JBG SMITH Properties
EXHIBIT 10.1
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2136480d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Executive Form</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&#8239;OF JBG SMITH PROPERTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2017 OMNIBUS SHARE PLAN<BR>
APPRECIATION-ONLY LTIP UNIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This APPRECIATION-ONLY LTIP UNIT AGREEMENT (the &ldquo;<U>Award
Agreement</U>&rdquo;) is made as of the Grant Date set forth on <U>Schedule A</U> hereto between JBG SMITH Properties, a Maryland real
estate investment trust (the &ldquo;<U>Company</U>&rdquo;), its subsidiary JBG SMITH Properties LP, a Delaware limited partnership (the
 &ldquo;<U>Partnership</U>&rdquo;), and the employee of the Company or one of its affiliates listed on <U>Schedule A</U> (the &ldquo;<U>Employee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Employee is an employee of the Company or of a subsidiary of the Company and provides services to the Partnership (and/or its subsidiaries),
through which the Company conducts substantially all of its operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
accordance with the JBG SMITH Properties 2017 Omnibus Share Plan, as it may be amended from time to time (the &ldquo;<U>Plan</U>&rdquo;),
the Company desires to provide the Employee with an opportunity to acquire Appreciation-Only LTIP Units (as defined in that certain Second
Amended and Restated Limited Partnership Agreement, dated December&#8239;17, 2020 of the Partnership, as amended from time to time (the
 &ldquo;<U>Partnership Agreement</U>&rdquo;)) having the rights, voting powers, restrictions, limitations as to distributions, qualifications
and terms and conditions of redemption and conversion set forth herein, in the Plan and in the Partnership Agreement, and thereby provide
additional incentive for the Employee to promote the progress and success of the business of the Company, the Partnership and its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">C.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Schedule
A</U> hereto sets forth certain significant details of the Appreciation-Only LTIP Unit grant herein and is incorporated herein by reference.
Capitalized terms used herein and not otherwise defined have the meanings provided in the Partnership Agreement and on <U>Schedule A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, the Company, the Partnership and
the Employee hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Grant
of AO LTIP Units</U>. On the terms and conditions set forth below, as well as the terms and conditions of the Plan, the Company hereby
grants to the Employee the Maximum Number of Appreciation-Only LTIP Units set forth on <U>Schedule A</U> (the &ldquo;<U>AO LTIP Units</U>&rdquo;).
To the extent vested in accordance with Section&#8239;3, each AO LTIP Unit is intended to provide the Employee with the opportunity to
share in the appreciation of the value of a Share in excess of the Formation Unit Participation Threshold set forth on <U>Schedule&#8239;A</U>
based on the Formation Unit Conversion Factor and other terms set forth in the Partnership Agreement. The AO LTIP Units will accumulate
and/or participate in regular cash distributions made for Common Partnership Units as set forth in the Partnership Agreement, in accordance
with the Formation Unit Fraction set forth on <U>Schedule A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conversion
and Term</U>. Subject to earlier forfeiture, termination, acceleration or cancellation of the AO LTIP Units as provided in the Partnership
Agreement, Plan or this Award Agreement, until the Expiration Date (or such later time as set forth in the Employee&rsquo;s employment
agreement), vested AO LTIP Units shall be convertible at the Employee&rsquo;s election into a number of LTIP Units, as determined in accordance
with the Partnership Agreement, which in turn are convertible into Common Partnership Units and common Shares (&ldquo;<U>Common Shares</U>&rdquo;)
as provided in the Partnership Agreement. For purposes of this Award Agreement, &ldquo;<U>Expiration Date</U>&rdquo; means the earlier
of (a)&#8239;the date of the Employee&rsquo;s termination of employment by the Company for Cause, and (b)&#8239;the tenth (10th) anniversary
of the Grant Date. Unless otherwise provided in an agreement between the Company and the Employee, upon the Expiration Date any AO LTIP
Units which have not been converted into LTIP Units shall terminate, be cancelled for no consideration and be without further force or
effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vesting
Period</U>. The vesting period of the AO LTIP Units (the &ldquo;<U>Vesting Period</U>&rdquo;) begins on the Grant Date and continues until
such Vesting Dates, and subject to such vesting conditions, as set forth on <U>Schedule A</U>. On the first Vesting Date following the
date of this Award Agreement and each Vesting Date thereafter, the applicable number of AO LTIP Units specified on <U>Schedule&#8239;A</U>
shall become vested, subject to earlier forfeiture as provided in this Award Agreement. To the extent that <U>Schedule A</U> provides
for amounts or schedules of vesting that conflict with the provisions of this paragraph, the provisions of <U>Schedule A</U> will govern.
