performance Unit shall have an initial notional value equal to a
dollar amount determined by the Committee. The Committee shall set performance goals in its discretion that, depending on the extent to which they are met over the specified Performance Period and the satisfaction of applicable service-based vesting
conditions, will determine the number of Performance Units that shall vest (which may be greater than the target number of Performance Units granted), the settlement value of each Performance Unit (if variable), and the settlement amount to be paid
to the Participant. 
 11.3    Earning of Performance Units. After the applicable Performance Period has
ended, the number of Performance Units earned by the Participant over the Performance Period shall be determined as a function of the extent to which the applicable corresponding performance goals have been achieved. This determination shall be
made by the Committee. 
 11.4    Form and Timing of Payment of Performance Units. The Company shall pay
at the close of the applicable Performance Period, or as soon as practicable thereafter, any earned Performance Units in the form of cash or in Shares or in a combination thereof, as specified in a Participant’s applicable Award Agreement. Any
Shares issued in settlement of Performance Units are subject to the transfer restrictions set forth in Section 14.3. 
 Section 12. Other
Stock-Based Awards and Cash-Based Awards 
 12.1    Grant of Other Stock-Based Awards and Cash-Based
Awards. 
 (a)    Subject to the terms and conditions of this Plan, the Committee may grant Other Stock-Based Awards
not otherwise described by the terms of this Plan to a Participant in such amounts and subject to such terms and conditions, as the Committee shall determine. Such Awards may involve the transfer of actual Shares to Participants, or payment in cash
or otherwise of amounts based on the value of Shares. 

  
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 (b)    The Committee may grant Cash-Based Awards not otherwise described by
the terms of this Plan to a Participant in such amounts and upon such terms as the Committee shall determine. 

(c)    Each grant of Other Stock-Based Awards and Cash-Based Awards shall be evidenced by an Award Agreement and/or
subject to a subplan or special provisions approved by the Committee. 
 12.2    Value of Other Stock-Based
Awards and Cash-Based Awards. Each Other Stock-Based Award shall be expressed in terms of Shares or units based on Shares, as determined by the Committee. Each Cash-Based Award shall specify a payment amount or payment range as determined by the
Committee. If the Committee exercises its discretion to establish performance goals, the number and/or value of Cash-Based Awards or Other Stock-Based Awards that shall be paid to the Participant will depend on the extent to which such performance
goals are met and any service-based payment conditions are satisfied. 
 12.3    Payment of Other Stock-Based
Awards and Cash-Based Awards. Payment, if any, with respect to Cash-Based Awards and Other Stock-Based Awards shall be made in accordance with the terms of the applicable Award Agreement in the form of cash, Shares or other forms of Awards under
this Plan or a combination of cash, Shares and other forms of Awards. The determination of the form in which Awards subject to this Section 12 will be paid shall be made by the Committee, unless the Committee chooses to provide in an applicable
Award Agreement that a Participant may elect, in accordance with such procedures and limitations as the Committee may specify, the form in which such an Award will be paid. To the extent any Award subject to this Section 12 is to be paid in
other forms of Awards under this Plan, such Awards issued in payment shall be valued for purposes of such payment at their fair value on the Grant Date of such Awards. If the Committee permits a Participant to elect to receive some or all of an
amount that would otherwise be payable in cash under an Award subject to this Section 12 in Shares or other forms of Awards, the Committee may also provide in the applicable Award Agreement that the Fair Market Value of the Shares or the Grant
Date fair value of the other forms of Awards may exceed the amount of cash that otherwise would have been payable. 
 Section 13. Effect of
Termination of Service 
 Each Award Agreement evidencing the grant of an Award shall provide for the following: 

(a)    The extent to which a Participant shall vest in or forfeit such Award as a result of or following the
Participant’s Termination of Service. 
 (b)    With respect to an Award in the form of an Option or SAR, the
extent to which a Participant shall have the right to exercise the Option or SAR following the Participant’s Termination of Service. 
 The foregoing
provisions shall be determined by the Committee, shall be included in each Award Agreement entered into with each Participant, need not be uniform among all Award Agreements and may reflect distinctions based on the reasons for termination. 

Section 14. Transferability of Awards and Shares 

14.1    Transferability of Awards. Except as provided in Section 14.2, Awards shall not be transferable
other than by will or the laws of descent and distribution or, subject to the consent of the Committee, pursuant to a domestic relations order entered into by a court of competent jurisdiction. No Awards shall be subject, in whole or in part, to
attachment, execution or levy of any kind; and any 

  
 17 

 
purported transfer in violation of this Section 14.1 shall be null and void. The Committee may establish such procedures as it deems appropriate for a Participant to designate a beneficiary
to whom any amounts payable or Shares deliverable in the event of, or following, the Participant’s death may be provided. 

14.2    Committee Action. The Committee may, in its discretion, approve a Participant’s transfer, by
gift, of an Award (except in the case of an ISO), on such terms and conditions as the Committee deems appropriate and to the extent permissible with Code Section 409A and applicable securities laws, (i) to an “Immediate Family
Member” (as defined below) of the Participant, (ii) to an inter vivos or testamentary trust in which the Award is to be passed to the Participant’s designated beneficiaries, or (iii) to a charitable institution. Any transferee of
the Participant’s rights shall succeed and be subject to all of the terms of the applicable Award Agreement and this Plan, including restrictions on further transferability, compliance with applicable securities laws, and providing required
investment representations. “Immediate Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, a trust in which any of these persons have more than fifty (50%) percent of the beneficial interest, a foundation in which any
of these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty (50%) percent of the voting interests. 

14.3    Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares
acquired by a Participant under this Plan as it may deem advisable, including, without limitation, minimum holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market
upon which such Shares are then listed or traded or under any blue sky or state securities laws applicable to such Shares. 
 Section 15.
Performance-Based Compensation 
 15.1    Performance-Based Compensation. The Committee, in its sole
discretion, may designate any Award as Performance-Based Compensation upon grant. 
 15.2    Performance
Measures. The performance goals upon which the grant, payment or vesting of an Award that is intended to qualify as Performance-Based Compensation are conditioned must be based on one or more of the following Performance Measures: 

(a)    Total shareholder return (on an absolute and/or relative basis measured against comparable peers or a real estate
index), 
 (b)    Net operating income, 

(c)    Funds from operations or adjusted funds from operations, 

(d)    Funds available for distribution, 

(e)    Dividends or funds available for distribution payment, 

(f)    Returns on assets, returns on investment, returns on capital or returns on equity, 

(g)    Operating expenses/costs, 

  
 18 

 (h)    Cash flow (including, but not limited to, operating cash flow, free
cash flow, cash flow return on equity, and cash flow return on investment), 
 (i)    Earnings per share, 

(j)    Earnings before or after either, or any combination of, interest, taxes, depreciation, or amortization, 

(k)    Economic value added (net operating profit after tax minus the sum of capital multiplied by the cost of capital) or
economic value created, 
 (l)    Gross or net earnings or income, 

(m)    Gross or net operating margins, 

(n)    Gross or net operating profits, 

(o)    Gross or net sales or revenues, 

(p)    Market share, 

(q)    Net earnings or net income (before or after taxes), 

(r)    Operating efficiency and/or property operating expense savings, 

(s)    Productivity ratios and measures, 

(t)    Customer satisfaction survey results, 

(u)    Strategic business objectives (including objective project milestones), 

(v)    Personal professional objectives (including implementation of policies and plans, negotiations or completions of
transactions, and development of long-term business goals) 
 (w)    Successful negotiation or renewal of contracts with
new or existing customers, 
 (x)    Transactions relating to acquisitions or divestitures, or 

(y)    Operating portfolio metrics including leasing and tenant retention. 

Any Performance Measure(s) may, as the Committee, in its sole discretion deems appropriate, (i) relate to the performance of the Company
or any Subsidiary as a whole or any business unit, division or segment of the Company or any Subsidiary or any combination thereof, (ii) be compared to the performance of a group of comparator companies, or published or special index,
(iii) be based on change in the Performance Measure over a specified period of time and such change may be measured based on an arithmetic change over the specified period (e.g., cumulative change or average change), or percentage change over
the specified period (e.g., cumulative percentage change, average percentage change or compounded percentage change), (iv) relate to or be compared to one or more other Performance Measures, or (v) any combination of the foregoing. The
Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 15. 

  
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 Performance goals shall be established by the Committee as set forth in this Section 15, and
may be set forth in the applicable Award Agreement. With regard to a particular Performance Period, the Committee, in its sole discretion, shall, within the first 90 days of a Performance Period, determine the length of the Performance Period
(provided any such Performance Period shall be not less than one fiscal quarter in duration), the type(s) of Performance-Based Compensation Awards to be issued, and the Performance Measures that will be used to establish the performance goals.
Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the performance goals for the Performance Period have been achieved and, if so, calculate and certify in writing the
amount of the Performance-Based Compensation Awards earned for the period. 
 15.3    Evaluation of
Performance. The Committee may provide in any Award intended to qualify as Performance-Based Compensation that any evaluation of performance may, among other things, include or exclude the impact, if any, on reported financial results of any of
the following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation, claims, judgments or settlements, (c) changes in tax laws, accounting principles or other laws or provisions, (d) reorganization
or restructuring programs, (e) acquisitions or divestitures, (f) foreign exchange gains and losses or (g) gains and losses that are treated as unusual in nature or infrequent in their occurrence and which are disclosed in
management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders. Notwithstanding any other provision of the Plan, payment or vesting of any such Award that is
intended to qualify as Performance-Based Compensation shall not be made until the Committee certifies in writing that the applicable performance goals and any other material terms of such Award were in fact satisfied, except as otherwise provided in
Section 15.3. 
 15.4    Adjustment of Performance-Based Compensation. The Committee shall have no
discretion to increase the amount payable pursuant to Awards that are intended to qualify as Performance-Based Compensation beyond the amount that would otherwise be payable upon attainment of the applicable performance goal(s). The Committee may
not waive the achievement of the applicable performance goals, except in the case of the Participant’s death or disability or a Change in Control. The Committee shall, however, retain the discretion to decrease the amount payable pursuant to
such Awards below the amount that would otherwise be payable upon attainment of the applicable performance goal(s), either on a formula or discretionary basis or any combination, as the Committee determines, in its sole discretion. 

Section 16. Nonemployee Trustee Awards 

16.1    Awards to Nonemployee Trustees. The Committee shall approve all Awards to Nonemployee
Trustees. The terms and conditions of any grant of any Award to a Nonemployee Trustee shall be set forth in an Award Agreement. 

16.2    Awards in Lieu of Fees. The Committee may permit a Nonemployee Trustee the opportunity to receive an
Award in lieu of payment of all or a portion of future trustee fees (including but not limited to cash retainer fees and meeting fees) or other type of Awards pursuant to such terms and conditions as the Committee may prescribe and set forth in an
applicable sub-plan or Award Agreement. If the Committee permits a Participant to elect to receive payment of all or a portion of future trustee fees that would otherwise be payable in cash in the form of an
Award, the Committee may also provide in the applicable Award Agreement that the Grant Date fair value of the Award may exceed the amount of cash that otherwise would have been payable. 

  
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 16.3    Annual Award Limit. Equity-based Awards granted to
Nonemployee Trustees shall be subject to the following limitation: The maximum number of Shares subject to any (i) Award of Options, (ii) Award of Restricted Stock or (iii) Award of Restricted Stock Units, which may be granted to any
Nonemployee Trustee during any calendar year shall be 50,000 Shares. Notwithstanding the foregoing, the annual award limit set forth in this Section 16.3 shall (i) not apply to any Awards granted in connection with the initial public
offering of the Shares, (ii) solely apply to Awards granted under this Plan and (iii) not apply to Shares or Share equivalents granted to a Nonemployee Trustee in lieu of all or any portion of such Nonemployee Trustee’s cash-based
trustee fees. 
 Section 17. Effect of a Change in Control 

17.1    Default Vesting Provisions. Unless otherwise provided for in an Award Agreement, and except to the
extent that an Award meeting the requirements of Section 17.2(a) (a “Replacement Award”) is provided to the Participant pursuant to Section 4.4 to replace an existing Award (the “Replaced Award”), upon a Change
in Control, all then-outstanding Awards shall vest in accordance with paragraphs (a), (b) and (c) below. 

(a)    Outstanding Options and SARs. Upon a Change in Control, a Participant’s then-outstanding Options and
SARs that are not vested shall immediately become fully vested (and, to the extent applicable, all performance conditions shall be deemed satisfied at target performance) and, subject to Section 17.3, exercisable over the exercise period set
forth in the applicable Award Agreement. 
 (b)    Outstanding Awards, other than Options and SARs, Subject Solely to
a Service Condition. Upon a Change in Control, subject to Section 17.3, a Participant’s then-outstanding Awards, other than Options and SARs, that are not vested and as to which vesting depends solely on the satisfaction of a service
obligation by the Participant to the Company or any Subsidiary shall become fully vested and shall be settled in cash, Shares or a combination thereof as provided for under the applicable Award Agreement within thirty (30) days following such
Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule in order to comply with Code Section 409A). 

(c)    Outstanding Awards, other than Options and SARs, Subject to a Performance Condition. Upon a Change in
Control, subject to Section 17.3, a Participant’s then-outstanding Awards, other than Options and SARs, that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions shall immediately vest
and all performance conditions shall be deemed satisfied as if target performance was achieved and shall be settled pro rata, based on the proportion of the applicable Performance Period that lapsed through the date of the Change in Control, in
cash, Shares or a combination thereof as provided for under the applicable Award Agreement within thirty (30) days following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original
schedule in order to comply with Code Section 409A); notwithstanding that the applicable Performance Period, retention period or other restrictions and conditions have not been completed or satisfied. 

17.2    Definition of Replacement Award. 

(a)    An Award shall meet the conditions of this Section 17.2(a) (and hence qualify as a Replacement Award) if:
(i) it is of the same type as the Replaced Award (or, it is of a different type as the 

  
 21 

 
Replaced Award, provided that the Committee, as constituted immediately prior to the Change in Control, finds such type acceptable); (ii) it has an intrinsic value at least equal to the value of
the Replaced Award; (iii) it relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control;
(iv) its terms and conditions comply with Section 17.2(b); and (v) its other terms and conditions are not less favorable to the holder of the Award than the terms and conditions of the Replaced Award (including the provisions that
would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are
satisfied. The determination of whether the conditions of this Section 17.2(a) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. Without limiting the generality of the
foregoing, the Committee may determine the value of Awards and Replacement Awards that are stock options or stock appreciation rights by reference to either their intrinsic value or their fair value. 

(b)    Upon an involuntary termination of service of a Participant (i) by the Company other than for Cause, or
(ii) to the extent specifically permitted in the Participant’s Award Agreement, a termination by the Participant for “good reason” (as defined in the Participant’s Award Agreement, change of control agreement or employment
agreement, as applicable), in either case occurring within two years following the Change in Control, unless otherwise specified in the award agreement and approved by the Committee as constituted prior to the Change in Control, all Replacement
Awards held by the Participant shall become fully vested and free of restrictions and, in the case of Replacement Awards in the form of (x) stock options or stock appreciation rights shall be fully exercisable, (y) performance-based Awards
shall be deemed to be satisfied at target level performance and paid pro rata (based upon the proportion of the applicable Performance Period that has lapsed through the date of the Participant’s involuntary termination of service) upon or
within 60 days of such termination of service, or (z) service-based Awards (other than stock options or stock appreciation rights) shall be paid upon or within 60 days of such termination of service. Notwithstanding the foregoing, with respect
to any Award that is considered deferred compensation subject to Code Section 409A, settlement of such Award shall be made pursuant to its original schedule if necessary to comply with Code Section 409A. 

17.3 Cashout of Awards. 

(a)    Unless otherwise provided for in an Award Agreement, in the event of a Change in Control, with respect to any
outstanding Option or Stock Appreciation Right, the Committee shall have discretion to cause a cash payment to be made to the person who then holds such Option or Stock Appreciation Right, in lieu of the right to exercise such Option or Stock
Appreciation Right or any portion thereof. In the event the Committee exercises its discretion to cause such cash payment to be made, the amount of such cash payment shall be equal to the amount by which (i) the aggregate Fair Market Value (on
the date of the Change in Control) of the Shares that are subject to such Option or Stock Appreciation Right exceeds (ii) the aggregate Exercise Price or Grant Price (as applicable) of such Shares under such Option or Stock Appreciation Right.
If the aggregate Fair Market Value (on the date of the Change in Control) of the Shares that are subject to such Option or Stock Appreciation Right is less than the aggregate Exercise Price or Grant Price (as applicable) of such Shares under such
Option or Stock Appreciation Right, such Option or Stock Appreciation Right shall be cancelled without any payment. 

