EMPLOYMENT AGREEMENT

This Agreement states our agreement with respect to employment of Geoffrey Bedrosian by Ramco-Gershenson Properties Trust and its subsidiary Ramco-Gershenson, Inc. (collectively, the “Trust”).

1.    Your Employment Duties and Responsibilities. During the “Term” (as defined in paragraph 2 below), you will be employed by the Trust as its Executive Vice President and Chief Financial Officer. You will devote substantially all of your full working time and attention, as well as your best efforts, to such position. You will report to the Chief Executive Officer of the Trust and will have such authority and responsibilities and perform such duties for the Trust as are generally consistent with those of the Chief Financial Officer of a publicly traded real estate investment trust or as may from time to time be lawfully established by the Chief Executive Officer of the Trust in his reasonable judgment. Your primary work location shall be at the Trust’s offices in Farmington Hills, Michigan, subject to reasonable travel on business in connection with the performance of your duties hereunder.

2.    Term. The term of your employment under this Agreement (the “Term”) will begin on December 17, 2015 (your “Start Date”) and will continue, subject to the termination provisions set forth in paragraph 5 below and the Term extension provisions of this paragraph 2, for a period of 36 months and 18 days, until January 4, 2019. The Term shall automatically renew for successive one-year periods thereafter unless (i) the Trust gives you written notice 90 days prior to the end of the then-current Term of its intent to allow the term to expire, or (ii) you give the Trust written notice 90 days prior to the end of the then-current Term of your intent not to renew the Term. Upon the termination of your employment by the Trust without Cause or by you for Good Reason or due to your death or Disability (as defined herein) - in each case, during the Term, or upon the Trust’s election not to renew the Term of this Agreement, you will be entitled to the termination benefits set forth in paragraph 6 below. In addition, the Trust's election not to renew the Term following a Change in Control that occurs no more than 12 months prior to the expiration of such Term shall be treated as a termination of your employment by the Trust without Cause within twelve months following a Change in Control for purposes of paragraph 6(d) below. You shall give the Trust at least 60 days prior written notice of your resignation during the Term if you terminate this Agreement other than pursuant to paragraph 5(e).

(a)    Your initial base salary shall be at the annual rate of not less than $450,000 (if and as increased from time to time, your “Base Salary”) payable in accordance with the Trust’s standard payroll procedures. Your Base Salary will be reviewed and may be adjusted by the Trust’s Compensation Committee annually on a time frame consistent with the review of other executive employees, but except for post-2016 salary decreases consistent with and not exceeding the same percentage reduction as those applicable to the Trust’s executive officers generally (not in any event to exceed, in the aggregate for 2017, 10% of your initial Base Salary), in no event shall your Base Salary be lower than the higher of your immediately prior Base Salary paid to you by the Trust or your initial Base Salary.

(b)    You will also be eligible to participate in any Short Term Incentive Plan (“STIP”) generally available to executive officers of the Trust. Your STIP target potential for 2016 will not be less than 75% of your Base Salary at the start of such year. Any STIP amount earned for a calendar year will be paid to you on or before March 15 of the following calendar year, provided that you are still employed by the Trust on the payment date.

(c)    You will also be eligible to participate in any Long Term Incentive Plan (“LTIP”) generally available to executive officers of the Trust. Your LTIP target award value at grant for the LTIP award cycle commencing in 2016 will not be less than 125% of your Base Salary at grant. In addition, in the case of your 2016 annual LTIP award grant, the percentage of such LTIP award that will vest based on continued service only shall be no less than the percentage that generally applies to, and the overall vesting schedule shall be no less favorable to you than that which generally applies to, the 2016 LTIP awards of any other Trust executives at or above the Executive Vice President level (subject to the vesting and payout acceleration provisions in this Agreement).

(d)    In addition to, and separate from, the STIP award and LTIP award opportunities set forth in paragraph 3(b) and (c) above and the separate cash award in paragraph 3(e) below, you will also be entitled to a sign-on restricted stock or RSU grant of that number of common shares of beneficial interest of the Trust equal to the quotient of $623,000 divided by the closing price of such shares on the New York Stock Exchange on the date of grant, such grant to be made within twenty (20) business days of your Start Date but no later than December 31, 2015, which shall vest in three equal annual installments on January 31, 2017, 2018 and 2019, unless accelerated under paragraph 6(b), (c), (d) or (e) below. The terms and conditions of such restricted stock or RSU grant (including the conditions to and the time of vesting, settlement or payout) shall be as set forth in a separate award agreement (the terms of which shall not be inconsistent with the terms of this Agreement) and in this Agreement (including, without limitation, the vesting acceleration provisions in paragraph 6 below).

