Document:

Form of First Amended and Restated Limited Partnership Agreement

 EXHIBIT 10.1 
 FORM OF AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF 
 STRATEGIC STORAGE OPERATING
PARTNERSHIP, L.P. 

 FIRST AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P. 

 FIRST AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P. 
 TABLE OF CONTENTS 
  
  

					
	 	  	 	  	Page
	 ARTICLE 1          DEFINED TERMS
	  	1
		
	 ARTICLE 2          PARTNERSHIP FORMATION AND IDENTIFICATION
	  	7
	 2.1
	  	 Formation
	  	7
	 2.2
	  	 Name, Office and Registered Agent
	  	7
	 2.3
	  	 Partners
	  	7
	 2.4
	  	 Term and Dissolution
	  	7
	 2.5
	  	 Filing of Certificate and Perfection of Limited Partnership
	  	8
	 2.6
	  	 Certificates Describing Partnership Units
	  	8
		
	 ARTICLE 3          BUSINESS OF THE PARTNERSHIP
	  	8
		
	 ARTICLE 4          CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	9
	 4.1
	  	 Capital Contributions
	  	9
	 4.2
	  	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	9
	 4.3
	  	 Additional Funding
	  	11
	 4.4
	  	 Capital Accounts
	  	11
	 4.5
	  	 Percentage Interests
	  	11
	 4.6
	  	 No Interest on Contributions
	  	11
	 4.7
	  	 Return of Capital Contributions
	  	11
	 4.8
	  	 No Third Party Beneficiary
	  	11
		
	 ARTICLE 5          PROFITS AND LOSSES; DISTRIBUTIONS
	  	12
	 5.1
	  	 Allocation of Profit and Loss
	  	12
	 5.2
	  	 Distribution of Cash
	  	14
	 5.3
	  	 REIT Distribution Requirements
	  	15
	 5.4
	  	 No Right to Distributions In Kind
	  	15
	 5.5
	  	 Limitations of Return of Capital Contributions
	  	15
	 5.6
	  	 Distributions Upon Liquidation
	  	15
	 5.7
	  	 Substantial Economic Effect
	  	15
		
	 ARTICLE 6          RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	15
	 6.1
	  	 Management of the Partnership
	  	15
	 6.2
	  	 Delegation of Authority
	  	18
	 6.3
	  	 Indemnification and Exculpation of Indemnitees
	  	18
	 6.4
	  	 Liability of the General Partner
	  	19
	 6.5
	  	 Reimbursement of General Partner
	  	20
	 6.6
	  	 Outside Activities
	  	20
	 6.7
	  	 Employment or Retention of Affiliates
	  	21
	 6.8
	  	 General Partner Participation
	  	21
	 6.9
	  	 Title to Partnership Assets
	  	21
	 6.10
	  	 Miscellaneous
	  	22

  

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	 ARTICLE 7          CHANGES IN GENERAL PARTNER
	  	22
	 7.1
	  	 Transfer of the General Partner’s Partnership Interest
	  	22
	 7.2
	  	 Admission of a Substitute or Additional General Partner
	  	23
	 7.3
	  	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	24
	 7.4
	  	 Removal of a General Partner
	  	24
		
	 ARTICLE 8          RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	25
	 8.1
	  	 Management of the Partnership
	  	25
	 8.2
	  	 Power of Attorney
	  	25
	 8.3
	  	 Limitation on Liability of Limited Partners
	  	25
	 8.4
	  	 Exchange Right
	  	26
		
	 ARTICLE 9          TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	27
	 9.1
	  	 Purchase for Investment
	  	27
	 9.2
	  	 Restrictions on Transfer of Limited Partnership Interests
	  	27
	 9.3
	  	 Admission of Substitute Limited Partner
	  	29
	 9.4
	  	 Rights of Assignees of Partnership Interests
	  	30
	 9.5
	  	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	30
	 9.6
	  	 Joint Ownership of Interests
	  	30
	 9.7
	  	 Redemption of Partnership Units
	  	30
		
	 ARTICLE 10        BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	31
	 10.1
	  	 Books and Records
	  	31
	 10.2
	  	 Custody of Partnership Funds; Bank Accounts
	  	31
	 10.3
	  	 Fiscal and Taxable Year
	  	31
	 10.4
	  	 Annual Tax Information and Report
	  	31
	 10.5
	  	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	31
	 10.6
	  	 Reports Made Available to Limited Partners
	  	32
		
	 ARTICLE 11        AMENDMENT OF AGREEMENT; MERGER
	  	32
		
	 ARTICLE 12        GENERAL PROVISIONS
	  	33
	 12.1
	  	 Notices
	  	33
	 12.2
	  	 Survival of Rights
	  	33
	 12.3
	  	 Additional Documents
	  	33
	 12.4
	  	 Severability
	  	33
	 12.5
	  	 Entire Agreement
	  	33
	 12.6
	  	 Pronouns and Plurals
	  	33
	 12.7
	  	 Headings
	  	33
	 12.8
	  	 Counterparts
	  	33
	 12.9
	  	 Governing Law
	  	33

  

					
	 EXHIBIT A
	  	 GENERAL PARTNER AND ORIGINAL LIMITED PARTNER, CAPITAL
CONTRIBUTIONS AND PERCENTAGE INTERESTS
	  	35
			
	 EXHIBIT B
	  	 NOTICE OF EXERCISE OF EXCHANGE RIGHT
	  	36

  

 ii 

 FIRST AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P. 
 Strategic Storage Operating Partnership, L.P. (the “Partnership”) was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the
Office of the Secretary of State of the State of Delaware on August 14, 2007. This First Amended and Restated Limited Partnership Agreement (“Agreement”) is entered into effective as of ____________, 200__ between Strategic Storage
Trust, Inc., a Maryland corporation (the “General Partner”) and the Limited Partner set forth on Exhibit A hereto. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1.

 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1

 DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 Act means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 
 Additional Funds has the meaning set forth in Section 4.3. 
 Additional Securities means any
additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section 8.5 hereof or REIT Shares issued pursuant to a distribution reinvestment plan of the General Partner) or rights, options, warrants or
convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.2(a)(ii). 
 Administrative Expenses means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any
salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses of the Partnership and not the General
Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are
attributable to Properties or partnership interests in a Subsidiary Partnership (other than this Partnership) that are owned by the General Partner directly. 
 Advisor or Advisors means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and responsible for directing or performing the day-to-day business
affairs of the General Partner, including any Person to whom the Advisor subcontracts substantially all of such functions. 
 Advisory Agreement means the agreement between the General Partner and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the General Partner. 
  

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 Affiliate or Affiliated means, as to any individual, corporation, partnership,
trust, limited liability company or other legal entity (other than this Partnership), (i) any Person, directly or indirectly through one or more intermediaries controlling, controlled by, or under common control with another person;
(ii) any Person, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another Person; (iii) any officer, director, general partner or trustee of
such Person; (iv) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; and (v) if such other Person is an officer,
director, general partner, or trustee of a Person, the Person for which such Person acts in any such capacity. For purposes of this definition, “under common control” shall mean that one Person or group (within the meaning of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) owns 10% or more of the outstanding voting securities of two or more Persons, in which case the Person so owned would be affiliates of each other. 
 Agreed Value means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as
agreed to by such Partner and the General Partner. The names and addresses of the General Partner and Original Limited Partner, number of Partnership Units issued to each of them, and their respective Capital Contributions as of the date of
contribution is set forth on Exhibit A. 
 Agreement means this First Amended and Restated Limited Partnership
Agreement, as amended, modified supplemented or restated from time to time, as the context requires. 
 Articles of
Incorporation means the Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 Capital Account has the meaning provided in Section 4.4 hereof. 
 Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other
than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution
made by a predecessor holder of the Partnership Interest of such Partner. 
 Cash Amount means an amount of cash equal
to the product of the Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 
 Certificate means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the
Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other
jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners
under the laws of the State of Delaware or such other jurisdiction. 
 Code means the Internal Revenue Code of 1986,
as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
 Conversion Factor means 1.0, provided that in the event that the General Partner (i) declares or pays a dividend on its
outstanding REIT Shares in REIT Shares or makes a distribution to all holders of 

  

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its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a
smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend,
distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined
without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or
combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share
is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such
event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend, distribution, subdivision or
combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination. 
 Event of Bankruptcy as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the
Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding;
filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced
by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 
 Exchange Amount means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner in its sole and
absolute discretion pursuant to Section 8.5(b) hereof. 
 Exchange Right has the meaning provided in
Section 8.5(a) hereof. 
 Exchanging Partner has the meaning provided in Section 8.5(a) hereof. 

General Partner means Strategic Storage Trust, Inc., a Maryland corporation, and any Person who becomes a substitute or
additional General Partner as provided herein, and any of their successors as General Partner. 
 General Partnership
Interest means a Partnership Interest held by the General Partner that is a general partnership interest. 
 Indemnitee means (i) the General Partner or a director, officer or employee of the General Partner or Partnership, (ii) the Advisor or a director, officer, manager, member, employee of the Advisor or another agent of the
Advisor if such agent is an Affiliate of the Advisor and (iii) such other Persons (including Affiliates of the General Partner, the Advisor or the Partnership) as the General Partner may designate from time to time, in its sole and absolute
discretion. 
  

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 “Independent Director” means a director of the General Partner
who is not an officer or employee of the General Partner and meets the requirements for independence as defined by the General Partner’s Articles of Incorporation. 
 Limited Partner means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a
Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 Limited Partnership
Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement
and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 
 Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective registration statement, on a National Securities Exchange or over-the-counter market. Upon Listing, the
shares shall be deemed Listed. 
 Loss has the meaning provided in Section 5.1(f) hereof. 
 National Securities Exchange means any securities exchange registered with the SEC pursuant to Section 6 of the Securities
Exchange Act of 1934, as amended. 
 Notice of Exchange means the Notice of Exercise of Exchange Right substantially
in the form attached as Exhibit B hereto. 
 Offer has the meaning set forth in Section 7.1(b)(ii) hereof.

 Offering means the initial offer and sale by the General Partner through the Dealer Manager (as defined in the
Prospectus) of REIT Shares for sale to the public. 
 OP Unitholders means all holders of Partnership Interests.