(b)    Unless otherwise provided for in an Award Agreement, in the event of a Change in Control, with respect to an Award
(other than an Option or Stock Appreciation Right) that would otherwise be payable in Common Shares, the Committee shall have discretion to cause the payment of such Award to be made in cash instead of Shares. In the event the Committee exercises
its discretion to cause such cash payment to be made, the amount of such cash payment shall be equal to the aggregate Fair Market Value, on the date of the Change in Control, of the Shares that would otherwise then be payable under such Award. 

  
 22 

 Section 18. Dividends and Dividend Equivalents 

18.1    Payment of Dividends on Restricted Stock. With respect to an Award of Restricted Stock, the Committee
may grant or limit the right of a Participant to receive dividends declared on Shares that are subject to such Award to the extent the Award is not yet vested. If the Committee grants the right of a Participant to receive dividends declared on
Shares subject to an unvested Award of Restricted Stock, then such dividends shall be paid to the Participant as of the applicable dividend payment dates or such other dates as determined by the Committee and set forth in the applicable Award
Agreement; provided however, that in the case of an Award of Restricted Stock as to which vesting depends upon the satisfaction of one or more performance conditions, such dividends shall be subject to the same performance conditions and service
conditions, as applicable, as the underlying Award. Dividends shall be paid in cash or reinvested in additional Shares or Awards by such formula and at such time and subject to such limitations as may be determined by the Committee. 

18.2    Payment of Dividend Equivalents on Awards Other than Options, SARs and Restricted Stock. Except for
Options, SARs and Restricted Stock, the Committee may grant Dividend Equivalents on the units or other Share equivalents subject to an Award based on the dividends actually declared and paid on outstanding Shares. The terms of any Dividend
Equivalents will be as set forth in the applicable Award Agreement, including the time and form of payment and whether such Dividend Equivalents will be credited with interest or deemed to be reinvested in additional units or Share equivalents.
Dividend Equivalents payable with respect to the unvested portion of an Award whose vesting depends upon the satisfaction of one or more performance conditions shall be subject to the same performance conditions and service conditions, as
applicable, as the underlying Award. 
 Section 19. Beneficiary Designation 

The Committee may, from time to time, establish procedures it deems appropriate for a Participant to name a beneficiary or beneficiaries (who
may be named contingently or successively) to whom any benefit under this Plan is to be paid in case of the Participant’s death before the Participant receives any or all of such benefit. Each such designation shall revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing, including electronically, with the Company during the Participant’s lifetime. In the
absence of any such beneficiary designation, benefits remaining unpaid or rights remaining unexercised at the Participant’s death shall be paid to or exercised by the Participant’s executor, administrator or legal representative. 

 Section 20. Rights of Participants 

20.1    Employment and Service. Nothing in this Plan or an Award Agreement shall (a) interfere with or
limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment with, or provision of service to, the Company or any Subsidiary at any time or for any reason not prohibited by law or (b) confer upon
any Participant any right to continue the Participant’s employment or service as a Trustee for any specified period of time. Neither an Award nor any benefits arising under this Plan shall constitute an employment or service contract with the
Company or any Subsidiary and, accordingly, subject to Sections 3 and 21, this Plan and the benefits hereunder may be amended or terminated at any time in the sole and exclusive discretion of the Board or Committee without giving rise to any
liability on the part of the Company, any Subsidiary, the Committee or the Board. 

  
 23 

 20.2    Participation. No individual shall have the right to be
selected to receive an Award under this Plan, or, having been so selected, to be selected to receive a future Award. 

20.3    Rights as a Shareholder. Except as otherwise provided herein, a Participant shall have none of the
rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares.  

Section 21. Amendment and Termination 

21.1    Amendment and Termination of this Plan and Awards. 

(a)    Subject to subparagraphs (b) and (c) of this Section 21.1, Section 21.3 and Section 21.4 of this
Plan, the Board may at any time amend, suspend or terminate this Plan, and the Board or Committee may at any time amend, suspend or terminate any outstanding Award Agreement. 

(b)    Without the prior approval of the Company’s shareholders and except as provided for in Section 4.4, no
Option or SAR Award may be (i) amended to reduce the Exercise Price or the Grant Price thereof, as applicable; (ii) cancelled in exchange for the grant of any new Option or SAR with a lower Exercise Price or Grant Price, as applicable; or
(iii) cancelled in exchange for cash, other property or the grant of any new Award at a time when the Exercise Price of the Option or the Grant Price of the SAR is greater than the current Fair Market Value of a Share. 

(c)    Notwithstanding the foregoing, no amendment of this Plan shall be made without shareholder approval if shareholder
approval is required (as provided below or otherwise) pursuant to rules promulgated by any stock exchange or quotation system on which Shares are listed or quoted or by applicable U.S. state corporate laws or regulations, or applicable U.S. federal
laws or regulations, including but not limited to, the then-applicable requirements of Rule 16b-3 of the Exchange Act or any requirements under the Code relating to ISOs. Amendments to the Plan that
require shareholder approval include, but are not limited to: (i) except as is provided in Section 4.4, an increase the maximum number of Shares which may be sold or awarded under the Plan or increase the maximum limitations set forth in
Section 4; (ii) a change the class of persons eligible to receive Awards under the Plan; or (iii) an extension of the duration of the Plan or the maximum period during which Options or SARs may be exercised. 

21.2    Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. 

(a)    Except as may be limited by Section 15 with respect to Awards intended to qualify as Performance-Based
Compensation, the Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.4)
affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution
or enlargement of the benefits or potential benefits intended to be made available under this Plan. 
 (b) Any subplan may provide that the
Committee or its authorized delegate shall retain the discretion to decrease the amount payable pursuant to a Cash-Based Award granted under such subplan 

  
 24 

 
below the amount that would otherwise be payable upon attainment of the applicable performance goal(s) over a Performance Period that does not exceed a term of one (1) year, either on a
formula or discretionary basis or any combination, as the Committee or its authorized delegate determines is appropriate. 

(c)    The determination of the Committee (or its authorized delegate, if applicable) as to any adjustments made pursuant
to subparagraphs (a) and (b) above shall be conclusive and binding on Participants under this Plan. By accepting an Award under this Plan, a Participant agrees to any adjustment to the Award made pursuant to this Section 21.2 without
further consideration or action. 
 21.3    Awards Previously Granted. Notwithstanding any other provision
of this Plan to the contrary, other than Sections 21.2 and 21.4, no termination or amendment of this Plan or an Award Agreement shall adversely affect in any material way any Award previously granted under this Plan, without the written consent
of the Participant holding such Award. 
 21.4    Amendment to Conform to Law. Notwithstanding any other
provision of this Plan to the contrary, the Board may amend this Plan and the Board or the Committee may amend an Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming this Plan or
an Award Agreement to (i) any law relating to plans of this or similar nature (including, but not limited to Code Section 409A), and to the administrative regulations and rulings promulgated thereunder, (ii) any applicable stock
exchange requirements and (iii) any compensation recoupment policy adopted by the Company. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 21.4 to this Plan and any Award without
further consideration or action. 
 21.5    Deferred Compensation. 

(a)    It is intended that any Award under this Plan shall either be exempt from, or shall comply (in form and operation)
with, Code Section 409A and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Code Section 409A, it shall be paid in a manner that is intended to comply with Code
Section 409A, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision
in the Plan that is inconsistent with Code Section 409A shall be deemed to be amended to comply with Code Section 409A and to the extent such provision cannot be amended to comply therewith for any reason, such provision shall be null and
void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Code Section 409A is not so exempt or compliant or for any action taken by the Committee or the
Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Code Section 409A, responsibility for payment of such penalties shall rest solely with the affected Participant and not with the Company.
Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Code Section 409A) that are otherwise required to be made under the Plan to a
“specified employee” (as defined under Code Section 409A) as a result of such employee’s separation from service (other than a payment that is not subject to Code Section 409A) shall be delayed for the first six
(6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead commence (in a manner set forth in the Award Agreement) upon expiration of such delay period. 

(b)    Notwithstanding any provision of the Plan and/or Award Agreement to the contrary, the Company does not make any
representation to any Participant or beneficiary as to the tax consequences of 

  
 25 

 
any Awards made pursuant to this Plan, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any beneficiary for any tax, additional tax,
interest or penalties that the Participant or any beneficiary may incur as a result of the grant, vesting, exercise or settlement of an Award under this Plan. 

Section 22. General Provisions 

22.1    Forfeiture Events. 

(a)    In addition to the forfeiture events specified in paragraph (b) below, the Committee may specify in an Award
Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise
applicable treatment of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive
covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a Termination of Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and its
Subsidiaries. 
 (b) Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government
regulation, or stock exchange listing requirement, or any policy adopted by the Company or determined by the Committee and set forth in the applicable Award Agreement will be subject to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange listing requirement or any policy adopted by the Company or determined by the Committee and set forth in the applicable Award Agreement, and the Committee, in its sole and exclusive
discretion, may require that any Participant reimburse the Company all or part of the amount of any payment in settlement of any Award granted hereunder. 

22.2    Tax Withholding. 

(a)    Tax Withholding Generally. The Company shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy applicable federal, state and local tax withholding requirements, domestic or foreign, with respect to any taxable event arising as a result of the grant, vesting, exercise or
settlement of an Award to the Participant under this Plan. 
 (b)    Share Withholding. Unless otherwise required
by the Committee, the Company may withhold, or permit a Participant to elect to have withheld, from a payment in Shares the number of Shares having a Fair Market Value equal to the amount required to be withheld to satisfy applicable federal, state
and local tax withholding requirements, domestic or foreign, or such greater amount up to the maximum statutory withholding rate under applicable law as applicable to such Participant, if such other greater amount would not result in adverse
financial accounting treatment as determined by the Committee (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09). 

22.3    Legend. The certificates for Shares may include any legend that the Committee deems appropriate to
reflect any restrictions on transfer of such Shares. 

  
 26 

 22.4    Gender and Number. Except where otherwise indicated by
the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 

22.5    Severability. In the event any provision of this Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

22.6    Requirements of Law. The granting of Awards and the issuance of Shares under this Plan shall be
subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. It is the intent of the Company that this Plan satisfy, and be interpreted in a manner
that satisfies, the applicable requirements of Rule 16b-3, as promulgated under Section 16 of the Exchange Act, so that Participants will be entitled to the benefit of Rule
16b-3 (or any successor provisions) and will not be subject to short-swing liability under Section 16 of the Exchange Act. If any provision of this Plan would conflict with this intent, such provision to
the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

22.7    Delivery of Shares. The Company shall have no obligation to issue or deliver Shares under this Plan
prior to: 
 (a)    Obtaining any approvals from governmental agencies that the Company determines are necessary or
advisable; and 
 (b)    Completion of any registration or other qualification of the Shares under any applicable
national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. 

22.8    Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or deliver such
Shares as to which such requisite authority shall not have been obtained. 
 22.9    Investment
Representations. The Committee may require any individual receiving Shares pursuant to an Award under this Plan to represent and warrant in writing that the individual is acquiring the Shares for investment and without any present intention to
sell or distribute such Shares. 
 22.10    Employees Based Outside of the United States. Notwithstanding
any provision of this Plan to the contrary, in order to comply with the laws in other countries in which the Company or any Subsidiaries operate or have Employees or Trustees, the Committee, in its sole discretion, shall have the power and authority
to: 
 (a)    Determine which Subsidiaries shall be covered by this Plan; 

(b)    Determine which Employees or Trustees outside the United States are eligible to participate in this Plan; 

(c)    Modify the terms and conditions of any Award granted to Employees or Trustees outside the United States to comply
with applicable foreign laws; 

  
 27 

 (d)    Establish sub-plans and modify
exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. Any sub-plans and modifications to Plan terms and procedures established under this
Section 22.10 by the Committee shall be attached to this Plan document as appendices; and 
 (e)    Take any
action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or approvals. 

Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate applicable law. 

22.11    Uncertificated Shares. To the extent that this Plan provides for issuance of certificates to
reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 

22.12    Unfunded Plan. Participants shall have no right, title or interest whatsoever in or to any
investments that the Company or any Subsidiaries may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any
kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative or any other individual. To the extent that any individual acquires a right to receive payments from the Company or any Subsidiary under
this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company or the Subsidiary, as the case may be. All payments to be made hereunder shall be paid from the general funds of the Company, or the Subsidiary,
as the case may be, and no special or separate fund shall be established, and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 

22.13    No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to this Plan or
any Award. The Committee shall determine whether cash, Awards or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated. 

22.14    Retirement and Welfare Plans. Neither Awards made under this Plan nor Shares or cash paid pursuant
to such Awards may be included as “compensation” for purposes of computing the benefits payable to any Participant under the Company’s or any Subsidiary’s retirement plans (both qualified and nonqualified) or welfare benefit
plans unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant’s benefit. 

22.15    Nonexclusivity of this Plan. The adoption of this Plan shall not be construed as creating any
limitations on the power of the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant. 

22.16    No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (i) limit,
impair, or otherwise affect the Company’s or a Subsidiary’s right or power to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell or
transfer all or any part of its business or assets; or, (ii) limit the right or power of the Company or a Subsidiary to take any action that such entity deems to be necessary or appropriate. 

22.17    Governing Law and Construction. This Plan and each Award Agreement shall be governed by the laws of
the state of Georgia excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction. 

  
 28 

 
Unless otherwise provided in the Award Agreement, recipients of an Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Georgia to
resolve any and all issues that may arise out of or relate to this Plan or any related Award Agreement. This Plan shall be construed in a manner consistent with the Company’s status as a real estate investment trust (“REIT”).
No Award shall be granted, and with respect to any Award granted under this Plan, such Award shall not vest, be exercisable, or be settled: (i) to the extent that the grant, vesting, or settlement of such Award could cause the Participant or
any other person to be in violation of the ownership limit or any other provision of the Company’s organizing documents; or (ii) if, in the discretion of the Committee, the grant, vesting, or settlement of such Award could impair the
Company’s status as a REIT. 
 22.18    Delivery and Execution of Electronic Documents. To the extent
permitted by applicable law, the Company may (i) deliver by email or other electronic means (including posting on a website maintained by the Company or by a third party under contract with the Company) all documents relating to this Plan or
any Award thereunder (including without limitation, prospectuses required by the Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements)
and (ii) permit Participant’s to electronically execute applicable Plan documents (including, but not limited to, Award Agreements) in a manner prescribed to the Committee. 

22.19    No Representations or Warranties Regarding Tax Effect. Notwithstanding any provision of this Plan
to the contrary, the Company, Subsidiaries, the Board and the Committee neither represent nor warrant the tax treatment under any federal, state, local or foreign laws and regulations thereunder (individually and collectively referred to as the
“Tax Laws”) of any Award granted or any amounts paid to any Participant under this Plan including, but not limited to, when and to what extent such Awards or amounts may be subject to tax, penalties and interest under the Tax Laws.

 22.20    Indemnification. Subject to requirements of the laws of the state of Georgia, each individual
who is or shall have been a member of the Board, or a Committee appointed by the Board, or an officer of the Company or other person to whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the
Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he
or she may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any
judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf, unless such loss, cost, liability or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such individuals may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

22.21    Successors. All obligations of the Company under this Plan with respect to Awards granted hereunder
shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 22.22    Right of Offset. Subject to applicable legal requirements, including Code Section 409A,
the Company and its Subsidiaries shall have the right to offset against the obligations to make payment or issue any Shares to any Participant under this Plan, any outstanding amounts (including travel and

  
 29 

 
entertainment advance balances, loans, tax withholding amounts paid by the employer or amounts repayable to the Company or Subsidiary pursuant to tax equalization, housing, automobile or other
employee programs) such Participant then owes to the Company or a Subsidiary and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. 