Except as permitted under Section&#8239;14, the AO LTIP Units for which the applicable Vesting Period has not expired may not be sold,
assigned, transferred, pledged or otherwise disposed of or encumbered (whether voluntarily or involuntarily or by judgment, levy, attachment,
garnishment or other legal or equitable proceeding).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Employee shall have the right to vote the AO
LTIP Units if and when voting is allowed under the Partnership Agreement, regardless of whether the applicable Vesting Period has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Forfeiture
of AO LTIP Units</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">If
the Employee is a party to a Service Agreement that addresses treatment of equity awards on a termination of employment and ceases to
be an employee of the Company or any of its affiliates, the provisions of such Service Agreement will apply as it pertains to any defined
terms, and this Agreement will govern to determine the number of AO LTIP Units that become vested and not as it pertains to any defined
terms. If the Employee is not a party to a Service Agreement that addresses treatment of equity awards on a termination of employment,
<U>Section&#8239;4(b)</U>&#8239;shall govern the treatment of the Employee&rsquo;s AO LTIP Units exclusively. In the event an entity ceases
to be a subsidiary or affiliate of the Company or the Partnership, such action shall be deemed to be a termination of employment of all
employees of that entity for purposes of this Agreement, <U>provided</U> that the Committee or the Board, in its sole and absolute discretion,
may make provision in such circumstances for lapse of forfeiture restrictions and/or accelerated vesting of some or all of the Employee&rsquo;s
remaining unvested AO LTIP Units that have not previously been forfeited, effective immediately prior to such event.<SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Upon
the Employee&rsquo;s Disability or death, or if the employment of the Employee by the Company or its affiliate is terminated following
the first anniversary of the Grant Date but prior to the fourth anniversary of the Grant Date either by the Company or its affiliate (or
a successor thereof) without Cause or by the Employee for Good Reason, then the Employee shall remain eligible to vest in the Vesting
Amount specified in <U>Schedule A</U> that would otherwise vest on the Vesting Date immediately following Employee&rsquo;s termination
date, which Vesting Amount shall vest and become convertible into LTIP Units and non-forfeitable as of the Employee&rsquo;s termination
date, or, if the Calculation Period (as defined in <U>Schedule A</U>) has not expired as of such date, then on the third anniversary of
the Grant Date. Any unvested AO LTIP Units outstanding as of the date of the Employee&rsquo;s termination of employment without Good Reason
or by the Company or its affiliate (or a successor thereof) for Cause, or that remain unvested after the application of this Section&#8239;4(b)&#8239;shall
be forfeited and returned to the Company for delivery to the Partnership and cancellation. Upon the Employee&rsquo;s Retirement, the Employee
shall remain eligible to vest in the Vesting Amount specified in <U>Schedule A</U> that would otherwise vest on all of the Vesting Dates
following Employee&rsquo;s termination date, which Vesting Amount shall vest and become convertible into LTIP Units and non-forfeitable
as of the Employee&rsquo;s termination date, or, if the Calculation Period (as defined in <U>Schedule A</U>) has not expired as of such
date, then on the third anniversary of the Grant Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Change
in Control</U>. Notwithstanding anything in the Plan to the contrary, if (a)&#8239;the Employee holds unvested AO LTIP Units as of immediately
prior to a Change in Control, (b)&#8239;the unvested AO LTIP Units are not continued, assumed or substituted in connection with such Change
in Control, and (c)&#8239;the Employee remains in employment as of immediately prior to the consummation of such Change in Control, then
the AO LTIP Units shall vest and become convertible into LTIP Units and non-forfeitable as of immediately prior to the consummation of
the Change in Control as follows: (i)&#8239;if such Change in Control occurs prior to the third anniversary of the Grant Date, then such
number of AO LTIP Units shall become vested as determined in accordance with <U>Schedule A</U>, with such calculation performed as of
the Change in Control, and (ii)&#8239;if such Change in Control occurs on or after the third anniversary of the Grant Date and before such
AO LTIP Units have become vested, the remainder of the unvested AO LTIPs that were determined to be Earned AO LTIP Units shall become
fully vested. The AO LTIP Units shall be considered &ldquo;assumed&rdquo; or &ldquo;substituted&rdquo; for purposes of the preceding sentence
only if each of the following requirements is satisfied, as determined by the Committee, as constituted immediately before the Change
in Control, in its sole discretion: (i)&#8239;the contractual obligations represented by the AO LTIP Units are expressly assumed (and not
simply by operation of law) by the successor entity or its parent in connection with the Change in Control with appropriate adjustments
to the number and type of securities of the successor entity or its parent subject to the converted or substituted award and to the Formation
Unit Participation Threshold which at least preserves the compensation element of the AO LTIP Units existing at the time of the Change
in Control; (ii)&#8239;in the case of a substituted award, it must be of the same type of award and have the same tax consequences to the
Employee as the AO LTIP Units; (iii)&#8239;the vesting terms of the converted or substituted award </FONT><FONT STYLE="background-color: white">(including
with respect to accelerated vesting upon certain terminations of employment) </FONT><FONT STYLE="font-size: 10pt">must be substantially
identical to the terms of the AO LTIP Units; (iv)&#8239;the converted or substituted award must be convertible or redeemable into another
security that is itself convertible or redeemable into shares of a publicly traded company, each in a manner substantially identical to
the corresponding terms of the AO LTIP Units; and (v)&#8239;all the other terms and conditions of the converted or substituted award must
be no less favorable to the Employee than the terms of the AO LTIP Units (including the provisions that would apply in the event of a
subsequent Change in Control).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For purposes of this Award Agreement, the following
terms will have the meaning given to them by any employment agreement between the Employee and the Company, and if there is no such agreement,
the meanings below:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Cause</U>&rdquo; means the Employee&rsquo;s:
(a)&#8239;conviction of, or plea of guilty or nolo contendere to, a felony, (b)&#8239;willful and continued failure to use reasonable efforts
to perform in all material respects his employment duties (other than such failure resulting from the Employee&rsquo;s incapacity due
to physical or mental illness) that the Employee fails to remedy within 30 days after written notice is delivered by the Company to the
Employee that specifically identifies in reasonable detail the manner in which the Company believes the Employee has not used reasonable
efforts to perform in all material respects his duties hereunder, or (c)&#8239;willful misconduct that is materially economically injurious