 Original Limited Partner means the Limited Partner designated as “Original Limited Partner” on Exhibit
A hereto. 
 Partner means any General Partner or Limited Partner. 
 Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of
Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
 Partnership means Strategic Storage Operating Partnership, L.P., a Delaware limited partnership. 
 Partnership Interest means an ownership interest in the Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as
provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. 
 Partnership Minimum Gain has the meaning set forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each
Partnership nonrecourse liability, any gain the Partnership would realize if it 

  

 4 

 
disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately
computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(g)(1). 
 Partnership Record Date means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date
established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. 
 Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as such Exhibit may
be amended from time to time. 
 Percentage Interest means the percentage ownership interest in the Partnership of
each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. 
 Person means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity. 
 Profit has the meaning provided in Section 5.1(f) hereof. 
 Property means any self storage facility or other investment in which the Partnership holds an ownership interest. 
 Prospectus means the final prospectus delivered to purchasers of REIT Shares in the Offering. 
 Regulations means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the
Regulations on the date hereof and any successor provision of the Regulations. 
 Regulatory Allocations has the
meaning set forth in Section 5.1(i) hereof. 
 REIT means a real estate investment trust under Sections 856
through 860 of the Code. 
 REIT Expenses means (i) costs and expenses relating to the formation and continuity
of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and
all costs, expenses or fees payable to any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration of securities by the General Partner and all statements, reports, fees
and expenses incidental thereto, including, without limitation, underwriting discounts and sales commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such securities
or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other
reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations
promulgated by any regulatory body, including the SEC and any National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the
General Partner, (vii)

  

 5 

 
costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or
administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 
 REIT Share means a share of common stock, par value $0.001 per share, in the General Partner (or successor entity, as the case may be). 
 REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership Units offered for exchange by an Exchanging Partner, multiplied by the Conversion Factor
as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe
for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Exchange Date, then the REIT Shares Amount shall also include the rights issuable to a holder
of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 
 SEC means the Securities and Exchange Commission. 
 Securities Act means the
Securities Act of 1933, as amended. 
 Service means the Internal Revenue Service. 
 Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the
General Partner of the Notice of Exchange. 
 Subsidiary means, with respect to any Person, any corporation or other
entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
 Subsidiary Partnership means any partnership of which the partnership interests therein are owned by the General Partner or a
direct or indirect subsidiary of the General Partner. 
 Substitute Limited Partner means any Person admitted to the
Partnership as a Limited Partner pursuant to Section 9.3 hereof. 
 Successor Entity has the meaning provided in
the definition of “Conversion Factor” contained herein. 
 Surviving General Partner has the meaning set
forth in Section 7.1(c) hereof. 
 Transaction has the meaning set forth in Section 7.1(b) hereof.

 Transfer has the meaning set forth in Section 9.2(a) hereof. 
 Value means, with respect to REIT Shares, the average of the daily market price of such REIT Share for the ten
(10) consecutive trading days immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on such day, or if no such sale takes
place on such day, the average of the closing bid and asked prices, regular way, on such day; (ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing
bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Shares are 

  

 6 

 
not Listed and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on
such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than
ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten (10) days prior to the date in question, the value of the REIT Shares
shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the REIT Shares Amount includes rights that a holder of REIT
Shares would be entitled to receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

 ARTICLE 2 
 PARTNERSHIP FORMATION AND IDENTIFICATION 
 2.1     Formation. The Partnership was
formed as a limited partnership pursuant to the Act for the purposes and upon the terms and conditions set forth in this Agreement. 
 2.2     Name, Office and Registered Agent. The name of the Partnership is Strategic Storage Operating Partnership, L.P. The specified office and place of business of the Partnership shall be 111 Corporate Drive,
Suite 120, Ladera Ranch, California 92694. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s
registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as
registered agent. 
 2.3     Partners. 
 (a) The General Partner of the Partnership is Strategic Storage Trust, Inc., a Maryland corporation. Its principal place of business is
the same as that of the Partnership. 
 (b) The Limited Partners are those Persons identified as Limited Partners on
Exhibit A hereto, as amended from time to time. 
 2.4     Term and Dissolution.

 (a) The Partnership shall have perpetual duration, except that the Partnership shall be dissolved upon the first to occur
of any of the following events: 
 (i)     The occurrence of an Event of Bankruptcy as to a General
Partner or the dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a
partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such
General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 
 (ii)     The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the
Partnership (provided that if the Partnership receives an installment 

  

 7 

 
obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this
Agreement, until such time as such note or notes are paid in full); 
 (iii)     The exchange of all
Limited Partnership Interests (other than any of such interests held by the General Partner or Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 
 (iv)     The election by the General Partner that the Partnership should be dissolved. 
 (b)     Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to
Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in
accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those
necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5     Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, the Certificate any and all amendments
thereto and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or
other jurisdiction in which the Partnership conducts business. 
 2.6     Certificates Describing
Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned
and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and
(iii) shall bear a legend to the following effect: 
  

					
		  	 This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the
First Amended and Restated Limited Partnership Agreement of Strategic Storage Operating Partnership, L.P., as amended from time to time.
	  	

 ARTICLE 3 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted
by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the
General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the
ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and
absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and
not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its 

  

 8 

 
status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner shall also be empowered to
do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND
ACCOUNTS 
 4.1     Capital Contributions. The General Partner and the Limited Partner have
made Capital Contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as amended from time to time. 
 4.2     Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or in Section 4.3, the
Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership
Interests in respect thereof, in the manner contemplated in this Section 4.2. 
 (a)     Issuances of
Additional Partnership Interests. 
 (i)     General. The General Partner is hereby authorized to
cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such
consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in
one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited
Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of items
of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights
of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 
 (1)     (A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other
interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional
Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.2 and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in
connection with the issuance of such shares of stock of or other interests in the General Partner; 
 (2)
    the additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership
Interests; or 
 (3)     additional Partnership Interests are issued to all Partners holding Partnership
Units in proportion to their respective Percentage Interests. 
  

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 In addition, the General Partner may acquire Partnership Interests from other Partners
pursuant to this Agreement. In the event that the Partnership issues Partnership Interests pursuant to this Section 4.2(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the
Limited Partners) as it deems necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner
concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 
 (ii)     Upon Issuance of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section 8.5 hereof) or
rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares (collectively, “Additional Securities”) other than to all holders of REIT Shares, unless (A) the General
Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations,
preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance of such Additional Securities and
from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an
acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the
Partnership by a majority of the Independent Directors (as defined in the General Partner’s Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than
fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests of the General Partner
and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or
employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds from such issuance to
the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number
of additional Partnership Units equal to the product of (A) the number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the
denominator of which is the Conversion Factor in effect on the date of such contribution. 
 (b)    
Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if
the proceeds actually received and contributed by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the
General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance
with Section 6.5 hereof and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 
  

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 4.3     Additional Funding. If the General Partner determines
that it is in the best interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside
borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 
 4.4     Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations
Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis
amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership Interest (other than a de minimis
interest) is granted as consideration for the provisions of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity in anticipation of being a Partner,
the General Partner shall revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with
Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g),
which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners
pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the
date of the revaluation. 
 4.5     Percentage Interests. If the number of outstanding Partnership
Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of
Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the
Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on
the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be
used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of
Profits and Losses for the later part shall be based on the adjusted Percentage Interests. 
 4.6    
No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
 4.7     Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as
specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in
existence. 
 4.8     No Third Party Beneficiary. No creditor or other third party having dealings
with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being 

  

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understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their
respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other
third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is
the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of
this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital
Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership and upon a liquidation within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital
Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any
Capital Contribution to reduce or eliminate the negative balance of such Partner’s Capital Account. 
 ARTICLE 5 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 5.1     Allocation of Profit and Loss. 
 (a)     General. Profit and Loss of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the Partners in accordance with their respective Percentage
Interests. 
 (b)     Minimum Gain Chargeback. Notwithstanding any provision to the contrary,
(i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any
expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect to the
“partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net
decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of
gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among
the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the
nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (c)     Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of
Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain,
as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such 

  

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Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner
sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this Section 5.1(c) shall be made only if and to the
extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively made as if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to
constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
 (d)     Capital Account Deficits. Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause or increase a deficit in such
Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) in excess of the sum of such Partner’s shares of
Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i). 
 (e)     Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss
allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had ended on the date of the transfer, or
(ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The
General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner. 
 (f)     Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain,
expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income,
gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax purposes shall be identical to all
allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by
the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation
deductions, and such election shall be binding on all Partners. 
 (g)     Curative Allocations.
The allocations set forth in Section 5.1(c), (d) and (e) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all
Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this
Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting
allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were
allocated pursuant to Section 5.1(a) and (e). 
  

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 5.2     Distribution of Cash. 
 (a)     The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more
frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with their
respective Percentage Interests on the Partnership Record Date; provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution on any date other than the next day after a
Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional Partnership Interest (or relating to the Partnership Record
Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such additional Partnership Interest is held by such Partner bears to (ii) the number of days
between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date. 
 (b)     Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any
withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and
pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the
Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to
the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount required to be withheld over the actual amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the
Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or
assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership
on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be
deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting
Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner
Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. 
 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(b) shall bear interest at the
lesser of (i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation, such interest
to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 
 (c)     In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT
Share for which all or part of such Partnership Unit has been or will be exchanged. 
  

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 5.3     REIT Distribution Requirements. The General Partner
shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for
qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4     No Right to Distributions In Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 
 5.5     Limitations of Return of Capital Contributions. Notwithstanding any of the provisions of this Article
5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a
Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 
 5.6     Distributions Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate
provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with their respective positive Capital
Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2 resulting from Partnership operations and from all
sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are
available to pay any contingent debts or obligations. 
 5.7     Substantial Economic Effect. It
is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable
to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with
such intent. 
 ARTICLE 6 
 RIGHTS, OBLIGATIONS AND 
 POWERS OF THE GENERAL PARTNER 
 6.1     Management of the Partnership. 
 (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the
purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the
authority to take the following actions on behalf of the Partnership: 
 (i)     to acquire, purchase,
own, operate, lease and dispose of any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of the business of the
Partnership; 
  

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 (ii)     to construct buildings and make other improvements on the
properties owned or leased by the Partnership; 
 (iii)     to authorize, issue, sell, redeem or
otherwise purchase any Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options,
rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership; 
 (iv)
    to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of,
any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
 (v)     to pay, either directly or by reimbursement, for all Administrative Expenses to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 
 (vi)     to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof,
refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the
Partnership’s assets; 
 (vii)     to use assets of the Partnership (including, without limitation,
cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of either, to third
parties or to the General Partner as set forth in this Agreement; 
 (viii)     to lease all or any
portion of any of the Partnership’s assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the
lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 
 (ix)     to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may
reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets; 
 (x)     to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s
assets or any other aspect of the Partnership business; 
 (xi)     to make or revoke any election
permitted or required of the Partnership by any taxing authority; 
 (xii)     to maintain such insurance
coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such
amounts and such types, as it shall determine from time to time; 
  

 16 

 (xiii)     to determine whether or not to apply any insurance
proceeds for any property to the restoration of such property or to distribute the same; 
 (xiv)     to
establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the
General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 
 (xv)     to retain other services of any kind or nature in connection with the Partnership business, and to pay
therefor such remuneration as the General Partner may deem reasonable and proper; 
 (xvi)     to
negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 
 (xvii)     to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on behalf of the Partnership; 
 (xviii)     to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 

(xix)     to form or acquire an interest in, and contribute property to, any further limited or general
partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in
which it has an equity interest from time to time); 
 (xx)     to establish Partnership reserves for
working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 
 (xxi)
    to merge, consolidate or combine the Partnership with or into another Person; 
 (xxii)
    to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii)     to take such other action, execute, acknowledge, swear to or deliver such other documents and
instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent
with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
 (b)     Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of
funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be
deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 
  

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 6.2     Delegation of Authority. The General Partner may
delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General
Partner, perform any acts or services for the Partnership as the General Partner may approve. 
 6.3    
Indemnification and Exculpation of Indemnitees. 
 (a) The Partnership shall indemnify an Indemnitee from and against
any and all losses, claims, damages, liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings,
civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. 
 Notwithstanding the foregoing, the Partnership shall not provide for indemnification for an Indemnitee for any liability or loss suffered
by any of them in contravention of Delaware law and unless all of the following conditions are met: 
 (i)     The Indemnitee determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Partnership. 
 (ii)     The Indemnitee was acting on behalf of or performing services for the Partnership. 
 (iii)     Such liability or loss was not the result of: 
 (A)     negligence or misconduct by the Indemnitee (excluding the Independent Directors); or 
 (B)     gross negligence or willful misconduct by the Independent Directors. 
 Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 
 (b)     Notwithstanding the foregoing, the Partnership shall not indemnify an Indemnitee or any Person acting as a
broker-dealer for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication
on the merits of each count involving alleged material securities law violations as to the particular Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular
Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the
request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for
violations of securities laws. 
 (c)     The Partnership shall pay or reimburse reasonable legal expenses
and other costs incurred by the Indemnitee in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (a) the proceeding relates to acts or omissions with
respect to the performance of duties or services on behalf of the Partnership, (b) the legal 