  
 30EX-10.9

 Exhibit 10.9 

SHAREHOLDERS AGREEMENT 

by and among AMERICOLD REALTY TRUST 

and 
 THE SHAREHOLDERS
OF THE COMPANY SIGNATORIES HERETO 
 Dated: January 18, 2018 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION
	  	 	1	 
	 1.1
	  	 Definitions
	  	 	1	 
	 1.2
	  	 Rules of Construction
	  	 	6	 
		
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	6	 
	 2.1
	  	 Election of Trustees
	  	 	6	 
	 2.2
	  	 Resignation; Removal; Board Vacancies; Board Meetings
	  	 	9	 
	 2.3
	  	 Expenses of Trustees and Yucaipa Observer
	  	 	9	 
	 2.4
	  	 Insurance; Indemnification Agreements
	  	 	9	 
	 2.5
	  	 Information Sharing
	  	 	9	 
	 2.6
	  	 Trustee Compensation
	  	 	10	 
	 2.7
	  	 Cooperation; Voting of Shares
	  	 	10	 
	 2.8
	  	 Yucaipa Observer
	  	 	10	 
	 2.9
	  	 Mirror Voting
	  	 	11	 
		
	 ARTICLE III TRANSFERS
	  	 	11	 
	 3.1
	  	 Condition of Transfer
	  	 	11	 
	 3.2
	  	 Coordination Committee; Transfer Restrictions
	  	 	11	 
	 3.3
	  	 Tag-Along Rights
	  	 	13	 
	 3.4
	  	 Transfer of Shares to the Fortress Investor
	  	 	14	 
		
	 ARTICLE IV COVENANTS
	  	 	15	 
	 4.1
	  	 Regulatory Matters
	  	 	15	 
	 4.2
	  	 Company Logo
	  	 	16	 
	 4.3
	  	 Use of Name
	  	 	16	 
	 4.4
	  	 Certain Activities
	  	 	16	 
	 4.5
	  	 Information Rights
	  	 	16	 
	 4.6
	  	 Tax Matters
	  	 	16	 
	 4.7
	  	 Confidentiality
	  	 	18	 
	 4.8
	  	 Amendment of Declaration of Trust and Bylaws
	  	 	19	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	19	 
	 5.1
	  	 Authority; Enforceability
	  	 	19	 
	 5.2
	  	 No Breach
	  	 	19	 
	 5.3
	  	 Consents
	  	 	20	 
		
	 ARTICLE VI EFFECTIVE TIME; TERMINATION
	  	 	20	 
	 6.1
	  	 Effective Time
	  	 	20	 
	 6.2
	  	 Termination
	  	 	20	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	21	 
	 7.1
	  	 Business Opportunities
	  	 	21	 
	 7.2
	  	 Notices
	  	 	23	 
	 7.3
	  	 Delays or Omissions
	  	 	24	 
	 7.4
	  	 Remedies; Specific Performance
	  	 	24	 
	 7.5
	  	 Assignment
	  	 	24	 
	 7.6
	  	 Governing Law
	  	 	25	 

							
	 7.7
	  	 Jurisdiction; Court Proceedings; Waiver of Jury Trial
	  	 	25	 
	 7.8
	  	 Share Certificates; Legends
	  	 	25	 
	 7.9
	  	 Entire Agreement
	  	 	26	 
	 7.10
	  	 Additional Securities; Recapitalizations; Exchanges; etc.
	  	 	26	 
	 7.11
	  	 Severability
	  	 	26	 
	 7.12
	  	 Amendment; Waiver
	  	 	27	 
	 7.13
	  	 Counterparts
	  	 	27	 

  

  
 ii 

 SHAREHOLDERS AGREEMENT 

This SHAREHOLDERS AGREEMENT (this “Agreement”), dated January 18, 2018, and effective as of the Effective Time, is by and
among (a) Americold Realty Trust, a Maryland real estate investment trust (the “Company”), (b) the Yucaipa Shareholder (as defined below), (c) the GSCP Shareholders (as defined below), (d) Charm Progress Investment Limited (the
“CM Shareholder”), (e) the Fortress Investor (as defined below) and (f) the Yucaipa Investor. 
 RECITALS 

WHEREAS, the Company is undertaking an underwritten initial public offering (“IPO”) of shares of its Common Shares (as
defined below); and 
 WHEREAS, in connection with, and effective upon, the consummation of the IPO, the Company, the Yucaipa Shareholder,
the GSCP Shareholders, the CM Shareholder, the Fortress Investor and the Yucaipa Investor desire to enter into this Agreement. 
 NOW
THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND RULES OF CONSTRUCTION 

1.1    Definitions. 

“Affiliate” of any particular Person means any other Person Controlling, Controlled by or under common Control with such
particular Person. For purposes of this Agreement, none of the Company or its Subsidiaries shall be deemed to be an Affiliate of any Shareholder, and no Person shall be deemed an Affiliate of any other, by virtue of the existence of the Company or
any of its Subsidiaries or by virtue of its participation therein. In addition, for purposes of this Agreement, neither the Fortress Investor nor the Yucaipa Shareholder shall be deemed to be an Affiliate of the other. 

“Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the
Exchange Act; provided that, except as provided in the last sentence of Section 2.1(a), for purposes of Sections 2.1, 2.9 and 6.2, no Shareholder shall be deemed to “Beneficially Own” any Shares owned by another Shareholder
that is not an Affiliate of such Shareholder. 
 “Board” has the meaning set forth in Section 2.1. 

“Bylaws” means the bylaws of the Company as in effect at the Effective Time, as may be amended from time to time in
compliance with its terms and the terms of this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended
and the rules and regulations promulgated thereunder. 

 “Committee Members” has the meaning set forth in Section 3.2. 

“Common Shares” means the common shares of beneficial interest of the Company, par value $0.01 per share. 

“Company” has the meaning set forth in the preamble. 

“Control” or “Controlled” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, as trustee or executor, or otherwise. For purposes of this definition, a general partner or managing member of a Person shall
always be considered to Control such Person. 
 “Coordination Committee” has the meaning set forth in Section 3.2.

 “Declaration of Trust” means the declaration of trust of the Company as in effect at the Effective Time, as may be
amended or supplemented from time to time in compliance with its terms and the terms of this Agreement. 
 “Designation
Date” has the meaning set forth in Section 2.1(a). 
 “Direct Designation Condition” has the meaning set
forth in Section 2.1(g). 
 “Direct Designation Period” has the meaning set forth in Section 2.1(g). 

“Disposing Investor” has the meaning in Section 3.3(a). 

“Effective Time” has the meaning set forth in Section 6.1. 

“Equity Equivalents” means rights, options or warrants (or similar securities) to purchase equity securities, and any
securities or obligations of any type whatsoever that are, or may become, convertible into or exercisable for equity securities. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Exempt Transfer” means any (a) Transfer to an Affiliate of the
Transferring Sponsor Investor, (b) Transfer to be effected pursuant to a Public Offering, (c) Transfer to be effected pursuant to Rule 144 under the Securities Act, (d) Transfer of Shares by a Sponsor Investor to its partners,
members, or other equityholders in the form of a distribution in kind in accordance with the terms of such Sponsor Investor’s constitutional documents, including without limitation a Fortress Transfer and a Partnership Transfer, (e) to the
extent not otherwise covered by clause (d) above, a Fund Distribution, (f) Legal or Regulatory Transfers pursuant to Section 3.2, or (g) to the extent not otherwise covered by clause (b) above, Transfer under a trading plan
pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. 

  
 2 

 “Foreign Shares” means Shares held by the GSCP Shareholders, the Fortress
Investor or the Yucaipa Shareholder, as the case may be, which are owned, directly or indirectly, by foreign persons within the meaning of Section 897(h)(4)(B) of the Code. 

“Fortress Effective Date” has the meaning set forth in Section 3.4(b). 

“Fortress Investor” means CF Cold LP, a Delaware limited partnership. 

“Fortress Transfer” has the meaning set forth in Section 3.4(a). 

“Fully Diluted Outstanding Shares” means, at the relevant time, the number of Common Shares outstanding, assuming all Equity
Equivalents then outstanding have been converted, exercised, or exchanged, as the case may be, into Common Shares at the then applicable conversion or exercise price. 

“Fund Distribution” has the meaning set forth in Section 3.2(f). 

“Fund Investor” has the meaning set forth in Section 3.2(f). 

“Governmental Authority” means any nation, state, territory, province, county, city or other unit or subdivision thereof or
any entity, authority, agency, department, board, commission, instrumentality, court or other judicial body authorized on behalf of any of the foregoing to exercise legislative, judicial, regulatory or administrative functions of or pertaining to
government, including with respect to taxes, in each case whether federal, state, local or foreign. 
 “GSCP Parallel” has
the meaning set forth in the definition of GSCP Shareholders. 
 “GSCP Shareholders” means GS Capital Partners VI Fund,
L.P., GS Capital Partners VI Parallel, L.P. (“GSCP Parallel”), GSCP VI Offshore IceCap Investment, L.P. and GSCP VI GmbH IceCap Investment, L.P., IceCap2 Holdings, L.P. and any Affiliate of any of the foregoing that holds Shares at
the relevant time. 
 “GSCP Trustee” has the meaning set forth in Section 2.1(b). 

“IPO” has the meaning given to such term in the Recitals. 

“Legal or Regulatory Transfer” means any transfer which a Shareholder reasonably, in good faith and upon the advice of
counsel (either internal or external) believes is necessary to bring any investor in such Shareholder (or such investor’s affiliates) into compliance with applicable law, including the Dodd-Frank Wall Street Reform and Consumer Protection Act
of 2010, as amended from time to time, and the rules and regulations promulgated thereunder. 
 “Listed Tenant” has the
meaning set forth in Section 4.6(a)(i). 

  
 3 

 “Litigation” means any claim, action, suit, audit, investigation, inquiry,
proceeding or Governmental Authority investigation. 
 “Maximum Tag-Along Sale Number” has the meaning set forth in
Section 3.3(a). 
 “MGCL” has the meaning set forth in Section 2.9. 

“Partnership Transfer” has the meaning set forth in Section 3.4(a). 

“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization or
association, estate, trust (including the trustees thereof, in their capacity as such) or other entity. 
 “Proprietary
Information” has the meaning set forth in Section 4.7. 
 “Public Offering” means an underwritten public
offering and sale of equity securities of the Company or any of its Subsidiaries for cash pursuant to an effective Registration Statement under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form),
including any bought deal or block sale to a financial institution conducted as an underwritten Public Offering. 
 “Record
Date” has the meaning set forth in Section 2.1(a). 
 “Registration Rights Agreement” means the Registration
Rights Agreement dated as of the date hereof and effective as of the Effective Time, by and among the Company, the Yucaipa Shareholder and the GSCP Shareholders, as may be amended from time to time. 

“REIT” means a real estate investment trust within the meaning of Sections 856-857 of the Code. 

“Related Party Shareholder” has the meaning set forth in Section 4.6(a)(i). 

“Representatives” has the meaning set forth in Section 4.7(a). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shareholders” mean the parties to this Agreement (other than the Company) and any other subsequent holder of Shares who
agrees or is required to agree to be bound by the terms of this Agreement; provided that neither the Fortress Investor nor the Yucaipa Investor shall be a “Shareholder” under this Agreement unless and until they become a holder of
Shares as a result of a Fortress Transfer or Partnership Transfer, respectively. 
 “Shares” means the Common Shares,
Warrants and any other Equity Equivalents of the Company. 
 “Sponsor Investors” means the Yucaipa Shareholder and the GSCP
Shareholders and, solely for purposes of Section 3.3 of this Agreement, the CM Shareholder. 

  
 4 

 “Subsidiary” means with respect to any Person, any corporation, partnership or
other Person (a) of which shares of capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other similar managing body of such corporation, partnership or other Person are at the
time owned or Controlled by such first Person, or (b) the management of which is otherwise Controlled, directly or indirectly, through one or more intermediaries by such first Person. 

“Tag-Along Notice” has the meaning set forth in Section 3.3(a). 

“Tag-Along Offer” has the meaning set forth in Section 3.3(a). 

“Tag-Along Offeror” has the meaning set forth in Section 3.3(a). 

“Tag-Along Period” has the meaning set forth in Section 3.3(a). 

“Tag-Along Sale Number” has the meaning set forth in Section 3.3(a). 

“Third Party” means, with respect to any Shareholder, a third party that is not an Affiliate of such Shareholder. 

“Total Number of Trustees” means the total number of Trustees comprising the Board. 

“Total Tag-Along Shares” has the meaning set forth in Section 3.3(a). 

“Transfer” means any direct or indirect transfer, sale, exchange, assignment, distribution, pledge, encumbrance,
hypothecation or other disposition of Shares, or any legal or beneficial interest therein, in whole or in part, including the grant of an option or other right or the grant of any interest that would result in the transferor no longer having the
economic consequences of ownership in, or the power to vote, or cause to be voted, in whole or in part, any Shares, whether voluntarily or involuntarily, including by gift, by contract, by way of merger (forward or reverse) or similar transaction,
by operation of law or otherwise. 
 “Trustee” means a member of the Board. 

“USRPI” has the meaning set forth in Section 4.6(c). 

“Warrants” means the warrants to purchase 11,197,634 Common Shares and 7,376,634 Common Shares issued to the Yucaipa
Shareholder, as amended, as may be adjusted from time to time pursuant to the terms and conditions thereof. 
 “Yucaipa
Investor” means YF ART Holdings Aggregator, LLC. 
 “Yucaipa Observer” has the meaning set forth in
Section 2.8. 
 “Yucaipa Shareholder” means YF ART Holdings, L.P. and any Affiliate of YF ART Holdings, L.P. that
holds Shares at the relevant time. 
 “Yucaipa Trustees” has the meaning set forth in Section 2.1(a). 

  
 5 

 1.2    Rules of Construction. Unless the context otherwise requires:

 (a) References in the singular or to “him,” “her,” “it,” “itself,” or other like references, and
references in the plural or the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be; 

(b) References to Articles, Sections and Exhibits shall refer to articles, sections and exhibits of this Agreement, unless otherwise
specified; 
 (c) The headings in this Agreement are for convenience and identification only and are not intended to describe, interpret,
define or limit the scope, extent or intent of this Agreement or any provision hereof; 
 (d) This Agreement shall be construed without
regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted; 

(e) All monetary figures shall be in United States dollars unless otherwise specified; 

(f) References to “including” in this Agreement shall mean “including, without limitation,” whether or not so specified;

 (g) The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other theory extends
and such phrase shall not mean “if”; 
 (h) Any action required by this Agreement to be taken on a day that is not a business day,
shall be deemed to be required to be taken on the first business day thereafter; and 
 (i) All references in this Agreement to an amount or
number of shares or price per Share shall be deemed to be appropriately adjusted for any share dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof. 

ARTICLE II  
 CORPORATE
GOVERNANCE 
 2.1    Election of Trustees. Following the Effective Time, the Shareholders and the Company
hereby agree that the Board of Trustees of the Company (the “Board”) shall, subject to Section 2.1(e) below, initially consist of nine (9) members, and each Shareholder will vote all voting Shares held by it in order that:

 (a) Subject to Section 2.1(g), the Yucaipa Shareholder shall have the right to designate a number of individuals for nomination for
election as Trustees (the “Yucaipa Trustees”) by or at the direction of the Board or a duly authorized committee thereof equal to: (i) if the Yucaipa Shareholder Beneficially Owns 10% or more of the Fully Diluted Outstanding
Shares at a date on which the Yucaipa Shareholder designates such Yucaipa Trustees for 

  
 6 

 
nomination for election as trustees at a meeting of shareholders (the “Designation Date”) and at the related record date for such meeting (the “Record Date”),
two (2) Trustees; or (ii) if the Yucaipa Shareholder Beneficially Owns 5% or more (but less than 10%) of the Fully Diluted Outstanding Shares at a Designation Date and the related Record Date, one (1) Trustee. The Yucaipa Trustees shall initially be
Jeffrey M. Gault and Joel A. Holsinger. After a Fortress Transfer, solely for purposes of determining the number of Trustees the Yucaipa Shareholder may designate pursuant to this Section 2.1(a) (and not, for example, for purposes of calculating
Beneficial Ownership under Section 6.2), the Yucaipa Shareholder shall be deemed to Beneficially Own any and all Shares Beneficially Owned by the Fortress Investor (without duplication). 

