TSR Calculation. TSR performance shall be calculated as the compounded annual growth rate, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)), in the value per share during the Performance Period due to the appreciation in the price per share and dividends paid during the Performance Period, assuming dividends are reinvested. “D” is the amount of dividends paid to a shareholder of record of the Company with respect to one share during the Performance Period. The absolute TSR percentage is calculated pursuant to the formula set forth below. Cumulative TSR = ((1+TSR Year 1)*(1+TSR Year 2)*(1+TSR Year 3))-1 =(1+Cumulative TSR)^(1/3)-1 TSR shall be calculated as follows: (Ending Share Price+D)/Beginning Share Price-1 The performance for the companies comprising the NAREIT Office Index shall be calculated in the same manner as described above and the difference between the absolute TSR of the Company and the average absolute TSR for the companies within the NAREIT Office Index, expressed in terms of relative percentile ranking, shall be applied to the matrix set forth above. Only companies that are public throughout the entire Performance Period shall be included for purposes of calculating the relative TSR comparison (i.e., companies that may become acquired, have an initial public offering, etc. during the Performance Period shall be excluded from the calculation altogether). For purposes of the calculation above, the Beginning Share Price for TSR Year 1 shall be the closing stock price on the Grant Date, the Beginning Share Price for TSR Year 2 shall be the Ending Share Price for TSR Year 1, and the Beginning Share Price for TSR Year 3 shall be the Ending Share Price for TSR Year 2. For purposes of the calculation above, the Ending Share Price for TSR Year 1 shall be the closing stock price as of the last trading day of TSR Year 1, the Ending Share Price for TSR Year 2 shall be the closing stock price as of the last trading day of TSR Year 2, and the Ending Share Price for TSR Year 3 shall be based on a 40-day trailing average closing stock price as of the last trading day of TSR Year 3. Exhibit B
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Samples: Performance Based Ltip Unit Agreement for Employees (Equity Commonwealth), Ltip Unit Agreement (Equity Commonwealth), Performance Based Ltip Unit Agreement for Employees (Equity Commonwealth)
TSR Calculation. TSR performance shall be calculated as the compounded annual growth rate, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)), in the value per share during the Performance Period due to the appreciation in the price per share and dividends paid during the Performance Period, assuming dividends are reinvested. “D” is the amount of dividends paid to a shareholder of record of the Company with respect to one share during the Performance Period. The absolute TSR percentage is calculated pursuant to the formula set forth below. Cumulative TSR = ((1+TSR Year 1)*(1+TSR Year 2)*(1+TSR Year 3))-1 =(1+Cumulative TSR)^(1/3)-1 TSR shall be calculated as follows: (Ending Share Price+D)/Beginning Share Price-1 The performance for the companies comprising the NAREIT Office Index shall be calculated in the same manner as described above and the difference between the absolute TSR of the Company and the average absolute TSR for the companies within the NAREIT Office Index, expressed in terms of relative percentile ranking, shall be applied to the matrix set forth above. Only companies that are public throughout the entire Performance Period shall be included for purposes of calculating the relative TSR comparison (i.e., companies that may become acquired, have an initial public offering, etc. during the Performance Period shall be excluded from the calculation altogether). For purposes of the calculation above, the Beginning Share Price for TSR Year 1 shall be the closing stock price on the Grant Date, the Beginning Share Price for TSR Year 2 shall be the Ending Share Price for TSR Year 1, and the Beginning Share Price for TSR Year 3 shall be the Ending Share Price for TSR Year 2. For purposes of the calculation above, the Ending Share Price for TSR Year 1 shall be the closing stock price as of the last trading day of TSR Year 1, the Ending Share Price for TSR Year 2 shall be the closing stock price as of the last trading day of TSR Year 2, and the Ending Share Price for TSR Year 3 shall be based on a 40-day trailing average closing stock price as of the last trading day of TSR Year 3. Exhibit BSchedule to Restricted Stock Unit Agreement (See Attachment) Company Name Equity Commonwealth Recipient Id Recipient Name Recipient Address Grant Type Restricted Stock Unit Award Number of Units Grant Date January 29, 2018
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