  

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proceeding was initiated by a third party who is not a Limited Partner or, if by a Limited Partner acting in his or her capacity as such, a court of
competent jurisdiction approves such advancement, and (c) the Indemnitee undertakes to repay the amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the
Indemnitee is not entitled to indemnification. 
 (d)     The indemnification provided by this
Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee
who has ceased to serve in such capacity. 
 (e)     The Partnership may purchase and maintain insurance,
on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities,
regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (f)     For purposes of this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of
its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to
applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be
in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 
 (g)     In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 

(h)     An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.3 because
the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
 (i)     The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create
any rights for the benefit of any other Persons. 
 (j)     Neither the amendment nor repeal of this
Section 6.3, nor the adoption or amendment of any other provision of the Agreement inconsistent with Section 6.3, shall apply to or affect in any respect the applicability with respect to any act or failure to act which occurred prior to
such amendment, repeal or adoption. 
 6.4     Liability of the General Partner . 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to
the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the
General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or 

  

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implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 
 (b)     The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership,
itself and its stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of
some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the
other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling
interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the
stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good
faith. 
 (c)     Subject to its obligations and duties as General Partner set forth in Section 6.1
hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any
misconduct or negligence on the part of any such agent appointed by it in good faith. 
 (d)
    Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership,
undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring
any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (e)     Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective
only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with
respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 
 6.5     Reimbursement of General Partner. 
 (a)     Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the
General Partner shall not be compensated for its services as general partner of the Partnership. 
 (b)
    The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all Administrative Expenses. 
 6.6     Outside Activities. Subject to the Articles of Incorporation and any agreements entered into by the
General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have 

  

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business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities
substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the Limited
Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to
this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could
be taken by such Person. 
 6.7     Employment or Retention of Affiliates. 
 (a)     Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal
with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner
determines to be fair and reasonable. 
 (b)     The Partnership may lend or contribute to its
Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall
not create any right or benefit in favor of any Subsidiary or any other Person. 
 (c)     The Partnership
may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this
Agreement and applicable law. 
 (d)     Except as expressly permitted by this Agreement, neither the
General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the
Partnership. 
 6.8     General Partner Participation. The General Partner agrees that all
business activities of the General Partner, including activities pertaining to the acquisition, development or ownership of self-storage properties or other properties, shall be conducted through the Partnership or one or more Subsidiary
Partnerships; provided, however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been
approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 
 6.9     Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an
entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner
or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner
or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best
efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably 

  

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practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal
title to such Partnership assets is held. 
 6.10     Miscellaneous. In the event the General
Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General
Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares. Moreover,
if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire a equal number of Partnership Units held by
the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based
on the application of the Conversion Factor. 
 ARTICLE 7 
 CHANGES IN GENERAL PARTNER 
 7.1     Transfer of the General
Partner’s Partnership Interest. 
 (a)     The General Partner shall not transfer all or any
portion of its General Partnership Interest or withdraw as General Partner except as provided in or in connection with a transaction contemplated by Section 7.1(b), (c) or (d). 
 (b)     Except as otherwise provided in Section 7.1(c) or (d) hereof, the General Partner shall not engage
in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner’s state of incorporation or organizational form) in
each case which results in a change of control of the General Partner (a “Transaction”), unless: 
 (i)
    the approval of the holders of a majority of the Partnership Units (including the Partnership Units held by the General Partner or an Affiliate thereof) is obtained; 
 (ii)     as a result of such Transaction all Limited Partners will receive for each Partnership Unit an amount of
cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that
if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the
option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received had it (A) exercised its Exchange Right and (B) sold, tendered or exchanged pursuant to the
Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 
 (iii)     the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited
Partners (other than the General Partner or any Subsidiary) receive an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash,
securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares. 
  

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 (c)     Notwithstanding Section 7.1(b), the General Partner may
merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership
Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the
Surviving General Partner in good faith and (ii) the Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General Partner
shall have the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion
Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount
of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such
Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the
adjustments provided for with respect to the Conversion Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Sections 8.5 and 8.7 hereof so as to approximate the existing
rights and obligations set forth in Sections 8.5 and 8.7 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 
 In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable
efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the
exercise of the Board of Directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 
 (d)     Notwithstanding Section 7.1(b), 
 (i)     a General Partner
may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its
General Partnership Interest, may withdraw as General Partner; and 
 (ii)     the General Partner may
engage in Transactions not required by law or by the rules of any National Securities Exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 7.2     Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or
additional General Partner of the Partnership only if the following terms and conditions are satisfied: 
 (a)
    the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents
or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other
actions required by Section 2.5 hereof in connection with such admission shall have been performed; 
  

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 (b)     if the Person to be admitted as a substitute or additional
General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and
provisions of this Agreement; and 
 (c)     counsel for the Partnership shall have rendered an opinion
(relying on such opinions from other counsel and the state or any other jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the
actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of
any Limited Partner’s limited liability. 
 7.3     Effect of Bankruptcy, Withdrawal, Death or
Dissolution of a General Partner. 
 (a)     Upon the occurrence of an Event of Bankruptcy as to a
General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death,
dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the
Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner
pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. 
 (b)     Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except
that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner
if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in
Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue
the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 
 7.4     Removal of a General Partner. 
 (a)     Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically;
provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be deemed not to be a dissolution of the
General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 
 (b)     If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued
pursuant to Section 7.3 hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a 

  

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majority in interest of the Limited Partners in accordance with Section 7.3(b) hereof and otherwise admitted to the Partnership in accordance with
Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by
any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within 10 days following the
removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an
appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest
shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General
Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the
fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 
 (c)       The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special
Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss
allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have
been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 
 (d)       All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be legally necessary and sufficient to effect all the foregoing
provisions of this Section. 
 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1
      Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have
the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 
 8.2
      Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for
its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully
the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited
Partner of any part or all of its Partnership Interest. 
 8.3       Limitation on Liability
of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as
and when due hereunder. After 

  

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its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital
Contributions or other payments or lend any funds to the Partnership. 
 8.4       Exchange
Right. 
 (a)       Subject to Sections 8.4(b), 8.4(c), 8.4(d), 8.4(e) and 8.4(f) and the
provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner shall have the right (the “Exchange Right”) to require the Partnership to redeem on
a Specified Exchange Date all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Partnership Units shall have been
outstanding for at least one year. The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the
“Exchanging Partner”); provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Partnership Units subject to the Notice of Exchange pursuant to
Section 8.4(b); and provided, further, that no Limited Partner may deliver more than two Notices of Exchange during each calendar year. A Limited Partner may not exercise the Exchange Right for less than 1,000 Partnership Units or, if such
Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Exchanging Partner shall have no right, with respect to any Partnership Units so exchanged, to receive any distribution paid with respect
to Partnership Units if the record date for such distribution is on or after the Specified Exchange Date. 
 (b)
      Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right shall be deemed to have offered to sell the Partnership Units described in the Notice of Exchange to the
General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units by paying to the Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the
General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Partnership Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of this
Agreement as the owner of such Partnership Units. If the General Partner shall elect to exercise its right to purchase Partnership Units under this Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the Exchanging Partner
within five Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Partnership Units from the Exchanging Partner
pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the Exchanging Partner’s exercise of the Exchange Right. In the event the General Partner shall
exercise its right to purchase Partnership Units with respect to the exercise of a Exchange Right in the manner described in the first sentence of this Section 8.4(b), the Partnership shall have no obligation to pay any amount to the Exchanging
Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the General Partner, as the case may be, shall treat the transaction between the General Partner, as the
case may be, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner, as the case may be. Each Exchanging Partner agrees to execute such documents as the General
Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 
 (c)
      Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a Limited Partner shall not be entitled to exercise the Exchange Right if the delivery of REIT Shares to such Partner on the Specified Exchange
Date by the General Partner pursuant to Section 8.4(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.4(b)) would (i) result in such Partner 

  

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or any other person owning, directly or indirectly, REIT Shares in excess of the Ownership Limit (as defined in the Articles of Incorporation and calculated
in accordance therewith), except as provided in the Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any rules of attribution), except as provided in the Articles of
Incorporation, (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, or (iv) cause the General Partner to own, directly or constructively, 9.9% or more of the ownership
interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.4(c). 
 (d)       Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.4 shall be
paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT
Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged Partnership Units
hereunder to occur as quickly as reasonably possible. 
 (e)       Notwithstanding any other
provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a
“publicly traded partnership” under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction
Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership
being treated as a “publicly traded partnership” under section 7704 of the Code. 
 (f)
      Notwithstanding anything else in this Agreement to the contrary, Strategic Storage Advisor, LLC is prohibited from exchanging or otherwise transferring the Partnership Units purchased by it on August 24, 2007
for $200,000 cash, so long as it acting as the Advisor pursuant to the Advisory Agreement. 
 ARTICLE 9 
 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
 9.1       Purchase for Investment. 
 (a)
      Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of its Partnership Interests is made as a principal for its account for investment purposes
only and not with a view to the resale or distribution of such Partnership Interest. 
 (b)
      Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any
Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not
similarly represent, warrant and agree. 
 9.2       Restrictions on Transfer of Limited
Partnership Interests. 
 (a)       Subject to the provisions of 9.2(b), (c) and (d),
no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of its Limited Partnership 

  

 27 

 
Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or
otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

 (b)       No Limited Partner may withdraw from the Partnership other than as a result of a
permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an
exchange of all of its Partnership Units pursuant to Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 
 (c)       Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent
of the General Partner, all or a portion of its Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner
for the benefit of such Limited Partner and/or any such Person(s), of which trust such Limited Partner or any such Person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the
Limited Partner is an entity, its beneficial owners. 
 (d)       No Limited Partner may effect
a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would otherwise violate any applicable federal or state securities or blue sky law (including
investment suitability standards). 
 (e)       No Transfer by a Limited Partner of its
Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other
than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or
subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 
 (f)
      No transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan
constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent
the lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such
lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (g)       Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership.

 (h)       Prior to the consummation of any Transfer under this Article 9, the transferor
and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 
  

 28 

 9.3       Admission of Substitute Limited Partner.

 (a)       Subject to the other provisions of this Article 9, an assignee of the Limited
Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the
Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 
 (i)
      The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other
documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner. 
 (ii)       To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act.

