Common use of Grant of LTIP Units Clause in Contracts

Grant of LTIP Units. Subject to the terms and conditions hereinafter set forth, the terms and conditions of the Equity Commonwealth 2015 Omnibus Incentive Plan, as it may be amended from time to time (the “Plan”), and the terms and conditions of the Declaration of Trust of EQC Operating Trust, as it may be amended from time to time (the “Declaration”), the Company and the Trust together hereby grant to the Recipient, effective as of the Grant Date, an Award of OP Units under the Plan in the form of LTIP Units (as defined in the Declaration). The number of LTIP Units granted to the Recipient hereunder is set forth on the Schedule attached hereto. The LTIP Units so granted are hereinafter referred to as the “Time-Based LTIP Units.” Except as otherwise set forth herein, the Time-Based LTIP Units have the rights, voting powers, restrictions, limitations as to distributions, qualifications, and terms and conditions of redemption and conversion as set forth in the Declaration. Upon the close of business on the thirtieth (30th) business day following the Grant Date (the “Final Acceptance Date”), if the terms and conditions of the Time-Based LTIP Units set forth in this Agreement, in the Declaration, and in the Plan are accepted, and if the Recipient has paid to the Trust a Capital Contribution (as defined in the Declaration) per Time-Based LTIP Unit in the amount, if any, set forth on the Schedule attached hereto, the Recipient shall receive the number of Time-Based LTIP Units specified on the Schedule attached hereto, effective as of the Grant Date, subject to the vesting, forfeiture, and other conditions set forth in this Agreement, in the Declaration, and in the Plan. For the avoidance of doubt, the Time-Based LTIP Units granted to the Recipient hereunder constitute OP Units under the Plan for all purposes of the Plan. The initial Economic Capital Account Balance (as defined in the Declaration) per Time-Based LTIP Unit is set forth on the Schedule attached hereto. Capitalized terms that are used but not defined herein have the meanings ascribed to them in the Plan.

Grant of LTIP Units. Subject to the terms and conditions hereinafter set forth, the terms and conditions of the Equity Commonwealth 2015 Omnibus Incentive Plan, as it may be amended from time to time (the “Plan”), and the terms and conditions of the Declaration of Trust of EQC Operating Trust, as it may be amended from time to time (the “Declaration”), the Company and the Trust together hereby grant to the Recipient, effective as of the Grant Date, an Award of OP Units under the Plan in the form of LTIP Units (as defined in the Declaration). The number of LTIP Units granted to the Recipient hereunder is set forth on the Schedule attached hereto. The LTIP Units so granted are hereinafter referred to as the “TimePerformance-Based LTIP Units.” Except as otherwise set forth herein, the TimePerformance-Based LTIP Units have the rights, voting powers, restrictions, limitations as to distributions, qualifications, and terms and conditions of redemption and conversion as set forth in the Declaration. Upon the close of business on the thirtieth (30th) business day following the Grant Date (the “Final Acceptance Date”), if the terms and conditions of the TimePerformance-Based LTIP Units set forth in this Agreement, in the Declaration, and in the Plan are accepted, and if the Recipient has paid to the Trust a Capital Contribution (as defined in the Declaration) per TimePerformance-Based LTIP Unit in the amount, if any, set forth on the Schedule attached hereto, the Recipient shall receive the number of TimePerformance-Based LTIP Units specified on the Schedule attached hereto, effective as of the Grant Date, subject to the vesting, forfeiture, and other conditions set forth in this Agreement, in the Declaration, and in the Plan. For the avoidance of doubt, the TimePerformance-Based LTIP Units granted to the Recipient hereunder constitute OP Units under the Plan for all purposes of the Plan. The number of Performance-Based LTIP Units that the Recipient actually earns for the Performance Period will be determined by the level of achievement of the Performance Criteria in accordance with Exhibit A attached hereto, and may be higher or lower than the number of Performance-Based LTIP Units granted to the Recipient. The initial Economic Capital Account Balance (as defined in the Declaration) per TimePerformance-Based LTIP Unit is set forth on the Schedule attached hereto. Capitalized terms that are used but not defined herein have the meanings ascribed to them in the Plan.