to the Company. For purposes of this paragraph, no act, or failure to act, by the Employee will be considered &ldquo;willful&rdquo; unless
committed in bad faith and without a reasonable belief that the act or omission was in the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Disability</U>&rdquo; means a termination
of employment by the Company or an affiliate as a result of the Employee having been substantially unable to perform his duties for a
continuous period of 180 days due to incapacity caused by physical or mental illness and within 30 days after receiving written Notice
of such termination of employment after such 180-day period, the Employee shall not have returned to the substantial performance of his
duties on a full-time basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Good Reason</U>&rdquo; means (a)&#8239;a
material reduction by the Company in the Employee&rsquo;s base salary, (b)&#8239;a material diminution in the Employee&rsquo;s position,
authority, duties or responsibilities, (c)&#8239;a relocation of the Employee&rsquo;s location of employment to a location outside of the
Washington D.C. metropolitan area, or (d)&#8239;a material breach of the Agreement; provided, in each of clauses (a)&#8239;and (b), in connection
with or after a Change in Control any reduction or any diminution (regardless of materiality) shall be deemed to satisfy such clauses,
and in each of clauses (a)&#8239;through (d), that the Employee terminates employment within 90 days after the Employee has actual knowledge
of the occurrence, without the written consent of Employee, of one of the foregoing events that has not been cured within 30 days after
written notice thereof has been given by the Employee to the Company setting forth in reasonable detail the basis of the event (provided
such notice must be given to the Company within 30 days of the Employee becoming aware of such condition).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Retirement</U>&rdquo; means the termination
of employment of the Employee after the Employee has met all of the following conditions: (a)&#8239;the Employee has attained at least
age 50, (b)&#8239;the Employee has completed at least ten (10)&#8239;years of service with the Company and its affiliates (including any
predecessors thereto), (c)&#8239;the sum of his or her age and years of service with the Company and its affiliates (including any predecessors
thereto) equals or exceeds seventy (70) and (d)&#8239;the Employee has provided at least six (6)&#8239;months&rsquo; notice of his or her
termination of employment to the Company or its applicable affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Service Agreement</U>&rdquo; means, as
of a particular date, any employment, consulting or similar service agreement then in effect between the Employee, on the one hand, and
the Employer, on the other hand, as amended or supplemented through such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Certificates</U>.
Each certificate, if any, issued in respect of the AO LTIP Units awarded under this Award Agreement shall be registered in the Employee&rsquo;s
name and held by the Company until the expiration of the applicable Vesting Period. If certificates representing the AO LTIP Units are
issued by the Partnership, at the expiration of each Vesting Period, the Company shall deliver to the Employee (or, if applicable, to
the Employee&rsquo;s legal representatives, beneficiaries or heirs) certificates representing the number of AO LTIP Units that vested
upon the expiration of such Vesting Period. The Employee agrees that any resale of the AO LTIP Units received upon the expiration of the
applicable Vesting Period (or Common Shares) received upon redemption of or in exchange for AO LTIP Units, other Partnership Units or
Common Partnership Units of the Partnership into which AO LTIP Units may have been converted) shall not occur during the &ldquo;blackout
periods&rdquo; forbidding sales of Company securities, as set forth in the then-applicable Company employee manual or insider trading
policy. In addition, any resale shall be made in compliance with the registration requirements of the Securities Act of 1933, as amended
(the &ldquo;<U>Securities Act</U>&rdquo;), or an applicable exemption therefrom, including, without limitation, the exemption provided
by Rule&#8239;144 promulgated thereunder (or any successor rule).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding</U>. The Company or its applicable affiliate has the right, to the extent applicable, to withhold from cash compensation payable
to the Employee all applicable income and employment taxes due and owing at the time the applicable portion of the AO LTIP Units becomes
includible in the Employee&rsquo;s income (the &ldquo;<U>Withholding Amount</U>&rdquo;), and/or to delay delivery of AO LTIP Units until
appropriate arrangements have been made for payment of such withholding. In the alternative, the Company has the right to retain and cancel,
or sell or otherwise dispose of, such number of AO LTIP Units as have a market value (determined as of the date the applicable AO LTIP
Units vest) approximately equal to the Withholding Amount, with any excess proceeds being paid to Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Certain
Adjustments</U>. The AO LTIP Units shall be subject to adjustment as provided in the Partnership Agreement, and except as otherwise provided
therein, if (i)&#8239;the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange
of shares, sale of all or substantially all of the assets or stock of the Company, spin-off of a Subsidiary, business unit or other transaction
similar thereto, (ii)&#8239;any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization,
significant repurchases of stock, or other similar change in the capital structure of the Company, or any extraordinary dividend or other
distribution to holders of Common Shares or Common Partnership Units other than regular dividends shall occur, or (iii)&#8239;any other
event shall occur that in each case in the good faith judgment of the Compensation Committee of the Board (the &ldquo;<U>Committee</U>&rdquo;)
necessitates action by way of appropriate equitable adjustment in the terms of this Award Agreement, the Plan or the AO LTIP Units, then
the Committee shall take such action as it deems necessary to maintain the Employee&rsquo;s rights hereunder so that they are substantially
proportionate to the rights existing under this Award Agreement and the terms of the AO LTIP Units prior to such event, including, without
limitation: (A)&#8239;adjustments in the AO LTIP Units; and (B)&#8239;substitution of other awards under the Plan or otherwise. In the event
of any change in the outstanding Common Shares (or corresponding change in the Conversion Factor applicable to Common Partnership Units
of the Partnership) by reason of any share dividend or split, recapitalization, merger, consolidation, spin-off, combination or exchange
of shares or other corporate change, or any distribution to common shareholders of the Company other than regular dividends, any LTIP
Units, Common Partnership Units, shares or other securities received by the Employee with respect to the applicable AO LTIP Units for
which the Vesting Period shall not have expired will be subject to the same restrictions as the AO LTIP Units with respect to an equivalent
number of shares or securities and shall be deposited with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Right to Employment</U>. Nothing herein contained shall affect the right of the Company or any affiliate to terminate the Employee&rsquo;s
services, responsibilities and duties at any time for any reason whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notice</U>.