 (iii)       The assignee shall have delivered a letter containing the representation set
forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv)
      If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a
Limited Partner under the terms and provisions of this Agreement. 
 (v)       The assignee
shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof. 
 (vi)
      The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii)       The assignee has obtained the prior written consent of the General Partner to its admission as
a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 
 (b)       For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing
in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the
General Partner has received all necessary instruments of transfer and substitution. 
 (c)
      The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The
Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 
  

 29 

 9.4       Rights of Assignees of Partnership
Interests. 
 (a)       Subject to the provisions of Sections 9.1 and 9.2 hereof, except as
required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 
 (b)       Any Person who is the assignee of all or any portion of a Limited Partner’s Limited
Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner
as any Limited Partner desiring to make an assignment of its Limited Partnership Interest. 
 9.5
      Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a
Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy
proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the
rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the
assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 
 9.6
      Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and
share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the
written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of
the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not
as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner
shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
 9.7       Redemption of Partnership Units. The General Partner will cause the Partnership to redeem Partnership Units, to the extent it shall have legally
available funds therefor, at any time the General Partner redeems shares of beneficial interest in itself. The number and class or series of Partnership Units redeemed and the redemption price shall equal the number (multiplied by the Conversion
Factor) of shares of beneficial interest the General Partner redeems and the redemption price at which the General Partner redeems such shares, respectively. 
  

 30 

 ARTICLE 10 
 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
 10.1
      Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in
accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates of
amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent
years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during
ordinary business hours. 
 10.2       Custody of Partnership Funds; Bank Accounts.

 (a)       All funds of the Partnership not otherwise invested shall be deposited in one or
more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 
 (b)       All deposits and other funds not needed in the operation of the business of the Partnership may be
invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds
of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 
 10.3       Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the
calendar year. 
 10.4       Annual Tax Information and Report. Within 75 days after the
end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be
reasonably required by law. 
 10.5       Tax Matters Partner; Tax Elections; Special Basis
Adjustments. 
 (a)       The General Partner shall be the Tax Matters Partner of the
Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters
Partner. The General Partner shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax
Matters Partner shall constitute Partnership expenses. In the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for
judicial review of such final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to
all Limited Partners, within such period, that describes the General Partner’s reasons for determining not to file such a petition. 
  

 31 

 (b)       All elections required or permitted to be made by
the Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 
 (c)       In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to
Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in
interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with
all information necessary to give effect to such election. 
 10.6       Reports Made
Available to Limited Partners. 
 (a)       As soon as practicable after the close of each
fiscal quarter (other than the last quarter of the fiscal year), upon written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial
statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon
as practicable after the close of each fiscal year, upon written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner an annual report containing financial statements of
the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. 
 (b)       Any Partner shall further have the right to a private audit of the books and records of the
Partnership at the expense of such Partner, provided such audit is made for Partnership purposes and is made during normal business hours. 
 ARTICLE 11 
 AMENDMENT OF AGREEMENT; MERGER 
 The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect
or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b), (c) or (d) hereof; provided, however, that the
following amendments and any other merger or consolidation of the Partnership shall require the consent of the holders of a majority of the Partnership Units (excluding the Partnership Units held by the General Partner or an Affiliate thereof):

 (a)       any amendment affecting the operation of the Conversion Factor or the Exchange
Right (except as provided in Section 8.4(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 
 (b)
      any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant
to Section 4.2 hereof; 
 (c)       any amendment that would alter the Partnership’s
allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof; or 
  

 32 

 (d)       any amendment that would impose on the Limited
Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 12 
 GENERAL PROVISIONS 
 12.1       Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States
mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different address by notifying the General Partner in
writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 
 12.2       Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective
legal representatives, successors, transferees and assigns. 
 12.3       Additional
Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the
Act. 
 12.4       Severability. If any provision of this Agreement shall be declared
illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the
remainder hereof. 
 12.5       Entire Agreement. This Agreement and exhibits attached
hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 
 12.6       Pronouns and Plurals. When the context in which words are used in the Agreement indicates
that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 
 12.7       Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this
Agreement or any particular Article. 
 12.8       Counterparts. This Agreement may be
executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the
same counterpart. 
 12.9       Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 12.9. 
 [Signatures appear on next page.] 
  

 33 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
First Amended and Restated Limited Partnership Agreement, all as of the ___ day of __________, 200__. 
  

			
	 GENERAL PARTNER:

	
	 STRATEGIC STORAGE TRUST, INC.

		
	 By:
	 	 
		 	 H. Michael Schwartz, President

	
	 LIMITED PARTNER(S):

	
	 STRATEGIC STORAGE ADVISOR, LLC

		
	 By:
	 	 
		 	 H. Michael Schwartz, President

  

 34 

 EXHIBIT A 
  

									
	 Percentage Partner Interest
	  	 Cash
 Contribution
	  	 Agreed Value of
 Capital
 Contribution
	  	Partnership Units
	 GENERAL PARTNER:
 Strategic Storage Trust, Inc.
 111 Corporate Drive
 Suite 120
 Ladera Ranch, California 92694
	  	$	1,000	  	$	1,000	  	100
	 ORIGINAL LIMITED PARTNER:
 Strategic Storage Advisor, LLC
 111 Corporate Drive
 Suite 120
 Ladera Ranch, California 92694
	  	$	200,000	  	$	200,000	  	20,000
		  	 	 	  	 	 	  	 
	 Totals
	  	$	201,000	  	$	201,000	  	20,100

  

 35 

 EXHIBIT B 
 NOTICE OF EXERCISE OF EXCHANGE RIGHT 
 In accordance with Section 8.4 of the
First Amended and Restated Limited Partnership Agreement (the “Agreement”) of Strategic Storage Operating Partnership, L.P., the undersigned hereby irrevocably (i) presents for exchange _______ Partnership Units in Strategic Storage
Operating Partnership, L.P. in accordance with the terms of the Agreement and the Exchange Right referred to in Section 8.4 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs
that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the
Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. 
  

	
	 Dated:                    ,
            

	
	  
	 (Name of Limited Partner)

	
	 
	 (Signature of Limited Partner)

	
	 
	 (Mailing Address)

	
	 
	 (City) (State) (Zip Code)

	
	 Signature Guaranteed by:

	
	 
	
	 If REIT Shares are to be issued, issue to:

	
	 Name:

	
	 
	
	 Social Security or Tax I.D. Number:

	
	 

  

 36Form of Advisory Agreement

 EXHIBIT 10.2 
 FORM OF ADVISORY AGREEMENT 

 ADVISORY AGREEMENT 
 BY AND BETWEEN 
 STRATEGIC STORAGE TRUST, INC. 
 AND 
 STRATEGIC STORAGE ADVISOR, LLC

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 ARTICLE II
	  	 APPOINTMENT
	  	10
			
	 ARTICLE III
	  	 AUTHORITY OF THE ADVISOR
	  	10
	 Section 3.1
	  	 General
	  	10
	 Section 3.2
	  	 Powers of the Advisor
	  	11
	 Section 3.3
	  	 Approval by Directors
	  	11
	 Section 3.4
	  	 Modification or Revocation of Authority of Advisor
	  	11
			
	 ARTICLE IV
	  	 DUTIES OF THE ADVISOR
	  	11
	 Section 4.1
	  	 Organizational and Offering Services
	  	11
	 Section 4.2
	  	 Acquisition Services
	  	12
	 Section 4.3
	  	 Asset Management Services and Administrative Services
	  	12
			
	 ARTICLE V
	  	 BANK ACCOUNTS
	  	14
			
	 ARTICLE VI
	  	 RECORDS; ACCESS
	  	14
			
	 ARTICLE VII
	  	 OTHER ACTIVITIES OF THE ADVISOR
	  	15
	 Section 7.1
	  	 General
	  	15
	 Section 7.2
	  	 Policy with Respect to Allocation of Investment Opportunities
	  	15
			
	 ARTICLE VIII
	  	 LIMITATIONS ON ACTIVITIES
	  	16
			
	 ARTICLE IX
	  	 FEES
	  	16
	 Section 9.1
	  	 Advisor Acquisition Fees
	  	16
	 Section 9.2
	  	 Asset Management Fee
	  	16
	 Section 9.3
	  	 Disposition Fees
	  	16
	 Section 9.4
	  	 Subordinated Share of Net Sale Proceeds
	  	16
	 Section 9.5
	  	 Subordinated Incentive Fee Due Upon Listing
	  	17
	 Section 9.6
	  	 Changes to Fee Structure
	  	17
			
	 ARTICLE X
	  	 EXPENSES
	  	17
	 Section 10.1
	  	 Reimbursable Expenses
	  	17
	 Section 10.2
	  	 Other Services
	  	19
	 Section 10.3
	  	 Timing of and Limitations on Reimbursements
	  	19
			
	 ARTICLE XI
	  	 FIDELITY BOND
	  	20
			
	 ARTICLE XII
	  	 RELATIONSHIP OF THE ADVISOR AND COMPANY
	  	20
			
	 ARTICLE XIII
	  	 RELATIONSHIP WITH DIRECTORS
	  	20
			
	 ARTICLE XIV
	  	 REPRESENTATIONS AND WARRANTIES
	  	20
	 Section 14.1
	  	 The Company
	  	20
	 Section 14.2
	  	 The Advisor
	  	21

  

 i 

					
	 ARTICLE XV
	  	 TERM; TERMINATION OF AGREEMENT
	  	21
	 Section 15.1
	  	 Term
	  	21
	 Section 15.2
	  	 Termination by Either Party
	  	21
	 Section 15.3
	  	 Termination by the Advisor
	  	22
	 Section 15.4
	  	 Termination by the Company
	  	22
	 Section 15.5
	  	 Survival
	  	22
			
	 ARTICLE XVI
	  	 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	22
	 Section 16.1
	  	 Reimbursable Expenses and Earned Fees
	  	22
	 Section 16.2
	  	 Subordinated Performance Fee Due Upon Termination
	  	22
	 Section 16.3
	  	 Advisor’s Duties Upon Termination
	  	23
			
	 ARTICLE XVII
	  	 ASSIGNMENT TO AN AFFILIATE
	  	23
			
	 ARTICLE XVIII
	  	 INDEMNIFICATION BY THE COMPANY
	  	23
	 Section 18.1
	  	 Conditions of Indemnification
	  	23
			
	 ARTICLE XIX
	  	 INDEMNIFICATION BY ADVISOR
	  	24
			
	 ARTICLE XX
	  	 LIMITATION OF LIABILITY
	  	24
			
	 ARTICLE XXI
	  	 NOTICES
	  	24
			
	 ARTICLE XXII
	  	 MODIFICATION
	  	25
			
	 ARTICLE XXIII
	  	 SEVERABILITY
	  	25
			
	 ARTICLE XXIV
	  	 CONSTRUCTION/GOVERNING LAW
	  	25
			
	 ARTICLE XXV
	  	 ENTIRE AGREEMENT
	  	25
			
	 ARTICLE XXVI
	  	 INDULGENCES, NOT WAIVERS
	  	25
			
	 ARTICLE XXVII
	  	 GENDER
	  	26
			
	 ARTICLE XXVIII
	  	 TITLES NOT TO AFFECT INTERPRETATION
	  	26
			
	 ARTICLE XXIX
	  	 EXECUTION IN COUNTERPARTS
	  	26
			
	 ARTICLE XXX
	  	 INITIAL INVESTMENT
	  	26

  

 ii 

 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of ________________, 200__, is entered into between STRATEGIC STORAGE TRUST, INC., a Maryland corporation (the “Company”), and STRATEGIC STORAGE
ADVISOR, LLC, a Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-11 (No.
333-__________) (the “Registration Statement”) covering the issuance of Common Stock, and the Company may subsequently issue additional shares of Common Stock; 
 WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of the Company’s charter and Sections 856 through 860 of the Code;

 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain
facilities available to the Advisor and its Affiliates and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company all as provided
herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board
of Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of
the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 As used
in this Advisory Agreement, the following terms have the definitions hereinafter indicated: 
 “Acquisition
Expenses” means expenses related to the Company’s sourcing, selection, evaluation and acquisition of, and investment in, Properties, whether or not acquired or made, including but not limited to legal fees and expenses, travel and
communications expenses, costs of financial analysis, appraisals and surveys, nonrefundable option payments on Property not acquired, accounting fees and expenses, computer use-related expenses, architectural and engineering reports, environmental
reports, title insurance and escrow fees, and personnel and other direct expenses related to the selection and acquisition of Properties. 
 “Acquisition Fee” means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the
Company or the Advisor) in connection with the making or investing in mortgage loans or the purchase, development or construction of a Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection
fees, Development Fees and Construction Fees (except as provided in the following sentence), nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be any commissions or
fees incurred in connection with the leasing of any Property, and Development Fees or Construction Fees paid to any Person or entity not affiliated with the Advisor in connection with the actual development and construction of any Property.