(e)    In addition to, and separate from, the STIP award and LTIP award opportunities set forth in paragraph 3(b) and (c) above, and the initial sign-on RSU or restricted stock grant set forth in paragraph 3(d) above, you will also be entitled to a payment of $650,000 on or before December 30, 2015.

(a)    In addition to your other compensation, during the Term you will be entitled to receive from the Trust the same employee benefits, including medical, dental, disability and life insurance and fringe benefits, as are generally made available from time to time to other executive officers of the Trust. The Trust will reimburse you for COBRA coverage for yourself and your family until such time as you are eligible to join The Trust’s medical plan. This reimbursement will not exceed $2,500 per month for family coverage. In addition, during the Term your appropriate business expenses incurred on behalf of the Trust will be reimbursed in accordance with the Trust’s policies and procedures. You will be entitled to five (5) weeks of paid vacation annually, plus, if applicable, such paid holidays, sick leave (if any) and personal days (if any) as the Trust may provide

for in its policies. During the Term, the Trust agrees to pay your full individual membership dues, or corporate membership dues that provide you the privileges of individual membership, for the National Association of Real Estate Investment Trusts and the International Council of Shopping Centers. You agree to participate to the extent practicable and consistent with your other duties in the activities of such organizations for the benefit of the Trust. Finally, with respect any liabilities or claims asserted against you in your capacity as an officer or trustee of the Trust, you shall be covered by the indemnification and liability insurance coverages referred to in paragraph 9(h) below. In connection with any such asserted liabilities and claims, you shall also have the right to the advancement by the Trust to you of legal fees and expenses on the same basis and to the same extent as any other executive officer or trustee of the Trust.

(b)    You will be responsible for payment of any applicable employee taxes on the compensation and benefits provided to you by the Trust.

(c)    The Trust agrees to reimburse you for reasonable moving and any applicable relocation-related costs of up to $125,000.

(d)    You will also be entitled to be promptly reimbursed for any legal or other advisor fees incurred by you in negotiating this Agreement up to a maximum of $15,000 unless the Trust decides to pay such fees directly.

5.    Termination.

(a)    Death. Your employment will terminate immediately upon your death.

(b)    Disability. Your employment will terminate thirty (30) days after receipt of written notice of termination due to Disability if you do not return to relatively full-time service with the Trust within such 30 day notice period. Disability shall be total and permanent disability, as defined under the Trust’s disability plan, which definition will be conclusive and binding, or if no such plan is then in effect, it shall mean any long‑term disability or incapacity which (x) renders you unable, with or without reasonable accommodation, to substantially perform your duties hereunder for one hundred eighty (180) days during any 12‑month period or (y) is reasonably predicted to render you unable, with or without reasonable accommodation, to substantially perform your duties for one hundred eighty (180) days during any 12‑month period based upon the opinion of a physician mutually agreed on by the Trust and you (or your representative in the event of your incapacity). For clarity, the parties agree that your employment cannot be terminated by the Trust due to Disability unless and until you have met all of the requirements to be paid disability benefits under the Trust’s applicable Long-Term Disability Plan.

(c)    With Cause. The Trust will have the right, upon written notice to you, to terminate your employment under this Agreement for Cause. Such termination will be effective immediately upon such written notice. For purposes of this Agreement, termination of your employment for “Cause” means termination of your employment by the Board of Trustees for: (i) your conviction of a felony or misdemeanor involving moral turpitude; (ii) embezzlement, misappropriation of Trust property or other acts of dishonesty or fraud; (iii) material willful breach of your duties of good faith or loyalty to the Trust that, if curable, is not promptly cured after written

notice; (iv) willful neglect of significant job responsibilities or misconduct that, if curable, is not promptly cured after written notice; (v) material willful breach of this Agreement that, if curable, is not promptly cured after written notice; or (vi) repeated willful failure or refusal, after written notice, to follow any lawful directions from the Chief Executive Officer and/or the Board of Trustees of the Trust. For this purpose, an action or inaction will not be treated as willful if (i) taken or not taken at the lawful direction of the Chief Executive Officer of the Trust, the Board of Trustees of the Trust, or a Board Committee; (ii) taken or not taken based on the advice of the Trust’s inside or outside legal counsel or the Trust’s outside independent public accounting firm; or (iii) unless contrary to a direction from the Chief Executive Officer or the Board of Trustees of the Trust, taken or not taken in the reasonable good faith belief that such action or inaction is in the best interests of the Trust.