Any notice to be given to the Company shall be addressed to the Chief Legal Officer, JBG SMITH Properties, 4747 Bethesda Avenue, Suite&#8239;200,
Bethesda, MD 20814, and any notice to be given the Employee shall be addressed to the Employee at the Employee&rsquo;s address as it appears
on the employment records of the Company, or at such other address as the Company or the Employee may hereafter designate in writing to
the other.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. This Award Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without
references to principles of conflict of laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. This Award Agreement shall be binding upon and inure to the benefit of the parties hereto and any successors to the Company
and any successors to the Employee by will or the laws of descent and distribution, but this Award Agreement shall not otherwise be assignable
or otherwise subject to hypothecation by the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transfer;
Redemption</U>. None of the AO LTIP Units shall be sold, assigned, transferred, pledged or otherwise disposed of or encumbered (whether
voluntarily or involuntarily or by judgment, levy, attachment, garnishment or other legal or equitable proceeding) (each such action,
a &ldquo;<U>Transfer</U>&rdquo;), or redeemed in accordance with the Partnership Agreement (a)&#8239;prior to vesting and (b)&#8239;unless
such Transfer is in compliance with all applicable securities laws (including, without limitation, the Securities Act), and such Transfer
is in accordance with the applicable terms and conditions of the Partnership Agreement. Any attempted Transfer of AO LTIP Units not in
accordance with the terms and conditions of this Section&#8239;14 shall be null and void, and the Partnership shall not reflect on its
records any change in record ownership of any AO LTIP Units as a result of any such Transfer, and shall otherwise refuse to recognize
any such Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
If, for any reason, any provision of this Award Agreement is held invalid, such invalidity shall not affect any other provision of this
Award Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force
and effect. If any provision of this Award Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of
such provision not held so invalid, and the rest of such provision, together with all other provisions of this Award Agreement, shall
to the full extent consistent with law continue in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Headings</U>.
The headings of paragraphs hereof are included solely for convenience of reference and shall not control the meaning or interpretation
of any of the provisions of this Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Award Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">18.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Miscellaneous</U>.
This Award Agreement may not be amended except in writing signed by the Company and the Employee. Notwithstanding the foregoing, this
Award Agreement may be amended in writing signed only by the Company to: (a)&#8239;correct any errors or ambiguities in this Award Agreement;
and/or (b)&#8239;to make such changes that do not materially adversely affect the Employee&rsquo;s rights hereunder. This grant shall in
no way affect the Employee&rsquo;s participation or benefits under any other plan or benefit program maintained or provided by the Company.
In the event of a conflict between this Award Agreement and the Plan or the Partnership Agreement, the Plan or the Partnership Agreement,
respectively, shall govern; provided, that the Plan may not be amended in a manner that materially adversely affects the Employee&rsquo;s
rights hereunder without the Employee&rsquo;s consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">19.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Intentionally
Omitted</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">20.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Status
as a Partner</U>. Unless the Employee is already a partner of the Partnership as of the Grant Date, the Employee shall be admitted as
a partner of the Partnership as of the Grant Date with beneficial ownership of the Maximum Number of Appreciation-Only LTIP Units set
forth on <U>Schedule A</U> issued to the Employee as of such date pursuant to this Award Agreement by: (A)&#8239;signing and delivering
to the Partnership a copy of this Award Agreement; and (B)&#8239;signing, as a Limited Partner, and delivering to the Partnership a counterpart
signature page&#8239;to the Partnership Agreement (attached hereto as <U>Exhibit&#8239;A</U>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">21.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Status
of AO LTIP Units under the Plan</U>. The AO LTIP Units are both issued as equity securities of the Partnership and granted as awards under
the Plan. The Company will have the right at its option, as set forth in the Partnership Agreement, to issue Common Shares in exchange
for Partnership Units into which AO LTIP Units may have been converted pursuant to the Partnership Agreement, subject to certain limitations
set forth in the Partnership Agreement, and such Common Shares, if issued, will be issued under the Plan. The Employee must be eligible
to receive the AO LTIP Units in compliance with applicable federal and state securities laws and to that effect is required to complete,
execute and deliver certain covenants, representations and warranties (attached as <U>Exhibit&#8239;B</U>). The Employee acknowledges that
the Employee will have no right to approve or disapprove such determination by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">22.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investment
Representations; Registration</U>. The Employee hereby makes the covenants, representations and warranties as set forth on <U>Exhibit&#8239;B</U>
attached hereto. All of such covenants, warranties and representations shall survive the execution and delivery of this Award Agreement
by the Employee. The Partnership will have no obligation to register under the Securities Act any AO LTIP Units or any other securities
issued pursuant to this Award Agreement or upon conversion or exchange of AO LTIP Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">23.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Data
Privacy Consent</U>. In order to administer the Plan and this Award Agreement and to implement or structure future equity grants, the
Company and its agents may process any and all personal or professional data, including but not limited to Social Security or other identification
number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of
the Plan and/or this Award Agreement (the &ldquo;<U>Relevant Information</U>&rdquo;). By entering into this Award Agreement, the Employee
(i)&#8239;authorizes the Company to collect, process, register and transfer to its agents all Relevant Information&#894; and (ii)&#8239;authorizes
the Company and its agents to store and transmit such information in electronic form. The Employee shall have access to, and the right
to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law and to the extent necessary
to administer the Plan and this Award Agreement, and the Company and its agents will keep the Relevant Information confidential except
as specifically authorized under this paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">24.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Electronic
Delivery of Documents</U>. By accepting this Award Agreement, the Employee (i)&#8239;consents to the electronic delivery of this Award
Agreement, all information with respect to the Plan and any reports of the Company provided generally to the Company&rsquo;s stockholders&#894;
(ii)&#8239;acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to
the Employee by contacting the Company by telephone or in writing&#894; (iii)&#8239;further acknowledges that he or she may revoke his
or her consent to electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service
or electronic mail&#894; and (iv)&#8239;further acknowledges that he or she is not required to consent to electronic delivery of documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">25.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Section&#8239;83(b)&#8239;Election</U>.