  

 1 

 “Acquisition and Advisory Fee” means the fee paid to the Advisor in the amount
established pursuant to Section 9.1 for the services provided to the Company described in Section 4.2. 
 “Advisor” means the Person responsible for directing or performing the day-to-day business affairs of the Company, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is Strategic
Storage Advisor, LLC or any Person which succeeds it in such capacity. 
 “Advisory Agreement” means this agreement
between the Company and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the Company, as it may be amended or restated from time to time. 
 “Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited liability company or
other legal entity (other than the Company): (a) any Person or entity, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting Securities of another Person or entity;
(b) any Person ten percent (10%) or more of whose outstanding voting Securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; (c) any Person or entity directly or indirectly through
one or more intermediaries controlling, controlled by, or under common control with another Person or entity; (d) any officer, director, general partner or trustee of such Person or entity; and (e) if such other Person or entity is an
officer, director, general partner, or trustee of a Person or entity, the Person or entity for which such Person or entity acts in any such capacity. 
 “Appraised Value” means value according to an appraisal made by an Independent Appraiser. 
 “Assets” means any and all GAAP assets including but not limited to all real estate investments (real, personal or otherwise), tangible or intangible, owned or held by, or for the account of, the Company, whether directly or
indirectly through another entity or entities, including Properties. 
 “Average Invested Assets” means, for a
specified period, the average of the aggregate GAAP basis book carrying values of the Assets invested, directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate before reserves for depreciation or bad
debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 “Asset Management Fee” means the fee paid to the Advisor in the amount established pursuant to Section 9.2 for the services provided to the Company described in Section 4.3. 
 “Board of Directors” or “Board” means the individuals holding such office, as of any particular time, under the
Charter of the Company, whether they are the Directors named therein or additional or successor Directors. 
 “Bylaws” means the bylaws of the Company, as the same may be amended from time to time. 
 “Capped
O&O Expenses” means all Organizational and Offering Expenses in excess of 3.5% of the Gross Proceeds raised in a completed Offering other than Gross Proceeds from Stock sold pursuant to the Distribution Reinvestment Plan. 
  

 2 

 “Cash from Financings” means the net cash proceeds realized by the Company from
the financing of Property or from the refinancing of any Company indebtedness. 
 “Cash from Sales” means the net
cash proceeds realized by the Company from the sale, exchange or other disposition of any of its Properties after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 
 “Change of Control” means any event (including, without limitation, issue, transfer or other disposition of Stock or equity
interests in the Operating Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company or the Operating Partnership representing greater than 50% or more of the combined
voting power of the Company’s or the Operating Partnership’s then-outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed public offering of the Common
Stock. 
 “Charter” means the charter of the Company, including the articles of incorporation and all articles of
amendment, articles of amendment and restatement, articles supplementary and other modifications thereto as filed with the State Department of Assessments and Taxation of the State of Maryland. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any
provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 “Common Stock” means shares of the Company’s common stock, $.001 par value per share, the terms and conditions of which are
set forth in the Charter. 
 “Common Stockholders” means holders of shares of Common Stock. 
 “Company” means Strategic Storage Trust, Inc., a corporation organized under the laws of the State of Maryland. 
 “Competitive Real Estate Commission” means a real estate or brokerage commission paid for the purchase or sale of a Property
that is reasonable, customary and competitive in light of the size, type and location of the Property. 
 “Construction
Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct, supervise or coordinate leasehold or other improvements or projects, or to provide major repairs or rehabilitation for a Property.

 “Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development,
construction, or improvement of a Property, exclusive of Acquisition and Advisory Fees and Acquisition Expenses. 
 “Contract Sales Price” means the total consideration provided for in the sales contract for the sale of a Property. 
  

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 “Dealer Manager” means U.S. Select Securities LLC, an Affiliate of the Advisor,
or such other Person or entity selected by the Board of Directors to act as the dealer manager for the offering of the Stock. U.S. Select Securities LLC is a member of the Financial Industry Regulatory Authority (a successor entity to the National
Association of Securities Dealers, Inc.). 
 “Development Fee” means a fee for the packaging of a Property,
including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 
 “Director” means an individual who is a member of the Board of Directors. 
 “Disposition Fee” means the fee paid to the Advisor in connection with the sale of a property as described in Section 9.3
of this Advisory Agreement. 
 “Distribution Reinvestment Plan” has the meaning set forth in Section 8.8 of the
Charter. 
 “Distributions” means any dividends or other distributions of money or other property paid by the
Company to the holders of Common Stock or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 
 “Excess Expense Guidelines” has the meaning set forth in Section 10.3(c) hereof. 
 “GAAP” means generally accepted accounting principles consistently applied as used in the United States. 
 “Gross Proceeds” means the aggregate purchase price of all Stock sold for the account of the Company, including Stock sold pursuant to the Distribution Reinvestment Plan, without deduction for Sales Commissions, volume discounts,
fees paid to the Dealer Manager or other Organization and Offering Expenses. Gross Proceeds does not include Stock issued in exchange for OP Units. 
 “Independent Appraiser” means a person or entity, who is not an Affiliate of the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of
assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of
Real Estate Appraisers shall be conclusive evidence of such qualification. 
 “Independent Director” means a
Director who is not, and within the last two (2) years has not been, directly or indirectly associated with the Advisor or the Sponsor by virtue of (a) ownership of an interest in the Advisor, the Sponsor or their Affiliates,
(b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an officer or director of the Advisor, the Sponsor or their Affiliates, (d) performance of services, other than as a Director, for the Company,
(e) service as a director or trustee of more than three (3) real estate investment trusts organized by the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a material business or professional relationship with
the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is considered material if the gross revenue derived by the Director from the Advisor, the Sponsor and Affiliates exceeds five percent (5%) of either
the Director’s annual gross revenue during either of the last two (2) years or the Director’s net worth on a fair market value basis. An indirect relationship shall include circumstances in which a Director’s spouse, parents,
children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law are or have been associated with the Advisor, the Sponsor, any of their Affiliates or the Company. 
  

 4 

 “Initial Public Offering” means the offering and sale of Common Stock of the
Company pursuant to the Company’s first effective registration statement covering such Common Stock filed under the Securities Act of 1933. 
 “Invested Capital” means the amount calculated by multiplying the total number of shares of Common Stock purchased by Stockholders by (a) the Offering Price for the Stock or (b) for Stock not
purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions other than stock dividends which represent a return of capital and any amounts paid by the Company to repurchase shares of Stock pursuant to a plan
for repurchase of the Company’s Stock. 
 “Joint Venture” or “Joint Ventures” means those joint
venture or general partnership arrangements in which the Company or the Operating Partnership is a co-venturer or general partner which are established to acquire Properties. 
 “Listed” means the Securities are approved for trading on a national securities exchange or for quotation on a national market system. The term “Listing” shall have the
correlative meaning. 
 “Market Value” means the aggregate market value of all of the outstanding Common Stock,
measured by taking the average closing price or average of bid and asked price, as the case may be, during the consecutive 30-day period commencing twelve (12) months following Listing and ending eighteen (18) months following Listing
during which the average closing price or average of bid and asked price of the Stock is the highest. 
 “NASAA”
means the North American Securities Administrators Association, Inc. 
 “NASAA Net Income” means for any period, the
total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, NASAA Net Income for purposes of
calculating total allowable Operating Expenses shall exclude the gain or loss from the sale of the Company’s Assets. 
 “NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association, Inc. as revised and adopted by the NASAA membership on
May 7, 2007, as may be amended from time to time. 
 “Net Asset Value” means the total Assets including
intangible assets relating to SFAS No. 141, Business Combinations, and SFAS No. 142, Goodwill and Other Intangible Assets (but not including other GAAP intangibles) at cost before deducting depreciation or other non-cash reserves less
total liabilities, calculated at least quarterly on a basis consistently applied. 
 “Net Income” means net income
as calculated in accordance with GAAP. 
 “Net Sale Proceeds” means in the case of a transaction described in clause
(a) of the definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Operating Partnership. In the case of a transaction described in clause (b) of such
definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of any legal and other selling expenses incurred by the Operating Partnership in connection with such transaction. In the case of a transaction described in
clause (c) of such definition, Net Sale Proceeds means the net proceeds of any such transaction actually distributed to the Operating Partnership from the Joint Venture less any expenses incurred by the Operating Partnership in connection with
such transaction. In the case of a transaction or series of transactions described in clause (d) of the definition of 

  

 5 

 
Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs paid by the Operating
Partnership. In the case of a transaction described in clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Operating Partnership
in connection with such transaction. Net Sale Proceeds shall also include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the Company, as general partner of the Operating
Partnership determines, in its discretion, to be economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall not include any amounts used to repay outstanding indebtedness secured by the asset disposed of in the sale. 
 “Offering” means an offering of Stock that is registered with the SEC, excluding Stock offered under any employee benefit plan.