(b) So long as the GSCP Shareholders collectively Beneficially Own 5% or more of the Fully Diluted Outstanding Shares at a Designation Date
and the related Record Date, the GSCP Shareholders shall have the right to designate one (1) Trustee for nomination for election as Trustee (the “GSCP Trustee”) by or at the direction of the Board or a duly authorized committee
thereof. The GSCP Trustee shall initially be Bradley J. Gross. 
 (c) If at any time the Yucaipa Shareholder or the GSCP Shareholders, as
applicable, have designated fewer than the total number of individuals that such shareholder(s) is or are then entitled to designate pursuant to Section 2.1(a) or Section 2.1(b), as applicable, the Yucaipa Shareholder or the GSCP
Shareholders, as applicable, shall have the right to designate such additional individuals which it is entitled to so designate, in which case, any individuals nominated by or at the direction of the Board or any duly authorized committee thereof
for election as Trustees to fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the election of such additional designees, whether by increasing the size of the Board or
otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing vacancies. 

(d) The Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board or any duly
authorized committee thereof at any meeting of shareholders called for the purpose of electing trustees, the persons designated pursuant to this Section 2.1 and use its best efforts to cause the election of each such designee to the Board,
including nominating each such individual to be elected as a Trustee as provided herein, and recommending such individual’s election and soliciting proxies or consents in favor thereof. In the event any person designated pursuant to this
Section 2.1 is not elected as a Trustee in accordance with the Declaration of Trust or Bylaws, the Company shall, to the fullest extent permitted by law, appoint such person or another person designated by the nominating Shareholder to the
Board and, if necessary, increase the size of the Board in order to permit such appointment. 
 (e) In addition to any vote or consent of
the Board or the shareholders of the Company required by applicable Law or the Declaration of Trust or Bylaws, and notwithstanding anything to the contrary in this Agreement, any action by the Board to increase the Total Number of Trustees (other
than any increase in the Total Number of Trustees in connection with the election of one or more trustees elected exclusively by the holders of one or more classes or series of the Company’s stock other than Common Shares) shall require the
prior written consent, in each case delivered in accordance with this Agreement, of (i) the Yucaipa 

  
 7 

 
Shareholder for so long as the Yucaipa Shareholder Beneficially Owns 10% or more of the Fully Diluted Outstanding Shares and (ii) the GSCP Shareholders for so long as the GSCP Shareholders
collectively Beneficially Own 10% or more of the Fully Diluted Outstanding Shares; provided that the Total Number of Trustees shall automatically increase by the requisite number of seats in order to effectuate the provisions of Sections
2.1(d) above. 
 (f)The Shareholders each agree to vote, or act by written consent with respect to, all Common Shares Beneficially Owned by
it, at each annual or special meeting of shareholders of the Company at which Trustees are to be elected or to take all actions by written consent in lieu of any such meeting as are necessary, to cause the election of the Yucaipa Trustees and GSCP
Trustees. 
 (g) If one or more Fortress Transfers results in the Fortress Investor Beneficially Owning 5% or more of the Fully Diluted
Outstanding Shares at a time when it is no longer a limited partner of the Yucaipa Shareholder (the “Direct Designation Condition”), then the Yucaipa Shareholder shall immediately assign to the Fortress Investor all rights relating
to the designation of one Yucaipa Trustee under this Agreement, the Declaration of Trust and the Bylaws (including all rights hereunder and thereunder relating to removal and filling of vacancies with respect to such Yucaipa Trustee);
provided that such assignment shall be only effective for the period commencing on the date on which the Direct Designation Condition occurs and ending on the date that the Fortress Investor Beneficially Owns less than 5% of the Fully Diluted
Outstanding Shares (such period, the “Direct Designation Period”). The Trustee so designated by the Fortress Investor shall be deemed to be a “Yucaipa Trustee” for all purposes under this Agreement, the Declaration of
Trust and the Bylaws, except that the Fortress Investor (and not the Yucaipa Shareholder or Yucaipa Investor) shall be exclusively entitled to exercise the rights of the Yucaipa Shareholder with respect to such Trustee under this Agreement, the
Declaration of Trust and the Bylaws during the Direct Designation Period. During the Direct Designation Period, the Fortress Investor shall be deemed to be the “Yucaipa Shareholder” under this Agreement, the Declaration of Trust and the
Bylaws to the maximum extent necessary to effectuate the rights assigned to the Fortress Investor under this Section 2.1(g) (but on a co- extensive basis with the Yucaipa Shareholder with respect to the Yucaipa Shareholder’s other Yucaipa
Trustee, if any). If this Agreement terminates as to the Yucaipa Shareholder but not the Fortress Investor during the Direct Designation Period, then the Fortress Investor shall nevertheless retain its rights under this Section 2.1(g) through
the expiration of the Direct Designation Period as if such termination had not occurred, and the Fortress Investor shall be deemed to be the “Yucaipa Shareholder” for purposes of calculating the Yucaipa Shareholder’s Beneficial
Ownership of Fully Diluted Outstanding Shares under Section 2.1(a) to the extent of the Fortress Investor’s rights under this Section 2.1(g). 

(h) A Shareholder seeking to designate a Trustee for election by shareholders at an annual meeting of shareholders shall endeavor to submit
its designation to the Company on a Designation Date occurring in the month of January in the calendar year in which such annual meeting is to occur. 

  
 8 

 2.2    Resignation; Removal; Board Vacancies; Board Meetings. 

(a) Each Trustee shall hold his office until his resignation, removal or death, or until his successor shall have been duly elected and
qualified. The Yucaipa Shareholder may remove any Yucaipa Trustee for any reason at the Yucaipa Shareholder’s written request to the Company. The GSCP Shareholders may remove the GSCP Trustee for any reason at the GSCP Shareholders’
written request to the Company. Upon delivery of a written request to the Company described in this Section 2.2(a), the Company and the Shareholders shall promptly take all such action necessary or desirable to cause the removal of the
applicable Trustee from office. For the avoidance of doubt, the foregoing is not in limitation of the right of the shareholders of the Company to remove a trustee for cause to the extent provided in the Declaration of Trust. 

(b) If (i) any person designated by the Yucaipa Shareholder pursuant to Section 2.1 shall cease for any reason to serve as a Trustee
or shall fail to receive the requisite vote in his or her election, the Yucaipa Shareholder shall have the exclusive right to designate a person to fill the vacancy resulting thereby and (ii) any person designated by the GSCP Shareholders
pursuant to Section 2.1 shall cease for any reason to serve as a Trustee or shall fail to receive the requisite vote in his or her election, the GSCP Shareholders shall have the exclusive right to designate a person to fill the vacancy
resulting thereby. The Company and the Shareholders take all necessary action to cause the Board to be so constituted. 
 (c) Any single
trustee of the Company, including a Yucaipa Trustee and the GSCP Trustee, shall have the right to call a special meeting of the Board at any time in accordance with the procedures therefor set forth in the Bylaws. 

2.3    Expenses of Trustees and Yucaipa Observer. The Company shall reimburse the Yucaipa Trustees, the Yucaipa
Observer and the GSCP Trustee for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board, the board of directors (or similar governing bodies) of the Company’s Subsidiaries and any committees
thereof, including travel, lodging and meal expenses. If any Yucaipa Trustee is paid a fee (whether in cash or otherwise) for serving on any such board (or any committee thereof), the GSCP Trustee also serving on such board shall also be entitled to
such fee, subject to Section 2.6 below. 
 2.4    Insurance; Indemnification Agreements. The Company shall
obtain and cause to be maintained in effect a policy of directors’ and officers’ liability insurance covering each of the Yucaipa Trustees, the Yucaipa Observer and the GSCP Trustee and each member of the board of directors (or similar
governing bodies) of the Company’s Subsidiaries in an amount and upon such terms as shall be determined by the Board. The Company shall enter into an indemnification agreement with each of the Yucaipa Trustees, the Yucaipa Observer and the GSCP
Trustee in the form attached hereto as Exhibit A. 
 2.5    Information Sharing. Each Shareholder and the
Company agrees that the Yucaipa Trustees, the Yucaipa Observer and the GSCP Trustee may share confidential, non-public information about the Company with the Shareholder that designated such Trustee or observer (and, in the case of any Yucaipa
Trustee designated by the Yucaipa Shareholder at the direction of the Fortress Investor pursuant to the limited partnership agreement of the Yucaipa Shareholder, with Fortress) and its Affiliates, as such Trustee deems appropriate, subject to
applicable law. 

  
 9 

 2.6    Trustee Compensation. In the event that (a) the Yucaipa
Shareholder designates, at the direction of its general partner, a Yucaipa Trustee who is an employee of The Yucaipa Companies LLC or one of its Affiliates, (b) (i) the Yucaipa Shareholder designates, at the direction of the Fortress Investor
pursuant to the limited partnership agreement of the Yucaipa Shareholder, or (ii) the Fortress Investor designates, pursuant to Section 2.1(g), a Yucaipa Trustee who is an employee of Fortress Investment Group LLC or one of its Affiliates,
or (c) the GSCP Shareholders designate a GSCP Trustee who is an employee of Goldman Sachs & Co. LLC or one of its Affiliates, then the Trustee designated by such Shareholder shall not receive compensation for service as a Trustee,
including compensation in the form of equity awards. 
 2.7    Cooperation; Voting of Shares. 

(a) The Company and each Shareholder shall take all necessary or desirable actions within its control to ensure that at all times the
Company’s organizational documents, including the Declaration of Trust and Bylaws, and the organizational documents of the Company’s Subsidiaries (i) comply with and do not at any time conflict with any provisions of this Agreement
and (ii) permit each Shareholder to receive the benefits to which it is entitled under this Agreement. 
 (b) Each Shareholder shall
vote all of its voting Shares, execute proxies or, to the extent permitted by the Declaration of Trust or Bylaws, execute written consents, as the case may be, and take all other necessary or desirable actions within its control, including attending
and voting at meetings in person or by proxy for purposes of obtaining a quorum, to effectuate the provisions of this Agreement. 
 (c) No
Shareholder shall grant any proxy or enter into or agree to be bound by any voting trust with respect to its Shares, and no Shareholder shall enter into any other agreements or arrangements of any kind with any Person with respect to its Shares, in
each case on terms which conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreements or arrangements are with other Shareholders, holders of Shares that are not parties to this Agreement or otherwise). 

(d) The Company shall, and shall cause each of its Subsidiaries to, take all necessary or desirable actions within its control (including
calling special Board and shareholder meetings, nominating for election to the Board those individuals designated in accordance with the terms of this Agreement and providing therefor in the Company’s or its Subsidiaries’ organizational
documents) to cause the Board to be constituted in accordance with the provisions of this Article II and to otherwise effect the provisions of this Agreement (including this Article II). 

2.8     Yucaipa Observer. The Yucaipa Shareholder shall have the right (but not the obligation) to designate an
individual (the “Yucaipa Observer”) to attend, strictly as an observer, all meetings of the Board, telephone or in-person, it being agreed that the Yucaipa Observer shall have no power or authority to act or to vote at such meeting
(but shall be permitted to raise 

  
 10 

 
matters for discussion at such meeting and to participate in discussions at such meeting). The Yucaipa Shareholder shall designate and replace the Yucaipa Observer by written notice to the
Company, and subject to the foregoing, the Company shall provide to the Yucaipa Observer all written notices of Board meetings and all written materials that are provided to Trustees in connection therewith, including minutes of previous meetings of
the Board, at the same time and in the same manner as provided to the Trustees; provided that the Yucaipa Observer shall not be entitled to be present for or receive any privileged communication from counsel to the Company or the Board if the
presence of the Yucaipa Observer would be reasonably likely to adversely affect such privilege. Notwithstanding anything in the foregoing to the contrary, for the avoidance of doubt, the Yucaipa Observer shall not owe any duties, statutory or
otherwise, to the Company or its shareholders other than obligations of confidentiality set forth in Section 4.7 below and duties imposed by securities laws generally. 

2.9     Mirror Voting. At any annual or special meeting of shareholders of the Company at which a vote will be
taken (i) to opt-in to the “business combination” provisions of the Maryland General Corporation Law (the “MGCL”) by revoking, altering or amending Section 15 of Article II of the Bylaws, (ii) to opt-in to
the “control share” provisions of the MGCL by revoking, altering or amending Section 13 of Article II of the Bylaws, or (iii) to opt-in to Subtitle 8 of Title 3 of the MGCL, or with respect to any written consent with respect to
such matter(s) in lieu of a meeting, so long as the Yucaipa Shareholder Beneficially Owns 20% or more of the Fully Diluted Outstanding Shares as of the record date for such meeting, the Yucaipa Shareholder agrees to vote, or act by written consent
with respect to, all Common Shares Beneficially Owned by it, at such meeting or to take all actions by written consent in lieu of such meeting as are necessary, for and against such matter(s) in proportion to the vote taken on all Common Shares not
Beneficially Owned by it with respect to such matter(s). 
 ARTICLE III  

TRANSFERS 

3.1    Condition of Transfer. The parties hereto hereby agree that it shall be a condition of the Transfer of any
Shares to any Person who is not a party to this Agreement that such Transfer shall not be effected unless and until such Person agrees in writing to be bound by the terms and conditions of this Agreement; provided, that the foregoing shall
not apply to any transferee in a Transfer of Shares made pursuant to (i) an open market transaction, (ii) a Public Offering or (iii) a Fund Distribution. 

3.2    Coordination Committee; Transfer Restrictions. 

(a)     Promptly following the Effective Time, the Shareholders agree that the Sponsor Investors shall create a
coordination committee (the “Coordination Committee”), which shall not be a committee of the Board, and will maintain such committee for so long as required pursuant to this Section 3.2 or until disbanded with the written
consent of the Sponsor Investors. The Coordination Committee shall, as provided in this Section 3.2, facilitate coordination of (i) exercises of demand registration rights under the Registration Rights Agreement, (ii) Transfers of
Shares by any of the Shareholders to Third Parties, (iii) any distributions of any Shares by any of the Shareholders to its direct or indirect Third Party partners, members, or other equityholders and (iv) any other transactions in Shares
with Third Parties effected by any of the Shareholders. 

  
 11 

 
Notwithstanding the foregoing, this Section 3.2(a) shall not apply to a Fortress Transfer. Each of the Sponsor Investors, the Fortress Investor and the CM Shareholder shall be permitted to
designate one representative (who may, but need not, be a Trustee) to participate on the Coordination Committee (the “Committee Members”), and shall be permitted to remove and replace such designee from time to time. The procedures
governing the conduct of the Coordination Committee shall be established from time to time by the written consent of the Sponsor Investors. The Coordination Committee shall meet as needed at the request of any Committee Member. Notice of the date,
time and place of the proposed meeting shall be given to all Committee Members at least 24 hours in advance by electronic mail. The failure of one or more Committee Members to attend a Coordination Committee meeting shall not invalidate the
occurrence of the meeting for which such electronic mail notice was given. 
 (b) A Shareholder wishing to (i) exercise demand
registration rights under the Registration Rights Agreement (if applicable to such Shareholder), (ii) Transfer any Shares to Third Parties, (iii) distribute any Shares to such Shareholder’s direct or indirect Third Party partners, members,
or other equityholders or (iv) effect any other transaction in Shares with Third Parties shall consult with the Coordination Committee prior to taking such action or entering into any definitive agreement with respect to such action, and shall
use reasonable efforts to minimize any adverse impact to the other Shareholder in respect of such exercise, Transfer, distribution or transaction; provided that no Shareholder shall take any such action that would reasonably be expected to
cause the Company to fail to qualify as a REIT or as a “domestically-controlled qualified investment entity” within the meaning of Section 897(h) of the Code. Notwithstanding the foregoing, this Section 3.2(b) shall not apply to
a Fortress Transfer. 
 (c) To the actual knowledge of the GSCP Shareholders, as of the date hereof, no more than 46% of the Shares owned by
the GSCP Shareholders are Foreign Shares. The GSCP Shareholders shall use commercially reasonable efforts to prevent a change in ownership of the GSCP Shareholders that, taken in the aggregate with all other changes in ownership of the GSCP
Shareholders, causes more than 46% of the Shares owned by the GSCP Shareholders to be Foreign Shares; provided, that, no transfer of ownership of the GSCP Shareholders shall be prohibited if such transfer is a Legal or Regulatory Transfer;
provided, further, that prior to any Legal or Regulatory Transfer the GSCP Shareholders shall reasonably consult with the Company and reasonably cooperate with the Company in order to mitigate or prevent any liability, harm or
regulatory scrutiny that may result from such Legal or Regulatory Transfer. 
 (d) To the actual knowledge of the Yucaipa Shareholder, as of
the date hereof, no more than 46% of the Shares owned by the Yucaipa Shareholder are Foreign Shares. The Yucaipa Shareholder shall use commercially reasonable efforts to prevent a change in ownership of the Yucaipa Shareholder that, taken in the
aggregate with all other changes in ownership of the Yucaipa Shareholder, causes more than 46% of the Shares owned by the Yucaipa Shareholder to be Foreign Shares; provided, that, no transfer of ownership of the Yucaipa Shareholder shall be
prohibited if such transfer is a Legal or Regulatory Transfer; provided, further, that prior to any Legal or Regulatory Transfer the Yucaipa Shareholder shall reasonably consult with the Company and reasonably cooperate with the
Company in order to mitigate or prevent any liability, harm or regulatory scrutiny that may result from such Legal or Regulatory Transfer. 