In connection with this Award Agreement, the Employee hereby agrees to make an election to include in gross income in the year of transfer
the fair market value of the applicable AO LTIP Units over the amount paid for them pursuant to Section&#8239;83(b)&#8239;of the Internal
Revenue Code of 1986, as amended, substantially in the form attached hereto as <U>Exhibit&#8239;C</U> and to supply the necessary information
in accordance with the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">26.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Acknowledgement</U>.
The Employee hereby acknowledges and agrees that this Award Agreement and the AO LTIP Units issued hereunder shall constitute satisfaction
in full of all obligations of the Company and the Partnership, if any, to grant to the Employee AO LTIP Units pursuant to the terms of
any written employment agreement or letter or other written offer or description of employment with the Company and/or the Partnership
executed prior to or coincident with the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>signature page&#8239;follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, this Award Agreement has been
executed by the parties hereto as of the date and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JBG SMITH PROPERTIES</B>, a Maryland real estate investment trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="3">&#8239;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 3%">&#8239;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Museles</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Legal Officer and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JBG SMITH PROPERTIES LP</B>, a Delaware limited partnership</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:&#8239;&#8239;&#8239;JBG SMITH Properties GP LLC, a Delaware limited liability company,
    its general partner</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&#8239;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&#8239;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&#8239;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Museles</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Legal Officer and Secretary</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYEE</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">
</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&#8239;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&#8239;OF LIMITED PARTNER SIGNATURE PAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Employee, desiring to become one of the within
named Limited Partners of JBG SMITH Properties LP, hereby accepts all of the terms and conditions of (including, without limitation, the
provisions related to powers of attorney), and becomes a party to, the Second Amended and Restated Limited Partnership Agreement, dated
December&#8239;17, 2020, of JBG SMITH Properties LP, as amended (the &ldquo;<U>Partnership Agreement</U>&rdquo;). The Employee agrees that
this signature page&#8239;may be attached to any counterpart of the Partnership Agreement and further agrees as follows (where the term
 &ldquo;Limited Partner&rdquo; refers to the Employee). Capitalized terms used but not defined herein have the meaning ascribed thereto
in the Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner hereby confirms that it has reviewed the terms of the Partnership Agreement and affirms and agrees that it is bound by
each of the terms and conditions of the Partnership Agreement, including, without limitation, the provisions thereof relating to limitations
and restrictions on the transfer of Partnership Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner hereby confirms that it is acquiring the Partnership Units for its own account as principal, for investment and not with
a view to resale or distribution, and that the Partnership Units may not be transferred or otherwise disposed of by the Limited Partner
otherwise than in a transaction pursuant to a registration statement filed by the Partnership (which it has no obligation to file) or
that is exempt from the registration requirements of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
and all applicable state and foreign securities laws, and the General Partner may refuse to transfer any Partnership Units as to which
evidence of such registration or exemption from registration satisfactory to the General Partner is not provided to it, which evidence
may include the requirement of a legal opinion regarding the exemption from such registration. If the General Partner delivers to the
Limited Partner common Shares of beneficial interest of the General Partner (&ldquo;<U>Common Shares</U>&rdquo;) upon redemption of any
Partnership Units, the Common Shares will be acquired for the Limited Partner&rsquo;s own account as principal, for investment and not
with a view to resale or distribution, and the Common Shares may not be transferred or otherwise disposed of by the Limited Partner otherwise
than in a transaction pursuant to a registration statement filed by the General Partner with respect to such Common Shares (which it has
no obligation under the Partnership Agreement to file) or that is exempt from the registration requirements of the Securities Act and
all applicable state and foreign securities laws, and the General Partner may refuse to transfer any Common Shares as to which evidence
of such registration or exemption from such registration satisfactory to the General Partner is not provided to it, which evidence may
include the requirement of a legal opinion regarding the exemption from such registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner hereby affirms that it has appointed the General Partner, any Liquidator and authorized officers and attorneys-in-fact
of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact,
with full power and authority in its name, place and stead, in accordance with Section&#8239;2.4 of the Partnership Agreement, which section
is hereby incorporated by reference. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an
interest, and it shall survive and not be affected by the death, incompetency, dissolution, disability, incapacity, bankruptcy or termination
of the Limited Partner and shall extend to the Limited Partner&rsquo;s heirs, executors, administrators, legal representatives, successors
and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Options: NewSection; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner hereby confirms that, notwithstanding any provisions of the Partnership Agreement to the contrary, the AO LTIP Units shall
not be redeemable by the Limited Partner pursuant to Section&#8239;8.6 of the Partnership Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner hereby irrevocably consents in advance to any amendment to the Partnership Agreement, as may be recommended by the General
Partner, intended to avoid the Partnership being treated as a publicly-traded partnership within the meaning of Section&#8239;7704 of the
Internal Revenue Code, including, without limitation, (x)&#8239;any amendment to the provisions of Section&#8239;8.6 of the Partnership
Agreement intended to increase the waiting period between the delivery of a Notice of Redemption and the Specified Redemption Date and/or
the Valuation Date to up to sixty (60) days or (y)&#8239;any other amendment to the Partnership Agreement intended to make the redemption
and transfer provisions, with respect to certain redemptions and transfers, more similar to the provisions described in Treasury Regulations
Section&#8239;1.7704-1(f).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Limited Partner hereby appoints the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each of
those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power
and authority in its name, place and stead, to execute and deliver any amendment referred to in the foregoing paragraph 5(a)&#8239;on the
Limited Partner&rsquo;s behalf. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest,
and it shall survive and not be affected by the death, incompetency, dissolution, disability, incapacity, bankruptcy or termination of