(d)    Change in Control. If your employment is terminated by the Trust without Cause or you terminate your employment with Good Reason (as defined below) prior to expiration of the Term and within twelve months after a Change in Control (as defined below) and within twelve months after the initial existence of one or more of the Good Reason conditions set forth in paragraph 5(e)(i) through 5(e)(vii), the provisions of paragraph 6(d) below will apply. The term “Change in Control” means:

(i)    on or after the date of execution of this Agreement, any person (which, for all purposes hereof, will include, without limitation, an individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate and a trustee, executor, administrator or other legal representative) (a “Person”) or any group of two or more Persons acting in concert becomes the beneficial owner, directly or indirectly, of securities of the Trust representing, or acquires the right to control or direct, or to acquire through the conversion of securities or the exercise of warrants or other rights to acquire securities, 40% or more of the combined voting power of the Trust’s then outstanding securities; provided that for the purposes of this Agreement (A) “voting power” means the right to vote for the election of trustees, and (B) any determination of percentage of combined voting power will be made on the basis that (x) all securities beneficially owned by the Person or group or over which control or direction is exercised by the Person or group which are convertible into securities carrying voting rights have been converted (whether or not then convertible) and all options, warrants or other rights which may be exercised to acquire securities beneficially owned by the Person or group or over which control or direction is exercised by the Person or group have been exercised (whether or not then exercisable), and (y) no such convertible securities have been converted by any other Person and no such options, warrants or other rights have been exercised by any other Person; or

(ii)    a reorganization, merger, consolidation, combination, corporate restructuring or similar transaction (an “Event”), in each case, in respect of which the beneficial owners of the outstanding Trust’s voting securities immediately prior to such Event do not, following such Event, beneficially own, directly or indirectly, more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of trustees of the Trust and any resulting parent entity of the Trust in substantially the same proportions as their ownership, immediately prior to such Event, of the outstanding Trust voting securities; or

(iii)    an Event involving the Trust as a result of which 40% or more of the members of the board of trustees of the parent entity of the Trust or the Trust are not persons who were members of the Board immediately prior to the earlier of (x) the Event, (y) execution of an agreement the consummation of which would result in the Event, or (z) announcement by the Trust of an intention to effect the Event; or

(iv)    the Board adopts a resolution to the effect that, for purposes of this Agreement, a Change in Control has occurred.

Notwithstanding the preceding, to the extent “Change in Control” is a payment trigger, and not merely a vesting trigger, for any payment or benefit subject to Code Section 409A, a transaction or series of transactions or any other event described above in this paragraph 5(d) shall be a “Change in Control” only if it also constitutes a change in the ownership or effective control of the Trust, or a change in the ownership of a substantial portion of the assets of the Trust, as described in Treas. Reg. Section 1.409A-3(i)(5), but replacing the term “Trust” for the term “Corporation” in such regulation.

(e)    Good Reason. You may terminate your employment for Good Reason for purposes of paragraph 6(b) below within twelve months after the initial existence of one or more of the Good Reason conditions set forth in paragraphs (i) through (vii) of this paragraph 5(e) by giving the Trust written notice of such Good Reason. You may terminate your employment for Good Reason after a Change in Control for purposes of paragraph 6(d) below, provided that such termination of employment for Good Reason occurs within twelve months after a Change in Control and within twelve months after the initial existence of one or more of the Good Reason conditions set forth in paragraphs (i) through (vii) of this paragraph 5(e). The term “Good Reason” means the initial existence of one or more of the following conditions arising without your consent, provided that you provide written notice to the Trust of the existence of such condition within 90 days of the initial existence of the condition and the Trust does not remedy the condition within 30 days after receiving notice:

(i)    any material diminution in your authority, duties, or responsibilities as stated above;

(ii)    any material diminution in the authority, duties, or responsibilities of the Chief Executive Officer of the Trust to whom you report;