  
 12 

 (e) Each Shareholder, the Fortress Investor and the Yucaipa Investor shall consult with and
provide draft filings to the Coordination Committee prior to making any filing with the Securities and Exchange Commission with respect to the Shares with a reasonable opportunity for the Committee Members to comment thereon. 

(f) Prior to the distribution or dividend of Shares by any Fund Investor (as hereinafter defined) to such Fund Investor’s direct or
indirect Third Party partners, members, or other equityholders (excluding a Fortress Transfer) (“Fund Distribution”), such Fund Investor shall notify the Coordination Committee at least 10 Business Days prior to such Fund
Distribution, or the declaration thereof. All Fund Investors and the CM Shareholder shall in good faith discuss and coordinate such Fund Distribution with a view to allowing all other Fund Investors to also make a Fund Distribution of Shares to
their respective Third Party partners, members or other equityholders on a pro-rata basis to the initiating Fund Investor or, if applicable, for such other Fund Investors to exercise their respective rights under Section 2.1(k) of the
Registration Rights Agreement on a pro rata basis to the initiating Fund Investor, or for such other Fund Investors or the CM Shareholder to otherwise sell to a Third Party (pursuant to an open market transaction, a private sale, or otherwise) on a
pro-rata basis to the initiating Fund Investor, such Shares, in each case, substantially concurrently with the initial Fund Investor’s Fund Distribution or, if applicable, in accordance with the timing provided for in Section 2.1(k) of the
Registration Rights Agreement. Any sale of Shares by a non-initiating Fund Investor to a Third Party as contemplated by this Section 3.2(f), up to the applicable pro-rata amount, shall not be subject to the tag-along rights of any Sponsor
Investor provided for in Section 3.3 below. For purposes of this Section 3.2(f), a “Fund Investor” means the Yucaipa Shareholder, the Yucaipa Investor (at such time as it holds Shares), the Fortress Investor (at such time
as it holds Shares), and any of the GSCP Shareholders. 
 3.3    Tag-Along Rights. 

(a) In the event that any Sponsor Investor (other than the CM Shareholder and the Fortress Investor) (a “Disposing Investor”)
proposes to Transfer Shares to one or more Persons (other than in an Exempt Transfer or as expressly provided above in Section 3.2(f)), prior to effecting such Transfer of Shares, the Disposing Investor shall give not less than fourteen
(14) days’ prior written notice (the “Tag-Along Notice”) of such intended Transfer to the other Sponsor Investors, which shall specifically identify the proposed transferee or transferees (together, the “Tag-Along
Offeror”), the number of Shares as is proposed to be Transferred by the Disposing Investor(s) to the Tag-Along Offeror (the “Tag-Along Sale Number”), the maximum number of Shares that the Tag-Along Offeror is willing to
purchase (the “Maximum Tag-Along Sale Number”), the purchase price therefor and a summary of the other material terms and conditions of the proposed Transfer, and shall contain an offer (the “Tag-Along Offer”) by
the Tag-Along Offeror to each other Sponsor Investor, which Tag-Along Offer shall be irrevocable for a period of ten (10) days after delivery thereof (the “Tag-Along Period”) (and, to the extent the Tag-Along Offer is accepted
during such period, shall remain irrevocable until the consummation of the Transfer contemplated by the Tag-Along Offer), to purchase from such Sponsor Investor at the same price per share (on an as converted basis to Common Shares, if applicable)
to be paid to, and upon the same terms offered by the Tag-Along Offeror to, the Disposing Investor, which shall be set forth in the Tag-Along Notice, that number of Shares owned by such Sponsor Investor as is equal to the product of (A) a
fraction, the numerator of 

  
 13 

 
which is the Tag-Along Sale Number and the denominator of which is the aggregate number of Shares owned as of the date of the Tag-Along Offer by the Disposing Investor and its Affiliates and
(B) the number of Shares owned by such Sponsor Investor as of the date of the Tag-Along Offer; provided that the number of Shares required to be purchased from such Sponsor Investor by the Tag-Along Offeror shall be subject to reduction
in accordance with the last sentence of this Section 3.3(a). A copy of the Tag-Along Notice shall promptly be sent to the Company. The Tag-Along Offer may be accepted in whole or in part at the option of each of the other Sponsor Investors.
Notice of any Sponsor Investor’s intention to accept a Tag-Along Offer, in whole or in part, shall be evidenced by a writing signed by such Sponsor Investor and delivered to the Tag- Along Offeror and the
Company prior to the end of the Tag-Along Period, setting forth the number of Shares that such Sponsor Investor elects to Transfer. In the event that the number of Shares proposed to be sold by the Disposing Investor(s) to the Tag-Along Offeror plus
the aggregate number of Shares all Sponsor Investors elect to Transfer to a Tag-Along Offeror (the “Total Tag-Along Shares”) is greater than the Maximum Tag-Along Sale Number, the Disposing Investor(s) and each Sponsor Investor
shall be entitled to Transfer to the Tag-Along Offeror only that number of Shares that is equal to (1) the number of shares that it sought or elected, as applicable, to be Transferred to such Tag-Along Offeror by the Disposing Investor or
Sponsor Investor, as applicable, multiplied by (2) a fraction, the numerator of which is the Maximum Tag- Along Sale Number and the denominator of which is the Total Tag-Along Shares. 

(b) All Transfers of Shares to the Tag-Along Offeror pursuant to this Section 3.3 shall be consummated on the later of (i) a mutually
satisfactory business day as soon as practicable, but in no event more than fifteen (15) days after the expiration of the Tag-Along Period, or (ii) the fifth business day following the expiration or termination of all waiting periods under
the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, or receipt of other regulatory approvals applicable to such Transfers, in each case, to the extent applicable, or at such other time and/or place as the parties to such Transfers
may agree. The delivery of certificates or other instruments evidencing such Shares duly endorsed for transfer shall be made on such date against payment of the purchase price for such Shares. 

(c) Any calculation of an amount or number of shares or price per Share (including Common Shares and Warrants) pursuant to this
Section 3.3 shall be determined on an as converted basis to Common Shares. 
 3.4    Transfer of Shares to the
Fortress Investor. Each of the parties hereto acknowledges and agrees to the following: 
 (a) Notwithstanding anything to the contrary
in this Agreement, any Transfer of Common Shares or Warrants (i) to the Fortress Investor by the Yucaipa Shareholder subsequent to the date hereof (such Transfer, a “Fortress Transfer”) and (ii) to the Yucaipa Investor by
the Yucaipa Shareholder subsequent to the date hereof (such Transfer, a “Partnership Transfer”), in each case pursuant to the Yucaipa Shareholder’s partnership agreement, shall not be subject to Section 3.2 or
Section 3.3 or any other restriction on Transfer hereunder and shall otherwise be deemed to be made in compliance with the terms and conditions of this Agreement. 

(b) Upon the occurrence of a Fortress Transfer (the “Fortress Effective Date”), the Fortress Investor shall subsequently be
deemed to be a “Shareholder” under this Agreement (subject to Section 3.4(c) below) with respect to all rights and obligations pertaining to Shareholders thereunder so long as the Fortress Investor continues to own Common Shares. 

  
 14 

 (c) As of the Fortress Effective Date and so long as the Fortress Investor continues to own
Common Shares, notwithstanding anything to the contrary in this Agreement: 
 (i) Clauses (i), (ii) and (iii) of Section 3.2(a)
shall include demand registration rights, Transfers and distributions by the Fortress Investor, as applicable; 
 (ii) solely for purposes
of Section 3.3 of this Agreement, the Fortress Investor shall be deemed to be a “Sponsor Investor” and will be entitled to tag-along rights to the same extent, and subject to the same terms and conditions (as applicable), as the
Sponsor Investors under Section 3.3 of this Agreement; 
 (iii) the Fortress Investor agrees that it shall use commercially reasonable
efforts to prevent a change in ownership of the Fortress Investor which, taken in the aggregate with all other changes in ownership of the Fortress Investor, causes more than 46% of the Shares owned by the Fortress Investor to be Foreign Shares;
provided that no transfer of ownership of the Fortress Investor shall be prohibited if such transfer is a Legal or Regulatory Transfer; provided, further, that prior to any Legal or Regulatory Transfer the Fortress Investor
shall reasonably consult with the Company and reasonably cooperate with the Company in order to mitigate or prevent any liability, harm or regulatory scrutiny that may result from such Legal or Regulatory Transfer; and 

(iv) the Fortress Investor agrees that it shall not Transfer any Common Shares to any Disqualified Transferees (as defined in the Yucaipa
Shareholder’s partnership agreement). 
 (d) In the event of a Partnership Transfer as a result of which the Yucaipa Shareholder no
longer owns any Shares, but without limitation of the Fortress Investor’s rights under Section 2.1(g), the Yucaipa Investor shall succeed to all the rights and obligations of, and shall be deemed to be, the “Yucaipa Shareholder”
under this Agreement. 
 ARTICLE IV  

COVENANTS  
 4.1
    Regulatory Matters. The Company shall, and shall cause each of its Subsidiaries to, keep the GSCP Shareholder and the Yucaipa Shareholder informed of any material events, notices or changes with respect to any criminal
(other than petty crimes committed by employees of the Company or any of its Subsidiaries) or material regulatory investigation or other material regulatory action involving the Company or any of its Subsidiaries promptly following an officer or
Trustee becoming aware thereof, so that such Shareholders will have the opportunity to take appropriate steps to avoid or mitigate any regulatory consequences to them or their Affiliates that might arise from such investigation or action.
Additionally, upon and to the extent of a prior written request therefor, the Company shall provide to the GSCP Shareholder and the Yucaipa Shareholder reasonable access during normal business hours to personnel, books and records and such other
information as any such Shareholder may reasonably require for tax or regulatory purposes that are customary for investments of this type. 

  
 15 

 4.2 Company Logo. The Company hereby grants the Shareholders (and their Affiliates) that
are private equity funds permission to use the Company’s and its Subsidiaries’ name and logo in marketing materials; provided, that any such Shareholder or Affiliate complies with reasonable guidelines and restrictions requested by
the Company with respect to any such usage. The Shareholders and their Affiliates, as applicable, shall include a trademark attribution notice giving notice of the Company’s or its Subsidiaries’ ownership of its trademarks in any materials
in which the Company’s or any of its Subsidiary’s name and logo appear. 
 4.3 Use of Name. The Company agrees that it will
not, without the prior written consent of the applicable Shareholder (which consent shall not be unreasonably withheld or delayed), (a) use in advertising or marketing the name of such Shareholder or any of its Affiliates or any partner or employee
of such Shareholder, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by such Shareholder or its Affiliates, or (b) represent, directly or indirectly, that any
product or any service provided by the Company or any of its Subsidiaries has been approved or endorsed by such Shareholder or any of its Affiliates. For the avoidance of doubt, this Section 4.3 shall not prohibit the Company from disclosing
the names and beneficial ownership of its Shareholders as required by law, legal process, regulation (including filings for federal, foreign and state securities and other laws in connection with the offering of interests in and the making of
investments by the Company or its subsidiaries) or the rules of any self-regulatory organization. 
 4.4 Certain Activities. The
parties hereto acknowledge and agree that nothing in this Agreement shall create a fiduciary duty of any Shareholder or any of its Affiliates to the Company or its Shareholders. It is understood that neither any Shareholder nor any Affiliate of any
Shareholder is acting as a financial advisor, agent or underwriter to the Company or any of its Affiliates or otherwise on behalf of the Company or any of its Affiliates unless retained to provide such services pursuant to a separate written
agreement. 
 4.5     Information Rights. If requested by the Yucaipa Shareholder, the GSCP Shareholders or,
after a Fortress Transfer, the Fortress Investor, the Company shall enter into a non-disclosure agreement with a prospective purchaser of all or any portion of such Shareholder’s Shares, pursuant to which the Company shall provide confidential
information regarding the Company to such prospective purchaser as reasonably requested by such Shareholder. 

4.6    Tax Matters. 

(a) The Company and the Shareholders will use their commercially reasonable efforts to cause the Company to continue to qualify and be taxed as
a REIT pursuant to Sections 856-860 of the Code. With respect to issues arising under Section 856(d)(2)(B) of the Code, the Company’s and the Shareholders’ responsibilities to use commercially reasonable efforts under this
Section 4.6(a) shall be as follows: 
 (i) The Company will send to each Shareholder that owns 10% or more of the Company (each, a
“Related Party Shareholder”), on a quarterly basis, a list containing each tenant of the Company the revenue from which is expected to represent 1% or more of the gross warehouse revenue of the Company for the calendar year (each, a
“Listed Tenant”), such notification to be subject to reasonable confidentiality arrangements. 

  
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 (ii) Upon receipt of the quarterly list, each Related Party Shareholder will use commercially
reasonable efforts to make reasonable inquiry into whether it owns an equity interest in a Listed Tenant and will promptly notify the Company of any Listed Tenants in which it identifies ownership of 5% or more of the equity thereof, such
notification to be subject to reasonable confidentiality arrangements. 
 (iii) Any Related Party Shareholder that acquires actual
ownership of, or becomes aware that it otherwise owns, 5% or more of the equity of any tenant listed on the most recent quarterly list shall promptly notify the Company of such ownership, such notification to be subject to reasonable confidentiality
arrangements. 
 (iv) Promptly following any notification described in clause (ii) or (iii), if necessary to maintain the
Company’s qualification as a REIT, the Company and such Related Party Shareholder (or Related Party Shareholders if more than one Related Party Shareholder owns equity of any Listed Tenant) will use commercially reasonable efforts to cure or
mitigate any issues attributable to such Related Party Shareholder’s ownership of Listed Tenants, taking into account the relative costs and benefits of each available alternative; it being understood that such Related Party Shareholder shall
in no case be required to divest any interest in a Listed Tenant; and it being further understood that such Related Party Shareholder’s commercially reasonable efforts to cure or mitigate shall in no case bind or require any action (including
divestment) on the part of any holders of equity in such Related Party Shareholder. 
 For purposes of the foregoing, the terms
“owns,” “owned,” and “ownership” (unless noted as “actual ownership”) shall mean actual or constructive ownership within the meaning of Section 856(d)(2)(B) as modified by Section 856(d)(5), but, for
the avoidance of doubt, shall in all cases be limited to beneficial ownership and, with respect to any GSCP Shareholder, shall not include assets held in accounts on behalf of clients of The Goldman Sachs Group, Inc. or its Subsidiaries. 