the Limited Partner and shall extend to the Limited Partner&rsquo;s heirs, executors, administrators, legal representatives, successors
and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner agrees that it will not transfer any interest in the Partnership Units (x)&#8239;through (i)&#8239;a national, non-U.S.,
regional, local or other securities exchange, (ii)&#8239;PORTAL or (iii)&#8239;an over-the-counter market (including an interdealer quotation
system that regularly disseminates firm buy or sell quotations by identified brokers or dealers by electronic means or otherwise) or (y)&#8239;to
or through (a)&#8239;a person, such as a broker or dealer, that makes a market in, or regularly quotes prices for, interests in the Partnership,
(b)&#8239;a person that regularly makes available to the public (including customers or subscribers) bid or offer quotes with respect to
any interests in the Partnership and stands ready to effect transactions at the quoted prices for itself or on behalf of others or (c)&#8239;another
readily available, regular and ongoing opportunity to sell or exchange the interest through a public means of obtaining or providing information
of offers to buy, sell or exchange the interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Limited Partner acknowledges that the General Partner shall be a third-party beneficiary of the representations, covenants and agreements
set forth in Sections 4 and 6 hereof. The Limited Partner agrees that it will transfer, whether by assignment or otherwise, Partnership
Units only to the General Partner or to transferees that provide the Partnership and the General Partner with the representations and
covenants set forth in Sections 4 and 6 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
acceptance shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the
principles of conflicts of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Line for Limited Partner:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address of Limited Partner:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&#8239;B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYEE&rsquo;S COVENANTS, REPRESENTATIONS
AND WARRANTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Employee hereby represents, warrants and covenants
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Employee has received and had an opportunity to review the following documents (the &ldquo;<U>Background Documents</U>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s latest </FONT>Annual Report&#8239;to Shareholders<FONT STYLE="font-size: 10pt">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s Proxy Statement for its most recent Annual Meeting of Shareholders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s Report on Form&#8239;10-K for the fiscal year most recently ended;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s Form&#8239;10-Q for the most recently ended quarter if one has been filed by the Company with the Securities and Exchange
Commission since the filing of the Form&#8239;10-K described in clause (iii)&#8239;above;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Company&rsquo;s Current Report(s)&#8239;on Form&#8239;8-K, if any, filed since the later of the Form&#8239;10-K described in clause
(iii)&#8239;above and the Form&#8239;10-Q described in clause (iv)&#8239;above;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Partnership Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Employee also acknowledges that any delivery
of the Background Documents and other information relating to the Company and the Partnership prior to the determination by the Partnership
of the suitability of the Employee as a holder of AO LTIP Units shall not constitute an offer of AO LTIP Units until such determination
of suitability shall be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Employee hereby represents and warrants that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Employee either (A)&#8239;is an &ldquo;accredited investor&rdquo; as defined in Rule&#8239;501(a)&#8239;under the Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), or (B)&#8239;by reason of the business and financial experience of the Employee,
together with the business and financial experience of those persons, if any, retained by the Employee to represent or advise him with
respect to the grant to him of AO LTIP Units, the potential conversion of AO LTIP Units into Common Partnership Units of the Partnership
(&ldquo;<U>Common Units</U>&rdquo;) and the potential redemption of such Common Units for the Company&rsquo;s Common Shares, has such
knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that the Employee
(I)&#8239;is capable of evaluating the merits and risks of an investment in the Partnership and potential investment in the Company and
of making an informed investment decision, (II)&#8239;is capable of protecting his own interest or has engaged representatives or advisors
to assist him in protecting his interests, and (III)&#8239;is capable of bearing the economic risk of such investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Employee understands that (A)&#8239;the Employee is responsible for consulting his own tax advisors with respect to the application of
the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Employee is or by reason
of the award of AO LTIP Units may become subject, to his particular situation; (B)&#8239;the Employee has not received or relied upon business
or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity
as such; (C)&#8239;the Employee provides services to the Partnership on a regular basis and in such capacity has access to such information,
and has such experience of and involvement in the business and operations of the Partnership, as the Employee believes to be necessary
and appropriate to make an informed decision to accept this award of AO LTIP Units; and (D)&#8239;an investment in the Partnership and/or
the Company involves substantial risks. The Employee has been given the opportunity to make a thorough investigation of matters relevant
to the AO LTIP Units and has been furnished with, and has reviewed and understands, materials relating to the Partnership and the Company
and their respective activities (including, but not limited to, the Background Documents). The Employee has been afforded the opportunity
to obtain any additional information (including any exhibits to the Background Documents) deemed necessary by the Employee to verify the
accuracy of information conveyed to the Employee. The Employee confirms that all documents, records, and books pertaining to his receipt
of AO LTIP Units which were requested by the Employee have been made available or delivered to the Employee. The Employee has had an opportunity
to ask questions of and receive answers from the Partnership and the Company, or from a person or persons acting on their behalf, concerning
the terms and conditions of the AO LTIP Units. <B>The Employee has relied upon, and is making its decision solely upon, the Background
Documents and other written information provided to the Employee by the Partnership or the Company.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
AO LTIP Units to be issued, the Common Units issuable upon conversion of the AO LTIP Units and any Common Shares issued in connection
with the redemption of any such Common Units will be acquired for the account of the Employee for investment only and not with a current
view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein, without
prejudice, however, to the Employee&rsquo;s right (subject to the terms of the AO LTIP Units, the Plan and this Award Agreement) at all
times to sell or otherwise dispose of all or any part of his AO LTIP Units, Common Units or Common Shares in compliance with the Securities
Act, and applicable state securities laws, and subject, nevertheless, to the disposition of his assets being at all times within his control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Employee acknowledges that (A)&#8239;neither the AO LTIP Units to be issued, nor the Common Units issuable upon conversion of the AO LTIP
