Subject to the terms of this Agreement, the PSUs will be earned at a level of up to 200% based on the Company’s achievement of the performance conditions set forth in Appendix A and will, to the extent so earned, vest in full on the last day of the Performance Period. Any PSUs that are not earned in accordance with the performance conditions set forth in Appendix A will immediately and automatically be cancelled and forfeited without consideration as of the last day of the Performance Period.

Forfeiture of PSUs. As noted herein, PSUs are not shares of Common Stock. Shares of Common Stock may be issued for PSUs upon satisfaction of Performance Goals as noted herein. Set forth in this Paragraph 3 are the provisions governing the forfeiture of PSUs in the event the Participating Officer’s employment with the CBL Management Company is terminated prior to the issuance of Common Stock for PSUs.

Termination of PSUs. Unless provided otherwise in [Schedule I], if the Participant ceases to be employed by, or provide service to, the Employer for any reason before all of the PSUs vest, any unvested PSUs shall automatically terminate and shall be forfeited as of the date of the Participant’s termination of employment or service. No payment shall be made with respect to any unvested PSUs that terminate as described in this [Section 4].

Transfer of PSUs. Except as provided in this Section 3(b), the PSUs and any interest therein may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution and subject to the conditions set forth in the Plan and this Agreement. Any attempt to

Forfeiture of PSUs. If Grantee terminates service with the Company and its Subsidiaries prior to the Conversion Date for any reason other than as set forth in [Section 2(c) or (d)])] hereof, then the Grantee shall, for no consideration, forfeit all [[Unknown Identifier]] PSUs.

Grant of PSUs. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants the Participant a target number of PSUs set forth in [Schedule I] (“Target PSUs”), assuming target performance, and, if applicable, up to a maximum number of PSUs set forth in [Schedule I], with the actual number of PSUs earned based upon achievement of performance goals over one or more Performance Periods (as defined in [Schedule I]) and the terms and conditions described herein and in [Schedule I]. The award of PSUs represents the right of the Participant to receive one share of Class A common stock of the Company (“Company Stock”), for each PSU that vests, on the applicable payment date set forth in [Section 5] below or [Schedule I], subject to the terms of this Agreement.

Grant of PSUs. Subject to the terms and conditions of this Agreement including but not limited to any adjustment for dividend equivalency as set forth in Paragraph 4 below, the Company hereby grants to the Participating Officer [INSERT #] PSUs (such number of PSUs is referred to hereinafter as the “Target Award”). Each PSU represents one share of the Company’s common stock, $0.001 par value (“Common Stock”). As further provided on Exhibit A, the Participating Officer may earn up to twenty five percent (25%) of the Target Award for each calendar year during the Full Performance Period as defined below. The actual number of PSUs earned by the Participating Officer shall be determined following the end of each calendar year (each such calendar year being referred to herein as an “Annual Performance Period”) over a four-year performance period coinciding with the Company’s fiscal years 2022 through 2025 (the “Full Performance Period”) based upon the satisfaction of the performance goals (the “Performance Goals”) set forth on Exhibit A attached hereto for each such Annual Performance Period. Following the completion of each such Annual Performance Period, and as soon as practicable following the date on which the Committee certifies the performance results for such Annual Performance Period (the “Certification Date”), but subject to applicable grace periods and other provisions as set forth on Exhibit A

If the PSUs vest in accordance with [Schedule I], the Company shall issue to the Participant one share of Company Stock for each vested PSU, subject to applicable tax withholding obligations. Payment shall be made within 60 days after the last day of the applicable Performance Period, except as provided in [Section 6] below or [Schedule I].

Subject to the provisions of Sections 3(b) and (c), the vesting of the PSUs is contingent upon # the Company’s achievement of the performance target(s) set forth on Exhibit A hereto (“Performance Target(s)”) during the performance period set forth on Exhibit A hereto (“Performance Period”), and # Participant’s continued employment by or provision of services to the Company or a Subsidiaries Company through the end of the Performance Period.

Issuance of PSUs. To the extent that the Award has vested, the PSUs associated with such Award shall be settled based on the level of attainment of the “Performance Condition” (as detailed in this Agreement or Attachment A to this Agreement), determined by the Committee in accordance with and subject to the terms of this Award Agreement and the Plan.