(b) The Company and the Shareholders will take commercially reasonable actions to cause the Company not to voluntarily terminate its REIT
status. 
 (c) The Company and the Shareholders will use their commercially reasonable efforts to take all actions necessary (or cease from
taking any action, including issuance of Shares of the Company to any Person other than the GSCP Shareholders or amending the Declaration of Trust in a manner that could result in the Company being treated as other than a
“domestically-controlled qualified investment entity”) to cause the Company to continue to qualify at all times as a “domestically-controlled qualified investment entity” within the meaning of Section 897(h) of the Code.
Upon request of any of the Yucaipa Shareholder, any GSCP Shareholder or the Fortress Investor, or any of their respective Affiliates, the Company will provide a certification meeting the requirements of Treasury Regulation Section 1.897-2(g)
(and 

  
 17 

 
shall provide any notice described therein), that Shares of the Company are not United States real property interests (“USRPI”) as such term is defined in Section 897 of the
Code, based on the Company’s determination that the Company is a “domestically-controlled qualified investment entity.” Each Shareholder shall provide the Company, at such times as the Company may request in connection with any
certification by the Company that Shares of the Company are not USRPI, with ownership information in the form attached as Exhibit B hereto. Each Shareholder acknowledges and agrees that any certification provided by the Company pursuant to
this Section 4.6(c) will be based upon the information provided by the Shareholders. 
 4.7     Confidentiality.
Each Shareholder shall maintain the confidentiality of any confidential and proprietary information of the Company and its Subsidiaries (“Proprietary Information”) using the same standard of care, but in no event less than
reasonable care, as it applies to its own confidential information, except (i) for any Proprietary Information which is or becomes publicly available (other than as a result of dissemination by such Shareholder) or a matter of public knowledge
generally, (ii) if the release of such Proprietary Information is required by applicable law (including by a subpoena or other order from a court of competent jurisdiction), following delivery of prior written notice to the Company (to the
extent permitted under applicable law), (iii) or any information which is developed by the Shareholder or its Representatives (as defined below) without reference to or use of the Proprietary Information or (iv) for Proprietary Information that
was known to such Shareholder or its Representatives prior to its disclosure by the Company, or becomes known by such Shareholder or its Representatives, in each case on a non-confidential basis, without, to such Shareholders’ knowledge, breach
of any third party’s confidentiality obligations. Each Shareholder further acknowledges and agrees that it shall not disclose any Proprietary Information to any Person, except that Proprietary Information may be disclosed by such Shareholder
and its Representatives: 
 (a) to such Shareholder’s and its Affiliates’ directors, officers, employees, stockholders, members,
partners, agents, counsel, accountants, consultants, insurers, lenders, investment advisers or other representatives (all such persons being collectively referred to as “Representatives”) in the normal course of the performance of
their duties to such Shareholder or its Affiliates; provided such recipient agrees to be bound by a confidentiality agreement consistent with the provisions hereunder or is otherwise bound under law or contract to a duty of confidentiality to
such Shareholder or its Affiliates; 
 (b) to the extent requested or required by any regulatory authority, governmental authority or stock
exchange; provided that to the extent legally permissible and practicable, such Shareholder gives prior notice of such disclosure to the Company, and provided further, that such recipient is advised of the confidential nature of
such information; 
 (c) to the extent related to the tax treatment and tax structure of the transactions contemplated by this Agreement
(including all materials of any kind, such as opinions or other tax analyses that the Company, its Affiliates or any of its Representatives have provided to such Shareholder relating to such tax treatment and tax structure); provided that the
foregoing does not constitute an authorization to disclose the identity of any existing or future party to the transactions contemplated by this Agreement or their Affiliates or Representatives, or, except to the extent relating to such tax
structure or tax treatment, any specific pricing terms or commercial or financial information; 

  
 18 

 (d) to any Person, including a prospective purchaser of Common Shares, as long as such Person has
agreed to maintain the confidentiality of such Proprietary Information; or 
 (e) if the prior written consent of the Board shall have been
obtained. 
 Nothing contained herein shall prevent the use (subject, to the extent possible, to a protective order) of Proprietary Information in
connection with the assertion or defense of any claim by or against the Company or any Shareholder. 
 4.8 Amendment of Declaration of
Trust and Bylaws. Any amendment, alteration or repeal, or adoption, of a provision in the Declaration of Trust or Bylaws which, by the terms of the Declaration of Trust or Bylaws, as applicable, requires compliance with this Section 4.8 in
order to be valid, shall only be valid with the prior written consent of the Yucaipa Shareholder, the GSCP Shareholders and, after a Fortress Transfer, the Fortress Investor, in each case if then a party to this Agreement, in addition to any
requirements that otherwise apply under the terms of the Declaration of Trust or Bylaws, as applicable. 
 ARTICLE V  

REPRESENTATIONS AND WARRANTIES 

5.1 Authority; Enforceability. Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto
that such party has the legal capacity or corporate power and authority, as applicable, to enter into this Agreement and to carry out each of such party’s obligations hereunder as they may hereafter arise. Such party (in the case of parties
that are not natural persons) is duly organized, validly existing and in good standing under the laws of such party’s jurisdiction of organization, and the execution of this Agreement and consummation of the transactions contemplated herein
have been duly authorized by all necessary action. No other act or proceeding, corporate or otherwise, on such party’s part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated
hereby. This Agreement has been duly executed by such party and constitutes such party’s legal, valid and binding obligation, enforceable against such party in accordance with the terms of this Agreement, subject to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

5.2 No Breach. Each of the parties hereto severally represents and warrants to each of the other parties hereto that neither the
execution of this Agreement nor the performance by such party of its obligations hereunder does or will: 
 (a) in the case of parties that
are not natural persons, conflict with or violate such party’s organizational documents; 
 (b) violate, conflict with or result in the
termination of, or otherwise give any other Person the right to accelerate, renegotiate or terminate or receive any payment or constitute a default or any event of default, with or without notice, lapse of time, or both, under the terms of, any
contract or agreement to which it is a party or by which it or any of its assets or operations are bound or affected; or 

  
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 (c)    constitute a violation by such party of any law, ruling, writ,
injunction, award, determination or decree of any Governmental Authority. 
 5.3 Consents. Each of the parties hereto hereby
severally represents and warrants to each of the other parties hereto that no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party, other than those which have
been made or obtained, in connection with (a) the execution or enforceability of this Agreement or (b) the consummation of any of the transactions contemplated hereby. 

ARTICLE VI  
 EFFECTIVE
TIME; TERMINATION 
 6.1    Effective Time. This Agreement shall become effective upon the closing of the IPO
(the “Effective Time”). 
 6.2 Termination. This Agreement shall terminate on the delivery of a written notice to
the Company by the Yucaipa Shareholder, the GSCP Shareholders and, after a Fortress Transfer, the Fortress Investor, in each case if then a party hereto. In addition, except to the extent provided in the final sentence of this Section 6.2, this
Agreement shall earlier terminate with respect to (a) the Yucaipa Shareholder at such time as the Yucaipa Shareholder Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares (for the avoidance of doubt, inclusive of Shares
Beneficially Owned by the Yucaipa Investor); provided that, if the Direct Designation Condition occurs prior to or concurrent with such termination, the rights of the Yucaipa Shareholder under Sections 2.1 through 2.7 assigned to the Fortress
Investor shall survive any such termination until the expiration of the Direct Designation Period; (b) the GSCP Shareholders at such time as the GSCP Shareholders Beneficially Own less than 5% of the Fully Diluted Outstanding Shares;
(c) the CM Shareholder at such time as (i) the CM Shareholder ceases to Beneficially Own any Shares or (ii) at such time as the GSCP Shareholders Beneficially Own less than 5% of the Fully Diluted Outstanding Shares and the CM
Shareholder Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares; (d) the Fortress Investor at such time as (i) the Yucaipa Shareholder Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares and the
Fortress Investor Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares or (ii) after a Fortress Transfer, the Fortress Investor ceases to Beneficially Own any Shares and ceases to be a limited partner of the Yucaipa
Shareholder; and (e) the Yucaipa Investor, before the occurrence of the circumstances described in Section 3.4(d), at such time as this Agreement has been terminated as to the Yucaipa Shareholder. Any termination with respect to a
particular Shareholder pursuant to this Section 6.2 shall not affect the rights and obligations between or among the remaining parties to this Agreement. In the event that a Shareholder entitled to designate a Trustee under Article II
(including without limitation the Fortress Investor, under Section 2.1(g)) ceases to Beneficially Own 5% or more of the Fully Diluted Outstanding Shares after a Designation Date and related Record Date for the designation of a Trustee, and in
the event this Agreement would otherwise terminate as to that Shareholder at such time without the operation of this sentence, then the following provisions of 

  
 20 

 
this Agreement shall survive as to such Shareholder until the expiration of the designated Trustee’s term of service on the Board arising from such designation (including as such term may be
commenced or completed by a replacement designee pursuant to Sections 2.1(d) or 2.2(b)): Section 2.1(a), Section 2.1(b), Section 2.1(d), the proviso set forth in Section 2.1(e), Section 2.1(f), Section 2.2(a), Section 2.2(b), Section 2.2(c), Section
2.3, Section 2.4, Section 2.5, Section 2.6, Section 2.7, Section 2.8, Section 4.7 and Article VII. 
 ARTICLE VII  

MISCELLANEOUS 

7.1    Business Opportunities. 

(i)    Definitions. For the purpose of this Section 7.1, the following terms shall have
the following meanings: 
 i. “Affiliate” shall mean, with respect to any specified Person, any other Person who or which,
directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member or partner, officer, director, employee, trustee or other agent of such Person or
any private equity fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, the terms “controlling,”
“controlled by,” or “under common control with” shall mean the possession, directly or indirectly, of (i) the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract, or otherwise, or (ii) the power to elect or appoint at least 50% of the directors, managers, general partners, or Person exercising similar authority with respect to such Person. 

ii. “Business Opportunity” shall mean a business opportunity (i) that the Company is financially able to undertake,
(ii) that the Company is not prohibited by contract or applicable law from pursuing or undertaking, (iii) that, from its nature, is in the Company’s line of business, (iv) that is of practical advantage to the Company, and
(v) in which the Company has an interest or a reasonable expectancy. 
 iii. “Fortress Entity” and “Fortress
Entities” shall mean the Fortress Investor, its respective Affiliates and any portfolio company in which any of the foregoing has any equity investment (other than the Company and its Subsidiaries). 

iv. “GSCP Entity” and “GSCP Entities” shall mean the GSCP Shareholders, their respective Affiliates and any
portfolio company in which any of the foregoing has any equity investment (other than the Company and its Subsidiaries). 
 v.
“Identified Persons” shall mean any reference to the Yucaipa Entities, the GSCP Entities, the Fortress Entities, and their respective Affiliates. 

vi. “Non-Employee Trustee” shall mean a Trustee of the Company who is not an employee of the Company or its Affiliates. 

  
 21 

 vii. “Yucaipa Entity” and “Yucaipa Entities” shall mean the
Yucaipa Shareholder, their respective Affiliates and any portfolio company in which any of the foregoing has any equity investment (other than the Company and its Subsidiaries). 

(ii) In recognition and anticipation that (i) certain Identified Persons may serve as Trustees, officers or agents of the Company and
(ii) the Identified Persons may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Company, directly or indirectly, may engage, or in other business activities that overlap
or compete with those in which the Company, directly or indirectly, may engage, the provisions of this Section 7.1 are set forth to regulate and define the conduct of certain affairs of the Company with respect to certain
classes or categories of business opportunities as they may involve any of the Identified Persons and the powers, rights, duties and liabilities of the Company and its Trustees, officers and shareholders in connection therewith. 

(iii) To the maximum extent permitted from time to time by Maryland law, each Identified Person, on such Identified Person’s own behalf
or on behalf of any other Person, shall have the right to, and shall have no obligation to abstain from exercising such right to: (a) engage or invest, directly or indirectly, in the same or similar business activities or lines of business in
which the Company or any of its Affiliates now engages or proposes to engage, (b) do business with any customer, supplier or lessor of the Company or its Subsidiaries or (c) employ or otherwise engage any officer, trustee or employee of
the Company or its Subsidiaries. 
 (iv) If any Identified Person acquires knowledge of a potential transaction or matter that may be a
Business Opportunity, none of the Company or its Affiliates or shareholders shall have any interest in such Business Opportunity or any expectation that such Business Opportunity be offered to it or that it be offered an opportunity to participate
therein, and any such interest, expectation, offer or opportunity to participate, and any other interest or expectation otherwise due to the Company or its Affiliates or shareholders with respect to such Business Opportunity, is hereby renounced by
the Company on its behalf and on behalf of its subsidiaries and shareholders. Accordingly, (i) no Identified Person will be under any obligation or duty to present, communicate or offer any such Business Opportunity to the Company or any of its
Affiliates or shareholders, and (ii) each Identified Person shall have the right to hold and exploit any such Business Opportunity for its own account, or to direct, recommend, sell, assign or otherwise transfer such Business Opportunity to any
Person other than the Company and its Affiliates or shareholders and shall be under no obligation or duty to act otherwise. 
 (v) To the
maximum extent permitted from time to time by Maryland law, the Company renounces any interest or expectancy in, or any right to be offered an opportunity to participate in, any Business Opportunity that from time to time may be presented to or
developed by any Non-Employee Trustee or any Affiliate of any Non-Employee Trustee, unless the Business Opportunity was expressly offered or made known to the Non-Employee Trustee in his or her capacity as a Trustee. To the maximum extent permitted
from time to time by Maryland law, in the event that any Identified Person acquires knowledge of a potential transaction or other Business Opportunity, no Identified Person will have any obligation to communicate or offer such transaction or
Business Opportunity to the Company or any of the Company’s Affiliates and such Identified Person may take any such opportunity for himself, herself or itself, or offer it to another Person or entity unless the Business Opportunity is expressly
offered to such Identified Person in his or her capacity as a Trustee, officer or employee of the Company. 

  
 22 

 (vi) Notwithstanding the provisions of Section 7.1(iv) above, the Company does not renounce
any interest or expectancy it may have under applicable law in any Business Opportunity that is expressly offered to an Identified Person solely in, and as a direct result of, his or her capacity as a Trustee, officer or employee of the Company. If
the Chief Executive Officer, the Chief Operating Officer or the Chief Financial Officer of the Company (or, during the vacancy of any of those titles, the executive officer performing the functions of such vacant role) shall be an Identified Person
by virtue of his or her respective relationship with a Yucaipa Entity, the GSCP Entities or a Fortress Entity, then any Business Opportunity offered to such officer shall be deemed to have been offered solely in, and as a direct result of, such
officer’s capacity as an officer of the Company unless such offer clearly and expressly is presented to such officer solely in, and as a direct result of, his or her capacity as an officer, trustee, director, partner, member, manager, employee
or other agent of a Yucaipa Entity, the GSCP Entities or a Fortress Entity, as applicable. 
 (vii) An Identified Person may in his, her or
its personal capacity, or in his, her or its capacity as a director, officer, trustee, stockholder, partner, member, equity owner, manager, advisor or employee of any other Person, have business interests and engage, directly or indirectly, in
business activities that are similar to those of the Company or compete with the Company, that the Company could seize and develop or that include the acquisition, syndication, holding, management, development, operation or disposition of interests
in temperature- controlled warehouses or Persons engaged in related industries. 
 (viii) No alteration, amendment, termination, expiration
or repeal of this Section 7.1, nor the adoption of any provision of this Agreement inconsistent with this Section 7.1 shall eliminate, reduce, apply to or have any effect on (i) the protections afforded hereby to any Identified Person for
or with respect to any investments, activities, or opportunities of which such Identified Person, as applicable, becomes aware prior to such alteration, amendment, termination, expiration, repeal or adoption or (ii) any matter occurring, or any
cause of action, suit or claim that, but for this Section 7.1, would accrue or arise, prior to such alteration, amendment, repeal or adoption. 