(iii)    any material reduction in your Base Salary for 2016, your target 75%-of-Base-Salary STIP award opportunity for 2016 or your target 125%-of-Base-Salary LTIP award opportunity for 2016, or, following a Change in Control, any material reduction in your Base Salary rate, target STIP award opportunity and/or target LTIP award opportunity from the most recent Base Salary rate and target STIP and LTIP award opportunities in effect immediately prior to the Change in Control;

(iv)    any material breach by the Trust of its make-whole and other initial award obligations under paragraphs 3(d) or 3(e) above;        

(v)    any material diminution in the budget over which you retain authority;

(vi)     any material change in the geographic location at which you must perform the services related to your position; or

(vii)    any other action or inaction that constitutes a material breach by the Trust of this Agreement or any other material agreement to which you and the Trust are party.

6.    Termination Benefits.

(a)    The amounts described in this paragraph 6 will be in lieu of any termination or severance payments required by the Trust’s policy or applicable law (other than continued medical or disability coverage to which you or your family are entitled under the Trust’s then existing employment policies covering Trust executives or then applicable law), and will constitute your sole and exclusive rights and remedies with respect to the termination of your employment with the Trust. Any termination payment under this paragraph 6 that is (i) based on a multiple of your Base Salary or your average or target STIP award opportunity, or (ii) based on your prorated STIP award for the year of termination (based on your prior 2-year average STIP as of the date of termination or, if applicable, your target STIP for the year of termination) shall be paid to you in a lump sum on the first regular payroll date following the first 10-day period after your termination date unless and except to the extent required to be deferred for 6 months under Internal Revenue Code (“IRC”) Section 409A. It is intended in this regard that each such payment be treated as a separate payment for purposes of, and, where possible, qualify for the so-called “short-term deferral” exception to, IRC Section 409A. Under any and all circumstances of termination, you shall be entitled to receive (i) payment for reimbursement of business expenses incurred by you but not reimbursed prior to termination, in accordance with the Trust’s expense reimbursement policies, in one lump sum within the 30-day period following the date of your termination of employment, (ii) any unpaid portion of your Base Salary under paragraph 3(a) above through the date of termination, payable pursuant to and in accordance with the Trust’s normal payroll procedures and (iii) any amounts accrued and due under the Trust’s benefit plans through the date of termination payable pursuant to and in accordance with the terms and conditions of such plans (the “Accrued Benefits”). The Trust may withhold from any payments made under this paragraph 6 (or any other provision of this Agreement) all federal, state, city or other taxes to the extent such taxes are required to be withheld by applicable law.

(b)    If your employment is involuntarily terminated by the Trust without Cause or by you for Good Reason during the Term (including, if applicable, the Term as extended) and paragraph 6(d) does not apply, you will be entitled to (i) the Accrued Benefits, (ii) any earned but not yet paid incentive awards for already completed years or award cycles, payable pursuant to and in accordance with the terms and conditions of such plans; provided, that any STIP payment for a

calendar year completed prior to the date of your termination shall be paid irrespective of whether you are employed by the Trust on the payment date, (iii) a pro rata portion of your STIP award for the year of termination calculated based on the average STIP award for your previous two most recently completed bonus years for which bonus determinations have already been communicated, or if such termination occurs prior to the payout of 2017 STIP awards in early 2018, based on the target STIP award of 75% of Base Salary, payable in the manner and at the time set forth in paragraph 6(a) above (the “Pro Rata STIP”), and (iv) and an amount equal to 1.5x your annual Base Salary and annual STIP award (calculated based on the average STIP award for your previous two most recently completed bonus years for which bonus determinations have already been communicated, or if such termination occurs prior to the payout of 2017 STIP awards in early 2018, based on the target award of 75% of Base Salary) payable in the manner and at the time set forth in paragraph 6(a) above. In addition, any restricted shares, stock options, RSUs or other equity-based awards or other plan benefits, if any, remaining unvested on the date of your termination will immediately vest and become fully exercisable/payable, and the Trust will reimburse you on a monthly basis for your COBRA payments for health benefits for a period of up to eighteen months, provided, however, that if you obtain new full-time employment (other than self-employment) during the 18-month period that makes you eligible for coverage under the new employer's group health plan, the Trust's obligation to pay any COBRA premiums shall cease at the end of the month in which you become eligible for coverage under the new employer's group health plan.