 “Offering Price” means, with respect to each share of Stock, the highest price at which such Stock was offered by
the Company in the Offering pursuant to which such Stock was issued, without regard to any price reductions for certain types of purchasers or volume discounts. 
 “Operating Expenses” means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP, which in any way are related to the operation of the Company or
to Company business, including advisory fees, but excluding (a) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and
other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Stock, (b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and
bad debt reserves, (e) Acquisition Fees and Acquisition Expenses, (f) real estate commissions on the Sale of Property, and other expenses connected with the acquisition and ownership of real estate interests, mortgage loans, or other
property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property) and (g) any incentive fees which may be paid in compliance with the NASAA REIT Guidelines. The definition of
“Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any
expense of the Company which is not an Operating Expense under the NASAA REIT Guidelines shall not be treated as an Operating Expense for purposes hereof. 
 “Operating Partnership” means Strategic Storage Operating Partnership, L.P. which is the partnership through which the Company may own Properties. 
 “Operating Partnership Agreement” means the First Amended and Restated Limited Partnership Agreement of the Operating
Partnership, as amended and restated from time to time. 
 “OP Unit” means a unit of limited partnership interest in
the Operating Partnership. 
 “Organizational and Offering Expenses” means any and all costs and expenses incurred
by the Company, the Advisor or any Affiliate of either in connection with and in preparing the Company for registration of and subsequently offering and distributing its Stock to the public, which may include but are not limited to total
underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), legal, accounting and escrow fees, expenses for printing, engraving, amending, supplementing and mailing, distribution costs, compensation to
employees while engaged in registering, marketing and wholesaling the Stock, telegraph and telephone costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer
agents, registrars, trustees, escrow holders, depositories, experts, and fees, expenses and taxes related to 

  

 6 

 
the filing, registration and qualification of the sale of the Securities under Federal and State laws, including accountants’ and attorneys’ fees
and other accountable offering expenses. Organization and Offering Expenses may include, but are not limited to: (a) amounts to reimburse the Advisor for all marketing related costs and expenses such as compensation to and direct expenses of
the Advisor’s employees or employees of the Advisor’s Affiliates in connection with registering and marketing the Stock; (b) compensation to and direct expenses of employees of the Dealer Manager while preparing for the offering and
marketing of the Stock and in connection with their wholesaling activities but not Sales Commissions; (c) travel and entertainment expenses related to the offering and marketing of the Stock; (d) facilities and technology costs and other
costs and expenses associated with the offering and to facilitate the marketing of the Stock including web site design and management; (e) costs and expenses of conducting training and educational conferences and seminars; (f) costs and
expenses of attending broker-dealer sponsored retail seminars or conferences; and (g) payment or reimbursement of bona fide due diligence expenses. 
 “Performance Fee Note” has the meaning set forth in Section 16.2 hereof. 
 “Person” shall mean any natural person, partnership, corporation, association, trust, limited liability company or other legal entity. 
 “Property” or “Properties” means the real properties or real estate investments which are acquired by the Company either directly or through the Operating Partnership, Joint Ventures, partnerships
or other entities. 
 “Property Manager” means any entity that has been retained to perform and carry out at one or
more of the Properties property management services. 
 “Prospectus” means any document, notice, or other
communication satisfying the standards set forth in Section 10 of the Securities Act of 1933, and contained in a currently effective registration statement filed by the Company with, and declared effective by, the SEC, or if no registration
statement is currently effective, then the Prospectus contained in the most recently effective registration statement. 
 “Registration Statement” means the registration statement filed by the Company with the Securities and Exchange Commission on Form S-11 (Reg. No. 333-________), as amended from time to time, in connection with the Initial
Public Offering. 
 “REIT” means a corporation, trust or association which is engaged in investing in equity
interests in real estate (including fee ownership and leasehold interests and interests in partnerships and Joint Ventures holding real estate) or in loans secured by mortgages on real estate or both and that qualifies as a real estate investment
trust under the REIT Provisions of the Code. 
 “REIT Provisions of the Code” means Sections 856 through 860 of the
Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder. 
 “REIT Stock Amount” has the meaning set forth in the Operating Partnership Agreement. 
 “Sale” or “Sales” means any transaction or series of transactions whereby: (a) the Operating Partnership sells,
grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant
amount of insurance proceeds or 

  

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condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the
interest of the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its
ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or relinquishes its interest in
any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of
its assets in liquidation of the Operating Partnership. 
 “Sales Commissions” means any and all commissions payable
to underwriters, dealer managers or other broker-dealers in connection with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager. 
 “Securities” means any class or series of units or shares of the Company or the Operating Partnership, including common shares or preferred units or shares and any other evidences of
equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as
“Securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

 “Securities Act” means the Securities Act of 1933, as amended. 
 “Sponsor” means U.S. Commercial LLC, a Virginia limited liability company. 
 “Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or Shares-in-Trust.

 “Stockholders” means the registered holders of the Company’s Stock. 
 “Stockholders’ 10% Return” means, as of any date, an aggregate amount equal to a 10% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 10% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 10% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
 “Stockholders’ 8% Return” means, as of any date, an aggregate amount equal to a 8% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 8% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 8% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
 “Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
  

 8 

 “Subordinated Incentive Fee Due Upon Listing” means: 
 (a) 5% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Stockholders of Common Stock
(excluding any stock dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and
(B) the total Distributions required to be paid to Stockholders of Common Stock in order to pay the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return from inception through the date Market Value is determined; or

 (b) 10% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders
(excluding any stock dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and
(B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the date Market Value is determined; or

 (c) 15% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders
(excluding any stock dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and
(B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 10% Return or more from inception through the date Market Value is determined. 
 In the event that the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor, thereafter, the Advisor will not be entitled to
receive any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds. 
 “Subordinated Performance Fee Due Upon Termination” means: 
 (a) 5% of the amount, if any, by which
(i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by
the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return
or more but less than Stockholders’ 8% Return from inception through the Termination Date; or 
 (b) 10% of the amount,
if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common
Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the
Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the Termination Date; or 
 (c) 15% of the amount, if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and
Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the 

  

 9 

 
sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 10% Return or more
from inception through the Termination Date; 
 Such fee shall be reduced by any prior payment to the Advisor of a
Subordinated Share of Net Sale Proceeds. 
 “Subordinated Share of Net Sale Proceeds” means a fee equal to:

 (a) 5% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such
that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return and (ii) Invested
Capital. 
 (b) 10% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale
Proceeds such that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return and
(ii) Invested Capital. 
 (c) 15% of Net Sale Proceeds remaining after the Common Stockholders have received
Distributions of Net Sale Proceeds such that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 10% Return or more and (ii) Invested
Capital. 
 When determining whether the above thresholds have been met: (y) Distributions paid on shares of Common Stock
redeemed by the Company (and thus not included in the determination of Invested Capital), shall not be included as a Distribution; and (z) Net Sale Proceeds shall not be considered available for purposes of determining whether the thresholds in
subparagraphs (b) and (c) have been met to the extent of payments out of Net Sale Proceeds are used to pay the Subordinated Share of Net Sale Proceeds pursuant to subparagraphs (a) and (b), respectively. Following Listing, no
Subordinated Share of Net Sale Proceeds will be paid to the Advisor. 
 “Termination Date” means the date of
termination of this Advisory Agreement. 
 ARTICLE II 
 APPOINTMENT 
 The Company, through the powers vested in the Board of Directors
including a majority of all Independent Directors, hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Advisory Agreement, and the Advisor hereby accepts such appointment. The Advisor
undertakes to use its commercially reasonable best efforts to present to the Company potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company
as determined and adopted from time to time by the Board. 
 ARTICLE III 
 AUTHORITY OF THE ADVISOR 
 Section 3.1 General.
All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business
and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the 

  

 10 

 
Company as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the
rights and powers of the Advisor specifically set forth in this Advisory Agreement, the Charter and the Bylaws. 
 Section
3.2       Powers of the Advisor. Subject to the express limitations set forth in this Advisory Agreement and subject to the supervision of the Board, the power to direct the management, operation and
policies of the Company shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to
perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Advisory Agreement. 
 Section 3.3       Approval by Directors . Notwithstanding the foregoing, any
investment in Properties, including any acquisition of a Property by the Company or any investment by the Company in a joint venture, limited partnership or similar entity owning real properties, will require the prior approval of the Board of
Directors or a committee of the Board constituting a majority of the Board. The Advisor will deliver to the Board of Directors all documents required by it to properly evaluate the proposed investment. 
 Section 3.4       Modification or Revocation of Authority of Advisor. The Board may,
at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Articles III and IV, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not
be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 ARTICLE IV 
 DUTIES OF THE ADVISOR 
 The Advisor undertakes to use its commercially reasonable best efforts to present to the Company potential investment opportunities and
to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In connection therewith, the Advisor agrees to perform the
following services on behalf of the Company. 
 Section 4.1       Organizational
and Offering Services. The Advisor shall manage and supervise: 
 (a)       the
structure and development of any Offering, including the determination of the specific terms of the Securities to be offered by the Company; 
 (b)       the preparation of all organizational and offering related documents, and obtaining of all required regulatory approvals of such documents; 
 (c)       along with the Dealer Manager, approval of the participating broker dealers and negotiation of
the related selling agreements; 
 (d)       coordination of the due diligence process relating
to participating broker dealers and their review of the Prospectus and other Offering and Company documents; 
 (e)       preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in an Offering; 
  

 11 

 (f)       along with the Dealer Manager, negotiation and
coordination with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 
 (g)       creation and implementation of various technology and electronic communications related to an Offering; and 
 (h)       all other services related to organization of the Company or the Offering, whether performed and
incurred by the Advisor or its Affiliates. 
 Section 4.2 Acquisition Services. The Advisor shall:

 (a)       serve as the Company’s investment and financial advisor and provide relevant
market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 
 (b)       subject to Article III hereof and the investment objectives and policies of the Company: (i) locate, analyze and select potential investments; (ii) structure and
negotiate the terms and conditions of transactions pursuant to which investments in Assets will be made; (iii) acquire Assets on behalf of the Company; and (iv) arrange for financing related to acquisitions of Assets; 
 (c)       perform due diligence on prospective investments and create due diligence reports summarizing the
results of such work; 
 (d)       prepare reports regarding prospective investments which
include recommendations and supporting documentation necessary for the Board to evaluate the proposed investments; 
 (e)
      obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company; and 
 (f)       negotiate and execute investments and other transactions approved by the Board. 
 Section 4.3 Asset Management Services and Administrative Services. 
 (a)       Asset Management and Property Related Services. The Advisor shall: 
 (i)       negotiate and service the Company’s debt facilities and other financings; 
 (ii)       monitor applicable markets and obtain reports (which may be prepared by the Advisor or its
Affiliates) where appropriate, concerning the value of investments of the Company; 
 (iii)
      monitor and evaluate the performance of investments of the Company; provide daily management services to the Company and perform and supervise the various management and operational functions related to the
Company’s investments; 
 (iv)       coordinate with the Property Manager on its duties
under any property management agreement and assist in obtaining all necessary approvals of major property transactions as governed by the applicable property management agreement; 
 (v)       coordinate and manage relationships between the Company and any joint venture partners;

  

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 (vi)       consult with the officers and Directors of the
Company and provide assistance with the evaluation and approval of potential property dispositions, sales or refinancings; and 
 (vii)       provide the officers and Directors of the Company periodic reports regarding prospective investments in Properties. 
 (b)       Accounting, SEC Compliance and Other Administrative Services. The Advisor shall: 
 (i)       coordinate with the Company’s independent accountants and auditors to prepare and deliver to
the Board an annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement; 
 (ii)       maintain accounting systems, records and data and any other information requested concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports
and returns required to be filed with the SEC and any other regulatory agency, including annual financial statements; 
 (iii)
      provide tax and compliance services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; 
 (iv)       maintain all appropriate books and records of the Company; 
 (v)       provide the officers of the Company and the Board with timely updates related to the overall
regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 
 (vi)       consult with the officers of the Company and the Board relating to the corporate governance structure and appropriate policies and procedures related
thereto; 
 (vii)       perform all reporting, record keeping, internal controls and similar
matters in a manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002; 
 (viii)
      investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to
consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners,
mortgagers, construction companies and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
 (ix)       supervise the performance of such ministerial and administrative functions as may be necessary in
connection with the daily operations of the Assets; 
 (x)       provide the Company with all
necessary cash management services; 
 (xi)       consult with the officers of the Company and
the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
  

 13 

 (xii)       manage and perform the various administrative
functions necessary for the management of the day-to-day operations of the Company; 
 (xiii)
      provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and
operations; 
 (xiv)       provide financial and operational planning services and portfolio
management functions; and 
 (xv)       from time-to-time, or at any time reasonably requested
by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this Advisory Agreement. 
 (c)       Stockholder Services. The Advisor shall: 
 (i)
      retain a transfer agent on behalf of the Company to perform all necessary transfer agent functions; 
 (ii)       manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; 
 (iii)       manage communications with Stockholders, including answering phone calls, preparing and sending
written and electronic reports and other communications; and 
 (iv)       establish technology
infrastructure to assist in providing Stockholder support and service. 
 ARTICLE V 
 BANK ACCOUNTS 
 The
Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts,
any money on behalf of the Company, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such
collections and payments to the Board and to the auditors of the Company. 
 ARTICLE VI 
 RECORDS; ACCESS 
 The
Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal
business hours. The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient
documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company. Such books and records shall include all information necessary to calculate and audit the fees
or reimbursements paid under this Advisory Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error
or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance 

  

 14 

 
with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the
Company’s independent accountants and shall provide such accountants with such reports and other information as the Company shall request. The Advisor shall at all reasonable times have access to the books and records of the Company.