Units, have been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration
under the Securities Act and applicable state securities laws and, if such AO LTIP Units or Common Units are represented by certificates,
such certificates will bear a legend to such effect, (B)&#8239;the reliance by the Partnership and the Company on such exemptions is predicated
in part on the accuracy and completeness of the representations and warranties of the Employee contained herein, (C)&#8239;such AO LTIP
Units or Common Units, therefore, cannot be resold unless registered under the Securities Act and applicable state securities laws, or
unless an exemption from registration is available, (D)&#8239;there is no public market for such AO LTIP Units and Common Units and (E)&#8239;neither
the Partnership nor the Company has any obligation or intention to register such AO LTIP Units or the Common Units issuable upon conversion
of the AO LTIP Units under the Securities Act or any state securities laws or to take any action that would make available any exemption
from the registration requirements of such laws, except that, upon the redemption of the Common Units for Common Shares, the Company may
issue such Common Shares under the Plan and pursuant to a Registration Statement on Form&#8239;S-8 under the Securities Act, to the extent
that (I)&#8239;the Employee is eligible to receive such Common Shares under the Plan at the time of such issuance, (II)&#8239;the Company
has filed a Form&#8239;S-8 Registration Statement with the Securities and Exchange Commission registering the issuance of such Common Shares
and (III)&#8239;such Form&#8239;S-8 is effective at the time of the issuance of such Common Shares. The Employee hereby acknowledges that
because of the restrictions on transfer or assignment of such AO LTIP Units acquired hereby and the Common Units issuable upon conversion
of the AO LTIP Units which are set forth in the Partnership Agreement or this Award Agreement, the Employee may have to bear the economic
risk of his ownership of the AO LTIP Units acquired hereby and the Common Units issuable upon conversion of the AO LTIP Units for an indefinite
period of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Employee has determined that the AO LTIP Units are a suitable investment for the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
representations or warranties have been made to the Employee by the Partnership or the Company, or any officer, director, shareholder,
agent or affiliate of any of them, and the Employee has received no information relating to an investment in the Partnership or the AO
LTIP Units except the information specified in paragraph (a)&#8239;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">So
long as the Employee holds any AO LTIP Units, the Employee shall disclose to the Partnership in writing such information as may be reasonably
requested with respect to ownership of AO LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance
with provisions of the Code applicable to the Partnership or to comply with requirements of any other appropriate taxing authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Employee hereby agrees to make an election under Section&#8239;83(b)&#8239;of the Code with respect to the AO LTIP Units awarded hereunder,
and has delivered with this Award Agreement a completed, executed copy of the election form attached hereto as <U>Exhibit&#8239;C</U>.
The Employee agrees to file the election (or to permit the Partnership to file such election on the Employee&rsquo;s behalf) within thirty
(30) days after the award of the AO LTIP Units hereunder with the IRS Service Center at which such Employee files his personal income
tax returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
address set forth on the signature page&#8239;of this Award Agreement is the address of the Employee&rsquo;s principal residence, and the
Employee has no present intention of becoming a resident of any country, state or jurisdiction other than the country and state in which
such residence is sited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&#8239;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELECTION TO INCLUDE IN GROSS INCOME IN YEAR
OF TRANSFER OF PROPERTY PURSUANT TO SECTION&#8239;83(B)&#8239;OF THE INTERNAL REVENUE CODE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned hereby makes an election pursuant
to Section&#8239;83(b)&#8239;of the Internal Revenue Code with respect to the property described below and supplies the following information
in accordance with the regulations promulgated thereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The name, address and taxpayer identification number of the undersigned are:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Name: [__________] (the &ldquo;<U>Taxpayer</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><U>Address</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Social Security No./Taxpayer Identification No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Description of property with respect to which the election is being made:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The election is being made with respect to AO LTIP Units in
JBG SMITH Properties LP (the &ldquo;<U>Partnership</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>The date on which the AO LTIP Units were transferred is &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
2022. The taxable year to which this election relates is calendar year 2022.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Nature of restrictions to which the AO LTIP Units are subject:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>With limited exceptions, until the AO LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the AO LTIP Units
without the consent of the Partnership.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The Taxpayer&rsquo;s AO LTIP Units vest in accordance with the vesting provisions described in the Schedule attached hereto. Unvested
AO LTIP Units are forfeited in accordance with the vesting provisions described in the Schedule attached hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The fair market value at time of transfer (determined without regard to any restrictions other than a nonlapse restriction as defined
in Treasury Regulations Section&#8239;1.83-3(h)) of the AO LTIP Units with respect to which this election is being made was $0 per AO LTIP
Unit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD>The amount paid by the Taxpayer for the AO LTIP Units was $0 per AO LTIP Unit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD>A copy of this statement has been furnished to the Partnership and JBG SMITH Properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 16; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE TO EXHIBIT&#8239;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vesting Provisions of AO LTIP Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The AO LTIP Units are subject to a combination of
time and performance-based vesting, based on relative total shareholder return, over a period commencing on the day after the Grant Date
and ending on the fourth anniversary of the Grant Date, <U>provided that</U> the Taxpayer remains an employee of JBG SMITH Properties
or its affiliates through the vesting period, subject to acceleration in the event of certain extraordinary transactions or termination
of the Taxpayer&rsquo;s service relationship with JBG SMITH Properties (or its affiliate) under specified circumstances. Unvested AO LTIP
Units are subject to forfeiture in the event of failure to vest based on the passage of time and continued employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JBG SMITH PROPERTIES</B>, a Maryland real estate investment trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 3%">&#8239;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Museles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>Title:</TD>