(c)    If your employment is terminated during the Term because of your death or disability, you will receive (i) the Accrued Benefits, (ii) any earned but not yet paid incentive awards for already completed years or award cycles, payable pursuant to and in accordance with the terms and conditions of such plans; provided, that any STIP payment for a calendar year completed prior to the date of your termination shall be paid irrespective of whether you are employed by the Trust on the payment date and (iii) an amount equal to one year’s Base Salary. In addition, any restricted shares, stock options, RSUs or other equity-based awards or other plan benefits, if any, remaining unvested on the date of your termination will immediately vest and become fully exercisable/payable, and the Trust will reimburse you or your family on a monthly basis for any COBRA payments for health benefits for a period of up to eighteen months.

(d)    If your employment is terminated by the Trust prior to expiration of the Term and within twelve months after a Change in Control of the Trust without Cause or you terminate your employment for Good Reason within twelve months after a Change in Control, (i) you will receive the Accrued Benefits, (ii) you will also receive the Pro Rata STIP for the portion of the year prior to the date of termination, plus any earned but not yet paid incentive awards for already completed years or award cycles, payable pursuant to and in accordance with the terms and conditions of such plans; provided, that any STIP payment for a calendar year completed prior to the date of your termination shall be paid irrespective of whether you are employed by the Trust on the payment date, (iii) you will also receive an additional amount equal to the product of 2.0 multiplied by the sum of (A) your annual Base Salary, plus (B) your annual target STIP award, each for the calendar year in which the termination occurs, subject to any IRC Section 280G/4999 related limitation applicable under paragraph 9(j) below, (iv) any restricted shares, stock options, RSUs or other equity-based awards or other plan benefits, if any, remaining unvested on the date of your termination will immediately vest and become fully exercisable/payable, subject to any IRC Section

280G/4999 related limitation applicable under paragraph 9(j) below, and (v) the Trust will reimburse you on a monthly basis for your COBRA payments for health benefits for a period of eighteen months provided, however, that if you obtain new full-time employment (other than self-employment) during the 18-month period that makes you eligible for coverage under the new employer's group health plan, the Trust's obligation to pay any COBRA premiums shall cease at the end of the month in which you become eligible for coverage under the new employer's group health plan. Notwithstanding the reference to Section 280G of the Code in this Agreement, you shall not be entitled to any gross-up payments under this Agreement with respect to any severance payments or other payments or benefits in the event that any excise tax under the Code is imposed on you.

(e)    If your employment with the Trust is terminated at the end of the initial Term in January 2019 or at the end of any subsequent extension of the Term - in each case because the Trust elects not to renew your Employment Agreement, you will be entitled to (i) the Accrued Benefits, (ii) any earned but not yet paid incentive awards for already completed years or award cycles, payable pursuant to and in accordance with the terms and conditions of such plans; provided, that any STIP payment for a calendar year completed prior to the date of your termination shall be paid irrespective of whether you are employed by the Trust on the payment date, plus (iii) a cash severance amount equal to twelve months of Base Salary, provided that, for clarity, (x) any termination by the Trust without Cause occurring during the original Term or during the Term as extended will be subject to and governed by paragraph 6(b) or (d) above, whichever is applicable, and (y) any non-renewal of the Term by the Trust occurring within 12 months after a Change in Control will, pursuant to paragraph 2 above, be treated the same as a termination without Cause under paragraph 6(d) above. In addition, upon any election of the Trust not to renew this Agreement, all restricted shares, stock options, RSUs, other equity-based awards or other plan benefits remaining unvested on the date of the expiration of the then-current Term will immediately vest and become exercisable.

(f)    You will have no obligation to mitigate the payment of any amounts payable pursuant to this paragraph 6 or otherwise under this Agreement by seeking or obtaining other employment following the termination of your employment with the Trust, and no amounts received by you from any such future employment with any person or entity other than the Trust shall be offset against any amounts owed to you by the Trust under this Agreement or otherwise.