 ARTICLE VII 
 OTHER ACTIVITIES OF THE ADVISOR 
 Section 7.1      
General. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs
advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Advisory Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to
render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other
participant therein. The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s
obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 
 Section 7.2       Policy with Respect to Allocation of Investment Opportunities. Before the Advisor presents an investment opportunity that would in its judgment be
suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other program than for the Company based on factors such as the following:
the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each entity; the size of the investment opportunity; the effect of the acquisition on diversification of each entity’s investments; the
income tax consequences of the purchase on each entity; the policies of each program relating to leverage; the amount of funds available to each program and the length of time such funds have been available for investment. In the event that an
investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company and another Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has
had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method and will promptly disclose any
material deviation from such policy or the establishment of a new policy, which shall be allowed provided (a) the Board is provided with notice of such policy at least 60 days prior to such policy becoming effective and (b) such policy
provides for the reasonable allocation of investment opportunities among such programs. The Advisor shall provide the Independent Directors with any information reasonably requested so that the Independent Directors can insure that the allocation of
investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as
the Advisor is fulfilling its obligation to present a continuing and suitable investment program to the Company which is consistent with the investment policies and objectives of the Company. If a subsequent development, such as a delay in the
closing of a property or a delay in the construction of a property, causes any such investment, in the opinion of the Board of Directors and the Advisor, to be more appropriate for an entity other than the entity which committed to make the
investment, however, the Advisor has the right to agree that the other entity affiliated with the Advisors or its Affiliates may make the investment. 
  

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 ARTICLE VIII 
 LIMITATIONS ON ACTIVITIES 
 Anything else in this Advisory Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment
Company Act of 1940, as amended, (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Stock or its other Securities, or (d) violate the Charter or Bylaws,
except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further
clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers,
employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Board or Stockholders for any act or omission by the Advisor, its directors, officers or employees, or
stockholders, directors or officers of the Advisor’s Affiliates except as provided in this Advisory Agreement. 
 ARTICLE IX 

 FEES 
 Section 9.1       Acquisition and Advisory Fees. The Company will pay the Advisor, as compensation for the services described in Section 4.2, Acquisition and Advisory Fees in an amount
equal to 2.5% of the Contract Purchase Price of each Property at the time and in respect of funds expended for the acquisition or development of a Property. The total of all Acquisition and Advisory Fees and Acquisition Expenses shall be limited in
accordance with the Charter. 
 Section 9.2       Asset Management Fee.
Commencing on the date hereof, the Company shall pay the Advisor an Asset Management Fee in an amount equal to one-twelfth of 1% of the Average Invested Assets, calculated on a monthly basis as of the last day of each month for the asset management
services included in the services described in Section 4.3. 
 Section 9.3      
Disposition Fees. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Directors, including a majority of the Independent Directors) in connection with the Sale of one or
more Properties, the Advisor or such Affiliate shall receive at closing a Disposition Fee of up to 3% of the Contract Sales Price of such Property or Properties. Any Disposition Fee payable under this section may be paid in addition to real estate
commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6% of the aggregate
Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. The Company will pay the Disposition Fee for a property at the time the property is sold. 
 Section 9.4       Subordinated Share of Net Sale Proceeds. The Subordinated Share of Net Sale
Proceeds shall be payable to the Advisor at the time or times that the Company determines that the Subordinated Share of Net Sale Proceeds has been earned by the Advisor, provided that no Subordinated Share of Net Sale Proceeds will be paid if the
Company has paid or is obligated to pay the Subordinated Incentive Fee Due Upon Listing. In the case of multiple advisors, advisors and Affiliates shall be allowed incentive fees in accordance with the foregoing limitation, provided such fees are
distributed by a proportional method reasonably designed to reflect the value added to the Company’s Assets by each respective advisor or Affiliate. 
  

 16 

 Section 9.5       Subordinated Incentive Fee
Due Upon Listing. Upon Listing, and as soon as practicable following the determination of Market Value, the Advisor shall be entitled to the Subordinated Incentive Fee Due Upon Listing. The Subordinated Incentive Fee Due Upon Listing shall
be payable to the Advisor during the thirty (30) day period following eighteen (18) months after Listing. The Company shall have the option to pay such fee in the form of cash, Stock, a promissory note bearing interest at a rate of LIBOR
plus 200 basis points or any combination of the foregoing, as determined by the Board of Directors. In the event the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor following Listing, the Advisor will not be entitled to receive
any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds following receipt of the Subordinated Incentive Fee Due Upon Listing. 
 Section 9.6       Changes to Fee Structure. In the event of Listing, the Company and
the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. A majority of the Independent Directors must approve the new fee structure negotiated with the Advisor. In negotiating a new fee
structure, the Independent Directors shall consider all of the factors they deem relevant, including, but not limited to: (a) the amount of the advisory fee in relation to the asset value, composition and profitability of the Company’s
portfolio; (b) the success of the Advisor in generating opportunities that meet the investment objectives of the Company; (c) the rates charged to other REITs and to investors other than REITs by advisors performing the same or similar
services; (d) additional revenues realized by the Advisor and its Affiliates through their relationship with the Company, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and other fees,
whether paid by the REIT or by others with whom the REIT does business; (e) the quality and extent of service and advice furnished by the Advisor; (f) the performance of the investment portfolio of the REIT, including income, conversion or
appreciation of capital, and number and frequency of problem investments; and (g) the quality of the Property portfolio of the Company in relationship to the investments generated by the Advisor for its own account. The new fee structure can be
no more favorable to the Advisor than the current fee structure. 
 ARTICLE X 
 EXPENSES 
 Section
10.1       Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Article IX hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid
or incurred by the Advisor (to the extent not reimbursable by another party, such as the Dealer Manager) in connection with the services it provides to the Company pursuant to this Advisory Agreement, including, but not limited to: 
 (a) reimbursements for Organizational and Offering Expenses in connection with this offering, provided, however, that within 60 days
after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent (i) Capped O&O Expenses borne by the Company exceed 3.5% of the Gross Proceeds raised in a completed Offering and
(ii) Organization and Offering Expenses borne by the Company (including selling commissions, dealer manager fees and non-accountable due diligence expense allowance but not including Acquisition Fees or Acquisition Expenses) exceed 15% of the
Gross Proceeds raised in a completed Offering; 
 (b) subject to the limitation set forth below, Acquisition Expenses
incurred by the Advisor or its Affiliates; 
 (c) subject to the limitation set forth below, Acquisition Fees and Acquisition
Expenses payable to unaffiliated Persons incurred in connection with the selection and acquisition of Properties; 
  

 17 

 (d)       the actual out-of-pocket cost of goods and
services used by the Company and obtained from entities not affiliated with the Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 
 (e)       interest and other costs for borrowed money, including discounts, points and other similar fees;

 (f)       taxes and assessments on income or Property and taxes as an expense of doing
business and any taxes otherwise imposed on the Company, its business or income; 
 (g)
      costs associated with insurance required in connection with the business of the Company or by the Board; 
 (h)       expenses of managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 
 (i)       all expenses in connection with payments to Directors and meetings of the Directors and
Stockholders; 
 (j)       expenses associated with Listing or with the issuance and
distribution of Securities other than the Stock issued in the Initial Public Offering, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 
 (k)       expenses connected with payments of Dividends in cash or otherwise made or caused to be made by
the Company to the Stockholders; 
 (l)       expenses of organizing, converting, modifying,
merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; 
 (m)
      expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by
governmental entities; 
 (n)       administrative service expenses, including all direct and
indirect costs and expenses incurred by Advisor in fulfilling its duties hereunder and including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in
transactions for which the Advisor receives the Acquisition and Advisory Fee or Disposition Fee. Such direct and indirect costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor
who are directly engaged in the operation, management, administration, and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to
their services provided by Advisor pursuant to this Advisory Agreement; 
 (o)       audit,
accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board; and 
 (p)       out-of-pocket costs for the Company to comply with all applicable laws, regulation and
ordinances; and all other out-of-pocket costs necessary for the operation of the Company and its Assets incurred by the Advisor in performing its duties hereunder. 
  

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 The Company shall also reimburse the Advisor or Affiliates of the Advisor for all direct
and indirect costs and expenses incurred on behalf of the Company prior to the execution of this Advisory Agreement. In the event the Company does not raise $1 million in the Initial Public Offering, the Advisor will not be reimbursed for
Organizational and Offering Expenses. 
 The total of all Acquisition Fees and Acquisition Expenses paid by the Company in
connection with the purchase of a Property by the Company shall be reasonable, and shall in no event exceed an amount equal to 6% of the Contract Purchase Price, or in the case of a mortgage loan, 6% of the funds advanced; provided, however, that a
majority of the Directors (including the majority of the Independent Directors) not otherwise interested in the transaction may approve fees and expenses in excess of these limits if they determine the transaction to be commercially competitive,
fair and reasonable to the Company. 
 Section 10.2       Other Services.
Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Article IV, such services shall be separately compensated at such rates and in such amounts as are
agreed by the Advisor and a majority of the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Advisory Agreement. 
 Section 10.3       Timing of and Limitations on Reimbursements. 
 (a)       Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Article X
shall be reimbursed no less frequently than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the Company within 45 days after the end of
each quarter. Subject to the Excess Expense Guidelines, the Company may advance funds to the Advisor for expenses the Advisor anticipates will be incurred by the Advisor within the current month and any such advances shall be deducted from the
amounts reimbursed by the Company to the Advisor. 
 (b)       Notwithstanding anything else in
Article this X to the contrary, the expenses enumerated in this Article X shall not become reimbursable to the Advisor unless and until the Company has raised $1 million in the Initial Public Offering. 
 (c)       The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses
that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of NASAA Net Income (the “Excess Expense Guidelines”) for
such year unless a majority of the Independent Directors determines that such excess was justified, based on unusual and nonrecurring factors which they deem sufficient. If a majority of the Independent Directors does not approve such excess as
being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If a majority of the Independent Directors determines such excess was justified, then within 60 days after the end of any fiscal
quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the Excess Expense Guidelines, the Advisor, at the direction of the a majority of the Independent Directors, shall send to the Stockholders a written
disclosure of such fact, together with an explanation of the factors the a majority of the Independent Directors considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in
the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation shall be determined in accordance with GAAP. 
  

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 ARTICLE XI 
 FIDELITY BOND 
 The Advisor shall endeavor to maintain a fidelity bond for the
benefit of the Company which bond shall insure the Company from losses of up to $1 million per occurrence and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor.