    <TD>Chief Legal Officer and Secretary</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="3">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE A TO AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Terms being defined are in quotation marks.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Award Agreement:</FONT></TD>
    <TD STYLE="width: 51%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January&nbsp;3, 2022</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Employee:</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maximum Number of AO LTIP Units Subject to Grant:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Number of AO LTIP Units Subject to Grant</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Grant Date</U>&rdquo;: January&nbsp;3, 2022</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Formation Unit Participation Threshold</U>&rdquo;:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<B>[</B>__<B>]</B>, which amount represents the greater of the Value on the Grant Date and 110% of the Fair Market Value of a Common Share on the Grant Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Formation Unit Fraction</U>&rdquo;:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Vesting Amount</U>&rdquo;:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">50% of the AO LTIP Units that become Earned AO LTIP Units</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Vesting Dates&rdquo;/&ldquo;Vesting Period</U>&rdquo;:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. The third anniversary of the Grant Date</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50% of the AO LTIP Units that become Earned AO LTIP Units)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. The fourth anniversary of
    the Grant Date </FONT></TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Earned AO LTIP Units&rdquo;:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of AO LTIP Units that will become Earned AO LTIP Units will
be determined by the Committee as soon as practicable following the expiration of the Calculation Period based on the Company&rsquo;s
Relative Total Shareholder Return as follows:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">If the Company&rsquo;s Relative Total Shareholder Return is at or above the
25<SUP>th</SUP> percentile and at or below the 75<SUP>th</SUP> percentile, the number of AO LTIP Units that will become Earned AO LTIP
Units is the Target Number.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">If the Company&rsquo;s Relative Total Shareholder Return is below the 25<SUP>th</SUP>
percentile, the number of AO LTIP Units that will become Earned AO LTIP Units will be determined by reducing the Target Number of AO LTIP
Units by 1% for each percentage point that the Company&rsquo;s Relative Total Shareholder Return is below the 25<SUP>th</SUP> percentile.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">If the Company&rsquo;s Relative Total Shareholder Return is above the 75<SUP>th</SUP>
percentile, the number of AO LTIP Units that will become Earned AO LTIP Units will be determined by increasing the Target Number of AO
LTIP Units by 1% for each percentage point that the Company&rsquo;s Relative Total Shareholder Return is above the 75<SUP>th</SUP> percentile.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of calculating the Earned AO LTIP Units, the following
definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Baseline Value</U>&rdquo; for each of the Company and the
Peer Companies means the dollar amount representing the average of the Fair Market Value of one share of common stock of such company
over the five consecutive trading days ending on, and including, the first day of the Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Calculation Period</U>&rdquo; means the period commencing
on the Grant Date and ending on the third anniversary of the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Common Share Price</U>&rdquo; means, with respect to the
Company and each of the Peer Companies, as of a particular date, the average of the Fair Market Value of one share of common stock of
such company over all trading days beginning immediately after the first day of the Calculation Period and ending on, and including, such
date (or, if such date is not a trading day, the most recent trading day immediately preceding such date)&#894; <U>provided</U>, <U>however</U>,
that if such date is the date upon which a Transactional Change of Control occurs, the Common Share Price of a share of common stock as
of such date shall be equal to the fair value, as determined by the Committee, of the total consideration paid or payable in the transaction
resulting in the Transactional Change of Control for one Share, while the Common Share Price as determined in accordance with the remainder
of this definition will be used to determine the Common Share Price for the rest of the Peer Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Fair Market Value</U>&rdquo; of a security means, as of any
given date, the closing sale price reported for such security on the principal stock exchange or, if applicable, any other national exchange
on which the security is traded or admitted to trading on such date on which a sale was reported. If there are no market quotations for
such date, the determination shall be made by reference to the last day preceding such date for which there are market quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Peer Companies</U>&rdquo; means the companies in the FTSE
NAREIT Equity Office Index with a market capitalization at the beginning of the Calculation Period greater than $400 million, but excluding
Alexandria Real Estate Equities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Relative Total Shareholder Return</U>&rdquo; means the Company&rsquo;s
Total Shareholder Return over the Calculation Period relative to the Total Shareholder Return of the Peer Companies over the Calculation
Period expressed as a percentile calculated by dividing the number of such Peer Companies with a Total Shareholder Return less than the
Company&rsquo;s Total Shareholder Return by the total number of such Peer Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Total Shareholder Return</U>&rdquo; means, for each of the
Company and the Peer Companies, with respect to the Calculation Period, the total return (expressed as a percentage) that would have been
realized by a shareholder who (a)&nbsp;bought one share of common stock of such company at the Baseline Value on the first day of the
Calculation Period, (b)&nbsp;reinvested each dividend and other distribution declared during such Calculation Period with respect to such
share (and any other shares, or fractions thereof, previously received upon reinvestment of dividends or other distributions or on account
of stock dividends), without deduction for any taxes with respect to such dividends or other distributions or any charges in connection
with such reinvestment, in additional shares at a price per share equal to (i)&nbsp;the Fair Market Value on the trading day immediately
preceding the ex-dividend date for such dividend or other distribution less (ii)&nbsp;the amount of such dividend or other distribution,
and (c)&nbsp;sold such shares on the last day of the Calculation Period at the Common Share Price, without deduction for any taxes with
respect to any gain on such sale or any charges in connection with such sale. As set forth in, and pursuant to, <U>Section&nbsp;9</U>
of this Agreement, appropriate adjustments to the Total Shareholder Return shall be made to take into account all stock dividends, stock
splits, reverse stock splits and the other events set forth in <U>Section&nbsp;9</U> that occur during the Calculation Period.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Transactional Change of Control</U>&rdquo; means a Change
of Control resulting from any person or group making a tender offer for the Shares, a merger or consolidation where the Company is not
the acquirer or surviving entity or consisting of a sale, lease, exchange or other transfer to an unrelated party of all or substantially
all of the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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