(a)    During your employment with the Trust and thereafter, except as required by your duties to the Trust or by law or legal process, you will not disclose or make accessible to any person or entity or use in any way for your own personal gain or to the Trust’s detriment any confidential information relating to the business of the Trust or its affiliates; provided, however, that “confidential information” shall not include information which: (i) is already generally available to, or becomes generally available to, the public other than as a result of your unauthorized disclosure; (ii) is disclosed to third parties without restriction with the prior permission of the Trust; (iii) is disclosed to you by a third party who is not an affiliate or employee, or a customer or other business relation of, the Trust, and who is under no duty of non-disclosure with respect to such information;

or (iv) is known within the industry outside of the Trust other than due to a breach of this confidentiality restriction by you. Notwithstanding the above, nothing herein shall restrict your ability (i) to disclose any information required to be disclosed by law or by any governmental agency or to respond truthfully to any governmental agency inquiry or to any legal process, and/or (ii) to discuss matters relating to you and your job duties and responsibilities and/or your compensation and employment arrangements on a confidential basis with your legal counsel, accountant and other advisors, and/or (iii) to discuss Trust matters with the Trust’s inside and outside legal counsel, outside accountants, bankers, investment bankers and other advisors. Upon termination of your employment with the Trust for any reason, you will promptly return to the Trust all confidential materials property of the Trust or its affiliates over which you exercise any control, but you shall continue to have the right to retain your personal files including, without limitation, any such files that pre-date your Start Date and any data or documents that relate to this Agreement or otherwise relate to your employment and compensation arrangements as an executive officer of the Trust.

(b)    You will not at any time during your employment with the Trust, and for a period of one year after the termination of such employment for any reason, except in the good faith performance of your duties to the Trust, directly or indirectly, induce or solicit any employee of the Trust to leave the employ of, any independent contractor to terminate any independent contractor relationship with, or any customer, tenant, lender or other party which transacts business with the Trust to adversely change any relationship with, the Trust.

(c)    Paragraphs 7(a) and (b) above are intended to protect confidential information of the Trust and its affiliates, and relate to matters which are of a special and unique character, and their violation could cause irreparable injury to the Trust, the amount of which would be extremely difficult, if not impossible, to determine and cannot be adequately compensated by monetary damages alone. Therefore, if you breach or threaten to breach either of those paragraphs, in addition to any other remedies which may be available to the Trust under this Agreement or at law or equity, the Trust may obtain an injunction, restraining order, or other equitable relief against you and such other persons and entities as are appropriate.

8.    Continuation of Employment Beyond Term. There is not, nor will there be, unless in writing signed by both of us, any express or implied agreement as to your continued employment with the Trust after the Term other than pursuant to the above-stated Term extension provisions.

(a)    This Agreement is the complete agreement between us, supersedes any prior agreements between us and may be modified only by written instrument executed by the Trust and you.

(b)    This Agreement will be governed by and construed in accordance with the laws of the State of Michigan.

(c)    The provisions of this Agreement, will be deemed severable, and if any part of any provision is held illegal, void or invalid under applicable law, such provision will be changed to the extent reasonably necessary to make the provision, as so changed, legal, valid and binding.

If any provision of this Agreement is held illegal, void or invalid in its entirety, the remaining provisions of this Agreement will not in any way be affected or impaired but will remain binding in accordance with their terms.

(d)    This Agreement will be binding upon and will inure to the benefit of the Trust and its successors and assigns but is personal to you and cannot be sold, assigned or pledged by you without the Trust’s written consent, other than the assignment of economic rights under this Agreement to your estate, heirs, legal representative(s) or beneficiaries in the case of your death or disability.

(e)    We will give notices under this Agreement to you in writing either by personal delivery or certified or registered mail at your address, as listed on our records at the time of the notice, and you will give notices to us in writing in care of the Trust’s Chief Executive Officer. Any such notice will be deemed given when delivered or mailed in accordance with the preceding sentence. The Trust agrees that copies of any notices to you under or with respect to this Agreement shall be promptly delivered to Brian T. Foley, Esq., One North Broadway - Suite 411, White Plains, NY 10601-2310.

(f)    The Trust’s obligations are contingent upon your representation and warranty that you are not bound by any agreements, restrictive covenants, court orders, laws or regulations, and that you have no obligation or commitments of any kind, that would prevent, restrict, hinder or interfere with your acceptance of full-time employment or performance of all duties and services contemplated hereunder (in each case, other than the “garden leave” and other post-termination-of-employment restrictions that may apply to you when you resign from your current employer), and are also contingent upon your passing any drug testing. You also agree to complete a physical medical exam before your start date but the results of such exam shall not be a contingency of your employment.

(g)    The failure of either party to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and the waiver of any single remedy will not constitute a waiver of such party’s right to assert all other legal remedies available to it under the circumstances.