7.2    Notices. All notices, demands and other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted via telecopy (or other facsimile device) to the number set out below or transmitted by electronic
mail if the sender on the same day sends a confirming copy of such notice in accordance with immediately following clause (c) or (c) the day on which the same has been delivered to the intended recipient if sent prepaid by (i) with respect
to a delivery in the United States, a nationally recognized overnight delivery service (with tracking capability) and (ii) with respect to a delivery outside of the United States, an internationally recognized overnight delivery service (with
tracking capability), in each case to the respective parties at the address set forth below, or at such other address as such party may specify by written notice to the other party hereto: 

 

			
	If to the Company:	  	Americold Realty Trust
		  	10 Glenlake Parkway
		  	South Tower, Suite 800
		  	Atlanta, Georgia 30328
		  	Attn: General Counsel
		  	Fax: (678) 387-4774

  
 23 

 
			
	With a copy (which shall not constitute notice) to:
		
		  	King & Spalding LLP NE
		  	1180 Peachtree Street
		  	Atlanta, Georgia 30309
		  	 Attn: C. Spencer Johnson, III
 Fax: (404)
572-5100

		
	If to any other party hereto:	  	To the address set forth in Exhibit C;

 7.3    Delays or Omissions. No delay or omission to exercise any right, power
or remedy accruing to any party, upon any breach or default of any other party under this Agreement will impair any such right, power or remedy of such party; no such delay or omission will be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of any similar breach or default thereafter occurring; no waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore or thereafter occurring; and no provision of this
Agreement shall be implied from any course of dealing between the parties hereto. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach of default under this Agreement or any waiver on the part of
any party of any provisions or conditions of this Agreement must be made in writing and will be effective only to the extent specifically set forth in such writing. 

7.4    Remedies; Specific Performance. All remedies, either under this Agreement or by law or otherwise afforded to
the parties hereunder, shall be cumulative and not alternative. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. Accordingly, the parties agree that, in addition any other remedies, each party shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of money
damages as a remedy. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy. Each party further agrees that the only permitted objection that it may raise in response to any action for
equitable relief is that it contests the existence of a breach or threatened breach of this Agreement. 

7.5    Assignment. This Agreement will inure to the benefit of and be binding on the parties hereto and their
respective successors and permitted assigns; provided, that, except as expressly provided herein, no successor or assign will derive any rights under this Agreement unless and until such successor or assign has delivered to the Company a
valid undertaking to become, and becomes, bound by the terms of this Agreement to which the transferor of such Shares is subject. This Agreement may not be assigned without the express prior written consent

  
 24 

 
of the other parties hereto; provided, that the Yucaipa Shareholder, the GSCP Shareholders, the CM Shareholder and, after a Fortress Transfer or a Partnership Transfer, the Fortress
Investor and the Yucaipa Investor, respectively, may assign this Agreement to any of its Affiliates, as applicable, or to any Transferee permitted pursuant to the terms of this Agreement, in each case contingent on such assignee agreeing in writing
to be bound by the terms and conditions of this Agreement. 
 7.6    Governing Law. This Agreement shall in all
respects be governed by, and construed in accordance with, the laws (excluding conflict of laws rules and principles) of the State of New York applicable to agreements made and to be performed entirely within such State, including all matters of
construction, validity and performance. 
 7.7    Jurisdiction; Court Proceedings; Waiver of Jury Trial. Any
Litigation against any party to this Agreement arising out of or in any way relating to this Agreement shall be brought in any federal or state court located in New York County in the State of New York, and each of the parties hereby submits to the
exclusive jurisdiction of such courts for the purpose of any such Litigation; provided, that a final judgment in any such Litigation shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Each party irrevocably and unconditionally agrees not to assert (a) any objection which it may ever have to the selection of venue of any such Litigation in any federal or state court located in New York County in the State of
New York, (b) any claim that any such Litigation brought in any such court has been brought in an inconvenient forum and (c) any claim that such court does not have jurisdiction with respect to such Litigation. To the extent that service
of process by mail is permitted by applicable law, each party irrevocably consents to the service of process in any such Litigation in such courts by the delivery of such process in the manner contemplated by Section 7.2. Each party
irrevocably and unconditionally waives any right to a trial by jury and agrees that any of them may file a copy of this Section 7.7 with any court as written evidence of the knowing, voluntary and
bargained-for agreement among the parties irrevocably to waive its right to trial by jury in any Litigation. 

7.8    Share Certificates; Legends. 

(a) In addition to any legends required under the Declaration of Trust, each certificate evidencing Shares owned by the Shareholders (or their
successors or transferees) will bear the following legend: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT AND MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT OR IF AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THE SHARES EVIDENCED BY THIS CERTIFICATE ARE ISSUED, ACCEPTED, AND HELD SUBJECT TO THE TERMS OF THE SHAREHOLDERS
AGREEMENT DATED JANUARY 18, 2018, INCLUDING, WITHOUT LIMITATION, CERTAIN RESTRICTIONS ON TRANSFER AND ARRANGEMENTS REGARDING CORPORATE GOVERNANCE ISSUES. A COPY OF SUCH SHAREHOLDERS AGREEMENT HAS BEEN FILED AT THE PRINCIPAL

  
 25 

 
OFFICE OF THE COMPANY AND IS AVAILABLE UPON WRITTEN REQUEST WITHOUT CHARGE. THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, MORTGAGED, PLEDGED,
HYPOTHECATED, OR OTHERWISE ENCUMBERED OR DISPOSED OF, EXCEPT AS PERMITTED BY SUCH SHAREHOLDERS AGREEMENT. 
 (b)     If
any securities become registered pursuant to the Registration Rights Agreement or otherwise, the Company, upon the written request of the holder thereof, will issue to such holder a new certificate evidencing such securities without the legend
required by Section 7.8(a) endorsed thereon. If any Shares cease to be subject to any and all restrictions on Transfer set forth in this Agreement, the Company, upon the written request of the holder thereof, will issue to such holder a new
certificate evidencing such securities without the second, third or fourth sentences of the legend required by Section 7.8(a) endorsed thereon. 

7.9    Entire Agreement.    This Agreement constitutes the entire agreement of the parties
relating to the subject matter hereof and supersedes all prior contracts or agreements, whether oral or written, relating to such matter, including without limitation the Shareholders Agreement by and among the Company and the shareholders of the
Company party thereto dated December 9, 2010, as amended by the Assignment and Amendment of Shareholders Agreement dated as of February 27, 2015 and the First Amendment to Shareholders Agreement dated as of March 29, 2016, as it may have been
amended, which the parties hereto agree is terminated as of the Effective Time. In the event of any inconsistency between this Agreement and any document executed or delivered to effect the purposes of this Agreement, including, without limitation,
the Bylaws and the Declaration of Trust, this Agreement shall govern as among the parties hereto. 

7.10    Additional Securities; Recapitalizations; Exchanges; etc. Except as otherwise set forth in this Agreement,
the provisions of this Agreement will apply to the full extent set forth herein with respect to (a) the Shares held by, or issued to, any Shareholder on or after the date hereof; and (b) any and all Shares or shares of capital stock of any
successor or assign of the Company (whether by merger, consolidation, exchange, sale of assets or otherwise), which may be issued in respect of, in exchange for, or in substitution for such shares, by reason of any share dividend, share split,
reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise. References to the “Company” in this Agreement will be deemed to refer to any such successor or assign, and such entity will execute an
appropriate instrument of assumption agreeing to be bound by the terms hereof. 
 7.11    Severability. Should
any provision of this Agreement or the application thereof to any Person or circumstance be held invalid or unenforceable to any extent: (a) such provision shall be ineffective to the extent, and only to the extent, of such unenforceability or
prohibition and shall be enforced to the greatest extent permitted by law, (b) such unenforceability or prohibition in any jurisdiction shall not invalidate or render unenforceable such provision as applied (i) to other Persons or
circumstances or (ii) in any other jurisdiction, and (c) such unenforceability or prohibition shall not affect or invalidate any other provision of this Agreement. 

  
 26 

 7.12    Amendment; Waiver. This Agreement may be amended, supplemented
or otherwise modified only by a written instrument executed by the Company and the other parties hereto, except that (a) with respect to the Fortress Investor, this Agreement may be amended, supplemented or modified in a manner that does not,
prior to a Fortress Transfer, disproportionately adversely affect the Fortress Investor and, after a Fortress Transfer, adversely affect the Fortress Investor, without the written consent of the Fortress Investor and (b) with respect to the CM
Shareholder, this Agreement may be amended, supplemented or modified in a manner that does not increase the obligations or liabilities of the CM Shareholder in any material respect without the written consent of the CM Shareholder. Neither the
failure nor the delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; no single or partial exercise of any right, remedy, power or privilege shall preclude any
other or further exercise of the same or of any other right, remedy, power or privilege; and no waiver of any right, remedy, power or privilege with respect to any occurrence shall be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is in writing and signed by the party asserted to have granted such waiver. 

7.13    Counterparts. This Agreement may be executed by facsimile or .pdf signatures and in any number of
counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

[Signature Pages Follow] 

  
 27 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and
delivered in its name and on its behalf, all as of the day and year above first written. 
  

			
	AMERICOLD REALTY TRUST
		
	By:	 	 /s/ Marc Smernoff

	Name:	 	Marc Smernoff
	Title:	 	Chief Financial Officer and EVP

  
 [Signatures continue on
following page] 

 
			
	YUCAIPA SHAREHOLDER:
	
	YF ART HOLDINGS, L.P.
	
	 By: YF ART Holdings GP, LLC,
 its
general partner

		
	By:	 	 /s/ Henry E. Orren

	Name:	 	Henry E. Orren
	Title:	 	Assistant Vice President and Secretary

  
 [Signatures continue on
following page] 

 
			
	GSCP SHAREHOLDERS:
	
	GS CAPITAL PARTNERS VI FUND, L.P.
	 By: GSCP VI Advisors, L.L.C.,

its general partner

		
	By:	 	 /s/ Bradley Gross

	Name:	 	Bradley Gross
	Title:	 	Vice President
	
	GS CAPITAL PARTNERS VI PARALLEL, L.P.
	 By: GS Advisors VI, L.L.C.,

its general partner

		
	By:	 	 /s/ Bradley Gross

	Name:	 	Bradley Gross
	Title:	 	Vice President
	
	GSCP VI OFFSHORE ICECAP INVESTMENT, L.P.
	 By: GSCP VI Offshore IceCap Holdings Entity GP, Ltd.,

its general partner

		
	By:	 	 /s/ Bradley Gross

	Name:	 	Bradley Gross
	Title:	 	Vice President
	
	GSCP VI GMBH ICECAP INVESTMENT, L.P.
	 By: GSCP VI GmbH IceCap Holdings Entity GP, Ltd.,

its general partner

		
	By:	 	 /s/ Bradley Gross

	Name:	 	Bradley Gross
	Title:	 	Vice President

 
			
	ICECAP2 HOLDINGS, L.P.
	 By: IceCap2 Holdings Entity GP, Ltd.,

its general partner

		
	By:	 	 /s/ Bradley Gross

	Name:	 	Bradley Gross
	Title:	 	Vice President

  
 [Signatures continue on
following page] 

 
			
	CM SHAREHOLDER:
	
	CHARM PROGRESS INVESTMENT LIMITED
		
	By:	 	 /s/ Chen Haizhao

	Name:	 	Chen Haizhao
	Title:	 	Director

 
			
	FORTRESS INVESTOR:
	
	CF COLD LP
	
	 By: CF Cold CP LLC, its general partner

		
	By:	 	 /s/ Constantine M. Dakolias

	Name:	 	Constantine M. Dakolias
	Title:	 	President

 
			
	YUCAIPA INVESTOR:
	
	YF ART HOLDINGS AGGREGATOR, LLC
		
	By:	 	 /s/ Henry E. Orren

	Name:	 	Henry E. Orren
	Title:	 	Assistant Vice President and Secretary

 Exhibit A 

Form of Indemnification Agreement 

 INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of the      day of
            , 20     , by and between Americold Realty Trust, a Maryland real estate investment trust (the “Company”), and
                             (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee will serve or currently serves as a trustee [or observer] of the Company and may,
therefore, be subjected to claims, suits or proceedings arising as a result of such service [or position]; and 
 WHEREAS, as an inducement
to Indemnitee to serve or continue to serve as a trustee [or observer], the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent
permitted by law; and 
 WHEREAS, the parties to this Agreement desire to set forth their agreement regarding indemnification and advance of
expenses and to supersede any prior agreement to which the Company and Indemnitee are parties regarding the same; provided that this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the declaration of trust or bylaws of the Company, any agreement entered into after the date hereof or a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees, or otherwise.

 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows: 
 Section 1.    Definitions. For purposes of this Agreement: 

(a) “Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of
the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of trustees without the prior approval of at least two-thirds of the Incumbent Board; (ii) the Company is a party to a
merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the Incumbent Board, as a consequence of which members of the Board of Trustees in office immediately prior to such transaction
or event constitute less than a majority of the Board of Trustees thereafter; or (iii) at any time, a majority of the members of the Board of Trustees are not individuals from the Incumbent Board. 

 (b) “Company Status” means the status of a person as a present or
former trustee, board observer, officer, employee or agent of the Company or as a director, trustee, board observer, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate
investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the
circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, board observer, officer,
partner, manager, managing member, fiduciary, employee or agent of any corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (1) of which a majority of
the voting power or equity interest is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the Company, and (ii) if, as a result of Indemnitee’s service to the
Company or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof. 

(c) “Disinterested Trustee” means a trustee of the Company who is not and was not a party to the Proceeding in
respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 
 (d) “Effective Date” means
the date set forth in the first paragraph of this Agreement. 
 (e) “Expenses” means any and all reasonable and
out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, arbitration and mediation costs, printing and binding costs, telephone charges, postage,
delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal
resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedes bond or other appeal bond or its equivalent. 

(f) “Incumbent Board” includes the individuals who as of the Effective Date are members of the Board of Trustees and
any individual becoming a trustee subsequent to the Effective Date for service as a “Yucaipa Trustee” or “GSCP Trustee” (as such terms are defined in the Shareholders Agreement among the Company and certain of its shareholders in
effect as of the Effective Date) or whose election by the Board of Trustees, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the trustees then comprising the Incumbent Board;

  
 -2- 

 
provided, however, that notwithstanding the foregoing, no individual shall be considered a member of the Incumbent Board if such individual initially assumed office (i) as a result of either
an actual or threatened “election contest” (within the meaning of Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of
Trustees (a “Proxy Contest”) or (ii) with the approval of the other members of the Board of Trustees, but by reason of any agreement intended to avoid or settle an actual or threatened Proxy Contest. 

(g) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate
law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other
indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. 
 (h) “Proceeding” means any threatened, pending or completed
action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request, or any other actual, threatened or completed proceeding, whether brought by or in the right of the
Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the
Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be
considered a Proceeding. 
 Section 2.    Services by Indemnitee. Indemnitee will serve as a trustee of the
Company. However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any
other entity) and Indemnitee. 
 Section 3.    General. The Company shall indemnify, and advance Expenses
to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall
have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in
the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), as applicable to a Maryland real estate investment trust by virtue of Section 8-301(15) of
the Maryland REIT Law. 

  
 -3- 

 Section 4.    Standard for Indemnification. If, by reason of
Indemnitee’s Company Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify and hold harmless Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding or any action, discovery event, claim, issue or matter therein or related thereto unless it is established that (a) the act or
omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal
benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

Section 5.    Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other
than Section 6), Indemnitee shall not be entitled to: 
 (a) indemnification hereunder if the Proceeding was one by or
in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company; 

(b) indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further
appeal, to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Company Status; or 

(c) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the
Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s declaration of trust or bylaws, a
resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees or an agreement approved by the Board of Trustees to which the Company is a party expressly provide otherwise. 

Section 6.    Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of
appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances: 

(a) if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court
shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 

(b) if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant
circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2- 418(c) of the MGCL,
the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL. 

  
 -4- 

 Section 7.    Indemnification of an Indemnitee Who is Wholly or
Partially Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Company Status, made a party to (or otherwise becomes a
participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses that are actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 7 for all Expenses that are actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For
purposes of this Section 7 and, without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, and a decision by any government, regulatory or self-regulatory authority, agency or
body not to commence or pursue any investigation, civil or criminal enforcement matter or case or any civil suit shall be deemed to be a successful result as to such claim, issue or matter. 

Section 8. Advance of Expenses for Indemnitee. If, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened
to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in
connection with such Proceeding. The Company shall make such advance or advances within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication) (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to
Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee (provided,
however, that following a Change in Control or in the event of a Proceeding brought by or in the name of the Company, Indemnitee shall be required to submit to the Company only summary statements and invoices and, in connection with such
submissions, Indemnitee shall have the right to withhold or redact any documents or information that are protected by the attorney-client privilege or the attorney work product doctrine) and shall include or be preceded or accompanied by a written
affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of
Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate to
a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee,
shall be interest free and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. 