 ARTICLE XII 
 RELATIONSHIP OF THE ADVISOR AND COMPANY 
 The Company and the Advisor are not partners or joint venturers
with each other, and nothing in this Advisory Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or obligate the other except as set
forth herein. In all respects, the status of the Advisor under this Advisory Agreement is that of an independent contractor. 
 ARTICLE XIII 
 RELATIONSHIP WITH DIRECTORS 
 Subject to Article VIII of this Advisory Agreement and to restrictions set forth in the Charter or deemed advisable with respect to the
qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of
an Affiliate may serve as a Director and as officers of the Company, except that no officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as
a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such
director nominees are either directors of the Advisor or have been elected by the board of directors of the Advisor as executive officers of the Advisor. 
 ARTICLE XIV 
 REPRESENTATIONS AND WARRANTIES 
 Section 14.1       The Company. To induce the Advisor to enter into this Advisory
Agreement, the Company hereby represents and warrants that: 
 (a)       The Company is a
corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions
contemplated by this Advisory Agreement. 
 (b)       The Company’s execution, delivery
and performance of this Advisory Agreement has been duly authorized by the Board of Directors including a majority of all Independent Directors of the Company. This Agreement constitutes the valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms. The Company’s execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a
breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third
party the right to modify, terminate or accelerate 

  

 20 

 
any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to
any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in
any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Advisory Agreement. 
 Section 14.2       The Advisor. To induce the Company to enter into this Advisory Agreement, the Advisor represents and warrants that:

 (a)       The Advisor is a limited liability company, duly organized, validly existing and
in good standing under the laws of the State of Delaware with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement.

 (b)       The Advisor’s execution, delivery and performance of this Advisory Agreement
has been duly authorized. This Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its
fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any
lien, security interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any
authorization, consent, approval, exemption or other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the
Advisor is subject, or any agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under
this Advisory Agreement. 
 (c)       The Advisor has received copies of the Charter, the
Bylaws, the Registration Statement and the Operating Partnership Agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to
avoid any act or omission that would conflict with the terms of the Charter, the Bylaws, the Registration Statement, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors.

 ARTICLE XV 
 TERM; 
 TERMINATION OF AGREEMENT 
 Section 15.1       Term. This Agreement shall continue in force until the first anniversary of the date hereof. Thereafter, this Advisory
Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company, acting through the Board, will evaluate the performance of the Advisor annually before renewing the Agreement, and each
such renewal shall be for a term of no more than one year. 
 Section 15.2      
Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty, by either party (by a majority of the Independent Directors of the Company or the manager of the Advisor). 

 

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 Section 15.3       Termination by the
Advisor. This Agreement may be terminated immediately by the Advisor in the event of any material breach of this Advisory Agreement by the Company not cured by the Company within 30 days after written notice thereof. 
 Section 15.4       Termination by the Company. This Agreement may be terminated
immediately by the Company in the event of (a) any material breach of this Advisory Agreement by the Advisor not cured by the Advisor within 30 days after written notice thereof; (b) a decree or order is rendered by a court having
jurisdiction (i) adjudging Advisor as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Advisor under the federal bankruptcy laws or
any similar applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Advisor or a substantial part of the property of Advisor, or for the winding up or liquidation of its
affairs; or (c) Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking
reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in
bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such
inability shall be the fault of the Operating Partnership, or (vii) takes corporate or other action in furtherance of any of the aforesaid purposes 
 Section 15.5       Survival. The provisions of Articles I, VI, VII and XVI through XX survive termination of this Advisory Agreement. 
 ARTICLE XVI 
 PAYMENTS TO AND
DUTIES OF 
 ADVISOR UPON TERMINATION 
 Section 16.1       Reimbursable Expenses and Earned Fees. After the Termination Date, other than the Subordinated Performance Fee Due Upon Termination, the Advisor
shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursable expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Advisory Agreement. 
 Section
16.2       Subordinated Performance Fee Due Upon Termination. Upon termination, unless such termination is by the Company because of a material breach of this Advisory Agreement by the Advisor as a
result of willful or intentional misconduct or bad faith on behalf of the Advisor, the Advisor shall be entitled to receive from the Company the Subordinated Performance Fee Due Upon Termination payable in the form of an interest bearing promissory
note bearing interest at a rate of LIBOR plus 200 basis points (the “Performance Fee Note”). The Company shall repay the Performance Fee Note at such time as the Company completes the first Sale or refinancing of a Property held at the
Termination Date using Cash from Sales or Cash from Financings in an amount equal to the value such Property contributed to the Performance Fee Note. If such amount is insufficient to pay the Performance Fee Note in full, then the Performance
Fee Note shall be paid in part from the Cash from Sales from the first Sale or Cash from Financings from the first refinancing of a Property held at the Termination Date, and in part from the Cash from Sales from each successive Sale or Cash from
Financings from each successive refinancing of Properties held at the Termination Date in an amount equal to the value such Properties contributed to the Performance Fee Note until the Performance Fee Note is repaid in full. If the Performance
Fee Note has not been paid in full on the earlier of (a) the date the Common Stock is Listed, or (b) within three (3) years from the Termination Date, then the holder of the Performance Fee Note, its successors or assigns, may elect
to convert the balance of the fee into 

  

 22 

 
Common Stock at a price per share equal to the average closing price of the shares of Common Stock over the ten (10) trading days immediately preceding
the date of such election if the Common Stock is Listed at such time. If the Common Stock is not Listed within three (3) years from the Termination Date, the holder of the Performance Fee Note, its successors or assigns, may elect to
convert the balance of the fee into shares of Common Stock at a price per share equal to the fair market value for such Shares as determined by the Board of Directors based upon the Appraised Value of the Properties, loans, and other investments,
net of any debt thereon, on the date of election. 
 Section 16.3      
Advisor’s Duties Upon Termination. The Advisor shall promptly upon termination: 
 (a) pay over to the
Company all money collected and held for the account of the Company pursuant to this Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held
by it, covering the period following the date of the last accounting furnished to the Board; 
 (c) deliver to the Board all
assets, including Properties, and documents of the Company then in the custody of the Advisor; and 
 (d) cooperate with the
Company to provide an orderly management transition. 
 ARTICLE XVII 
 ASSIGNMENT TO AN AFFILIATE 
 This Agreement may be assigned by
the Advisor to an Affiliate with the approval of a majority of the Independent Directors. The Advisor may assign any rights to receive fees or other payments under this Advisory Agreement without obtaining the approval of the Directors. This
Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the
Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Advisory Agreement. 
 ARTICLE XVIII 
 INDEMNIFICATION BY THE COMPANY 
 Section 18.1       Conditions of Indemnification. The Company shall indemnify and hold
harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland and only if all of the
following conditions are met: 
 (a) The directors or the Advisor or its Affiliates have determined, in good faith, that the
course of conduct that caused the loss or liability was in the best interests of the Company; 
 (b) The Advisor or its
Affiliates were acting on behalf of or performing services for the Company; 
  

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 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor
or its Affiliates; and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the
Company’s Net Asset Value and not from its Stockholders. 
 (e) With respect to losses, liabilities or expenses arising
from or out of an alleged violation of federal or state securities laws, one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to
the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the
claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published
position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. Notwithstanding the foregoing, the Advisor shall not be entitled to
indemnification or be held harmless pursuant to this Article XVIII for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Article XIX. Any indemnification of the Advisor may be made only out of the
net assets of the Company, including insurance proceeds, and not from Stockholders. 
 ARTICLE XIX 
 INDEMNIFICATION BY ADVISOR 
 The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or
losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, but Advisor shall not be held responsible for
any action of the Board in declining to follow any advice or recommendation given by the Advisor. 
 ARTICLE XX 
 LIMITATION OF LIABILITY 
 In no event will either party be liable for damages based on loss of income, profit or savings or indirect, incidental, consequential, exemplary, punitive or special damages of the other party or person, including third parties, even if
such party has been advised of the possibility of such damages in advance, and all such damages are expressly disclaimed. 
 ARTICLE XXI 
 NOTICES 
 Any notice in this Advisory Agreement permitted to be given, made or accepted by either party to the other, must be in writing and may be given or served by (1) overnight courier,
(2) depositing the same in the United States mail, postpaid, certified, return receipt requested, or (3) facsimile transfer. Notice deposited in the United States mail shall be deemed given when mailed. Notice given in any other manner
shall be effective when received at the address of the addressee. For purposes hereof the addresses of the parties, until changed as hereafter provided, shall be as follows: 
  

 24 

			
	 To Company:
	  	 Strategic Storage Trust, Inc.

		  	 Attention : H. Michael Schwartz

		  	 111 Corporate Drive, Suite 120

		  	 Ladera Ranch, California 92694

		  	 Fax: 949-429-6606

		
	 To Advisor:
	  	 Strategic Storage Advisor, LLC

		  	 Attention : H. Michael Schwartz

		  	 111 Corporate Drive, Suite 120

		  	 Ladera Ranch, California 92694

		  	 Fax: 949-429-6606

 Either party may at any time give notice in writing to the other party of a change
in its address for the purposes of this Article XXI. 
 ARTICLE XXII 
 MODIFICATION 
 This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 ARTICLE XXIII 
 SEVERABILITY 
 The provisions of this Advisory Agreement are independent of and severable from each other, and no provision shall be affected or
rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 ARTICLE XXIV 
 CONSTRUCTION/GOVERNING LAW 
 The provisions of this Advisory Agreement shall be construed and interpreted in accordance with the laws of the State of California.

 ARTICLE XXV 
 ENTIRE AGREEMENT 
 This Agreement contains the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 ARTICLE XXVI 
 INDULGENCES, NOT
WAIVERS 
 Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Advisory Agreement shall operate as a waiver thereof, nor shall any single or partial 

  

 25 

 
exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing
and is signed by the party asserted to have granted such waiver. 
 ARTICLE XXVII 
 GENDER 
 Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 ARTICLE XXVIII 
 TITLES NOT TO
AFFECT INTERPRETATION 
 The titles of paragraphs and subparagraphs contained in this Advisory Agreement are for
convenience only, and they neither form a part of this Advisory Agreement nor are they to be used in the construction or interpretation hereof. 
 ARTICLE XXIX 
 EXECUTION IN COUNTERPARTS 
 This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories. 
 ARTICLE XXX 
 INITIAL INVESTMENT

 The Advisor has purchased 100 shares of Common Stock for $1,000.00. The Advisor has purchased 20,000 OP Units for
$200,000. In addition, the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such Common Stock may be transferred to Affiliates of the Advisor. Affiliates of the Advisor may not
sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such OP Units may be transferred to the Advisor or other Affiliates of the Advisor. The restrictions included above shall not apply to any other
Securities acquired by the Advisor or its Affiliates. With respect to any Securities owned by the Advisor, the Directors, or any of their Affiliates, neither the Advisor, nor the Directors, nor any of their Affiliates may vote or consent on matters
submitted to the Stockholders regarding the removal of the Advisor, Directors or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of Securities necessary to approve a
matter on which the Advisor, Directors and any of their Affiliates may not vote or consent, any Securities owned by any of them shall not be included. 
 [SIGNATURES APPEAR ON NEXT PAGE] 
  

 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of the
date and year first above written. 
  

			
	 THE COMPANY:

	
	 STRATEGIC STORAGE TRUST, INC.

		
	 By:
	 	 
		 	 H. Michael Schwartz

		 	 President

					
	
	 THE ADVISOR:

	
	 STRATEGIC STORAGE ADVISOR, LLC

		
	 By:
	 	  
		 	 H. Michael Schwartz
 President

  

 27

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