(h)    You shall be entitled to full indemnification by the Trust as provided in the Trust’s Declaration of Trust and Bylaws with respect to claims or liabilities asserted against you based on your actions or failures to act in your capacity as an executive officer of and/or the Chief Financial Officer of and/or, if and when applicable, a Trustee of the Trust. The Trust shall provide you with trustees’ and officers’ insurance which provides you with insurance coverage that is substantially equivalent to the coverage that is provided by the Trust to its other similarly-situated senior executives. Such D&O type indemnification and insurance coverages shall apply throughout the Term and your period of employment at the Trust, and to any liabilities or claims asserted for at least six (6) years after the termination of your employment.

(i)    To the extent applicable, the intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Internal Revenue Code Section 409A and the final regulations and any guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith or exempt therefrom. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation” under Code Section 409A (after taking into account all applicable exclusions and exemptions) upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “Termination,” “Termination Date,” “termination of employment” or like terms shall mean “separation from service.” If you are deemed on the date of your “separation from service” to be a “specified employee” within the meaning of that term under Code Section 409A, then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under and subject to Code Section 409A (after taking into account all applicable exclusions and exemptions, including, but not limited to, the so-called “short-term deferral” exception) and that is payable on account of your “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of your “separation from service”, and (ii) the date of your death (the “Delayed Payment Date”, and the period from the date of termination through Delayed Payment Date, the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this paragraph 9(i) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed on the first business day following the expiration of the Delay Period to you in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. With regard to the reimbursement of any costs and expenses or the provision of any in-kind benefits that are to be paid or provided to you hereunder and that are subject to the requirements of Code Section 409A (after taking into account all applicable exclusions and exemptions), (A) your right to receive such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (B) the amount of expenses eligible for reimbursement, or the in-kind benefits to be provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that, this clause (B) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (C) any such reimbursement of expenses shall be made on or before the last day of your taxable year following the taxable year in which such expenses were incurred. Anything in this Agreement to the contrary notwithstanding, any tax gross-up payment (within the meaning of Treas. Reg. Section 1.409A-3(i)(1)(v)) provided for in this Agreement shall be made to you no later than the end of your taxable year next following your taxable year in which the related taxes are remitted to the applicable taxing authorities. For purposes of Code Section 409A and Treas. Reg. Section 1.409A-2(b)(2), your right to receive any installment or other payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the

date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Trust. For clarity, any amount (including, without limit, any lump sum severance) paid under this Agreement that satisfies the requirements of the “short-term deferral” rule in Treas. Reg. Section 1.409A-1(b)(4), or that satisfies the requirements for any other exclusion or exemption from Code Section 409A, will not be subject to the above Section 409A restrictions. Notwithstanding the foregoing provisions of this paragraph 9(i), or any other provision of this Agreement, the Trust makes no representation to you that any payments or benefits to be paid or provided to you under this Agreement are exempt from or in compliance with Code Section 409A, and under no circumstances shall the Trust be liable for any additional tax, interest, penalty, disadvantage treatment or other sanction imposed upon you under Code Section 409A, or for any other damage suffered by you, on account of any payment or benefit to be paid or provided to you under this Agreement being subject to and not in compliance with Code Section 409A.

        (j)    In the event that a “Change in Control” (as defined in Section 280G of the Internal Revenue Code) occurs with respect to the Trust, if the cash severance, accelerated equity award vesting or payouts and other benefits provided for in this Agreement or otherwise payable to you by the Trust (i) constitute “parachute payments” within the meaning of Section 280G(b)(2) of the Code and (ii) but for this paragraph 9(j), would be subject to the excise tax imposed by Section 4999 of the Code, then such severance benefits, accelerated equity award vesting or payouts and/or other benefits will be either:

whichever of the foregoing amounts, taking into account the applicable Federal, State and local income taxes and the excise tax imposed by Section 4999, results in the receipt by you, on an after-tax basis, of the greatest amount of such severance benefits, accelerated equity award vesting or payouts and other benefits, notwithstanding that all or some portion of such severance benefits or such other items may be taxable under Section 4999 of the Code.

 

have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if your Agreement Payments were reduced to the Reduced Amount. If the Accounting Firm determines that you would not have a greater Net After-Tax Receipt of aggregate Payments if your Agreement Payments were so reduced, then you shall receive all Agreement Payments to which you are entitled under this Agreement.

If this Agreement correctly expresses our mutual understanding, please sign and date the enclosed copy and return it to us.

Offer expires December 18, 2015.