  
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 Section 9.    Indemnification and Advance of Expenses as a Witness or
Other Participant. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Company Status, made a witness or otherwise asked to participate in any Proceeding, whether
instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an affirmation and undertaking substantially in the form attached hereto as Exhibit
A. 
 Section 10.    Procedure for Determination of Entitlement to Indemnification. 

(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification; provided that the failure of Indemnitee
to so notify the Company will not relieve the Company from any liability that it may have to Indemnitee under this Agreement or otherwise to the extent the failure or delay does not materially prejudice the Company. Indemnitee may submit one or more
such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for
indemnification, advise the Board of Trustees in writing that Indemnitee has requested indemnification. 
 (b)    Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a
Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Trustees
in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by the Board of Trustees by a majority vote of a quorum consisting of
Disinterested Trustees or, if such quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Trustees consisting solely of one or more Disinterested Trustees, (B) if Independent Counsel has been selected
by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Trustees, a
copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Trustees, by the shareholders of the Company, provided, however, that shares held by trustees or officers who are parties to the Proceeding shall not be voted.
If it is so determined that 

  
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Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity
making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Trustees or Independent Counsel if retained pursuant to clause (ii)(B) of this
Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. 
 (c)    The Company shall pay
the reasonable fees and expenses of Independent Counsel, if one is appointed. 
 Section 11.    Presumptions and
Effect of Certain Proceedings. 
 (a)    In making any determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of
this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption. 

(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for
indemnification. 
 (c)    The knowledge and/or actions, or failure to act, of any other trustee, officer, employee or
agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 

(d)    For purposes of any determination as to whether or not Indemnitee acted in bad faith, Indemnitee shall be deemed to
have not acted in bad faith if Indemnitee’s action is based on any information, opinion, report or statement, including any financial statement or other financial data of the Company (or other applicable entity) prepared or presented by:
(i) an officer or employee of the Company (or other applicable entity) whom Indemnitee reasonably believes to be reliable and competent in the matters presented, (ii) a lawyer, certified public accountant, or other person, as to a matter
which Indemnitee reasonably believes to be within the person’s professional or expert competence or (iii) a committee of the Board of Trustees on which Indemnitee does not serve, as to a matter with its designated authority, if Indemnitee
reasonably believes the committee to merit confidence; provided, in each case, Indemnitee has no knowledge concerning the matter in question which would cause such reliance to be 

  
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unwarranted. The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met
the requisite standard of conduct described herein for indemnification. 
 Section 12.    Remedies of
Indemnitee. 
 (a)    If (i) a determination is made pursuant to Section 10(b) of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been
made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or 9 of this Agreement within ten days
after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the declaration of trust or bylaws of the Company is not made within ten days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or arbitration, conducted by a
single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses. The judicial proceeding or arbitration commenced pursuant to this
Section shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the prior adverse determination. Indemnitee shall commence a proceeding seeking an adjudication
or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding
brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. If Indemnitee seeks an adjudication in a court located in the State of Maryland, the parties agree to request that the action be assigned to the
business and technology case management program of the circuit in which the action is filed. 
 (b)    In any judicial
proceeding or arbitration commenced pursuant to this Section 12, or otherwise arising out of this Agreement, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the
Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, or otherwise
arising out of this Agreement, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to
indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this
Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

  
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 (c)    If a determination shall have been made pursuant to Section 10(b)
of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not introduced into evidence in connection with the determination.

 (d)    In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of
or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses
actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

(e)    Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under
the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period commencing with the date on which the Company was requested to advance expenses in accordance with
Section 8 or 9 of this Agreement or was required to make the determination of entitlement to indemnification under Section 10(b) above and ending on the date such payment is made to Indemnitee by the Company. 

(f)    The parties further agree to waive trial by jury with respect to the determination whether Indemnitee is entitled
to indemnification or advance of Expenses. 
 Section 13.    Defense of the Underlying Proceeding. 

(a)    Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena,
complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a
summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this
Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

(b)    Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the
Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following
receipt of notice of any such Proceeding under Section 13(a) above. The Company shall not, without the 

  
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prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which
(i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably
satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement. 

(c)    Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by
reason of Indemnitee’s Company Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses
or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not
be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely
manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company.
In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny
or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be
unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter. 

(d)    Indemnitee shall reasonably assist and cooperate with the Company in any manner reasonably requested by the Company
in connection with any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder (whether or not Indemnitee has provided notice as contemplated by Section 13(a) above). 

Section 14.    Non-Exclusivity; Survival of Rights; Subrogation. 

(a)    The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the declaration of trust or bylaws of the Company, any agreement entered into after the date hereof or a resolution of the shareholders entitled to vote
generally in the election of trustees or of the Board of Trustees, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the Company’s declaration of trust, the Company’s bylaws, this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Company Status prior to such amendment, alteration or repeal,
regardless of whether a claim with respect to such action or inaction is raised prior or subsequent 

  
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to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in
addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any
other right or remedy. 
 (b)    Except as provided in Section 16, in the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute, at the request of the Company, all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

Section 15.    Insurance. 

(a)    The Company will use its reasonable best efforts to acquire directors’ and officers’ liability insurance,
on terms and conditions deemed appropriate by the Board of Trustees covering Indemnitee for any claim made against Indemnitee by reason of Indemnitee’s Company Status and covering the Company for any indemnification or advance of Expenses made
by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Company Status. To the extent that the Company maintains an insurance policy or policies providing liability insurance for trustees, officers,
employees or agents or fiduciaries of the Company or of any other corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise which such person serves at the
request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any other person with a similar title or role with the Company. In the event of
a Change in Control, the Company shall maintain in force any and all directors’ and officers’ liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the
insurance carrier or carriers in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and
amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best
rating of the existing insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors’ and officers’
liability insurance in effect on the date of the Change in Control. In the event that 250% of the annual premium paid by the Company for such existing directors’ and officers’ liability insurance is insufficient for such coverage, the
Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount. 

(b)    Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for
any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance 

  
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referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under
this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If,
at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt
notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 

(c)    Indemnitee shall reasonably cooperate with the Company or any insurance carrier of the Company with respect to any
investigation or Proceeding. 
 Section 16.    Primacy of Indemnification; Coordination of Payments. 

(a) Notwithstanding anything to the contrary contained herein, the Company hereby acknowledges that Indemnitee has or may have
certain rights to indemnification, advancement of expenses and/or insurance provided by [                 ] and/or certain of its affiliates (collectively, the
“Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort for any claims made against Indemnitee by reason of his Company Status (i.e., its obligations to Indemnitee are primary and any
obligation of the Fund Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee by reason of his Company Status are secondary), (ii) that it shall be required to advance the full
amount of Expenses incurred by Indemnitee by reason of his Company Status and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the
terms of this Agreement and the Company’s declaration of trust or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it
irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution or subrogation or any other recovery of any kind in respect of any claims made against Indemnitee by reason of
his Company Status. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company pursuant to this Agreement shall
affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company as permitted by this Agreement. The
Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 16(a). 

(b) Except as provided in paragraph (a) above,the Company shall not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

  
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 Section 17.    Contribution. 

(a)    If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to
Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee,
whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of
contribution it may have at any time against Indemnitee. 
 (b)    Without diminishing or impairing the obligations of
the Company set forth in Section 17(a) and provided Indemnitee has met the requisite standard of conduct described herein for indemnification, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment
or settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, penalties, and/or amounts actually incurred and
paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, trustees or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to
law, be further adjusted by reference to the relative fault of the Company and all officers, trustees or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one
hand, and Indemnitee, on the other hand, in connection with the events that resulted in such Expenses, judgments, penalties and/or amounts paid in settlement, as well as any other equitable considerations. The relative fault of the Company and all
officers, trustees or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among
other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. 

(c)    Provided that Indemnitee has met the requisite standard of conduct described herein for indemnification, the
Company hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by officers, trustees or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. 

Section 18.    Reports to Shareholders. To the extent required by the MGCL, the Company shall report in
writing to its shareholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of shareholders of
the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 

  
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 Section 19.    Duration of Agreement; Binding Effect. 

(a) This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to
serve as a trustee, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to
any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement). 

(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and
be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a trustee, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and
Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 
 (c) The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form
and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or
other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

  
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 Section 20.    Severability. If any provision or provisions of
this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each
portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. If any provision or provisions of this Agreement shall be determined to be invalid or unenforceable, the
Company in good faith shall expeditiously take all necessary or appropriate action to provide Indemnitee with rights under this Agreement (including with respect to indemnification, advance of Expenses and other rights) that effect the original
intent of this Agreement as closely as possible. 
 Section 21.    Counterparts. This Agreement may be
executed in two (2) or more counterparts (delivery of which may be by facsimile, or via email as a portable document format (.pdf) or other electronic format), each of which will be deemed an original, and it will not be necessary in making
proof of this Agreement or the terms of this Agreement to produce or account for more than one (1) of such counterparts. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the
existence of this Agreement. 
 Section 22.    Headings. The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

Section 23.    Modification and Waiver. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise
expressly stated, shall such waiver constitute a continuing waiver. 
 Section 24.    Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on
the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 

(a) If to Indemnitee, to the address set forth on the signature page hereto. 

  
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 (b) If to the Company, to: 

Americold Realty Trust 
 10
Glenlake Parkway, South Tower 
 Suite 600 

Atlanta, GA 30328 
 or to such other address as
may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

Section 25.    Spousal Indemnification. The Company shall provide Indemnitee’s spouse to whom Indemnitee
is legally married at any time Indemnitee is covered under the indemnification provided in this Agreement (even if Indemnitee did not remain married to him or her during the entire period of coverage) against any Proceeding that is related to a
Proceeding against Indemnitee if Indemnitee is entitled to indemnification under the Agreement with respect to the applicable Proceeding against Indemnitee, including, without limitation, any Proceeding that seeks damages recoverable from marital
community property, jointly-owned property or property purported to have been transferred from Indemnitee to his or her spouse (or former spouse). Indemnitee’s spouse or former spouse also shall be entitled to advance of Expenses in connection
with a Proceeding that is related to a Proceeding against Indemnitee if Indemnitee is entitled to advance of Expenses under the Agreement with respect to the applicable Proceeding against Indemnitee to the same extent that Indemnitee is entitled to
advance of Expenses provided under Section 8 or 9 of this Agreement. The Company may maintain insurance to cover its obligations hereunder with respect to Indemnitee’s spouse (or former spouse) or set aside assets in a trust or escrow fund
for that purpose; provided, however, that the Company agrees that the provisions of this Agreement shall remain in effect regardless of whether such liability or other insurance coverage is obtained or retained by the Company; except that any
payments made to, or on behalf of, Indemnitee’s spouse under such an insurance policy shall reduce the obligations of the Company hereunder. 

Section 26.    Time is of the Essence. The parties expressly agree that time is of the essence with respect to
all provisions of this Agreement. 
 Section 27.    Governing Law. This Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules. 
 [SIGNATURE
PAGE FOLLOWS] 

  
 -16- 

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

			
	COMPANY:
	
	AMERICOLD REALTY

 
			
	TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	INDEMNITEE:
	
	  

	Name:	 	
	Address:	 	

  
 -17- 

 EXHIBIT A 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 

To: The Board of Trustees of Americold Realty Trust. 
 Re:
Affirmation and Undertaking 
 Ladies and Gentlemen: 

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated
the             day of                 , 20    , by and between Americold Realty Trust, a
Maryland real estate investment company (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding]
(the “Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification
Agreement. 
 I am subject to the Proceeding by reason of my Company Status or by reason of alleged actions or omissions by me in such
capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as a [trustee] of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate
dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 

In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in
connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and
(a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had
reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been
established. 
 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this      day of
            , 20    . 
  

			
	Name:	 	  

 Exhibit B 

Shareholder Ownership Information 

Section 4.6(c) of the Shareholders Agreement provides that the Company and the Shareholders will use their commercially reasonable efforts to take all
actions necessary (or cease from taking any action) to cause the Company to continue to qualify at all times as a “domestically- controlled qualified investment entity” within the meaning of Section 897(h) of the Code.
Section 4.6(c) further provides that each Shareholder will provide the Company with certain ownership information at such times as the Company may request in connection with any certification by the Company that Shares of the Company are not
USRPI. 
 Shareholder hereby provides the Company with the following ownership information for purposes of the Company’s determination that it is a
“domestically-controlled qualified investment entity.” 
 Please indicate the following: 

 

	 	•	 	For U.S. federal income tax purposes, Shareholder is a US person / Shareholder is a non- US person (circle one). 

  

	 	•	 	For U.S. federal income tax purposes, Shareholder is a corporation / partnership / disregarded entity / trust / estate / individual / other (please indicate) (circle
one). 

  

	 	•	 	Number of shares of each class of stock of the Company held at all times during the prior 5 year period ending on                 .
Include a separate schedule as necessary. 

  

	 	•	 	If Shareholder is not a corporation for U.S. federal income tax purposes, no more than     % of the ultimate beneficial ownership of Shareholder is foreign. 

 

	 	•	 	If Shareholder is not the beneficial owner of the shares, no more than    % of the ultimate beneficial ownership of shares owned as of record by Shareholder is foreign. 

If you have any questions or need additional assistance, please contact
                    . 
 Please provide the
information requested above by                 . 

 Exhibit C 

GSCP SHAREHOLDERS 
  

			
	 GS Capital Partners VI Fund, L.P.
 GS Capital
Partners VI Parallel, L.P.
 GSCP VI Offshore IceCap Investment, L.P.

GSCP VI GmbH IceCap Investment, L.P.
 IceCap2 Holdings,
L.P.
	  	 c/o GS Capital Partners VI Fund, L.P.
  

200 West Street
 New York, NY 10282-2198

Attention: Bradley Gross
 Facsimile: (212) 357-5505

Email: bradley.gross@gs.com
  

with copies to (which shall not constitute notice):
  

Fried, Frank, Harris, Shriver & Jacobson LLP
 One New
York Plaza
 New York, NY 10004
 Attention: Robert Schwenkel,
Esq. and
 Randi Lally, Esq.
 Facsimile: (212) 859-4000

Email: robert.schwenkel@friedfrank.com and

randi.lally@friedfrank.com

 YUCAIPA SHAREHOLDER 

YUCAIPA INVESTOR 
  

			
	YF ART Holdings, L.P.	  	c/o The Yucaipa Companies LLC
	YF ART Holdings Aggregator LLC	  	9130 W. Sunset Blvd.
		  	Los Angeles, CA 90069
		  	Attention: Robert P. Bermingham
		  	Facsimile: (310) 789-1791
		  	Email: legal@yucaipaco.com
		
		  	with copies (which shall not constitute notice):
		
		  	Munger, Tolles & Olson LLP
		  	350 S. Grand Ave., 50th Floor
		  	Los Angeles, CA 90071
		  	Attn: Judith T. Kitano
		  	Facsimile: (213) 683-4052
		  	Email: judith.kitano@mto.com

 FORTRESS INVESTOR 
  

			
	CF Cold LP	  	c/o Fortress Investment Group
		  	1345 Avenue of the Americas
		  	46th Floor
		  	New York, NY 10105
		  	 United States of America
 Attention:
Constantine Dakolias
 Telephone: (212) 798 6050

		  	Facsimile: (404) 264-4775
		  	Email: ddakolias@fortress.com
		
		  	and
		
		  	c/o Fortress Investment Group
		  	 3290 Northside Parkway NW
 Suite
350

		  	Atlanta, GA 30327
		  	Attention: Joel Holsinger
		  	Telephone: (404) 264-4775
		  	Facsimile: (678) 550-9105
		  	Email: jholsinger@fortress.com
		
		  	 with copies (which shall not constitute notice):
  

Skadden, Arps, Slate, Meagher & Flom LLP

		  	300 South Grand Avenue, Suite 3400
		  	Los Angeles, CA 90071
		  	Attention: Jonathan L. Friedman
		  	Facsimile: (213) 621-5396
		  	Email: jonathan.friedman@skadden.com

 CM SHAREHOLDER 
  

			
	Charm Progress Investment Limited	  	12/F, China Merchant Building
		  	152-155 Connaught Road Central, Hong Kong
		  	 Attention: Company Secretary, Board of Directors

and Legal Department

		  	Facsimile: (852) 2587 8811

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